Edgar Filing: Invesco High Income Trust II

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VLT 11-30-2012 N-Q

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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 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:		2/28

Date of reporting period:		11/30/12

2411029

012213 (1) BO

Item 1. Schedule of Investments.

Invesco High Income Trust II

Effective December 3, 2012, Invesco Van Kampen High Income

Trust II was renamed Invesco High Income Trust II.

Quarterly Schedule of Portfolio Holdings

November 30, 2012

Schedule of Investments^(a)

November 30, 2012

(Unaudited)


	Principal Amount		Value

U.S. Dollar Denominated Bonds and Notes–122.89%

Advertising–0.14%

Lamar Media Corp., Sr. Unsec. Gtd. Sub. Notes, 5.00%, 05/01/23^(b)	$	130,000	$	131,300

National CineMedia LLC, Sr. Sec. Global Notes, 6.00%, 04/15/22		65,000		69,063

				200,363


Aerospace & Defense–1.52%

BE Aerospace Inc., Sr. Unsec. Notes, 5.25%, 04/01/22		190,000		200,450

Bombardier Inc. (Canada), Sr. Unsec. Notes, 7.75%, 03/15/20^(b)		605,000		680,625

Huntington Ingalls Industries Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 03/15/18		230,000		249,550

7.13%, 03/15/21		340,000		368,900

Spirit Aerosystems Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 12/15/20		475,000		505,875

TransDigm Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 10/15/20^(b)		110,000		112,475

				2,117,875


Airlines–2.92%

American Airlines Inc., Sr. Sec. Gtd. Notes, 7.50%, 03/15/16 (Acquired 03/15/11-11/29/11 Cost $818,692)^(b)(c)		930,000		981,150

American Airlines Pass Through Trust-Series 2011-1, Class B, Sec. Pass Through Ctfs., 7.00%, 01/31/18^(b)		559,217		575,993

Continental Airlines Pass Through Trust, Series 2007-1, Class C, Sec. Global Pass Through Ctfs., 7.34%, 04/19/14		720,861		746,542

Series 2009-2, Class B, Sec. Global Pass Through Ctfs., 9.25%, 05/10/17		174,025		192,407

Delta Air Lines Pass Through Trust, Series 2010-1, Class B, Sec. Pass Through Ctfs., 6.38%, 01/02/16^(b)		175,000		182,875

Series 2010-2, Class B, Sec. Pass Through Ctfs., 6.75%, 11/23/15^(b)		215,000		224,406

UAL Pass Through Trust-Series 2009-2, Class B, Sr. Sec. Gtd. Pass Through Ctfs., 12.00%, 01/15/16^(b)		469,911		517,196


	Principal Amount		Value

Airlines–(continued)

US Airways Pass Through Trust, Series 1998-1, Class C, Sec. Pass Through Ctfs., 6.82%, 01/30/14	$	413,178	$	388,388

Series 2012-1, Class A, Sr. Sec. Pass Through Ctfs., 5.90%, 10/01/24		75,000		81,703

Series 2012-1, Class B, Sec. Pass Through Ctfs., 8.00%, 10/01/19		75,000		80,062

Series 2012-1, Class C, Sec. Pass Through Ctfs., 9.13%, 10/01/15		90,000		93,712

				4,064,434

Alternative Carriers–1.74%

Cogent Communications Group, Inc., Sr. Sec. Gtd. Notes, 8.38%, 02/15/18^(b)		530,000		580,350

Level 3 Communications Inc., Sr. Unsec. Global Notes, 11.88%, 02/01/19		520,000		595,400

Sr. Unsec. Notes, 8.88%, 06/01/19^(b)		290,000		305,225

Level 3 Financing Inc., Sr. Unsec. Gtd. Global Notes, 8.13%, 07/01/19		305,000		327,112

8.63%, 07/15/20		165,000		180,675

9.38%, 04/01/19		265,000		297,463

Sr. Unsec. Gtd. Notes, 7.00%, 06/01/20^(b)		130,000		133,250

				2,419,475


Aluminum–0.95%

Century Aluminum Co., Sr. Sec. Gtd. Notes, 8.00%, 05/15/14		1,310,000		1,327,194


Apparel Retail–2.04%

Express LLC/Express Finance Corp., Sr. Unsec. Gtd. Global Notes, 8.75%, 03/01/18		590,000		641,625

Gap, Inc. (The), Sr. Unsec. Notes, 5.95%, 04/12/21		675,000		768,235

J. Crew Group Inc., Sr. Unsec. Gtd. Global Notes, 8.13%, 03/01/19		845,000		891,475

Limited Brands Inc., Sr. Unsec.Gtd. Global Notes, 5.63%, 02/15/22		245,000		264,906

Sr. Unsec. Gtd. Notes, 6.63%, 04/01/21		230,000		264,500

				2,830,741


Apparel, Accessories & Luxury Goods–3.58%

Hanesbrands Inc., Sr. Unsec. Gtd. Global Notes, 6.38%, 12/15/20		695,000		766,237

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

Invesco High Income Trust II


	Principal Amount		Value

Apparel, Accessories & Luxury Goods–(continued)

Jones Group Inc./Apparel Group Holdings/Apparel Group USA/Footwear Accessories Retail, Sr. Unsec. Notes, 6.88%, 03/15/19	$	1,395,000	$	1,436,850

Levi Strauss & Co., Sr. Unsec. Global Notes, 7.63%, 05/15/20		1,690,000		1,842,100

Quiksilver Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 04/15/15		945,000		926,691

				4,971,878


Application Software–0.10%

Nuance Communications Inc., Sr. Unsec. Gtd. Notes, 5.38%, 08/15/20^(b)		135,000		141,075


Asset Management & Custody Banks–0.98%

First Data Corp., Sr. Sec. Gtd. Notes, 6.75%, 11/01/20^(b)		1,000,000		1,015,000

PQ Corp., Sr. Sec. Notes, 8.75%, 05/01/18^(b)		330,000		340,725

				1,355,725


Auto Parts & Equipment–1.07%

Allison Transmission Inc., Sr. Unsec. Gtd. Notes, 7.13%, 05/15/19^(b)		710,000		759,700

American Axle & Manufacturing Inc., Sr. Unsec. Gtd. Notes, 6.63%, 10/15/22		480,000		488,400

Tenneco Inc., Sr. Unsec. Gtd. Global Notes, 7.75%, 08/15/18		225,000		244,125

				1,492,225


Automobile Manufacturers–1.31%

Chrysler Group LLC/CG Co-Issuer Inc., Sec. Gtd. Global Notes, 8.00%, 06/15/19		800,000		878,000

Ford Motor Co., Sr. Unsec. Global Notes, 7.45%, 07/16/31		745,000		942,425

				1,820,425


Biotechnology–0.25%

Grifols Inc. (Spain), Sr. Unsec. Gtd. Global Notes, 8.25%, 02/01/18		150,000		166,875

STHI Holding Corp., Sec. Gtd. Notes, 8.00%, 03/15/18^(b)		170,000		185,725

				352,600


Broadcasting–1.36%

Allbritton Communications Co., Sr. Unsec. Global Notes, 8.00%, 05/15/18		325,000		355,062


	Principal Amount		Value

Broadcasting–(continued)

Clear Channel Worldwide Holdings Inc., Series A, Sr. Unsec. Gtd. Notes, 6.50%, 11/15/22^(b)	$	150,000	$	149,625

Series B, Sr. Unsec. Gtd. Notes, 6.50%, 11/15/22^(b)		360,000		365,400

Series B, Sr. Unsec. Gtd. Sub. Global Notes, 7.63%, 03/15/20		645,000		638,550

LIN Television Corp., Sr. Unsec. Gtd. Notes, 6.38%, 01/15/21^(b)		85,000		87,337

Nielsen Finance LLC/Co. (Netherlands), Sr. Unsec. Gtd. Notes, 4.50%, 10/01/20^(b)		230,000		230,575

Starz LLC/Starz Finance Corp., Sr. Unsec. Notes, 5.00%, 09/15/19^(b)		65,000		66,788

				1,893,337


Building Products–4.52%

American Standard Americas, Sr. Sec. Notes, 10.75%, 01/15/16^(b)		435,000		424,125

Building Materials Corp. of America, Sr. Unsec. Notes, 6.88%, 08/15/18^(b)		880,000		951,500

Gibraltar Industries Inc.-Series B, Sr. Unsec. Gtd. Sub. Global Notes, 8.00%, 12/01/15		720,000		731,250

Masco Corp., Sr. Unsec. Global Notes, 5.95%, 03/15/22		185,000		204,656

Nortek Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/21		1,260,000		1,376,550

10.00%, 12/01/18		315,000		347,288

Ply Gem Industries Inc., Sr. Sec. Gtd. Global Notes, 8.25%, 02/15/18		370,000		394,975

Sr. Unsec. Notes, 9.38%, 04/15/17^(b)		220,000		230,450

USG Corp., Sr. Unsec. Gtd. Notes, 7.88%, 03/30/20^(b)		555,000		613,275

8.38%, 10/15/18^(b)		60,000		66,600

Sr. Unsec. Notes, 9.75%, 01/15/18		840,000		940,800

				6,281,469


Cable & Satellite–4.37%

Cablevision Systems Corp., Sr. Unsec. Global Notes, 5.88%, 09/15/22		110,000		108,625

DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 4.63%, 07/15/17		685,000		711,544

5.88%, 07/15/22		260,000		279,825

Hughes Satellite Systems Corp.,
Sr. Sec. Gtd. Global Notes, 6.50%, 06/15/19		485,000		523,800

Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/21		150,000		168,000

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

Invesco High Income Trust II


	Principal Amount		Value

Cable & Satellite–(continued)

Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Notes, 7.25%, 10/15/20	$	2,090,000	$	2,241,525

7.50%, 04/01/21		265,000		286,862

Sr. Unsec. Gtd. Notes, 6.63%, 12/15/22^(b)		200,000		201,000

7.25%, 10/15/20^(b)		75,000		80,438

Nara Cable Funding Ltd. (Spain), Sr. Sec. Gtd. Notes, 8.88%, 12/01/18^(b)		600,000		576,000

Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH (Germany), Sr. Sec. Gtd. Notes, 7.50%, 03/15/19^(b)		815,000		895,132

				6,072,751


Casinos & Gaming–8.11%

Ameristar Casinos Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/21		590,000		629,825

Caesars Entertainment Operating Co. Inc., Sec. Gtd. Global Notes, 12.75%, 04/15/18		550,000		402,875

Sr. Sec. Gtd. Notes, 9.00%, 02/15/20^(b)		370,000		371,850

Sr. Unsec. Gtd. Global Bonds, 5.63%, 06/01/15		393,000		325,207

Sr. Unsec. Gtd. Global Notes, 5.38%, 12/15/13		235,000		229,125

Chester Downs & Marina LLC, Sr. Sec. Gtd. Notes, 9.25%, 02/01/20^(b)		75,000		74,063

CityCenter Holdings LLC/CityCenter Finance Corp., Sr. Sec. Gtd. Global Notes, 7.63%, 01/15/16		820,000		883,550

Sr. Sec. Gtd. Notes, 7.63%, 01/15/16^(b)		65,000		70,038

Sr. Sec. Gtd. PIK Global Notes, 10.75%, 01/15/17		618,798		672,943

Codere Finance Luxembourg S.A. (Spain), Sr. Sec. Gtd. Notes, 9.25%, 02/15/19^(b)		80,000		60,400

MGM Resorts International, Sr. Unsec. Gtd. Global Notes, 6.63%, 07/15/15		1,740,000		1,861,800

Sr. Unsec. Gtd. Notes, 7.75%, 03/15/22		1,115,000		1,176,325

8.63%, 02/01/19^(b)		110,000		119,900

Scientific Games International Inc., Sr. Unsec. Gtd. Sub. Global Notes, 9.25%, 06/15/19		750,000		836,250

Seneca Gaming Corp., Sr. Unsec. Gtd. Notes, 8.25%, 12/01/18^(b)		525,000		549,937

Snoqualmie Entertainment Authority, Sr. Sec. Floating Rate Notes, 4.48%, 02/01/14^(b)(d)		795,000		788,044

Sr. Sec. Notes, 9.13%, 02/01/15^(b)		748,000		754,545


	Principal Amount		Value

Casinos & Gaming–(continued)

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Sec. First Mortgage Global Notes, 5.38%, 03/15/22	$	400,000	$	424,500

7.75%, 08/15/20		910,000		1,048,775

				11,279,952


Coal & Consumable Fuels–1.26%

Alpha Natural Resources Inc., Sr. Unsec. Gtd. Notes, 9.75%, 04/15/18		135,000		139,725

CONSOL Energy Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 04/01/20		605,000		648,106

Peabody Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 11/15/18		775,000		813,750

Sr. Unsec. Gtd. Notes, 6.50%, 09/15/20		140,000		149,800

				1,751,381


Communications Equipment–1.09%

Avaya Inc., Sr. Sec. Gtd. Notes, 7.00%, 04/01/19^(b)		780,000		705,900

Sr. Unsec. Gtd. Global Notes, 9.75%, 11/01/15		265,000		212,331

ViaSat Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 06/15/20		365,000		380,512

Sr. Unsec. Gtd. Notes, 6.88%, 06/15/20^(b)		205,000		213,713

				1,512,456


Computer & Electronics Retail–0.73%

Rent-A-Center Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 11/15/20		935,000		1,021,488


Computer Storage & Peripherals–0.77%

Seagate HDD Cayman, Sr. Unsec. Gtd. Global Notes, 7.00%, 11/01/21		380,000		400,900

7.75%, 12/15/18		610,000		667,950

				1,068,850


Construction & Engineering–2.23%

Dycom Investments Inc., Sr. Unsec. Gtd. Sub. Global Notes, 7.13%, 01/15/21		805,000		855,312

Sr. Unsec. Gtd. Sub. Notes, 7.13%, 01/15/21^(b)		220,000		230,450

MasTec, Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 02/01/17		530,000		545,238

Tutor Perini Corp., Sr. Unsec. Gtd. Global Notes, 7.63%, 11/01/18		1,425,000		1,471,312

				3,102,312


Construction & Farm Machinery & Heavy Trucks–2.76%

Case New Holland Inc., Sr. Unsec. Gtd. Global Notes, 7.88%, 12/01/17		525,000		620,156

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

Invesco High Income Trust II


	Principal Amount		Value

Construction & Farm Machinery & Heavy Trucks–(continued)

CNH Capital LLC (Netherlands), Sr. Notes, 3.88%, 11/01/15^(b)	$	120,000	$	123,450

Commercial Vehicle Group Inc., Sec. Gtd. Global Notes, 7.88%, 04/15/19		585,000		573,300

Manitowoc Co. Inc. (The), Sr. Unsec. Gtd. Notes, 8.50%, 11/01/20		295,000		330,400

Navistar International Corp., Sr. Unsec. Gtd. Notes, 8.25%, 11/01/21		652,000		622,660

Sr. Unsec. Sub. Conv. Notes, 3.00%, 10/15/14		1,000,000		920,000

Terex Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 05/15/21		100,000		104,000

Titan International Inc., Sr. Sec. Gtd. Global Notes, 7.88%, 10/01/17		515,000		545,900

				3,839,866


Construction Materials–1.73%

Cemex Finance LLC (Mexico), Sr. Sec. Gtd. Bonds, 9.50%, 12/14/16^(b)		1,010,000		1,090,718

Texas Industries Inc., Sr. Unsec. Gtd. Global Notes, 9.25%, 08/15/20		1,220,000		1,311,500

				2,402,218


Consumer Finance–3.05%

Ally Financial Inc., Sr. Unsec. Gtd. Global Notes, 4.63%, 06/26/15		1,355,000		1,412,588

7.50%, 09/15/20		1,080,000		1,309,500

8.00%, 03/15/20		810,000		1,000,350

General Motors Financial Co. Inc., Sr. Unsec. Gtd. Notes, 4.75%, 08/15/17^(b)		70,000		72,975

National Money Mart Co., Sr. Unsec. Gtd. Global Notes, 10.38%, 12/15/16		405,000		448,031

				4,243,444


Data Processing & Outsourced Services–1.52%

CoreLogic, Inc., Sr. Unsec. Gtd. Global Notes, 7.25%, 06/01/21		1,145,000		1,250,912

First Data Corp., Sr. Sec. Gtd. Notes, 7.38%, 06/15/19^(b)		445,000		461,687

SunGard Data Systems Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 11/15/18		220,000		235,400

7.63%, 11/15/20		145,000		159,863

				2,107,862


	Principal Amount		Value

Department Stores–0.42%

Sears Holdings Corp., Sr. Sec. Gtd. Global Notes, 6.63%, 10/15/18	$	640,000	$	588,800


Distillers & Vintners–0.85%

CEDC Finance Corp. International Inc. (Poland),
Sr. Sec. Gtd. Mortgage Notes, 9.13%, 12/01/16^(b)		475,000		242,250

REGS, Sr. Sec. Gtd. Euro Notes, 9.13%, 12/01/16^(b)		200,000		103,000

Constellation Brands Inc., Sr. Unsec. Gtd. Global Notes, 7.25%, 05/15/17		655,000		771,262

Sr. Unsec. Gtd. Notes, 6.00%, 05/01/22		55,000		62,563

				1,179,075


Diversified Banks–0.53%

RBS Capital Trust II (United Kingdom), Jr. Unsec. Gtd. Sub. Global Bonds, 6.43% ^(e)		300,000		255,000

Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Notes, 6.13%, 12/15/22		470,000		483,098

				738,098


Diversified Metals & Mining–1.36%

FMG Resources Pty. Ltd. (Australia), Sr. Unsec. Gtd. Notes, 6.38%, 02/01/16^(b)		550,000		556,545

6.88%, 04/01/22^(b)		550,000		534,875

7.00%, 11/01/15^(b)		260,000		265,850

Midwest Vanadium Pty. Ltd. (Australia), Sr. Sec. Gtd. Mortgage Notes, 11.50%, 02/15/18^(b)		305,000		196,725

Vedanta Resources PLC (India), Sr. Unsec. Notes, 9.50%, 07/18/18^(b)		295,000		334,846

				1,888,841


Electrical Components & Equipment–0.43%

Belden Inc., Sr. Unsec. Sub. Gtd. Notes, 5.50%, 09/01/22^(b)		175,000		178,938

Polypore International Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 11/15/17		390,000		424,125

				603,063


Electronic Manufacturing Services–0.51%

Sanmina Corp., Sr. Unsec. Gtd. Notes, 7.00%, 05/15/19^(b)		705,000		711,169


Environmental & Facilities Services–0.30%

Clean Harbors Inc., Sr. Unsec. Gtd. Notes, 5.13%, 06/01/21^(b)		170,000		174,675

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

Invesco High Income Trust II


	Principal Amount		Value

Environmental & Facilities Services–(continued)

EnergySolutions Inc./LLC, Sr. Unsec. Gtd. Global Notes, 10.75%, 08/15/18	$	255,000	$	240,975

				415,650


Forest Products–0.34%

Millar Western Forest Products Ltd. (Canada), Sr. Unsec. Global Notes, 8.50%, 04/01/21		530,000		463,750

Sino-Forest Corp. (Hong Kong), Sr. Unsec. Gtd. Notes, 6.25%, 10/21/17 (Acquired 10/14/10 Cost $60,000)^(b)(c)		60,000		9,300

				473,050


Gas Utilities–1.26%

AmeriGas Finance LLC/Corp., Sr. Unsec. Gtd. Global Notes, 7.00%, 05/20/22		345,000		376,050

Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/21		587,000		572,325

Suburban Propane Partners, L.P./Suburban Energy Finance Corp.,
Sr. Unsec. Notes, 7.38%, 03/15/20		420,000		449,400

7.38%, 08/01/21^(b)		324,000		349,110

				1,746,885


Health Care Equipment–0.46%

Biomet Inc., Sr. Unsec. Gtd. Notes, 6.50%, 08/01/20^(b)		140,000		147,000

Sr. Unsec. Gtd. Sub. Notes, 6.50%, 10/01/20^(b)		235,000		233,825

DJO Finance LLC/Corp., Sr. Unsec. Gtd. Global Notes, 7.75%, 04/15/18		75,000		71,250

Sr. Unsec. Gtd. Sub. Global Notes, 9.75%, 10/15/17		215,000		188,125

				640,200


Health Care Facilities–2.95%

HCA, Inc., Sr. Sec. Gtd. Global Notes, 5.88%, 03/15/22		330,000		359,700

7.88%, 02/15/20		736,000		828,000

Sr. Unsec. Gtd. Global Notes, 5.88%, 05/01/23		405,000		419,175

HealthSouth Corp., Sr. Unsec. Gtd. Notes, 7.25%, 10/01/18		531,000		576,135

7.75%, 09/15/22		171,000		187,673

8.13%, 02/15/20		145,000		160,044

Radiation Therapy Services Inc., Sr. Sec. Gtd. Global Notes, 8.88%, 01/15/17		500,000		497,500


	Principal Amount		Value

Health Care Facilities–(continued)

Select Medical Holdings Corp., Sr. Unsec. Floating Rate Global Notes, 6.43%, 09/15/15^(d)	$	475,000	$	474,109

Tenet Healthcare Corp., Sr. Sec. Gtd. Notes, 4.75%, 06/01/20^(b)		50,000		50,375

Sr. Unsec. Global Notes, 8.00%, 08/01/20		170,000		181,900

Sr. Unsec. Notes, 6.75%, 02/01/20^(b)		370,000		372,775

				4,107,386


Health Care Services–0.27%

Prospect Medical Holdings Inc., Sr. Sec. Notes, 8.38%, 05/01/19^(b)		360,000		378,000


Health Care Technology–0.56%

MedAssets Inc., Sr. Unsec. Gtd. Global Notes, 8.00%, 11/15/18		710,000		772,125


Homebuilding–3.51%

Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 07/15/15		515,000		515,644

8.13%, 06/15/16		450,000		483,750

K. Hovnanian Enterprises Inc., Sr. Sec. Gtd. Notes, 7.25%, 10/15/20^(b)		565,000		611,612

Sr. Unsec. Gtd. Global Notes, 6.25%, 01/15/16		495,000		473,962

Sr. Unsec. Gtd. Notes, 11.88%, 10/15/15		120,000		129,900

Lennar Corp., Sr. Unsec. Gtd. Global Notes, 6.95%, 06/01/18		580,000		655,400

M/I Homes Inc., Sr. Unsec. Gtd. Global Notes, 8.63%, 11/15/18		625,000		678,125

Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 7.00%, 04/01/22		220,000		238,700

Ryland Group Inc. (The), Sr. Unsec. Gtd. Notes, 5.38%, 10/01/22		250,000		256,250

Taylor Morrison Communities Inc./ Monarch Communities Inc., Sr. Unsec. Gtd. Notes, 7.75%, 04/15/20^(b)		588,000		623,280

Toll Brothers Finance Corp., Sr. Unsec. Gtd. Notes, 5.88%, 02/15/22		185,000		210,438

				4,877,061


Hotels, Resorts & Cruise Lines–0.60%

Choice Hotels International, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 07/01/22		50,000		54,813

Royal Caribbean Cruises Ltd., Sr. Unsec. Global Notes, 5.25%, 11/15/22		390,000		410,475

7.25%, 03/15/18		105,000		118,650

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

Invesco High Income Trust II


	Principal Amount		Value

Hotels, Resorts & Cruise Lines–(continued)

7.50%, 10/15/27	$	220,000	$	248,600

				832,538


Household Products–0.89%

Central Garden & Pet Co., Sr. Unsec. Gtd. Sub. Notes, 8.25%, 03/01/18		485,000		512,888

Reynolds Group Issuer Inc./Reynolds Group Issuer LLC, Sr. Sec. Gtd. Global Notes, 7.13%, 04/15/19		625,000		676,562

Sr. Sec. Gtd. Notes, 5.75%, 10/15/20^(b)		50,000		51,313

				1,240,763


Housewares & Specialties–0.29%

American Greetings Corp., Sr. Unsec. Gtd. Notes, 7.38%, 12/01/21		325,000		340,438

Spectrum Brands Escrow Corp., Sr. Unsec. Notes, 6.38%, 11/15/20^(b)		55,000		56,856

				397,294

Independent Power Producers & Energy Traders–2.72%

AES Corp. (The), Sr. Unsec. Global Notes, 7.75%, 10/15/15		630,000		711,900

8.00%, 10/15/17		790,000		904,550

Calpine Corp., Sr. Sec. Gtd. Notes, 7.25%, 10/15/17^(b)		513,000		550,193

7.50%, 02/15/21^(b)		531,000		586,755

NRG Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 01/15/18		615,000		681,112

Sr. Unsec. Gtd. Notes, 6.63%, 03/15/23^(b)		140,000		147,000

Red Oak Power LLC-Series A, Sr. Sec. Bonds, 8.54%, 11/30/19		185,685		202,861

				3,784,371


Industrial Machinery–1.00%

Actuant Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/15/22		205,000		212,175

Cleaver-Brooks Inc., Sr. Sec. Notes, 12.25%, 05/01/16^(b)		345,000		381,225

Columbus McKinnon Corp., Sr. Unsec. Gtd. Sub. Global Notes, 7.88%, 02/01/19		55,000		59,263

Mcron Finance Sub LLC/Mcron Finance Corp., Sr. Sec. Notes, 8.38%, 05/15/19^(b)		70,000		72,100

SPX Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 09/01/17		595,000		669,375

				1,394,138


	Principal Amount		Value

Insurance Brokers–0.17%

Hub International Ltd., Sr. Unsec. Gtd. Notes, 8.13%, 10/15/18^(b)	$	225,000	$	235,125


Integrated Oil & Gas–0.08%

Northern Tier Energy LLC/ Northern Tier Finance Corp., Sr. Sec. Gtd. Notes, 7.13%, 11/15/20^(b)		110,000		111,100


Internet Software & Services–0.35%

Equinix Inc., Sr. Unsec. Notes, 7.00%, 07/15/21		445,000		492,281


Investment Banking & Brokerage–0.43%

Cantor Fitzgerald L.P., Unsec. Bonds, 7.88%, 10/15/19^(b)		580,000		601,368


Leisure Facilities–0.11%

Speedway Motorsports Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 02/01/19		145,000		152,975


Leisure Products–0.71%

Toys R Us-Delaware Inc., Sr. Sec. Gtd. Notes, 7.38%, 09/01/16^(b)		960,000		980,400


Life Sciences Tools & Services–0.28%

Patheon Inc. (Canada), Sr. Sec. Gtd. Notes, 8.63%, 04/15/17^(b)		360,000		391,500


Marine–0.30%

Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. Global Notes, 8.63%, 11/01/17		200,000		189,500

Stena AB (Sweden), Sr. Unsec. Global Notes, 7.00%, 12/01/16		220,000		221,100

				410,600


Movies & Entertainment–2.04%

AMC Entertainment Inc., Sr. Unsec. Gtd. Global Notes, 8.75%, 06/01/19		995,000		1,096,987

Live Nation Entertainment Inc., Sr. Unsec. Gtd. Notes, 7.00%, 09/01/20^(b)		760,000		794,200

NAI Entertainment Holdings LLC, Sr. Sec. Gtd. Notes, 8.25%, 12/15/17^(b)		850,000		943,500

				2,834,687


Multi-Line Insurance–2.82%

American International Group Inc., Jr. Unsec. Sub. Global Deb., 8.18%, 05/15/58		200,000		249,500

Fairfax Financial Holdings Ltd. (Canada), Sr. Unsec. Notes, 5.80%, 05/15/21^(b)		290,000		298,881

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

Invesco High Income Trust II


	Principal Amount		Value

Multi-Line Insurance–(continued)

Hartford Financial Services Group Inc. (The), Jr. Unsec. Sub. Deb., 8.13%, 06/15/38	$	570,000	$	654,075

Liberty Mutual Group Inc., Jr. Unsec. Gtd. Sub. Bonds, 7.80%, 03/15/37^(b)		1,234,000		1,378,995

Nationwide Mutual Insurance Co., Unsec. Sub. Notes, 9.38%, 08/15/39^(b)		940,000		1,343,744

				3,925,195


Office Services & Supplies–0.24%

Interface Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 12/01/18		115,000		124,200

Ricoh USA Inc., Sr. Unsec. Notes, 6.75%, 12/01/25		215,000		206,669

				330,869


Oil & Gas Drilling–0.42%

Atwood Oceanics Inc., Sr. Unsec. Notes, 6.50%, 02/01/20		63,000		67,568

Precision Drilling Corp. (Canada), Sr. Unsec. Gtd. Global Notes, 6.50%, 12/15/21		495,000		518,512

				586,080


Oil & Gas Equipment & Services–1.19%

Bristow Group, Inc., Sr. Unsec. Gtd. Notes, 6.25%, 10/15/22		345,000		365,269

Gulfmark Offshore Inc., Sr. Unsec. Notes, 6.38%, 03/15/22^(b)		165,000		170,775

Key Energy Services, Inc., Sr. Unsec. Gtd. Notes, 6.75%, 03/01/21		800,000		804,000

SESI, LLC, Sr. Unsec. Gtd. Global Notes, 6.38%, 05/01/19		290,000		310,934

				1,650,978


Oil & Gas Exploration & Production–9.19%

Berry Petroleum Co., Sr. Unsec. Notes, 6.38%, 09/15/22		255,000		262,650

6.75%, 11/01/20		195,000		209,625

Chaparral Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 11/15/22		395,000		406,850

8.25%, 09/01/21		620,000		669,600

Sr. Unsec. Gtd. Notes, 7.63%, 11/15/22^(b)		290,000		298,338

Chesapeake Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 11/15/20		665,000		702,406

Sr. Unsec. Gtd. Notes, 6.13%, 02/15/21		475,000		482,719

6.63%, 08/15/20		105,000		110,381

Cimarex Energy Co., Sr. Unsec. Gtd. Notes, 5.88%, 05/01/22		600,000		645,000


	Principal Amount		Value

Oil & Gas Exploration & Production–(continued)

Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 7.13%, 04/01/21	$	170,000	$	192,525

7.38%, 10/01/20		135,000		152,381

8.25%, 10/01/19		265,000		299,119

EV Energy Partners L.P./EV Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 8.00%, 04/15/19		435,000		461,100

EXCO Resources Inc., Sr. Unsec. Gtd. Notes, 7.50%, 09/15/18		495,000		466,537

Forest Oil Corp., Sr. Unsec. Gtd. Global Notes, 7.25%, 06/15/19		400,000		401,500

Halcon Resources Corp., Sr. Unsec. Gtd. Notes, 8.88%, 05/15/21^(b)		530,000		552,525

Laredo Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 05/01/22		75,000		81,563

McMoRan Exploration Co., Sr. Unsec. Gtd. Notes, 11.88%, 11/15/14		385,000		389,572

Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/24		120,000		129,225

Sr. Unsec. Sub. Global Notes, 7.13%, 05/15/18		155,000		164,106

Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/23		300,000		319,500

OGX Austria GmbH (Brazil), Sr. Unsec. Gtd. Notes, 8.38%, 04/01/22^(b)		400,000		327,002

8.50%, 06/01/18^(b)		465,000		406,637

Plains Exploration & Production Co., Sr. Unsec. Gtd. Notes, 6.13%, 06/15/19		455,000		466,375

6.50%, 11/15/20		330,000		338,663

7.63%, 06/01/18		500,000		533,750

8.63%, 10/15/19		100,000		111,750

QEP Resources Inc., Sr. Unsec. Global Notes, 5.25%, 05/01/23		220,000		232,100

Sr. Unsec. Notes, 5.38%, 10/01/22		390,000		412,425

Range Resources Corp., Sr. Unsec. Gtd. Sub. Notes, 5.00%, 08/15/22		100,000		104,750

5.75%, 06/01/21		655,000		699,212

SM Energy Co., Sr. Unsec. Global Notes, 6.50%, 11/15/21		215,000		227,900

6.50%, 01/01/23		160,000		168,800

6.63%, 02/15/19		430,000		453,650

Whiting Petroleum Corp., Sr. Unsec. Gtd. Sub. Notes, 6.50%, 10/01/18		485,000		524,406

WPX Energy Inc., Sr. Unsec. Global Notes, 6.00%, 01/15/22		355,000		381,625

				12,786,267

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

Invesco High Income Trust II


	Principal Amount		Value

Oil & Gas Refining & Marketing–1.19%

Crosstex Energy, L.P./Crosstex Energy Finance Corp., Sr. Unsec. Gtd. Notes, 7.13%, 06/01/22^(b)	$	210,000	$	214,200

CVR Refining LLC/Coffeyville Finance Inc., Sr. Sec. Gtd. Notes, 6.50%, 11/01/22^(b)		505,000		498,687

Tesoro Corp., Sr. Unsec. Gtd. Notes, 5.38%, 10/01/22		165,000		172,013

Tesoro Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Notes, 5.88%, 10/01/20^(b)		205,000		213,712

United Refining Co., Sr. Sec. Gtd. Global Notes, 10.50%, 02/28/18		510,000		558,450

				1,657,062


Oil & Gas Storage & Transportation–4.52%

Access Midstream Partners L.P./ACMP Finance Corp.,
Sr. Unsec. Gtd. Global Notes, 5.88%, 04/15/21		495,000		518,513

6.13%, 07/15/22		55,000		58,575

Atlas Pipeline Partners L.P./Atlas Pipeline Finance Corp.,
Sr. Unsec. Gtd. Global Notes, 8.75%, 06/15/18		425,000		454,750

Sr. Unsec. Gtd. Notes, 6.63%, 10/01/20^(b)		170,000		176,800

Copano Energy LLC/Copano Energy Finance Corp., Sr. Unsec. Gtd. Notes, 7.13%, 04/01/21		865,000		914,737

Eagle Rock Energy Partners L.P./Eagle Rock Energy Finance Corp., Sr. Unsec. Gtd. Notes, 8.38%, 06/01/19^(b)		225,000		227,250

Energy Transfer Equity L.P., Sr. Sec. Gtd. Notes, 7.50%, 10/15/20		630,000		717,412

Inergy Midstream L.P./NRGM Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 12/15/20^(b)		250,000		255,000

MarkWest Energy Partners L.P./MarkWest Energy Finance Corp.,
Sr. Unsec. Gtd. Notes, 5.50%, 02/15/23		240,000		255,000

6.25%, 06/15/22		305,000		333,975

6.50%, 08/15/21		390,000		426,075

Regency Energy Partners L.P./Regency Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.88%, 12/01/18		420,000		457,275

Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/21		860,000		940,625

Sr. Unsec. Gtd. Notes, 6.38%, 08/01/22^(b)		145,000		157,688

Teekay Corp. (Canada), Sr. Unsec. Global Notes, 8.50%, 01/15/20		370,000		392,200

				6,285,875


	Principal Amount		Value

Other Diversified Financial Services–0.22%

Citigroup Inc.-Series A, Jr. Unsec. Sub. Global Notes, 5.95% ^(e)	$	300,000	$	306,750


Packaged Foods & Meats–1.00%

Del Monte Corp., Sr. Unsec. Gtd. Global Notes, 7.63%, 02/15/19		370,000		381,100

Post Holdings Inc., Sr. Unsec. Gtd. Notes, 7.38%, 02/15/22^(b)		590,000		635,725

Simmons Foods Inc., Sr. Sec. Notes, 10.50%, 11/01/17^(b)		420,000		376,950

				1,393,775


Paper Packaging–0.33%

Cascades Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 7.88%, 01/15/20		438,000		465,375


Paper Products–0.98%

Boise Cascade LLC/Boise Cascade Finance Corp., Sr. Unsec. Gtd. Notes, 6.38%, 11/01/20^(b)		55,000		56,100

Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes, 7.13%, 11/01/18		440,000		479,600

Mercer International Inc., Sr. Unsec. Gtd. Global Notes, 9.50%, 12/01/17		565,000		603,138

NewPage Corp., Sr. Sec. Gtd. Global Notes, 11.38%, 12/31/14^(c)		460,000		224,250

				1,363,088


Personal Products–0.54%

NBTY Inc., Sr. Unsec. Gtd. Global Notes, 9.00%, 10/01/18		660,000		749,100


Pharmaceuticals–0.07%

Endo Health Solutions Inc., Sr. Unsec. Gtd. Global Notes, 7.00%, 12/15/20		95,000		101,650


Real Estate Services–0.35%

CB Richard Ellis Services Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 10/15/20		445,000		488,388


Regional Banks–1.99%

AmSouth Bancorp., Unsec. Sub. Deb., 6.75%, 11/01/25		155,000		159,650

Regions Bank, Unsec. Sub. Global Notes, 6.45%, 06/26/37		400,000		420,000

Regions Financial Corp., Unsec. Sub. Notes, 7.38%, 12/10/37		900,000		976,500

Synovus Financial Corp., Sr. Unsec. Global Notes, 7.88%, 02/15/19		335,000		369,337

Unsec. Sub. Global Notes, 5.13%, 06/15/17		865,000		839,050

				2,764,537

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

Invesco High Income Trust II


	Principal Amount		Value

Research & Consulting Services–0.45%

FTI Consulting Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 10/01/20	$	580,000	$	620,600


Semiconductor Equipment–1.46%

Amkor Technology Inc., Sr. Unsec. Global Notes, 6.63%, 06/01/21		625,000		614,062

7.38%, 05/01/18		475,000		486,875

Sr. Unsec. Notes, 6.38%, 10/01/22^(b)		90,000		85,950

Sensata Technologies B.V. (Luxembourg), Sr. Unsec. Gtd. Notes, 6.50%, 05/15/19^(b)		790,000		837,400

				2,024,287


Semiconductors–0.84%

Freescale Semiconductor Inc., Sr. Sec. Gtd. Notes, 9.25%, 04/15/18^(b)		788,000		856,950

Sr. Unsec. Gtd. Global Notes, 8.05%, 02/01/20		255,000		244,800

10.75%, 08/01/20		64,000		67,200

				1,168,950


Specialized Finance–5.87%

Air Lease Corp., Sr. Unsec. Global Notes, 5.63%, 04/01/17		745,000		782,250

Aircastle Ltd., Sr. Unsec. Global Notes, 6.75%, 04/15/17		985,000		1,049,025

7.63%, 04/15/20		240,000		263,100

Sr. Unsec. Notes, 6.25%, 12/01/19^(b)		70,000		71,750

CIT Group Inc., Sr. Unsec. Global Notes, 4.25%, 08/15/17		225,000		231,750

5.00%, 08/15/22		355,000		374,081

5.25%, 03/15/18		1,063,000		1,130,766

Sr. Unsec. Notes, 5.00%, 05/15/17		130,000		136,825

5.50%, 02/15/19^(b)		485,000		517,737

International Lease Finance Corp., Sr. Sec. Gtd. Notes, 7.13%, 09/01/18^(b)		360,000		416,475

Sr. Unsec. Global Notes, 5.75%, 05/15/16		120,000		125,880

6.25%, 05/15/19		190,000		201,816

8.63%, 09/15/15		35,000		39,069

8.75%, 03/15/17		2,207,000		2,536,671

Sr. Unsec. Notes, 8.25%, 12/15/20		245,000		286,191

				8,163,386


Specialized REIT’s–1.21%

Host Hotels & Resorts L.P., Sr. Unsec. Global Notes, 5.25%, 03/15/22		350,000		384,562


	Principal Amount		Value

Specialized REIT’s–(continued)

Sr. Unsec. Gtd. Global Notes, 6.00%, 11/01/20	$	450,000	$	496,125

MPT Operating Partnership L.P./MPT Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 05/01/21		405,000		442,969

Omega Healthcare Investors, Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 10/15/22		330,000		364,650

				1,688,306


Specialty Chemicals–0.82%

Ferro Corp., Sr. Unsec. Notes, 7.88%, 08/15/18		340,000		309,400

PolyOne Corp., Sr. Unsec. Notes, 7.38%, 09/15/20		770,000		836,413

				1,145,813


Specialty Stores–0.51%

Michaels Stores Inc., Sr. Unsec. Gtd. Global Notes, 7.75%, 11/01/18		585,000		637,650

Sr. Unsec. Gtd. Notes, 7.75%, 11/01/18^(b)		70,000		76,300

				713,950


Steel–0.81%

ArcelorMittal (Luxembourg), Sr. Unsec. Global Notes, 6.75%, 02/25/22		190,000		198,183

Steel Dynamics Inc., Sr. Unsec. Gtd. Notes, 6.13%, 08/15/19^(b)		550,000		581,625

United States Steel Corp., Sr. Unsec. Global Notes, 7.50%, 03/15/22		165,000		169,538

Sr. Unsec. Notes, 7.00%, 02/01/18		175,000		180,687

				1,130,033


Systems Software–0.38%

Allen Systems Group Inc., Sec. Gtd. Notes, 10.50%, 11/15/16 (Acquired 11/12/10-01/06/11; Cost $1,727,000)^(b)		715,000		532,675


Technology Distributors–0.07%

Anixter Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/19		90,000		94,725


Tires & Rubber–0.42%

Cooper Tire & Rubber Co., Sr. Unsec. Notes, 8.00%, 12/15/19		515,000		580,663


Trading Companies & Distributors–0.83%

Interline Brands, Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 11/15/18		778,000		844,130

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

Invesco High Income Trust II


	Principal Amount		Value


Trading Companies & Distributors–(continued)

United Rentals North America Inc., Sr. Sec. Gtd. Notes, 5.75%, 07/15/18^(b)	$	55,000	$	59,400

Sr. Unsec. Global Notes, 8.25%, 02/01/21		220,000		246,950

				1,150,480


Trucking–2.89%

Avis Budget Car Rental LLC/Avis Budget Finance Inc.,
Sr. Unsec. Gtd. Floating Rate Global Notes, 2.81%, 05/15/14^(d)		685,000		684,144

Sr. Unsec. Gtd. Global Notes, 8.25%, 01/15/19		1,010,000		1,121,100

9.75%, 03/15/20		160,000		184,800

HDTFS Inc.,
Sr. Unsec. Gtd. Notes, 5.88%, 10/15/20^(b)		40,000		41,300

6.25%, 10/15/22^(b)		70,000		72,800

Hertz Corp. (The), Sr. Unsec. Gtd. Global Notes, 6.75%, 04/15/19		470,000		509,950

7.38%, 01/15/21		720,000		786,600

7.50%, 10/15/18		560,000		616,000

				4,016,694


Wireless Telecommunication Services–7.46%

Clearwire Communications LLC/Clearwire Finance, Inc., Sr. Sec. Gtd. Notes, 12.00%, 12/01/15^(b)		310,000		328,988

Cricket Communications, Inc., Sr. Unsec. Gtd. Global Notes, 7.75%, 10/15/20		1,475,000		1,537,687

Digicel Group Ltd. (Jamaica), Sr. Unsec. Notes, 8.25%, 09/30/20^(b)		225,000		240,188

Digicel Ltd. (Bermuda), Sr. Unsec. Notes, 8.25%, 09/01/17^(b)		725,000		779,375

MetroPCS Wireless Inc., Sr. Unsec. Gtd. Notes, 6.63%, 11/15/20		715,000		765,050

7.88%, 09/01/18		515,000		556,522

SBA Communications Corp., Sr. Unsec. Notes, 5.63%, 10/01/19^(b)		330,000		339,900

Sprint Capital Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 11/15/28		865,000		894,194

6.90%, 05/01/19		780,000		842,400

Sprint Nextel Corp., Sr. Unsec. Global Notes, 6.00%, 11/15/22		425,000		430,312

7.00%, 08/15/20		130,000		141,375

11.50%, 11/15/21		165,000		221,925

Sr. Unsec. Gtd. Notes, 7.00%, 03/01/20^(b)		445,000		517,312

9.00%, 11/15/18^(b)		430,000		531,050

Sr. Unsec. Notes, 8.38%, 08/15/17		30,000		34,875


		Principal Amount		Value


Wireless Telecommunication Services–(continued)

VimpelCom (Russia), Unsec. Loan Participation Notes, 6.49%, 02/02/16^(b)			$ 400,000		$ 425,880

7.75%, 02/02/21^(b)			400,000		446,000

Wind Acquisition Finance S.A. (Italy), Sr. Sec. Gtd. Notes, 7.25%, 02/15/18^(b)			800,000		802,000

11.75%, 07/15/17^(b)			520,000		534,300

					10,369,333

Total U.S. Dollar Denominated Bonds and Notes (Cost $162,848,086)					170,904,823


Non-U.S. Dollar Denominated Bonds & Notes–7.27%^(f)

Apparel, Accessories & Luxury Goods–0.30%

Boardriders S.A. (United States), Sr. Unsec. Gtd. Notes, 8.88%, 12/15/17^(b)	EUR		300,000		411,608


Broadcasting–0.66%
Central European Media Enterprises Ltd. (Czech Republic), REGS, Jr. Sec. Gtd. Euro Notes, 11.63%, 09/15/16^(b)	EUR		390,000		532,555

CET 21 spol sro (Czech Republic), Sr. Sec. Gtd. Notes, 9.00%, 11/01/17^(b)	EUR		210,000		299,050

Polish Television Holding B.V. (Poland), Sr. Sec. Notes, 11.25%, 05/15/17^(b)(g)	EUR		60,000		83,882

					915,487


Cable & Satellite–0.29%

Nara Cable Funding Ltd. (Spain), Sr. Sec. Gtd. Notes, 8.88%, 12/01/18^(b)	EUR		235,000		297,977

Ono Finance II PLC (Spain), REGS, Sr. Unsec. Gtd. Euro Notes, 11.13%, 07/15/19^(b)	EUR		100,000		116,720

					414,697


Casinos & Gaming–1.95%

Codere Finance Luxembourg S.A. (Spain), Sr. Sec. Gtd. Notes, 8.25%, 06/15/15^(b)	EUR		420,000		436,968

REGS, Sr. Sec. Gtd. Euro Notes, 8.25%, 06/15/15^(b)	EUR		450,000		468,180

Gala Group Finance PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 8.88%, 09/01/18^(b)	GBP		375,000		617,309

Gateway Casinos & Entertainment Ltd. (Canada), Sec. Gtd. Notes, 8.88%, 11/15/17^(b)	CAD		230,000		244,287

Great Canadian Gaming Corp. (Canada), Sr. Unsec. Gtd. Notes, 6.63%, 07/25/22^(b)	CAD		545,000		569,937

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

Invesco High Income Trust II


		Principal Amount		Value


Casinos & Gaming–(continued)

Spie BondCo 3 SCA, (Luxembourg), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 11.00%, 08/15/19^(b)	EUR		270,000		$ 375,714

					2,712,395


Construction & Farm Machinery & Heavy Trucks–0.19%

Mark IV Europe Lux SCA/Mark IV USA SCA (Luxembourg), Sr. Sec. Gtd. Notes, 8.88%, 12/15/17^(b)	EUR		189,000		263,615


Construction Materials–0.09%

Obrascon Huarte Lain S.A. (Spain), REGS, Sr. Unsec. Gtd. Medium- Term Euro Notes, 7.63%, 03/15/20^(b)	EUR		100,000		132,326


Distillers & Vintners–0.11%

CEDC Finance Corp. International Inc. (Poland), Sr. Sec. Gtd. Mortgage Notes, 8.88%, 12/01/16^(b)	EUR		230,000		153,296


Diversified Chemicals–0.33%

Kerling PLC (United Kingdom), Sr. Sec. Gtd. Notes, 10.63%, 02/01/17^(b)	EUR		375,000		466,351


Food Retail–0.40%

R&R Ice Cream PLC (United Kingdom), Sr. Sec. Gtd. Notes, 8.38%, 11/15/17^(b)	EUR		385,000		550,161


Health Care Technology–0.33%

Cegedim S.A. (France), Sr. Unsec. Euro Bonds, 7.00%, 07/27/15	EUR		350,000		456,313


Investment Banking & Brokerage–0.48%

Boparan Finance PLC (United Kingdom), REGS, Sr. Unsec. Gtd. Euro Notes, 9.75%, 04/30/18^(b)	EUR		460,000		667,027


Leisure Facilities–0.68%

Cirsa Funding Luxembourg S.A. (Spain), Sr. Unsec. Gtd. Notes, 8.75%, 05/15/18^(b)			275,000		344,226

REGS Sr. Unsec. Gtd. Euro Notes, 8.75%, 11/01/18^(b)			475,000		594,573

					938,799


Metal & Glass Containers–0.19%

Greif Luxembourg Finance SCA (United States), REGS, Sr. Unsec. Gtd. Euro Medium-Term Notes, 7.38%, 07/15/21^(b)	EUR		180,000		258,669


		Principal Amount		Value


Multi-Sector Holdings–0.12%

Odeon & UCI Finco PLC (United Kingdom), Sr. Sec. Gtd. Notes, 9.00%, 08/01/18^(b)	GBP		100,000		$ 165,577


Other Diversified Financial Services–0.42%

Numericable Finance & Co. SCA (Luxembourg), REGS, Sr. Sec. Euro Notes, 12.38%, 02/15/19^(b)	EUR		105,000		159,425

TVN Finance Corp II AB (Poland), Sr. Unsec. Gtd. Notes, 10.75%, 11/15/17^(b)	EUR		295,000		423,931

					583,356


Steel–0.16%

Schmolz + Bickenbach Luxembourg S.A. (Switzerland), Sr. Sec. Gtd. Notes, 9.88%, 05/15/19^(b)	EUR		210,000		224,765


Tires & Rubber–0.23%

Goodyear Dunlop Tires Europe B.V. (United States), Sr. Unsec. Gtd. Notes, 6.75%, 04/15/19^(b)	EUR		235,000		324,719


Wireless Telecommunication Services–0.34%

Matterhorn Mobile Holdings S.A. (Luxembourg), REGS, Sr. Sec. Gtd. Medium-Term Euro Notes, 8.25%, 02/15/20^(b)	EUR		165,000		232,929

Wind Acquisition Finance S.A. (Italy), Sec. Gtd. Notes, 11.75%, 07/15/17^(b)	EUR		175,000		234,415

					467,344

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $10,345,160)					10,106,505


		Shares

Preferred Stocks–2.96%

Automobile Manufacturers–0.18%

General Motors Co., Series B, $2.38 Conv. Pfd.^(h)			6,330		256,175


Consumer Finance–0.56%

Ally Financial, Inc., Series G, 7.00% Pfd.^(b)			795		774,082


Diversified Banks–0.16%

Royal Bank of Scotland PLC (The), (United Kingdom) Series T, 7.25% Jr. Sub. Pfd.			9,195		221,508


Industrial REIT’s–0.12%

DuPont Fabros Technology, Inc., Series B, 7.63% Pfd.			6,210		167,359

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

Invesco High Income Trust II


	Shares		Value


Multi-Line Insurance–0.70%

Hartford Financial Services Group Inc. (The), 7.88% Jr. Sub. Pfd.		34,920	$	973,220


Regional Banks–1.15%

Zions Bancorp., Series C, 9.50% Pfd.		61,405		1,599,600


Tires & Rubber–0.09%

Goodyear Tire & Rubber Co. (The), $2.94 Conv. Pfd.		2,715		122,012

Total Preferred Stocks (Cost $3,806,002)				4,113,956


Common Stocks & Other Equity Interests–0.26%

Apparel, Accessories & Luxury Goods–0.00%

Hosiery Corp. of America, Inc., Class A ^(h)		1,000		0


Automobile Manufacturers–0.26%

General Motors Co. ^(h)(i)		6,663		172,438

General Motors Co., Wts. expiring 07/10/16^(h)(i)		6,057		101,273

General Motors Co., Wts. expiring 07/10/19^(h)(i)		6,057		64,023

Motors Liquidation Co. GUC Trust ^(h)		1,673		32,582

				370,316

Total Common Stocks & Other Equity Interests (Cost $558,530)				370,316


Money Market Funds–0.95%

Liquid Assets Portfolio –Institutional Class ^(j)		660,340		660,340

Premier Portfolio –Institutional Class (j)		660,340		660,340

Total Money Market Funds (Cost $1,320,680)				1,320,680

TOTAL INVESTMENTS–134.33% (Cost $178,878,458)				186,816,280

OTHER ASSETS LESS LIABILITIES–2.02%				2,801,467

BORROWINGS–(36.35)%				(50,550,000	)

NET ASSETS–100.00%			$	139,067,747

Investment Abbreviations:


CAD		—Canadian Dollar

Conv.		—Convertible

Ctfs.		—Certificates

Deb.		—Debentures

EUR		—Euro

GBP		—British Pound

Gtd.		—Guaranteed

Jr.		—Junior

Pfd.		—Preferred

PIK		—Payment in Kind

REGS		—Regulation S

REIT		—Real Estate Investment Trust



Sec.		—Secured

Sr.		—Senior

Sub.		—Subordinated

Unsec.		—Unsecured

Wts.		—Warrants

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2012 was $56,578,408, which represented 40.68% of the Trust’s Net Assets.

^(c)	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at November 30, 2012 was $1,214,700, which represented 0.87% of the Trust’s Net Assets.

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2012.

^(e)	Perpetual bond with no specified maturity date.

^(f)	Foreign denominated security. Principal amount is denominated in currency indicated.

^(g)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(h)	Non-income producing security.

⁽ⁱ⁾	Acquired as part of the General Motors reorganization.

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

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

Invesco High Income Trust II

Notes to Quarterly Schedule of Portfolio Holdings

November 30, 2012

(Unaudited)

NOTE 1 -- Significant Accounting Policies

A.	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 (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations 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) prices 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 the Adviser determines 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 trade 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 economic 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 became 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.

Invesco High Income Trust II

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Trust’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Trust may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.

Foreign Currency Contracts – The Trust may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Trust may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Trust owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

Invesco High Income Trust II

NOTE 2 -- Additional Valuation Information

Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of November 30, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. 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.


	Level 1		Level 2			Level 3		Total

Equity Securities	$	4,998,288	$	806,664		$	0	$	5,804,952

Corporate Debt Securities		--		170,904,823			--		170,904,823

Foreign Debt Securities		--		10,106,505			--		10,106,505

	$	4,998,288	$	181,817,992		$	0	$	186,816,280

Foreign Currency Contracts*		--		(143,454	)		--		(143,454)

Total Investments	$	4,998,288	$	181,674,538		$	0	$	186,672,826

* Unrealized appreciation (depreciation).

NOTE 3 -- Derivative Investments

Open Foreign Currency Contracts at Period-End

Settlement
Date

Contract to

Notional

Unrealized
Appreciation

Counterparty

Deliver

Receive

Value

(Depreciation)

02/08/13

RBC Capital

Markets Corp.

EUR

5,944,000

USD

7,592,034

7,735,488

(143,454)

Invesco High Income Trust II

Closed Foreign Currency Contracts

Closed
Date

Contract to

Notional

Realized

Gain

Counterparty

Deliver

Receive

Value

(Loss)

11/19/12

RBC Capital

Markets Corp.

EUR

540,000

USD

689,720

$691,566

$(1,846)

Total foreign currency contracts

(145,300)

Currency Abbreviations:

EUR – Euro

USD – U.S. Dollar

NOTE 4 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the nine months ended November 30, 2012 was $51,860,228 and $38,965,138, respectively. 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	$	10,108,665

Aggregate unrealized (depreciation) of investment securities		(2,373,957)

Net unrealized appreciation of investment securities	$	7,734,708

Cost of investments for tax purposes is $179,081,572.

Invesco High Income Trust II

Item 2. Controls and Procedures.

(a)

As of November 19, 2012, 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 November 19, 2012, 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.

2411146

012213 (1) BO

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 High Income Trust II


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

Date:		January 29, 2013

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:		January 29, 2013


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

Date:		January 29, 2013

2286987

011713 (1) BO

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.