N-Q

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: 1/31/09

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, 2009 (Unaudited)


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Municipal Bonds 206.7%
		Alabama 2.8%
$	2,375	Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg, Ser A (AGL Insd) (a)		5.000	%		06/01/39	$	2,169,052
	2,270	Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys, Ser A		5.000			11/15/30		1,349,969
	2,000	Birmingham Baptist Med Ctr AL Spl Care Fac Fin Auth Rev Baptist Hlth Sys, Ser A		5.875			11/15/24		1,696,140
	5,000	Healthcare Auth For Baptist Hlth AL ARS, Ser B (AGL Insd) (b)(c)		4.000			11/15/37		5,000,000
	1,900	Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg Proj		5.500			01/01/43		1,008,729
	4	Mobile, AL Indl Dev Brd Solid Waste Disp Rev Mobile Energy Svc Co Proj Rfdg (d)		6.950			01/01/20		335
	1,000	Valley, AL Spl Care Fac Fin Auth Rev Lanier Mem Hosp, Ser A		5.600			11/01/16		876,570

									12,100,795

		Alaska 0.5%
	4,250	Northern Tob Sec Corp AK Tob Settlement, Ser A		5.000			06/01/46		2,216,885


		Arizona 4.3%
	1,875	Arizona St Trans Brd Hwy Rev, Ser B		5.000			07/01/25		1,961,663
	2,810	Arizona St Trans Brd Hwy Rev, Ser B		5.000			07/01/26		2,913,520
	5,000	Glendale, AZ Indl Dev Auth John C Lincoln Hlth Rfdg, Ser B		5.000			12/01/37		3,082,050

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Arizona (continued)
$	725	Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig Irvington Proj Tucson Rfdg, Ser A (FSA Insd)		7.250	%		07/15/10	$	730,206
	2,500	Pima Cnty, AZ Indl Dev Auth Wtr & Wastewtr Rev Global Wtr Resh LLC Proj (AMT)		6.550			12/01/37		1,699,775
	2,305	Salt Riv Proj AZ Agric Impt & Pwr Dist Elec Sys Rev, Ser A		5.000			01/01/28		2,337,316
	2,685	South Campus Group LLC AZ Std Hsg Rev AZ St Univ South Campus Proj (MBIA Insd)		5.625			09/01/35		2,531,525
	4,000	University Med Ctr Corp AZ Hosp Rev		5.000			07/01/35		2,883,720

									18,139,775

		Arkansas 0.4%
	1,930	Arkansas St Cap Apprec College Svg (e)		*			06/01/16		1,588,043


		California 29.5%
	6,000	Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj, Ser C (FSA Insd)		*			09/01/19		3,530,460
	7,195	Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj, Ser C (FSA Insd)		*			09/01/21		3,599,155
	1,300	Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj, Ser C (FSA Insd)		6.000			09/01/16		1,550,172
	2,095	Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool, Ser A (Syncora Gtd)		5.250			09/01/35		1,584,134

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		California (continued)
$	4,000	Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area, Ser F1		5.000	%		04/01/39	$	3,814,240
	900	Beverly Hills, CA Uni Sch Dist Cap Apprec 2008 Election (f)		*			08/01/28		290,115
	3,000	California Cnty, CA Tob Sec Agy Tob LA Cnty Sec (g)		0.000/5.250			06/01/21		1,900,530
	2,050	California Cnty, CA Tob Sec Agy Tob Merced Cnty Rfdg, Ser A		5.125			06/01/38		1,139,267
	1,000	California Cnty, CA Tob Sec Agy Tob Merced Cnty Rfdg, Ser A		5.250			06/01/45		548,200
	6,000	California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)		4.950			08/01/23		5,273,640
	4,000	California Hsg Fin Agy Rev Home Mtg, Ser G (AMT) (a)		5.050			02/01/29		3,237,080
	7,100	California Hsg Fin Agy Rev Home Mtg, Ser I (AMT) (a)		4.800			08/01/36		5,167,132
	3,550	California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)		5.300			08/01/23		3,334,480
	4,100	California Hsg Fin Agy Rev Home Mtg, Ser K (AMT) (a)		5.450			08/01/28		3,652,854
	3,000	California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj, Ser C (AMT) (c)		5.125			11/01/23		2,259,360
	95	California St (AMBAC Insd)		5.125			10/01/27		94,995
	850	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/24		894,111
	1,075	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/25		1,120,542
	1,075	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/26		1,111,405
	650	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000			12/01/27		664,069

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		California (continued)
$	1,075	California St Dept Wtr Res Wtr Rev Cent Vly Proj, Ser AE (a)		5.000	%		12/01/28	$	1,090,152
	25	California St (Prerefunded @ 2/01/12)		5.000			02/01/19		27,842
	4,000	California St Pub Wks Brd Lease Rev Dept of Corrections St Prisons Rfdg, Ser A (AMBAC Insd)		5.000			12/01/19		4,315,840
	3,750	California St Pub Wks Brd Lease Rev Dept of Mental Hlth Coalinga, Ser A		5.000			06/01/24		3,480,788
	4,600	California St Pub Wks Brd Lease Rev Var Univ CA Proj Rfdg, Ser A		5.500			06/01/10		4,718,910
	8,920	California St Vet, Ser CD (AMT) (a)		4.600			12/01/32		6,417,137
	6,500	California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth, Ser A		5.250			07/01/30		4,226,495
	1,000	California Statewide Cmnty Dev Auth Rev Front Porch Cmnty & Svc, Ser A (h)		5.125			04/01/37		605,040
	445	Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Third Tier Franciscan Rfdg, Ser C		6.500			12/15/47		296,432
	2,000	Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser A (MBIA Insd)		5.000			09/01/33		1,609,140
	30,000	Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg, Ser A		*			01/15/22		9,785,400
	5,000	Foothill/Eastern Tran Corridor Agy CA Toll Rd Rev (MBIA Insd)		*			01/15/18		2,364,850

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		California (continued)
$	7,860	Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser A-1		5.750	%		06/01/47	$	4,747,833
	1,000	Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj, Ser A (Syncora Gtd)		5.000			09/01/31		819,510
	3,950	Los Angeles, CA Dept Wtr & Pwr, Ser A (FGIC Insd)		5.125			07/01/40		3,832,843
	3,000	Los Angeles, CA Wtr & Pwr Rev Pwr Sys, Ser A-1		5.250			07/01/38		2,995,410
	500	Morongo Band of Mission Indians CA Enterprise Rev Indians Enterprise Casino, Ser B (h)		5.500			03/01/18		413,945
	5,500	Port Oakland, CA, Ser L (FGIC Insd) (AMT)		5.000			11/01/32		4,260,795
	2,600	Quechan Indian Tribe Ft Yuma Indian Reservation CA & Govt Proj		7.000			12/01/27		1,950,312
	9,000	Riverside Cnty, CA Asset Leasing Corp Leasehold Rev Riverside Cnty Hosp Proj (MBIA Insd)		*			06/01/21		4,992,120
	1,350	San Francisco, CA City & Cnty Arpt Commn Intl Arpt Rfdg 2nd, Ser A-4 (AMT) (c)		6.500			05/01/19		1,411,574
	13,880	San Joaquin Hills, CA Trans Corridor Agy Toll Rd Rev Cap Apprec Rfdg, Ser A (MBIA Insd)		*			01/15/28		3,165,889
	4,200	Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd Bd, Ser A-1		5.375			06/01/38		2,435,076

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (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	$	2,463,212
	1,000	Tobacco Sec Auth Southn CA Tob Settlement Sr, Ser A-1		5.000			06/01/37		549,590
	14,000	Tobacco Sec Auth Southn CA Tob Settlement Sr, Ser A-1		5.125			06/01/46		7,483,420

									125,225,496

		Colorado 3.7%
	1,945	Colorado Ed & Cultural Fac Auth Rev Charter Sch Pinnacle Impt & Rfdg (Syncora Gtd)		5.250			06/01/23		1,968,145
	1,200	Colorado Hlth Fac Auth Hlth & Residential Care Fac Volunteers of Amer Care, Ser A		5.300			07/01/37		636,456
	5,425	Colorado Hlth Fac Auth Rev Catholic Hlth, Ser C5 (FSA Insd) (a)		5.000			09/01/36		4,723,982
	2,700	Colorado Hlth Fac Auth Rev Hlth Fac Evangelical Lutheran		5.000			06/01/35		1,937,547
	2,250	Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11)		6.500			11/15/31		2,588,423
	1,000	Colorado Hlth Fac Auth Rev Hosp Valley View Assn Proj		5.125			05/15/37		695,020
	20	Colorado Hsg Fin Auth Single Family Pgm Sr, Ser A2 (AMT)		7.250			05/01/27		20,364
	1,150	Denver, CO City & Cnty Arpt Rev, Ser D (AMT)		7.750			11/15/13		1,250,809
	1,700	Salida, CO Hosp Dist Rev		5.250			10/01/36		846,056
	1,500	University CO Hosp Auth Rev, Ser A		5.000			11/15/37		1,076,820

									15,743,622

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Connecticut 0.1%
$	675	Mashantucket Western Pequot Tribe CT 2006 Sub Spl Rev Bd, Ser A (h)		5.500	%		09/01/36	$	406,600


		District of Columbia 2.9%
	850	District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien Rfdg, Ser A (AGL Insd) (a)		5.000			10/01/29		840,242
	1,725	District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien Rfdg, Ser A (AGL Insd) (a)		5.000			10/01/34		1,662,132
	5,500	District Columbia Wtr & Swr Auth Pub Util Rev Sub Lien, Ser A (FSA Insd)		5.500			10/01/41		5,556,210
	5,000	Metropolitan Washington DC Arpt Auth Sys, Ser A (FGIC Insd) (AMT)		5.250			10/01/32		4,191,500

									12,250,084

		Florida 11.7%
	1,000	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.875			11/15/36		597,150
	700	Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg		5.875			11/15/42		408,835
	340	Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A		6.000			05/01/38		208,495
	250	Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B		6.200			05/01/38		150,437
	1,435	Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena Vida Estates Inc		6.750			01/01/37		1,004,500
	530	Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)		5.950			07/01/20		555,869

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Florida (continued)
$	1,305	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000	%		07/01/26	$	1,306,357
	1,325	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000			07/01/27		1,313,943
	1,440	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000			07/01/28		1,411,913
	2,500	Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser A (a)		5.000			07/01/32		2,366,325
	1,420	Halifax Hosp Med Ctr FL Hosp Rev Impt Rfdg, Ser A		5.250			06/01/26		1,097,277
	960	Highlands, FL Cmnty Dev Dist Spl Assmt		5.550			05/01/36		509,645
	1,075	Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a)		5.375			10/01/33		914,449
	2,425	Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd) (AMT) (a)		5.500			10/01/38		2,073,969
	800	Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough Cnty IDA Rfdg (AMBAC Insd) (c)		5.000			12/01/34		809,288
	900	Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec, Ser B (c)		5.150			09/01/25		891,747
	3,980	Jacksonville, FL Port Auth (MBIA Insd) (AMT)		5.700			11/01/30		3,437,606
	2,780	Jacksonville, FL Port Auth (MBIA Insd) (Prerefunded @ 11/01/10) (AMT)		5.700			11/01/30		3,002,261
	750	Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A (Acquired 02/19/08, Cost $750,000) (i)		6.800			05/01/38		467,977

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Florida (continued)
$	475	Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B (Acquired 02/19/08, Cost $475,000) (i)		6.900	%		05/01/17	$	372,419
	11,500	Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)		5.375			10/01/32		9,847,795
	695	Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A		6.000			05/01/24		487,376
	5,000	Ocoee, FL Wtr & Swr Sys Rev Impt & Rfdg (AMBAC Insd)		5.125			10/01/33		4,499,300
	900	Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran Tower		5.500			07/01/32		542,907
	925	Orange Cnty, FL Hlth Fac Auth Rev Hlthcare Orlando Lutheran Rfdg		5.375			07/01/20		674,667
	1,250	Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj		5.875			11/15/37		897,388
	2,100	Port Saint Lucie, FL Spl Assmt Rev Southwest Annexation Dist, Ser 1-B (MBIA Insd)		5.000			07/01/33		1,615,719
	3,500	Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser A (AMBAC Insd) (c)		5.350			03/15/42		3,610,495
	495	Reunion East Cmnty Dev Dist FL Spl Assmt		5.800			05/01/36		248,841
	500	Seminole Tribe, FL Spl Oblig Rev, Ser A (h)		5.250			10/01/27		332,005
	1,060	Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A		5.875			05/01/35		553,034
	900	Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A		6.200			05/01/35		687,114

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Florida (continued)
$	1,000	Tolomato Cmnty, FL Dev Dist Spl Assmt		6.550	%		05/01/27	$	682,610
	1,550	Tolomato Cmnty, FL Dev Dist Spl Assmt		6.650			05/01/40		978,608
	1,180	Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Aero, Ser A		5.750			10/15/29		976,792
	575	World Comm Cmnty Dev Dist FL Spl Assmt		5.500			05/01/38		238,119

									49,773,232

		Georgia 2.9%
	4,000	Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C (FSA Insd) (a)		5.000			01/01/33		3,838,280
	5,000	Georgia Muni Elec Auth Pwr Rev, Ser B (FGIC Insd) (e)		5.700			01/01/19		5,950,150
	1,700	Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1		5.100			06/01/23		1,701,853
	1,000	Richmond Cnty, GA Dev Auth ASU Jaguar Student Hsg LLC, Ser A		5.250			02/01/35		862,560

									12,352,843

		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		8,238,553


		Idaho 0.6%
	850	Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A		6.500			11/01/23		907,783
	1,100	Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A		6.750			11/01/37		1,123,870

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Idaho (continued)
$	970	Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg (d)		6.125	%		11/15/27	$	668,524

									2,700,177

		Illinois 20.5%
	1,450	Bartlett, IL Tax Increment Rev Quarry Redev Proj Rfdg		5.600			01/01/23		1,080,206
	1,710	Bolingbrook, IL Cap Apprec Rfdg, Ser C (MBIA Insd)		*			01/01/29		525,090
	1,365	Bolingbrook, IL Cap Apprec, Ser B (MBIA Insd)		*			01/01/32		319,028
	8,675	Chicago, IL Brd of Ed Rfdg, Ser C (FSA Insd) (a)		5.000			12/01/27		8,748,304
	7,200	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a)		5.250			01/01/24		7,457,148
	17,000	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a)		5.250			01/01/25		17,475,490
	1,290	Chicago, IL O’Hare Intl Arpt Rev Gen Arpt Third Lien, Ser A (AGC Insd) (a)		5.250			01/01/26		1,319,219
	4,400	Chicago, IL O’Hare Intl Arpt Rev, Ser A (FSA Insd) (a)		5.000			01/01/33		4,131,402
	2,700	Chicago, IL, Ser A (AGL Insd)		5.250			01/01/25		2,819,070
	3,345	Cook Cnty, IL Sch Dist No. 100 Berwyn South, Ser D (FSA Insd)		5.500			12/01/23		3,567,810
	1,000	Illinois Dev Fin Auth Rev Cmnty Rehab Providers Fac, Ser A		7.375			07/01/25		1,032,390
	1,325	Illinois Fin Auth Hosp Rev Rfdg Kish Hlth Sys Oblig Group		5.500			10/01/22		1,311,724
	1,200	Illinois Fin Auth Rev Christian Homes Inc Rfdg, Ser A		5.750			05/15/26		806,508

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (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	$	159,760
	1,000	Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ		5.500			04/01/37		775,810
	1,500	Illinois Fin Auth Rev IL Inst of Technology, Ser A		5.000			04/01/31		1,061,325
	2,000	Illinois Fin Auth Rev Resurrection Hlthcare, Ser A (FSA Insd)		5.500			05/15/24		1,985,540
	3,000	Illinois Fin Auth Rev Sherman Hlth Sys, Ser 2007A		5.500			08/01/37		2,081,550
	1,335	Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj, Ser A (AMT)		5.050			08/01/29		917,372
	2,725	Illinois Hlth Fac Auth Rev Children’s Mem Hosp (MBIA Insd)		6.250			08/15/13		2,989,598
	1,485	Illinois Hlth Fac Auth Rev Evangelical Hosp Rfdg, Ser A (FSA Insd) (e)		6.750			04/15/17		1,843,910
	825	Illinois Hlth Fac Auth Rev Evangelical Hosp, Ser C (FSA Insd)		6.750			04/15/17		1,024,394
	3,400	Illinois St First Ser (FSA Insd)		5.250			04/01/27		3,439,270
	2,070	Northern IL Univ Ctf Part Hoffman Estates Ctr Proj (FSA Insd)		5.400			09/01/16		2,327,487
	100	Peoria, Moline & Freeport, IL Coll Mtg, Ser A (GNMA Collateralized) (AMT)		7.600			04/01/27		101,710
	5,000	Regional Trans Auth IL, Ser A (AMBAC Insd)		8.000			06/01/17		6,705,300
	10,000	Will Cnty, IL Sch Dist No. 122 Rfdg, Ser B (FGIC Insd)		5.250			11/01/20		10,549,100

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Illinois (continued)
$	575	Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates Supportive Living (AMT)		7.000	%		12/01/42	$	417,697

									86,973,212

		Indiana 5.0%
	4,600	Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr Cr B-6 (a)		5.000			11/15/36		3,995,445
	3,000	Indiana Hlth Fac Fin Auth Hosp Rev Columbus Regl Hosp Rfdg (FSA Insd)		7.000			08/15/15		3,466,410
	1,500	Indiana St Dev Fin Auth Rev Exempt Fac Conv Rfdg (AMT)		5.950			08/01/30		1,262,745
	10,000	Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Mtg, Ser D-1 (GNMA Collateralized) (AMT) (a)		4.625			07/01/38		7,502,050
	2,000	Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT)		5.950			12/01/29		1,467,920
	2,850	Southwest Parke Cmnty Sch Bldg First Mtg (FGIC Insd)		5.250			07/15/21		3,036,019
	500	Vigo Cnty, IN Hosp Auth Rev Union Hosp Inc (h)		5.750			09/01/42		298,980

									21,029,569

		Iowa 0.8%
	1,600	Pottawattamie Cnty, IA Rev Christian Homes Inc Rfdg, Ser E		5.750			05/15/26		1,057,888
	375	Sibley, IA Hlthcare Fac Rev Osceola Cmnty Hosp Proj		6.000			12/01/37		233,584
	1,500	Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C		5.375			06/01/38		829,395

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Iowa (continued)
$	2,500	Tobacco Settlement Auth IA Tob Settlement Rev, Ser C		5.500	%		06/01/42	$	1,376,900

									3,497,767

		Kansas 1.4%
	1,500	Burlington, KS Environmental Impt Rev KC Rfdg Pwr LT, Ser B (Syncora Gtd) (c)		5.000			12/01/23		1,539,585
	3,615	Kansas St Dev Fin Auth Rev KS Proj, Ser N (AMBAC Insd)		5.250			10/01/21		3,735,777
	800	Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A		6.000			11/15/38		483,832

									5,759,194

		Kentucky 1.1%
	1,700	Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev Louisville Arena Sub, Ser A-1 (AGL Insd)		5.750			12/01/28		1,715,742
	3,180	Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc		5.250			10/01/36		2,322,640
	500	Mount Sterling, KY Lease Rev KY League Cities Fdg, Ser B		6.100			03/01/18		511,690

									4,550,072

		Louisiana 5.7%
	5,000	Lafayette, LA Util Rev (MBIA Insd)		5.250			11/01/21		5,318,050
	2,500	Louisiana Loc Govt Environment Fac Pkg Fac Corp Garage Proj, Ser A (AMBAC Insd)		5.375			10/01/31		2,360,700
	5,970	Louisiana Loc Govt Environment Southeastn LA Student Hsg, Ser A (MBIA Insd)		5.250			08/01/24		5,493,892

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Louisiana (continued)
$	4,000	New Orleans, LA Rfdg (FGIC Insd)		5.500	%		12/01/21	$	3,745,840
	6,000	New Orleans, LA Rfdg (MBIA Insd)		5.125			09/01/21		5,441,760
	2,100	Rapides Fin Auth LA Rev Cleco Pwr Proj (AMT) (c)		5.250			11/01/37		2,009,301

									24,369,543

		Maryland 2.7%
	5,000	Maryland St Econ Dev Corp MD Aviation Admin Fac (FSA Insd) (AMT)		5.375			06/01/20		4,989,550
	2,000	Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst College of Art		5.000			06/01/40		1,389,640
	2,350	Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr, Ser A		5.500			07/01/42		1,732,608
	4,000	Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt, Ser B (AMBAC Insd) (AMT)		5.125			03/01/24		3,455,200

									11,566,998

		Massachusetts 4.5%
	1,200	Massachusetts Bay Tran Auth MA Gen Tran Sys Rfdg, Ser A		6.250			03/01/12		1,360,512
	2,000	Massachusetts Muni Whsl Elec Co Pwr Supply Sys Rev Proj No. 6-A, Ser A (MBIA Insd)		5.250			07/01/16		2,086,560
	450	Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A		5.750			11/15/35		249,561

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Massachusetts (continued)
$	370	Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant (Prerefunded @ 1/01/12)		6.000	%		07/01/31	$	421,438
	1,380	Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys Covenant (Prerefunded @ 1/01/12)		6.000			07/01/31		1,309,178
	1,855	Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr, Ser A		6.000			10/01/23		1,183,935
	2,950	Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue, Ser D		5.000			07/01/33		1,961,485
	2,500	Massachusetts St Hsg Fin Agy Hsg Rev Single Family, Ser 130 (AMT)		5.000			12/01/37		2,078,775
	925	Massachusetts St Indl Fin Agy Wtr Treatment Amern Hingham (AMT) (d)		6.900			12/01/29		779,340
	925	Massachusetts St Indl Fin Agy Wtr Treatment Amern Hingham (AMT) (d)		6.950			12/01/35		762,117
	7,750	Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A (AMBAC Insd) (a)		4.500			08/15/35		6,932,879

									19,125,780

		Michigan 3.9%
	2,790	Detroit, MI Wtr Supply Sys Rev Sr Lien Rfdg, Ser C (MBIA Insd)		5.250			07/01/19		2,872,361
	2,000	Grand Rapids, MI Wtr Supply (FGIC Insd)		5.750			01/01/15		2,126,080

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Michigan (continued)
$	3,575	Kent Hosp Fin Auth MI Rev Metro Hosp Proj, Ser A		6.000	%		07/01/35	$	2,424,851
	1,000	Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (c)		5.250			01/15/47		1,036,350
	500	Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser A (c)		5.500			01/15/47		522,545
	3,000	Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A		6.000			06/01/48		1,765,410
	2,285	Taylor, MI Bldg Auth (AMBAC Insd)		6.000			03/01/13		2,609,698
	3,090	Troy, MI Downtown Dev Auth Dev Rfdg (MBIA Insd)		5.500			11/01/15		3,339,116

									16,696,411

		Minnesota 1.5%
	475	Chisago, MN Hlthcare Fac Rev Cdl Homes LLC Proj		6.000			08/01/42		311,272
	1,000	Meeker Cnty, MN Gross Rev Hosp Fac Mem Hosp Proj		5.625			11/01/22		771,160
	2,050	Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A		6.375			11/15/23		2,151,741
	1,350	Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A		6.625			11/15/28		1,387,989
	225	North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks		6.000			10/01/27		172,868
	900	Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj		5.250			05/15/36		617,652
	1,075	Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj		6.000			11/15/35		749,168

									6,161,850

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Mississippi 0.7%
$	1,405	Mississippi Dev Bk Spl Oblig Cap Proj & Equip Acquisition, Ser A2 (AMBAC Insd)		5.000	%		07/01/24	$	1,137,881
	1,845	Mississippi Dev Bk Spl Oblig MS Ltd Oblig Hosp Impt (MBIA Insd)		5.250			07/01/32		1,776,366

									2,914,247

		Missouri 4.4%
	325	Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc		5.625			06/01/27		277,862
	1,700	Cass Cnty, MO Hosp Rev		5.625			05/01/38		1,073,244
	1,250	Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svc Heisinger Proj		5.500			02/01/35		877,687
	930	Maryland Heights, MO Tax Increment Rev South Heights Redev Proj Rfdg, Ser A		5.500			09/01/18		787,115
	4,625	Missouri Jt Mun Elec Util Comnty Pwr Proj Rev Plum Point Proj (MBIA Insd)		5.000			01/01/27		3,728,860
	1,000	Missouri Jt Muni Elec Util Comnty Pwr Proj Rev Plum Point Proj (MBIA Insd)		5.000			01/01/26		820,630
	2,500	Missouri St Dev Fin Brd Infrastructure Fac Rev Crackerneck Creek Proj, Ser C		5.000			03/01/26		2,296,300
	2,195	Missouri St Hlth & Ed Fac Rev Univ MO Columbia Arena Proj		5.000			11/01/16		2,352,008
	1,500	Saint Louis Cnty, MO Mtg Rev Ctf Rcpt, Ser H (AMT) (e)		5.400			07/01/18		1,764,495

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Missouri (continued)
$	700	Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty Impt Dist Loughborough Com Redev Rfdg		5.750	%		11/01/27	$	471,359
	2,600	Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)		4.550			07/01/29		1,980,862
	2,925	Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt, Ser B (AMBAC Insd) (AMT)		4.600			07/01/36		2,097,167

									18,527,589

		Nebraska 1.2%
	5,235	Omaha Pub Pwr Dist NE Elec Rev Sys, Ser A (a)		5.000			02/01/34		5,096,691


		Nevada 3.5%
	2,000	Clark Cnty, NV Econ Dev Rev Alexander Dawson Sch Proj		5.375			05/15/33		1,789,680
	7,000	Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A (AMBAC Insd) (AMT)		5.250			07/01/34		4,674,670
	4,375	Las Vegas Vly, NV Wtr Dist Rfdg, Ser B (MBIA Insd)		5.000			06/01/27		4,394,381
	3,000	Nevada Hsg Div Single Family Mtg Rev, Ser A (GNMA Collateralized) (AMT)		5.875			04/01/38		2,849,580
	1,750	Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A		5.250			06/01/37		1,274,840

									14,983,151

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		New Hampshire 0.9%
$	1,000	New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch (Prerefunded @ 7/01/10)		7.000	%		07/01/30	$	773,150
	1,400	New Hampshire Hlth & Ed Fac Hlthcare Sys Covenant Hlth		5.500			07/01/34		1,138,662
	950	New Hampshire St Bus Fin Auth Wtr Fac Rev Pennichuck Wtrwks Inc (AMBAC Insd) (AMT)		6.300			05/01/22		951,064
	800	New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Co Proj (AMT) (c)		7.125			07/01/27		802,024

									3,664,900

		New Jersey 10.9%
	1,000	New Jersey Econ Dev Auth Rev Cig Tax		5.500			06/15/31		714,090
	1,900	New Jersey Econ Dev Auth Rev Cig Tax		5.750			06/15/29		1,421,390
	1,225	New Jersey Econ Dev Auth Rev Cig Tax		5.750			06/15/34		887,292
	6,625	New Jersey Econ Dev Auth Rev Mtr Veh Rev, Ser A (BHAC Insd) (a)		5.250			07/01/26		7,128,798
	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		1,571,995
	4,350	New Jersey Econ Dev Wtr NJ Amern Wtr Co Inc, Ser A (FGIC Insd) (AMT)		5.250			07/01/38		3,361,810
	2,500	New Jersey Hlthcare Fac Fin Auth Rev Gen Hosp Ctr at Passaic (FSA Insd) (e)		6.750			07/01/19		3,183,075

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		New Jersey (continued)
$	1,650	New Jersey Hlthcare Fac Fin Auth Rev Saint Peter’s Univ Hosp Oblig		5.750	%		07/01/37	$	1,219,152
	4,000	New Jersey St Hsg & Mtg Fin Agy Rev Single Family Hsg, Ser X (AMT)		5.100			10/01/23		3,840,040
	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		8,879,823
	26,500	Tobacco Settlement Fin Corp NJ, Ser 1-A		5.000			06/01/41		13,898,190

									46,105,655

		New Mexico 0.7%
	1,500	Jicarilla, NM Apache Nation Rev Adj, Ser A (Acquired 10/23/03, Cost $1,514,910) (i)		5.000			09/01/18		1,567,500
	1,500	New Mexico St Hosp Equip Ln Council Hosp Rev Presbyterian Hlthcare Svc, Ser A		6.375			08/01/32		1,552,920

									3,120,420

		New York 12.6%
	7,000	Metropolitan Trans Auth NY Rev Rfdg, Ser A (FGIC Insd)		5.250			11/15/31		6,791,260
	2,775	New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj, Ser B		6.750			03/01/15		2,383,808
	5,000	New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev, Ser D (a)		5.000			06/15/38		4,777,675
	5,440	New York City, Ser I-1 (a)		5.000			02/01/26		5,336,286

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		New York (continued)
$	1,520	New York St Dorm Auth Rev Insd John T Mather Mem Hosp (Connie Lee Insd)		6.500	%		07/01/09	$	1,541,462
	3,845	New York St Dorm Auth Rev Secd Hosp Gen Hosp Rfdg		5.750			02/15/20		4,026,523
	1,000	New York St Mtg Agy Homeowner Mtg Rev 145 (AMT)		5.125			10/01/37		857,000
	5,000	New York St Urban Dev Corp Rev St Fac Rfdg		5.700			04/01/20		5,783,750
	21,900	Port Auth NY & NJ Cons 144th Ser (a)		5.000			10/01/35		21,581,684
	675	Seneca Nation Indians Cap Impt Auth NY Spl Oblig, Ser A (h)		5.000			12/01/23		388,706

									53,468,154

		North Carolina 0.5%
	1,500	North Carolina Eastn Muni Pwr Agy Pwr Sys Rev, Ser D		6.700			01/01/19		1,537,500
	1,000	North Carolina Med Care Commn Retirement Fac Rev First Mtg Southminster Proj, Ser A		5.750			10/01/37		676,200

									2,213,700

		Ohio 7.8%
	6,000	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A-2		5.750			06/01/34		3,577,740
	5,000	Buckeye, OH Tob Settlement Fin Auth Asset Bkd Sr Turbo, Ser A2		6.500			06/01/47		3,119,950
	3,150	Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj		7.500			01/01/30		2,977,285
	1,000	Dayton, OH Arpt Rev James M Cox Dayton Rfdg, Ser C (Radian Insd) (AMT)		5.250			12/01/27		836,650

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Ohio (continued)
$	3,600	Lorain Cnty, OH Hosp Rev Catholic Rfdg, Ser C-1 (FSA Insd) (a)		5.000	%		04/01/24	$	3,553,866
	3,325	Lorain Cnty, OH Hosp Rev Fac Catholic, Ser A (FSA Insd) (a)		5.000			02/01/24		3,283,271
	3,350	Lorain Cnty, OH Hosp Rev Fac Catholic, Ser B (FSA Insd) (a)		5.000			02/01/24		3,307,958
	1,625	Montgomery Cnty, OH Rev Catholic Hlth, Ser C-1 (FSA Insd) (a)		5.000			10/01/41		1,389,253
	3,515	Muskingum Cnty, OH Hosp Fac Rev Bethesda Care Sys Impt & Rfdg (Connie Lee Insd)		6.250			12/01/10		3,520,976
	5,000	Ohio St Air Quality Dev Auth Rev Dayton Pwr (FGIC Insd) (AMT) (a)		4.800			09/01/36		3,884,975
	2,760	Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Prog, Ser F (GNMA Collateralized) (a)		5.500			09/01/39		2,715,771
	825	Toledo Lucas Cnty, OH Port Auth Dev Rev Northwest OH Bd Fd, Ser C (AMT)		6.600			11/15/15		742,673
	370	Toledo Lucas Cnty, OH Port Auth Northwest Bd Fd, Ser A (AMT) (e)		6.000			05/15/11		365,882

									33,276,250

		Oklahoma 1.4%
	1,650	Chickasaw Nation, OK Hlth Sys (h)		6.250			12/01/32		1,224,597
	1,500	Jenks, OK Aquarium Auth Rev First Mtg (MBIA Insd) (Prerefunded @ 7/01/10)		6.100			07/01/30		1,628,940

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Oklahoma (continued)
$	2,755	Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC Insd) (Prerefunded @ 11/01/09)		6.250	%		11/01/22	$	2,929,639

									5,783,176

		Oregon 1.1%
	2,010	Emerald Peoples Util Dist OR Rfdg (FGIC Insd)		7.350			11/01/09		2,093,938
	2,500	Oregon St Dept Admin Rfdg, Ser C (MBIA Insd)		5.250			11/01/18		2,641,150

									4,735,088

		Pennsylvania 0.6%
	3,000	Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A		5.000			11/15/28		1,636,380
	1,125	Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy, Ser B (AMT) (c)		6.750			12/01/36		838,204

									2,474,584

		South Carolina 6.9%
	3,125	Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a)		5.250			12/01/25		3,137,422
	9,375	Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (a)		5.250			12/01/26		9,344,766
	3,115	Greenville, SC Impt & Rfdg (MBIA Insd)		5.250			04/01/21		3,240,130
	1,100	South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Com Rfdg		5.300			10/01/36		589,677

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		South Carolina (continued)
$	460	South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg		5.500	%		05/01/28	$	297,657
	400	South Carolina Jobs Econ Dev Auth Hlthcare Fac Rev First Mtg Lutheran Homes Rfdg		5.625			05/01/42		231,516
	2,200	South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth Alliance Rfdg, Ser A		6.250			08/01/31		1,943,282
	6,500	South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser A (AMBAC Insd)		5.200			11/01/27		6,491,745
	3,750	South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj, Ser B (AMBAC Insd) (AMT)		5.450			11/01/32		3,088,687
	750	South Carolina Jobs Econ Dev Auth Rev Woodlands At Furman Proj, Ser A		6.000			11/15/42		436,635
	385	Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg		5.000			06/01/18		367,005

									29,168,522

		South Dakota 0.6%
	1,375	Deadwood, SD Ctf Partn (ACA Insd)		6.375			11/01/20		1,423,221
	1,000	South Dakota St Hlth & Ed Fac Auth Rev Children’s Care Hosp Rfdg (Prerefunded @ 11/01/09)		6.125			11/01/29		1,051,940

									2,475,161

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Tennessee 5.1%
$	2,130	Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A		5.000	%		10/01/25	$	1,453,618
	2,595	Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I LLC Proj Rfdg, Ser A		5.125			10/01/35		1,592,110
	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		1,484,198
	12,525	Johnson City, TN Hlth & Ed Fac Brd Hosp Rev Cap Apprec First Mtg Rfdg, Ser A (MBIA Insd)		*			07/01/26		4,626,359
	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		5,504,448
	5,625	Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth, Ser A		5.500			07/01/36		3,835,294
	3,100	Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist, Ser B (FSA Insd) (a)		5.250			09/01/27		2,992,926

									21,488,953

		Texas 25.8%
	1,750	Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)		4.850			04/01/21		1,315,370
	2,000	Brazos Cnty, TX Hlth Fac Dev Oblig Grp		5.375			01/01/32		1,569,820
	330	Brownsville, TX Util Sys Rev (e)		7.375			01/01/10		347,302
	890	Dallas Cnty, TX Flood Ctl Dist Rfdg		6.750			04/01/16		874,327

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Texas (continued)
$	8,000	Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt & Rfdg, Ser A (BHAC Insd) (AMT)		5.500	%		11/01/31	$	7,124,960
	775	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT)		5.750			11/01/18		779,704
	1,500	Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (MBIA Insd) (AMT)		6.000			11/01/23		1,501,170
	5,850	El Paso Cnty, TX Hosp Dist, Ser A (AGL Insd) (a)		5.000			08/15/37		5,503,271
	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		1,126,450
	925	Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Mem Hermann Hlthcare Sys, Ser B		7.250			12/01/35		971,638
	5,000	Harris Cnty, TX Hlth Fac Dev Corp Rev ARS Christus Hlth, Ser A-3 (FSA Insd) (b)(c)		3.370			07/01/31		5,000,000
	5,000	Harris Cnty, TX Hlth Fac Dev Corp Rev ARS Christus Hlth, Srt S-4 (FSA Insd) (b)(c)		2.800			07/01/31		5,000,000
	4,000	Harris Cnty, TX Hlth Fac Dev Corp Rev ARS Christus Hlth, Ser A-5 (FSA Insd) (b)(c)		3.070			07/01/36		4,000,000
	3,000	Houston, TX Arpt Sys Rev Sub Lien, Ser A (FSA Insd) (AMT)		5.625			07/01/30		2,692,200
	9,425	Houston, TX Util Sys Rev Comb First Lien Rfdg, Ser A (FSA Insd) (a)		5.000			11/15/36		9,162,561

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Texas (continued)
$	5,000	Houston, TX Util Sys Rev Comb First Lien, Ser A (FSA Insd)		5.250	%		05/15/20	$	5,350,950
	3,700	Judson, TX Indpt Sch Dist Sch Bldg (AGL Insd) (a)		5.000			02/01/37		3,580,990
	5,000	Matagorda Cnty, TX Navig Dist No. 1 Rev Houston Lt Rfdg (AMBAC Insd) (AMT)		5.125			11/01/28		3,787,950
	1,350	MC Lennan Cnty, TX Pub Fac Corp Proj Rev		6.625			06/01/35		1,411,965
	2,000	Mesquite, TX Hlth Fac Dev Corp Retirement Fac Christian Care Ctr, Ser A (Prerefunded @ 2/15/10)		7.625			02/15/28		2,161,460
	1,410	Mesquite, TX Hlth Fac Dev Retirement Fac Christian Care Ctr		5.625			02/15/35		890,288
	3,500	Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj		7.250			01/01/31		2,694,370
	1,000	Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc Proj (AMT) (c)		6.000			08/01/20		919,070
	3,325	North Central, TX Hlth Fac Dev Corp Rev Hosp Baylor Hlthcare Sys Proj, Ser A		5.125			05/15/29		3,005,767
	1,750	North TX Twy Auth Rev Rfdg Sys First Tier Put, Ser L-2 (c)		6.000			01/01/38		1,792,752
	1,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		5.625			01/01/28		960,050
	1,000	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		6.000			01/01/26		1,012,330
	1,250	North TX Twy Auth Rev Rfdg Sys First Tier, Ser B		6.000			01/01/27		1,255,925

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Texas (continued)
$	3,200	North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F		5.750	%		01/01/33	$	2,892,608
	3,960	Stafford, TX Econ Dev Corp (FGIC Insd)		5.500			09/01/30		3,749,368
	1,990	Stafford, TX Econ Dev Corp (FGIC Insd)		6.000			09/01/19		2,310,271
	1,000	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc		5.625			11/15/27		661,840
	2,800	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc		5.750			11/15/37		1,628,816
	8,500	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svcs Inc Proj		5.250			11/15/37		6,386,475
	500	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC Young Mem Hom Proj		5.750			02/15/25		342,770
	3,600	Tarrant Cnty, TX Cultural Ed Fac Fin Corp Rev Christus Hlth Rfdg, Ser A (AGL Insd)		6.250			07/01/28		3,795,660
	6,450	Texas St Trans Commn Mobility Fd (a)		5.000			04/01/28		6,577,968
	3,510	Texas St Wtr Fin Assistance		5.500			08/01/35		3,517,231
	3,100	Tyler, TX Hlth Fac Dev Corp Hosp Rev Rfdg & Impt East TX Med Ctr Rfdg, Ser A		5.375			11/01/37		2,060,353

									109,716,000

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		Utah 1.0%
$	4,950	Intermountain Pwr Agy UT Pwr Supply Rev Rfdg, Ser A (FGIC Insd) (e)		*			07/01/17	$	3,795,561
	875	Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser A		5.800	%		06/15/38		590,782

									4,386,343

		Virginia 1.2%
	550	Lexington, VA Indl Dev Auth Residential Care Fac Rev Mtg Kendal at Lexington, Ser A		5.500			01/01/37		311,806
	1,465	Richmond, VA Indl Dev Auth Govt Fac Rev Bd (AMBAC Insd)		5.000			07/15/17		1,607,339
	1,520	Tobacco Settlement Fin Corp VA		5.500			06/01/26		1,726,644
	2,000	White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev		5.300			03/01/17		1,646,840

									5,292,629

		Washington 1.3%
	1,500	Kalispel Tribe Indians Priority Dist WA Rev		6.625			01/01/28		1,113,030
	3,000	Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd)		5.250			09/01/33		2,864,430
	1,720	Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley Homes, Ser 2007A-2027 (Acquired 05/07/08, Cost $1,720,000) (d)(i)		6.000			01/01/27		1,367,039

									5,344,499

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value

		West Virginia 0.9%
$	2,500	Harrison Cnty, WV Cnty Cmnty Solid Waste Disp Rev Allegheny Energy Rfdg, Ser D (AMT)		5.500	%		10/15/37	$	1,891,225
	1,100	West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys		6.000			10/01/20		914,111
	1,500	West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys		6.250			10/01/23		1,201,110

									4,006,446

		Wisconsin 3.1%
	3,100	Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a)		5.300			09/01/23		3,059,638
	3,600	Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser A (AMT) (a)		5.500			09/01/28		3,417,912
	4,285	Wisconsin St Hlth & Ed Fac Auth Rev Ministry Hlth (FSA Insd) (a)		5.000			08/01/34		3,704,083
	2,675	Wisconsin St Hlth & Ed Fac FH Hlthcare Dev Inc Proj (Prerefunded @ 11/15/09)		6.250			11/15/28		2,821,323

									13,002,956

		Wyoming 0.5%
	2,790	Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT)		5.600			12/01/35		1,914,749


		Puerto Rico 5.6%
	21,000	Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev, Ser Y (FSA Insd)		6.250			07/01/21		23,922,570


		Total Long-Term Investments 206.7%
		(Cost $989,476,540)							877,548,934

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued


Description	Value

Short-Term Investments 6.7%
Municipal Bonds 6.7%
California Ed Fac Auth Rev Chapman Univ, Ser A ($700,000 par, coupon 0.300%, 10/01/36 maturity) (LOC: Bank of America) (c) (k)	$	700,000
Clarksville, TN Pub Bldg Auth Rev Met Govt Nashville & Davidson ($16,900,000 par, coupon 0.400%, 07/01/26 maturity) (LOC: Bank of America) (c) (k)		16,900,000
Norfolk, VA Redev & Hsg Auth Rev Rfdg Old Dominion Univ Proj ($1,000,000 par, coupon 0.400%, 08/01/33 maturity) (LOC: Bank of America) (c) (k)		1,000,000
Virginia Small Business Fin Auth Hosp Rev Carilion Clinic Oblig, Ser B ($10,000,000 par, coupon 0.400%, 07/01/42 maturity) (SPA: Bank of America) (c) (k)		10,000,000


Total Short-Term Investments 6.7%
(Cost $28,600,000)		28,600,000


Total Investments 213.4%
(Cost $1,018,076,540)		906,148,934

Liability for Floating Rate Note Obligations Related to Securities Held (33.1%)
(Cost ($140,630,000))

(140,630) Notes with interest rates ranging from 0.41% to 2.28% at January 31, 2009 and contractual maturities of collateral ranging from 2023 to 2041(j)		(140,630,000	)


Total Net Investment 180.3%
(Cost $877,446,540)		765,518,934

Liabilities in Excess of Other Assets (1.1%)		(4,761,873	)

Preferred Shares (including accrued distributions) (79.2%)		(336,074,969	)


Net Assets Applicable to Common Shares 100.0%	$	424,682,092

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


*		Zero coupon bond

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued

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

(b)		Security includes a feature allowing the Trust an option on any interest rate payment date to offer the security for sale at par. The sale is contingent upon market conditions.

(c)		Variable Rate Coupon

(d)		Security has been deemed illiquid.

(e)		Escrowed to Maturity

(f)		Security purchased on a when-issued, delayed delivery, or forward commitment basis.

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

(h)		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.

(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 0.9% of net assets applicable to common shares.

(j)		Floating rate notes. The interest rate shown reflects the rates in effect at January 31, 2009.

(k)		Security includes a put feature allowing the Trust to periodically put the security back to the issuer at amortized cost on specified dates. The interest rate shown represents the current interest rate earned by the Trust on the most recent reset date.

ACA — American Capital Access
AGC — AGC Insured Custody Certificates
AGL — Assured Guaranty Ltd.
AMBAC — AMBAC Indemnity Corp.
AMT — Alternative Minimum Tax
BHAC — Berkshire Hathaway Assurance Corp.
Connie Lee — Connie Lee Insurance Co.
FGIC — Financial Guaranty Insurance Co.
FSA — Financial Security Assurance Inc.
GNMA — Government National Mortgage Association
LOC — Letter of Credit
MBIA — Municipal Bond Investors Assurance Corp.
MBIA-IBC — MBIA Insured Bond Certificates
Radian — Radian Asset Assurance
SPA — Standby Purchase Agreement
Syncora Gtd — Syncora Guarantee Inc.

The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), effective November 1, 2008. In accordance with FAS 157, fair value is defined 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. FAS 157 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

Van Kampen Advantage Municipal Income Trust II
Portfolio of Investments § January 31, 2009 (Unaudited) continued

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) 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, 2009 in valuing the Trust’s investments carried at value:


Valuation Inputs	Investments in Securities
Level 1 — Quoted Prices	$	-0-

Level 2 — Other Significant Observable Inputs		906,148,934

Level 3 — Significant Unobservable Inputs		-0-

Total	$	906,148,934

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. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

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/ Edward C. Wood III
Name:		Edward C. Wood III
Title:		Principal Executive Officer
Date:		March 19, 2009

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/ Edward C. Wood III
Name:		Edward C. Wood III
Title:		Principal Executive Officer
Date:		March 19, 2009


By:		/s/ Stuart N. Schuldt
Name:		Stuart N. Schuldt
Title:		Principal Financial Officer
Date:		March 19, 2009