VAN KAMPEN MERRITT MUNICIPAL OPPORTUNITY TRUST II, N-30D, 1995-12-28

VAN KAMPEN MERRITT MUNICIPAL OPPORTUNITY TRUST II
N-30D, 1995-12-28

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Table of Contents
<S> <C>
Letter to Shareholders................. 1
Performance Results.................... 3
Portfolio of Investments............... 4
Statement of Assets and Liabilities.... 11
Statement of Operations................ 12
Statement of Changes in Net Assets..... 13
Financial Highlights................... 14
Notes to Financial Statements.......... 15
Independent Auditors' Report........... 19
Dividend Reinvestment Plan............. 20

</TABLE>

Letter to Shareholders

November 22, 1995

Dear Shareholder:

The first ten months of 1995 have been very positive for most investors. Both
the fixed-income and equity markets have made considerable gains during the
period ended October 31, 1995.
This year serves as a reminder of just how quickly markets can move and how
difficult it can be to predict the timing of those movements. Moreover, this
year reinforces the importance of maintaining a long-term perspective and
reaffirms the principle that it is time---not timing---that leads to
investment success.

[PHOTO]
Dennis J. McDonnell and Don G. Powell

Economic Overview

Although the third quarter posted a stronger-than-expected annual gross
domestic product growth rate of 4.2 percent, the economy has slowed
significantly this year. This slowdown is due in large part to the Federal
Reserve Board's efforts to tighten monetary supply in 1994--a measure that
proved successful, as economic growth during the first half of 1995 was
substantially lower than its fourth quarter 1994 rate of 5.1 percent.
And, while other key economic data have shown mixed signs during recent months,
the general economic trends for the year continue to support a "soft landing"
scenario.
Comfortable with the economy's rate of growth and level of inflation, the Fed
reversed its trend of raising interest rates and lowered short-term rates by a
quarter percent on July 6. With slowing growth, interest rates declined and the
value of many fixed-income investments rose (bond yields and prices move in
opposite directions).

Performance Summary

The Trust produced a tax-exempt distribution of 6.59 percent <F3>, based
on the closing stock price of $11.375 per common share on October 31, 1995.
Because income from the Trust is exempt from federal income tax, it is
important to compare the Trust's distribution rate to an equivalent taxable
rate. For example, for investors in the 36 percent federal income tax
bracket, the Trust's distribution rate represents a yield equivalent to a
taxable investment earning 10.30 percent <F4>. In fact, many closed-end
municipal bond funds, such as your investment, are currently offering higher
yields (after taxes) over many income alternatives.
As the graph on the following page shows, the Trust's net asset value and
market price have made significant gains over the one-year period. The Trust's
closing stock price, for example, gained more than 8.3 percent from October 1994
to October 1995. Moreover, we are pleased to report the Trust generated a
one-year total return at market price of 16.07 percent <F1>, which includes
reinvestment of dividends for the period ended October 31, 1995.

1 (Continued on page two)

Economic Outlook

We believe the Fed will move cautiously before it continues to lower
short-term rates, waiting for key indicators to show that the economy has truly
settled into a slow growth pattern. Although current economic data continues to
send mixed signals, we anticipate the economy will grow at an annual rate of 3
percent in the fourth quarter and inflation will run under 3 percent.
Based upon a generally modest growth and low inflation outlook, we believe the
outlook for fixed-income markets is positive. As interest rates fall in response
to a slowing economy, we believe yields on short-term municipal bonds will
continue to move significantly lower than long-term municipal bonds. Lower
short-term rates typically translate into lower leveraging costs for the
Trust, which provides increased opportunities for higher earnings over time.
Additionally, a steepening of the municipal yield curve would likely increase
investor demand for long-term municipal bonds and help to boost market prices.
Long-term municipal bond prices will also benefit from the combination of low
supply of new municipal bond issues and increased demand driven by scheduled
bond maturities.

[GRAPH]

Market
Date NAV Price

31-Oct-94 12.20 10.500
30-Nov-94 11.59 10.750
31-Dec-94 12.06 10.250
31-Jan-95 12.62 11.250
28-Feb-95 13.23 12.000
31-Mar-95 13.32 11.750
30-Apr-95 13.12 11.750
31-May-95 13.64 11.500
3O-Jun-95 13.13 11.125
31-Jul-95 13.22 11.000
31-Aug-95 13.37 11.125
3O-Sep-95 13.39 11.250
31-Oct-95 13.72 11.375

Based on month-end prices

While there has been varied speculation about the impact of tax reform, no one
is certain about what will finally happen. Consequently, in the near term, the
municipal market may continue to experience periodic market fluctuations as
various proposals come to the forefront. However, in the long term, we believe
the municipal market will remain an attractive investment choice for investors
seeking high current income. We will continue to keep a close watch over any new
developments and evaluate the potential impact they may have on your investment
in the Trust.
Once again, thank you for your continued confidence in your investment with
Van Kampen American Capital and for the privilege of working with you in seeking
to reach your financial goals.

Sincerely,

Don G. Powell Dennis J. McDonnell
Chairman President
Van Kampen American Capital Van Kampen American Capital
Investment Advisory Corp. Investment Advisory Corp.

Performance Results for the Period Ended October 31, 1995

Van Kampen Merritt Municipal Opportunity Trust II
(NYSE Ticker Symbol VOT)

<S> <C>
Total Returns
One-year total return based on market price<F1>........................................ 16.07%
One-year total return based on NAV<F2>................................................. 19.54%

Distribution Rates
Distribution rate as a % of initial offer common stock price<F3>....................... 5.00%
Taxable-equivalent distribution rate as a % of initial offer common stock price<F4>.... 7.81%
Distribution rate as a % of closing common stock price<F3>............................. 6.59%
Taxable-equivalent distribution rate as a % of closing common stock price<F4>.......... 10.30%

Share Valuations
Net asset value........................................................................ $ 13.72
Closing common stock price............................................................. $11.375
One-year high common stock price (03/02/95)............................................ $12.250
One-year low common stock price (11/14/94)............................................. $ 9.375
Preferred share (Series A) rate<F5>.................................................... 3.900%
Preferred share (Series B) rate<F5>.................................................... 3.740%
Preferred share (Series C) rate<F5>.................................................... 3.787%

<FN>
<F1> Total return based on market price assumes an investment at the market price at
the beginning of the period indicated, reinvestment of all distributions for the
period in accordance with the Trust's dividend reinvestment plan, and sale of
all shares at the closing stock price at the end of the period indicated.

<F2> Total return based on net asset value (NAV) assumes an investment at the
beginning of the period indicated, reinvestment of all distributions for the
period, and sale of all shares at the end of the period, all at NAV.

<F3> Distribution rate represents the monthly annualized distributions of the Trust
at the end of the period and not the earnings of the Trust.

<F4> The taxable-equivalent distribution rate is calculated assuming a 36% federal
tax bracket.

<F5> See "Notes to Financial Statements" footnote #5, for more information
concerning Preferred Share reset periods.

A portion of the interest income may be taxable for those investors subject to
the federal alternative minimum tax (AMT).

Past performance does not guarantee future results. Investment return, stock
price and net asset value will fluctuate with market conditions. Trust shares,
when sold, may be worth more or less than their original cost.

</TABLE>

Portfolio of Investments

October 31, 1995
- -----------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Municipal Bonds
Alabama 0.4%
$ 1,000 Athens, AL Elec Rev (MBIA Insd) ................... 6.000% 06/01/25 $ 1,017,060
------------

Alaska 1.2%
3,000 North Slope Borough, AK Ser B (Cap Guar Insd) ..... 6.100 06/30/99 3,169,710
------------

Arizona 1.6%
4,000 Pima Cnty, AZ Indl Dev Auth Indl Rev Lease Oblig
Irvington Proj Tucson Ser A Rfdg (FSA Insd) ....... 7.250 07/15/10 4,479,480
------------

California 16.4%
4,000 California Pollutn Ctl Fin Auth Pollutn Ctl Rev
San Diego Gas & Elec Ser A (MBIA Insd) ............ 5.850 06/01/21 3,950,120
4,600 California St Pub Wks Brd Lease Rev Var Univ CA
Proj A Rfdg ....................................... 5.500 06/01/10 4,502,802
5,905 California St Pub Wks Brd Lease Rev Var Univ CA
Proj A Rfdg ....................................... 5.500 06/01/14 5,682,086
2,000 Foothill/Eastern Tran Corridor Agy CA Toll Rd Rev
Ser A ............................................. 6.500 01/01/32 2,010,020
2,000 Imperial Irrigation Dist CA Ctfs Partn Elec Sys
Proj (MBIA Insd) .................................. 6.750 11/01/11 2,231,200
3,530 Loma Linda, CA Ctfs Partn City Hall Pub Impt Proj
Ser C Rfdg (AMBAC Insd) ........................... 5.400 01/01/16 3,393,495
1,500 Loma Linda, CA Hosp Rev Loma Linda Univ Med Cent
Rfdg (MBIA Insd) .................................. 5.375 12/01/22 1,410,450
2,860 Los Angeles Cnty, CA Metro Tran Auth Sales Tax Rev
Ppty Ser A Rfdg (FGIC Insd) ....................... 5.000 07/01/21 2,593,334
11,500 Los Angeles, CA Dept Wtr & Pwr Elec Plant Rev
Crossover Rfdg (FGIC Insd) ........................ 5.375 09/01/23 10,972,840
1,500 San Bernardino, CA Jt Pwrs Fin Ser A Rfdg (Cap
Guar Insd) ........................................ 5.500 10/01/10 1,498,410
3,000 Southern CA Pub Pwr Auth Pwr Proj Rev San Juan
Unit 3 Ser A (MBIA Insd) .......................... 5.000 01/01/20 2,716,950
4,075 Union City, CA Cmnty Redev Agy Tax Alloc Rev Cmnty
Redev Proj (AMBAC Insd) ........................... 5.650 10/01/14 4,067,746
------------
45,029,453
------------

Colorado 4.9%
1,000 Arapahoe Cnty, CO Cap Impt Trust Fund Hwy Rev
E-470 Proj Ser B .................................. 7.000 08/31/26 1,058,610
4,500 Arapahoe Cnty, CO Cap Impt Trust Fund Hwy Rev
E-470 Proj Ser C .................................. * 08/31/15 1,104,390
10,000 Arapahoe Cnty, CO Cap Impt Trust Fund Hwy Rev
E-470 Proj Ser C .................................. * 08/31/26 1,042,700
1,600 Denver, CO City & Cnty Arpt Rev Ser A ............. 6.900 11/15/98 1,697,632

</TABLE>

4 See Notes to Financial Statements

Portfolio of Investments (Continued)

October 31, 1995
- ---------------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Colorado (Continued)
$ 1,250 Denver, CO City & Cnty Arpt Rev Ser A ................. 7.000% 11/15/99 $ 1,343,213
2,650 Denver, CO City & Cnty Arpt Rev Ser B ................. 7.250 11/15/05 2,915,662
1,000 Denver, CO City & Cnty Arpt Rev Ser B ................. 7.250 11/15/07 1,080,770
1,580 Denver, CO City & Cnty Arpt Rev Ser B (MBIA Insd) ..... 5.750 11/15/17 1,542,380
1,500 Denver, CO City & Cnty Arpt Rev Ser D ................. 7.750 11/15/13 1,765,695
------------
13,551,052
------------

Connecticut 0.7%
1,910 Connecticut St Dev Auth Pkg Fac Hartford Hosp Rev
(MBIA Insd) ........................................... 6.875 10/01/06 2,056,000
------------

District of Columbia 0.9%
2,370 District of Columbia Ser E (FSA Insd) ................. 6.000 06/01/11 2,399,127
------------

Florida 7.9%
3,435 Dade Cnty, FL Aviation Rev (MBIA Insd) ................ 5.750 10/01/12 3,510,673
2,000 Dade Cnty, FL Genl Oblig Seaport Bonds (AMBAC Insd) ... 6.500 10/01/26 2,139,820
1,500 Florida Hsg Fin Agy Single Family Mtg Ser A Rfdg ...... 6.550 07/01/14 1,552,695
3,000 Hillsborough Cnty, FL Cap Impt Pgm Rev Criminal
Justice Fac Rfdg (FGIC Insd) .......................... 5.250 08/01/16 2,873,610
2,000 Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev
Tampa Elec Co Proj Ser 92 Rfdg ........................ 8.000 05/01/22 2,377,960
1,000 Jacksonville, FL Hosp Rev Univ Med Cent Inc Proj
(Connie Lee Insd) ..................................... 6.500 02/01/11 1,078,290
4,500 Pinellas Cnty, FL Hsg Fin Auth Single Family Mtg Rev
Multi Cnty Ser A (GNMA Collateralized) ................ 6.650 08/01/21 4,654,350
1,180 South Miami, FL Hlth Fac Baptist Hlth Sys Oblig Group
Rfdg (MBIA Insd) <F2> ................................. 5.375 10/01/11 1,167,516
2,535 South Miami, FL Hlth Fac Baptist Hlth Sys Oblig Group
Rfdg (MBIA Insd) <F2> ................................. 5.500 10/01/20 2,466,200
------------
21,821,114
------------

Georgia 0.7%
2,000 Burke Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co
Plant Vogtle Proj (MBIA Insd) ......................... 6.350 05/01/19 2,055,140
------------

Illinois 4.8%
3,365 Chicago, IL Cap Apprec (AMBAC Insd) ................... * 01/01/17 869,011
7,305 Illinois Hlth Fac Auth Rev OSF Hlthcare Sys Rfdg ...... 6.000 11/15/10 7,348,538
1,000 Illinois Hlth Fac Auth Rev Ravenswood Hosp Med Cent A
Rfdg .................................................. 8.800 06/01/06 1,077,660
3,500 Peoria, Moline & Freeport, IL Collateral Mtg Ser A
(GNMA Collateralized) ................................. 7.600 04/01/27 3,860,360
------------
13,155,569
------------
</TABLE>

5 See Notes to Financial Statements

Portfolio of Investments (Continued)

Iowa 0.4%
1,200 Ottumwa, IA Hosp Fac Rev Rfdg ....................... 6.000 10/01/18 1,090,524
------------

Kentucky 0.4%
1,100 Kentucky Econ Dev Fin Auth Hosp Fac Rev Saint Claire
Med Cent Proj Rfdg (Connie Lee Insd) ................ 5.625 09/01/21 1,079,342
------------

Louisiana 2.3%
3,000 De Soto Parish, LA Pollutn Ctl Rev Southwestern Elec
Pwr Rfdg ............................................ 7.600 01/01/19 3,373,200
2,800 Saint Charles Parish, LA Solid Waste Disp Rev LA Pwr
& Lt Co Proj (FSA Insd) <F3> ........................ 7.050 04/01/22 3,069,416
------------
6,442,616
------------

Maine 0.9%
2,500 Maine St Hsg Auth Mtg Purp Ser C2 ................... 6.875 11/15/23 2,592,150
------------

Massachusetts 3.9%
2,400 Boston, MA Indl Dev Fin Auth Indl Rev MA College of
Pharmacy Proj A (Connie Lee Insd) ................... 5.250 10/01/14 2,295,912
1,700 Massachusetts St Hlth & Edl Fac Auth Rev Cape Cod
Hlth Ser A-3 (Embedded Swap) (Connie Lee Insd) ...... 5.000 11/15/11 1,596,317
4,000 Massachusetts St Hlth & Edl Fac Auth Rev Saint Mem
Med Cent Ser A ...................................... 6.000 10/01/23 3,159,400
3,500 Massachusetts St Hsg Fin Agy Hsg Rev Insd Rental Ser
A Rfdg (AMBAC Insd) ................................. 6.600 07/01/14 3,621,485
------------
10,673,114
------------

Michigan 3.4%
1,000 Battle Creek, MI Downtown Dev Auth Tax Increment Rev
..................................................... 7.600 05/01/16 1,098,790
3,300 Michigan St Bldg Auth Rev (MBIA Insd) ............... 6.250 10/01/20 3,423,717
1,500 Michigan St Hsg Dev Auth Multi Family Rev Ltd Oblig
Ser A Rfdg (GNMA Collateralized) .................... 6.600 04/01/30 1,552,200
5,000 Romulus, MI Cmnty Sch Rfdg (FSA Insd) ............... * 05/01/13 1,835,250
4,000 Romulus, MI Cmnty Sch Rfdg (FSA Insd) ............... * 05/01/14 1,369,120
------------
9,279,077
------------

Mississippi 0.6%
1,500 Claiborne Cnty, MS Pollutn Ctl Rev Sys Energy Res
Inc Rfdg ............................................ 7.300 05/01/25 1,552,380
------------

Missouri 0.5%
1,500 Saint Louis Cnty, MO Mtg Rev Ctfs Receipt Ser H ..... 5.400 07/01/18 1,403,220
------------

</TABLE>

6 See Notes to Financial Statements

Portfolio of Investments (Continued)

October 31, 1995
- ---------------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Nevada 2.3%
$ 2,970 Clark Cnty, NV Indl Dev Rev NV Pwr Co Proj C Rfdg
(AMBAC Insd) ......................................... 7.200% 10/01/22 $ 3,344,547
3,000 Clark Cnty, NV Passenger Fac Las Vegas Macarran Intl
Arpt (MBIA Insd) ..................................... 5.750 07/01/23 2,889,300
------------
6,233,847
------------

New Hampshire 0.8%
2,450 New Hampshire St Tpk Sys Rev (MBIA Insd) ............. 5.250 02/01/19 2,343,646
------------

New Jersey 4.2%
500 New Jersey Econ Dev Auth Mkt Transition Fac Rev Sr
Lien Ser A (MBIA Insd) ............................... 5.800 07/01/09 517,860
1,000 New Jersey Hlthcare Fac Fin Auth Rev Genl Hosp Cent
at Passaic (FSA Insd) ................................ 6.000 07/01/06 1,084,830
1,750 New Jersey Hlthcare Fac Fin Auth Rev Hackensack Med
Cent Rfdg (FGIC Insd) ................................ 6.625 07/01/17 1,892,118
5,630 Salem Cnty, NJ Indl Pollutn Ctl Fin Auth Rev Pollutn
Ctl Pub Svc Elec & Gas Ser A (MBIA Insd) ............. 5.450 02/01/32 5,288,090
2,500 Secaucus, NJ Muni Util Auth Swr Rev Ser A Rfdg ....... 6.000 12/01/08 2,667,825
------------
11,450,723
------------

New York 11.0%
1,485 New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser
A .................................................... 7.000 06/15/09 1,644,370
1,515 New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser
A (Prerefunded @ 06/15/01) ........................... 7.000 06/15/09 1,719,449
2,500 New York City Ser A Rfdg ............................. 7.000 08/01/04 2,726,575
5,000 New York City Ser A-1 ................................ 6.375 08/01/10 5,155,900
2,000 New York City Ser B (MBIA Insd) ...................... 6.950 08/15/12 2,226,220
1,800 New York City Ser E Rfdg ............................. 6.600 08/01/03 1,921,032
1,000 New York St Dorm Auth Rev City Univ Third Genl
Resources Ser 2 (MBIA Insd) .......................... 6.250 07/01/19 1,040,230
1,500 New York St Loc Govt Assistance Corp Ser A ........... 6.875 04/01/19 1,637,730
4,275 New York St Loc Govt Assistance Corp Ser C ........... 5.500 04/01/22 4,088,567
1,145 New York St Med Care Fac Fin Agy Rev Mental Hlth Svcs
Fac Ser A (AMBAC Insd) ............................... 5.800 08/15/22 1,142,561
1,375 New York St Med Care Fac Fin Agy Rev Mental Hlth Svcs
Fac Ser D (MBIA Insd) ................................ 5.900 02/15/10 1,417,488
4,000 New York St Urban Dev Corp Rev Correctional Fac Ser A
Rfdg (AMBAC Insd) .................................... 5.000 01/01/17 3,701,920
2,000 New York St Urban Dev Corp Rev Correctional Fac Ser A
Rfdg ................................................. 5.500 01/01/16 1,882,640
------------
30,304,682
------------

</TABLE>

7 See Notes to Financial Statements

Portfolio of Investments (Continued)

Ohio 2.8%
1,000 Cleveland Rock Glen Hsg Assistance Corp OH Mtg Rev Ser
A Rfdg (FHA Gtd) ...................................... 6.625 01/15/18 1,042,500
2,000 Franklin Cnty, OH Hosp Rev Holy Cross Hlth Sys Ser B
Rfdg (MBIA Insd) ...................................... 5.250 06/01/08 2,008,780
2,000 Franklin Cnty, OH Hosp Rev Holy Cross Hlth Sys Ser B
Rfdg (MBIA Insd) ...................................... 5.250 06/01/10 1,964,940
2,395 Lucas Cnty, OH Hosp Rev Impt Saint Vincent Med Cent
(MBIA Insd) ........................................... 6.625 08/15/22 2,675,742
------------
7,691,962
------------

Oklahoma 1.5%
2,250 Shawnee, OK Hosp Auth Hosp Rev Midamerica Hlthcare Inc
Rfdg .................................................. 6.125 10/01/14 2,130,683
1,975 Tulsa, OK Muni Arpt Tran Rev American Airls Inc ....... 7.375 12/01/20 2,080,860
------------
4,211,543
------------

Pennsylvania 10.0%
2,000 Cumberland Cnty, PA Muni Auth Rev First Mtg Carlisle
Hosp & Hlth ........................................... 6.800 11/15/23 1,946,300
3,500 Delaware Cnty, PA Auth Hlthcare Rev Mercy Hlth Corp of
Southeastn PA Ser A Rfdg (Connie Lee Insd) ............ 5.375 11/15/23 3,311,245
1,750 Derry, PA Area Sch Dist Rfdg (MBIA Insd) .............. 5.500 02/01/21 1,711,290
1,500 Pennsylvania Econ Dev Fin Auth Resources Recovery Rev
Colver Proj Ser D ..................................... 7.050 12/01/10 1,569,165
1,000 Pennsylvania Hsg Fin Agy Single Family Mtg Ser 43 ..... 7.500 10/01/25 1,075,610
1,600 Pennsylvania St Higher Edl Fac Auth Rev Med College PA
Ser A ................................................. 7.250 03/01/11 1,735,840
7,500 Philadelphia, PA Gas Wks Rev Ser 14 (FSA Insd) ........ 6.250 07/01/08 8,044,575
2,000 Philadelphia, PA Hosp & Higher Edl Fac Auth Hosp Rev
Friends Hosp .......................................... 6.200 05/01/11 1,986,240
5,000 Philadelphia, PA Wtr & Wastewtr Rev Rfdg (Cap Guar
Insd) ................................................. 5.500 06/15/14 4,832,950
1,315 State Pub Sch Bldg Auth PA Sch Rev Burgettstown Sch
Dist Ser D (MBIA Insd) ................................ 6.450 02/01/10 1,420,818
------------
27,634,033
------------
</TABLE>

8 See Notes to Financial Statements

Portfolio of Investments (Continued)

Tennessee 1.0%
2,500 Tennessee Hsg Dev Agy Mtg Fin Ser A .................. 7.125 07/01/26 2,648,900
------------

Texas 1.9%
2,000 Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Hermann
Hosp Proj (MBIA Insd) ................................ 6.375 10/01/24 2,090,360
2,840 Harris Cnty, TX Toll Rd Sub Lien Rev Rfdg ............ 6.750 08/01/14 3,063,735
------------
5,154,095
------------

Utah 1.2%
1,050 Intermountain Pwr Agy UT Pwr Supply Rev Ser B ........ 7.000 07/01/21 1,130,934
2,000 Utah St Hsg Fin Agy Single Family Mtg Sr Issue Ser
B-2 (FHA Gtd) ........................................ 6.500 07/01/15 2,050,860
------------
3,181,794
------------

Virginia 3.6%
1,250 Fredericksburg, VA Indl Dev Auth Hosp Fac Rev
(Inverse Fltg) (FGIC Insd) ........................... 6.600 08/15/23 1,316,600
1,500 Henrico Cnty, VA Indl Dev Auth Pub Fac Lease Rev
Henrico Cnty Regl Jail Proj .......................... 6.500 08/01/10 1,618,275
2,000 Loudoun Cnty, VA Ctfs Partn (FSA Insd) ............... 6.900 03/01/19 2,209,700
3,680 Virginia St Hsg Dev Auth Comwlth Mtg Ser C ........... 6.250 07/01/11 3,757,390
1,000 Virginia St Hsg Dev Auth Multi Family Ser E Rfdg ..... 5.900 11/01/17 975,950
------------
9,877,915
------------

Washington 0.4%
2,500 Washington St Pub Pwr Supply Sys Nuclear Proj No 3
Rev Ser B Rfdg ....................................... * 07/01/10 1,061,000
------------

West Virginia 2.3%
735 Harrison Cnty, WV Cnty Cmnty Solid Waste Disp Rev
West PA Pwr Co Ser C (AMBAC Insd) .................... 6.750 08/01/24 794,160
3,000 Marshall Cnty, WV Pollutn Ctl Rev OH Pwr Co Proj Ser
C Rfdg (MBIA Insd) ................................... 6.850 06/01/22 3,272,520
2,215 West Virginia St Wtr Dev Auth Wtr Dev Rev Ln Prog II
Ser A (FSA Insd) ..................................... 6.750 11/01/33 2,390,915
------------
6,457,595
------------

</TABLE>

9 See Notes to Financial Statements

Portfolio of Investments (Continued)

Puerto Rico 0.7%
2,000 Puerto Rico Elec Pwr Auth Pwr Rev Ser Z Rfdg ....... 5.500 07/01/12 1,965,600
--------------

Total Long-Term Investments 99.9%
(Cost $264,235,988) <F1>......................................................... 275,001,550
Other Assets in Excess of Liabilities 0.1%...................................... 230,634
--------------
Net Assets 100%................................................................. $ 275,232,184
==============
*Zero coupon bond

<FN>

<F1> At October 31, 1995, cost for federal income tax purposes is $264,235,988;
the aggregate gross unrealized appreciation is $12,111,704 and the
aggregate gross unrealized depreciation is $1,740,619, resulting in net
unrealized appreciation including futures transactions of $10,371,085.

<F2> Securities purchased on a when issued or delayed delivery basis.

<F3> Assets segregated as collateral for when issued or delayed delivery
purchase commitments and open futures transactions.

</TABLE>

The following table summarizes the portfolio composition at October 31, 1995,
based upon quality ratings issued by Standard & Poor's. For securities not rated
by Standard & Poor's, the Moody's rating is used.

Portfolio Composition by Credit Quality
<S> <C>
AAA.......................... 63.2%
AA........................... 8.6
A............................ 11.4
BBB.......................... 11.7
BB........................... 4.0
B............................ 1.1
-------
100.0%
=======
</TABLE>

10 See Notes to Financial Statements

Statement of Assets and Liabilities

October 31, 1995
- ---------------------------------------------------------------------------------------------------------------
<S> <C>
Assets:
Investments, at Market Value (Cost $264,235,988) (Note 1)..................................... $ 275,001,550
Interest Receivable........................................................................... 4,727,444
Unamortized Organizational Expenses (Note 1).................................................. 21,171
---------------
Total Assets............................................................................. 279,750,165
---------------
Liabilities:
Payables:
Investments Purchased....................................................................... 3,630,432
Custodian Bank.............................................................................. 428,010
Investment Advisory Fee (Note 2)............................................................ 151,134
Income Distributions - Common and Preferred Shares.......................................... 101,481
Administrative Fee (Note 2)................................................................. 46,503
Margin on Futures (Note 4).................................................................. 16,875
Accrued Expenses.............................................................................. 143,546
---------------
Total Liabilities........................................................................ 4,517,981
---------------
Net Assets.................................................................................... $ 275,232,184
===============

Net Assets Consist of:
Preferred Shares ($.01 par value, authorized 100,000,000 shares, 2,300 issued with
liquidation preference of $50,000 per share) (Note 5)....................................... $ 115,000,000
---------------
Common Shares ($.01 par value with an unlimited number of shares authorized,
11,681,272 shares issued and outstanding)................................................... 116,813
Paid in Surplus .............................................................................. 172,387,137
Net Unrealized Appreciation on Investments.................................................... 10,371,085
Accumulated Undistributed Net Investment Income............................................... 325,812
Accumulated Net Realized Loss on Investments.................................................. (22,968,663)
---------------
Net Assets Applicable to Common Shares.................................................. 160,232,184
---------------
Net Assets.................................................................................... $ 275,232,184
===============
Net Asset Value Per Common Share ($160,232,184 divided by 11,681,272 shares outstanding)...... $ 13.72
===============

</TABLE>

11 See Notes to Financial Statements

Statement of Operations

For the Year Ended October 31, 1995
- ---------------------------------------------------------------------------------------------------
<S> <C>
Investment Income:
Interest.......................................................................... $ 16,354,507
----------------

Expenses:
Investment Advisory Fee (Note 2).................................................. 1,731,228
Administrative Fee (Note 2)....................................................... 532,685
Preferred Share Maintenance (Note 5).............................................. 357,381
Legal (Note 2).................................................................... 24,450
Trustees Fees and Expenses (Note 2)............................................... 22,232
Amortization of Organizational Expenses (Note 1).................................. 8,001
Other............................................................................. 263,981
----------------
Total Expenses.................................................................... 2,939,958
----------------

Net Investment Income............................................................. $ 13,414,549
================

Realized and Unrealized Gain/Loss on Investments:
Realized Gain/Loss on Investments:
Proceeds from Sales............................................................... $ 147,830,253
Cost of Securities Sold........................................................... (161,752,898)
----------------

Net Realized Loss on Investments (Including realized loss on futures
transactions of $6,769,014) ...................................................... (13,922,645)
----------------

Unrealized Appreciation/Depreciation on Investments:
Beginning of the Period........................................................... (21,636,777)
End of the Period (Including unrealized depreciation on open futures transactions
of $394,477)...................................................................... 10,371,085
----------------

Net Unrealized Appreciation on Investments During the Period...................... 32,007,862
----------------

Net Realized and Unrealized Gain on Investments................................... $ 18,085,217
================

Net Increase in Net Assets from Operations........................................ $ 31,499,766
================

</TABLE>

12 See Notes to Financial Statements

Statement of Changes in Net Assets

For the Years Ended October 31, 1995 and 1994
- -------------------------------------------------------------------------------------------------------
Year Ended Year Ended
October 31, 1995 October 31, 1994
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
From Investment Activities:
Operations:
Net Investment Income.............................................. $ 13,414,549 $ 12,940,740
Net Realized Loss on Investments................................... (13,922,645) (9,046,018)
Net Unrealized Appreciation/Depreciation on Investments During the
Period............................................................. 32,007,862 (29,225,644)
---------------- ----------------
Change in Net Assets from Operations .............................. 31,499,766 (25,330,922)
---------------- ----------------
Distributions from Net Investment Income:
Common Shares.................................................... (9,286,504) (10,513,149)
Preferred Shares................................................. (4,504,794) (2,992,127)
---------------- ----------------
(13,791,298) (13,505,276)
---------------- ----------------
Distributions from Net Realized Gain on Investments (Note 1):
Common Shares.................................................... -0- (566,542)
Preferred Shares................................................. -0- (118,795)
---------------- ----------------
-0- (685,337)
---------------- ----------------
Total Distributions................................................ (13,791,298) (14,190,613)
---------------- ----------------
Net Change in Net Assets from Investment Activities................ 17,708,468 (39,521,535)
Net Assets:
Beginning of the Period............................................ 257,523,716 297,045,251
---------------- ----------------
End of the Period (Including undistributed net investment income
of $325,812 and $702,561, respectively).......................... $ 275,232,184 $ 257,523,716
================ ================

</TABLE>

13 See Notes to Financial Statements

Financial Highlights

The following schedule presents financial highlights for one common share
of the Trust outstanding throughout the periods indicated.
- ----------------------------------------------------------------------------------------------
June 25, 1993
Year Year (Commencement
Ended Ended of Investment
October 31, October 31, Operations) to
1995 1994 October 31, 1993
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, Beginning of the Period <F1>.... $ 12.201 $ 15.584 $ 14.766
----------- ------------ ----------------
Net Investment Income.......................... 1.149 1.108 .312
Net Realized and Unrealized Gain/Loss on
Investments ................................. 1.548 (3.276) .710
----------- ------------ ----------------
Total from Investment Operations................. 2.697 (2.168) 1.022
----------- ------------ ----------------
Less:
Distributions from Net Investment Income:
Paid to Common Shareholders.................. .795 .900 .150
Common Share Equivalent of Distributions
Paid to Preferred Shareholders............. .386 .256 .054
Distributions from Net Realized Gain on
Investments (Note 1):
Paid to Common Shareholders.................. -0- .049 -0-
Common Share Equivalent of Distributions
Paid to Preferred Shareholders............. -0- .010 -0-
----------- ------------ ----------------
Total Distributions.............................. 1.181 1.215 .204
----------- ------------ ----------------
Net Asset Value, End of the Period............... $ 13.717 $ 12.201 $ 15.584
=========== ============ =================

Market Price Per Share at End of the Period...... $ 11.375 $ 10.500 $ 15.000
Total Investment Return at Market Price
(Non-Annualized) <F2>.......................... 16.07% (24.59%) 1.01%
Total Return at Net Asset Value
(Non-Annualized) <F3>.......................... 19.54% (16.14%) 4.87%
Net Assets at End of the Period (In
millions)...................................... $ 275.2 $ 257.5 $ 297.0
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (Annualized)....... 1.94% 1.82% 1.59%
Ratio of Expenses to Average Net Assets
(Annualized)................................... 1.10% 1.06% 1.11%
Ratio of Net Investment Income to Average
Net Assets Applicable to Common Shares
(Annualized) <F4>.............................. 5.88% 6.11% 4.76%
Portfolio Turnover............................... 57.52% 115.07% 54.51%

<FN>
<F1> Net asset value at June 25, 1993, is adjusted for common and preferred
share offering costs of $.234 per common share.

<F2> Total investment return at market price reflects the change in market
value of the common shares for the period indicated with reinvestment of
dividends in accordance with the Trust's dividend reinvestment plan.

<F3> Total return at net asset value (NAV) reflects the change in value of the
Trust's assets with reinvestment of dividends based upon NAV.

<F4> Net investment income is adjusted for the common share equivalent of
distributions paid to preferred shareholders.

</TABLE>

14 See Notes to Financial Statements

Notes to Financial Statements

October 31, 1995
- --------------------------------------------------------------------------------

1. Significant Accounting Policies
Van Kampen Merritt Municipal Opportunity Trust II (the "Trust") is registered as
a diversified closed-end management investment company under the Investment
Company Act of 1940, as amended. The Trust commenced investment operations on
June 25, 1993.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements.

A. Security Valuation -- Investments are stated at value using market
quotations or, if such valuations are not available, estimates obtained from
yield data relating to instruments or securities with similar characteristics
in accordance with procedures established in good faith by the Board of
Trustees. Short-term securities with remaining maturities of less than 60 days
are valued at amortized cost.

B. Security Transactions -- Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis.
The Trust may purchase and sell securities on a "when issued" or
"delayed delivery" basis with settlement to occur at a later date. The value
of the security so purchased is subject to market fluctuations during this
period. The Trust will maintain, in a segregated account with its custodian,
assets having an aggregate value at least equal to the amount of the when
issued or delayed delivery purchase commitments until payment is made.

C. Investment Income -- Interest income is recorded on an accrual basis. Bond
premium and original issue discount are amortized over the expected life of
each applicable security.

D. Organizational Expenses -- The Trust has reimbursed Van Kampen American
Capital Distributors, Inc. or its affiliates (collectively "VKAC") for costs
incurred in connection with the Trust's organization and initial registration
in the amount of $40,000. These costs are being amortized on a straight line
basis over the 60 month period ending June 24, 1998. Van Kampen American
Capital Investment Advisory Corp. (the "Adviser") has agreed that in the
event any of the initial shares of the Trust originally purchased by VKAC
are redeemed during the amortization period, the Trust will be reimbursed
for any unamortized organizational expenses in the same proportion as the
number of shares redeemed bears to the number of initial shares held at
the time of redemption.

Notes to Financial Statements (Continued)

October 31, 1995
- --------------------------------------------------------------------------------

E. Federal Income Taxes -- It is the Trust's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required.
The Trust intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset such losses against any future realized capital
gains. At October 31, 1995, the Trust had an accumulated capital loss
carryforward for tax purposes of $22,968,663, of which $9,046,018 and
$13,922,645 will expire on October 31, 2002 and 2003, respectively.

F. Distribution of Income and Gains -- The Trust declares and pays dividends
from net investment income to common shareholders monthly. Net realized gains,
if any, are distributed annually on a pro rata basis to common and preferred
shareholders. Distributions from net realized gains for book purposes may
include short-term capital gains, which are included as ordinary income for
tax purposes.

2. Investment Advisory Agreement and Other Transactions with Affiliates
Under the terms of the Trust's Investment Advisory Agreement, the Adviser will
provide investment advice and facilities to the Trust for an annual fee payable
monthly of .65% of the average net assets of the Trust. In addition, the Trust
will pay a monthly administrative fee to VKAC, the Trust's Administrator, at an
annual rate of .20% of the average net assets of the Trust. The administrative
services provided by the Administrator include record keeping and reporting
responsibilities with respect to the Trust's portfolio and preferred shares and
providing certain services to shareholders.
Certain legal expenses are paid to Skadden, Arps, Slate, Meagher & Flom,
counsel to the Trust, of which a trustee of the Trust is an affiliated person.
For the year ended October 31, 1995, the Trust recognized expenses of
approximately $19,200 representing VKAC's cost of providing accounting and legal
services to the Trust.
Certain officers and trustees of the Trust are also officers and directors of
VKAC. The Trust does not compensate its officers or trustees who are officers
of VKAC.
The Trust has implemented deferred compensation and retirement plans for its
trustees. Under the deferred compensation plan, trustees may elect to defer all
or a portion of their compensation to a later date. The retirement plan covers
those trustees who are not officers of VKAC. The Trust's liability under the
deferred compensation and retirement plans at October 31, 1995, was
approximately $23,900.
At October 31, 1995, VKAC owned 6,700 common shares of the Trust.

Notes to Financial Statements (Continued)

October 31, 1995
- --------------------------------------------------------------------------------

3. Investment Transactions
Aggregate purchases and cost of sales of investment securities, excluding
short-term notes, for the year ended October 31, 1995 were $150,194,302 and
$161,752,898, respectively.

4. Derivative Financial Instruments
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
The Trust has a variety of reasons to use derivative instruments, such as to
attempt to protect the Trust against possible changes in the market value of its
portfolio and to manage the portfolio's effective yield, maturity and duration.
All of the Trust's portfolio holdings, including derivative instruments, are
marked to market each day with the change in value reflected in the unrealized
appreciation/depreciation on investments. Upon disposition, a realized gain or
loss is recognized accordingly.
Summarized below are the specific types of derivative financial instruments
used by the Trust.

A. Futures Contracts -- A futures contract is an agreement involving the
delivery of a particular asset on a specified future date at an agreed upon
price. The Trust generally invests in futures on U.S. Treasury Bonds and the
Municipal Bond Index and typically closes the contract prior to the delivery
date. These contracts are generally used to manage the portfolio's effective
maturity and duration.
The fluctuation in market value of the contracts is settled daily through a
cash margin account. Realized gains and losses are recognized when the
contracts are closed or expire.
Transactions in futures contracts for the year ended October 31, 1995,
were as follows:

<TABLE>
<CAPTION>
Contracts
- -----------------------------------------------
<S> <C>
Outstanding at October 31, 1994..... 450
Futures Opened...................... 1,700
Futures Closed...................... (2,060)
---------
Outstanding at October 31, 1995..... 90
=========

</TABLE>

The futures contracts outstanding as of October 31, 1995, and the description
and unrealized depreciation are as follows:

<TABLE>
<CAPTION>
Unrealized
Contracts Depreciation
- ----------------------------------------------------------
<S> <C> <C>
Municipal Bond Index Futures
Dec 1995 - Sells to Open......... 90 $ 394,477
--------- ------------

</TABLE>

Notes to Financial Statements (Continued)

October 31, 1995
- --------------------------------------------------------------------------------

B. Indexed Securities -- These instruments are identified in the portfolio
of investments. The price of these securities may be more volatile than
the price of a comparable fixed rate security.
An Inverse Floating security is one where the coupon is inversely indexed to a
short-term floating interest rate multiplied by a specified factor. As the
floating rate rises, the coupon is reduced. Conversely, as the floating rate
declines, the coupon is increased. These instruments are typically used by the
Trust to enhance the yield of the portfolio.
An Embedded Swap security includes a swap component such that the fixed coupon
component of the underlying bond is adjusted by the difference between the
securities fixed swap rate and the floating swap index. As the floating rate
rises, the coupon is reduced. Conversely, as the floating rate declines, the
coupon is increased. These instruments are typically used by the Trust to
enhance the yield of the portfolio.

5. Preferred Shares
The Trust has outstanding 2,300 Auction Preferred Shares ("APS") in three
series. Series A and B each contain 800 shares while Series C contains 700
shares. Dividends are cumulative and the dividend rates are currently reset
every seven days through an auction process. The average rate in effect on
October 31, 1995 was 3.810%. During the year ended October 31, 1995, the rates
ranged from 3.000% to 6.375%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of Preferred Share Maintenance
expense.
The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $50,000 per share plus accumulated and unpaid dividends.
The Trust is subject to certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.

Independent Auditors' Report
- --------------------------------------------------------------------------------

The Board of Trustees and Shareholders of
Van Kampen Merritt Municipal Opportunity Trust II:

We have audited the accompanying statement of assets and liabilities of Van
Kampen Merritt Municipal Opportunity Trust II (the "Trust"), including the
portfolio of investments, as of October 31, 1995, and the related statement of
operations for the year then ended, the statement of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the periods presented. These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
October 31, 1995, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Van
Kampen Merritt Municipal Opportunity Trust II as of October 31, 1995, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the financial highlights
for each of the periods presented, in conformity with generally accepted
accounting principles.

KPMG Peat Marwick LLP

Chicago, Illinois
December 11, 1995

Dividend Reinvestment Plan
- --------------------------------------------------------------------------------

The Trust offers a dividend reinvestment plan (the "Plan") pursuant to which
Common Shareholders may elect to have dividends and capital gains distributions
reinvested in Common Shares of the Trust. The Trust declares dividends out of
net investment income, and will distribute annually net realized capital gains,
if any. Common Shareholders may join or withdraw from the Plan at any time.
If you decide to participate in the Plan, State Street Bank and Trust Company,
as your Plan Agent, will automatically invest your dividends and capital gains
distributions in Common Shares of the Trust for your account.

How to Participate
If you wish to participate and your shares are held in your own name, call
1-800-341-2929 for more information and a Plan brochure. If your shares are held
in the name of a brokerage firm, bank, or other nominee, you should contact your
nominee to see if it would participate in the Plan on your behalf. If you wish
to participate in the Plan, but your brokerage firm, bank or nominee is unable
to participate on your behalf, you should request that your shares be
re-registered in your own name which will enable your participation in the Plan.

How the Plan Works
Participants in the Plan will receive the equivalent in Common Shares valued on
the valuation date, generally at the lower of market price or net asset value,
except as specified below. The valuation date will be the dividend or
distribution payment date or, if that date is not a trading day on the national
securities exchange or market system on which the Common Shares are listed for
trading, the next preceding trading day. If the market price per Common Share on
the valuation date equals or exceeds net asset value per Common Share on that
date, the Trust will issue new Common Shares to participants valued at the
higher of net asset value or 95% of the market price on the valuation date. In
the foregoing situation, the Trust will not issue Common Shares under the Plan
below net asset value. If net asset value per Common Share on the valuation date
exceeds the market price per Common Share on that date, or if the Board of
Trustees should declare a dividend or capital gains distribution payable to the
Common Shareholders only in cash, participants in the Plan will be deemed to
have elected to receive Common Shares from the Trust valued at the market price
on that date. Accordingly, in this circumstance, the Plan Agent will, as agent
for the participants, buy the Trust's Common Shares in the open market for the
participants' accounts on or shortly after the payment date. If, before the Plan
Agent has completed its purchases, the market price exceeds the net asset value
per share of the Common Shares, the average per share purchase price paid by the
Plan Agent may exceed the net asset value of the Trust's Common Shares,
resulting in the acquisition of fewer Common Shares than if the dividend or
distribution had been paid in Common Shares issued by the Trust. All
reinvestments are in full and fractional Common Shares and are carried to three
decimal places.
Experience under the Plan may indicate that changes are desirable.
Accordingly, the Trust reserves the right to amend or terminate the Plan as
applied to any dividend or distribution paid subsequent to written notice of the
changes sent to all Common Shareholders of the Trust at least 90 days before the
record date for the dividend or distribution. The Plan also may be amended or
terminated by the Plan Agent by at least 90 days written notice to all Common
Shareholders of the Trust.

Costs of the Plan
The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by the Trust. However, each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent's open market purchases in connection with the reinvestment of dividends
and distributions. No other charges will be made to participants for reinvesting
dividends or capital gains distributions, except for certain brokerage
commissions, as described above.

Tax Implications
You will receive tax information annually for your personal records and to help
you prepare your federal income tax return. The automatic reinvestment of
dividends and capital gains distributions does not relieve you of any income
tax which may be payable on dividends or distributions.

Right to Withdraw
Plan participants may withdraw at any time by calling 1-800-341-2929 or by
writing State Street Bank and Trust Company, P.O. Box 8200, Boston, MA
02266-8200. If you withdraw, you will receive, without charge, a share
certificate issued in your name for all full Common Shares credited to your
account under the Plan and a cash payment will be made for any fractional Common
Share credited to your account under the Plan. You may again elect to
participate in the Plan at any time by calling 1-800-341-2929 or writing to the
Trust at:
One Parkview Plaza, Oakbrook Terrace, IL 60181
Attn: Closed-End Funds

Van Kampen Merritt Municipal Opportunity Trust II
- --------------------------------------------------------------------------------

Officers and Trustees

Don G. Powell*
Chairman and Trustee

Dennis J. McDonnell*
President and Trustee

David C. Arch
Trustee

Rod Dammeyer
Trustee

Howard J Kerr
Trustee

Theodore A. Myers
Trustee

Hugo F. Sonnenschein
Trustee

Wayne W. Whalen*
Trustee

Peter W. Hegel*
Vice President

Ronald A. Nyberg*
Vice President and Secretary

Edward C. Wood, III*
Vice President and Treasurer

Scott E. Martin*
Assistant Secretary

Weston B. Wetherell*
Assistant Secretary

Nicholas Dalmaso*
Assistant Secretary

John L. Sullivan*
Controller

Steven M. Hill*
Assistant Treasurer

Investment Adviser

Van Kampen American Capital Investment Advisory Corp.
One Parkview Plaza
Oakbrook Terrace, Illinois 60181

Custodian and
Transfer Agent

State Street Bank
and Trust Company
225 Franklin Street
P.O. Box 1713
Boston, Massachusetts 02105

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom
333 West Wacker Drive
Chicago, Illinois 60606

Independent Auditors

KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601

* "Interested" persons of the Trust, as defined in the
Investment Company Act of 1940.

SM denotes a service mark of
Van Kampen American Capital Distributors, Inc.