UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Van Kampen High Income Trust II

(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York 10036

(Address of principal executive offices)   (Zip code)

Edward C. Wood III
522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-762-4000

Date of fiscal year end: 12/31

Date of reporting period: 3/31/09

 

 

Item 1. Schedule of Investments.

The Trust’s schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Corporate Bonds 176.3%
				Aerospace & Defense 2.2%
$	780			Bombardier, Inc. (Canada) (a)			6.300	%			05/01/14			$	553,800
	395			Hexcel Corp.			6.750				02/01/15				335,750
															889,550
				Broadcasting 2.2%
	335			LIN Television Corp., Ser B			6.500				05/15/13				175,875
	515			Salem Communications Corp.			7.750				12/15/10				249,775
	725			Univision Communications, Inc.			7.850				07/15/11				467,625
															893,275
				Cable 13.2%
	785			Anixter, Inc.			10.000				03/15/14				732,012
	785			Charter Communications Operating LLC (a)			10.875				09/15/14				765,375
	1,510			CSC Holdings, Inc. (a)			8.625				02/15/19				1,460,925
	115			DirecTV Holdings LLC			6.375				06/15/15				108,963
	1,045			DirecTV Holdings LLC			7.625				05/15/16				1,029,325
	780			Echostar DBS Corp.			6.375				10/01/11				754,650
	340			Echostar DBS Corp.			6.625				10/01/14				305,150
	145			NTL Cable PLC (United Kingdom)			8.750				04/15/14				137,750
	100			NTL Cable PLC (United Kingdom)			9.125				08/15/16				93,500
															5,387,650
				Chemicals 8.9%
	605			Airgas, Inc. (a)			7.125				10/01/18				582,312
	740			Innophos, Inc.			8.875				08/15/14				610,500
	705			Koppers, Inc.			9.875				10/15/13				648,600
	505			Nalco Co.			7.750				11/15/11				499,950
	750			Terra Capital, Inc.			7.000				02/01/17				693,750
	834			Westlake Chemical Corp.			6.625				01/15/16				587,970
															3,623,082

Van Kampen High Income Trust II
Portfolio of Investments n March 31, 2009 (Unaudited) continued

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Consumer Products 2.4%
$	635			Oxford Industrials, Inc.			8.875	%			06/01/11			$	466,725
	740			Steinway Musical Instruments, Inc. (a)			7.000				03/01/14				495,800
															962,525
				Diversified Media 0.5%
	685			Dex Media West LLC, Ser B			9.875				08/15/13				138,712
	2,610			Idearc, Inc. (c)(d)			8.000				11/15/16				81,563
															220,275
				Energy 25.7%
	1,500			Chesapeake Energy Corp.			9.500				02/15/15				1,466,250
	230			Cimarex Energy Co.			7.125				05/01/17				186,300
	565			Compagnie Generale de Geophysique, SA (France)			7.500				05/15/15				449,175
	60			Forest Oil Corp.			7.250				06/15/19				47,700
	275			Forest Oil Corp.			7.750				05/01/14				245,437
	1,500			Frontier Oil Corp.			6.625				10/01/11				1,470,000
	625			Hilcorp Energy/Finance Corp. (a)			7.750				11/01/15				459,375
	430			Key Energy Services, Inc.			8.375				12/01/14				273,050
	346			Kinder Morgan, Inc.			6.500				09/01/12				324,375
	1,055			Massey Energy Co.			6.875				12/15/13				923,125
	400			Mirant North America LLC			7.375				12/31/13				364,000
	730			Newfield Exploration Co.			6.625				09/01/14				664,300
	195			Newfield Exploration Co.			7.125				05/15/18				173,550
	620			OPTI Canada, Inc. (Canada)			8.250				12/15/14				280,550
	540			Orion Power Holdings, Inc.			12.000				05/01/10				559,575
	650			Pacific Energy Partners LP			7.125				06/15/14				602,809
	210			Plains Exploration & Production Co.			7.625				06/01/18				171,150
	770			Plains Exploration & Production Co.			7.750				06/15/15				666,050

Van Kampen High Income Trust II
Portfolio of Investments n March 31, 2009 (Unaudited) continued

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Energy (continued)
$	950			Texas Competitive Electric Holdings Co., LLC			10.250	%			11/01/15			$	479,750
	750			Williams Cos, Inc.			7.625				07/15/19				702,461
															10,508,982
				Environmental & Facilities Services 1.3%
	560			Allied Waste North America, Inc.			7.250				03/15/15				529,823
				Financial 2.4%
	1,355			GMAC LLC (a)			6.875				09/15/11				963,378
				Food & Drug 3.6%
	355			Axcan Intermediate Holdings, Inc.			12.750				03/01/16				332,813
	1,030			Rite Aid Corp.			8.625				03/01/15				236,900
	560			SUPERVALU, Inc.			7.500				05/15/12				553,000
	365			SUPERVALU, Inc.			7.500				11/15/14				358,156
															1,480,869
				Food & Tobacco 7.6%
	465			Constellation Brands, Inc.			7.250				05/15/17				444,075
	635			Michael Foods, Inc.			8.000				11/15/13				568,325
	800			Smithfield Foods, Inc., Ser B			8.000				10/15/09				800,000
	1,500			Tyson Foods, Inc.			7.850				04/01/16				1,299,744
															3,112,144
				Forest Products 7.0%
	1,270			Crown Americas LLC			7.625				11/15/13				1,281,113
	850			Georgia-Pacific Corp. (a)			7.125				01/15/17				790,500
	500			Graphic Packaging International, Inc.			9.500				08/15/13				360,000
	320			P.H. Glatfelter Co.			7.125				05/01/16				274,400
	395			Verso Paper Holdings LLC			9.125				08/01/14				150,100
															2,856,113
				Gaming & Leisure 8.1%
	1,297			Harrah’s Operating Co., Inc. (a)			10.000				12/15/15				408,555

Van Kampen High Income Trust II
Portfolio of Investments n March 31, 2009 (Unaudited) continued

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Gaming & Leisure (continued)
$	750			Host Marriott LP			6.375	%			03/15/15			$	558,750
	1,135			Host Marriott LP, Ser J			7.125				11/01/13				922,188
	860			Las Vegas Sands Corp.			6.375				02/15/15				408,500
	1,535			MGM Mirage, Inc.			6.000				10/01/09				836,575
				245 MGM Mirage, Inc. (a)			13.000				11/15/13				183,750
															3,318,318
				Health Care 22.2%
	490			Biomet, Inc.			11.625				10/15/17				434,875
	960			Community Health Systems, Inc.			8.875				07/15/15				912,000
	625			DaVita, Inc.			6.625				03/15/13				609,375
	1,485			Fisher Scientific International, Inc.			6.125				07/01/15				1,476,785
	665			FMC Finance III SA (Luxembourg)			6.875				07/15/17				653,362
	1,290			Fresenius Medical Care Capital Trust IV			7.875				06/15/11				1,312,575
	1,345			HCA, Inc.			9.125				11/15/14				1,267,662
	455			Healthsouth Corp.			10.750				06/15/16				448,175
	165			Invacare Corp.			9.750				02/15/15				159,638
	500			Medco Health Solutions, Inc.			7.125				03/15/18				497,042
	710			Omnicare, Inc.			6.875				12/15/15				639,000
	750			Res-Care, Inc.			7.750				10/15/13				665,625
															9,076,114
				Housing 2.0%
	1,090			Interface, Inc., Ser B			9.500				02/01/14				779,350
	80			Pulte Homes, Inc.			6.375				05/15/33				49,200
															828,550
				Information Technology 4.0%
	435			Expedia, Inc. (a)			8.500				07/01/16				371,925
	890			Flextronics International Ltd. (Singapore)			6.500				05/15/13				796,550

Van Kampen High Income Trust II
Portfolio of Investments n March 31, 2009 (Unaudited) continued

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Information Technology (continued)
$	440			Iron Mountain, Inc.			8.625	%			04/01/13			$	442,200
															1,610,675
				Manufacturing 6.1%
	330			Baldor Electric Co.			8.625				02/15/17				263,175
	1,200			Case New Holland, Inc.			7.125				03/01/14				888,000
	925			JohnsonDiversey, Inc., Ser B			9.625				05/15/12				841,750
	605			RBS Global, Inc. & Rexnord Corp.			9.500				08/01/14				493,075
															2,486,000
				Metals 1.9%
	245			Foundation PA Coal Co.			7.250				08/01/14				223,563
	130			Freeport-McMoRan Copper & Gold, Inc.			8.375				04/01/17				121,721
	1,070			Novelis, Inc. (Canada)			7.250				02/15/15				433,350
															778,634
				Pipelines 2.6%
	1,000			El Paso Corp.			12.000				12/12/13				1,057,500
				Retail 8.6%
	1,045			Brown Shoe Co., Inc.			8.750				05/01/12				851,675
	690			Eye Care Centers of America			10.750				02/15/15				631,350
	1,310			Phillips-Van Heusen Corp.			7.250				02/15/11				1,267,425
	790			Sally Holdings LLC/Sally Capital, Inc.			9.250				11/15/14				752,475
															3,502,925
				Services 4.7%
	310			AMC Entertainment, Inc., Ser B			8.625				08/15/12				306,125
	215			Aramark Services, Inc.			8.500				02/01/15				198,875
	1,000			Ticketmaster Entertainment, Inc. (a)			10.750				07/28/16				685,000

Van Kampen High Income Trust II
Portfolio of Investments n March 31, 2009 (Unaudited) continued

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Services (continued)
$	895			United Rentals North America, Inc.			6.500	%			02/15/12			$	720,475
															1,910,475
				Telecommunications 11.0%
	750			Intelsat Corp. (a)			9.250				06/15/16				697,500
	300			L-3 Communications Corp.			7.625				06/15/12				301,875
	1,000			Nielsen Finance LLC / Nielsen Finance Co. (a)			11.625				02/01/14				906,250
	955			Qwest Capital Funding, Inc.			7.250				02/15/11				916,800
	750			Sprint Capital Corp.			6.900				05/01/19				532,500
	815			Wind Acquisition Finance, SA (Luxembourg) (a)			10.750				12/01/15				810,925
	345			Windstream Corp.			8.125				08/01/13				341,550
															4,507,400
				Transportation 3.4%
	730			ArvinMeritor, Inc.			8.750				03/01/12				266,450
	1,340			Ford Motor Credit Co.			7.000				10/01/13				896,784
	160			KAR Holdings, Inc.			8.750				05/01/14				85,600
	490			Sonic Automotive, Inc., Ser B			8.625				08/15/13				147,000
															1,395,834
				Utility 16.5%
	1,275			AES Corp.			7.750				03/01/14				1,147,500
	740			AES Corp. (a)			8.750				05/15/13				732,600
	615			CMS Energy Corp.			6.300				02/01/12				585,068
	700			CMS Energy Corp.			8.500				04/15/11				707,220
	795			Dynegy Holdings, Inc.			7.750				06/01/19				520,725
	425			Edison Mission Energy			7.750				06/15/16				325,125
	800			Intergen NV (Netherlands) (a)			9.000				06/30/17				728,000
	405			IPALCO Enterprises, Inc.			8.625				11/14/11				388,800
	765			NRG Energy, Inc.			7.375				01/15/17				713,362
	735			Reliant Energy, Inc.			7.875				06/15/17				584,325

Van Kampen High Income Trust II
Portfolio of Investments n March 31, 2009 (Unaudited) continued

Par
Amount
(000)				Description		Coupon				Maturity				Value
				Utility (continued)
$	315			Sierra Pacific Power Co., Ser H			6.250	%			04/15/12			$	318,857
															6,751,582
				Wireless Communications 6.6%
	240			American Tower Corp.			7.125				10/15/12				242,400
	1,425			American Tower Corp.			7.500				05/01/12				1,439,250
	1,775			Nextel Communications, Inc., Ser E			6.875				10/31/13				1,020,625
															2,702,275
				Wireline 1.6%
	815			Citizens Communications Co.			7.125				03/15/19				643,850
				Total Corporate Bonds 176.3%											71,997,798

Equities 0.2%
DecisionOne Corp. (5,483 Common Shares) (b)(c)(e)			0
Hosiery Corp. of America, Inc., Class A (1,000 Common Shares) (b)(c)(e)			0
Preferred Blocker, Inc. (GMAC) (287 Preferred Shares) (a)			57,158
VS Holdings, Inc. (20,207 Common Shares) (b)(c)(e)			0
Total Equities 0.2%			57,158
Total Long-Term Investments 176.5% (Cost $88,760,757)			72,054,956
Repurchase Agreements 0.4%
Banc of America Securities ($8,487 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.10%, dated 03/31/09, to be sold on 04/01/09 at $8,487)			8,487
Citigroup Global Markets, Inc. ($40,740 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.14%, dated 03/31/09, to be sold on 04/01/09 at $40,740)			40,740

Van Kampen High Income Trust II
Portfolio of Investments n March 31, 2009 (Unaudited) continued

Description		Value
Repurchase Agreements (continued)
Citigroup Global Markets, Inc. ($84,874 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.13%, dated 03/31/09, to be sold on 04/01/09 at $84,874)		$	84,874
JPMorgan Chase & Co. ($25,462 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.14%, dated 03/31/09, to be sold on 04/01/09 at $25,462)			25,462
State Street Bank & Trust Co. ($437 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.01%, dated 03/31/09, to be sold on 04/01/09 at $437)			437
Total Repurchase Agreements 0.4% (Cost $160,000)			160,000
Total Investments 176.9% (Cost $88,920,757)			72,214,956
Other Assets in Excess of Liabilities 2.7%			1,118,228
Preferred Shares (including accrued distributions) (79.6%)			(32,503,407	)
Net Assets Applicable to Common Shares 100.0%		$	40,829,777

Percentages are calculated as a percentage of net assets applicable to common shares.

Van Kampen High Income Trust II
Portfolio of Investments n March 31, 2009 (Unaudited) continued

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), defines fair value as the price that the Trust would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. FAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Trust’s investments. The inputs are summarized in the three broad levels listed below.

•		Level 1—quoted prices in active markets for identical investments
•		Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•		Level 3—significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments)

     The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

     The following is a summary of the inputs used as of March 31, 2009 in valuing the Trust’s investments carried at value:

		Investments in
Valuation Inputs		Securities
Level 1 - Quoted Prices		$	-0-
Level 2 - Other Significant Observable Inputs			72,214,956
Level 3 - Significant Unobservable Inputs			-0-
Total		$	72,214,956

Investments are stated at value using market quotations or indications of value obtained from an independent pricing service. For those securities where quotations or prices are not readily available, valuations are obtained from yield data relating to instruments or securities with similar characteristics in accordance with procedures established in good faith by the Board of Trustees. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Futures

Van Kampen High Income Trust II
Portfolio of Investments n March 31, 2009 (Unaudited) continued

contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

Item 2. Controls and Procedures.

(a) The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

(b) There were no changes in the Trust’s internal control over financial reporting that occurred during the registrant’s fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 3. Exhibits.

(a) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.cert.

(b) A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.cert.

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.

Date:     May 19, 2009

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

Date:     May 19, 2009

Date:     May 19, 2009