Edgar Filing: Invesco Van Kampen High Income Trust II

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number 811-05769

Invesco Van Kampen High Income Trust II

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 12/31

Date of reporting period: 9/30/10

TABLE OF CONTENTS


	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
EXHIBIT INDEX

Item 1. Schedule of Investments.

Invesco Van Kampen High Income Trust II
Quarterly Schedule of Portfolio Holdings
September 30, 2010




invesco.com/us	VK-CE-HINC2-QTR-1 09/10	Invesco Advisers, Inc.

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited)


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Corporate Bonds 139.5%
		Advertising 0.4%
$	185	Lamar Media Corp.		7.875	%		04/15/18	$	195,637
	35	Visant Corp. (a)		10.000			10/01/17		36,838

									232,475


		Aerospace & Defense 2.3%
	35	Alliant Techsystems, Inc.		6.875			09/15/20		35,700
	220	BE Aerospace, Inc.		6.875			10/01/20		225,500
	295	Bombardier, Inc. (Canada) (a)		7.750			03/15/20		320,812
	395	Hexcel Corp.		6.750			02/01/15		404,875
	360	Triumph Group, Inc.		8.000			11/15/17		368,100

									1,354,987


		Airlines 4.6%
	418	American Airlines, Inc.		10.180			01/02/13		418,060
	40	Continental Airlines, Inc. (a)		6.750			09/15/15		40,800
	120	Continental Airlines, Inc., Ser B		9.250			05/10/17		130,575
	951	Continental Airlines, Inc., Ser C		7.339			04/19/14		960,968
	485	Delta Air Lines, Inc. (a)		9.500			09/15/14		528,650
	50	Inaer Aviation Finance, Ltd. (Spain) (a)		9.500			08/01/17		68,333
	104	UAL Corp.		6.636			07/02/22		104,717
	505	United Airlines, Inc. (a)		9.875			08/01/13		545,400

									2,797,503


		Aluminum 0.4%
	210	Century Aluminum Co.		8.000			05/15/14		208,819


		Apparel, Accessories & Luxury Goods 1.4%
	255	Hanesbrands, Inc. (b)		4.121			12/15/14		246,713



See accompanying notes which are integral part of this schedule.		1

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Apparel, Accessories & Luxury Goods (continued)
$	140	Phillips Van-Heusen Corp.		7.375	%		05/15/20	$	148,225
	460	Quiksilver, Inc.		6.875			04/15/15		437,000

									831,938


		Apparel Retail 0.2%
	120	Collective Brands, Inc.		8.250			08/01/13		122,400


		Auto Manufacturing 0.6%
	95	Allison Transmission, Inc. (a)		11.000			11/01/15		103,312
	680	Motors Liquidation Co. (c)		8.375			07/15/33		232,900

									336,212


		Auto Parts & Equipment 0.7%
	110	Tenneco, Inc. (a)		7.750			08/15/18		114,400
	270	Tenneco, Inc.		8.125			11/15/15		284,850

									399,250


		Broadcasting 0.3%
	165	LIN Television Corp.		6.500			05/15/13		165,000


		Broadcasting & Cable TV 1.5%
	170	Allbritton Communications Co.		8.000			05/15/18		171,487
	280	Clear Channel Worldwide Holdings, Inc.		9.250			12/15/17		300,300
	50	ITV PLC (United Kingdom)		5.375			10/19/15		78,152
	70	ITV PLC (United Kingdom)		7.375			01/05/17		113,812
	235	Kabel Deutschland GmbH (Germany)		10.625			07/01/14		245,881

									909,632



See accompanying notes which are integral part of this schedule.		2

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Brokerage 0.3%
$	170	Merrill Lynch & Co., Inc.		6.110	%		01/29/37	$	167,389


		Building Products 4.6%
	475	AMH Holdings, Inc.		11.250			03/01/14		494,297
	180	Building Materials Corp. (a)		6.875			08/15/18		177,750
	170	Building Materials Corp. (a)		7.500			03/15/20		172,550
	270	Gibraltar Industries, Inc., Ser B		8.000			12/01/15		264,600
	585	Nortek, Inc.		11.000			12/01/13		625,950
	805	Ply Gem Industries, Inc.		11.750			06/15/13		863,362
	145	Ply Gem Industries, Inc.		13.125			07/15/14		148,625

									2,747,134


		Cable 1.6%
	100	NTL Cable PLC (United Kingdom)		9.125			08/15/16		107,375
	140	CCO Holdings LLC / CCO Holdings Capital Corp. (a)		7.250			10/30/17		142,450
	605	CSC Holdings LLC		8.625			02/15/19		686,675

									936,500


		Casinos & Gaming 4.7%
	200	Great Canadian Gaming Co. (Canada) (a)		7.250			02/15/15		204,000
	105	Mandalay Resorts Group		7.625			07/15/13		88,725
	1,310	MGM Resorts International		10.375			05/15/14		1,457,375
	250	Pinnacle Entertainment, Inc.		8.625			08/01/17		266,250
	35	Scientific Games Corp. (a)		8.125			09/15/18		36,225
	360	Seneca Gaming Corp.		7.250			05/01/12		356,400
	405	Wynn Las Vegas LLC (a)		7.750			08/15/20		431,325

									2,840,300


		Chemicals 2.5%
	605	Airgas, Inc. (a)		7.125			10/01/18		669,281



See accompanying notes which are integral part of this schedule.		3

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Chemicals (continued)
$	834	Westlake Chemical Corp.		6.625	%		01/15/16	$	847,553

									1,516,834


		Coal & Consumable Fuels 0.4%
	90	Consol Energy, Inc. (a)		8.250			04/01/20		98,550
	115	Peabody Energy Corp.		6.500			09/15/20		124,200

									222,750


		Commercial Services 0.2%
	90	FTI Consulting, Inc. (a)		6.750			10/01/20		91,350


		Commodity Chemicals 0.1%
	55	Celanese US Holdings LLC (a)		6.625			10/15/18		56,237


		Construction & Engineering 0.5%
	295	MasTec, Inc.		7.625			02/01/17		296,475


		Construction & Farm Machinery & Heavy Trucks 2.3%
	195	Case New Holland, Inc. (a)		7.875			12/01/17		214,500
	150	CNH America LLC		7.250			01/15/16		161,250
	125	Esco Corp. (a)		8.625			12/15/13		129,062
	490	Navistar International Corp.		8.250			11/01/21		524,912
	205	Oshkosh Corp.		8.500			03/01/20		222,938
	100	Titan International, Inc. (a)(d)		7.875			10/01/17		101,563

									1,354,225


		Construction Materials 0.6%
	360	Texas Industries, Inc. (a)		9.250			08/15/20		375,300


		Consumer Finance 5.6%
	1,370	Ally Financial, Inc. (a)		7.500			09/15/20		1,469,325
	851	Ford Motor Credit Co., LLC		8.000			12/15/16		968,012
	655	Ford Motor Credit Co., LLC		8.125			01/15/20		763,075



See accompanying notes which are integral part of this schedule.		4

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Consumer Finance (continued)
$	170	National Money Mart Co. (Canada)		10.375	%		12/15/16	$	181,688

									3,382,100


		Department Stores 0.1%
	85	Sears Holdings Corp. (a)(d)		6.625			10/15/18		85,000


		Diversified Banks 0.7%
	310	TMD Friction Finance SA (Luxembourg)(a)		10.750			05/15/17		420,495


		Diversified Media 1.0%
	545	AMC Entertainment, Inc.		8.750			06/01/19		577,019


		Environmental & Facilities Services 0.2%
	130	Energy Solutions, Inc./ Energy Solutions LLC(a)		10.750			08/15/18		141,050


		Fertilizers & Agricultural Chemicals 0.3%
	175	CF Industries, Inc.		7.125			05/01/20		191,406


		Financial 6.0%
	765	CB Richard Ellis Services, Inc.		11.625			06/15/17		890,269
	825	CIT Group, Inc.		7.000			05/01/14		825,000
	665	CIT Group, Inc.		7.000			05/01/17		653,362
	70	International Lease Finance Corp. (a)		6.500			09/01/14		75,180
	175	International Lease Finance Corp. (a)		6.750			09/01/16		188,016
	175	International Lease Finance Corp. (a)		7.125			09/01/18		188,563
	737	International Lease Finance Corp. (a)		8.750			03/15/17		801,487

									3,621,877



See accompanying notes which are integral part of this schedule.		5

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Food & Drug 1.2%
$	355	Axcan Intermediate Holdings, Inc.		12.750	%		03/01/16	$	363,875
	365	SUPERVALU, Inc.		7.500			11/15/14		367,737

									731,612


		Food & Tobacco 2.9%
	465	Constellation Brands, Inc.		7.250			05/15/17		494,062
	1,050	JBS USA LLC Finance, Inc.		11.625			05/01/14		1,223,250

									1,717,312


		Forest Products 0.5%
	320	P.H. Glatfelter Co.		7.125			05/01/16		326,977


		Gaming & Leisure 5.4%
	620	Ameristar Casinos, Inc.		9.250			06/01/14		665,725
	295	Harrah’s Operating Co., Inc.		5.625			06/01/15		190,275
	795	Harrah’s Operating Co., Inc.		11.250			06/01/17		874,500
	860	Las Vegas Sands Corp.		6.375			02/15/15		873,975
	245	MGM Mirage, Inc.		13.000			11/15/13		289,100
	350	Scientific Games International, Inc.		9.250			06/15/19		377,125

									3,270,700


		Gas Utilities 0.8%
	285	Ferrellgas LP		6.750			05/01/14		289,275
	190	Suburban Propane Partners LLC/Suburban Energy Finance Corp.		7.375			03/15/20		202,825

									492,100


		Health Care 4.1%
	500	Apria Healthcare Group, Inc.		12.375			11/01/14		558,750
	665	FMC Finance III SA (Luxembourg)		6.875			07/15/17		714,096
	25	Healthsouth Corp (d).		7.250			10/01/18		25,562
	65	Healthsouth Corp (d).		7.750			09/15/22		65,813



See accompanying notes which are integral part of this schedule.		6

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Health Care (continued)
$	455	Healthsouth Corp.		10.750	%		06/15/16	$	502,775
	165	Invacare Corp.		9.750			02/15/15		176,963
	350	Tenet Healthcare Corp.		10.000			05/01/18		401,625

									2,445,584


		Health Care Equipment 0.5%
	255	DJO Finance LLC/DJO Finance Corp.		10.875			11/15/14		279,225


		Health Care Facilities 3.6%
	675	Community Health Systems, Inc.		8.875			07/15/15		718,875
	1,345	HCA, Inc.		7.875			02/15/20		1,479,500

									2,198,375


		Health Care Services 0.2%
	75	Omnicare, Inc.		7.750			06/01/20		76,781
	65	Universal Hospital Services, Inc. (f)		8.500			06/01/15		66,138

									142,919


		Highways & Railtracks 0.2%
	100	Abertis Infraestructuras SA (Spain)		4.625			10/14/16		135,614


		Homebuilding 0.4%
	245	M/I Homes, Inc.		6.875			04/01/12		245,613


		Hotels, Resorts & Cruise Lines 0.3%
	195	Royal Caribbean Cruises, Ltd. (Liberia)		6.875			12/01/13		205,979


		Household Products 0.3%
	180	Central Garden and Pet Co.		8.250			03/01/18		184,500


		Housing 2.3%
	888	Interface, Inc., Ser B		9.500			02/01/14		919,635



See accompanying notes which are integral part of this schedule.		7

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Housing (continued)
$	460	K. Hovnanian Enterprises, Inc.		10.625	%		10/15/16	$	462,300

									1,381,935


		Independent Energy 0.3%
	160	Pioneer Natural Resources Co.		6.650			03/15/17		171,052


		Industrial Machinery 0.6%
	35	Mueller Water Products, Inc. (a)		8.750			09/01/20		37,450
	290	SPX Corp. (a)		6.875			09/01/17		308,125

									345,575


		Information Technology 4.3%
	435	Expedia, Inc.		8.500			07/01/16		478,228
	325	NXP BV/NXP Funding LLC (Netherlands)		7.875			10/15/14		337,187
	765	Unisys Corp. (a)		14.250			09/15/15		916,088
	955	Vangent, Inc.		9.625			02/15/15		879,794

									2,611,297


		Integrated Telecommunication Services 1.4%
	530	Intelsat Jackson Holdings SA (Luxembourg) (a)		7.250			10/15/20		535,300
	315	Qwest Communications International, Inc. (a)		7.125			04/01/18		330,356

									865,656


		Investment Banking & Brokerage 0.4%
	255	E*Trade Financial Corp.		7.875			12/01/15		247,350


		Leisure Products 0.6%
	35	Toys R US — Delaware, Inc. (a)		7.375			09/01/16		36,225
	340	Universal City Development Partners Ltd. / UCDP Finance, Inc.		8.875			11/15/15		352,750

									388,975



See accompanying notes which are integral part of this schedule.		8

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Life & Health Insurance 0.3%
$	170	Aflac, Inc.		6.900	%		12/17/39	$	188,319


		Life Sciences Tools & Services 0.3%
	175	Patheon, Inc. (Canada) (a)		8.625			04/15/17		180,688


		Manufacturing 2.3%
	330	Baldor Electric Co.		8.625			02/15/17		354,750
	1,000	RBS Global, Inc. & Rexnord Corp.		8.500			05/01/18		1,030,000

									1,384,750


		Metals 1.5%
	245	Foundation PA Coal Co.		7.250			08/01/14		251,738
	660	Novelis, Inc. (Canada)		7.250			02/15/15		678,150

									929,888


		Movies & Entertainment 0.3%
	165	Cinemark USA, Inc.		8.625			06/15/19		176,550


		Multi-Line Insurance 2.3%
	75	American International Group, Inc. (e)		8.175			05/15/58		75,000
	90	Crum & Forster Holdings Corp.		7.750			05/01/17		94,950
	185	Hartford Financial Services Group, Inc. (e)		8.125			06/15/38		186,915
	509	Liberty Mutual Group, Inc., Ser A (a)		7.800			03/15/37		485,030
	435	Nationwide Mutual Insurance Co. (a)		9.375			08/15/39		518,831

									1,360,726


		Office Services & Supplies 0.2%
	105	IKON Office Solutions, Inc.		6.750			12/01/25		108,806



See accompanying notes which are integral part of this schedule.		9

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Oil & Gas Drilling 0.1%
$	45	Pride International, Inc.		6.875	%		08/15/20	$	48,881


		Oil & Gas Equipment & Services 1.0%
	160	Bristow Group, Inc.		7.500			09/15/17		165,400
	430	Key Energy Services, Inc.		8.375			12/01/14		455,800

									621,200


		Oil & Gas Exploration & Production 10.2%
	175	Anadarko Petroleum Corp.		6.375			09/15/17		192,008
	750	Chesapeake Energy Corp.		9.500			02/15/15		869,062
	280	Cimarex Energy Co.		7.125			05/01/17		295,050
	80	Continental Resources, Inc. (a)		7.125			04/01/21		82,750
	165	Continental Resources, Inc. (a)		7.375			10/01/20		174,075
	130	Continental Resources, Inc.		8.250			10/01/19		143,325
	230	Encore Acquisition Co.		9.500			05/01/16		258,462
	200	EXCO Resources, Inc.		7.500			09/15/18		198,500
	255	Forest Oil Corp.		7.250			06/15/19		261,375
	100	Harvest Operations Corp. (Canada) (a)(d)		6.875			10/01/17		102,250
	250	Hilcorp Energy/Finance Corp. (a)		7.750			11/01/15		253,750
	650	McMoRan Exploration Co.		11.875			11/15/14		717,437
	730	Newfield Exploration Co.		6.625			09/01/14		747,338
	195	Newfield Exploration Co.		7.125			05/15/18		208,650
	155	Petrohawk Energy Corp. (a)		7.250			08/15/18		158,681
	450	PetroHawk Energy Corp.		7.875			06/01/15		474,188
	210	Plains Exploration & Production Co.		7.625			06/01/18		221,813
	370	Plains Exploration & Production Co.		7.750			06/15/15		389,425
	235	Range Resources Corp.		7.500			05/15/16		246,456
	140	Whiting Petroleum Corp.		6.500			10/01/18		143,500

									6,138,095



See accompanying notes which are integral part of this schedule.		10

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Oil & Gas Refining & Marketing 1.7%
$	170	Petroplus Finance Ltd. (Bermuda) (a)		6.750	%		05/01/14	$	155,550
	440	Tesoro Corp.		6.500			06/01/17		432,850
	450	United Refining Co.		10.500			08/15/12		415,688

									1,004,088


		Oil & Gas Storage & Transportation 2.9%
	445	Copano Energy LLC/Copano Energy Finance Corp.		8.125			03/01/16		456,125
	445	Inergy LP		8.250			03/01/16		467,250
	435	Markwest Energy Partners LLC/Markwest Energy Finance Corp.		8.750			04/15/18		473,062
	135	Overseas Shipholding Group, Inc.		8.125			03/30/18		140,738
	225	Regency Energy Partners LP/Regency Energy Finance Corp.		8.375			12/15/13		236,250

									1,773,425


		Packaged Foods & Meats 0.3%
	175	Chiquita Brands International, Inc.		8.875			12/01/15		180,031


		Paper 1.1%
	635	Sappi Papier Holding AG (Austria) (a)		6.750			06/15/12		646,501


		Paper Products 1.2%
	540	Mercer International, Inc.		9.250			02/15/13		541,350
	170	Neenah Paper, Inc.		7.375			11/15/14		171,063

									712,413


		Personal Products 0.0%
	20	NBTY, Inc. (a)(d)		9.000			10/01/18		21,100



See accompanying notes which are integral part of this schedule.		11

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon		Maturity		Value


		Pharmaceuticals 0.4%
	145	Elan Finance PLC / Elan Finance Corp. (Ireland) (a)		8.750		10/15/16		145,181
	30	Mylan, Inc. (a)		7.875		07/15/20		32,175
	35	Valeant Pharmaceuticals International (a)		6.750		10/01/17		35,875
	35	Valeant Pharmaceuticals International (a)		7.000		10/01/20		35,875

								249,106

		Pipelines 2.0%
	1,000	El Paso Corp.		12.000		12/12/13		1,227,500


		Publishing 2.9%
	70	Gannett Co., Inc. (a)		6.375		09/01/15		69,519
	45	Gannett Co., Inc. (a)		7.125		09/01/18		44,325
	455	Gannett Co., Inc.		9.375		11/15/17		500,500
	1,000	Nielsen Finance LLC / Nielsen Finance Co.		11.625		02/01/14		1,142,500

								1,756,844

		Railroads 0.4%
	246	Kansas City Southern de Mexico SA de CV (Mexico) (a)		8.000		02/01/18		266,194


		Regional Banks 1.3%
	280	Regions Financial Corp.		7.375		12/10/37		263,298
	535	Zions Bancorp		5.500		11/16/15		529,650

								792,948

		Retail 4.4%
	815	Brown Shoe Co., Inc.		8.750		05/01/12		835,375
	850	Oxford Industries, Inc.		11.375		07/15/15		958,375


See accompanying notes which are integral part of this schedule.		12

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Retail (continued)
$	790	Sally Holdings LLC/Sally Capital, Inc.		9.250	%		11/15/14	$	832,462

									2,626,212

		Semiconductor Equipment 2.1%
	400	Amkor Technologies, Inc. (a)		7.375			05/01/18		407,000
	490	Freescale Semiconductor, Inc. (f)		9.125			12/15/14		492,450
	361	Freescale Semiconductor, Inc. (a)		9.250			04/15/18		375,440

									1,274,890

		Services 1.4%
	470	ARAMARK Corp.		8.500			02/01/15		491,150
	330	Ticketmaster Entertainment, Inc.		10.750			08/01/16		362,175

									853,325

		Specialized REIT’s 0.4%
	60	Omega Healthcare Investors, Inc. (a)		6.750			10/15/22		59,775
	155	Senior Housing Properties Trust		6.750			04/15/20		162,169

									221,944

		Specialty Chemicals 1.8%
	200	Ferro Corp.		7.875			08/15/18		208,000
	645	Huntsman International LLC		7.375			01/01/15		659,512
	225	PolyOne Corp.		7.375			09/15/20		232,313

									1,099,825

		Specialty Stores 0.8%
	230	General Nutrition Centers, Inc. (f)		5.750			03/15/14		228,850
	240	Michael Stores, Inc.		10.000			11/01/14		254,100

									482,950

		Steel 1.4%
	165	AK Steel Corp.		7.625			05/15/20		169,125
	255	Steel Dynamics, Inc.		7.750			04/15/16		265,837
	140	United States Steel Corp.		7.000			02/01/18		143,850


See accompanying notes which are integral part of this schedule.		13

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Steel (continued)
$	15	United States Steel Corp.		7.375	%		04/01/20	$	15,713
	90	Vale Overseas Ltd. (Cayman Islands)		4.625			09/15/20		92,602
	140	Vale Overseas Ltd. (Cayman Islands)		6.875			11/10/39		161,577

									848,704

		Technology 1.2%
	725	Sungard Data Systems, Inc.		9.125			08/15/13		741,537


		Telecommunications 2.2%
	280	Angel Lux Common SA (Luxembourg) (a)		8.875			05/01/16		299,950
	235	Inmarsat Finance PLC (United Kingdom) (a)		7.375			12/01/17		247,925
	750	Intelsat Corp.		9.250			06/15/16		804,375

									1,352,250

		Textiles 0.8%
	45	Invista (a)		9.250			05/01/12		45,788
	420	Levi Strauss & Co.		7.625			05/15/20		436,800

									482,588

		Tires & Rubber 0.7%
	425	Cooper Tire & Rubber Co.		8.000			12/15/19		439,875


		Trading Companies & Distributors 2.1%
	320	Ashtead Capital, Inc. (a)		9.000			08/15/16		336,000
	485	H&E Equipment Services, Inc.		8.375			07/15/16		485,000
	120	United Rentals North America, Inc.		7.000			02/15/14		120,600
	310	United Rentals North America, Inc.		7.750			11/15/13		314,650

									1,256,250

		Transportation 0.2%
	120	KAR Auction Services, Inc.		8.750			05/01/14		125,100


		Travel Services 1.9%
	190	Carlson Wagonlit BV (Netherlands) (a)(b)		6.649			05/01/15		244,124
	175	Travelport LLC (a)		9.000			03/01/16		175,219


See accompanying notes which are integral part of this schedule.		14

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Travel Services (continued)
$	303	Travelport, LLC		9.875	%		09/01/14	$	314,741
	360	Travelport, LLC		11.875			09/01/16		389,250

									1,123,334

		Trucking 0.8%
	175	Hertz Corp. (a)		7.500			10/15/18		175,219
	305	Hertz Corp.		8.875			01/01/14		314,531

									489,750

		Utility 3.4%
	775	AES Corp.		7.750			03/01/14		833,125
	405	IPALCO Enterprises, Inc.		8.625			11/14/11		428,287
	260	NRG Energy, Inc.		7.375			02/01/16		267,800
	520	NRG Energy, Inc.		7.375			01/15/17		534,300

									2,063,512

		Wireless 3.6%
	450	SBA Telecommunications, Inc.		8.250			08/15/19		492,750
	130	Sprint Capital Corp.		6.875			11/15/28		120,087
	750	Sprint Capital Corp.		6.900			05/01/19		756,563
	725	Wind Acquisition Finance SA (Luxembourg) (a)		12.000			12/01/15		772,125

									2,141,525

		Wireless Telecommunication Services 3.2%
	590	Cleawire Communications LLC/Clearwire Finance, Inc. (a)		12.000			12/01/15		640,150
	305	Cricket Communications, Inc.		7.750			05/15/16		326,731
	100	Digicel Group, Ltd. (Bermuda) (a)		8.875			01/15/15		102,125
	255	Digicel Ltd. (Bermuda) (a)		8.250			09/01/17		268,388
	170	MetroPCS Wireless, Inc.		7.875			09/01/18		174,356


See accompanying notes which are integral part of this schedule.		15

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


Par
Amount
(000)	Description	Coupon			Maturity		Value

	Wireless Telecommunication Services (continued)
$400	Sprint Nextel Corp.		8.375	%		08/15/17	$	433,000

								1,944,750

	Total Corporate Bonds 139.5%							84,106,381


Equities 0.6%
Ally Financial, Inc. (287 Preferred Shares) (a)								258,363
Citigroup Capital XIII (4,675 Preferred Shares) (e)								116,875
Hosiery Corp. of America, Inc., Class A (1,000 Common Shares) (h)								0


Total Equities 0.6%								375,238


Total Long-Term Investments 140.1% (Cost $78,528,534)								84,481,619

Money Market Funds 0.8%
Liquid Assets Portfolio-Institutional Class (g)								232,505
Premier Portfolio-Institutional Class (g)								232,505

Total Money Market Funds 0.8% (Cost $465,010)								465,010


Total Investments 140.9% (Cost $78,993,544)								84,946,629

Foreign Currency 0.2% (Cost $131,546)								133,113

Borrowing (43.1%)								(26,000,000	)

Other Assets in Excess of Liabilities 2.0%								1,220,934


Net Assets 100.0%							$	60,300,676

Percentages are calculated as a percentage of net assets.



See accompanying notes which are integral part of this schedule.		16

Invesco Van Kampen High Income Trust II
Schedule of Investments § September 30, 2010 (Unaudited) continued


(a)		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.

(b)		Floating Rate Coupon

(c)		Non-income producing as security is in default.

(d)		Security purchased on a when-issued or delayed delivery basis.

(e)		Variable Rate Coupon

(f)		Payment-in-kind security.

(g)		The money market fund and the Fund are affiliated by having the same investment adviser.

(h)		Non-income producing security.

REIT — Real Estate Investment Trust



See accompanying notes which are integral part of this schedule.		17

Invesco Van Kampen High Income Trust II
September 30, 2010
(Unaudited)

Security Valuations — Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.

Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Fair Value Measurements Generally Accepted Accounting Principles (GAAP) defines fair value as the price that the Fund 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. GAAP 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 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 Fund’s investments. The inputs are summarized in the three broad levels listed below.

	Level 1 —		Prices are based on quoted prices in active markets for identical investments.

	Level 2—		Prices are based on other significant observable inputs which may include quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.

	Level 3—		Prices are based on significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. 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.

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 September 30, 2010 in valuing the Trust’s investments carried at value:


	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	84,106,381	$	—	$	84,106,381
Equity Securities		465,010		375,238		—		840,248

Total	$	465,010	$	84,481,619	$	—	$	84,946,629

Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis


Aggregate unrealized appreciation of investment securities	$	5,925,912

Aggregate unrealized (depreciation) of investment securities		(40,306	)

Net unrealized appreciation of investment securities	$	5,885,606

Cost of investments for tax purposes is $79,061,023.

Item 2. Controls and Procedures.

	(a)		As of September 16, 2010, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of , September 16, 2010, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

	(b)		There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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: Invesco Van Kampen High Income Trust II



By:	/s/ Colin Meadows
	Colin Meadows
	Principal Executive Officer

Date: November 29, 2010

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.



By:	/s/ Colin Meadows
	Colin Meadows
		Principal Executive Officer

Date: November 29, 2010



By:	/s/ Sheri Morris
	Sheri Morris
	Principal Financial Officer

Date: November 29, 2010

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.

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