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 811-7676
Van Kampen Municipal Opportunity Trust II
--------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
--------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 7/31/05
Item 1. Schedule of Investments.
The Trust's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST II
PORTFOLIO OF INVESTMENTS AUGUST 31, 2005 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
------ ----------- ------ -------- -------------
MUNICIPAL BONDS 166.5%
ALABAMA 1.8%
$1,000 Birmingham Baptist Med Ctr AL Baptist Hlth
Sys Ser A 5.875% 11/15/24 $ 1,069,360
1,090 Lee Cnty, AL Sch Wts Ltd Oblig (MBIA Insd)
(a) 5.000 02/01/17 1,174,497
1,000 Valley, AL Spl Care Fac Fin Auth Rev Lanier
Mem Hosp Ser A 5.600 11/01/16 1,029,450
-------------
3,273,307
-------------
ARIZONA 6.2%
5,000 Arizona Sch Fac Brd Ctf Ser B (Prerefunded @
09/01/13) (FGIC Insd) 5.250 09/01/18 5,571,350
2,235 Arizona Tourism & Sports Auth Tax Rev
Multipurpose Stad Fac Ser A (MBIA Insd) 5.375 07/01/21 2,467,373
2,685 South Campus Group LLC AZ Std Hsg Rev AZ St
Univ South Campus Proj (MBIA Insd) 5.625 09/01/35 2,988,781
-------------
11,027,504
-------------
CALIFORNIA 27.8%
7,195 Anaheim, CA Pub Fin Auth Lease Rev Cap
Apprec Sub Pub Impt Proj Ser C (FSA Insd) * 09/01/21 3,488,784
1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub Impt
Proj Ser C (FSA Insd) 6.000 09/01/16 1,528,683
6,750 California Ed Fac Auth Rev Pepperdine Univ
Ser A Rfdg (FGIC Insd) 5.000 09/01/33 7,071,570
2,000 California St Dept Wtr Res Pwr Ser A 6.000 05/01/15 2,290,540
2,345 California St Dept Wtr Res Pwr Supply Rev
Ser A (XLCA Insd) 5.375 05/01/17 2,572,465
2,500 California St Pub Wks Brd Lease Rev Dept of
Mental Hlth Coalinga Ser A 5.000 06/01/24 2,617,100
4,600 California St Pub Wks Brd Lease Rev Var Univ
CA Proj Ser A Rfdg (c) 5.500 06/01/10 4,997,072
5,905 California St Pub Wks Brd Lease Rev Var Univ
CA Proj Ser A Rfdg 5.500 06/01/14 6,583,839
5,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev
Cap Apprec Rfdg (MBIA Insd) * 01/15/18 2,714,950
2,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev
Sr Lien Ser A (Prerefunded @ 01/01/07) 6.500 01/01/32 2,105,440
1,000 Golden St Tob Sec Corp CA Tob Settlement Rev
Enhanced Asset Bkd Ser A (b) 5.000 06/01/45 1,027,640
5,000 Los Angeles, CA Uni Sch Dist Ser A (FSA Insd) 5.250 07/01/20 5,520,250
2,465 Los Angeles, CA Uni Sch Dist Ser B
(Prerefunded @ 07/01/08) (FGIC Insd) 5.000 07/01/23 2,636,293
1,000 San Marcos, CA Pub Fac Auth Tax Alloc Rev
Proj Areas No. 2 & 3 Fin Proj Ser C (AMBAC
Insd) 5.000 08/01/38 1,055,020
3,070 Washington, CA Uni Sch Dist Yolo Cnty Ser A
(FGIC Insd) 5.250 08/01/20 3,390,846
-------------
49,600,492
-------------
COLORADO 8.6%
1,000 Arapahoe Cnty, CO Cap Impt Tr Fd Hwy Rev E-470
Proj (Prerefunded @ 08/31/05) 7.000 08/31/26 1,033,770
7,500 Arapahoe Cnty, CO Cap Impt Tr Fd Hwy Rev E-470
Proj Ser C (Prerefunded @ 08/31/05) * 08/31/26 1,560,975
1,945 Colorado Ed & Cultural Impt Charter Sch
Pinnacle Rfdg (XLCA Insd) 5.250 06/01/23 2,082,103
1,000 Colorado Hlth Fac Auth Rev Catholic Hlth
Initiatives Ser A (Escrowed to Maturity) 5.500 03/01/32 1,105,750
1,250 Colorado Hlth Fac Auth Rev Hosp Portercare
Adventist Hlth 6.500 11/15/31 1,384,625
1,500 Denver, CO City & Cnty Arpt Rev Ser D (AMT) 7.750 11/15/13 1,753,560
6,160 E-470 Pub Hwy Auth CO Rev Sr Ser A (MBIA Insd) 5.000 09/01/21 6,423,648
-------------
15,344,431
-------------
GEORGIA 3.6%
5,000 Clayton Cnty & Clayton Cnty GA Wtr Auth Wtr &
Swr Rev 5.000 05/01/20 5,398,200
1,000 Richmond Cnty, GA Dev Auth ASU Jaguar Student
Hsg LLC Ser A 5.250 02/01/35 1,035,140
-------------
6,433,340
-------------
ILLINOIS 15.5%
3,750 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd) * 01/01/32 906,112
255 Chicago, IL Single Family Mtg Rev Ser A (AMT)
(GNMA Collateralized) 7.000 09/01/27 256,051
40 Chicago, IL Single Family Mtg Rev Ser B (AMT)
(GNMA Collateralized) 7.625 09/01/27 40,176
3,345 Cook Cnty, IL Sch Dist No 100 Berwyn South Ser
D (FSA Insd) 5.500 12/01/23 3,731,247
4,500 Cook Cnty, IL Ser A (FGIC Insd) 5.500 11/15/31 4,904,010
1,000 Illinois Dev Fin Auth Rev Cmnty Rehab Providers
Fac Ser A 7.375 07/01/25 1,094,220
2,500 Illinois Fin Auth Rev Northwestern Mem Hosp Ser
A 5.500 08/15/43 2,696,150
1,325 Illinois Fin Auth Student Hsg Rev MJH Ed
Assistance IV Sr Ser A 5.125 06/01/35 1,331,453
8,000 Illinois St First Ser (FSA Insd) 5.250 12/01/19 8,765,920
3,400 Illinois St First Ser (FSA Insd) 5.250 04/01/27 3,640,380
275 Peoria, Moline & Freeport, IL Coll Mtg Ser A
(AMT) (GNMA Collateralized) 7.600 04/01/27 277,027
-------------
27,642,746
-------------
INDIANA 9.1%
2,805 Dekalb Eastn High Sch Bldg Corp Ind First Mtg
(FSA Insd) 6.000 01/15/18 3,197,756
4,000 East Chicago, IN Elementary Sch Bldg Corp First
Mtg Ser A 6.250 07/05/08 4,270,160
3,000 Indiana Hlth Fac Fin Auth Hosp Rev Columbus
Regl Hosp Rfdg (FSA Insd) 7.000 08/15/15 3,610,350
2,000 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT) 5.950 12/01/29 2,084,960
2,850 Southwest Parke Cmnty Sch Bldg First Mtg (FGIC
Insd) (a) 5.250 07/15/21 3,094,786
-------------
16,258,012
-------------
LOUISIANA 8.0%
2,500 Louisiana Loc Govt Environmental Fac Pkg Fac
Corp Garage Proj Ser A (AMBAC Insd) 5.375 10/01/31 2,706,100
6,000 New Orleans, LA Rfdg (MBIA Insd) 5.125 09/01/21 6,469,320
2,000 New Orleans, LA Rfdg (FGIC Insd) 5.500 12/01/21 2,327,020
2,800 Saint Charles Parish, LA Solid Waste Disp Rev
LA Pwr & Lt Co Proj (AMT) (FSA Insd) (c) 7.050 04/01/22 2,809,436
-------------
14,311,876
-------------
MARYLAND 1.5%
1,325 Maryland St Hlth & Higher Ed Fac Auth Rev
Civista Med Ctr (Radian Insd) 5.000 07/01/37 1,356,071
1,200 Maryland St Hlth & Higher Ed Fac Auth Rev Union
Hosp Cecil Cnty Issue 5.000 07/01/40 1,226,232
-------------
2,582,303
-------------
MASSACHUSETTS 5.7%
2,000 Massachusetts Muni Whsl Elec Co Proj No 6-A
(MBIA Insd) 5.250 07/01/16 2,181,320
3,600 Massachusetts St Dev Fin Agy Rev Boston Univ
Ser T-1 (AMBAC Insd) 5.000 10/01/35 3,807,180
1,000 Massachusetts St Hlth & Ed Fac Auth Rev Saint
Mem Med Ctr Ser A 6.000 10/01/23 1,001,830
2,995 Massachusetts St Wtr Pollutn Abatement Tr Pool
Pgm Bds Ser 10 5.000 08/01/21 3,209,083
-------------
10,199,413
-------------
MICHIGAN 3.4%
3,000 Detroit, MI City Sch Dist Sch Bldg & Site Impt
Ser A (Prerefunded @ 05/01/13) (FGIC Insd) 5.375 05/01/24 3,354,810
1,000 Kent Hosp Fin Auth MI Rev Met Hosp Proj Ser A 6.000 07/01/35 1,076,700
1,495 Michigan St Hsg Dev Auth Multi-Family Rev Ltd
Oblig Ser A Rfdg (GNMA Collateralized) 6.600 04/01/30 1,526,754
-------------
5,958,264
-------------
MINNESOTA 0.6%
1,065 Duluth, MN Econ Dev Auth Hlthcare Fac Rev
Benedictine Hlth Sys Saint Marys 5.250 02/15/33 1,107,706
-------------
MISSISSIPPI 4.8%
2,000 Mississippi Business Fin Corp MS Pollutn Ctl
Rev Sys Energy Res Inc Proj Rfdg 5.900 05/01/22 2,030,320
1,900 Mississippi Dev Bk Spl Oblig Cap Proj & Equip
Acquisition Ser A2
(AMBAC Insd) 5.000 07/01/24 2,080,025
1,550 Mississippi Dev Bk Spl Oblig Madison Cnty Hosp
Proj (Prerefunded @ 07/01/09) 6.400 07/01/29 1,756,630
2,595 Mississippi Dev Bk Spl Oblig MS Ltd Oblig Hosp
Impts (MBIA Insd) (a) 5.250 07/01/32 2,758,044
-------------
8,625,019
-------------
MISSOURI 9.4%
2,000 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare
Fac Rev Southeast MO Hosp Assoc 5.625 06/01/27 2,087,380
1,250 Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev
Lutheran Sr Svc Heisinger Proj 5.500 02/01/35 1,311,587
2,500 North Kansas City, MO Sch Dist No. 74 Impt &
Rfdg MO Direct Deposit (b) 5.000 03/01/25 2,665,575
1,500 Saint Louis Cnty, MO Mtg Rev Ctf Rcpt Ser H
(AMT) (Escrowed to Maturity) 5.400 07/01/18 1,682,025
5,855 Saint Louis, MO Arpt Rev Arpt Dev Pgm Ser A
(Prerefunded @ 07/01/11) (MBIA Insd) 5.250 07/01/31 6,429,785
2,380 Saint Louis, MO Arpt Rev Cap Impt Pgm Ser A
(MBIA Insd) (a) 5.375 07/01/19 2,605,457
-------------
16,781,809
-------------
NEBRASKA 2.5%
4,260 University NE Univ Rev Lincoln Student Fees &
Fac Ser B 5.000 07/01/23 4,495,493
-------------
NEW JERSEY 6.2%
1,000 New Jersey Econ Dev Auth Rev Cigarette Tax 5.500 06/15/31 1,049,690
5,000 New Jersey Econ Dev Auth Rev Sch Fac Constr Ser
I (Prerefunded @ 09/01/14) 5.000 09/01/23 5,491,600
515 New Jersey Hlthcare Fac Fin Auth Rev Gen Hosp
Ctr at Passaic (Escrowed to Maturity) (FSA Insd) 6.000 07/01/06 528,673
4,000 Salem Cnty, NJ Indl Pollutn Ctl Fin Auth Rev
Pollutn Ctl Pub Svc Elec & Gas Ser A (AMT)
(MBIA Insd) 5.450 02/01/32 4,023,800
-------------
11,093,763
-------------
NEW YORK 7.9%
3,250 New York City Hlth & Hosp Corp Rev Hlth Sys Ser
A (AMBAC Insd) 5.000 02/15/11 3,496,740
3,000 New York City Muni Wtr Fin Auth Wtr & Sew Sys
Rev Ser A (AMBAC Insd) 5.000 06/15/35 3,139,950
5,000 New York City Ser A1 (Prerefunded @ 08/01/05) 6.375 08/01/10 5,051,100
1,520 New York St Dorm Auth Rev Insd John T Mather
Mem Hosp (Connie Lee Insd) (a) 6.500 07/01/09 1,694,861
650 Westchester Tob Asset Sec Corp NY 5.125 06/01/38 658,886
-------------
14,041,537
-------------
NORTH CAROLINA 1.2%
1,950 Forsyth Cnty, NC Ctf Partn (b) 5.000 02/01/24 2,064,173
-------------
OHIO 1.8%
1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj 7.500 01/01/30 1,128,260
1,040 Lorain Cnty, OH Hosp Rev EMH Regl Med Ctr Rfdg
(AMBAC Insd) 7.750 11/01/13 1,073,280
950 Strongsville, OH (Prerefunded @ 12/01/06) 6.700 12/01/11 1,017,336
-------------
3,218,876
-------------
OKLAHOMA 2.4%
1,000 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC
Insd) 6.250 11/01/22 1,128,020
2,960 Tulsa, OK Indl Auth Hosp Rev Hillcrest Med Ctr
Proj Rfdg (Escrowed to Maturity) (Connie Lee
Insd) (a) 6.250 06/01/07 3,134,640
-------------
4,262,660
-------------
OREGON 2.6%
700 Oregon St Vets Welfare Ser 76A 6.050 10/01/28 703,556
3,580 Yamhill Cnty, OR Sch Dist No 029J Newburg
(Prerefunded @ 06/15/12) (MBIA Insd) 5.250 06/15/21 3,945,375
-------------
4,648,931
-------------
PENNSYLVANIA 2.2%
4,500 Erie, PA Sch Dist Cap Apprec Rfdg (FSA Insd) * 09/01/20 2,289,150
1,500 Pennsylvania Econ Dev Fin Auth Res Recovery Rev
Colver Proj Ser D (AMT) 7.050 12/01/10 1,532,280
-------------
3,821,430
-------------
RHODE ISLAND 2.1%
3,475 Rhode Island St Econ Dev Corp Arpt Rev Ser A
Rfdg (AMT) (FSA Insd) 5.000 07/01/17 3,660,148
-------------
SOUTH CAROLINA 4.2%
3,115 Greenville, SC Impt & Rfdg (MBIA Insd) (a) 5.250 04/01/21 3,399,586
3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec
& Gas Co Proj Ser B (AMT) (AMBAC Insd) 5.450 11/01/32 4,003,800
-------------
7,403,386
-------------
SOUTH DAKOTA 0.8%
1,375 Deadwood, SD Ctf Partn (ACA Insd) 6.375 11/01/20 1,469,325
-------------
TENNESSEE 0.9%
1,300 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev
First Mtg Ser A Rfdg (MBIA Insd) 7.500 07/01/25 1,630,369
-------------
TEXAS 10.4%
2,335 Beaumont, TX Wtrwks & Swr Sys (Prerefunded @
09/01/10) (FGIC Insd) 6.250 09/01/14 2,658,468
2,000 Brazos Cnty, TX Hlth Fac Dev Oblig Grp 5.375 01/01/32 2,074,620
1,190 Brazos Riv Auth TX Pollutn Ctl Rev Adj TXU Elec
Co Proj Ser C Rfdg (AMT) 5.750 05/01/36 1,272,372
2,145 Granbury, TX Indpt Sch Dist Rfdg (b) 5.000 08/01/29 2,258,020
5,000 Houston, TX Util Sys Rev Comb First Lien Ser A
(FSA Insd) 5.250 05/15/20 5,438,000
1,000 Mesquite, TX Hlth Fac Dev Corp Retirement Fac
Christian Care Ctr Ser A 7.625 02/15/28 1,088,260
1,500 Metropolitan Hlth Fac Dev Corp TX Wilson N
Jones Mem Hosp Proj 7.250 01/01/31 1,552,545
2,000 Texas St Wtr Fin Assistance 5.500 08/01/35 2,140,560
-------------
18,482,845
-------------
UTAH 0.0%
35 Utah St Hsg Fin Agy Single Family Mtg Sr Issue
Ser B-2 (AMT) (FHA/VA Gtd) 6.500 07/01/15 35,375
-------------
VIRGINIA 3.4%
2,000 Fairfax Cnty, VA Ctf Partn 5.300 04/15/23 2,157,140
1,130 Richmond, VA Indl Dev Auth Govt Fac Rev Bonds
(AMBAC Insd) 5.000 07/15/14 1,237,813
1,465 Richmond, VA Indl Dev Auth Govt Fac Rev Bonds
(AMBAC Insd) 5.000 07/15/17 1,606,827
1,020 Tobacco Settlement Fin Corp VA Asset Bkd 5.500 06/01/26 1,076,630
-------------
6,078,410
-------------
WASHINGTON 2.2%
700 Quinault Indian Nation, WA Quinault Beach Ser A
Rfdg & Impt (ACA Insd) 5.800 12/01/15 738,899
3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use
Tax (MBIA Insd) 5.250 09/01/33 3,191,940
-------------
3,930,839
-------------
WEST VIRGINIA 2.5%
500 Harrison Cnty, WV Cnty Cmnty Solid Waste Disp
Rev West PA Pwr Co Ser C (AMT) (AMBAC Insd) 6.750 08/01/24 506,615
3,750 West Virginia Univ Rev Impt Univ Proj Ser C
(FGIC Insd) 5.000 10/01/34 3,948,450
-------------
4,455,065
-------------
WISCONSIN 1.5%
2,490 Wisconsin St Hlth & Ed Fac Auth Rev Bellin Mem
Hosp (AMBAC Insd) 6.625 02/15/08 2,623,638
-------------
PUERTO RICO 5.7%
8,000 Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev Ser
Y Rfdg (FSA Insd) 6.250 07/01/21 10,055,680
-------------
TOTAL LONG-TERM INVESTMENTS 166.5%
(Cost $277,948,658) 296,618,165
SHORT-TERM INVESTMENT 0.7%
(Cost $1,300,000) 1,300,000
-------------
TOTAL INVESTMENTS 167.2%
(Cost $279,248,658) 297,918,165
LIABILITIES IN EXCESS OF OTHER ASSETS (2.6%) (4,741,252)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (64.6%) (115,039,014)
-------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $ 178,137,899
=============
Percentages are calculated as a percentage of net assets applicable to
common shares.
* Zero coupon bond
(a) The Trust owns 100% of the bond issuance.
(b) Security purchased on a when-issued or delayed delivery basis.
(c) All or a portion of these securities have been physically segragated in
connection with open futures contracts.
ACA - American Capital Access
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
Connie Lee - Connie Lee Insurance Co.
FGIC - Financial Guaranty Insurance Co.
FHA/VA - Federal Housing Administration/Department of Veterans Affairs
FSA - Financial Security Assurance Inc.
GNMA - Government National Mortgage Association
MBIA - Municipal Bond Investors Assurance Corp.
Radian - Radian Asset Assurance
XLCA - XL Capital Assurance Inc.
Future contracts outstanding as of July 31, 2005:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
--------- -------------
Short Contracts:
U.S. Treasury Notes 5-Year Futures September 2005
(Current Notional Value of $107,203 per contract) 406 $642,268
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 Municipal Opportunity Trust II
By: /s/ Ronald E. Robison
------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 19, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 19, 2005
By: /s/ Phillip G. Goff
------------------------------
Name: Phillip G. Goff
Title: Principal Financial Officer
Date: September 19, 2005