nvq

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)

522 Fifth Avenue, New York, New York 10036

(Address of principal executive offices) (Zip code)

Edward C. Wood III
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: 1/31/10

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, 2010 (Unaudited)


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Municipal Bonds 175.6%
		Alabama 1.6%
$	2,375	Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg, Ser A (AGL Insd) (a)		5.000	%		06/01/39	$	2,405,424
	1,450	Healthcare Auth for Baptist Hlth AL, Ser A (b)		6.125			11/15/36		1,534,579
	1,900	Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj		5.500			01/01/43		1,416,336
	4	Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc Co Proj Rfdg		6.950			01/01/20		0
	2,200	Selma, AL Indl Dev Brd Rev Gulf Opportunity Zone Intl Paper Co Proj, Ser A		6.250			11/01/33		2,238,786
	1,000	Valley, AL Spl Care Fac Fin Auth Rev Lanier Mem Hosp, Ser A		5.600			11/01/16		833,170

									8,428,295

		Alaska 0.6%
	4,250	Northern Tob Sec Corp AK Tob Settlement, Ser A		5.000			06/01/46		2,869,813


		Arizona 5.1%
	1,875	Arizona St Trans Brd Hwy Rev, Ser B (a)		5.000			07/01/25		2,055,638
	2,810	Arizona St Trans Brd Hwy Rev, Ser B (a)		5.000			07/01/26		3,066,890
	3,595	Glendale, AZ Indl Dev Auth John C Lincoln Hlth Rfdg, Ser B		5.000			12/01/37		3,159,430
	2,425	Maricopa Cnty, AZ Indl Dev Auth Hlth Fac Rev Catholic Hlthcare West, Ser C (b)		5.000			07/01/38		2,613,980

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Arizona (continued)
$	1,325	Maricopa Cnty, AZ Pollutn Ctl Corp Pollutn Ctl Rev Rfdg AZ Pub Svc Co, Ser B (b)		5.500	%		05/01/29	$	1,388,587
	675	Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser C (b)		5.500			06/01/34		710,174
	800	Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser E (b)		5.750			06/01/34		833,864
	690	Phoenix, AZ Indl Dev Auth Ed Rev Career Success Sch Proj		7.000			01/01/39		691,408
	660	Phoenix, AZ Indl Dev Auth Ed Rev Career Success Sch Proj		7.125			01/01/45		661,709
	360	Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson Rfdg, Ser A (AGM Insd) (b)		7.250			07/15/10		362,120
	2,500	Pima Cnty, AZ Indl Dev Auth Wtr & Wastewtr Rev Global Wtr Resh LLC Proj (AMT)		6.550			12/01/37		2,430,875
	2,305	Salt Riv Proj AZ Agric Impt & Pwr Dist Elec Sys Rev, Ser A (a)		5.000			01/01/28		2,477,368
	2,685	South Campus Group LLC AZ Std Hsg Rev AZ St Univ South Campus Proj (NATL Insd)		5.625			09/01/35		2,691,310
	3,240	University Med Ctr Corp AZ Hosp Rev		5.000			07/01/35		3,002,767

									26,146,120

		Arkansas 0.3%
	1,930	Arkansas St Cap Apprec College Svg (c)		*			06/01/16		1,622,976

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		California 27.5%
$	6,000	Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj, Ser C (AGM Insd)		*			09/01/19	$	3,635,760
	7,195	Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj, Ser C (AGM Insd)		*			09/01/21		3,730,032
	1,300	Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj, Ser C (AGM Insd)		6.000	%		09/01/16		1,458,431
	2,095	Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool, Ser A (Syncora Gtd)		5.250			09/01/35		1,863,209
	4,000	Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area, Ser F1 (a)		5.000			04/01/39		4,047,920
	900	Beverly Hills, CA Uni Sch Dist Cap Apprec 2008 Election		*			08/01/28		338,778
	3,000	California Cnty, CA Tob Sec Agy Tob LA Cnty Sec (d)		0.000/5.250			06/01/21		2,532,330
	2,050	California Cnty, CA Tob Sec Agy Tob Merced Cnty Rfdg, Ser A		5.125			06/01/38		1,536,618
	1,000	California Cnty, CA Tob Sec Agy Tob Merced Cnty Rfdg, Ser A		5.250			06/01/45		691,350
	1,100	California Hlth Fac Fin Auth Rev Catholic Hlthcare West, Ser A		6.000			07/01/34		1,153,977
	6,000	California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)		4.950			08/01/23		5,644,740
	4,000	California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)		5.050			02/01/29		3,644,400

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		California (continued)
$	7,100	California Hsg Fin Agy Rev Home Mtg, Ser I (AMT)		4.800	%		08/01/36	$	5,816,107
	3,550	California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)		5.300			08/01/23		3,482,941
	4,100	California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)		5.450			08/01/28		3,929,481
	3,000	California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj, Ser C (AMT) (b)		5.125			11/01/23		2,980,740
	95	California St (AMBAC Insd)		5.125			10/01/27		94,067
	850	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/24		928,438
	1,075	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/25		1,168,493
	1,075	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/26		1,162,817
	650	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/27		698,776
	1,075	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/28		1,150,927
	2,100	California St Econ Recovery Rfdg, Ser A		5.250			07/01/21		2,295,699
	25	California St (Prerefunded @ 2/01/12)		5.000			02/01/19		27,201
	4,000	California St Pub Wks Brd Lease Rev Dept of Corrections St Prisons Rfdg, Ser A (AMBAC Insd)		5.000			12/01/19		4,045,640
	3,750	California St Pub Wks Brd Lease Rev Dept of Mental Hlth Coalinga, Ser A		5.000			06/01/24		3,561,487

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		California (continued)
$	2,120	California St Pub Wks Brd Lease Rev Var Univ CA Proj Rfdg, Ser A		5.500	%		06/01/10	$	2,156,040
	1,300	California St Var Purp		5.750			04/01/31		1,310,010
	8,920	California St Vet, Ser CD (AMT)		4.600			12/01/32		7,466,932
	1,000	California Statewide Cmnty Dev Auth Rev Front Porch Cmnty & Svc, Ser A (e)		5.125			04/01/37		821,200
	1,450	California Statewide Cmnty Dev Auth Rev Kaiser Permanente, Ser A		5.000			04/01/19		1,538,943
	440	Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Third Tier Franciscan Rfdg, Ser C		6.500			12/15/47		367,017
	2,000	Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser A (NATL Insd)		5.000			09/01/33		1,779,200
	30,000	Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg, Ser A		*			01/15/22		13,098,000
	5,000	Foothill/Eastern Tran Corridor Agy CA Toll Rd Rev (NATL Insd)		*			01/15/18		2,906,850
	1,220	Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1		4.500			06/01/27		1,121,814
	6,540	Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1		5.750			06/01/47		4,994,271
	1,000	Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj, Ser A (Syncora Gtd)		5.000			09/01/31		862,450

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		California (continued)
$	2,855	Los Angeles, CA Dept Wtr & Pwr, Ser A (NATL Insd)		5.125	%		07/01/40	$	2,869,846
	3,000	Los Angeles, CA Wtr & Pwr Rev Pwr Sys Sub, Ser A-1 (a)		5.250			07/01/38		3,180,990
	200	Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (e)		5.500			03/01/18		188,398
	1,225	Palomar Pomerado Hlthcare Dist CA Ctf Partn		6.750			11/01/39		1,257,561
	4,890	Port Oakland, CA, Ser L (NATL Insd) (AMT)		5.000			11/01/32		4,353,469
	610	Port Oakland, CA, Ser L (NATL Insd) (Prerefunded @ 11/01/12) (AMT)		5.000			11/01/32		679,168
	1,720	Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj		7.000			12/01/27		1,401,078
	9,000	Riverside Cnty, CA Asset Leasing Corp Leasehold Rev Riverside Cnty Hosp Proj (NATL Insd)		*			06/01/21		4,587,660
	1,350	San Francisco, CA City & Cnty Arpt Commn Intl Arpt Rfdg 2nd, Ser A-4 (AMT) (b)		6.500			05/01/19		1,459,202
	13,880	San Joaquin Hills, CA Trans Corridor Agy Toll Rd Rev Cap Apprec Rfdg, Ser A (NATL Insd)		*			01/15/28		3,090,798
	4,200	Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd Bd, Ser A-1		5.375			06/01/38		3,324,678

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		California (continued)
$	4,300	Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd Bd, Ser A-1		5.500	%		06/01/45	$	3,112,512
	1,000	Tobacco Sec Auth Southn CA Tob Settlement Sr, Ser A-1		5.000			06/01/37		757,750
	14,000	Tobacco Sec Auth Southn CA Tob Settlement Sr, Ser A-1		5.125			06/01/46		9,482,760
	2,350	Vernon, CA Elec Sys Rev, Ser A		5.125			08/01/21		2,453,894

									142,242,850

		Colorado 3.4%
	1,945	Colorado Ed & Cultural Fac Auth Rev Charter Sch Pinnacle Impt & Rfdg (Syncora Gtd)		5.250			06/01/23		1,963,575
	1,200	Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A		5.300			07/01/37		932,304
	5,425	Colorado Hlth Fac Auth Rev Catholic Hlth, Ser C5 (AGM Insd) (a)		5.000			09/01/36		5,369,719
	2,700	Colorado Hlth Fac Auth Rev Hlth Fac Evangelical Lutheran		5.000			06/01/35		2,359,908
	2,250	Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11)		6.500			11/15/31		2,493,945
	1,000	Colorado Hlth Fac Auth Rev Hosp Valley View Assn Proj		5.125			05/15/37		892,940
	10	Colorado Hsg Fin Auth Single Family Pgm Sr, Ser A2 (AMT)		7.250			05/01/27		10,189
	955	Denver, CO City & Cnty Arpt Rev, Ser D (AMT)		7.750			11/15/13		1,060,021
	1,700	Salida, CO Hosp Dist Rev		5.250			10/01/36		1,258,289

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Colorado (continued)
$	1,500	University CO Hosp Auth Rev, Ser A		5.000	%		11/15/37	$	1,430,625

									17,771,515

		Connecticut 0.3%
	1,550	Hamden, CT Fac Rev EFPRBS Whitney Ctr Proj, Ser B		6.125			01/01/14		1,531,632


		District of Columbia 2.9%
	2,650	District Columbia Hosp Rev Sibley Mem Hosp		6.375			10/01/34		2,819,838
	800	District Columbia Hosp Rev Sibley Mem Hosp		6.500			10/01/29		873,112
	850	District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien Rfdg, Ser A (AGL Insd) (a)		5.000			10/01/29		876,495
	1,725	District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien Rfdg, Ser A (AGL Insd) (a)		5.000			10/01/34		1,743,026
	5,500	District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien, Ser A (AGM Insd)		5.500			10/01/41		5,712,080
	3,000	Metropolitan Washington DC Arpt Auth Sys, Ser A (NATL Insd) (AMT)		5.250			10/01/32		3,008,670

									15,033,221

		Florida 11.5%
	1,000	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.875			11/15/36		823,700
	700	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.875			11/15/42		544,880
	340	Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A		6.000			05/01/38		287,392

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Florida (continued)
$	250	Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B		6.200	%		05/01/38	$	203,860
	1,420	Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc		6.750			01/01/37		1,255,252
	455	Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)		5.950			07/01/20		470,725
	1,305	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000			07/01/26		1,383,130
	1,325	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000			07/01/27		1,396,630
	1,440	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000			07/01/28		1,510,546
	2,500	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000			07/01/32		2,568,200
	1,420	Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg, Ser A		5.250			06/01/26		1,418,665
	945	Highlands, FL Cmnty Dev Dist Spl Assmt		5.550			05/01/36		475,316
	1,075	Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a)		5.375			10/01/33		1,087,169
	2,425	Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a)		5.500			10/01/38		2,456,525
	800	Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty IDA Rfdg (AMBAC Insd) (b)		5.000			12/01/34		836,288
	900	Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec, Ser B (b)		5.150			09/01/25		969,480

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Florida (continued)
$	3,980	Jacksonville, FL Port Auth (NATL Insd) (AMT)		5.700	%		11/01/30	$	3,985,134
	2,780	Jacksonville, FL Port Auth (NATL Insd) (Prerefunded @ 11/01/10) (AMT)		5.700			11/01/30		2,892,062
	735	Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A (Acquired 02/19/08, Cost $735,000) (f)		6.800			05/01/38		564,120
	475	Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B (Acquired 02/19/08, Cost $475,000) (f)		6.900			05/01/17		420,166
	11,500	Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)		5.375			10/01/32		11,551,520
	670	Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A		6.000			05/01/24		595,161
	5,000	Ocoee, FL Wtr & Swr Sys Rev Impt & Rfdg (AMBAC Insd)		5.125			10/01/33		4,772,150
	900	Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower		5.500			07/01/32		708,426
	925	Orange Cnty, FL Hlth Fac Auth Rev Hlthcare Orlando Lutheran Rfdg		5.375			07/01/20		804,870
	1,250	Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj		5.875			11/15/37		1,069,200
	2,900	Palm Beach Cnty, FL Solid Waste Auth Rev Impt (BHAC Insd) (a)		5.500			10/01/23		3,269,982
	2,100	Port Saint Lucie, FL Spl Assmt Rev Southwest Annexation Dist, Ser 1-B (NATL Insd)		5.000			07/01/33		1,896,090

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Florida (continued)
$	3,500	Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd) (b)		5.350	%		03/15/42	$	3,738,840
	490	Reunion East Cmnty Dev Dist FL Spl Assmt		5.800			05/01/36		273,219
	500	Seminole Tribe FL Spl Oblig Rev, Ser A (e)		5.250			10/01/27		451,370
	1,045	Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A		5.875			05/01/35		586,653
	900	Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A		6.200			05/01/35		844,398
	1,000	Tolomato Cmnty, FL Dev Dist Spl Assmt		6.550			05/01/27		836,810
	1,550	Tolomato Cmnty, FL Dev Dist Spl Assmt		6.650			05/01/40		1,247,951
	1,180	Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Aero, Ser A		5.750			10/15/29		1,188,059
	575	World Comm Cmnty Dev Dist FL Spl Assmt (g)		5.500			05/01/38		224,802

									59,608,741

		Georgia 4.4%
	4,000	Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (AGM Insd) (a)		5.000			01/01/33		4,015,600
	400	Atlanta, GA Tax Alloc Beltline Proj, Ser B		6.750			01/01/20		403,432
	725	Atlanta, GA Tax Alloc Beltline Proj, Ser B		6.750			01/01/20		731,220
	220	Atlanta, GA Tax Alloc Beltline Proj, Ser B		7.375			01/01/31		220,763
	1,350	Atlanta, GA Wtr & Wastewtr Rev, Ser A		6.000			11/01/27		1,430,636

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Georgia (continued)
$	1,450	Atlanta, GA Wtr & Wastewtr Rev, Ser A		6.000	%		11/01/28	$	1,532,056
	1,350	Atlanta, GA Wtr & Wastewtr Rev, Ser A		6.000			11/01/29		1,423,238
	4,955	Georgia Muni Elec Auth Pwr Rev, Ser B (FGIC Insd) (c)		5.700			01/01/19		5,893,229
	4,000	Private Colleges & Univ Auth GA Rev Emory Univ, Ser B (a)		5.000			09/01/29		4,304,280
	1,700	Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1		5.100			06/01/23		1,738,539
	1,000	Richmond Cnty, GA Dev Auth ASU Jaguar Student Hsg LLC, Ser A		5.250			02/01/35		905,890

									22,598,883

		Hawaii 2.0%
	10,430	Hawaii St Dept Budget & Fin Spl Purp Rev Hawaiian Elec Co Inc, Ser A (NATL Insd) (AMT)		5.650			10/01/27		10,429,061


		Idaho 0.6%
	850	Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A		6.500			11/01/23		952,876
	1,100	Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A		6.750			11/01/37		1,208,042
	945	Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg		6.125			11/15/27		821,866

									2,982,784

		Illinois 18.6%
	1,450	Bartlett, IL Tax Increment Rev Sr Lien Quarry Redev Proj Rfdg		5.600			01/01/23		1,139,250
	1,710	Bolingbrook, IL Cap Apprec Rfdg, Ser C (NATL Insd)		*			01/01/29		630,836

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Illinois (continued)
$	1,365	Bolingbrook, IL Cap Apprec, Ser B (NATL Insd)		*			01/01/32	$	407,180
	4,250	Chicago, IL Brd Ed Rfdg, Ser C (AGM Insd)		5.000	%		12/01/27		4,390,760
	4,425	Chicago, IL Brd Ed Rfdg, Ser C (AGM Insd) (a)		5.000			12/01/27		4,571,600
	2,695	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a)		5.250			01/01/24		2,843,387
	4,505	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd)		5.250			01/01/24		4,753,000
	6,350	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a)		5.250			01/01/25		6,668,961
	10,650	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd)		5.250			01/01/25		11,185,056
	1,290	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a)		5.250			01/01/26		1,349,314
	4,400	Chicago, IL O’Hare Intl Arpt Rev, Ser A (AGM Insd) (a)		5.000			01/01/33		4,471,764
	2,700	Chicago, IL, Ser A (AGL Insd) (a)		5.250			01/01/25		2,910,060
	3,345	Cook Cnty, IL Sch Dist No. 100 Berwyn South, Ser D (AGM Insd)		5.500			12/01/23		3,698,433
	1,000	Illinois Dev Fin Auth Rev Cmnty Rehab Providers Fac, Ser A		7.375			07/01/25		1,013,340
	1,325	Illinois Fin Auth Hosp Rev Rfdg Kish Hlth Sys Oblig Group		5.500			10/01/22		1,340,370
	1,200	Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A		5.750			05/15/26		947,160

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Illinois (continued)
$	250	Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A		5.750	%		05/15/31	$	191,013
	1,000	Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ		5.500			04/01/37		933,290
	2,400	Illinois Fin Auth Rev Northwestn Mem Hosp, Ser A (a)		5.375			08/15/24		2,571,072
	1,700	Illinois Fin Auth Rev Northwestn Mem Hosp, Ser A (a)		5.750			08/15/30		1,860,616
	2,000	Illinois Fin Auth Rev Resurrection Hlthcare, Ser A (AGM Insd)		5.500			05/15/24		2,086,360
	1,400	Illinois Fin Auth Rev Riverside Hlth Sys		6.250			11/15/35		1,460,242
	2,140	Illinois Fin Auth Rev Rush Univ Med Ctr Oblig Grp, Ser A		7.250			11/01/38		2,342,744
	3,000	Illinois Fin Auth Rev Sherman Hlth Sys, Ser 2007-A		5.500			08/01/37		2,645,670
	1,335	Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj, Ser A (AMT)		5.050			08/01/29		1,288,435
	2,240	Illinois Hlth Fac Auth Rev Children’s Mem Hosp (NATL Insd)		6.250			08/15/13		2,436,224
	1,485	Illinois Hlth Fac Auth Rev Evangelical Hosp Rfdg, Ser A (AGM Insd) (c)		6.750			04/15/17		1,798,350
	825	Illinois Hlth Fac Auth Rev Evangelical Hosp, Ser C (AGM Insd)		6.750			04/15/17		999,083
	3,400	Illinois St First Ser (AGM Insd)		5.250			04/01/27		3,525,426
	1,895	Northern IL Univ Ctf Part Hoffman Estates Ctr Proj (AGM Insd)		5.400			09/01/16		2,125,299

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Illinois (continued)
$	100	Peoria, Moline & Freeport, IL Coll Mtg, Ser A (GNMA Collateralized) (AMT)		7.600	%		04/01/27	$	101,703
	5,000	Regional Trans Auth IL, Ser A (AMBAC Insd)		8.000			06/01/17		6,467,700
	9,260	Will Cnty, IL Sch Dist No 122 New Lenox Rfdg, Ser B (NATL Insd)		5.250			11/01/20		9,722,259
	740	Will Cnty, IL Sch Dist No 122 New Lenox Rfdg, Ser B (NATL Insd) (Prerefunded @ 11/01/11)		5.250			11/01/20		798,031
	575	Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT)		7.000			12/01/42		491,648

									96,165,636

		Indiana 3.3%
	760	Crown Point, IN Econ Dev Rev Temp Wittenberg Vlg Proj, Ser C-1		7.250			11/15/14		760,897
	4,600	Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr Cr B-6 (a)		5.000			11/15/36		4,598,804
	2,655	Indiana Hlth Fac Fin Auth Hosp Rev Columbus Regl Hosp Rfdg (AGM Insd)		7.000			08/15/15		3,048,922
	1,500	Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT) (b)		5.950			08/01/30		1,498,230
	1,775	Indiana St Fin Auth Environmental Fac Rev IN Pwr & LT Co Proj Rfdg, Ser A		4.900			01/01/16		1,872,802

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Indiana (continued)
$	2,000	Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT) (b)		5.950	%		12/01/29	$	1,893,040
	2,850	Southwest Parke Cmnty Sch Bldg First Mtg (NATL Insd)		5.250			07/15/21		3,110,120
	500	Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc (e)		5.750			09/01/42		413,055

									17,195,870

		Iowa 0.6%
	1,600	Pottawattamie Cnty, IA Rev Christian Homes Inc Rfdg, Ser E		5.750			05/15/26		1,262,880
	530	Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C		5.375			06/01/38		391,585
	2,050	Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C		5.500			06/01/42		1,503,634

									3,158,099

		Kansas 1.8%
	1,500	Burlington, KS Environmental Impt Rev KC Pwr Lt Rfdg, Ser B (Syncora Gtd) (b)		5.000			12/01/23		1,560,840
	2,800	Kansas St Dev Fin Auth Hosp Rev Adventist Hlth		5.750			11/15/38		2,971,976
	3,615	Kansas St Dev Fin Auth Rev KS Proj, Ser N (AMBAC Insd)		5.250			10/01/21		3,818,018
	800	Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A		6.000			11/15/38		668,864

									9,019,698

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Kentucky 1.9%
$	1,700	Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev Louisville Arena Sub, Ser A-1 (AGL Insd)		5.750	%		12/01/28	$	1,857,403
	1,810	Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL Insd)		5.250			02/01/24		1,990,891
	2,035	Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL Insd)		5.250			02/01/25		2,224,011
	3,180	Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc		5.250			10/01/36		3,060,591
	500	Mount Sterling, KY Lease Rev KY League Cities Fdg, Ser B		6.100			03/01/18		527,255

									9,660,151

		Louisiana 4.8%
	5,000	Lafayette, LA Util Rev (NATL Insd)		5.250			11/01/21		5,321,350
	2,495	Louisiana Loc Govt Environment Fac Pkg Fac Corp Garage Proj, Ser A (AMBAC Insd)		5.375			10/01/31		2,361,967
	5,970	Louisiana Loc Govt Environment Southeastn LA Student Hsg, Ser A (NATL Insd)		5.250			08/01/24		6,053,520
	2,250	Louisiana St Ctzn Ppty Ins Corp Assmt Rev, Ser C-2 (AGL Insd)		6.750			06/01/26		2,618,662
	6,000	New Orleans, LA Rfdg (NATL Insd)		5.125			09/01/21		6,075,780
	2,100	Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT) (b)		5.250			11/01/37		2,199,750

									24,631,029

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Maryland 2.9%
$	1,095	Maryland St Econ Dev Corp Econ Dev Rev Term Proj, Ser B		5.750	%		06/01/35	$	1,110,242
	775	Maryland St Econ Dev Corp Econ Dev Rev Trans Fac Proj, Ser A		5.375			06/01/25		780,138
	5,000	Maryland St Econ Dev Corp MD Aviation Admin Fac (AGM Insd) (AMT)		5.375			06/01/20		5,165,700
	2,000	Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst College of Art		5.000			06/01/40		1,809,520
	2,350	Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr, Ser A		5.500			07/01/42		2,263,967
	4,000	Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt, Ser B (AMBAC Insd) (AMT)		5.125			03/01/24		3,946,560

									15,076,127

		Massachusetts 4.0%
	1,200	Massachusetts Bay Tran Auth MA Gen Tran Sys Rfdg, Ser A		6.250			03/01/12		1,332,468
	2,500	Massachusetts Dev Fin Agy Sr Living Fac Rev, Ser B2		6.250			06/01/14		2,504,675
	2,000	Massachusetts Muni Whsl Elec Co Pwr Supply Sys Rev Proj No. 6-A, Ser A (NATL Insd)		5.250			07/01/16		2,088,160
	450	Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A		5.750			11/15/35		329,022

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Massachusetts (continued)
$	1,380	Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant		6.000	%		07/01/31	$	1,406,800
	370	Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant (Prerefunded @ 1/01/12)		6.000			07/01/31		411,518
	1,780	Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr, Ser A		6.000			10/01/23		1,470,280
	2,950	Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue, Ser D		5.000			07/01/33		2,611,723
	925	Massachusetts St Indl Fin Agy Wtr Treatment Amern Hingham (AMT)		6.900			12/01/29		924,871
	925	Massachusetts St Indl Fin Agy Wtr Treatment Amern Hingham (AMT)		6.950			12/01/35		904,169
	6,590	Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (AMBAC Insd) (a)		4.500			08/15/35		6,452,730

									20,436,416

		Michigan 3.4%
	2,450	Detroit, MI Sew Disp Rev Sr Lien Rfdg, Ser C-1 (AGM Insd)		7.000			07/01/27		2,827,447
	2,790	Detroit, MI Wtr Supply Sys Rev Sr Lien Rfdg, Ser C (NATL Insd)		5.250			07/01/19		2,857,351
	2,000	Grand Rapids, MI Wtr Supply (NATL Insd)		5.750			01/01/15		2,089,240
	1,000	Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b)		5.250			01/15/47		1,092,890

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Michigan (continued)
$	500	Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (b)		5.500	%		01/15/47	$	555,220
	3,000	Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A		6.000			06/01/48		2,393,220
	2,285	Taylor, MI Bldg Auth (AMBAC Insd)		6.000			03/01/13		2,586,277
	3,090	Troy, MI Downtown Dev Auth Dev Rfdg (NATL Insd)		5.500			11/01/15		3,320,236

									17,721,881

		Minnesota 1.0%
	475	Chisago, MN Hlthcare Fac Rev Cdl Homes LLC Proj		6.000			08/01/42		444,847
	2,050	Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A		6.375			11/15/23		2,279,231
	1,350	Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A		6.625			11/15/28		1,511,568
	225	North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks		6.000			10/01/27		220,421
	900	Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj		5.250			05/15/36		822,258

									5,278,325

		Mississippi 0.4%
	1,845	Mississippi Dev Bk Spl Oblig MS Ltd Oblig Hosp Impt (NATL Insd)		5.250			07/01/32		1,864,465


		Missouri 4.3%
	325	Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc		5.625			06/01/27		312,624

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Missouri (continued)
$	1,700	Cass Cnty, MO Hosp Rev		5.625	%		05/01/38	$	1,465,587
	1,250	Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svc Heisinger Proj		5.500			02/01/35		1,163,475
	1,800	Kirkwood, MO Indl Dev Auth Retirement Cmnty Rev Temp 75 Aberdeen Hts, Ser C-1		7.500			11/15/16		1,800,000
	880	Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A		5.500			09/01/18		840,523
	4,625	Missouri Jt Mun Elec Util Comnty Pwr Proj Rev Plum Point Proj (NATL Insd)		5.000			01/01/27		4,471,034
	2,500	Missouri St Dev Fin Brd Infrastructure Fac Rev Crackerneck Creek Proj, Ser C		5.000			03/01/26		2,516,400
	2,195	Missouri St Hlth & Ed Fac Rev Univ MO Columbia Arena Proj		5.000			11/01/16		2,347,508
	1,500	Saint Louis Cnty, MO Mtg Rev Ctf Rcpt, Ser H (AMT) (c)		5.400			07/01/18		1,692,870
	700	Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Redev Rfdg		5.750			11/01/27		637,210
	2,600	Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)		4.550			07/01/29		2,422,524

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Missouri (continued)
$	2,925	Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)		4.600	%		07/01/36	$	2,581,108

									22,250,863

		Nebraska 1.0%
	5,235	Omaha Pub Pwr Dist NE Elec Rev Sys, Ser A (a)		5.000			02/01/34		5,328,026


		Nevada 2.8%
	2,000	Clark Cnty, NV Econ Dev Rev Alexander Dawson Sch Proj		5.375			05/15/33		2,002,520
	7,000	Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (AMBAC Insd) (AMT)		5.250			07/01/34		6,437,760
	4,375	Las Vegas Vly, NV Wtr Dist Rfdg, Ser B (NATL Insd)		5.000			06/01/27		4,432,444
	1,750	Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A		5.250			06/01/37		1,603,017

									14,475,741

		New Hampshire 0.9%
	1,000	New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch (Prerefunded @ 7/01/10)		7.000			07/01/30		1,045,980
	1,400	New Hampshire Hlth & Ed Fac Hlthcare Sys Covenant Hlth		5.500			07/01/34		1,388,786
	800	New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Co Proj (AMT) (b)		7.125			07/01/27		852,288
	570	New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Rfdg, Ser A (AMT) (b)		6.875			12/01/29		614,494

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		New Hampshire (continued)
$	900	New Hampshire St Business Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT)		6.300	%		05/01/22	$	900,999

									4,802,547

		New Jersey 7.1%
	1,000	New Jersey Econ Dev Auth Rev Cig Tax		5.500			06/15/31		935,580
	260	New Jersey Econ Dev Auth Rev Cig Tax		5.750			06/15/34		248,193
	6,625	New Jersey Econ Dev Auth Rev Mtr Veh Rev, Ser A (BHAC Insd) (a)		5.250			07/01/26		7,693,215
	2,500	New Jersey Hlthcare Fac Fin Auth Rev Gen Hosp Ctr at Passaic (AGM Insd) (c)		6.750			07/01/19		3,125,825
	1,650	New Jersey Hlthcare Fac Fin Auth Rev Saint Peter’s Univ Hosp Oblig		5.750			07/01/37		1,616,472
	4,000	New Jersey St Hsg & Mtg Fin Agy Rev Single Family Hsg, Ser X (AMT)		5.100			10/01/23		4,099,200
	10,750	Salem Cnty, NJ Indl Pollutn Ctl Fin Auth Rev Pollutn Ctl Pub Svc Elec & Gas, Ser A (NATL Insd) (AMT)		5.450			02/01/32		10,259,908
	12,630	Tobacco Settlement Fin Corp NJ, Ser 1A		5.000			06/01/41		8,769,893

									36,748,286

		New Mexico 0.6%
	1,500	Jicarilla, NM Apache Nation Rev Adj, Ser A (Acquired 10/23/03, Cost $1,514,910) (f)		5.000			09/01/18		1,564,185

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		New Mexico (continued)
$	1,500	New Mexico St Hosp Equip Ln Council Hosp Rev Presbyterian Hlthcare Svc, Ser A (a)		6.375	%		08/01/32	$	1,663,410

									3,227,595

		New York 7.0%
	1,480	Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj		6.250			07/15/40		1,523,719
	620	Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj		6.375			07/15/43		635,779
	7,000	Metropolitan Trans Auth NY Rev Rfdg, Ser A (NATL Insd)		5.250			11/15/31		7,112,070
	2,000	Metropolitan Transn Auth NY Dedicated Tax Fd, Ser B		5.250			11/15/29		2,153,760
	2,000	New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj, Ser B		6.750			03/01/15		2,030,860
	5,000	New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev, Ser D (a)		5.000			06/15/38		5,118,000
	5,440	New York City, Ser I-1 (a)		5.000			02/01/26		5,748,448
	1,000	New York St Mtg Agy Homeowner Mtg Rev 145 (AMT)		5.125			10/01/37		983,220
	2,000	New York St Twy Auth St Pers Income Tax Rev Trans, Ser A (a)		5.000			03/15/26		2,172,320
	2,250	New York St Twy Auth St Pers Income Tax Rev Trans, Ser A (a)		5.000			03/15/27		2,429,482
	5,000	New York St Urban Dev Corp Rev St Fac Rfdg		5.700			04/01/20		5,890,250

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		New York (continued)
$	675	Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (e)		5.000	%		12/01/23	$	558,441

									36,356,349

		North Carolina 0.2%
	895	North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A		5.750			10/01/37		827,526


		Ohio 7.4%
	2,250	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2		5.125			06/01/24		2,090,880
	1,850	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2		5.750			06/01/34		1,538,330
	1,000	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2		5.875			06/01/30		863,330
	1,650	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2		6.500			06/01/47		1,390,571
	1,000	Dayton, OH Arpt Rev James M Cox Dayton Rfdg, Ser C (Radian Insd) (AMT)		5.250			12/01/27		939,290
	3,600	Lorain Cnty, OH Hosp Rev Fac Catholic Rfdg, Ser C-1 (AGM Insd) (a)		5.000			04/01/24		3,715,452
	3,325	Lorain Cnty, OH Hosp Rev Fac Catholic, Ser A (AGM Insd) (a)		5.000			02/01/24		3,431,599

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Ohio (continued)
$	3,350	Lorain Cnty, OH Hosp Rev Fac Catholic, Ser B (AGM Insd) (a)		5.000	%		02/01/24	$	3,457,435
	1,625	Montgomery Cnty, OH Rev Catholic Hlth, Ser C-1 (AGM Insd) (a)		5.000			10/01/41		1,587,056
	1,740	Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A		6.000			11/15/28		1,840,537
	1,100	Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A		6.250			11/15/39		1,153,108
	1,810	Muskingum Cnty, OH Hosp Fac Rev Bethesda Care Sys Impt & Rfdg (Connie Lee Insd)		6.250			12/01/10		1,815,484
	5,000	Ohio St Air Quality Dev Auth Rev Dayton Pwr (BHAC Insd) (AMT) (a)		4.800			09/01/36		4,954,650
	2,800	Ohio St Air Quality Dev Auth Rev Pollutn Ctl First Energy Rfdg, Ser C		5.625			06/01/18		2,960,552
	2,250	Ohio St Higher Ed Fac Commn Rev Univ Hosp Hlth Sys, Ser 2009A		6.750			01/15/39		2,391,638
	2,760	Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm, Ser F (GNMA Collateralized) (a)		5.500			09/01/39		2,860,050
	1,050	Ohio St Wtr Dev Auth Pollutn Ctl Fac Rev Rfdg First Energy, Ser A (b)		5.875			06/01/33		1,143,450
	230	Toledo Lucas Cnty, OH Port Auth Northwest Bd Fd, Ser A (AMT) (c)		6.000			05/15/11		231,753

									38,365,165

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Oklahoma 0.6%
$	1,650	Chickasaw Nation, OK Hlth Sys (e)		6.250	%		12/01/32	$	1,649,835
	1,500	Jenks, OK Aquarium Auth Rev First Mtg (NATL Insd) (Prerefunded @ 7/01/10)		6.100			07/01/30		1,552,620

									3,202,455

		Oregon 0.5%
	2,500	Oregon St Dept Admin Rfdg, Ser C (NATL Insd)		5.250			11/01/18		2,686,850


		Pennsylvania 0.4%
	3,000	Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A		5.000			11/15/28		2,285,010


		South Carolina 6.1%
	3,125	Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist		5.250			12/01/25		3,271,906
	9,375	Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist		5.250			12/01/26		9,785,719
	3,115	Greenville, SC Impt & Rfdg (NATL Insd)		5.250			04/01/21		3,267,168
	1,100	South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Com Rfdg		5.300			10/01/36		820,281
	2,200	South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg, Ser A		6.250			08/01/31		2,234,474

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		South Carolina (continued)
$	1,000	South Carolina Jobs Econ Dev Auth Hosp Rev Rfdg & Impt Anmed Hlth, Ser B (AGL Insd)		5.500	%		02/01/38	$	1,032,970
	6,500	South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser A (AMBAC Insd)		5.200			11/01/27		6,726,265
	3,750	South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser B (AMBAC Insd) (AMT)		5.450			11/01/32		3,706,312
	750	South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj, Ser A		6.000			11/15/42		517,822
	280	Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg		5.000			06/01/18		280,482

									31,643,399

		Tennessee 4.7%
	2,130	Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A		5.000			10/01/25		1,841,257
	2,595	Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A		5.125			10/01/35		2,097,097
	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		1,450,264
	12,525	Johnson City, TN Hlth & Ed Fac Brd Hosp Rev Cap Apprec First Mtg Rfdg, Ser A (NATL Insd)		*			07/01/26		4,624,606

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Tennessee (continued)
$	4,800	Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg, Ser A (NATL Insd) (Prerefunded @ 7/01/12)		7.500	%		07/01/25	$	5,428,128
	5,625	Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth, Ser A		5.500			07/01/36		5,479,538
	3,100	Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist, Ser B (AGM Insd) (a)		5.250			09/01/27		3,217,738

									24,138,628

		Texas 20.0%
	1,750	Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)		4.850			04/01/21		1,728,212
	1,150	Brazos Cnty, TX Hlth Fac Dev Oblig Grp		5.375			01/01/32		1,104,886
	830	Dallas Cnty, TX Flood Ctl Dist Rfdg		6.750			04/01/16		881,792
	1,400	Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd)		5.000			08/15/18		1,523,270
	1,600	Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd)		5.000			08/15/19		1,731,680
	8,000	Dallas-Fort Worth, TX Intl Arpt Rev Impt & Rfdg, Ser A (BHAC Insd) (AMT)		5.500			11/01/31		8,033,760
	775	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL Insd) (AMT)		5.750			11/01/18		777,480
	1,500	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL Insd) (AMT)		6.000			11/01/23		1,505,355

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Texas (continued)
$	5,850	El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (a)		5.000	%		08/15/37	$	5,968,053
	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		1,087,590
	925	Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Mem Hermann Hlthcare Sys, Ser B		7.250			12/01/35		1,039,783
	1,100	Harris Cnty, TX Indl Dev Corp Solid Waste Disp Rev Deer Pk Refng Proj		5.000			02/01/23		1,099,890
	4,350	Harris Cnty, TX Sr Lien Toll Rd, Ser A (a)		5.000			08/15/32		4,517,171
	3,000	Houston, TX Arpt Sys Rev Sub Lien, Ser A (AGM Insd) (AMT)		5.625			07/01/30		3,005,250
	9,425	Houston, TX Util Sys Rev Comb First Lien Rfdg, Ser A (AGM Insd) (a)		5.000			11/15/36		9,638,005
	3,700	Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (a)		5.000			02/01/37		3,758,978
	5,000	Matagorda Cnty, TX Navig Dist No. 1 Rev Houston Lt Rfdg (AMBAC Insd) (AMT) (b)		5.125			11/01/28		4,692,850
	1,350	McLennan Cnty, TX Pub Fac Corp Proj Rev		6.625			06/01/35		1,441,436
	1,410	Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr		5.625			02/15/35		1,186,783
	3,500	Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj		7.250			01/01/31		3,351,215

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Texas (continued)
$	1,000	Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT) (b)		6.000	%		08/01/20	$	1,077,010
	500	North Central, TX Hlth Fac Dev Corp Rev Hosp Baylor Hlthcare Sys Proj, Ser A		5.125			05/15/29		501,915
	1,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		5.625			01/01/28		1,035,800
	1,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		6.000			01/01/26		1,069,430
	1,250	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		6.000			01/01/27		1,330,050
	1,750	North TX Twy Auth Rev Sys First Tier Rfdg, Ser L-2 (b)		6.000			01/01/38		1,939,805
	3,200	North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F		5.750			01/01/33		3,285,792
	3,960	Stafford, TX Econ Dev Corp (NATL Insd)		5.500			09/01/30		4,102,124
	1,990	Stafford, TX Econ Dev Corp (NATL Insd)		6.000			09/01/19		2,253,317
	1,000	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc		5.625			11/15/27		909,380
	2,800	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc		5.750			11/15/37		2,462,740
	8,500	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svcs Inc Proj		5.250			11/15/37		7,652,720

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Texas (continued)
$	500	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Hom Proj		5.750	%		02/15/25	$	413,600
	1,300	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Home, Ser B-2		6.500			02/15/14		1,301,794
	3,600	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Rev Christus Hlth Rfdg, Ser A (AGL Insd)		6.250			07/01/28		3,961,368
	1,675	Texas Private Activity Surface Trans Corp Sr Lien Nt Mobility		6.875			12/31/39		1,751,162
	6,450	Texas St Trans Commn Mobility Fd (a)		5.000			04/01/28		6,953,745
	3,100	Tyler, TX Hlth Fac Dev Corp Hosp Rev Rfdg & Impt East TX Med Ctr Rfdg, Ser A		5.375			11/01/37		3,027,646

									103,102,837

		Utah 0.9%
	4,950	Intermountain Pwr Agy UT Pwr Supply Rev Rfdg, Ser A (FGIC Insd) (c)		*			07/01/17		3,839,566
	875	Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser A		5.800			06/15/38		760,629

									4,600,195

		Virginia 1.1%
	550	Lexington, VA Indl Dev Auth Residential Care Fac Rev Mtg Kendal at Lexington, Ser A		5.500			01/01/37		423,500
	1,465	Richmond, VA Indl Dev Auth Govt Fac Rev Bd (AMBAC Insd)		5.000			07/15/17		1,584,192

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Virginia (continued)
$	1,520	Tobacco Settlement Fin Corp VA		5.500	%		06/01/26	$	1,705,790
	2,000	White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev		5.300			03/01/17		1,951,500

									5,664,982

		Washington 1.1%
	1,500	Kalispel Tribe Indians Priority Dist WA Rev		6.625			01/01/28		1,286,250
	3,000	Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (NATL Insd)		5.250			09/01/33		3,036,120
	1,720	Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley Homes, Ser 2007A-2027 (Acquired 05/07/08, Cost $1,720,000) (f)		6.000			01/01/27		1,533,690

									5,856,060

		West Virginia 1.3%
	2,500	Harrison Cnty, WV Cnty Cmnty Solid Waste Disp Rev Allegheny Energy Rfdg, Ser D (AMT)		5.500			10/15/37		2,254,250
	1,160	West Virginia St Hosp Fin Auth Hosp Rev Rfdg & Impt Utd Hlth Sys, Ser C		5.500			06/01/34		1,146,115
	1,065	West Virginia St Hosp Fin Auth Hosp Rev Rfdg & Impt Utd Hlth Sys, Ser C		5.500			06/01/39		1,060,303
	1,100	West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys		6.000			10/01/20		1,083,566
	1,270	West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys		6.250			10/01/23		1,253,808

									6,798,042

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Wisconsin 2.3%
$	500	Superior, WI Collateralized Util Rev Superior Wtr Lt & Pwr Proj Rfdg, Ser A (AMT)		5.375	%		11/01/21	$	503,265
	460	Superior, WI Collateralized Util Rev Superior Wtr Lt & Pwr Proj, Ser B (AMT)		5.750			11/01/37		447,525
	3,100	Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a)		5.300			09/01/23		3,217,459
	3,600	Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a)		5.500			09/01/28		3,696,336
	1,125	Wisconsin St Gen Rev Appropriation Rev, Ser A		5.375			05/01/25		1,233,293
	1,100	Wisconsin St Hlth & Ed Fac Auth Rev Aurora Hlthcare Inc, Ser B (b)		5.125			08/15/27		1,153,691
	1,340	Wisconsin St Hlth & Ed Fac Auth Rev Prohealth Care Inc Oblig Grp		6.625			02/15/39		1,445,257

									11,696,826

		Wyoming 0.8%
	1,350	Sweetwater Cnty, WY Pollutn Ctl Rev ID Pwr Co Proj Rfdg		5.250			07/15/26		1,402,920
	2,790	Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT)		5.600			12/01/35		2,583,568

									3,986,488

		Puerto Rico 1.5%
	3,125	Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A (b)		5.000			08/01/39		3,282,438

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


Par
Amount
(000)			Description	Coupon			Maturity		Value

			Puerto Rico (continued)
$	2,250		Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A (h)		5.375	%		08/01/39	$	2,222,100
	2,500		Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A (h)		5.500			08/01/42		2,481,275

										7,985,813

Total Long-Term Investments 175.5% (Cost $914,944,122)										907,503,271
Total Short-Term Investments 1.3% (Cost $6,800,000)										6,800,000


Total Investments 176.8% (Cost $921,744,122)										914,303,271

Liability for Floating Rate Note Obligations Related to Securities Held (21.7%) (Cost ($112,395,000))

	(112,395	)	Notes with interest rates ranging from 0.18% to 0.65% at January 31, 2010 and contractual maturities of collateral ranging from 2023 to 2041 (i)							(112,395,000	)


Total Net Investment 155.1% (Cost $809,349,122)										801,908,271

Other Assets in Excess of Liabilities 1.8%										9,119,894

Preferred Shares (including accrued distributions) (56.9%)										(294,023,057	)


Net Assets Applicable to Common Shares 100.0%									$	517,005,108

Percentages are calculated as a percentage of net assets applicable to common shares.


*		Zero coupon bond.

(a)		Underlying security related to Inverse Floaters entered into by the Trust.

(b)		Variable Rate Coupon.

(c)		Escrowed to Maturity.

(d)		Security is a “step-up” bond where the coupon increases or steps up at a predetermined date.

(e)		144A-Private Placement security which is exempt from registration under Rule 144A of the

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued


		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.

(f)		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 0.8% of net assets applicable to common shares.

(g)		Non-income producing security.

(h)		Security purchased on a when-issued or delayed delivery basis.

(i)		Floating rate notes. The interest rate shown reflects the rates in effect at January 31, 2010.

AGC - AGC Insured Custody Certificates
AGL - Assured Guaranty Ltd.
AGM - Assured Guaranty Municipal Corp.
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
BHAC - Berkshire Hathaway Assurance Corp.
Connie Lee - Connie Lee Insurance Co.
FGIC - Financial Guaranty Insurance Co.
GNMA - Government National Mortgage Association
NATL - National Public Finance Guarantee Corp.
Radian - Radian Asset Assurance
Syncora Gtd - Syncora Guaranteed Inc.

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. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates fair value.

Fair Value Measurements Financial Accounting Standards Board Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) (formerly known as FAS 157) defines fair value as the price that the Trust would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs)

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2010 (Unaudited) continued

and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Trust’s investments. The inputs are summarized in the three broad levels listed below.


Level 1 —		quoted prices in active markets for identical investments


Level 2 —		other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)


Level 3 —		significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of January 31, 2010 in valuing the Trust’s investments carried at value.


	Level 1		Level 2		Level 3
			Other Significant		Significant
Investments	Quoted Prices		Observable Inputs		Unobservable Inputs		Total

Investments in an Asset Position

Municipal Bonds Issued by States of the United States and Political Subdivisions of the United States.	$	-0-	$	914,303,271	$	-0-	$	914,303,271

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: Name:		/s/ Edward C. Wood III Edward C. Wood III
Title:		Principal Executive Officer
Date:		March 23, 2010

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: Name:		/s/ Edward C. Wood III Edward C. Wood III
Title:		Principal Executive Officer
Date:		March 23, 2010

By: Name:		/s/ Stuart N. Schuldt Stuart N. Schuldt
Title:		Principal Financial Officer
Date:		March 23, 2010