UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-7868 Van Kampen Advantage Municipal Income Trust II -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 1221 Avenue of the Americas, New York, New York 10020 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Ronald Robison 1221 Avenue of the Americas, New York, New York 10020 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 212-762-4000 Date of fiscal year end: 10/31 Date of reporting period: 1/31/05 Item 1. Schedule of Investments. The Trust's schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows: VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II PORTFOLIO OF INVESTMENTS JANUARY 31, 2005 (UNAUDITED) PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE MUNICIPAL BONDS 163.3% ALASKA 0.9% $ 1,000 Alaska St Hsg Fin Corp Gen Hsg Ser A (FGIC Insd) 5.250% 12/01/41 $ 1,065,960 ------------- ARIZONA 6.2% 3,000 Arizona St Transn Brd Hwy Rev Ser B 5.250 07/01/19 3,328,260 2,000 Phoenix, AZ Civic Impt Corp Arpt Rev Jr Lien (AMT) (FGIC Insd) 5.375 07/01/29 2,039,760 765 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson Ser A Rfdg (FSA Insd) 7.250 07/15/10 799,731 1,300 Tempe, AZ Excise Tax Rev Rfdg 5.250 07/01/18 1,447,927 ------------- 7,615,678 ------------- CALIFORNIA 22.1% 6,000 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Pub Impt Proj Ser C (FSA Insd) * 09/01/19 3,097,680 5,000 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Pub Impt Proj Ser C (FSA Insd) * 09/01/32 1,234,800 2,095 Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool Ser A (XLCA Insd) 5.250 09/01/35 2,237,167 1,000 California St (AMBAC Insd) 5.125 10/01/27 1,057,450 2,800 California St Dept Wtr Res Pwr Ser A (AMBAC Insd) 5.500 05/01/16 3,177,468 2,000 California St Pub Wks Brd Lease Rev Dept of Corrections St Prisons Ser A Rfdg (AMBAC Insd) 5.000 12/01/19 2,210,680 2,500 California St Pub Wks Brd Lease Rev Dept of Mental Hlth Coalinga Ser A 5.000 06/01/24 2,614,625 3,950 Los Angeles, CA Dept Wtr & Pwr Ser A (FGIC Insd) 5.125 07/01/40 4,123,049 13,880 San Joaquin Hills, CA Transn Corridor Agy Toll Rd Rev Cap Apprec Ser A Rfdg (MBIA Insd) * 01/15/28 4,422,446 2,720 Washington, CA Uni Sch Dist Yolo Cnty Election 2004 Ser A (FGIC Insd) (a) 5.250 08/01/19 3,025,701 ------------- 27,201,066 ------------- COLORADO 4.1% 1,000 Arapahoe Cnty, CO Cap Impt Tr Fd Hwy Rev E-470 Proj (Prerefunded @ 08/31/05) 7.000 08/31/26 1,058,100 5,000 Arapahoe Cnty, CO Cap Impt Tr Fd Hwy Rev E-470 Proj Ser C (Prerefunded @ 08/31/05) * 08/31/26 1,030,800 1,475 Colorado Ed & Cultural Fac Auth Rev Charter Sch Proj Impt & Rfdg (XLCA Insd) 5.250 08/15/19 1,631,704 1,000 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth 6.500 11/15/31 1,111,170 165 Colorado Hsg Fin Auth Single Family Pgm Sr Ser A2 (AMT) 7.250 05/01/27 166,685 109 Colorado Hsg Fin Auth Single Family Pgm Sr Ser B1 (AMT) 7.650 11/01/26 110,184 ------------- 5,108,643 ------------- CONNECTICUT 1.7% 1,010 Mashantucket Western Pequot Tribe CT Spl Rev Ser A, 144-A Private Placement (b) 6.400 09/01/11 1,072,923 990 Mashantucket Western Pequot Tribe CT Spl Rev Ser A, 144-A Private Placement (Prerefunded @ 09/01/07) (b) 6.400 09/01/11 1,085,050 ------------- 2,157,973 ------------- FLORIDA 7.0% 3,000 Lake Cnty, FL Sch Brd Ctf Part (AMBAC Insd) 5.375 07/01/17 3,352,080 5,000 Ocoee, FL Wtr & Swr Sys Rev Impt & Rfdg (AMBAC Insd) 5.125 10/01/33 5,289,950 ------------- 8,642,030 ------------- GEORGIA 5.1% 2,000 Atlanta, GA Wtr & Wastewtr Rev (FSA Insd) 5.000 11/01/21 2,174,360 2,000 Georgia St Rd & Twy Auth Rev 5.000 10/01/19 2,186,060 1,745 Municipal Elec Auth GA Combustion Turbine Proj Ser A (MBIA Insd) 5.250 11/01/20 1,935,624 ------------- 6,296,044 ------------- ILLINOIS 1.8% 1,710 Bolingbrook, IL Cap Apprec Ser C Rfdg (MBIA Insd) (a) * 01/01/29 522,405 5,400 Chicago, IL Brd of Ed Cap Apprec Sch Reform Ser B-1 (FGIC Insd) * 12/01/28 1,667,358 ------------- 2,189,763 ------------- INDIANA 1.2% 1,500 Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT) 5.950 08/01/30 1,542,270 ------------- LOUISIANA 3.1% 1,400 Louisiana Pub Fac Auth Rev Hlth Fac Glen Retirement Ser A 6.700 12/01/25 1,449,476 2,000 New Orleans, LA Rfdg (FGIC Insd) 5.500 12/01/21 2,366,180 ------------- 3,815,656 ------------- MARYLAND 0.8% 1,000 Maryland St Econ Dev Corp Univ MD College Pk Proj 5.625 06/01/35 1,038,570 ------------- MASSACHUSETTS 7.9% 1,200 Massachusetts Bay Tran Auth MA Gen Tran Sys Ser A Rfdg 6.250 03/01/12 1,419,024 1,000 Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr Ser A 6.000 10/01/23 1,006,840 7,050 Massachusetts St Wtr Res Auth Gen Ser J (FSA Insd) 5.000 08/01/32 7,333,692 ------------- 9,759,556 ------------- MICHIGAN 10.2% 2,000 Detroit, MI Downtown Dev Auth Tax Increment Rev Dev Area No. 1 Proj Ser C1 (Prerefunded @ 07/01/06) 6.250 07/01/25 2,147,140 2,790 Detroit, MI Wtr Supply Sys Rev Sr Lien Ser C Rfdg (MBIA Insd) (a) 5.250 07/01/19 3,102,145 2,000 Grand Rapids, MI Wtr Supply (FGIC Insd) 5.750 01/01/15 2,271,700 2,075 South Lyon, MI Cmnty Sch Bldg & Site (FGIC Insd) 5.250 05/01/18 2,304,184 2,285 Taylor, MI Bldg Auth (AMBAC Insd) (a) 6.000 03/01/13 2,703,863 ------------- 12,529,032 ------------- MISSISSIPPI 3.2% 3,000 Mississippi Bus Fin Corp MS Pollutn Ctl Rev Sys Energy Res Inc Proj Rfdg 5.900 05/01/22 3,030,240 840 Mississippi Home Corp Single Family Rev Mtg Ser C (AMT) 7.600 06/01/29 872,432 (GNMA Collateralized) ------------- 3,902,672 ------------- MISSOURI 7.8% 2,000 Curators Univ MO Sys Fac Rev Ser B Rfdg (a) 5.000 11/01/20 2,171,540 3,000 Platte Cnty, MO Neighborhood Impt Parkville Ser B (MBIA Insd) (c) 5.000 02/01/25 3,184,260 4,000 Saint Louis, MO Arpt Rev Arpt Dev Pgm Ser A (MBIA Insd) 5.250 07/01/31 4,232,800 ------------- 9,588,600 ------------- NEVADA 6.3% 3,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (AMT) (AMBAC Insd) 5.250 07/01/34 3,147,540 4,375 Las Vegas Valley, NV Wtr Dist Ser B Rfdg (MBIA Insd) 5.000 06/01/27 4,578,087 ------------- 7,725,627 ------------- NEW HAMPSHIRE 2.9% 1,000 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch 7.000 07/01/30 1,040,300 1,400 New Hampshire Hlth & Ed Fac Hlthcare Sys Covenant Hlth 5.500 07/01/34 1,456,588 1,000 New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMT) (AMBAC Insd) 6.300 05/01/22 1,093,500 ------------- 3,590,388 ------------- NEW JERSEY 4.9% 500 New Jersey Econ Dev Auth Rev Cigarette Tax 5.750 06/15/29 531,410 2,210 New Jersey Econ Dev Auth Wtr Fac Rev NJ American Wtr Co Inc Ser B (AMT) (FGIC Insd) 5.375 05/01/32 2,337,539 1,000 New Jersey Hlthcare Fac Fin Auth Rev Cap Hlth Sys Oblig Grp Ser A 5.375 07/01/33 1,037,280 2,000 New Jersey St Tpk Auth Tpk Rev Ser C-1 (AMBAC Insd) 5.000 01/01/35 2,077,900 ------------- 5,984,129 ------------- NEW MEXICO 1.3% 1,500 Jicarilla, NM Apache Nation Rev Adj Ser A (Acquired 10/23/03, Cost $1,514,910) (d) 5.000 09/01/18 1,576,290 ------------- NEW YORK 13.9% 3,000 New York City Ser G (Prerefunded @ 02/01/06) (e) 6.000 02/01/11 3,156,420 5,000 New York City Ser H (MBIA Insd) (a) 5.250 03/15/14 5,567,200 2,175 New York St Med Care Fac Fin Agy Rev NY Downtown Hosp Ser A (Prerefunded @ 02/15/05) 6.800 02/15/20 2,222,545 3,000 New York St Med Care Fac Fin Agy Rev NY Hosp Mtg Ser A (Prerefunded @ 02/15/05) (AMBAC Insd) 6.200 08/15/05 3,064,830 3,000 New York St Med Care Fac Fin Agy Rev NY Hosp Mtg Ser A (Prerefunded @ 02/15/05) (AMBAC Insd) 6.800 08/15/24 3,065,520 ------------- 17,076,515 ------------- NORTH CAROLINA 1.4% 1,500 North Carolina Eastn Muni Pwr Agy Pwr Sys Rev Ser D 6.700 01/01/19 1,691,505 ------------- OHIO 8.2% 3,000 Cincinnati, OH City Sch Dist Sch Impt (FSA Insd) 5.250 06/01/18 3,332,940 1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj 7.500 01/01/30 1,132,570 1,000 Dayton, OH Arpt Rev James M Cox Dayton Ser C Rfdg (AMT) (Radian Insd) 5.250 12/01/27 1,036,760 1,165 Marion Cnty, OH Rev Cmnty Hosp Impt & Rfdg 6.100 05/15/06 1,204,435 3,170 Pickerington, OH Loc Sch Dist Cap Apprec Sch Fac Contract (FGIC Insd) * 12/01/11 2,497,009 850 Toledo Lucas Cnty, OH Port Auth Northwest Bd Fd Ser A (AMT) 6.000 05/15/11 918,374 ------------- 10,122,088 ------------- OKLAHOMA 4.0% 1,755 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC Insd) 6.250 11/01/22 2,040,977 2,785 Tulsa, OK Indl Auth Hosp Rev Hillcrest Med Ctr Proj Rfdg (Escrowed to Maturity) (Connie Lee Insd) (a) 6.250 06/01/06 2,924,696 ------------- 4,965,673 ------------- OREGON 1.9% 2,010 Emerald Peoples Util Dist OR Rfdg (FGIC Insd) (a) 7.350 11/01/09 2,398,292 ------------- PENNSYLVANIA 4.4% 2,000 Pennsylvania Econ Dev Fin Auth Res Recovery Rev Colver Proj Ser D (AMT) 7.150 12/01/18 2,046,940 2,000 Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth Sys Ser A 6.250 01/15/17 2,289,280 905 Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth Sys Ser A 6.250 01/15/18 1,033,818 ------------- 5,370,038 ------------- SOUTH DAKOTA 0.9% 1,000 South Dakota St Hlth & Ed Fac Auth Rev Childrens Care Hosp Rfdg 6.125 11/01/29 1,090,920 ------------- TENNESSEE 2.3% 1,270 Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp First Mtg Ser B Impt & Rfdg 8.000 07/01/33 1,525,168 1,000 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Ser A Rfdg (MBIA Insd) 7.500 07/01/25 1,271,460 ------------- 2,796,628 ------------- TEXAS 16.9% 790 Brazos River Auth TX Pollutn Ctl Rev Adj TXU Elec Co Proj Ser C Rfdg (AMT) 5.750 05/01/36 854,661 930 Brownsville, TX Util Sys Rev (Escrowed to Maturity) 7.375 01/01/10 1,053,941 1,515 Cameron Cnty, TX Ctf Oblig (AMBAC Insd) (a) 5.750 02/15/16 1,690,831 3,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Ser A Impt & Rfdg (AMT) (FGIC Insd) 5.500 11/01/31 3,171,840 2,945 Houston, TX Arpt Sys Rev (Escrowed to Maturity) 9.500 07/01/10 3,545,486 1,000 Mesquite, TX Hlth Fac Dev Corp Retirement Fac Christian Care Ctr Ser A 7.625 02/15/28 1,053,440 3,000 Prosper,TX Indpt Sch Dist (PSF Gtd) 5.500 08/15/33 3,240,690 2,000 San Antonio, TX Elec & Gas Sys Rfdg 5.375 02/01/16 2,223,160 1,990 Stafford, TX Econ Dev Corp (FGIC Insd) (a) 6.000 09/01/19 2,396,458 1,510 Texas St Wtr Fin Assistance 5.500 08/01/35 1,644,571 ------------- 20,875,078 ------------- VIRGINIA 1.4% 1,595 Richmond, VA Indl Dev Auth Govt Fac Rev Bds (AMBAC Insd) (a) 5.000 07/15/16 1,784,789 ------------- WASHINGTON 1.1% 1,280 Pierce Cnty, WA Sch Dist No. 343 Dieringer Impt & Rfdg (FSA Insd) 5.000 12/01/20 1,383,475 ------------- WISCONSIN 2.2% 2,500 Milwaukee, WI Redev Auth Rev Milwaukee Pub Schs (AMBAC Insd) 5.125 08/01/21 2,706,225 ------------- PUERTO RICO 6.2% 6,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser Y Rfdg (FSA Insd) 6.250 07/01/21 7,667,820 ------------- TOTAL LONG-TERM INVESTMENTS 163.3% (Cost $187,832,675) 201,258,993 Short-Term Investments 3.1% (Cost $3,800,000) 3,800,000 ------------- TOTAL INVESTMENTS 166.4% (Cost $191,632,675) 205,058,993 LIABILITIES IN EXCESS OF OTHER ASSETS (1.5%) (1,806,682) PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (64.9%) (80,024,143) ------------- NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $123,228,168 ============= Percentages are calculated as a percentage of net assets applicable to common shares. * Zero coupon bond (a) The Trust owns 100% of the bond issuance. (b) 144A securities are those which are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers. (c) Security purchased on a when-issued or delayed delivery basis. (d) This security is restricted and may be resold only in transactions exempt from registration which are normally those transactions with qualified institutional buyers. Restricted securities comprise 1.3% of net assets applicable to common shares. (e) All or a portion of this security has been physically segregated in connection with open futures contracts. AMBAC - AMBAC Indemnity Corp. AMT - Alternative Minimum Tax 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. PSF - Public School Fund Radian - Radian Asset Assurance XLCA - XL Capital Assurance Inc. Future contracts outstanding as of January 31, 2005: UNREALIZED APPRECIATION/ CONTRACTS DEPRECIATION SHORT CONTRACTS: U.S. Treasury Notes 10-Year Futures March 2005 (Current Notional Value of $112,266 per contract) 64 ($87,256) U.S. Treasury Notes 5-Year Futures March 2005 (Current Notional Value of $109,250 per contract) 405 (97,807) ------------------------------- 469 ($185,063) =============================== Item 2. Controls and Procedures. (a) The Trust's principal executive officer and principal financial officer have concluded that the Trust's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report. (b) There were no changes in the Trust's internal control over financial reporting that occurred during the registrant's fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting. Item 3. Exhibits. (a) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.cert. (b) A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.cert. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Van Kampen Advantage Municipal Income Trust II By: /s/ Ronald E. Robison ---------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: March 22, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Ronald E. Robison ---------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: March 22, 2005 By: /s/ James W. Garrett --------------------- Name: James W. Garrett Title: Principal Financial Officer Date: March 22, 2005