Edgar Filing: VAN KAMPEN HIGH INCOME TRUST II

FORM N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-5769

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: 9/30/08

TABLE OF CONTENTS


	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
SIGNATURES
EX-99.CERT

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:

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited)


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Corporate Bonds 189.1%
		Broadcasting 1.8%
$	420	LIN Television Corp.		6.500	%		05/15/13	$	329,700
	335	LIN Television Corp., Ser B		6.500			05/15/13		262,975
	515	Salem Communications Corp.		7.750			12/15/10		424,875

									1,017,550


		Cable 9.8%
	1,175	Cablevision Systems Corp., Ser B (a)		7.133			04/01/09		1,166,188
	495	CCH I LLC		11.000			10/01/15		329,175
	377	CCH II LLC (b)		10.250			10/01/13		314,795
	340	CSC Holdings, Inc. (b)		8.500			06/15/15		317,475
	115	DirecTV Holdings LLC		6.375			06/15/15		101,775
	1,045	DirecTV Holdings LLC (b)		7.625			05/15/16		950,950
	495	Echostar DBS Corp.		5.750			10/01/08		495,000
	780	Echostar DBS Corp.		6.375			10/01/11		719,550
	340	Echostar DBS Corp.		6.625			10/01/14		273,700
	145	NTL Cable PLC (United Kingdom)		8.750			04/15/14		122,525
	100	NTL Cable PLC (United Kingdom)		9.125			08/15/16		84,250
	693	PanAmSat Corp. (c)		9.000			08/15/14		611,786

									5,487,169


		Chemicals 6.1%
	740	Innophos, Inc.		8.875			08/15/14		743,700
	705	Koppers, Inc.		9.875			10/15/13		729,675
	505	Nalco Co.		7.750			11/15/11		497,425
	750	Terra Capital, Inc.		7.000			02/01/17		716,250
	834	Westlake Chemical Corp.		6.625			01/15/16		713,070

									3,400,120


		Consumer Products 3.7%
	990	Jarden Corp.		7.500			05/01/17		829,125

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Consumer Products (continued)
$	635	Oxford Industrials, Inc.		8.875	%		06/01/11	$	577,056
	740	Steinway Musical Instruments, Inc. (b)		7.000			03/01/14		643,800

									2,049,981


		Diversified Media 6.1%
	1,425	CanWest Media, Inc. (Canada)		8.000			09/15/12		1,197,000
	685	Dex Media West LLC, Ser B		9.875			08/15/13		426,412
	2,610	Idearc, Inc.		8.000			11/15/16		724,275
	485	Interpublic Group of Cos., Inc.		6.250			11/15/14		404,975
	985	Valassis Communications, Inc.		8.250			03/01/15		684,575

									3,437,237


		Energy 16.1%
	1,825	Chesapeake Energy Corp.		6.625			01/15/16		1,647,063
	230	Cimarex Energy Co.		7.125			05/01/17		212,750
	565	Compagnie Generale de Geophysique, SA (France)		7.500			05/15/15		542,400
	1,500	Frontier Oil Corp.		6.625			10/01/11		1,425,000
	760	Helix Energy Solutions Group, Inc. (b)		9.500			01/15/16		714,400
	1,610	Hilcorp Energy/Finance Corp. (b)		7.750			11/01/15		1,392,650
	346	Kinder Morgan, Inc.		6.500			09/01/12		327,835
	1,310	Massey Energy Co.		6.875			12/15/13		1,192,100
	195	Newfield Exploration Co.		7.125			05/15/18		170,625
	620	OPTI Canada, Inc. (Canada)		8.250			12/15/14		558,000
	650	Pacific Energy Partners LP		7.125			06/15/14		639,588
	210	Plains Exploration & Production Co.		7.625			06/01/18		186,900

									9,009,311


		Financial 5.3%
	500	Alfa MTN Invest Ltd. (Cyprus) (b)		9.250			06/24/13		446,750
	2,535	Capmark Financial Group, Inc.		5.875			05/10/12		1,264,549

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Financial (continued)
$	85	Capmark Financial Group, Inc.		6.300	%		05/10/17	$	33,441
	1,795	GMAC LLC		6.750			12/01/14		689,605
	185	ProLogis (REIT)		6.625			05/15/18		159,159
	240	Residential Capital LLC		8.125			11/21/08		205,200
	45	Residential Capital LLC (b)		8.500			05/15/10		24,975
	506	Residential Capital LLC (b)		9.625			05/15/15		123,970
	47	UCAR Finance, Inc.		10.250			02/15/12		48,645

									2,996,294


		Food & Drug 3.2%
	355	Axcan Intermediate Holdings, Inc. (b)		12.750			03/01/16		353,225
	1,030	Rite Aid Corp.		8.625			03/01/15		545,900
	560	SUPERVALU, Inc.		7.500			05/15/12		546,000
	365	SUPERVALU, Inc.		7.500			11/15/14		355,875

									1,801,000


		Food & Tobacco 7.1%
	465	Constellation Brands, Inc.		7.250			05/15/17		430,125
	635	Michael Foods, Inc.		8.000			11/15/13		619,125
	1,430	Pilgrim’s Pride Corp.		7.625			05/01/15		893,750
	800	Smithfield Foods, Inc., Ser B		8.000			10/15/09		780,000
	1,500	Tyson Foods, Inc.		7.350			04/01/16		1,245,000

									3,968,000


		Forest Products 5.8%
	1,270	Crown Americas LLC		7.625			11/15/13		1,257,300
	850	Georgia-Pacific Corp. (b)		7.125			01/15/17		762,875
	1,000	Graphic Packaging International, Inc.		9.500			08/15/13		910,000
	320	P.H. Glatfelter Co.		7.125			05/01/16		310,400

									3,240,575

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Gaming & Leisure 17.0%
$	2,595	Harrah’s Operating Co., Inc.		5.375	%		12/15/13	$	843,375
	750	Host Marriott LP		6.375			03/15/15		613,125
	1,135	Host Marriott LP, Ser J		7.125			11/01/13		1,015,825
	2,475	Isle of Capri Casinos, Inc.		7.000			03/01/14		1,670,625
	1,740	Las Vegas Sands Corp.		6.375			02/15/15		1,339,800
	2,900	MGM Mirage, Inc.		6.000			10/01/09		2,726,000
	760	Mohegan Tribal Gaming Authority		7.125			08/15/14		543,400
	1,160	Station Casinos, Inc.		6.000			04/01/12		655,400
	175	Station Casinos, Inc.		6.875			03/01/16		49,875
	155	Station Casinos, Inc.		7.750			08/15/16		84,863

									9,542,288


		Health Care 27.5%
	425	Biomet, Inc. (d)		10.375			10/15/17		422,875
	725	Community Health Systems, Inc.		8.875			07/15/15		692,375
	1,845	DaVita, Inc.		6.625			03/15/13		1,761,975
	1,485	Fisher Scientific International, Inc.		6.125			07/01/15		1,435,239
	665	FMC Finance III SA (Luxembourg)		6.875			07/15/17		643,387
	1,290	Fresenius Medical Care Capital Trust IV		7.875			06/15/11		1,309,350
	595	HCA, Inc.		5.750			03/15/14		467,075
	170	HCA, Inc.		6.250			02/15/13		142,800
	895	HCA, Inc.		6.375			01/15/15		709,288
	335	HCA, Inc.		8.750			09/01/10		331,650
	915	HCA, Inc.		9.125			11/15/14		892,125
	165	Invacare Corp.		9.750			02/15/15		165,825
	500	Medco Health Solutions, Inc.		7.125			03/15/18		507,516
	735	Omnicare, Inc.		6.750			12/15/13		670,688
	710	Omnicare, Inc.		6.875			12/15/15		635,450
	750	Res-Care, Inc.		7.750			10/15/13		708,750
	1,430	Tenet Healthcare Corp.		7.375			02/01/13		1,308,450

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Health Care (continued)
$	575	Tenet Healthcare Corp.		9.875	%		07/01/14	$	563,500
	1,405	Ventas Realty LP (REIT)		6.750			06/01/10		1,405,000
	650	Warner Chilcott Corp.		8.750			02/01/15		643,500

									15,416,818


		Housing 2.9%
	1,090	Interface, Inc., Ser B		9.500			02/01/14		1,106,350
	80	Pulte Homes, Inc.		6.375			05/15/33		58,800
	1,035	Realogy Corp.		10.500			04/15/14		460,575

									1,625,725


		Information Technology 7.6%
	435	Expedia, Inc. (b)		8.500			07/01/16		393,675
	395	First Data Corp. (b)		9.875			09/24/15		310,569
	1,345	Freescale Semiconductor, Inc.		8.875			12/15/14		934,775
	1,340	Iron Mountain, Inc.		8.625			04/01/13		1,326,600
	740	KLA Instruments Corp.		6.900			05/01/18		689,222
	90	Lender Processing Services, Inc. (b)		8.125			07/01/16		88,200
	725	NXP BV/NXP Funding LLC (Netherlands)		7.875			10/15/14		489,375

									4,232,416


		Manufacturing 6.1%
	330	Baldor Electric Co.		8.625			02/15/17		316,800
	1,200	Case New Holland, Inc.		7.125			03/01/14		1,098,000
	925	JohnsonDiversey, Inc., Ser B		9.625			05/15/12		927,312
	540	Propex Fabrics, Inc. (e)(f)		10.000			12/01/12		6,750
	1,140	RBS Global, Inc. & Rexnord Corp.		9.500			08/01/14		1,077,300

									3,426,162


		Metals 4.8%
	530	Evraz Group SA (Luxembourg) (b)		9.500			04/24/18		384,250
	245	Foundation, PA Coal Co.		7.250			08/01/14		237,650

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Metals (continued)
$	735	Freeport-McMoRan Copper & Gold, Inc.		8.375	%		04/01/17	$	725,056
	1,505	Novelis, Inc. (Canada)		7.250			02/15/15		1,316,875

									2,663,831


		Retail 6.7%
	1,045	Brown Shoe Co., Inc.		8.750			05/01/12		1,018,875
	1,400	JC Penney Corp., Inc.		8.000			03/01/10		1,428,543
	1,310	Phillips-Van Heusen Corp.		7.250			02/15/11		1,293,625

									3,741,043


		Services 1.1%
	416	Aramark Services, Inc.		5.000			06/01/12		351,520
	60	Aramark Services, Inc. (a)		6.301			02/01/15		52,800
	215	Aramark Services, Inc.		8.500			02/01/15		203,175

									607,495


		Telecommunications 12.8%
	375	Citizens Communications Co.		6.250			01/15/13		352,969
	500	Exodus Communications, Inc. (c)(e)(f)		11.250			07/01/08		0
	525	Intelsat Corp. (b)		9.250			06/15/16		485,625
	290	Nordic Telephone Co., Holdings (Denmark) (b)		8.875			05/01/16		265,350
	620	Nortel Networks Ltd. (Canada) (b)		10.750			07/15/16		382,850
	3,000	Qwest Corp. (a)		6.069			06/15/13		2,565,000
	1,000	Qwest Corp.		7.875			09/01/11		965,000
	750	Sprint Capital Corp.		6.900			05/01/19		582,249
	815	Wind Acquisition Finance, SA (Luxembourg) (b)		10.750			12/01/15		802,775
	345	Windstream Corp.		8.125			08/01/13		329,475
	720	XM Satellite Radio Holdings, Inc. (b)		13.000			08/01/13		428,400

									7,159,693

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Transportation 9.3%
$	730	ArvinMeritor, Inc.		8.750	%		03/01/12	$	616,850
	1,535	Ford Motor Credit Co.		7.000			10/01/13		944,220
	2,915	Ford Motor Credit Co.		7.250			10/25/11		1,854,750
	2,140	General Motors Acceptance Corp.		6.875			09/15/11		955,352
	490	Sonic Automotive, Inc., Ser B		8.625			08/15/13		335,650
	700	United Auto Group, Inc.		7.750			12/15/16		504,000

									5,210,822


		Utility 20.7%
	1,275	AES Corp.		7.750			03/01/14		1,192,125
	615	CMS Energy Corp.		6.300			02/01/12		597,030
	700	CMS Energy Corp.		8.500			04/15/11		719,734
	2,178	Colorado Interstate Gas Co.		6.800			11/15/15		2,074,223
	795	Dynegy Holdings, Inc.		7.750			06/01/19		639,975
	405	Equitable Resources, Inc.		6.500			04/01/18		387,075
	800	Intergen NV (Netherlands) (b)		9.000			06/30/17		804,000
	405	IPALCO Enterprises, Inc.		8.625			11/14/11		409,050
	740	Israel Electric Corp. Ltd. (Israel) (b)		7.250			01/15/19		742,540
	510	Nevada Power Co., Ser A		8.250			06/01/11		546,979
	765	NRG Energy, Inc.		7.375			01/15/17		698,062
	735	Reliant Energy, Inc.		7.875			06/15/17		547,575
	315	Sierra Pacific Power Co., Ser H		6.250			04/15/12		317,296
	690	Texas Competitive Electric Holdings Co. LLC, Ser A (b)		10.250			11/01/15		626,175
	1,435	Texas Competitive Electric Holdings Co. LLC, Ser B (b)		10.250			11/01/15		1,302,263

									11,604,102


		Wireless Communications 6.4%
	240	American Tower Corp.		7.125			10/15/12		237,600
	1,425	American Tower Corp.		7.500			05/01/12		1,410,750

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued


Par
Amount
(000)		Description	Coupon			Maturity		Value


		Wireless Communications (continued)
$	1,775	Nextel Communications, Inc., Ser E		6.875	%		10/31/13	$	1,207,752
	490	Sirius XM Radio, Inc.		9.625			08/01/13		262,150
	605	VimpelCom, Class B (Ireland) (b)		9.125			04/30/18		470,320

									3,588,572


		Wireline 1.2%
	815	Citizens Communications Co.		7.125			03/15/19		652,000

		Total Corporate Bonds 189.1%							105,878,204


		Collateralized Mortgage Obligations 0.5%
	408	American Home Mortgage Assets, Class A3 (a)		3.506			06/25/47		60,133
	389	American Home Mortgage Assets (a)		3.516			10/25/46		66,071
	433	Countrywide Alternative Loan Trust (a)		3.467			03/20/47		94,039
	450	Countrywide Alternative Loan Trust (a)		3.726			10/25/46		6,732
	375	Countrywide Alternative Loan Trust (a)		4.026			01/25/36		9,258
	275	Greenpoint Mortgage Funding Trust (a)		3.616			09/25/46		7,265
	375	Harborview Mortgage Loan Trust (a)		3.737			08/21/36		5,665
	701	Lehman XS Trust (a)(h)		6.320			03/25/47		12,161
	325	Structured Asset Mortgage Investments, Inc. (a)		3.576			08/25/36		9,236

		Total Collateralized Mortgage Obligations 0.5%							270,560

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued


Description	Value


Equities 0.0%
DecisionOne Corp. (5,483 Common Shares) (c)(g)	$	0
Federal National Mortgage Association (8.750%, 3,580 Convertible Preferred Shares)		8,735
Hosiery Corp. of America, Inc., Class A (1,000 Common Shares) (c) (g)		0
VS Holdings, Inc. (20,207 Common Shares) (c) (g)		0
XO Holdings, Inc. (681 Common Shares) (g)		279
XO Holdings, Inc., Ser A (1,364 Common Stock Warrants, expiring 01/16/10) (g)		38
XO Holdings, Inc., Ser B (1,022 Common Stock Warrants, expiring 01/16/10) (g)		26
XO Holdings, Inc., Ser C (1,022 Common Stock Warrants, expiring 01/16/10) (g)		20


Total Equities 0.0%		9,098


Total Long-Term Investments 189.6% (Cost $131,637,462)		106,157,862


Repurchase Agreements 12.0%
Banc of America Securities ($2,496,701 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 2.05%, dated 09/30/08, to be sold on 10/01/08 at $2,496,843)		2,496,701
Citigroup Global Markets, Inc. ($2,496,700 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 1.50%, dated 09/30/08, to be sold on 10/01/08 at $2,496,805)		2,496,700
JPMorgan Chase & Co. ($749,010 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 1.00%, dated 09/30/08, to be sold on 10/01/08 at $749,031)		749,010

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued


Description	Value


Repurchase Agreements (continued)
State Street Bank & Trust Co. ($984,589 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 1.35%, dated 09/30/08, to be sold on 10/01/08 at $984,626)		984,589


Total Repurchase Agreements 12.0% (Cost $6,727,000)		6,727,000


Total Investments 201.6% (Cost $138,364,462)	$	112,884,862

Foreign Currency 0.0% (Cost $21,126)		20,311

Liabilities in Excess of Other Assets (1.3%)		(733,034	)

Preferred Shares (including accrued distributions) (100.3%)		(56,178,355	)


Net Assets 100.0%	$	55,993,784



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

(a)		Floating Rate Coupon

(b)		144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.

(c)		Market value is determined in accordance with procedures established in good faith by the Board of Trustees.

(d)		Payment-in-kind security.

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

(f)		This borrower has filed for protection in federal bankruptcy court.

(g)		Non-income producing security.

(h)		On September 15, 2008, Lehman Brothers Holdings, Inc. filed for bankruptcy and has been determined to be non-income producing.

REIT — Real Estate Investment Trust

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued

Swap agreements outstanding as of September 30, 2008:
Credit Default Swaps


			Pay/
			Receive			Notional
		Buy/Sell	Fixed		Expiration	Amount		Upfront
Counterparty	Reference Entity	Protection	Rate		Date	(000)		Payments		Value
Bank of America, N.A.	Carnival Corp.	Buy		1.570%	03/20/18	$	810	$	0	$	(14,948	)
Bank of America, N.A.	Goodrich Corp.	Buy		0.700	03/20/13		565		0		(5,431	)
Bank of America, N.A.	Goodrich Corp.	Buy		0.820	03/20/18		395		0		(7,241	)
Bank of America, N.A.	Pactiv Corp.	Buy		1.375	03/20/13		795		0		(12,553	)
Bank of America, N.A.	Toll Brothers, Inc.	Buy		2.900	03/20/13		685		0		(13,329	)
Citibank, N.A., New York	Eaton Corp.	Buy		0.820	03/20/18		520		0		13,280
Credit Suisse International	Arrow Electronics, Inc.	Buy		1.000	03/20/15		855		0		(16,214	)
Credit Suisse International	Pactiv Corp.	Buy		1.350	03/20/13		1,195		0		(17,655	)
Goldman Sachs International	Avalon Bay Communities, Inc.	Buy		2.200	06/20/13		1,220		0		(330	)
Goldman Sachs International	Coca-Cola Enterprises, Inc.	Buy		0.588	03/20/13		1,370		0		(6,795	)
Goldman Sachs International	Eaton Corp.	Buy		0.970	03/20/18		450		0		6,527
Goldman Sachs International	Goodrich Corp.	Buy		0.470	03/20/18		365		0		3,076
Goldman Sachs International	Prologis	Buy		2.970	06/20/13		385		0		24,123
Goldman Sachs International	Sealed Air Corp.	Buy		1.240	03/20/18		235		0		9,239

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued


			Pay/
			Receive			Notional
		Buy/Sell	Fixed		Expiration	Amount		Upfront
Counterparty	Reference Entity	Protection	Rate		Date	(000)		Payments			Value
Goldman Sachs International	Trane, Inc.	Buy		0.500%	03/20/13	$	250	$	0		$	(370	)
Goldman Sachs International	Trane, Inc.	Buy		0.600	03/20/18		105		0			(142	)
JPMorgan Chase Bank, N.A.	Nordstrom, Inc.	Buy		1.070	03/20/18		265		0			9,270
JPMorgan Chase Bank, N.A.	Nordstrom, Inc.	Buy		1.150	03/20/18		430		0			12,581
JPMorgan Chase Bank, N.A.	The Interpublic Group of Companies, Inc.	Buy		3.600	09/20/13		420		0			17,547
Merrill Lynch International	Carnival Corp.	Buy		1.600	03/20/18		445		0			(7,731	)
Merrill Lynch International	The Walt Disney Co.	Buy		0.770	03/20/13		2,025		0			(29,813	)
UBS Securities, AG	Martin Marietta Materials, Inc.	Buy		1.730	03/20/18		215		0			4,035
UBS Securities, AG	Martin Marietta Materials, Inc.	Buy		1.780	03/20/13		320		0			1,316
UBS Securities, AG	Toll Brothers, Inc.	Buy		2.900	03/20/13		1,060		0			(20,626	)
UBS Securities, AG	Trane, Inc.	Buy		0.500	03/20/13		470		0			(695	)
UBS Securities, AG	Trane, Inc.	Buy		0.600	03/20/18		305		0			(413	)

									0			(53,292	)


Goldman Sachs International	CDX.NA.HY.10	Sell		5.000	06/20/13		3,645		(218,700	)		(355,895	)
Goldman Sachs International	CDX.NA.IG. HVOL.9	Sell		1.400	12/20/12		800		(69,210	)		(86,812	)

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued


			Pay/
			Receive			Notional
		Buy/Sell	Fixed		Expiration	Amount		Upfront
Counterparty	Reference Entity	Protection	Rate		Date	(000)		Payments			Value
JPMorgan Chase Bank, N.A.	SLM Corp.	Sell		4.950%	03/20/13	$	385	$	0		$	(100,024	)
Merrill Lynch International	CDX.NA.IG. ..HVOL.9	Sell		1.400	12/20/12		815		(86,084	)		(88,440	)
Merrill Lynch International	SLM Corp.	Sell		5.000	03/20/13		385		0			(99,552	)
UBS Securities, AG	CDX.NA.HY.10	Sell		5.000	06/20/13		2,060		(66,950	)		(201,137	)

									(440,944	)		(931,860	)

Total Credit Default Swaps								$	(440,944	)	$	(985,152	)

Swap Collateral received from Counterparty
Deutsche Bank AG												(40,000	)

Total Swap Collateral Received												(40,000	)

Total Swap Agreements											$	(1,025,152	)

The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined 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.

Van Kampen High Income Trust II
Portfolio of Investments § September 30, 2008 (Unaudited) continued

The following is a summary of the inputs used as of September 30, 2008 in valuing the Trust’s investments carried at value:


	Investments in			Other Financial
Valuation Inputs	Securities			Instruments*
Level 1 - Quoted Prices	$	9,098		$	-0-
Level 2 - Other Significant Observable Inputs		112,605,204			(985,152	)
Level 3 - Significant Unobservable Inputs		270,560			-0-

Total	$	112,884,862		$	(985,152	)


Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

	Investments in			Other Financial
	Securities			Instruments*
Balance as of December 31, 2007	$	-0-		$	-0-
Accrued discounts/premiums		133,476			-0-
Realized gain/loss		89,498			-0-
Change in unrealized appreciation/depreciation		(2,403,830	)		-0-
Net purchases/sales		(140,471	)		-0-
Net transfers in and/or out of Level 3		2,591,887			-0-

Balance as of September 30, 2008	$	270,560		$	-0-

Net change in unrealized appreciation/depreciation from investments still held as of September 30, 2008	$	(2,403,830	)	$	-0-



*		Other financial instruments include futures, forwards and swap contracts.

Security Valuation 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. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Swaps are valued using market quotations obtained from brokers. 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.

(Registrant) Van Kampen High Income Trust II


By: Name:		/s/ Edward C. Wood III Edward C. Wood III
Title:		Principal Executive Officer
Date:		November 18, 2008

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.


By: Name:		/s/ Edward C. Wood III Edward C. Wood III
Title:		Principal Executive Officer
Date:		November 18, 2008


By: Name:		/s/ Stuart N. Schuldt Stuart N. Schuldt
Title:		Principal Financial Officer
Date:		November 18, 2008

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