X0202 4 2006-01-27 0 0000908993 VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II VKI 0001197644 KERR HOWARD J 14 HURON TRACE GALENA IL 61036 1 0 0 0 Phantom Stock Units 0.00 2006-01-27 4 J 0 19996.023 14.51 A 1988-08-08 1988-08-08 Common shares 19996.023 19996.023 D The phantom stock units were accrued under the VKI Directors' deferred compensation plan and are to be settled 100% in cash, in generally equal installments over a period of five (5) years beginning on the date of the Director's retirement or disability, except that the Board of Directors, in its sole discretion, may accelerate or extend the distribution. 1 for 1 This activity represents shares gained when Van Kampen Municipal Opportunity Trust II (VOT) merged into Van Kampen Advantage Municipal Income Trust II (VKI) on 1/27/2006. /s/ Howard J Kerr 2006-02-10