Edgar Filing: Invesco High Income Trust II

Invesco High Income Trust II

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05769

Invesco 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: 05/31/14

Item 1. Schedule of Investments.



		Invesco High Income Trust II
		Quarterly Schedule of Portfolio Holdings
		May 31, 2014

LOGO

invesco.com/us

VK-CE-HINC2-QTR-1 5/14

Invesco Advisers, Inc.

Schedule of Investments^(a)

May 31, 2014

(Unaudited)


	Principal Amount		Value

U.S. Dollar Denominated Bonds and Notes–118.32%^(b)

Aerospace & Defense–3.46%

B/E Aerospace Inc., Sr. Unsec. Notes, 5.25%, 04/01/22	$	565,000	$	603,137
Bombardier Inc. (Canada),
Sr. Unsec. Notes,
5.75%, 03/15/22^(c)		405,000		412,594
6.00%, 10/15/22^(c)		390,000		396,825
7.75%, 03/15/20^(c)		822,000		930,915
DigitalGlobe Inc., Sr. Unsec. Gtd. Bonds, 5.25%, 02/01/21		349,000		345,074
GenCorp Inc., Sec. Gtd. Global Notes, 7.13%, 03/15/21		1,012,000		1,108,140
TransDigm Inc.,
Sr. Unsec. Gtd. Sub. Global Notes,
5.50%, 10/15/20		402,000		405,517
7.50%, 07/15/21		300,000		332,250
Sr. Unsec. Sub. Notes,
6.00%, 07/15/22^(c)		215,000		216,613
6.50%, 07/15/24^(c)		286,000		291,005
				5,042,070

Airlines–1.87%

Air Canada Pass Through Trust (Canada), Series 2013-1, Class B, Sec. Pass Through Ctfs., 5.38%, 05/15/21^(c)		8,259		8,541
American Airlines Pass Through Trust,
Series 2011-1, Class B,
Sec. Pass Through Ctfs.,
7.00%, 01/31/18^(c)		486,943		531,985
Series 2013-2, Class B,
Sr. Sec. Pass Through Ctfs.,
5.60%, 07/15/20^(c)		544,714		573,992
Continental Airlines Pass Through Trust,
Series 2009-2, Class B,
Sec. Global Pass Through Ctfs.,
9.25%, 05/10/17		132,234		149,177
Series 2012-3, Class C,
Sec. Pass Through Ctfs.,
6.13%, 04/29/18		200,000		214,000
UAL Pass Through Trust, Series 2009-2, Class B, Sr. Sec. Gtd. Pass Through Ctfs., 12.00%, 01/15/16^(c)		300,684		339,210
United Continental Holdings Inc., Sr. Unsec. Gtd. Notes, 6.38%, 06/01/18		380,000		411,350
US Airways Pass Through Trust,
Series 1998-1, Class C,
Sec. Pass Through Ctfs.,
6.82%, 01/30/15		183,409		184,349


	Principal Amount		Value

Airlines–(continued)

Series 2012-1, Class B,
Sec. Pass Through Ctfs.,
8.00%, 10/01/19	$	69,497	$	79,921
Series 2012-1, Class C,
Sec. Pass Through Ctfs.,
9.13%, 10/01/15		62,827		66,833
Virgin Australia Pass Through Trust (Australia), Series 2013-1, Class B, Sec. Gtd. Pass Through Ctfs., 6.00%, 10/23/20^(c)		152,161		158,628
				2,717,986

Alternative Carriers–1.52%

Level 3 Financing Inc.,
Sr. Unsec. Gtd. Global Notes,
7.00%, 06/01/20		648,000		704,700
Sr. Unsec. Gtd. Notes,
6.13%, 01/15/21^(c)		1,417,000		1,503,791
				2,208,491

Apparel Retail–1.64%

Hot Topic, Inc., Sr. Sec. Gtd. Notes, 9.25%, 06/15/21^(c)		1,138,000		1,251,800
L Brands Inc.,
Sr. Unsec. Gtd. Global Notes,
5.63%, 02/15/22		633,000		674,936
Sr. Unsec. Gtd. Notes,
6.63%, 04/01/21		230,000		259,612
Neiman Marcus Group LTD LLC., Sr. Unsec. Gtd. Notes, 8.00%, 10/15/21^(c)		187,000		207,103
				2,393,451

Apparel, Accessories & Luxury Goods–0.21%

Levi Strauss & Co., Sr. Unsec. Global Notes, 6.88%, 05/01/22		100,000		111,500
PVH Corp., Sr. Unsec. Global Notes, 4.50%, 12/15/22		97,000		96,272
William Carter Co. (The), Sr. Unsec. Gtd. Notes, 5.25%, 08/15/21^(c)		91,000		95,209
				302,981

Application Software–0.46%

Nuance Communications Inc., Sr. Unsec. Gtd. Notes, 5.38%, 08/15/20^(c)		667,000		677,005

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

Invesco High Income Trust II


	Principal Amount		Value

Auto Parts & Equipment–2.74%

Amsted Industries Inc., Sr. Unsec. Gtd. Notes, 5.00%, 03/15/22^(c)	$	209,000	$	210,306
CTP Transportation Products LLC/CTP Finance Inc., Sr. Sec. Notes, 8.25%, 12/15/19^(c)		519,000		561,169
Dana Holding Corp., Sr. Unsec. Notes, 5.38%, 09/15/21		989,000		1,034,741
Gestamp Funding Luxembourg S.A. (Spain), Sr. Sec. Gtd. Notes, 5.63%, 05/31/20^(c)		310,000		323,563
Schaeffler Finance B.V. (Germany),
Sr. Sec. Gtd. Notes,
4.25%, 05/15/21^(c)		347,000		345,265
Sr. Sec. Notes,
4.75%, 05/15/21^(c)		200,000		206,600
Schaeffler Holding Finance B.V. (Germany), Sr. Sec. Gtd. PIK Notes, 6.88%, 08/15/18^(c)(d)		200,000		212,250
Stackpole International Intermediate Co. S.A./Stackpole International Powder Metal (Canada), Sr. Sec. Gtd. Notes, 7.75%, 10/15/21^(c)		1,044,000		1,094,895
				3,988,789

Automotive Retail–0.32%

CST Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/23		466,000		467,165

Biotechnology–0.14%

Grifols Worldwide Operations Ltd. (Spain), Sr. Unsec. Notes, 5.25%, 04/01/22^(c)		200,000		206,750

Broadcasting–1.27%

Clear Communications, Inc., Sr. Unsec. Notes, 10.00%, 01/15/18^(c)		561,000		538,560
Clear Channel Worldwide Holdings Inc.,
Series B,
Sr. Unsec. Gtd. Global Notes,
6.50%, 11/15/22		553,000		595,166
Sr. Unsec. Gtd. Sub. Global Notes,
7.63%, 03/15/20		92,000		99,360
LIN Television Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 01/15/21		518,000		545,195
Starz LLC/Starz Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 09/15/19		65,000		67,925
				1,846,206

Building Products–4.63%

Builders FirstSource Inc., Sr. Sec. Notes, 7.63%, 06/01/21^(c)		1,288,000		1,384,600
Building Materials Holding Corp., Sr. Sec. Notes, 9.00%, 09/15/18^(c)		761,000		823,782


	Principal Amount		Value

Building Products–(continued)

Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/21	$	1,103,000	$	1,166,422
Norbord Inc. (Canada), Sr. Sec. Notes, 5.38%, 12/01/20^(c)		294,000		301,376
Nortek Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/21		1,190,000		1,323,875
USG Corp.,
Sr. Unsec. Gtd. Notes,
5.88%, 11/01/21^(c)		103,000		109,695
7.88%, 03/30/20^(c)		555,000		617,438
Sr. Unsec. Notes,
9.75%, 01/15/18		840,000		1,011,150
				6,738,338

Cable & Satellite–6.19%

CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec. Gtd. Global Notes,
5.25%, 03/15/21		733,000		756,822
Sr. Unsec. Gtd. Notes,
6.50%, 04/30/21		544,000		583,440
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 05/01/20		1,825,000		1,923,094
Hughes Satellite Systems Corp.,
Sr. Sec. Gtd. Global Notes,
6.50%, 06/15/19		485,000		540,169
Sr. Unsec. Gtd. Global Notes,
7.63%, 06/15/21		249,000		285,105
Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Bonds, 6.63%, 12/15/22		1,197,000		1,256,850
Intelsat Luxembourg S.A. (Luxembourg),
Sr. Unsec. Gtd. Global Bonds,
7.75%, 06/01/21		930,000		990,450
8.13%, 06/01/23		370,000		399,600
Numericable Group S.A. (France),
Sr. Sec. Bonds,
6.00%, 05/15/22^(c)		435,000		453,488
6.25%, 05/15/24^(c)		370,000		389,425
Ono Finance II PLC (Spain), Sr. Unsec. Gtd. Notes, 10.88%, 07/15/19^(c)		710,000		788,100
VTR Finance B.V. (Chile), Sr. Sec. Notes, 6.88%, 01/15/24^(c)		610,000		644,701
				9,011,244

Casinos & Gaming–3.54%

Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 9.00%, 07/01/20		957,000		1,064,662
Caesars Entertainment Operating Co. Inc.,
Sec. Global Notes,
10.00%, 12/15/15		341,000		347,820
Sr. Sec. Global Notes,
11.25%, 06/01/17		187,000		166,898
Caesars Entertainment Resort Properties LLC,
Sec. Notes,
11.00%, 10/01/21^(c)		315,000		327,600

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

Invesco High Income Trust II


	Principal Amount		Value

Casinos & Gaming–(continued)

Sr. Sec. Notes,
8.00%, 10/01/20^(c)	$	299,000	$	309,465
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance Inc., Sec. Gtd. Notes, 9.38%, 05/01/22^(c)		148,000		149,480
MGM Resorts International,
Sr. Unsec. Gtd. Global Notes,
6.63%, 12/15/21		840,000		936,600
Sr. Unsec. Gtd. Notes,
7.75%, 03/15/22		1,440,000		1,695,600
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Global Notes, 5.38%, 03/15/22		150,000		156,000
				5,154,125

Coal & Consumable Fuels–1.81%

Alpha Natural Resources Inc., Sec. Gtd. Notes, 7.50%, 08/01/20^(c)		223,000		217,982
Arch Coal Inc., Sec. Gtd. Notes, 8.00%, 01/15/19^(c)		390,000		390,975
CONSOL Energy Inc.,
Sr. Unsec. Gtd. Global Notes,
6.38%, 03/01/21		632,000		673,080
Sr. Unsec. Gtd. Notes,
5.88%, 04/15/22^(c)		365,000		379,600
Peabody Energy Corp., Sr. Unsec. Gtd. Notes, 6.50%, 09/15/20		944,000		974,680
				2,636,317

Communications Equipment–1.55%

Avaya Inc.,
Sec. Gtd. Notes,
10.50%, 03/01/21^(c)		265,000		239,825
Sr. Sec. Gtd. Notes,
7.00%, 04/01/19^(c)		920,000		911,950
9.00%, 04/01/19^(c)		1,077,000		1,110,656
				2,262,431

Computer & Electronics Retail–0.67%

Rent-A-Center Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 11/15/20		935,000		978,244

Computer Storage & Peripherals–0.35%

Seagate HDD Cayman, Sr. Unsec. Gtd. Bonds, 4.75%, 01/01/25^(c)		518,000		516,058

Construction & Engineering–1.80%

Dycom Investments Inc., Sr. Unsec. Gtd. Sub. Global Notes, 7.13%, 01/15/21		1,025,000		1,104,437
Tutor Perini Corp., Sr. Unsec. Gtd. Global Notes, 7.63%, 11/01/18		1,425,000		1,510,500
				2,614,937

Construction Machinery & Heavy Trucks–3.79%

Allied Specialty Vehicles, Inc., Sr. Sec. Notes, 8.50%, 11/01/19^(c)		766,000		821,535


	Principal Amount		Value

Construction Machinery & Heavy Trucks–(continued)

Commercial Vehicle Group Inc., Sec. Gtd. Global Notes, 7.88%, 04/15/19	$	960,000	$	993,600
Manitowoc Co. Inc. (The), Sr. Unsec. Gtd. Global Notes, 5.88%, 10/15/22		550,000		591,250
Meritor Inc.,
Sr. Unsec. Gtd. Notes,
6.25%, 02/15/24		495,000		506,137
6.75%, 06/15/21		295,000		314,175
Navistar International Corp., Sr. Unsec. Gtd. Notes, 8.25%, 11/01/21		590,000		615,075
Oshkosh Corp., Sr. Unsec. Gtd. Notes, 5.38%, 03/01/22^(c)		856,000		881,680
Terex Corp.,
Sr. Unsec. Gtd. Global Notes,
6.00%, 05/15/21		138,000		148,005
Sr. Unsec. Gtd. Notes,
6.50%, 04/01/20		60,000		65,250
Titan International Inc., Sr. Sec. Gtd. Notes, 6.88%, 10/01/20^(c)		568,000		590,010
				5,526,717

Construction Materials–1.30%

Cemex Finance LLC (Mexico), Sr. Sec. Gtd. Notes, 6.00%, 04/01/24^(c)		290,000		298,691
Cemex S.A.B. de C.V. (Mexico),
Sr. Sec. Gtd. Notes,
5.88%, 03/25/19^(c)		900,000		942,610
7.25%, 01/15/21^(c)		214,000		232,493
CPG Merger Sub LLC, Sr. Unsec. Gtd. Notes, 8.00%, 10/01/21^(c)		175,000		185,500
US Concrete, Inc., Sr. Sec. Gtd. Notes, 8.50%, 12/01/18^(c)		211,000		228,935
				1,888,229

Consumer Finance–1.58%

Ally Financial Inc.,
Sr. Unsec. Gtd. Global Notes,
7.50%, 09/15/20		1,172,000		1,403,470
8.00%, 03/15/20		570,000		693,975
First Cash Financial Services, Inc., Sr. Unsec. Gtd. Notes, 6.75%, 04/01/21^(c)		194,000		206,610
				2,304,055

Data Processing & Outsourced Services–3.13%

CoreLogic, Inc., Sr. Unsec. Gtd. Global Notes, 7.25%, 06/01/21		1,145,000		1,245,188
First Data Corp.,
Sec. Gtd. Notes,
8.25%, 01/15/21^(c)		1,397,000		1,517,491
Sr. Unsec. Gtd. Global Notes,
12.63%, 01/15/21		444,000		534,465

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

Invesco High Income Trust II


	Principal Amount		Value

Data Processing & Outsourced Services–(continued)

Sr. Unsec. Gtd. Sub. Global Notes,
11.75%, 08/15/21	$	1,132,000	$	1,257,935
				4,555,079

Distillers & Vintners–0.43%

CEDC Finance Corp. International Inc. (Poland), Sr. Sec. Gtd. Global Notes, 9.00%, 04/30/18		357,579		327,185
Constellation Brands Inc.,
Sr. Unsec. Gtd. Notes,
3.75%, 05/01/21		280,000		278,600
6.00%, 05/01/22		18,000		20,295
				626,080

Diversified Banks–0.76%

Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Notes, 6.13%, 12/15/22		470,000		513,746
Royal Bank of Scotland PLC (The) (United Kingdom), REGS, Unsec. Sub. Medium-Term Euro Notes, 9.50%, 03/16/22^(c)		499,000		588,014
				1,101,760

Diversified Metals & Mining–2.62%

FMG Resources (August 2006) Pty. Ltd. (Australia), Sr. Unsec. Gtd. Notes, 6.88%, 04/01/22^(c)		1,068,000		1,138,723
HudBay Minerals Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 9.50%, 10/01/20		510,000		555,900
Imperial Metals Corp. (Canada), Sr. Unsec. Gtd. Notes, 7.00%, 03/15/19^(c)		717,000		736,763
Vedanta Resources PLC (India),
Sr. Unsec. Notes,
6.00%, 01/31/19^(c)		380,000		393,433
9.50%, 07/18/18^(c)		295,000		342,255
REGS,
Sr. Unsec. Euro Notes,
6.00%, 01/31/19^(c)		200,000		207,750
Walter Energy, Inc.,
Sr. Sec. Gtd. Notes,
9.50%, 10/15/19^(c)		315,000		320,513
Sr. Unsec. Gtd. Global Notes,
8.50%, 04/15/21		210,000		117,075
				3,812,412

Electrical Components & Equipment–0.22%

Belden Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 09/01/22^(c)		315,000		320,513

Electronic Manufacturing Services–0.07%

Sanmina Corp., Sr. Sec. Gtd. Notes, 4.38%, 06/01/19^(c)		105,000		105,788


	Principal Amount		Value

Environmental & Facilities Services–0.69%

ADS Waste Holdings, Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 10/01/20	$	220,000	$	238,700
Darling Ingredients Inc., Sr. Unsec. Gtd. Notes, 5.38%, 01/15/22^(c)		478,000		499,510
EnergySolutions Inc./LLC, Sr. Unsec. Gtd. Global Notes, 10.75%, 08/15/18		255,000		272,850
				1,011,060

Food Products–0.10%

Chiquita Brands International Inc./Chiquita Brands LLC, Sr. Sec. Gtd. Global Notes, 7.88%, 02/01/21		137,000		150,358

Forest Products–0.00%

Emerald Plantation Holdings Ltd. (Cayman Islands), Sr. Sec. Gtd. Global PIK Notes, 6.00%, 01/30/20^(d)(e)		8,627		6,999
Sino-Forest Corp. (Hong Kong), Sr. Unsec. Gtd. Notes, 6.25%, 10/21/17^(c)(e)(f)		60,000		150
				7,149

Gas Utilities–2.14%

AmeriGas Finance LLC/Corp., Sr. Unsec. Gtd. Global Notes, 7.00%, 05/20/22		757,000		845,001
Ferrellgas L.P./Ferrellgas Finance Corp.,
Sr. Unsec. Global Notes,
6.50%, 05/01/21		816,000		858,840
Sr. Unsec. Notes,
6.75%, 01/15/22^(c)		128,000		134,560
Suburban Propane Partners, L.P./Suburban Energy Finance Corp.,
Sr. Unsec. Global Notes,
5.50%, 06/01/24		669,000		680,707
7.38%, 08/01/21		538,000		593,818
				3,112,926

Gold–0.76%

New Gold Inc. (Canada),
Sr. Unsec. Gtd. Notes,
7.00%, 04/15/20^(c)		92,000		98,026
Sr. Unsec. Notes,
6.25%, 11/15/22^(c)		970,000		1,006,569
				1,104,595

Health Care Equipment–0.58%

Biomet Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.50%, 10/01/20		309,000		333,720
Universal Hospital Services Inc., Sec. Gtd. Global Notes, 7.63%, 08/15/20		480,000		508,800
				842,520

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

Invesco High Income Trust II


	Principal Amount		Value

Health Care Facilities–3.94%

Aviv Healthcare Properties L.P./Aviv Healthcare Capital Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/15/21	$	68,000	$	71,910
Community Health Systems Inc.,
Sr. Sec. Gtd. Notes,
5.13%, 08/01/21^(c)		192,000		196,320
Sr. Unsec. Gtd. Notes,
6.88%, 02/01/22^(c)		990,260		1,052,151
HCA Holdings, Inc., Sr. Unsec. Notes, 6.25%, 02/15/21		610,000		654,225
HCA, Inc.,
Sr. Sec. Gtd. Global Notes,
5.88%, 03/15/22		890,000		975,662
Sr. Unsec. Gtd. Global Notes,
7.50%, 02/15/22		283,000		327,219
LifePoint Hospitals, Inc., Sr. Unsec. Gtd. Notes, 5.50%, 12/01/21^(c)		144,000		151,920
Tenet Healthcare Corp.,
Sr. Sec. Gtd. Global Notes,
6.00%, 10/01/20		544,000		588,880
6.25%, 11/01/18		195,000		215,963
Sr. Unsec. Global Notes,
6.75%, 02/01/20		785,000		840,931
8.13%, 04/01/22		575,000		656,938
				5,732,119

Health Care Services–0.45%

MPH Acquisitions Holdings LLC, Sr. Unsec. Gtd. Notes, 6.63%, 04/01/22^(c)		628,000		654,690

Health Care Supplies–0.46%

Crimson Merger Sub, Inc., Sr. Unsec. Notes, 6.63%, 05/15/22^(c)		664,000		664,000

Homebuilding–3.20%

Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.88%, 02/15/21^(c)		1,197,000		1,208,970
Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/21		373,000		396,312
K. Hovnanian Enterprises Inc.,
Sr. Sec. Gtd. Notes,
7.25%, 10/15/20^(c)		601,000		650,582
Sr. Unsec. Gtd. Global Notes,
6.25%, 01/15/16		353,000		370,650
Sr. Unsec. Gtd. Notes,
7.00%, 01/15/19^(c)		520,000		533,000
7.50%, 05/15/16		170,000		182,113
11.88%, 10/15/15		120,000		135,300
KB Home, Sr. Unsec. Gtd. Notes, 7.00%, 12/15/21		249,000		270,165
Lennar Corp., Sr. Unsec. Gtd. Global Notes, 6.95%, 06/01/18		580,000		658,300


	Principal Amount		Value

Homebuilding–(continued)

Ryland Group Inc. (The), Sr. Unsec. Gtd. Notes, 5.38%, 10/01/22	$	257,000	$	256,358
				4,661,750

Hotels, Resorts & Cruise Lines–0.26%

Choice Hotels International, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 07/01/22		356,000		381,143

Household Products–1.39%

Reynolds Group Issuer Inc./LLC,
Sr. Sec. Gtd. Global Notes,
5.75%, 10/15/20		744,000		777,480
Sr. Unsec. Gtd. Global Notes,
8.25%, 02/15/21		571,000		611,684
9.88%, 08/15/19		581,000		642,005
				2,031,169

Independent Power Producers & Energy Traders–1.08%

AES Corp.,
Sr. Unsec. Global Notes,
7.38%, 07/01/21		594,000		686,070
8.00%, 10/15/17		5,000		5,888
NRG Energy Inc.,
Sr. Unsec. Gtd. Global Notes,
7.63%, 01/15/18		346,000		397,900
Sr. Unsec. Gtd. Notes,
6.25%, 07/15/22^(c)		298,000		316,252
Red Oak Power LLC, Series A, Sr. Sec. Bonds, 8.54%, 11/30/19		159,325		168,685
				1,574,795

Industrial Conglomerates–0.50%

Unifrax I LLC/Unifrax Holding Co., Sr. Unsec. Gtd. Notes, 7.50%, 02/15/19^(c)		695,000		731,487

Industrial Machinery–0.29%

Waterjet Holdings, Inc., Sr. Sec. Gtd. Notes, 7.63%, 02/01/20^(c)		400,000		425,000

Integrated Telecommunication Services–0.62%

Altice Financing S.A. (Luxembourg), Sr. Sec. Gtd. Notes, 6.50%, 01/15/22^(c)		200,000		212,125
Altice S.A. (Luxembourg), Sr. Sec. Gtd. Notes, 7.75%, 05/15/22^(c)		370,000		390,350
Telecom Italia S.p.A. (Italy), Sr. Unsec. Notes, 5.30%, 05/30/24^(c)		290,000		293,302
				895,777

Internet Software & Services–1.31%

CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/22		1,787,000		1,903,155

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

Invesco High Income Trust II


	Principal Amount		Value

Investment Banking & Brokerage–0.16%

Goldman Sachs Group, Inc. (The), Series L, Jr. Unsec. Sub. Notes, 5.70% ^(g)	$	110,000	$	114,510
Morgan Stanley, Series H, Jr. Unsec. Sub. Global Bonds, 5.45% ^(g)		108,000		111,780
				226,290

Leisure Facilities–0.29%

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp.,
Sr. Unsec. Gtd. Global Notes,
5.25%, 03/15/21		310,000		318,525
Sr. Unsec. Gtd. Notes,
5.38%, 06/01/24^(c)		99,000		100,238
				418,763

Managed Health Care–0.11%

WellCare Health Plans, Inc., Sr. Unsec. Notes, 5.75%, 11/15/20		143,000		154,083

Marine–0.58%

Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. Mortgage Notes, 8.13%, 11/15/21^(c)		799,000		838,950

Metal & Glass Containers–1.11%

Ball Corp., Sr. Unsec. Gtd. Notes, 5.00%, 03/15/22		285,000		294,975
Berry Plastics Corp., Sec. Gtd. Notes, 5.50%, 05/15/22		1,310,000		1,319,825
				1,614,800

Movies & Entertainment–1.18%

AMC Entertainment Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.88%, 02/15/22		440,000		458,700
DreamWorks Animation SKG, Inc., Sr. Unsec. Gtd. Notes, 6.88%, 08/15/20^(c)		550,000		596,750
Outerwall, Inc., Sr. Unsec. Gtd. Global Notes, 6.00%, 03/15/19		633,000		661,485
				1,716,935

Oil & Gas Drilling–1.92%

Odebrecht Offshore Drilling Finance Ltd. (Brazil), Sr. Sec. Gtd. Notes, 6.63%, 10/01/22^(c)		200,000		213,672
Parker Drilling Co.,
Sr. Unsec. Gtd. Global Notes,
7.50%, 08/01/20		648,000		699,840
Sr. Unsec. Gtd. Notes,
6.75%, 07/15/22^(c)		31,000		32,473
Pioneer Energy Services Corp., Sr. Unsec. Gtd. Notes, 6.13%, 03/15/22^(c)		412,000		424,360


	Principal Amount		Value

Oil & Gas Drilling–(continued)

Precision Drilling Corp. (Canada),
Sr. Unsec. Gtd. Global Notes,
6.50%, 12/15/21	$	815,000	$	886,312
Sr. Unsec. Gtd. Notes,
5.25%, 11/15/24^(c)		208,000		206,739
Sidewinder Drilling Inc., Sr. Unsec. Notes, 9.75%, 11/15/19^(c)		331,000		327,690
				2,791,086

Oil & Gas Equipment & Services–1.92%

Bristow Group, Inc., Sr. Unsec. Gtd. Notes, 6.25%, 10/15/22		589,000		637,592
Exterran Partners L.P./EXLP Finance Corp.,
Sr. Unsec. Gtd. Global Notes,
6.00%, 04/01/21		664,000		676,450
Sr. Unsec. Gtd. Notes,
6.00%, 10/01/22^(c)		371,000		375,174
Gulfmark Offshore Inc., Sr. Unsec. Global Notes, 6.38%, 03/15/22		606,000		633,270
Hiland Partners L.P./Hiland Partners Finance Corp., Sr. Unsec. Gtd. Notes, 5.50%, 05/15/22^(c)		309,000		314,408
Key Energy Services, Inc., Sr. Unsec. Gtd. Notes, 6.75%, 03/01/21		21,000		22,076
McDermott International Inc., Sec. Gtd. Notes, 8.00%, 05/01/21^(c)		128,000		131,040
				2,790,010

Oil & Gas Exploration & Production–9.76%

Antero Resources Finance Corp.,
Sr. Unsec. Gtd. Global Notes,
5.38%, 11/01/21		535,000		559,744
6.00%, 12/01/20		166,000		178,450
Approach Resources Inc., Sr. Unsec. Gtd. Global Notes, 7.00%, 06/15/21		630,000		647,325
Athlon Holdings L.P./Athlon Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 05/01/22^(c)		415,000		426,412
Baytex Energy Corp. (Canada), Sr. Unsec. Gtd. Notes, 5.63%, 06/01/24^(c)		208,000		207,808
Berry Petroleum Co. LLC,
Sr. Unsec. Notes,
6.38%, 09/15/22		282,000		297,510
6.75%, 11/01/20		531,000		566,842
Bonanza Creek Energy Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 04/15/21		536,000		575,530
Chaparral Energy Inc.,
Sr. Unsec. Gtd. Global Notes,
7.63%, 11/15/22		695,000		744,519
8.25%, 09/01/21		352,000		386,320

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

Invesco High Income Trust II


	Principal Amount		Value

Oil & Gas Exploration & Production–(continued)

Chesapeake Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 11/15/20	$	665,000	$	774,725
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/22		504,000		521,640
Energy XXI Gulf Coast Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 12/15/21		616,000		656,810
EV Energy Partners L.P./EV Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 8.00%, 04/15/19		221,000		232,326
EXCO Resources, Inc., Sr. Unsec. Gtd. Notes, 8.50%, 04/15/22		956,000		1,001,410
FTS International, Inc., Sr. Sec. Gtd. Notes, 6.25%, 05/01/22^(c)		277,000		283,925
Halcon Resources Corp.,
Sr. Unsec. Gtd. Global Notes,
8.88%, 05/15/21		496,000		530,720
9.75%, 07/15/20		296,000		325,600
Laredo Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 05/01/22		75,000		83,438
MEG Energy Corp. (Canada), Sr. Unsec. Gtd. Notes, 6.50%, 03/15/21^(c)		1,158,000		1,230,375
QEP Resources Inc., Sr. Unsec. Notes, 5.38%, 10/01/22		274,000		278,110
Range Resources Corp., Sr. Unsec. Gtd. Sub. Notes, 5.00%, 08/15/22		100,000		105,625
Rice Energy Inc., Sr. Unsec. Gtd. Notes, 6.25%, 05/01/22^(c)		959,000		972,186
Rosetta Resources, Inc.,
Sr. Unsec. Gtd. Global Notes,
5.63%, 05/01/21		206,000		212,695
Sr. Unsec. Gtd. Notes,
5.88%, 06/01/22		560,000		583,100
SandRidge Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 03/15/21		969,000		1,039,252
SM Energy Co., Sr. Unsec. Global Notes, 6.50%, 11/15/21		178,000		193,798
Whiting Petroleum Corp., Sr. Unsec. Gtd. Notes, 5.75%, 03/15/21		557,000		604,345
				14,220,540

Oil & Gas Refining & Marketing–0.27%

Calumet Specialty Products Partners L.P./Calumet Finance Corp., Sr. Unsec. Gtd. Notes, 6.50%, 04/15/21^(c)		390,000		397,313


	Principal Amount		Value

Oil & Gas Storage & Transportation–5.74%

Access Midstream Partners L.P./ACMP Finance Corp., Sr. Unsec. Gtd. Notes, 4.88%, 03/15/24	$	249,000	$	261,450
Atlas Pipeline Partners L.P./Atlas Pipeline Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.63%, 10/01/20		906,000		968,287
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 12/15/20		1,020,000		1,071,000
Energy Transfer Equity L.P., Sr. Sec. Gtd. Notes, 7.50%, 10/15/20		821,000		953,386
MarkWest Energy Partners L.P./MarkWest Energy Finance Corp.,
Sr. Unsec. Gtd. Notes,
5.50%, 02/15/23		487,000		512,567
6.50%, 08/15/21		81,000		87,885
NGL Energy Partners L.P./NGL Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.88%, 10/15/21^(c)		777,000		815,850
Penn Virginia Resource Partners L.P./Penn Virginia Resource Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.50%, 05/15/21		316,000		342,070
Regency Energy Partners L.P./Regency Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/01/20		463,000		488,465
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
Sr. Unsec. Gtd. Global Notes,
6.38%, 08/01/22		109,000		117,720
6.88%, 02/01/21		946,000		1,021,680
Teekay Corp. (Bermuda), Sr. Unsec. Global Notes, 8.50%, 01/15/20		370,000		430,125
Teekay Offshore Partners L.P./Teekay Offshore Finance Corp. (Bermuda), Sr. Unsec. Global Notes, 6.00%, 07/30/19		271,000		274,263
Tesoro Logistics L.P./Tesoro Logistics Finance Corp.,
Sr. Unsec. Gtd. Global Notes,
5.88%, 10/01/20		566,000		597,130
6.13%, 10/15/21		123,000		130,688
Sr. Unsec. Gtd. Notes,
5.88%, 10/01/20^(c)		272,000		286,960
				8,359,526

Packaged Foods & Meats–3.28%

Bertin S.A./Bertin Finance Ltd. (Brazil), Sr. Unsec. Gtd. Bonds, 10.25%, 10/05/16^(c)		200,000		232,000
Diamond Foods Inc., Sr. Unsec. Gtd. Notes, 7.00%, 03/15/19^(c)		1,305,000		1,366,987

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

Invesco High Income Trust II


	Principal Amount		Value

Packaged Foods & Meats–(continued)

FAGE Dairy Industry S.A./FAGE USA Dairy Industry, Inc. (Greece), Sr. Unsec. Gtd. Notes, 9.88%, 02/01/20^(c)	$	320,000	$	347,200
JBS Investments GmbH (Brazil), Sr. Unsec. Gtd. Notes, 7.25%, 04/03/24^(c)		400,000		418,958
JBS S.A. (Brazil),
Sr. Unsec. Notes,
10.50%, 08/04/16 (Acquired 08/30/13-10/22/13; Cost $203,969)^(c)		185,000		215,525
REGS,
Sr. Unsec. Euro Notes,
10.50%, 08/04/16^(c)		200,000		232,000
JBS USA LLC/JBS USA Finance Inc. (Brazil), Sr. Unsec. Gtd. Notes, 7.25%, 06/01/21^(c)		240,000		260,100
Post Holdings Inc.,
Sr. Unsec. Gtd. Global Notes,
7.38%, 02/15/22		603,000		656,516
Sr. Unsec. Gtd. Notes,
6.00%, 12/15/22^(c)		102,000		103,275
6.75%, 12/01/21^(c)		110,000		117,013
Smithfield Foods Inc.,
Sr. Unsec. Notes,
5.25%, 08/01/18^(c)		106,000		111,035
5.88%, 08/01/21^(c)		106,000		112,360
6.63%, 08/15/22		87,000		95,374
Treehouse Foods Inc., Sr. Unsec. Gtd. Global Notes, 4.88%, 03/15/22		143,000		146,396
Wells Enterprises Inc., Sr. Sec. Notes, 6.75%, 02/01/20^(c)		340,000		355,300
				4,770,039

Paper Packaging–0.60%

Beverage Packaging Holdings Luxembourg II S.A.,
Sr. Unsec. Gtd. Notes,
5.63%, 12/15/16^(c)		61,000		62,220
Sr. Unsec. Gtd. Sub. Notes,
6.00%, 06/15/17^(c)		231,000		236,198
Signode Industrial Group Lux S.A./Signode Industrial Group U.S. Inc., Sr. Unsec. Notes, 6.38%, 05/01/22^(c)		573,000		581,595
				880,013

Paper Products–0.76%

Neenah Paper Inc., Sr. Unsec. Gtd. Notes, 5.25%, 05/15/21^(c)		84,000		85,365
PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes, 5.38%, 10/15/20		986,000		1,022,975
				1,108,340

Personal Products–0.53%

Albea Beauty Holdings S.A. (France), Sr. Sec. Gtd. Notes, 8.38%, 11/01/19^(c)		708,000		775,844


	Principal Amount		Value

Pharmaceuticals–1.65%

Valeant Pharmaceuticals International, Inc.,
Sr. Unsec. Gtd. Notes,
5.63%, 12/01/21^(c)	$	981,000	$	1,025,145
6.38%, 10/15/20^(c)		900,000		965,250
6.75%, 08/15/21^(c)		36,000		38,520
7.50%, 07/15/21^(c)		340,000		379,100
				2,408,015

Regional Banks–1.05%

Synovus Financial Corp.,
Sr. Unsec. Global Notes,
7.88%, 02/15/19		400,000		460,000
Unsec. Sub. Global Notes,
5.13%, 06/15/17		1,015,000		1,069,556
				1,529,556

Security & Alarm Services–0.22%

ADT Corp. (The), Sr. Unsec. Global Notes, 6.25%, 10/15/21		302,000		320,120

Semiconductor Equipment–1.87%

Amkor Technology Inc.,
Sr. Unsec. Global Notes,
6.38%, 10/01/22		727,000		777,890
6.63%, 06/01/21		1,300,000		1,407,250
Entegris Inc., Sr. Unsec. Gtd. Notes, 6.00%, 04/01/22^(c)		538,000		544,725
				2,729,865

Semiconductors–2.85%

Advanced Micro Devices, Inc., Sr. Unsec. Notes, 6.75%, 03/01/19^(c)		292,000		309,520
Freescale Semiconductor Inc.,
Sr. Sec. Gtd. Notes,
6.00%, 01/15/22^(c)		921,000		985,470
Sr. Unsec. Gtd. Global Notes,
8.05%, 02/01/20		742,000		810,635
Micron Technology Inc., Sr. Unsec. Notes, 5.88%, 02/15/22^(c)		834,000		890,295
NXP B.V./NXP Funding LLC (Netherlands), Sr. Unsec. Gtd. Notes, 5.75%, 02/15/21^(c)		1,080,000		1,158,570
				4,154,490

Specialized Finance–3.14%

Aircastle Ltd.,
Sr. Unsec. Global Notes,
6.25%, 12/01/19		320,000		348,800
7.63%, 04/15/20		780,000		902,850
CIT Group Inc.,
Sr. Unsec. Global Notes,
5.00%, 08/15/22		705,000		731,437
Sr. Unsec. Notes,
5.50%, 02/15/19^(c)		245,000		266,438
Fly Leasing Ltd. (Ireland), Sr. Unsec. Gtd. Global Notes, 6.75%, 12/15/20		622,000		656,210

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

Invesco High Income Trust II


	Principal Amount		Value

Specialized Finance–(continued)

International Lease Finance Corp., Sr. Unsec. Notes, 8.25%, 12/15/20	$	1,365,000	$	1,665,300
				4,571,035

Specialized REIT’s–0.50%

Crown Castle International Corp., Sr. Unsec. Notes, 4.88%, 04/15/22		280,000		291,200
MPT Operating Partnership L.P./MPT Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 05/01/21		405,000		443,475
				734,675

Specialty Chemicals–0.70%

Chemtura Corp., Sr. Unsec. Gtd. Notes, 5.75%, 07/15/21		224,000		232,120
Eagle Spinco Inc., Sr. Unsec. Gtd. Notes, 4.63%, 02/15/21^(c)		95,000		95,475
PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/23		690,000		702,075
				1,029,670

Specialty Stores–0.77%

Michaels Stores Inc., Sr. Unsec. Gtd. Sub. Notes, 5.88%, 12/15/20^(c)		856,000		876,330
Sally Holdings LLC/Sally Capital Inc., Sr. Unsec. Gtd. Global Bonds, 5.50%, 11/01/23		239,000		246,767
				1,123,097

Steel–3.29%

ArcelorMittal (Luxembourg),
Sr. Unsec. Global Notes,
6.00%, 03/01/21		787,000		849,960
6.75%, 02/25/22		610,000		683,810
Magnetation LLC/ Mag Finance Corp., Sr. Sec. Gtd. Notes, 11.00%, 05/15/18^(c)		659,000		736,432
Steel Dynamics Inc., Sr. Unsec. Gtd. Global Notes, 6.38%, 08/15/22		443,000		486,192
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp.,
Sr. Unsec. Gtd. Notes,
7.38%, 02/01/20^(c)		216,000		231,120
7.38%, 02/01/20^(c)		994,000		1,063,580
United States Steel Corp.,
Sr. Unsec. Global Notes,
7.50%, 03/15/22		420,000		460,950
Sr. Unsec. Notes,
7.38%, 04/01/20		248,000		276,520
				4,788,564

Technology Distributors–0.07%

Anixter Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/19		90,000		96,413


	Principal Amount		Value

Tires & Rubber–0.17%

Goodyear Tire & Rubber Co. (The), Sr. Unsec. Gtd. Notes, 6.50%, 03/01/21	$	220,000	$	241,175

Trading Companies & Distributors–0.37%

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Netherlands), Sr. Unsec. Gtd. Notes, 4.50%, 05/15/21^(c)		288,000		290,520
United Rentals North America Inc., Sr. Unsec. Global Notes, 8.25%, 02/01/21		220,000		247,500
				538,020

Trucking–0.33%

Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes, 5.13%, 06/01/22^(c)		441,000		443,756
Hertz Corp. (The), Sr. Unsec. Gtd. Global Notes, 5.88%, 10/15/20		40,000		42,500
				486,256

Wireless Telecommunication Services–7.29%

Digicel Group Ltd. (Jamaica), Sr. Unsec. Notes, 8.25%, 09/30/20^(c)		225,000		244,215
Digicel Ltd. (Jamaica),
Sr. Unsec. Notes,
6.00%, 04/15/21^(c)		855,000		874,237
7.00%, 02/15/20^(c)		235,000		247,925
SBA Communications Corp., Sr. Unsec. Global Notes, 5.63%, 10/01/19		458,000		485,480
Sprint Communications Inc.,
Sr. Unsec. Global Notes,
6.00%, 11/15/22		776,000		807,040
11.50%, 11/15/21		165,000		224,400
Sr. Unsec. Gtd. Notes,
7.00%, 03/01/20^(c)		445,000		513,975
9.00%, 11/15/18^(c)		430,000		523,525
Sprint Corp.,
Sr. Unsec. Gtd. Notes,
7.25%, 09/15/21^(c)		899,000		995,642
7.88%, 09/15/23^(c)		747,000		845,978
T-Mobile USA, Inc.,
Sr. Unsec. Gtd. Global Notes,
6.25%, 04/01/21		760,000		811,300
6.63%, 04/01/23		1,900,000		2,061,500
Sr. Unsec. Gtd. Notes,
6.63%, 04/28/21		354,000		382,763
6.84%, 04/28/23		303,000		329,891
Wind Acquisition Finance S.A. (Italy),
Sr. Sec. Gtd. Notes,
7.25%, 02/15/18^(c)		600,000		633,000

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

Invesco High Income Trust II


		Principal Amount		Value

Wireless Telecommunication Services–(continued)

Sr. Unsec. Gtd. Notes,
7.38%, 04/23/21^(c)		$	619,000	$	642,986
					10,623,857
Total U.S. Dollar Denominated Bonds and Notes (Cost $165,713,437)					172,324,254

Non-U.S. Dollar Denominated Bonds & Notes–10.31%^(h)

Apparel, Accessories & Luxury Goods–0.30%

Boardriders S.A., Sr. Unsec. Gtd. Notes, 8.88%, 12/15/17^(c)	EUR		300,000		439,632

Auto Parts & Equipment–0.43%

Autodis S.A. (France), Sr. Sec. Gtd. Notes, 6.50%, 02/01/19^(c)	EUR		440,000		626,223

Broadcasting–0.73%

Central European Media Enterprises Ltd. (Czech Republic), REGS, Jr. Sec. Gtd. Euro Notes, 11.63%, 09/15/16^(c)	EUR		390,000		562,553
CET 21 spol sro (Czech Republic),
Sr. Sec. Gtd. Notes,
9.00%, 11/01/17^(c)	EUR		210,000		306,311
REGS,
Sr. Sec. Gtd. Euro Notes,
9.00%, 11/01/17^(c)	EUR		130,000		189,621
					1,058,485

Casinos & Gaming–0.91%

Gala Group Finance PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 8.88%, 09/01/18^(c)	GBP		375,000		671,004
Great Canadian Gaming Corp. (Canada), Sr. Unsec. Gtd. Notes, 6.63%, 07/25/22^(c)	CAD		464,000		456,895
William Hill PLC (United Kingdom), Sr. Unsec. Gtd. Euro Notes, 4.25%, 06/05/20	GBP		115,000		191,086
					1,318,985

Construction & Engineering–0.14%

Astaldi SpA (Italy), REGS, Sr. Unsec. Euro Notes, 7.13%, 12/01/20^(c)	EUR		140,000		207,410

Construction Materials–1.09%

Grupo Isolux Corsan Finance B.V. (Spain), Sr. Unsec. Bonds, 6.63%, 04/15/21^(c)	EUR		380,000		527,729
Manutencoop Facility Management SpA (Italy),
Sr. Sec. Gtd. Notes,
8.50%, 08/01/20^(c)	EUR		330,000		491,441
REGS,
Sr. Sec. Gtd. Euro Notes,
8.50%, 08/01/20^(c)	EUR		100,000		148,921


		Principal Amount		Value

Construction Materials–(continued)

Spie BondCo 3 SCA (Luxembourg), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 11.00%, 08/15/19^(c)	EUR		270,000	$	419,055
					1,587,146

Food Distributors–0.84%

Bakkavor Finance 2 PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 8.25%, 02/15/18^(c)	GBP		680,000		1,223,399

Hotels, Resorts & Cruise Lines–0.58%

Thomas Cook Finance PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 7.75%, 06/15/20^(c)	EUR		250,000		377,819
Thomas Cook Group PLC (United Kingdom), Sr. Unsec. Gtd. Medium-Term Euro Notes, 7.75%, 06/22/17	GBP		255,000		474,449
					852,268

Independent Power Producers & Energy Traders–0.29%

Infinis PLC (United Kingdom), Sr. Sec. Notes, 7.00%, 02/15/19^(c)	GBP		230,000		420,223

Internet Software & Services–0.36%

Adria Bidco B.V. (Serbia), REGS, Sr. Sec. Gtd. Euro Notes, 7.88%, 11/15/20^(c)	EUR		360,000		532,466

Metal & Glass Containers–0.20%

Greif Neveda Holdings Inc., SCS, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 7.38%, 07/15/21^(c)	EUR		180,000		291,408

Multi-Sector Holdings–0.38%

Odeon & UCI Finco PLC (United Kingdom),
Sr. Sec. Gtd. Notes,
9.00%, 08/01/18^(c)	GBP		100,000		176,420
REGS,
Sr. Sec. Gtd. Medium-Term Euro Notes,
9.00%, 08/01/18^(c)	GBP		211,000		372,246
					548,666

Other Diversified Financial Services–2.40%

AG Spring Finance II Ltd. (Spain),
Sr. Sec. Notes,
9.50%, 06/01/19^(c)	EUR		160,000		211,813
REGS,
Sr. Sec. Euro Notes,
9.50%, 06/01/19^(c)	EUR		283,000		374,644
Cabot Financial Luxembourg S.A. (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 10.38%, 10/01/19^(c)	GBP		555,000		1,067,155

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

Invesco High Income Trust II


		Principal Amount		Value

Other Diversified Financial Services–(continued)

Financiere Gaillon 8 SAS (France), Sr. Unsec. Notes, 7.00%, 09/30/19^(c)	EUR		370,000	$	509,680
GCS Holdco Finance I S.A. (Luxembourg),
Sr. Sec. Gtd. Notes,
6.50%, 11/15/18^(c)	EUR		128,000		185,832
REGS,
Sr. Sec. Gtd. Euro Notes,
6.50%, 11/15/18^(c)	EUR		104,000		150,988
Lowell Group Financing PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 10.75%, 04/01/19^(c)	GBP		525,000		996,606
					3,496,718

Paper Packaging–0.14%

Smurfit Kappa Acquisitions (Ireland), Sr. Unsec. Gtd. Notes, 3.25%, 06/01/21^(c)	EUR		148,000		201,375

Personal Products–0.16%

Albea Beauty Holdings S.A. (France), REGS, Sr. Sec. Gtd. Medium-Term Euro Notes, 8.75%, 11/01/19^(c)	EUR		150,000		227,995

Pharmaceuticals–0.44%

Rottapharm Ltd. (Italy), REGS, Sr. Unsec. Gtd. Euro Notes, 6.13%, 11/15/19^(c)	EUR		435,000		636,690

Publishing–0.11%

Johnston Press Bond PLC (United Kingdom), Sr. Sec. Notes, 8.63%, 06/01/19^(c)	GBP		100,000		165,106

Research & Consulting Services–0.19%

La Financiere Atalian S.A. (Luxembourg), REGS, Sr. Unsec. Gtd. Euro Bonds, 7.25%, 01/15/20^(c)	EUR		190,000		281,024

Specialized Finance–0.45%

HSS Financing PLC (United Kingdom),
Sr. Sec. Gtd. Notes,
6.75%, 08/01/19^(c)	GBP		100,000		176,001
REGS,
Sr. Sec. Gtd. Euro Notes,
6.75%, 08/01/19^(c)	GBP		269,000		473,443
					649,444

Wireless Telecommunication Services–0.17%

Matterhorn Mobile Holdings S.A. (Luxembourg), REGS, Sr. Sec. Gtd. Medium-Term Euro Notes, 8.25%, 02/15/20^(c)	EUR		165,000		248,264
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $14,215,216)					15,012,927


	Shares		Value

Common Stocks & Other Equity Interests–0.68%

Apparel, Accessories & Luxury Goods–0.00%

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

Automobile Manufacturers–0.58%

General Motors Co. ^(i)(j)		15,710		543,252
General Motors Co. -Wts. expiring 07/10/16^(i)(j)		6,378		156,516
General Motors Co. -Wts. expiring 07/10/19^(i)(j)		6,378		104,663
Motors Liquidation Co. GUC Trust ⁽ⁱ⁾		1,673		41,791
				846,222

Forest Products–0.00%

Emerald Plantation Holdings Ltd. (Cayman Islands)^(e)(i)		9,308		2,234

Paper Products–0.10%

NewPage Holdings Inc. (Acquired 07/21/11-08/29/11; Cost $397,010)^(c)(k)		1,840		147,200
Total Common Stocks & Other Equity Interests (Cost $1,288,596)				995,656

	Principal Amount

Variable Rate Senior Loan Interests–0.47%

Apparel Retail–0.34%

Men’s Wearhouse Inc. (The), Sr. Unsec. Gtd. Term Loan, 0%, 03/11/15^(l)(m)	$	490,000		490,000

Casinos & Gaming–0.13%

Caesars Entertainment Operating Co. Inc., Sr. Sec. Gtd. Term Loan, 8.98%, 01/28/18^(m)		190,000		188,389
Total Variable Rate Senior Loan Interests (Cost $678,597)				678,389

	Shares

Preferred Stocks–0.41%

Multi-Line Insurance–0.41%

Hartford Financial Services Group Inc. (The) 7.88% Jr. Sub. Pfd. (Cost $523,614)		19,662		591,433

Money Market Funds–3.96%

Liquid Assets Portfolio –Institutional Class ⁽ⁿ⁾		2,884,487		2,884,487
Premier Portfolio –Institutional Class ⁽ⁿ⁾		2,884,487		2,884,487
Total Money Market Funds (Cost $5,768,974)				5,768,974

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

Invesco High Income Trust II


	Shares	Value
TOTAL INVESTMENTS–134.15% (Cost $188,188,434)		$	195,371,633
OTHER ASSETS LESS LIABILITIES–(34.15)%			(49,732,447	)
NET ASSETS–100.00%		$	145,639,186


Investment Abbreviations:

CAD		— Canadian Dollar
Ctfs.		— Certificates
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)	Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

^(c)

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, 2014 was $84,750,660, which represented 58.19% of the Trust’s Net Assets.

^(d)	All or a portion of this security is Payment-in-Kind.


Issuer	Cash Rate			PIK Rate
Emerald Plantation Holdings Ltd., Sr. Sec. Gtd. Global PIK Notes		6.00	%		8.00	%
Schaeffler Holding Finance B.V., Sr. Sec. Gtd. PIK Notes		6.88	%		7.63	%

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

^(f)	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at May 31, 2014 represented less than 1% of the Trust’s Net Assets.

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

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

⁽ⁱ⁾	Non-income producing security.

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

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

^(l)	All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 4.

^(m)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”), and may be subject to contractual and legal restrictions on sale. Senior secured corporate loans and senior secured debt securities in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Inter-Bank Offered Rate (“LIBOR”), on set dates, typically every 30 days but not greater than one year; and/or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

⁽ⁿ⁾	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, 2014

(Unaudited)

NOTE 1 -- Significant Accounting Policies

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

Debt obligations (including convertible securities) 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 securities) 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 trades 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.

The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Trust’s investments.

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 (net of withholding tax, if any) 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

Forward Foreign Currency Contracts – The Trust may enter into forward foreign currency contracts to manage or minimize currency or exchange rate risk. The Trust may also enter into forward 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 forward 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 forward 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 forward 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.

F.	Leverage Risk – Leverage exists when a Trust can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

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, 2014. 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	$	7,208,863	$	147,200	$	0	$	7,356,063
Corporate Debt Securities		--		172,324,254		--		172,324,254
Foreign Debt Securities		--		15,012,927		--		15,012,927
Variable Rate Senior Loan Interests		--		678,389		--		678,389
		7,208,863		188,162,770		0		195,371,633
Forward Foreign Currency Contracts*		--		48,187		--		48,187
Total Investments	$	7,208,863	$	188,210,957	$	0	$	195,419,820

* Unrealized appreciation.

Invesco High Income Trust II

NOTE 3 -- Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of May 31, 2014:


Risk Exposure/ Derivative Type	Value
Risk Exposure/ Derivative Type	Assets		Liabilities
Currency risk
Forward foreign currency contracts	$	109,677	$	(61,490	)

Effect of Derivative Investments for the three months ended May 31, 2014

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


		Location of Gain (Loss) on Statement of Operations
		Forward Foreign Currency Contracts
Realized Gain (Loss)
Currency risk		$(122,158)
Change in Unrealized Appreciation
Currency risk		211,831
Total		$89,673

The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.

Forward Foreign Currency

Contracts

Average notional value

$24,172,693



Open Forward Foreign Currency Contracts at Period-End

								Unrealized
Settlement		Contract to				Notional		Appreciation
Date	Counterparty	Deliver		Receive		Value		(Depreciation)
07/25/14	RBC Capital Markets Corp.	CAD	490,000	USD	443,685	$	451,321	$	(7,636)
06/05/14	Citigroup Global Markets Inc.	EUR	6,749,253	USD	9,293,921		9,200,408		93,513
09/02/14	Citigroup Global Markets Inc.	EUR	6,093,000	USD	8,291,141		8,305,824		(14,683)
06/05/14	Citigroup Global Markets Inc.	USD	9,196,085	EUR	6,749,253		9,200,408		4,323
06/05/14	RBC Capital Markets Corp.	USD	3,831,350	GBP	2,293,890		3,843,191		11,841

Invesco High Income Trust II


Open Forward Foreign Currency Contracts at Period-End – (Continued)

								Unrealized
Settlement		Contract to				Notional		Appreciation
Date	Counterparty	Deliver		Receive		Value		(Depreciation)
06/05/14	RBC Capital Markets Corp.	GBP	2,292,890	USD	3,827,252		3,843,191		(15,939	)
07/09/14	Citigroup Global Markets Inc.	GBP	1,654,140	USD	2,760,551		2,771,900		(11,883	)
09/02/14	RBC Capital Markets Corp.	GBP	2,292,890	USD	3,828,679		3,840,562		(11,349	)
Total open forward foreign currency contracts – Currency Risk								$	48,187


Currency Abbreviations:
CAD -- Canadian Dollar		USD -- U.S. Dollar
EUR – Euro
GBP -- British Pound Sterling

NOTE 4 -- Unfunded Loan Commitments

As of May 31, 2014, the Trust had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:

Borrower

Type

Principal Amount

Value

Men’s Wearhouse, Inc. (The)

Term Loan

$490,000

NOTE 5 -- 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, 2014 was $54,290,078 and $54,885,770, 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	$	7,294,981
Aggregate unrealized (depreciation) of investment securities		(700,272)
Net unrealized appreciation of investment securities	$	6,594,709
Cost of investments for tax purposes is $188,776,924.

Invesco High Income Trust II

NOTE 6 -- Senior Loan Participation Commitments

The Trust invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Trust purchases a participation of a Senior Loan interest, the Trust typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Trust assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Trust and the borrower.

At the three months ended May 31, 2014, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Trust on a participation basis.


Selling Participant	Principal Amount		Value
Bank of America, N.A.	$	490,000	$	490,000
Credit Suisse First Boston		190,000		188,389
Total	$	680,000	$	678,389

Invesco High Income Trust II

Item 2. Controls and Procedures.

(a)

As of May 23, 2014, 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, 2014, 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 29, 2014

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 29, 2014

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

Date:		July 29, 2014

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.