Edgar Filing: Invesco High Income Trust II

invesco.com/us

VK-CE-HINC2-QTR-1 05/13

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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: 05/31/13

Item 1. Schedule of Investments.



		Invesco High Income Trust II
		Quarterly Schedule of Portfolio Holdings May 31, 2013

Schedule of Investments^(a)

May 31, 2013

(Unaudited)


	Principal Amount		Value

U.S. Dollar Denominated Bonds and Notes–120.75%

Advertising–0.05%

National CineMedia LLC, Sr. Sec. Global Notes, 6.00%, 04/15/22	$	65,000	$	70,200

Aerospace & Defense–3.08%

B/E Aerospace Inc., Sr. Unsec. Notes, 5.25%, 04/01/22		190,000		200,450
Bombardier Inc. (Canada), Sr. Unsec. Notes, 5.75%, 03/15/22^(b)		175,000		183,313
6.13%, 01/15/23^(b)		290,000		306,675
7.75%, 03/15/20^(b)		605,000		713,900
DigitalGlobe Inc., Sr. Unsec. Gtd. Notes, 5.25%, 02/01/21^(b)		490,000		497,350
Erickson Air-Crane Inc., Sr. Sec. Gtd. Notes, 8.25%, 05/01/20^(b)		190,000		196,650
GenCorp Inc., Sr. Sec. Gtd. Notes, 7.13%, 03/15/21^(b)		740,000		795,500
Huntington Ingalls Industries Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 03/15/18		230,000		251,850
7.13%, 03/15/21		340,000		374,000
Sequa Corp., Sr. Unsec. Gtd. Notes, 7.00%, 12/15/17^(b)		270,000		271,688
Spirit Aerosystems Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 12/15/20		475,000		511,812
TransDigm Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 10/15/20^(b)		110,000		114,950
				4,418,138

Airlines–2.56%

Air Canada (Canada), Series 2013-1, Class B, Sec. Pass Through Ctfs., 5.38%, 05/15/21^(b)		215,000		223,331
American Airlines Pass Through Trust, Series 2011-1, Class B, Sec. Pass Through Ctfs., 7.00%, 01/31/18^(b)		535,106		572,563
Continental Airlines Pass Through Trust, Series 2007-1, Class C, Sec. Global Pass Through Ctfs., 7.34%, 04/19/14		479,202		493,878
Series 2009-2, Class B, Sec. Global Pass Through Ctfs., 9.25%, 05/10/17		160,277		180,411
Series 2012-3, Class C, Sr. Sec. Pass Through Ctfs., 6.13%, 04/29/18		200,000		209,500


	Principal Amount		Value

Airlines–(continued)

Delta Air Lines Pass Through Trust, Series 2010-1, Class B, Sec. Pass Through Ctfs., 6.38%, 01/02/16^(b)	$	175,000	$	185,391
Series 2010-2, Class B, Sec. Pass Through Ctfs., 6.75%, 11/23/15^(b)		215,000		227,900
UAL Pass Through Trust, Series 2009-2, Class B, Sr. Sec. Gtd. Pass Through Ctfs., 12.00%, 01/15/16^(b)		395,337		454,884
United Continental Holdings Inc., Sr. Unsec. Gtd. Notes, 6.38%, 06/01/18		525,000		540,750
US Airways Pass Through Trust, Series 1998-1, Class C, Sec. Pass Through Ctfs., 6.82%, 01/30/14		316,528		312,967
Series 2012-1, Class A, Sr. Sec. Pass Through Ctfs., 5.90%, 10/01/24		74,865		83,802
Series 2012-1, Class B, Sec. Pass Through Ctfs., 8.00%, 10/01/19		74,946		84,502
Series 2012-1, Class C, Sec. Pass Through Ctfs., 9.13%, 10/01/15		89,932		97,801
				3,667,680

Alternative Carriers–1.97%

Cogent Communications Group, Inc., Sr. Sec. Gtd. Notes, 8.38%, 02/15/18^(b)		530,000		594,925
Level 3 Communications Inc., Sr. Unsec. Global Notes, 8.88%, 06/01/19		290,000		316,825
11.88%, 02/01/19		635,000		733,425
Level 3 Financing Inc., Sr. Unsec. Gtd. Global Notes, 7.00%, 06/01/20		250,000		261,875
8.13%, 07/01/19		305,000		331,687
8.63%, 07/15/20		165,000		182,325
9.38%, 04/01/19		370,000		410,700
				2,831,762

Apparel Retail–1.00%

J. Crew Group Inc., Sr. Unsec. Gtd. Global Notes, 8.13%, 03/01/19		845,000		904,150
L Brands Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 02/15/22		245,000		263,069
Sr. Unsec. Gtd. Notes, 6.63%, 04/01/21		230,000		263,925
				1,431,144

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

Invesco High Income Trust II


	Principal Amount		Value

Apparel, Accessories & Luxury Goods–2.97%

Jones Group Inc./Apparel Group Holdings/Apparel Group USA/Footwear Accessories Retail, Sr. Unsec. Notes, 6.88%, 03/15/19	$	1,490,000	$	1,605,475
Levi Strauss & Co., Sr. Unsec. Global Notes, 6.88%, 05/01/22		100,000		111,500
7.63%, 05/15/20		1,690,000		1,888,575
PVH Corp., Sr. Unsec. Global Notes, 4.50%, 12/15/22		115,000		115,431
Quiksilver Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 04/15/15		545,000		544,319
				4,265,300

Application Software–0.36%

Nuance Communications Inc., Sr. Unsec. Gtd. Notes, 5.38%, 08/15/20^(b)		505,000		515,100

Auto Parts & Equipment–1.36%

Allison Transmission Inc., Sr. Unsec. Gtd. Notes, 7.13%, 05/15/19^(b)		790,000		851,225
American Axle & Manufacturing Inc., Sr. Unsec. Gtd. Notes, 6.25%, 03/15/21		315,000		329,962
6.63%, 10/15/22		245,000		265,213
Gestamp Funding Luxembourg S.A. (Spain), Sr. Sec. Notes, 5.63%, 05/31/20^(b)		310,000		304,083
Schaeffler Finance BV (Germany), Sr. Sec. Notes, 4.75%, 05/15/21^(b)		200,000		199,273
				1,949,756

Automobile Manufacturers–0.44%

Chrysler Group LLC/CG Co-Issuer Inc., Sec. Gtd. Global Notes, 8.00%, 06/15/19		560,000		625,800

Biotechnology–0.13%

STHI Holding Corp., Sr. Sec. Gtd. Notes, 8.00%, 03/15/18^(b)		170,000		186,150

Broadcasting–1.19%

Clear Channel Worldwide Holdings Inc., Series A, Sr. Unsec. Gtd. Notes, 6.50%, 11/15/22^(b)		150,000		158,625
Series B, Sr. Unsec. Gtd. Notes, 6.50%, 11/15/22^(b)		360,000		384,300
Sr. Unsec. Gtd. Sub. Global Notes, 7.63%, 03/15/20		900,000		960,750
LIN Television Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 01/15/21		125,000		134,062
Starz LLC/Starz Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 09/15/19		65,000		66,016
				1,703,753


	Principal Amount		Value

Building Products–4.22%

American Standard Americas, Sr. Sec. Notes, 10.75%, 01/15/16^(b)	$	750,000	$	793,125
Builders FirstSource Inc., Sr. Sec. Notes, 7.63%, 06/01/21^(b)		420,000		424,200
Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Notes, 6.25%, 02/01/21^(b)		950,000		1,004,625
Masco Corp., Sr. Unsec. Global Notes, 5.95%, 03/15/22		185,000		207,778
Nortek Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/21		1,025,000		1,124,938
10.00%, 12/01/18		660,000		740,850
Ply Gem Industries Inc., Sr. Unsec. Gtd. Global Notes, 9.38%, 04/15/17		132,000		144,540
USG Corp., Sr. Unsec. Gtd. Notes, 7.88%, 03/30/20^(b)		555,000		627,150
Sr. Unsec. Notes, 9.75%, 01/15/18		840,000		993,300
				6,060,506

Cable & Satellite–4.90%

CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Gtd. Notes, 5.25%, 03/15/21^(b)		390,000		396,825
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 03/15/23		675,000		642,937
5.88%, 07/15/22		260,000		261,950
Sr. Unsec. Gtd. Notes, 5.13%, 05/01/20^(b)		560,000		548,800
Hughes Satellite Systems Corp., Sr. Sec. Gtd. Global Notes, 6.50%, 06/15/19		485,000		532,288
Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/21		150,000		168,750
Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Notes, 7.25%, 10/15/20		1,325,000		1,444,250
Sr. Unsec. Gtd. Notes, 6.63%, 12/15/22^(b)		325,000		338,813
Lynx II Corp. (United Kingdom), Sr. Unsec. Notes, 6.38%, 04/15/23^(b)		400,000		420,000
Nara Cable Funding Ltd. (Spain), Sr. Sec. Gtd. Notes, 8.88%, 12/01/18^(b)		600,000		643,500
Ono Finance II PLC (Spain), Sr. Unsec. Gtd. Notes, 10.88%, 07/15/19^(b)		500,000		533,750
Sirius XM Radio Inc., Sr. Unsec. Notes, 4.25%, 05/15/20^(b)		230,000		224,825
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH (Germany), Sr. Sec. Gtd. Notes, 7.50%, 03/15/19^(b)		815,000		880,544
				7,037,232

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

Invesco High Income Trust II


	Principal Amount		Value

Casinos & Gaming–7.42%

Ameristar Casinos Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/21	$	590,000	$	646,050
Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 9.00%, 07/01/20		265,000		286,862
9.13%, 12/01/18		135,000		146,138
Caesars Entertainment Operating Co. Inc., Sec. Gtd. Global Notes, 12.75%, 04/15/18		260,000		184,600
Sr. Sec. Gtd. Global Notes, 10.00%, 12/15/15		130,000		114,725
Sr. Sec. Gtd. Notes, 9.00%, 02/15/20^(b)		370,000		357,975
Sr. Unsec. Gtd. Global Notes, 5.38%, 12/15/13		450,000		446,625
Caesars Operating Escrow LLC/Caesars Escrow Corp., Sr. Sec. Gtd. Notes, 9.00%, 02/15/20^(b)		270,000		261,225
9.00%, 02/15/20^(b)		185,000		178,987
CityCenter Holdings LLC/CityCenter Finance Corp., Sr. Sec. Gtd. Global Notes, 7.63%, 01/15/16		885,000		946,950
Sr. Sec. Gtd. Global PIK Notes, 10.75%, 01/15/17		618,798		677,584
Codere Finance Luxembourg S.A. (Spain), Sr. Sec. Gtd. Notes, 9.25%, 02/15/19^(b)		80,000		50,800
MCE Finance Ltd. (China), Sr. Unsec. Gtd. Notes, 5.00%, 02/15/21^(b)		200,000		201,500
MGM Resorts International, Sr. Unsec. Gtd. Global Notes, 6.63%, 12/15/21		590,000		641,625
8.63%, 02/01/19		610,000		722,850
Sr. Unsec. Gtd. Notes, 7.75%, 03/15/22		1,220,000		1,409,100
Seneca Gaming Corp., Sr. Unsec. Gtd. Notes, 8.25%, 12/01/18^(b)		645,000		696,600
Snoqualmie Entertainment Authority, Sr. Sec. Floating Rate Notes, 4.22%, 02/01/14^(b)(c)		795,000		792,019
Sr. Sec. Notes, 9.13%, 02/01/15^(b)		748,000		748,000
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec. Notes, 6.38%, 06/01/21^(b)		75,000		75,188
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Global Notes, 5.38%, 03/15/22		400,000		424,250
7.75%, 08/15/20		565,000		641,275
				10,650,928

Coal & Consumable Fuels–1.61%

Alpha Natural Resources Inc., Sr. Unsec. Gtd. Notes, 9.75%, 04/15/18		200,000		215,000
CONSOL Energy Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 04/01/20		790,000		876,900


	Principal Amount		Value

Coal & Consumable Fuels–(continued)

Peabody Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 11/15/18	$	638,000	$	684,255
Sr. Unsec. Gtd. Notes, 6.50%, 09/15/20		500,000		541,250
				2,317,405

Communications Equipment–1.50%

Avaya Inc., Sec. Gtd. Notes, 10.50%, 03/01/21^(b)		265,000		223,925
Sr. Sec. Gtd. Notes, 7.00%, 04/01/19^(b)		920,000		868,250
9.00%, 04/01/19^(b)		190,000		187,625
ViaSat Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 06/15/20		810,000		878,850
				2,158,650

Computer & Electronics Retail–0.70%

Rent-A-Center Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 11/15/20		935,000		1,006,294

Computer Storage & Peripherals–1.07%

Seagate HDD Cayman, Sr. Unsec. Gtd. Global Notes, 7.00%, 11/01/21		815,000		900,575
Sr. Unsec. Gtd. Notes, 4.75%, 06/01/23^(b)		645,000		628,875
				1,529,450

Construction & Engineering–2.06%

Abengoa Finance S.A.U. (Spain), Sr. Unsec. Gtd. Notes, 8.88%, 11/01/17^(b)		350,000		338,733
Dycom Investments Inc., Sr. Unsec. Gtd. Sub. Global Notes, 7.13%, 01/15/21		1,025,000		1,117,250
Tutor Perini Corp., Sr. Unsec. Gtd. Global Notes, 7.63%, 11/01/18		1,425,000		1,506,937
				2,962,920

Construction & Farm Machinery & Heavy Trucks–2.25%

Case New Holland Inc., Sr. Unsec. Gtd. Global Notes, 7.88%, 12/01/17		525,000		618,187
Commercial Vehicle Group Inc., Sec. Gtd. Global Notes, 7.88%, 04/15/19		585,000		595,238
Manitowoc Co. Inc. (The), Sr. Unsec. Gtd. Global Notes, 5.88%, 10/15/22		520,000		555,100
Sr. Unsec. Gtd. Notes, 8.50%, 11/01/20		295,000		336,300
Navistar International Corp., Sr. Unsec. Gtd. Notes, 8.25%, 11/01/21		392,000		405,720
Terex Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 05/15/21		100,000		106,250
Sr. Unsec. Gtd. Notes, 6.50%, 04/01/20		60,000		64,950

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)

Titan International Inc., Sr. Sec. Gtd. Global Notes, 7.88%, 10/01/17	$	515,000	$	553,625
				3,235,370

Construction Materials–1.83%

Cemex Finance LLC (Mexico), Sr. Sec. Gtd. Notes, 9.50%, 12/14/16^(b)		1,010,000		1,073,494
Cemex S.A.B de C.V. (Mexico), Sr. Sec. Gtd. Notes, 5.88%, 03/25/19^(b)		200,000		199,244
Texas Industries Inc., Sr. Unsec. Gtd. Global Notes, 9.25%, 08/15/20		1,220,000		1,354,200
				2,626,938

Consumer Finance–1.11%

Ally Financial Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/20		980,000		1,153,950
8.00%, 03/15/20		310,000		371,225
General Motors Financial Co. Inc., Sr. Unsec. Gtd. Notes, 4.75%, 08/15/17^(b)		70,000		74,025
				1,599,200

Data Processing & Outsourced Services–3.73%

CoreLogic, Inc., Sr. Unsec. Gtd. Global Notes, 7.25%, 06/01/21		1,145,000		1,259,500
First Data Corp., Sr. Sec. Gtd. Notes, 6.75%, 11/01/20^(b)		1,000,000		1,051,250
7.38%, 06/15/19^(b)		445,000		471,144
8.25%, 01/15/21^(b)		1,720,000		1,829,650
Sr. Unsec. Gtd. Global Notes, 12.63%, 01/15/21		105,000		115,237
Sr. Unsec. Gtd. Sub. Notes, 11.75%, 08/15/21^(b)		190,000		183,587
SunGard Data Systems Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 11/15/20		145,000		160,044
WEX Inc., Sr. Unsec. Gtd. Notes, 4.75%, 02/01/23^(b)		290,000		289,275
				5,359,687

Department Stores–0.44%

Sears Holdings Corp., Sr. Sec. Gtd. Global Notes, 6.63%, 10/15/18		640,000		625,600

Distillers & Vintners–0.23%

CEDC Finance Corp. International Inc. (Poland), Sr. Sec. Gtd. Mortgage Notes, 9.13%, 12/01/16^(b)(d)		325,000		271,375
Constellation Brands Inc., Sr. Unsec. Gtd. Notes, 6.00%, 05/01/22		55,000		62,013
				333,388


	Principal Amount		Value

Diversified Banks–0.54%

RBS Capital Trust II (United Kingdom), Jr. Unsec. Gtd. Sub. Global Bonds, 6.43%^(e)	$	300,000	$	287,250
Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Notes, 6.13%, 12/15/22		470,000		486,822
				774,072

Diversified Chemicals–0.23%

Eagle Spinco Inc., Sr. Unsec. Gtd. Notes, 4.63%, 02/15/21^(b)		95,000		96,188
Ineos Group Holdings PLC (Switzerland), Sr. Unsec. Gtd. Notes, 6.13%, 08/15/18^(b)		232,000		231,420
				327,608

Diversified Metals & Mining–1.83%

FMG Resources Pty. Ltd. (Australia), Sr. Unsec. Gtd. Notes, 6.38%, 02/01/16^(b)		550,000		563,750
6.88%, 04/01/22^(b)		370,000		375,550
8.25%, 11/01/19^(b)		495,000		523,462
Vedanta Resources PLC (India), Sr. Unsec. Notes, 6.00%, 01/31/19^(b)		610,000		609,144
9.50%, 07/18/18^(b)		295,000		339,019
Walter Energy Inc., Sr. Unsec. Gtd. Notes, 8.50%, 04/15/21^(b)		210,000		213,150
				2,624,075

Electrical Components & Equipment–0.52%

Belden Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 09/01/22^(b)		315,000		326,813
Polypore International Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 11/15/17		390,000		418,762
				745,575

Electronic Manufacturing Services–0.58%

Sanmina Corp., Sr. Unsec. Gtd. Notes, 7.00%, 05/15/19^(b)		775,000		831,188

Environmental & Facilities Services–0.31%

Clean Harbors Inc., Sr. Unsec. Gtd. Global Notes, 5.13%, 06/01/21		170,000		175,950
EnergySolutions Inc./LLC, Sr. Unsec. Gtd. Global Notes, 10.75%, 08/15/18		255,000		272,850
				448,800

Food Distributors–0.14%

ARAMARK Corp., Sr. Unsec. Gtd. Notes, 5.75%, 03/15/20^(b)		190,000		198,075

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

Invesco High Income Trust II


	Principal Amount		Value

Forest Products–0.43%

Boise Cascade Co., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/01/20	$	55,000	$	59,262
Emerald Plantation Holdings Ltd. (Cayman Islands), Sr. Sec. Gtd. Global Notes, 6.00%, 01/30/20^(f)		10,063		6,843
Millar Western Forest Products Ltd. (Canada), Sr. Unsec. Global Notes, 8.50%, 04/01/21		530,000		551,200
Sino-Forest Corp. (Hong Kong), Sr. Unsec. Gtd. Notes 6.25%, 10/21/17^(b)(d)		60,000		300
				617,605

Gas Utilities–1.60%

AmeriGas Finance LLC/Corp., Sr. Unsec. Gtd. Global Notes, 7.00%, 05/20/22		790,000		861,100
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/21		587,000		625,155
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 7.38%, 08/01/21		324,000		351,540
Sr. Unsec. Notes, 7.38%, 03/15/20		420,000		452,550
				2,290,345

Gold–0.21%

Eldorado Gold Corp. (Canada), Sr. Unsec. Notes, 6.13%, 12/15/20^(b)		290,000		295,800

Health Care Equipment–0.91%

Biomet Inc., Sr. Unsec. Gtd. Notes, 6.50%, 08/01/20^(b)		140,000		148,050
Sr. Unsec. Gtd. Sub. Notes, 6.50%, 10/01/20^(b)		445,000		456,125
DJO Finance LLC/Corp., Sr. Unsec. Gtd. Global Notes, 7.75%, 04/15/18		75,000		77,813
Sr. Unsec. Gtd. Sub. Global Notes, 9.75%, 10/15/17		215,000		226,287
Universal Hospital Services Inc., Sr. Sec. Gtd. Global Notes, 7.63%, 08/15/20		370,000		398,675
				1,306,950

Health Care Facilities–1.95%

HCA Holdings, Inc., Sr. Unsec. Notes, 6.25%, 02/15/21		610,000		658,800
HCA, Inc., Sr. Sec. Gtd. Global Notes, 5.88%, 03/15/22		330,000		363,825
Sr. Unsec. Gtd. Global Notes, 5.88%, 05/01/23		795,000		848,662
HealthSouth Corp., Sr. Unsec. Gtd. Notes, 7.75%, 09/15/22		171,000		189,383
Radiation Therapy Services Inc., Sr. Sec. Gtd. Global Notes, 8.88%, 01/15/17		120,000		114,900


	Principal Amount		Value

Health Care Facilities–(continued)

Tenet Healthcare Corp., Sr. Sec. Gtd. Notes, 4.75%, 06/01/20^(b)	$	50,000	$	51,000
Sr. Unsec. Global Notes, 6.75%, 02/01/20		370,000		391,275
Sr. Unsec. Global Notes, 8.00%, 08/01/20		170,000		188,275
				2,806,120

Health Care Services–0.37%

Prospect Medical Holdings Inc., Sr. Sec. Notes, 8.38%, 05/01/19^(b)		485,000		526,225

Health Care Technology–0.55%

MedAssets Inc., Sr. Unsec. Gtd. Global Notes, 8.00%, 11/15/18		710,000		782,775

Homebuilding–4.30%

Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 8.13%, 06/15/16		450,000		502,875
Sr. Unsec. Gtd. Notes, 7.25%, 02/01/23^(b)		135,000		144,113
Sr. Unsec. Gtd. Notes, 9.13%, 06/15/18		475,000		514,781
K. Hovnanian Enterprises Inc., Sr. Sec. Gtd. Notes, 7.25%, 10/15/20^(b)		565,000		625,737
Sr. Unsec. Gtd. Global Notes, 6.25%, 01/15/16		790,000		823,575
Sr. Unsec. Gtd. Notes, 7.50%, 05/15/16		170,000		182,113
11.88%, 10/15/15		120,000		138,600
Lennar Corp., Sr. Unsec. Gtd. Global Notes, 6.95%, 06/01/18		580,000		663,375
Sr. Unsec. Gtd. Notes, 4.75%, 11/15/22^(b)		140,000		141,225
M/I Homes Inc., Sr. Unsec. Gtd. Global Notes, 8.63%, 11/15/18		625,000		695,312
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 7.00%, 04/01/22		220,000		249,700
Ryland Group Inc. (The), Sr. Unsec. Gtd. Notes, 5.38%, 10/01/22		435,000		454,031
Taylor Morrison Communities Inc./ Monarch Communities Inc., Sr. Unsec. Gtd. Notes, 5.25%, 04/15/21^(b)		80,000		80,800
7.75%, 04/15/20^(b)		678,000		755,970
Toll Brothers Finance Corp., Sr. Unsec. Gtd. Notes, 5.88%, 02/15/22		185,000		207,200
				6,179,407

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

Invesco High Income Trust II


	Principal Amount		Value

Hotels, Resorts & Cruise Lines–0.47%

Royal Caribbean Cruises Ltd., Sr. Unsec. Global Notes, 5.25%, 11/15/22	$	390,000	$	410,475
7.25%, 03/15/18		105,000		121,800
7.50%, 10/15/27		120,000		137,400
				669,675

Household Products–0.66%

Central Garden & Pet Co., Sr. Unsec. Gtd. Sub. Notes, 8.25%, 03/01/18		300,000		313,125
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC, Sr. Sec. Gtd. Global Notes, 5.75%, 10/15/20		255,000		261,375
7.13%, 04/15/19		355,000		378,962
				953,462

Housewares & Specialties–0.27%

American Greetings Corp., Sr. Unsec. Gtd. Notes, 7.38%, 12/01/21		325,000		330,688
Spectrum Brands Escrow Corp., Sr. Unsec. Gtd. Notes, 6.38%, 11/15/20^(b)		55,000		59,400
				390,088

Independent Power Producers & Energy Traders–0.69%

AES Corp. (The), Sr. Unsec. Global Notes, 7.38%, 07/01/21		180,000		211,500
Sr. Unsec. Global Notes, 8.00%, 10/15/17		34,000		40,205
NRG Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 01/15/18		346,000		392,710
Sr. Unsec. Gtd. Notes, 6.63%, 03/15/23^(b)		140,000		150,500
Red Oak Power LLC, Series A, Sr. Sec. Bonds, 8.54%, 11/30/19		181,565		197,452
				992,367

Industrial Machinery–0.65%

Actuant Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/15/22		205,000		212,688
Columbus McKinnon Corp., Sr. Unsec. Gtd. Sub. Global Notes, 7.88%, 02/01/19		55,000		59,675
SPX Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 09/01/17		595,000		663,425
				935,788

Internet Software & Services–1.22%

CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Notes, 6.38%, 11/15/22^(b)		535,000		572,450
Equinix Inc., Sr. Unsec. Notes, 5.38%, 04/01/23		475,000		496,375
7.00%, 07/15/21		445,000		498,400


	Principal Amount		Value

Internet Software & Services–(continued)

VeriSign Inc., Sr. Unsec. Gtd. Notes, 4.63%, 05/01/23^(b)	$	185,000	$	186,619
				1,753,844

Leisure Facilities–0.38%

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., Sr. Unsec. Gtd. Notes, 5.25%, 03/15/21^(b)		310,000		311,550
Speedway Motorsports Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 02/01/19		215,000		230,319
				541,869

Marine–0.14%

Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. Global Notes, 8.63%, 11/01/17		200,000		207,500

Movies & Entertainment–1.75%

AMC Entertainment Inc., Sr. Unsec. Gtd. Global Notes, 8.75%, 06/01/19		495,000		544,500
Cinemark USA Inc., Sr. Unsec. Gtd. Global Notes, 5.13%, 12/15/22		420,000		428,400
Coinstar Inc., Sr. Unsec. Gtd. Notes, 6.00%, 03/15/19^(b)		525,000		540,750
Live Nation Entertainment Inc., Sr. Unsec. Gtd. Notes, 7.00%, 09/01/20^(b)		920,000		1,005,100
				2,518,750

Multi-Line Insurance–2.87%

American International Group Inc., Jr. Unsec. Sub. Global Deb., 8.18%, 05/15/58		200,000		264,649
Fairfax Financial Holdings Ltd. (Canada), Sr. Unsec. Notes, 5.80%, 05/15/21^(b)		290,000		310,242
Hartford Financial Services Group Inc. (The), Jr. Unsec. Sub. Deb., 8.13%, 06/15/38		570,000		681,150
Liberty Mutual Group Inc., Jr. Unsec. Gtd. Sub. Bonds, 7.80%, 03/15/37^(b)		1,234,000		1,480,800
Nationwide Mutual Insurance Co., Unsec. Sub. Notes, 9.38%, 08/15/39^(b)		940,000		1,386,107
				4,122,948

Office Services & Supplies–0.09%

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

Oil & Gas Drilling–0.66%

Atwood Oceanics Inc., Sr. Unsec. Notes, 6.50%, 02/01/20		63,000		67,725
Precision Drilling Corp. (Canada), Sr. Unsec. Gtd. Global Notes, 6.50%, 12/15/21		815,000		878,162
				945,887

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

Invesco High Income Trust II


	Principal Amount		Value

Oil & Gas Equipment & Services–2.09%

Bristow Group, Inc., Sr. Unsec. Gtd. Notes, 6.25%, 10/15/22	$	795,000	$	864,562
Calfrac Holdings L.P. (Canada), Sr. Unsec. Gtd. Notes, 7.50%, 12/01/20^(b)		1,060,000		1,094,450
Exterran Partners L.P./EXLP Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 04/01/21^(b)		190,000		195,700
Gulfmark Offshore Inc., Sr. Unsec. Global Notes, 6.38%, 03/15/22		808,000		844,360
				2,999,072

Oil & Gas Exploration & Production–8.13%

Berry Petroleum Co., Sr. Unsec. Notes, 6.38%, 09/15/22		430,000		448,275
6.75%, 11/01/20		195,000		211,088
Bonanza Creek Energy Inc., Sr. Unsec. Gtd. Notes, 6.75%, 04/15/21^(b)		559,000		593,937
Chaparral Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 11/15/22		695,000		747,125
8.25%, 09/01/21		525,000		577,500
Chesapeake Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 11/15/20		665,000		749,787
Sr. Unsec. Gtd. Notes, 5.75%, 03/15/23		180,000		188,100
6.13%, 02/15/21		342,000		372,780
6.63%, 08/15/20		105,000		116,944
Cimarex Energy Co., Sr. Unsec. Gtd. Notes, 5.88%, 05/01/22		680,000		730,150
EV Energy Partners L.P./EV Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 8.00%, 04/15/19		321,000		336,248
EXCO Resources Inc., Sr. Unsec. Gtd. Notes, 7.50%, 09/15/18		665,000		665,000
Forest Oil Corp., Sr. Unsec. Gtd. Global Notes, 7.25%, 06/15/19		35,000		35,000
Halcon Resources Corp., Sr. Unsec. Gtd. Global Notes, 8.88%, 05/15/21		891,000		913,275
Laredo Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 05/01/22		75,000		82,875
Legacy Reserves LP/Legacy Reserves Finance Corp., Sr. Unsec. Gtd. Notes, 6.63%, 12/01/21^(b)		145,000		142,825
MEG Energy Corp. (Canada), Sr. Unsec. Gtd. Notes, 6.38%, 01/30/23^(b)		127,000		130,810
6.50%, 03/15/21^(b)		465,000		483,600
Memorial Production Partners L.P./Memorial Production Finance Corp., Sr. Unsec. Gtd. Notes, 7.63%, 05/01/21^(b)		758,000		773,160
QEP Resources Inc., Sr. Unsec. Global Notes, 5.25%, 05/01/23		220,000		224,400
Sr. Unsec. Notes, 5.38%, 10/01/22		390,000		401,700


	Principal Amount		Value

Oil & Gas Exploration & Production–(continued)

Range Resources Corp., Sr. Unsec. Gtd. Sub. Notes, 5.00%, 08/15/22	$	100,000	$	102,250
5.75%, 06/01/21		655,000		695,937
SandRidge Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 03/15/21		665,000		688,275
SM Energy Co., Sr. Unsec. Global Notes, 6.50%, 11/15/21		215,000		235,425
6.50%, 01/01/23		160,000		176,800
6.63%, 02/15/19		430,000		462,250
WPX Energy Inc., Sr. Unsec. Global Notes, 6.00%, 01/15/22		355,000		386,063
				11,671,579

Oil & Gas Refining & Marketing–1.28%

Crosstex Energy L.P./Crosstex Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 7.13%, 06/01/22		285,000		306,375
CVR Refining LLC/Coffeyville Finance Inc., Sr. Sec. Gtd. Notes, 6.50%, 11/01/22^(b)		708,000		736,320
Tesoro Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Notes, 5.88%, 10/01/20^(b)		205,000		216,019
United Refining Co., Sr. Sec. Gtd. Global Notes, 10.50%, 02/28/18		510,000		581,400
				1,840,114

Oil & Gas Storage & Transportation–4.88%

Access Midstream Partners L.P./ACMP Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 04/15/21		495,000		525,937
6.13%, 07/15/22		55,000		59,125
Atlas Pipeline Partners L.P./Atlas Pipeline Finance Corp., Sr. Unsec. Gtd. Notes, 5.88%, 08/01/23^(b)		165,000		170,775
6.63%, 10/01/20^(b)		525,000		561,750
Eagle Rock Energy Partners L.P./Eagle Rock Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 8.38%, 06/01/19		1,084,000		1,146,330
Energy Transfer Equity L.P., Sr. Sec. Gtd. Notes, 7.50%, 10/15/20		630,000		726,075
Inergy Midstream L.P./NRGM Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 12/15/20^(b)		642,000		678,915
MarkWest Energy Partners L.P./MarkWest Energy Finance Corp., Sr. Unsec. Gtd. Notes, 5.50%, 02/15/23		240,000		252,000
6.50%, 08/15/21		734,000		798,225
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. II, Sr. Unsec. Gtd. Notes, 6.50%, 05/15/21^(b)		239,000		241,689
Rockies Express Pipeline LLC, Sr. Unsec. Notes, 6.00%, 01/15/19^(b)		65,000		64,350

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

Invesco High Income Trust II


	Principal Amount		Value

Oil & Gas Storage & Transportation–(continued)

Sabine Pass Liquefaction LLC, Sr. Sec. Notes, 5.63%, 02/01/21^(b)	$	320,000	$	324,000
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 08/01/22		109,000		117,993
6.88%, 02/01/21		860,000		933,100
Teekay Corp. (Canada), Sr. Unsec. Global Notes, 8.50%, 01/15/20		370,000		411,625
				7,011,889

Other Diversified Financial Services–1.54%

Citigroup Inc., Series A, Jr. Unsec. Sub. Global Notes, 5.95%^(e)		895,000		943,106
Compiler Finance Sub Inc., Sr. Unsec. Notes, 7.00%, 05/01/21^(b)		40,000		40,200
Jefferies Finance LLC/JFIN Co-Issuer Inc., Sr. Unsec. Notes, 7.38%, 04/01/20^(b)		810,000		825,187
Oxford Finance LLC/Oxford Finance Co-Issuer Inc., Sr. Unsec. Notes, 7.25%, 01/15/18^(b)		375,000		402,188
				2,210,681

Packaged Foods & Meats–1.57%

Del Monte Corp., Sr. Unsec. Gtd. Global Notes, 7.63%, 02/15/19		370,000		384,800
Post Holdings Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 02/15/22		755,000		843,712
Simmons Foods Inc., Sr. Sec. Notes, 10.50%, 11/01/17^(b)		520,000		561,600
Wells Enterprises Inc., Sr. Sec. Notes, 6.75%, 02/01/20^(b)		425,000		456,875
				2,246,987

Paper Packaging–0.33%

Cascades Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 7.88%, 01/15/20		438,000		473,040

Paper Products–0.69%

Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes, 7.13%, 11/01/18		141,000		153,337
Neenah Paper Inc., Sr. Unsec. Gtd. Notes, 5.25%, 05/15/21^(b)		84,000		85,050
PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes, 5.38%, 10/15/20		240,000		255,600
Unifrax I LLC/Unifrax Holding Co., Sr. Unsec. Gtd. Notes, 7.50%, 02/15/19^(b)		470,000		491,150
				985,137

Personal Products–0.34%

Avon Products, Inc., Sr. Unsec. Global Notes, 4.60%, 03/15/20		110,000		116,513
First Quality Finance Co., Sr. Unsec. Notes, 4.63%, 05/15/21^(b)		116,000		114,550
Revlon Consumer Products Corp., Sr. Unsec. Gtd. Notes, 5.75%, 02/15/21^(b)		250,000		256,875
				487,938


	Principal Amount		Value

Real Estate Services–0.33%

CB Richard Ellis Services Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 10/15/20	$	445,000	$	480,600

Regional Banks–2.78%

AmSouth Bancorp., Unsec. Sub. Deb., 6.75%, 11/01/25		155,000		178,103
Regions Bank, Unsec. Sub. Global Notes, 6.45%, 06/26/37		400,000		444,834
Regions Financial Corp., Unsec. Sub. Notes, 7.38%, 12/10/37		900,000		1,051,856
Synovus Financial Corp., Sr. Unsec. Global Notes, 7.88%, 02/15/19		335,000		391,950
Unsec. Sub. Global Notes, 5.13%, 06/15/17		1,155,000		1,180,988
Zions Bancorp., Jr. Unsec. Sub. Notes, 5.80% ^(c)(e)		730,000		737,300
				3,985,031

Research & Consulting Services–0.44%

FTI Consulting Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 10/01/20		580,000		624,950

Semiconductor Equipment–1.78%

Amkor Technology Inc., Sr. Unsec. Global Notes, 6.38%, 10/01/22		90,000		91,575
6.63%, 06/01/21		1,060,000		1,091,800
Sr. Unsec. Gtd. Global Notes, 7.38%, 05/01/18		475,000		505,875
Sensata Technologies B.V. (Luxembourg), Sr. Unsec. Gtd. Notes, 6.50%, 05/15/19^(b)		790,000		859,125
				2,548,375

Semiconductors–1.11%

Freescale Semiconductor Inc., Sr. Unsec. Gtd. Global Notes, 8.05%, 02/01/20		560,000		602,000
10.75%, 08/01/20		64,000		72,800
NXP BV/NXP Funding LLC (Netherlands), Sr. Unsec. Gtd. Notes, 5.75%, 02/15/21^(b)		480,000		502,800
Sr. Unsec. Notes, 5.75%, 03/15/23^(b)		400,000		418,000
				1,595,600

Sovereign Debt–0.32%

Slovenia Government International (Slovenia), Sr. Unsec. Bond, 5.85%, 05/10/23^(b)		200,000		198,500
Unsec. Bond, 4.75%, 05/10/18^(b)		258,000		254,775
				453,275

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

Invesco High Income Trust II


	Principal Amount		Value

Specialized Finance–5.89%

Air Lease Corp., Sr. Unsec. Global Notes, 6.13%, 04/01/17	$	745,000	$	809,256
Aircastle Ltd., Sr. Unsec. Global Notes, 6.25%, 12/01/19		70,000		76,300
Sr. Unsec. Global Notes, 6.75%, 04/15/17		985,000		1,088,425
7.63%, 04/15/20		400,000		461,000
CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/22		435,000		465,450
5.25%, 03/15/18		1,063,000		1,148,040
Sr. Unsec. Notes, 5.50%, 02/15/19^(b)		605,000		657,937
International Lease Finance Corp., Sr. Sec. Gtd. Notes, 7.13%, 09/01/18^(b)		360,000		421,875
Sr. Unsec. Global Notes, 3.88%, 04/15/18		275,000		275,516
4.63%, 04/15/21		145,000		143,913
8.75%, 03/15/17		2,207,000		2,607,570
Sr. Unsec. Notes, 8.25%, 12/15/20		245,000		297,675
				8,452,957

Specialized REIT’s–0.31%

MPT Operating Partnership L.P./MPT Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 05/01/21		405,000		449,550

Specialty Chemicals–1.13%

Ferro Corp., Sr. Unsec. Notes, 7.88%, 08/15/18		340,000		360,400
Magnetation LLC/ Mag Finance Corp., Sr. Sec. Gtd. Notes, 11.00%, 05/15/18^(b)		130,000		135,200
PolyOne Corp., Sr. Unsec. Notes, 5.25%, 03/15/23^(b)		690,000		712,425
7.38%, 09/15/20		60,000		66,300
PQ Corp., Sr. Sec. Notes, 8.75%, 05/01/18^(b)		330,000		353,100
				1,627,425

Specialty Stores–0.50%

Michaels Stores Inc., Sr. Unsec. Gtd. Global Notes, 7.75%, 11/01/18		655,000		712,313

Steel–1.75%

ArcelorMittal (Luxembourg), Sr. Unsec. Global Notes, 6.75%, 02/25/22		190,000		204,595
Commercial Metals Co., Sr. Unsec. Notes, 4.88%, 05/15/23		90,000		86,175
Steel Dynamics Inc., Sr. Unsec. Gtd. Notes, 6.13%, 08/15/19^(b)		550,000		599,500
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.38%, 02/01/20^(b)		860,000		918,050


	Principal Amount		Value

Steel–(continued)

United States Steel Corp., Sr. Unsec. Global Notes, 7.50%, 03/15/22	$	420,000	$	434,700
Sr. Unsec. Notes, 7.00%, 02/01/18		250,000		266,250
				2,509,270

Technology Distributors–0.07%

Anixter Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/19		90,000		96,075

Tires & Rubber–0.42%

Cooper Tire & Rubber Co., Sr. Unsec. Notes, 8.00%, 12/15/19		515,000		599,975

Trading Companies & Distributors–0.21%

RSC Equipment Rental Inc./ RSC Holdings III LLC, Sr. Unsec. Global Notes, 8.25%, 02/01/21		220,000		244,750
United Rentals North America Inc., Sr. Sec. Gtd. Global Notes, 5.75%, 07/15/18		55,000		58,988
				303,738

Trucking–1.85%

Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 01/15/19		1,010,000		1,108,475
9.75%, 03/15/20		160,000		188,200
Hertz Corp. (The), Sr. Unsec. Gtd. Global Notes, 5.88%, 10/15/20		40,000		42,600
6.75%, 04/15/19		470,000		512,887
7.38%, 01/15/21		720,000		798,300
				2,650,462

Wireless Telecommunication Services–8.51%

Cricket Communications, Inc., Sr. Unsec. Gtd. Global Notes, 7.75%, 10/15/20		1,535,000		1,538,837
Digicel Group Ltd. (Jamaica), Sr. Unsec. Notes, 8.25%, 09/30/20^(b)		225,000		240,750
Digicel Ltd. (Jamaica), Sr. Unsec. Notes, 6.00%, 04/15/21^(b)		655,000		659,094
7.00%, 02/15/20^(b)		235,000		245,575
Intelsat Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.75%, 06/01/21^(b)		680,000		719,100
8.13%, 06/01/23^(b)		370,000		397,750
MetroPCS Wireless Inc., Sr. Unsec. Gtd. Notes, 6.25%, 04/01/21^(b)		450,000		472,500
6.63%, 11/15/20		715,000		768,625
6.63%, 04/01/23^(b)		450,000		477,000
7.88%, 09/01/18		515,000		562,637
SBA Communications Corp., Sr. Unsec. Notes, 5.63%, 10/01/19^(b)		330,000		344,438

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

Invesco High Income Trust II


	Principal Amount		Value

Wireless Telecommunication Services–(continued)

Sprint Capital Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 11/15/28	$	950,000	$	958,312
6.90%, 05/01/19		780,000		845,325
Sprint Nextel Corp., Sr. Unsec. Global Notes, 6.00%, 11/15/22		700,000		728,000
7.00%, 08/15/20		130,000		141,538
11.50%, 11/15/21		165,000		228,525
Sr. Unsec. Gtd. Notes, 7.00%, 03/01/20^(b)		445,000		500,069
9.00%, 11/15/18^(b)		430,000		523,525
Sr. Unsec. Notes, 8.38%, 08/15/17		30,000		34,725
Vimpel Communications via VIP Finance Ireland Ltd. OJSC (Russia), Sr. Unsec. Loan Participation Notes, 7.75%, 02/02/21^(b)		400,000		444,600
Wind Acquisition Finance S.A. (Italy), Sr. Sec. Gtd. Notes, 7.25%, 02/15/18^(b)		800,000		838,000
11.75%, 07/15/17^(b)		520,000		551,200
				12,220,125
Total U.S. Dollar Denominated Bonds and Notes (Cost $163,703,297)				173,315,507

Non-U.S. Dollar Denominated Bonds & Notes–7.02%^(g)

Apparel, Accessories & Luxury Goods–0.45%

Boardriders S.A., Sr. Unsec. Gtd. Notes, 8.88%, 12/15/17^(b)	EUR	300,000		417,171
Takko Luxembourg 2 S.C.A (Germany), Sr. Sec. Gtd. Notes, 9.88%, 04/15/19^(b)	EUR	180,000		224,571
				641,742

Broadcasting–0.65%

Central European Media Enterprises Ltd. (Czech Republic), REGS, Jr. Sec. Gtd. Euro Notes, 11.63%, 09/15/16^(b)	EUR	390,000		538,674
CET 21 spol sro (Czech Republic), Sr. Sec. Gtd. Notes, 9.00%, 11/01/17^(b)	EUR	210,000		304,983
Polish Television Holding B.V. (Poland), Sr. Sec. Notes, 11.25%, 05/15/17^(b)(h)	EUR	60,000		84,214
				927,871

Cable & Satellite–0.23%

Nara Cable Funding Ltd. (Spain), Sr. Sec. Gtd. Notes, 8.88%, 12/01/18^(b)	EUR	235,000		324,876


	Principal Amount		Value

Casinos & Gaming–1.47%

Codere Finance Luxembourg S.A. (Spain), Sr. Sec. Gtd. Notes, 8.25%, 06/15/15^(b)	EUR	420,000	$	357,520
REGS, Sr. Sec. Gtd. Euro Notes, 8.25%, 06/15/15^(b)	EUR	230,000		195,785
Gala Group Finance PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 8.88%, 09/01/18^(b)	GBP	375,000		615,316
Great Canadian Gaming Corp. (Canada), Sr. Unsec. Gtd. Notes, 6.63%, 07/25/22^(b)	CAD	545,000		559,824
Spie BondCo 3 SCA, (Luxembourg), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 11.00%, 08/15/19^(b)	EUR	270,000		381,156
				2,109,601

Construction Materials–0.10%

Obrascon Huarte Lain S.A. (Spain), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 7.63%, 03/15/20^(b)	EUR	100,000		140,682

Distillers & Vintners–0.13%

CEDC Finance Corp. International Inc. (Poland), Sr. Sec. Gtd. Mortgage Notes, 8.88%, 12/01/16^(b)(d)	EUR	180,000		194,160

Diversified Banks–0.28%

Co-Operative Group Holdings (2011) Ltd. (United Kingdom), Sr. Unsec. Gtd. Euro Notes, 5.63%, 07/08/20^(h)	GBP	265,000		406,641

Electric Utilities–0.25%

Infinis PLC (United Kingdom), Sr. Sec. Notes, 7.00%, 02/15/19^(b)	GBP	230,000		354,680

Food Distributors–0.64%

Bakkavor Finance 2 PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 8.25%, 02/15/18^(b)	GBP	580,000		918,645

Hotels, Resorts & Cruise Lines–0.22%

Thomas Cook Finance PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 7.75%, 06/15/20^(b)	EUR	250,000		317,793

Leisure Facilities–0.55%

Cirsa Funding Luxembourg S.A. (Spain), Sr. Unsec. Gtd. Notes, 8.75%, 05/15/18^(b)	EUR	275,000		364,709
REGS, Sr. Unsec. Gtd. Euro Notes, 8.75%, 05/15/18^(b)	EUR	325,000		431,020
				795,729

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

Invesco High Income Trust II


	Principal Amount		Value

Metal & Glass Containers–0.18%

Greif Luxembourg Finance SCA, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 7.38%, 07/15/21^(b)	EUR	180,000	$	266,093

Multi-Sector Holdings–0.37%

KM Germany Holdings GmbH (Germany), Sr. Sec. Gtd. Notes, 8.75%, 12/15/20^(b)	EUR	265,000		366,780
Odeon & UCI Finco PLC (United Kingdom), Sr. Sec. Gtd. Notes, 9.00%, 08/01/18^(b)	GBP	100,000		164,654
				531,434

Other Diversified Financial Services–1.17%

AG Spring Finance II Ltd. (Spain), Sr. Sec. Notes, 9.50%, 06/01/19^(b)	EUR	160,000		194,316
AG Spring Finance Ltd. (Spain), Sr. Sec. Gtd. Notes, 7.50%, 06/01/18^(b)	EUR	160,000		199,827
Cabot Financial Luxembourg S.A. (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 10.38%, 10/01/19^(b)	GBP	405,000		701,461
Numericable Finance & Co. SCA (Luxembourg), REGS, Sr. Sec. Euro Notes, 12.38%, 02/15/19^(b)	EUR	105,000		160,679
TVN Finance Corp II AB (Poland), Sr. Unsec. Gtd. Notes, 10.75%, 11/15/17^(b)	EUR	295,000		416,928
				1,673,211

Wireless Telecommunication Services–0.33%

Matterhorn Mobile Holdings S.A. (Luxembourg), REGS, Sr. Sec. Gtd. Medium-Term Euro Notes, 8.25%, 02/15/20^(b)	EUR	165,000		231,053
Wind Acquisition Finance S.A. (Italy), Sec. Gtd. Notes, 11.75%, 07/15/17^(b)	EUR	175,000		240,507
				471,560
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $10,352,303)				10,074,718

	Shares

Preferred Stocks–3.66%

Automobile Manufacturers–0.22%

General Motors Co., Series B, $2.38 Conv. Pfd.		6,330		308,967

Consumer Finance–0.54%

Ally Financial, Inc., Series G, 7.00% Pfd.^(b)		795		779,448

Diversified Banks–0.34%

Royal Bank of Scotland Group PLC (The) (United Kingdom), Series T, 7.25% Jr. Sub. Pfd.		19,270		482,135


	Shares		Value

Industrial REIT’s–0.11%

DuPont Fabros Technology, Inc., Series B, 7.63% Pfd.		6,210	$	163,634

Investment Banking & Brokerage–0.30%

Goldman Sachs Group, Inc. (The), Series J, 5.50% Pfd.		16,950		435,446

Multi-Line Insurance–0.75%

Hartford Financial Services Group Inc. (The) 7.88% Jr. Sub. Pfd.		34,920		1,068,552

Regional Banks–1.31%

Zions Bancorp., Series C, 9.50% Pfd.		61,405		1,564,599
Zions Bancorp., Series H, 5.75% Pfd.		13,000		322,140
				1,886,739

Tires & Rubber–0.09%

Goodyear Tire & Rubber Co. (The) $2.94 Conv. Pfd.		2,715		135,614
Total Preferred Stocks (Cost $4,809,499)				5,260,535

Common Stocks & Other Equity Interests–0.49%

Apparel, Accessories & Luxury Goods–0.00%

HCI Direct, Inc. -Class A ⁽ⁱ⁾		1,000		0

Automobile Manufacturers–0.37%

General Motors Co. ^(i)(j)		6,663		225,809
General Motors Co. -Wts. expiring 07/10/16^(i)(j)		6,057		148,336
General Motors Co. -Wts. expiring 07/10/19^(i)(j)		6,057		101,758
Motors Liquidation Co. GUC Trust ⁽ⁱ⁾		1,673		52,992
				528,895

Forest Products–0.00%

Emerald Plantation Holdings Ltd. (Cayman Islands)^(f)(i)		9,308		2,327

Paper Products–0.12%

NewPage Holdings Inc. ^(b)(k)		1,840		174,800
Total Common Stocks & Other Equity Interests (Cost $972,233)				706,022

Money Market Funds–1.24%

Liquid Assets Portfolio –Institutional Class ^(l)		888,611		888,611
Premier Portfolio –Institutional Class ^(l)		888,611		888,611
Total Money Market Funds (Cost $1,777,222)				1,777,222
TOTAL INVESTMENTS–133.16% (Cost $181,614,554)				191,134,004
OTHER ASSETS LESS LIABILITIES–(33.16)%				(47,600,448	)
NET ASSETS–100.00%			$	143,533,556

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

Invesco High Income Trust II

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 “1933 Act”). 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 May 31, 2013 was $72,072,489, which represented 50.21% of the Trust’s Net Assets.

^(c)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2013.

^(d)	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at May 31, 2013 was $465,835, which represented less than 1% of the Trust’s Net Assets.

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

^(f)	Acquired as part of the Sino-Forest Corp. reorganization.

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

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

⁽ⁱ⁾	Non-income producing security.

^(j)	Acquired as part of the General Motors reorganization.

^(k)	Non-income producing security as part of the NewPage Corp. bankruptcy reorganization.

^(l)	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

May 31, 2013

(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.

Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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’ prices 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.

Invesco High Income Trust II

A.	Security Valuations – (continued)

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 Fund’s officers following procedures approved by the Board of Directors. 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.

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.

Invesco High Income Trust II

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.

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 May 31, 2013. 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	$	6,734,212	$	1,009,567	$	--	$	7,743,779
Corporate Debt Securities		--		182,936,950		--		182,936,950
Foreign Government Debt Securities		--		453,275		--		453,275
	$	6,734,212	$	184,399,792	$	--	$	191,134,004
Foreign Currency Contracts*		--		89,876		--		89,876
Total Investments	$	6,734,212	$	184,489,668	$	--	$	191,223,880

* Unrealized appreciation.

NOTE 3 -- Derivative Investments

Open Foreign Currency Contracts

Settlement
Date

Contract to

Notional

Unrealized

Counterparty

Deliver

Receive

Value

Appreciation

08/08/13

RBC Capital
Markets Corp.

EUR

4,535,000

USD

5,928,252

5,895,897

32,355

08/08/13

RBC Capital
Markets Corp.

GBP

1,926,000

USD

2,982,333

2,924,812

57,521

Total open foreign currency contracts

89,876

Currency Abbreviations:

EUR -- Euro

GBP -- British Pound Sterling

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 three months ended May 31, 2013 was $37,078,530 and $38,317,611, 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	$	10,373,885
Aggregate unrealized (depreciation) of investment securities		(1,235,060)
Net unrealized appreciation of investment securities	$	9,138,825
Cost of investments for tax purposes is $181,995,179.

Invesco High Income Trust II

Item 2. Controls and Procedures.

(a)

As of May 23, 2013, 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 May 23, 2013, 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 High Income Trust II


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

Date:		July 30, 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:		July 30, 2013


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

Date:		July 30, 2013

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.