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
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 1/31/05
Item 1. Schedule of Investments.
The Trust's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST II
PORTFOLIO OF INVESTMENTS JANUARY 31, 2005 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
MUNICIPAL BONDS 161.8%
ALABAMA 1.8%
$ 1,000 Birmingham Baptist Med Ctr AL Baptist Hlth Sys Ser A 5.875 % 11/15/24 $ 1,066,150
1,090 Lee Cnty, AL Sch Wts Ltd Oblig (MBIA Insd) (a) 5.000 02/01/17 1,184,917
1,000 Valley, AL Spl Care Fac Fin Auth Rev Lanier Mem Hosp Ser A 5.600 11/01/16 1,014,250
-----------------
3,265,317
-----------------
ARIZONA 6.2%
5,000 Arizona Sch Fac Brd Ctf Ser B (FGIC Insd) 5.250 09/01/18 5,541,300
2,235 Arizona Tourism & Sports Auth Tax Rev Multipurpose Stad Fac
Ser A (MBIA Insd) 5.375 07/01/21 2,510,777
2,685 South Campus Group LLC AZ Std Hsg Rev AZ St Univ South Campus
Proj (MBIA Insd) 5.625 09/01/35 3,028,358
-----------------
11,080,435
-----------------
CALIFORNIA 22.6%
7,195 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj
Ser C (FSA Insd) * 09/01/21 3,332,724
1,300 Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj Ser C (FSA Insd) 6.000 09/01/16 1,568,515
2,000 California St Dept Wtr Res Pwr Ser A 6.000 05/01/15 2,328,960
2,345 California St Dept Wtr Res Pwr Supply Rev Ser A (XLCA Insd) 5.375 05/01/17 2,616,152
2,500 California St Pub Wks Brd Lease Rev Dept of Mental Hlth Coalinga
Ser A 5.000 06/01/24 2,614,625
4,600 California St Pub Wks Brd Lease Rev Var Univ CA Proj Ser A
Rfdg (b) 5.500 06/01/10 5,100,250
5,905 California St Pub Wks Brd Lease Rev Var Univ CA Proj Ser A Rfdg 5.500 06/01/14 6,657,120
5,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg
(MBIA Insd) * 01/15/18 2,597,050
2,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Sr Lien Ser A
(Prerefunded @ 01/01/07) 6.500 01/01/32 2,157,160
5,000 Los Angeles, CA Uni Sch Dist Ser A (FSA Insd) 5.250 07/01/20 5,550,600
2,465 Los Angeles, CA Uni Sch Dist Ser B (FGIC Insd) 5.000 07/01/23 2,638,684
3,070 Washington, CA Uni Sch Dist Yolo Cnty Ser A (FGIC Insd) (a) 5.250 08/01/20 3,409,603
-----------------
40,571,443
-----------------
COLORADO 10.1%
1,000 Arapahoe Cnty, CO Cap Impt Tr Fd Hwy Rev E-470 Proj (Prerefunded
@ 08/31/05) (c) 7.000 08/31/26 1,058,100
7,500 Arapahoe Cnty, CO Cap Impt Tr Fd Hwy Rev E-470 Proj Ser C
(Prerefunded @ 08/31/05) * 08/31/26 1,546,200
1,945 Colorado Ed & Cultural Impt Charter Sch Pinnacle Rfdg (XLCA Insd) 5.250 06/01/23 2,115,032
1,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives Ser A
(Escrowed to Maturity) 5.500 03/01/32 1,130,620
1,250 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth 6.500 11/15/31 1,388,962
1,500 Denver, CO City & Cnty Arpt Rev Ser D (AMT) 7.750 11/15/13 1,814,460
3,515 E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (MBIA Insd) * 09/01/13 2,507,706
6,160 E-470 Pub Hwy Auth CO Rev Sr Ser A (MBIA Insd) 5.000 09/01/21 6,507,178
-----------------
18,068,258
-----------------
FLORIDA 3.0%
5,000 Osceola Cnty, FL Trans Rev Osceola Pkwy Proj & Rfdg (MBIA Insd) 5.000 04/01/22 5,398,200
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GEORGIA 3.6%
5,000 Clayton Cnty & Clayton Cnty GA Wtr Auth Wtr & Swr Rev 5.000 05/01/20 5,476,700
1,000 Richmond Cnty, GA Dev Auth ASU Jaguar Student Hsg LLC Ser A 5.250 02/01/35 1,028,230
-----------------
6,504,930
-----------------
ILLINOIS 17.4%
3,750 Bolingbrook, IL Cap Apprec Ser B (MBIA Insd) * 01/01/32 876,300
3,365 Chicago, IL Cap Apprec (Prerefunded @ 07/01/05) (AMBAC Insd) * 01/01/17 1,605,946
335 Chicago, IL Single Family Mtg Rev Ser A (AMT) (GNMA Collateralized) 7.000 09/01/27 336,531
50 Chicago, IL Single Family Mtg Rev Ser B (AMT) (GNMA Collateralized) 7.625 09/01/27 50,213
3,345 Cook Cnty, IL Sch Dist No 100 Berwyn South Ser D (FSA Insd) 5.500 12/01/23 3,803,365
2,540 Cook Cnty, IL Sch Dist No 122 Oak Lawn Cap Apprec (FGIC Insd) (a) * 12/01/15 1,607,312
4,500 Cook Cnty, IL Ser A (FGIC Insd) 5.500 11/15/31 4,991,535
1,000 Illinois Dev Fin Auth Rev Cmnty Rehab Providers Fac Ser A 7.375 07/01/25 1,089,980
2,500 Illinois Fin Auth Rev Northwestern Mem Hosp Ser A 5.500 08/15/43 2,677,475
1,325 Illinois Fin Auth Student Hsg MJH Rev Ed Assistance IV-Sr Ser A 5.125 06/01/35 1,315,221
8,000 Illinois St First Ser (FSA Insd) 5.250 12/01/19 8,875,200
3,400 Illinois St First Ser (FSA Insd) 5.250 04/01/27 3,684,614
300 Peoria, Moline & Freeport, IL Coll Mtg Ser A (AMT) (GNMA
Collateralized) 7.600 04/01/27 301,332
-----------------
31,215,024
-----------------
INDIANA 9.2%
2,805 Dekalb Eastn High Sch Bldg Corp Ind First Mtg (FSA Insd) 6.000 01/15/18 3,243,926
4,000 East Chicago, IN Elementary Sch Bldg Corp First Mtg Ser A 6.250 07/05/08 4,385,880
3,000 Indiana Hlth Fac Fin Auth Hosp Rev Columbus Regl Hosp Rfdg
(FSA Insd) 7.000 08/15/15 3,687,150
2,000 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT) 5.950 12/01/29 2,048,620
2,850 Southwest Parke Cmnty Sch Bldg First Mtg (FGIC Insd) (a) 5.250 07/15/21 3,160,108
-----------------
16,525,684
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LOUISIANA 8.0%
2,500 Louisiana Loc Govt Envir Fac Pkg Fac Corp Garage Proj Ser A
(AMBAC Insd) 5.375 10/01/31 2,717,875
6,000 New Orleans, LA Rfdg (MBIA Insd) 5.125 09/01/21 6,560,700
2,000 New Orleans, LA Rfdg (FGIC Insd) 5.500 12/01/21 2,366,180
2,800 Saint Charles Parish, LA Solid Waste Disp Rev LA Pwr & Lt Co Proj
(AMT) (FSA Insd) (b) 7.050 04/01/22 2,809,576
-----------------
14,454,331
-----------------
MASSACHUSETTS 3.6%
2,000 Massachusetts Muni Whsl Elec Co Proj No 6-A (MBIA Insd) 5.250 07/01/16 2,209,300
1,000 Massachusetts St Hlth & Ed Fac Auth Rev Saint Mem Med Ctr Ser A 6.000 10/01/23 1,006,840
2,995 Massachusetts St Wtr Pollutn Abatement Tr Pool Pgm Bds Ser 10 5.000 08/01/21 3,260,656
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6,476,796
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MICHIGAN 2.7%
3,000 Detroit, MI City Sch Dist Sch Bldg & Site Impt Ser A (FGIC Insd) 5.375 05/01/24 3,360,630
1,495 Michigan St Hsg Dev Auth Multi-Family Rev Ltd Oblig Ser A Rfdg
(GNMA Collateralized) 6.600 04/01/30 1,528,398
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4,889,028
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MINNESOTA 0.6%
1,065 Duluth, MN Econ Dev Auth Hlthcare Fac Rev Benedictine Hlth Sys
Saint Marys 5.250 02/15/33 1,098,611
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MISSISSIPPI 4.8%
2,000 Mississippi Business Fin Corp MS Pollutn Ctl Rev Sys Energy Res
Inc Proj Rfdg 5.900 05/01/22 2,020,160
1,900 Mississippi Dev Bk Spl Oblig Cap Proj & Equip Acquisition Ser A2 5.000 07/01/24 2,088,366
(AMBAC Insd)
1,550 Mississippi Dev Bk Spl Oblig Madison Cnty Hosp Proj (Prerefunded
@ 07/01/09) 6.400 07/01/29 1,798,170
2,595 Mississippi Dev Bk Spl Oblig MS Ltd Oblig Hosp Impts (MBIA Insd) (a) 5.250 07/01/32 2,755,215
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8,661,911
-----------------
MISSOURI 7.7%
2,000 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast
MO Hosp Assoc 5.625 06/01/27 2,066,260
1,250 Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svcs
Heisinger Proj 5.500 02/01/35 1,304,063
1,500 Saint Louis Cnty, MO Mtg Rev Ctf Rcpt Ser H (AMT) (Escrowed
to Maturity) 5.400 07/01/18 1,702,140
5,855 Saint Louis, MO Arpt Rev Arpt Dev Pgm Ser A (MBIA Insd) 5.250 07/01/31 6,195,761
2,380 Saint Louis, MO Arpt Rev Cap Impt Pgm Ser A (MBIA Insd) (a) 5.375 07/01/19 2,645,061
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13,913,285
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NEBRASKA 2.5%
4,260 University NE Univ Rev Lincoln Student Fees & Fac Ser B 5.000 07/01/23 4,549,169
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NEW JERSEY 6.4%
1,000 New Jersey Econ Dev Auth Rev Cigarette Tax 5.500 06/15/31 1,041,160
5,000 New Jersey Econ Dev Auth Rev Sch Fac Constr Ser I 5.000 09/01/23 5,316,800
1,000 New Jersey Hlthcare Fac Fin Auth Rev Gen Hosp Ctr at Passaic
(Escrowed to Maturity) (FSA Insd) 6.000 07/01/06 1,031,470
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 4,042,480
-----------------
11,431,910
-----------------
NEW YORK 7.9%
3,250 New York City Hlth & Hosp Corp Rev Hlth Sys Ser A (AMBAC Insd) 5.000 02/15/11 3,572,270
5,000 New York City Ser A1 (Prerefunded @ 08/01/05) 6.375 08/01/10 5,156,550
1,520 New York St Dorm Auth Rev Insd John T Mather Mem Hosp (Connie
Lee Insd) (a) 6.500 07/01/09 1,740,172
500 New York St Energy Res & Dev Auth St Service Contract Rev Ser B 5.500 04/01/05 502,780
3,000 New York City Muni Wtr Fin Auth Wtr & Sew Sys Rev Ser A (AMBAC Insd) 5.000 06/15/35 3,127,980
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14,099,752
-----------------
OHIO 1.8%
1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj 7.500 01/01/30 1,132,570
1,040 Lorain Cnty, OH Hosp Rev EMH Regl Med Ctr Rfdg (AMBAC Insd) 7.750 11/01/13 1,101,090
950 Strongsville, OH (Prerefunded @ 12/01/06) 6.700 12/01/11 1,041,495
-----------------
3,275,155
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OKLAHOMA 2.4%
1,000 Tulsa Cnty, OK Pub Fac Auth Cap Impt Rev (AMBAC Insd) 6.250 11/01/22 1,162,950
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 3,207,486
-----------------
4,370,436
-----------------
OREGON 2.7%
820 Oregon St Vets Welfare Ser 76A 6.050 10/01/28 824,313
3,580 Yamhill Cnty, OR Sch Dist No 029J Newburg (MBIA Insd) 5.250 06/15/21 3,954,719
-----------------
4,779,032
-----------------
PENNSYLVANIA 3.8%
4,680 Erie, PA Sch Dist Cap Apprec Rfdg (FSA Insd) * 09/01/20 2,314,400
1,500 Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA Insd) (c) 5.000 12/01/33 1,643,595
1,500 Pennsylvania Econ Dev Fin Auth Res Recovery Rev Colver Proj Ser D
(AMT) 7.050 12/01/10 1,534,635
1,315 State Pub Sch Bldg Auth PA Sch Rev Burgettstown Sch Dist Ser D
(Prerefunded @ 02/01/05) (MBIA Insd) (a) 6.450 02/01/10 1,315,000
-----------------
6,807,630
-----------------
RHODE ISLAND 2.2%
3,775 Rhode Island St Econ Dev Corp Arpt Rev Ser A Rfdg (AMT) (FSA Insd) 5.000 07/01/17 4,024,414
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SOUTH CAROLINA 4.1%
3,115 Greenville, SC Impt & Rfdg (MBIA Insd) (a) 5.250 04/01/21 3,438,244
3,750 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser B
(AMT) (AMBAC Insd) 5.450 11/01/32 3,992,775
-----------------
7,431,019
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SOUTH DAKOTA 0.8%
1,375 Deadwood, SD Ctf Partn (ACA Insd) 6.375 11/01/20 1,484,038
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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 1,652,898
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TEXAS 9.1%
2,335 Beaumont, TX Wtrwks & Swr Sys (FGIC Insd) 6.250 09/01/14 2,697,976
2,000 Brazos Cnty, TX Hlth Fac Dev Oblig Grp 5.375 01/01/32 2,060,600
1,190 Brazos River Auth TX Pollutn Ctl Rev TXU Elec Co Proj Ser C Rfdg
(AMT) (c) 5.750 05/01/36 1,287,402
5,000 Houston, TX Util Sys Rev Comb First Lien Ser A (FSA Insd) 5.250 05/15/20 5,552,350
1,000 Mesquite, TX Hlth Fac Dev Corp Retirement Fac Christian Care Ctr
Ser A 7.625 02/15/28 1,053,440
1,500 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj 7.250 01/01/31 1,504,005
2,000 Texas St Wtr Fin Assistance 5.500 08/01/35 2,178,240
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16,334,013
-----------------
UTAH 0.0%
50 Utah St Hsg Fin Agy Single Family Mtg Sr Issue Ser B-2 (AMT)
(FHA/VA Gtd) 6.500 07/01/15 50,133
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VIRGINIA 4.0%
2,000 Fairfax Cnty, VA Ctf Partn 5.300 04/15/23 2,183,680
1,500 Henrico Cnty, VA Indl Dev Auth Pub Fac Lease Rev Henrico Cnty Regl
Jail Proj (Prerefunded @ 08/01/05) 6.500 08/01/10 1,562,820
1,380 Richmond, VA Indl Dev Auth Govt Fac Rev Bonds (AMBAC Insd) (a) 5.000 07/15/14 1,537,513
1,715 Richmond, VA Indl Dev Auth Govt Fac Rev Bonds (AMBAC Insd) (a) 5.000 07/15/17 1,916,770
-----------------
7,200,783
-----------------
WASHINGTON 2.2%
700 Quinault Indian Nation, WA Quinault Beach Ser A Rfdg & Impt (ACA Insd) 5.800 12/01/15 749,497
3,000 Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax (MBIA Insd) 5.250 09/01/33 3,197,220
-----------------
3,946,717
-----------------
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 08/01/24 511,600
3,750 West Virginia Univ Rev Impt Univ Proj Ser C (FGIC Insd) 5.000 10/01/34 3,923,888
-----------------
4,435,488
-----------------
WISCONSIN 1.5%
2,490 Wisconsin St Hlth & Ed Fac Auth Rev Bellin Mem Hosp (AMBAC Insd) 6.625 02/15/08 2,679,663
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PUERTO RICO 5.7%
8,000 Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev Ser Y Rfdg (FSA Insd) 6.250 07/01/21 10,223,760
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TOTAL LONG-TERM INVESTMENTS 161.8%
(Cost $269,833,178) 290,899,263
TOTAL SHORT-TERM INVESTMENTS 0.5%
(Cost $800,000) 800,000
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TOTAL INVESTMENTS 162.3%
(Cost $270,633,178) 291,699,263
OTHER ASSETS IN EXCESS OF LIABILITIES 1.7% 3,069,816
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (64.0%) (115,020,637)
-----------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $179,748,442
=================
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) All or a portion of these securities have been physically
segregated in connection with open futures contracts.
(c) Security converts to a fixed coupon rate at a predetermined
date.
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.
XLCA - XL Capital Assurance Inc.
Futures contracts outstanding as of January 31, 2005:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
-----------------------------------
SHORT CONTRACTS:
U.S. Treasury Notes 10-Year Futures March 2005 (Current Notional Value of
$112,266 per contract) 114 ($155,425)
U.S. Treasury Notes 5-Year Futures March 2005 (Current Notional Value of
$109,250 per contract) 538 (216,510)
-----------------------------------
652 ($371,935)
===================================
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: March 22, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: March 22, 2005
By: /s/ James W. Garrett
---------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: March 22, 2005