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<SEC-DOCUMENT>0000950123-09-038599.txt : 20090827
<SEC-HEADER>0000950123-09-038599.hdr.sgml : 20090827
<ACCEPTANCE-DATETIME>20090827140306
ACCESSION NUMBER:		0000950123-09-038599
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20090630
FILED AS OF DATE:		20090827
DATE AS OF CHANGE:		20090827
EFFECTIVENESS DATE:		20090827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VAN KAMPEN HIGH INCOME TRUST II
		CENTRAL INDEX KEY:			0000846671
		IRS NUMBER:				366900462
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05769
		FILM NUMBER:		091038953

	BUSINESS ADDRESS:	
		STREET 1:		VAN KAMPEN INVESTMENTS INC.
		STREET 2:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-296-6963

	MAIL ADDRESS:	
		STREET 1:		VAN KAMPEN INVESTMENTS INC.
		STREET 2:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL LIMITED TERM HIGH INCOME
		DATE OF NAME CHANGE:	19960102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN MERRITT LIMITED TERM HIGH INCOME TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>c52281nvcsrs.htm
<DESCRIPTION>N-CSRS
<TEXT>
<HTML>
<HEAD>
<TITLE>nvcsrs</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM N-CSRS</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED<BR>
MANAGEMENT INVESTMENT COMPANIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Company Act file number 811-5769</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000; WIDTH: 100%"> Van Kampen High Income Trust II</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">522 Fifth Avenue, New York, New York 10036</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Edward C. Wood III</DIV>

<DIV align="center" style="font-size: 10pt">522 Fifth Avenue, New York, New York 10036</DIV>


<DIV align="center" style="font-size: 10pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Name and address of agent for service)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: 212-762-4000
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date of fiscal year end: 12/31
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date of reporting period: 6/30/09
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Item 1. Report to Shareholders.<BR>
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>The
    Trust&#146;s semi-annual report transmitted to shareholders
    pursuant to Rule 30e-1<BR>
    under the Investment Company Act of 1940 is as follows:
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><B><FONT style="font-family: Arial, Helvetica">SEMIANNUAL
    REPORT</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><FONT style="font-size: 15pt; font-family: Arial, Helvetica">June&#160;30,
    2009
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 15pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
    <BR>
    <B><FONT style="font-size: 11pt">MUTUAL FUNDS<BR>
    <BR>
    </FONT></B>Van&#160;Kampen<BR>
    High Income Trust II<BR>
    (VLT)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">Privacy Notice information on the
    back.
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 15pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
    <BR>
    <FONT style="font-size: 11pt">&#160;&#160;<IMG src="c52281vkwhite.gif" alt="(VAN KAMPEN INVESTMENTS LOGO)">
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="left" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<!-- link1 "Welcome, Shareholder" -->
<FONT style="font-size: 30pt; font-family: Arial, Helvetica">
    Welcome, Shareholder
    </FONT>
</DIV>

<DIV style="font-size: 20pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=351 length=918 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this report, you&#146;ll learn about how your investment in
    Van&#160;Kampen High Income Trust II performed during the
    semiannual period. The portfolio management team will provide an
    overview of the market conditions and discuss some of the
    factors that affected investment performance during the
    reporting period. In addition, this report includes the
    trust&#146;s financial statements and a list of trust
    investments as of June&#160;30, 2009.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Market forecasts provided in this report may not necessarily
    come to pass. There is no assurance that the trust will achieve
    its investment objective. Trusts are subject to market risk,
    which is the possibility that the market values of securities
    owned by the trust will decline and that the value of trust
    shares may therefore be less than what you paid for them.
    Accordingly, you can lose money investing in this trust.</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-left: 10%; margin-right: 0%">
<TABLE border="0" width="90%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="44%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="center" valign="top" style="font-family: Arial, Helvetica; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>NOT FDIC INSURED</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="center" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #000000">
    <B>OFFER NO BANK GUARANTEE</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="center" valign="bottom" style="font-family: Arial, Helvetica; border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>MAY LOSE VALUE</B>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="4" align="center" valign="top" style="font-family: Arial, Helvetica; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="center" valign="bottom" style="font-family: Arial, Helvetica; border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>NOT A DEPOSIT </B>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="left" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 18pt; font-family: Arial, Helvetica">
<!-- link1 "Performance Summary" -->

    Performance
    Summary&#160;</FONT><FONT style="font-size: 9pt; font-family: Arial, Helvetica">as
    of 6/30/2009 (Unaudited)
    </FONT>
</DIV>

<DIV style="margin-top: 93pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=align1 -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=align1 -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">High
    Income Trust II<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Symbol:
    VLT</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Average Annual<BR>
    </FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Based on<BR>
    </FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Based on<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Total
    Returns</FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">NAV</FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Market
    Price</FONT></B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
    Since Inception (4/28/89)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.69
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.24
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
    <FONT style="white-space: nowrap">10-year</FONT>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.51
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#150;1.94
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
    <FONT style="white-space: nowrap">5-year</FONT>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#150;0.88
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#150;2.39
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
    <FONT style="white-space: nowrap">1-year</FONT>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#150;18.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#150;17.63
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
    <FONT style="white-space: nowrap">6-month</FONT>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    31.57
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    42.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD colspan="13" align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Performance data
    quoted represents past performance, which is no guarantee of
    future results, and current performance may be lower or higher
    than the figures shown. For the most recent month-end
    performance figures, please visit vankampen.com or speak with
    your financial advisor. Investment returns, net asset value
    (NAV) and common share market price will fluctuate and trust
    shares, when sold, may be worth more or less than their original
    cost. </FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">NAV per share is
    determined by dividing the value of the trust&#146;s portfolio
    securities, cash and other assets, less all liabilities and
    preferred shares, by the total number of common shares
    outstanding. The common share market price is the price the
    market is willing to pay for shares of the trust at a given
    time. Common share market price is influenced by a range of
    factors, including supply and demand and market conditions.
    Total return assumes an investment at the beginning of the
    period, reinvestment of all distributions for the period in
    accordance with the trust&#146;s dividend reinvestment plan, and
    sale of all shares at the end of the period. The trust&#146;s
    adviser has waived or reimbursed fees and expenses from time to
    time; absent such waivers/ reimbursements the trust&#146;s
    returns would have been lower. Periods of less than one year are
    not annualized.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">The Lehman Brothers
    U.S.&#160;Corporate High Yield-2% Issuer Cap Index, which has
    been shown in the trust&#146;s previous shareholder reports
    changed its name to Barclays Capital U.S.&#160;Corporate High
    Yield-2% Issuer Cap Index as of November&#160;3, 2008. The
    Barclays Capital U.S.&#160;Corporate High Yield-2% Issuer Cap
    Index is an unmanaged, broadbased index that reflects the
    general performance of the U.S.&#160;dollar denominated, fixed
    rate, non-investment grade, taxable corporate bond market.
    Issuers are capped at 2% of the index. The Index is unmanaged
    and its returns do not include any sales charges or fees. Such
    costs would lower performance. It is not possible to invest
    directly in an index.
    </FONT>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">1
    </FONT>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 18pt; font-family: Arial, Helvetica">
<!-- link1 "Trust Report" -->

    Trust&#160;Report
    </FONT>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">For the six-month
    period ended June&#160;30, 2009</FONT></B>
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Market
    Conditions</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market regained its footing in the first half of 2009 as
    investor panic subsided and signs emerged that the pace of
    economic contraction was slowing. Although economic data
    continued to suggest weakness, with corporate defaults and
    unemployment still on the rise, consumer confidence improved in
    the second quarter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Renewed investor confidence helped boost asset prices and high
    yield spreads narrowed from 1,794 basis points at the start of
    the year to 1,023 basis points by the end of June. This spread
    tightening led the yield to maturity of the Barclays Capital
    U.S.&#160;Corporate High Yield-2% Issuer Cap Index to decline
    from 19.42&#160;percent to 12.79&#160;percent over the same
    period. Rising demand for high yield bonds prompted strong
    issuance as issuers sought to take advantage of the
    market&#146;s liquidity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All sectors of the high yield market realized positive returns
    for the six-month reporting period, though performance varied
    widely. The best performing sectors were banking, real estate
    investment trusts (REITs) and brokerage, while the worst
    performers were integrated energy, electric utilities and
    building materials. With regard to credit quality, the lowest
    quality segment of the market turned in the best performance,
    with CCC rated securities outperforming higher quality BB and B
    rated securities for the period.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Performance
    Analysis</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust&#146;s return can be calculated based upon either the
    market price or the net asset value (NAV) of its shares. NAV per
    share is determined by dividing the value of the Trust&#146;s
    portfolio securities, cash and other assets, less all
    liabilities and preferred shares, by the total number of common
    shares outstanding, while market price reflects the supply and
    demand for the shares. As a result, the two returns can differ,
    as they did during the reporting period. On both an NAV basis
    and a market price basis, the Trust outperformed the Barclays
    Capital U.S.&#160;Corporate High Yield-2% Issuer Cap Index (the
    &#147;Index&#148;).
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Total return for
    the six-month period ended June&#160;30, 2009</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="11%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=align1 -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=align1 -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=align1 -->
    <TD width="13%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Barclays Capital
    U.S.<BR>
    </FONT></B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Based on<BR>
    </FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Based on<BR>
    </FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Corporate High
    Yield-2%<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">NAV</FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Market
    Price</FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Issuer
    Cap Index</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    31.57
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    42.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    30.92
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD colspan="20" align="left" valign="bottom" style="font-family: Arial, Helvetica; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Performance
    data quoted represents past performance, which is no guarantee
    of future results, and current performance may be lower or
    higher than the figures shown. Investment return, net asset
    value and common share market price will fluctuate and Trust
    shares, when sold, may be worth more or less than their original
    cost. See Performance Summary for additional performance
    information and index definition.</FONT></I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">2
    </FONT>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The portfolio maintained an underweight allocation relative to
    the Index in building materials, which was beneficial as the
    sector&#146;s performance lagged during the period. Overweight
    allocations in chemicals and consumer cyclical services also
    helped boost returns as these sectors performed well.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust&#146;s more conservative overall positioning, however,
    was disadvantageous. We continued to favor higher quality issues
    in what we believe to be relatively stable industries such as
    health care, energy, cable and telecommunications. This
    defensive positioning hindered relative performance as the lower
    quality segment of the market outpaced the higher quality
    segment. We largely avoided the banking and brokerage sectors
    (typically a small segment of the high yield market) as we
    believed these sectors remained too risky. This positioning
    hindered relative returns as the sectors were among the best
    performing sectors for the reporting period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust&#146;s Board of Trustees has approved a procedure
    whereby the Trust may, when appropriate, repurchase its shares
    in the open market or in privately negotiated transactions at a
    price not above market value or NAV, whichever is lower at the
    time of purchase. This may help support the market value of the
    Trust&#146;s shares.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Market
    Outlook</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We remain cautious on the lower quality segment of the market as
    we believe future defaults in the market will likely come from
    this group. While the portfolio&#146;s performance was impacted
    by its underweight to CCC rated securities, we believe that
    until the economy begins to show more strength, the risk/reward
    characteristics of these securities remain unattractive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>There is no guarantee that any sectors mentioned will
    continue to perform as discussed herein or that securities in
    such sectors will be held by the Trust in the future.</I>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">3
    </FONT>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="92%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="5" align="left" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Ratings
    Allocation as of 6/30/09 (Unaudited)</FONT></B>
</TD>
</TR>
<TR style="line-height: 4pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    BBB/Baa
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    BB/Ba
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    B/B
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    CCC/Caa
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    C/C
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    D/D
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="5" align="left" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Summary
    of Investments by Industry Classification as of 6/30/09
    (Unaudited)</FONT></B>
</TD>
</TR>
<TR style="line-height: 4pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Energy
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Utility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Gaming&#160;&#038;&#160;Leisure
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Health&#160;Care
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Telecommunications
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Forest&#160;Products
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Chemicals
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Financial
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Food&#160;&#038;&#160;Tobacco
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Retail
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Metals
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Manufacturing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Information&#160;Technology
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Wireless&#160;Communications
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Food&#160;&#038;&#160;Drug
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Transportation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Consumer&#160;Products
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Broadcasting
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Pipelines
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Housing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Aerospace&#160;&#038;&#160;Defense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Wireline
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Apparel, Accessories&#160;&#038; Luxury&#160;Goods
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.0
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Highways&#160;&#038;&#160;Railtracks
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.0
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    IT Consulting&#160;&#038; Other&#160;Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.0
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total Long-Term&#160;Investments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total Repurchase&#160;Agreements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total&#160;Investments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Amount is less than 0.1%
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to change daily. Provided for informational purposes
    only and should not be deemed as a recommendation to buy or sell
    the securities mentioned or securities in the sectors shown
    above. Ratings allocation percentages are as a percentage of
    long-term debt investments. Summary of investments by industry
    classification percentages are as a percentage of total
    investments. Securities are classified by sectors that represent
    broad groupings of related industries. Rating allocations based
    upon ratings as issued by Standard and Poor&#146;s and
    Moody&#146;s, respective. Van&#160;Kampen is a wholly owned
    subsidiary of a global securities firm which is engaged in a
    wide range of financial services including, for example,
    securities trading and brokerage activities, investment banking,
    research and analysis, financing and financial advisory services.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">4
    </FONT>
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Change in
    Investment Policy</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Consistent with the Trust&#146;s strategy of investing in income
    securities, the Trust may invest up to 20% of its total assets
    in fixed and floating rate loans. Loans are typically arranged
    through private negotiations between the borrower and one or
    more of the lenders. Loans generally have a more senior claim in
    the borrower&#146;s capital structure relative to corporate
    bonds or other subordinated debt. The loans in which the Trust
    invests are generally in the form of loan assignments and
    participations of all or a portion of a loan from another
    lender. In the case of an assignment, the Trust acquires direct
    rights against the borrower on the loan, however, the
    Trust&#146;s rights and obligations as the purchaser of an
    assignment may differ from, and be more limited than, those held
    by the assigning lender. In the case of a participation, the
    Trust typically has the right to receive payments of principal,
    interest and any fees to which it is entitled only from the
    lender selling the participation and only upon receipt by the
    lender of the payments from the borrower. In the event of
    insolvency of the lender selling the participation, the Trust
    may be treated as a general creditor of the lender and may not
    benefit from any setoff between the lender and the borrower.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Loans are subject to credit risk, market risk, income risk and
    call risk similar to the corporate bonds in which the Trust
    invests. To the extent that the loans in which the Trust invests
    are medium- or lower-grade, such loans are subject to same type
    of risks generally associated with such medium- and lower-grade
    securities as described in more detail below. Loans may have
    less credit risk than corporate bonds because loans generally
    have a more senior claim in the borrower&#146;s capital
    structure relative to corporate bonds or other subordinated
    debt. However, loans generally do not have as broad of a
    secondary market compared to corporate bonds and this may impact
    the market value of such loans and the Trust&#146;s ability to
    dispose of particular loans when necessary to meet the
    Trust&#146;s liquidity needs or in response to a specific
    economic event such as a deterioration in the creditworthiness
    of the borrower. The lack of a broad secondary market for loans
    may also make it more difficult for the Trust to value these
    securities for purposes of valuing the Trust&#146;s portfolio
    and calculating its net asset value.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Portfolio
    Management</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Van Kampen High Income Trust&#160;II is managed by members of
    the Adviser&#146;s Taxable High Yield team. The Taxable High
    Yield team consists of portfolio managers and analysts. The
    current members of the team jointly and primarily responsible
    for the day-to-day management of the Trust&#146;s portfolio are
    Andrew Findling, an Executive Director of the Adviser, and
    Dennis M. Schaney, a Managing Director of the Adviser.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">5
    </FONT>
</DIV>
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<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Findling has been associated with the Adviser in an
    investment management capacity since October 2008 and began
    managing the Trust in October 2008. Prior to October 2008,
    Mr.&#160;Findling was associated with Raven Asset Management as
    Head Trader from July 2005 to September 2008 and prior to that,
    he was associated with the High Yield team at BlackRock, Inc. in
    various capacities including portfolio manager and trader from
    2003 to 2004, assistant portfolio manager and trader from 2002
    to 2003 and assistant trader from 2000 to 2002. Mr.&#160;Schaney
    has been associated with the Adviser in an investment management
    capacity since September 2008 and began managing the Trust in
    October 2008. Prior to September 2008, Mr.&#160;Schaney served
    as Global Head of Fixed Income at Credit Suisse Asset Management
    from October 2003 to April 2007 and prior to that, he was Head
    of Leveraged Finance at BlackRock, Inc. from January 1998 to
    October 2003. All team members are responsible for the execution
    of the overall strategy of the Trust&#146;s portfolio. The
    composition of the team may change from time to time.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">For More
    Information About Portfolio Holdings</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Van&#160;Kampen fund provides a complete schedule of
    portfolio holdings in its semiannual and annual reports within
    60&#160;days of the end of the fund&#146;s second and fourth
    fiscal quarters. The semiannual reports and the annual reports
    are filed electronically with the Securities and Exchange
    Commission (SEC) on
    <FONT style="white-space: nowrap">Form&#160;N-CSRS</FONT>
    and
    <FONT style="white-space: nowrap">Form&#160;N-CSR,</FONT>
    respectively. Van&#160;Kampen also delivers the semiannual and
    annual reports to fund shareholders, and makes these reports
    available on its public Web site, www.vankampen.com. In addition
    to the semiannual and annual reports that Van&#160;Kampen
    delivers to shareholders and makes available through the
    Van&#160;Kampen public Web site, each fund files a complete
    schedule of portfolio holdings with the SEC for the fund&#146;s
    first and third fiscal quarters on
    <FONT style="white-space: nowrap">Form&#160;N-Q.</FONT>
    Van&#160;Kampen does not deliver the reports for the first and
    third fiscal quarters to shareholders, nor are the reports
    posted to the Van&#160;Kampen public Web site. You may, however,
    obtain the
    <FONT style="white-space: nowrap">Form&#160;N-Q</FONT>
    filings (as well as the
    <FONT style="white-space: nowrap">Form&#160;N-CSR</FONT>
    and <FONT style="white-space: nowrap">N-CSRS</FONT>
    filings) by accessing the SEC&#146;s Web site,
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
    You may also review and copy them at the SEC&#146;s Public
    Reference Room in Washington, D.C. Information on the operation
    of the SEC&#146;s Public Reference Room may be obtained by
    calling the SEC at
    <FONT style="white-space: nowrap">(800)&#160;SEC-0330.</FONT>
    You can also request copies of these materials, upon payment of
    a duplicating fee, by electronic request at the SEC&#146;s
    <FONT style="white-space: nowrap">e-mail</FONT>
    address (publicinfo@sec.gov) or by writing the Public Reference
    section of the SEC, Washington,&#160;DC
    <FONT style="white-space: nowrap">20549-0102.</FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may obtain copies of a fund&#146;s fiscal quarter filings by
    contacting Van&#160;Kampen Client Relations at
    <FONT style="white-space: nowrap">(800)&#160;341-2929.</FONT>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">6
    </FONT>
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Proxy Voting
    Policy and Procedures and Proxy Voting Record</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may obtain a copy of the Trust&#146;s Proxy Voting Policy
    and Procedures without charge, upon request, by calling toll
    free
    <FONT style="white-space: nowrap">(800)&#160;341-2929</FONT>
    or by visiting our Web site at www.vankampen.com. It is also
    available on the Securities and Exchange Commission&#146;s Web
    site at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may obtain information regarding how the Trust voted proxies
    relating to portfolio securities during the most recent
    twelve-month period ended June 30 without charge by visiting our
    Web site at www.vankampen.com. This information is also
    available on the Securities and Exchange Commission&#146;s Web
    site at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">7
    </FONT>
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 18pt; font-family: Arial, Helvetica">
<!-- link1 "Investment Advisory Agreement Approval" -->

    Investment Advisory Agreement Approval
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Both the Investment Company Act of 1940 and the terms of the
    Fund&#146;s investment advisory agreement require that the
    investment advisory agreement between the Fund and its
    investment adviser be approved annually both by a majority of
    the Board of Trustees and by a majority of the independent
    trustees voting separately.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At meetings held on April&#160;17, 2009 and May
    <FONT style="white-space: nowrap">20-21,</FONT> 2009,
    the Board of Trustees, and the independent trustees voting
    separately, considered and ultimately determined that the terms
    of the investment advisory agreement are fair and reasonable and
    approved the continuance of the investment advisory agreement as
    being in the best interests of the Fund and its shareholders. In
    making its determination, the Board of Trustees considered
    materials that were specifically prepared by the investment
    adviser at the request of the Board and Fund counsel, and by an
    independent provider of investment company data contracted to
    assist the Board, relating to the investment advisory agreement
    review process. The Board also considered information received
    periodically about the portfolio, performance, the investment
    strategy, portfolio management team and fees and expenses of the
    Fund. The Board of Trustees considered the investment advisory
    agreement over a period of several months and the trustees held
    sessions both with the investment adviser and separate from the
    investment adviser in reviewing and considering the investment
    advisory agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In approving the investment advisory agreement, the Board of
    Trustees considered, among other things, the nature, extent and
    quality of the services provided by the investment adviser, the
    performance, fees and expenses of the Fund compared to other
    similar funds and other products, the investment adviser&#146;s
    expenses in providing the services and the profitability of the
    investment adviser and its affiliated companies. The Board of
    Trustees considered the extent to which any economies of scale
    experienced by the investment adviser are shared with the
    Fund&#146;s shareholders, and the propriety of breakpoints in
    the Fund&#146;s investment advisory fee schedule. The Board of
    Trustees considered comparative advisory fees of the Fund and
    other investment companies
    <FONT style="white-space: nowrap">and/or</FONT> other
    products at different asset levels, and considered the trends in
    the industry. The Board of Trustees evaluated other benefits the
    investment adviser and its affiliates derive from their
    relationship with the Fund. The Board of Trustees reviewed
    information about the foregoing factors and considered changes,
    if any, in such information since its previous approval. The
    Board of Trustees discussed the financial strength of the
    investment adviser and its affiliated companies and the
    capability of the personnel of the investment adviser, and
    specifically the strength and background of its portfolio
    management personnel. The Board of Trustees reviewed the
    statutory and regulatory requirements for approval and
    disclosure of investment advisory agreements. The Board of
    Trustees, including the independent trustees, evaluated all of
    the foregoing and does not believe any single factor or group of
    factors control or dominate the review process, and, after
    considering all factors together, has determined, in the
    exercise of its
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">8
    </FONT>
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    business judgment, that approval of the investment advisory
    agreement is in the best interests of the Fund and its
    shareholders. The following summary provides more detail on
    certain matters considered but does not detail all matters
    considered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Nature, Extent and Quality of the Services Provided. On a
    regular basis, the Board of Trustees considers the roles and
    responsibilities of the investment adviser as a whole and those
    specific to portfolio management, support and trading functions
    servicing the Fund. The trustees discuss with the investment
    adviser the resources available and used in managing the Fund
    and changes made in the Fund&#146;s portfolio management team
    and the Fund&#146;s portfolio management strategy over time. The
    trustees also discuss certain other services which are provided
    on a cost-reimbursement basis by the investment adviser or its
    affiliates to the Van&#160;Kampen funds including certain
    accounting, administrative and legal services. The Board has
    determined that the nature, extent and quality of the services
    provided by the investment adviser support its decision to
    approve the investment advisory agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Performance, Fees and Expenses of the Fund. On a regular basis,
    the Board of Trustees reviews the performance, fees and expenses
    of the Fund compared to its peers and to appropriate benchmarks.
    In addition, the Board spends more focused time on the
    performance of the Fund and other funds in the Van&#160;Kampen
    complex, paying specific attention to underperforming funds. The
    trustees discuss with the investment adviser the performance
    goals and the actual results achieved in managing the Fund. When
    considering a fund&#146;s performance, the trustees and the
    investment adviser place emphasis on trends and longer-term
    returns (focusing on one-year, three-year and five-year
    performance with special attention to three-year performance)
    and, when a fund&#146;s weighted performance is under the
    fund&#146;s benchmark or peers, they discuss the causes and
    where necessary seek to make specific changes to investment
    strategy or investment personnel. The Fund discloses more
    information about its performance elsewhere in this report. The
    trustees discuss with the investment adviser the level of
    advisory fees for this Fund relative to comparable funds and
    other products advised by the adviser and others in the
    marketplace. The trustees review not only the advisory fees but
    other fees and expenses (whether paid to the adviser, its
    affiliates or others) and the Fund&#146;s overall expense ratio.
    The Board has determined that the performance, fees and expenses
    of the Fund support its decision to approve the investment
    advisory agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investment Adviser&#146;s Expenses in Providing the Service and
    Profitability. At least annually, the trustees review the
    investment adviser&#146;s expenses in providing services to the
    Fund and other funds advised by the investment adviser and the
    profitability of the investment adviser. These profitability
    reports are put together by the investment adviser with the
    oversight of the Board. The trustees discuss with the investment
    adviser its revenues and expenses, including, among other
    things, revenues for advisory services, portfolio
    management-related expenses, revenue sharing arrangement costs
    and allocated expenses both on an aggregate
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">9
    </FONT>
</DIV>
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<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    basis and per fund. The Board has determined that the analysis
    of the investment adviser&#146;s expenses and profitability
    support its decision to approve the investment advisory
    agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Economies of Scale. On a regular basis, the Board of Trustees
    considers the size of the Fund and how that relates to the
    Fund&#146;s expense ratio and particularly the Fund&#146;s
    advisory fee rate. In conjunction with its review of the
    investment adviser&#146;s profitability, the trustees discuss
    with the investment adviser how more (or less) assets can affect
    the efficiency or effectiveness of managing the Fund&#146;s
    portfolio and whether the advisory fee level is appropriate
    relative to current asset levels
    <FONT style="white-space: nowrap">and/or</FONT>
    whether the advisory fee structure reflects economies of scale
    as asset levels change. The Board has determined that its review
    of the actual and potential economies of scale of the Fund
    support its decision to approve the investment advisory
    agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other Benefits of the Relationship. On a regular basis, the
    Board of Trustees considers other benefits to the investment
    adviser and its affiliates derived from the investment
    adviser&#146;s relationship with the Fund and other funds
    advised by the investment adviser.  These benefits include,
    among other things, fees for transfer agency services provided
    to the funds, in certain cases research received by the adviser
    generated from commission dollars spent on funds&#146; portfolio
    trading, and in certain cases distribution or service related
    fees related to funds&#146; sales.  The trustees review with the
    investment adviser each of these arrangements and the
    reasonableness of its costs relative to the services performed.
    The Board has determined that the other benefits received by the
    investment adviser or its affiliates support its decision to
    approve the investment advisory agreement.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">10
    </FONT>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<!-- link1 "Portfolio of Investments" -->
<B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">
    Portfolio of
    Investments&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT>&#160;&#160;June&#160;30,
    2009 (Unaudited)</FONT></B>
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Par<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Amount<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">(000)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Description</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Coupon</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Maturity</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Value</FONT></B>
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD colspan="15" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Corporate Bonds&#160;&#160;161.4%<BR>
    Aerospace &#038; Defense&#160;&#160;2.2%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    780
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Bombardier, Inc.&#160;(Canada)&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    686,400
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    395
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Hexcel&#160;Corp.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/01/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    368,338
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,054,738
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Broadcasting&#160;&#160;2.3%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    335
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    LIN Television Corp., Ser&#160;B
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    226,125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    515
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Salem Communications&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    12/15/10
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    186,688
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    725
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Univision Communications,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.850
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    07/15/11
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    717,750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,130,563
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Cable&#160;&#160;9.8%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    785
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Anixter,&#160;Inc.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    03/15/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    785,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    785
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Charter Communications Operating&#160;LLC&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    09/15/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    816,400
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,510
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    CSC Holdings,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/15/19
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,476,025
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    115
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    DirecTV Holdings&#160;LLC
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    106,950
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,045
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    DirecTV Holdings&#160;LLC
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,021,487
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    340
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Echostar DBS&#160;Corp.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    10/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    314,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    145
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    NTL Cable PLC (United&#160;Kingdom)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    04/15/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    142,100
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    100
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    NTL Cable PLC (United&#160;Kingdom)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    08/15/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    96,750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4,759,212
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Chemicals&#160;&#160;6.9%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    605
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Airgas,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    10/01/18
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    568,700
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    740
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Innophos,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    08/15/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    680,800
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    705
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Koppers,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    10/15/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    697,950
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    750
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Terra Capital,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/01/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    689,062
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    834
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Westlake Chemical&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    01/15/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    733,920
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,370,432
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Consumer Products&#160;&#160;2.8%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    770
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Goodyear Tire&#160;&#038; Rubber&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    781,550
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    740
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Steinway Musical Instruments,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    03/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    580,900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,362,450
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Energy&#160;&#160;22.0%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    905
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Atlas Energy Operating Co.,&#160;LLC&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/01/18
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    857,488
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,500
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Chesapeake Energy&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,518,750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    230
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Cimarex Energy&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/01/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    203,550
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    565
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Compagnie Generale de Geophysique, SA&#160;(France)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    521,213
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    60
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Forest Oil&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/15/19
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    54,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    275
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Forest Oil&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    265,375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    625
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Hilcorp Energy/Finance&#160;Corp.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    11/01/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    531,250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    430
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Key Energy Services,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    12/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    381,625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,055
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Massey Energy&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    12/15/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    970,600
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    400
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Mirant North America&#160;LLC
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    12/31/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    386,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    730
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Newfield Exploration&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    09/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    676,163
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    195
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Newfield Exploration&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/18
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    178,181
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    620
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    OPTI Canada, Inc.&#160;(Canada)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    12/15/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    412,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">11
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">See Notes to Financial
    Statements</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Portfolio of
    Investments&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT>&#160;&#160;June&#160;30,
    2009
    (Unaudited)&#160;&#160;</FONT></FONT></B><I><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica">continued</FONT></FONT></I>
</DIV>
<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Par<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Amount<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">(000)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Description</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Coupon</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Maturity</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Value</FONT></B>
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD colspan="15" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Energy (Continued)</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    540
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Orion Power Holdings,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/01/10
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    561,600
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    210
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Plains Exploration&#160;&#038; Production&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/01/18
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    189,525
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    770
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Plains Exploration&#160;&#038; Production&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    723,800
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    950
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Texas Competitive Electric Holdings Co., LLC, Ser&#160;A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    11/01/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    596,125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,025
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Western Refining,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/15/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    914,813
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    750
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Williams Cos,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    07/15/19
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    741,905
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10,684,263
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Financial&#160;&#160;6.8%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    765
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    CB Richard Ellis Services,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/15/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    747,788
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,355
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    GMAC&#160;LLC&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    09/15/11
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,199,175
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,050
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    JBS USA LLC/JBS USA Finance,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    997,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    435
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    LPL Holdings,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    12/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    384,975
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,329,438
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Food &#038; Drug&#160;&#160;3.5%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    355
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Axcan Intermediate Holdings,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    03/01/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    361,212
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    285
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    M-Foods Holdings,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    10/01/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    275,738
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,030
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Rite Aid&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    03/01/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    690,100
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    365
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    SUPERVALU,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    11/15/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    352,225
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,679,275
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Food &#038; Tobacco&#160;&#160;6.8%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    465
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Constellation Brands,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    432,450
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    635
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Michael Foods,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    11/15/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    622,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    800
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Smithfield Foods, Inc., Ser&#160;B
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    10/15/09
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    804,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,500
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Tyson Foods,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.850
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    04/01/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,453,887
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,312,637
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Forest Products&#160;&#160;8.1%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,270
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Crown Americas&#160;LLC
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    11/15/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,244,600
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    850
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Georgia-Pacific&#160;Corp.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    01/15/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    794,750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    500
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Graphic Packaging International,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    08/15/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    480,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    320
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    P.H. Glatfelter&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/01/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    295,600
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    395
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Verso Paper Holdings LLC,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    08/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    185,650
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,045
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Verso Paper Holdings LLC,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    07/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    961,400
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,962,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Gaming &#038; Leisure&#160;&#160;12.8%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    620
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Ameristar Casinos,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    635,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,690
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Harrah&#146;s Operating Escrow&#160;LLC&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/01/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,605,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    750
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Host Marriott&#160;LP
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    03/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    652,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,135
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Host Marriott LP, Ser&#160;J
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    11/01/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,072,575
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    860
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Las Vegas Sands&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    640,700
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,310
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    MGM Mirage,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,365,675
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    245
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    MGM Mirage,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    11/15/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    269,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6,241,950
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">12
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">See Notes to Financial
    Statements</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Portfolio of
    Investments&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT>&#160;&#160;June&#160;30,
    2009
    (Unaudited)&#160;&#160;</FONT></FONT></B><I><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica">continued</FONT></FONT></I>
</DIV>
<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Par<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Amount<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">(000)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Description</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Coupon</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Maturity</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Value</FONT></B>
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD colspan="15" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Health Care&#160;&#160;12.3%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    625
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Apria Healthcare Group,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    11/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    606,250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    490
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Biomet,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    10/15/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    482,650
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    960
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Community Health Systems,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    07/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    945,600
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    665
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    FMC Finance III SA&#160;(Luxembourg)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    07/15/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    621,775
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,345
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    HCA,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    11/15/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,334,912
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    455
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Healthsouth&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/15/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    459,550
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    165
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Invacare&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    167,475
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    710
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Omnicare,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    12/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    644,325
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    750
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Res-Care,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    10/15/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    705,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5,967,537
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Housing&#160;&#160;2.2%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,090
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Interface, Inc., Ser&#160;B
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,008,250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    80
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Pulte Homes,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/33
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    53,200
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,061,450
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Information Technology&#160;&#160;4.2%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    435
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Expedia,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    07/01/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    419,775
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,075
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    First Data&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    09/24/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    768,625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    890
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Flextronics International Ltd.&#160;(Singapore)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    861,075
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,049,475
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Manufacturing&#160;&#160;5.9%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    330
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Baldor Electric&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/15/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    306,900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,200
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Case New Holland,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    03/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,101,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    925
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    JohnsonDiversey, Inc., Ser&#160;B
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    922,687
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    605
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    RBS Global, Inc. &#038; Rexnord&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    08/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    520,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,850,887
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Metals&#160;&#160;6.3%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    550
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    ArcelorMittal&#160;(Luxembourg)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.850
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/01/19
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    594,518
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    245
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Foundation PA Coal&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    08/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    241,325
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    130
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Freeport-McMoRan Copper&#160;&#038; Gold,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    04/01/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    131,160
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,070
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Novelis, Inc.&#160;(Canada)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    818,550
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,225
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Teck Resources, Ltd.&#160;(Canada)&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,284,764
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,070,317
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Pipelines&#160;&#160;2.3%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,000
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    El Paso&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    12/12/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,105,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Retail&#160;&#160;6.7%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,045
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Brown Shoe Co.,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/01/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    956,175
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    690
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Eye Care Centers of&#160;America
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    693,450
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    850
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Oxford Industries,&#160;Inc.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    07/15/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    827,688
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    790
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Sally Holdings LLC/Sally Capital,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    11/15/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    790,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,267,313
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">13
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">See Notes to Financial
    Statements</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Portfolio of
    Investments&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT>&#160;&#160;June&#160;30,
    2009
    (Unaudited)&#160;&#160;</FONT></FONT></B><I><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica">continued</FONT></FONT></I>
</DIV>
<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Par<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Amount<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">(000)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Description</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Coupon</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Maturity</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Value</FONT></B>
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD colspan="15" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Services&#160;&#160;4.1%</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    215
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    ARAMARK&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/01/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    209,625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,000
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Ticketmaster Entertainment,&#160;Inc.&#160;&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    07/28/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    895,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    895
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    United Rentals North America,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/15/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    872,625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,977,250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Telecommunications&#160;&#160;11.3%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    780
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    DISH DBS&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    10/01/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    744,900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    750
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Intelsat&#160;Corp.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/15/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    721,875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    300
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    L-3 Communications&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/15/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    301,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,000
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Nielsen Finance LLC / Nielsen Finance&#160;Co.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    997,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    955
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Qwest Capital Funding,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/15/11
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    931,125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    750
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Sprint Capital&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/01/19
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    624,375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    815
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Wind Acquisition Finance, SA&#160;(Luxembourg)&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    12/01/15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    819,075
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    345
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Windstream&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    08/01/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    335,513
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5,475,863
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Transportation&#160;&#160;3.2%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    730
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    ArvinMeritor,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    03/01/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    465,375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,340
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Ford Motor Credit&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    10/01/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,078,331
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,543,706
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Utility&#160;&#160;14.0%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,275
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    AES&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    03/01/14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,214,438
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    740
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    AES&#160;Corp.&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    05/15/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    754,800
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    615
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    CMS Energy&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    02/01/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    599,532
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    700
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    CMS Energy&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    04/15/11
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    728,028
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    795
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Dynegy Holdings,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/01/19
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    623,081
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    425
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Edison Mission&#160;Energy
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.750
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/15/16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    348,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    800
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Intergen NV&#160;(Netherlands)&#160;(a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/30/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    762,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    405
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    IPALCO Enterprises,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.625
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    11/14/11
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    409,050
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    765
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    NRG Energy,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.375
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    01/15/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    722,925
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    735
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    RRI Energy,&#160;Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    06/15/17
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    661,500
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6,823,854
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Wireless Communications&#160;&#160;3.5%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    240
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    American Tower&#160;Corp.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    10/15/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    242,700
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    1,775
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Nextel Communications, Inc., Ser&#160;E
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.875
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    10/31/13
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,477,687
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,720,387
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" valign="bottom" style="font-family: Arial, Helvetica">
    <B>Wireline&#160;&#160;1.4%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="top" style="font-family: Arial, Helvetica">
    815
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Citizens Communications&#160;Co.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.125
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    03/15/19
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    698,863
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total Corporate Bonds&#160;&#160;161.4%</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    78,498,860
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">14
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">See Notes to Financial
    Statements</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Portfolio of
    Investments&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT>&#160;&#160;June&#160;30,
    2009
    (Unaudited)&#160;&#160;</FONT></FONT></B><I><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica">continued</FONT></FONT></I>
</DIV>
<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="11" align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Description</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Value</FONT></B>
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD colspan="15" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
    <B>Equities&#160;&#160;0.3%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    DecisionOne Corp.
    (5,483&#160;Common&#160;Shares)&#160;(b)&#160;(c)&#160;(d)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt; z-index: 1; position: relative">
    Hosiery Corp. of America, Inc., Class&#160;A
    (1,000&#160;Common&#160;Shares)&#160;&#160;(b)&#160;(c)&#160;(d)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Preferred Blocker, Inc. (287 Preferred&#160;Shares)&#160;(a)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    123,437
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt; z-index: 1; position: relative">
    VS Holdings, Inc.
    (20,207&#160;Common&#160;Shares)&#160;&#160;(b)&#160;(c)&#160;(d)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total Equities&#160;&#160;0.3%</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    123,437
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt; z-index: 1; position: relative">
    <B>Total Long-Term Investments&#160;&#160;161.7%<BR>
    </B>(Cost&#160;$82,969,956)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    78,622,297
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
    <B>Repurchase Agreements&#160;&#160;2.3%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt; z-index: 1; position: relative">
    Banc of America Securities ($62,547&#160;par collateralized by
    U.S.&#160;Government obligations in a pooled cash account,
    interest rate of 0.06%, dated 06/30/09, to be sold on 07/01/09
    at&#160;$62,547)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    62,547
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    JPMorgan Chase &#038; Co. ($1,056,445&#160;par collateralized by
    U.S.&#160;Government obligations in a pooled cash account,
    interest rate of 0.05%, dated 06/30/09, to be sold on 07/01/09
    at&#160;$1,056,446)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,056,445
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt; z-index: 1; position: relative">
    State Street Bank &#038; Trust Co. ($8&#160;par collateralized
    by U.S.&#160;Government obligations in a pooled cash account,
    interest rate of 0.00%, dated 06/30/09, to be sold on 07/01/09
    at&#160;$8)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total Repurchase Agreements&#160;&#160;2.3%<BR>
    </B>(Cost&#160;$1,119,000)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,119,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt; z-index: 1; position: relative">
    <B>Total Investments&#160;&#160;164.0%<BR>
    </B>(Cost&#160;$84,088,956)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    79,741,297
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Other Assets in Excess of Liabilities&#160;&#160;2.8%</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,362,181
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Preferred Shares (including accrued
    distributions)&#160;&#160;(66.8%)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (32,475,790
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Net Assets Applicable to Common Shares&#160;&#160;100.0%</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    48,627,688
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="11">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 20pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Percentages are calculated as a percentage of net assets
    applicable to common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">144A-Private Placement security
    which is exempt from registration under Rule&#160;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.
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Market value is determined in
    accordance with procedures established in good faith by the
    Board of Trustees.
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Non-income producing security.
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Security has been deemed illiquid.
    </FONT></TD>
</TR>

</TABLE>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">15
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">See Notes to Financial
    Statements</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Portfolio of
    Investments&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT>&#160;&#160;June&#160;30,
    2009
    (Unaudited)&#160;&#160;</FONT></FONT></B><I><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica">continued</FONT></FONT></I>
</DIV>
<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Fair Value
    Measurements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Various inputs are used in determining the value of the
    Trust&#146;s investments. These inputs are summarized in the
    three broad levels listed below. (See Note&#160;1(B) to the
    financial statements for further information regarding fair
    value measurements.)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of the inputs used as of
    June&#160;30, 2009 in valuing the Trust&#146;s investments
    carried at value.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="51%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Level&#160;1</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Level&#160;2</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Level&#160;3</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Significant<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Quoted<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Other
    Significant<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Unobservable<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Investment
    Type</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Prices</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Observable
    Inputs</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Inputs</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Total</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD colspan="16" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Corporate Bonds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    78,498,860
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    78,498,860
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Common and Preferred Stocks
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    Apparel, Accessories&#160;&#038; Luxury Goods
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    Highways&#160;&#038; Railtracks
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    IT Consulting&#160;&#038; Other Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    Wireless Communications
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    123,437
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    123,437
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Short-Term Investments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,119,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,119,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Total Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    79,741,297
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    79,741,297
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;30, 2008 and 2009, the Trust held securities
    classified as Level&#160;3 with market values of zero.
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">16
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">See Notes to Financial
    Statements</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<!-- link1 "Financial Statements" -->
<B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">
    Financial Statements</FONT></B>
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">Statement
    of Assets and Liabilities
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">June&#160;30, 2009
    (Unaudited)</FONT></I>
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Assets:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Total Investments (Cost&#160;$84,088,956)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    79,741,297
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    641,117
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Interest&#160;Receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,642,244
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 24pt">
    Total&#160;Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    82,024,658
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Liabilities:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Payables:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Investment Advisory&#160;Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    43,276
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Income Distributions&#151;Common&#160;Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Other&#160;Affiliates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18,005
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Trustees&#146; Deferred Compensation and Retirement&#160;Plans
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    465,418
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Accrued&#160;Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    122,023
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    247,455
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 24pt">
    Total&#160;Liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    921,180
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Preferred Shares (including accrued&#160;distributions)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    32,475,790
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Net Assets Applicable to Common&#160;Shares</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    48,627,688
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Net Asset Value Per Common Share </B>($48,627,688 divided by
    3,770,265&#160;shares&#160;outstanding*)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Net Assets Consist&#160;of:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Common Shares ($0.01&#160;par value with an unlimited number of
    shares authorized, 3,770,265&#160;shares issued
    and&#160;outstanding)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    37,703
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Paid in&#160;Surplus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    129,877,801
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Accumulated Undistributed Net Investment&#160;Income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (1,136,163
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net Unrealized&#160;Depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (4,347,659
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Accumulated Net Realized&#160;Loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (75,803,994
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Net Assets Applicable to Common&#160;Shares</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    48,627,688
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Preferred Shares </B>($0.01&#160;par value, authorized
    100,000,000&#160;shares, 1,296 issued with liquidation
    preference of $25,000 per&#160;share)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    32,400,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Net Assets Including Preferred&#160;Shares</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    81,027,688
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">On May&#160;22, 2009, there was a
    <FONT style="white-space: nowrap">1-for-5</FONT>
    reverse share split for the common shares.
    </FONT></TD>
</TR>

</TABLE>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">17
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">See Notes to Financial
    Statements</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">Financial
    Statements&#160;&#160;</FONT></B><I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">continued</FONT></I>
</DIV>
<DIV style="margin-top: 19pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">Statement
    of Operations
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">For the Six Months Ended
    June&#160;30, 2009 (Unaudited)</FONT></I>
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Investment&#160;Income:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,760,615
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Dividends
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,789
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10,525
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 24pt">
    Total&#160;Income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,778,929
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Expenses:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Investment Advisory&#160;Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    262,999
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Professional&#160;Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    65,005
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Preferred Share&#160;Maintenance
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    50,715
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Trustees&#146; Fees and Related&#160;Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    45,507
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Accounting and Administrative&#160;Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,686
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Reports to&#160;Shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    20,720
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Transfer Agent&#160;Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    20,646
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Registration&#160;Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9,851
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Custody
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8,242
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6,808
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 24pt">
    Total&#160;Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    516,179
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 24pt">
    Investment Advisory Fee&#160;Reduction
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18,785
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 24pt">
    Net&#160;Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    497,394
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Net Investment&#160;Income</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,281,535
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Realized and Unrealized Gain/Loss:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net Realized&#160;Loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (7,486,667
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Unrealized Appreciation/Depreciation:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Beginning of the&#160;Period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (21,313,045
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    End of the&#160;Period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (4,347,659
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net Unrealized Appreciation During the&#160;Period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16,965,386
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Net Realized and Unrealized&#160;Gain</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9,478,719
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Distributions to Preferred&#160;Shareholders</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (888,277
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Net Increase in Net Assets Applicable to Common Shares
    from&#160;Operations</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11,871,977
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">18
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">See Notes to Financial
    Statements</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">Financial
    Statements&#160;&#160;</FONT></B><I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">continued</FONT></I>
</DIV>
<DIV style="margin-top: 19pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">Statements
    of Changes in Net Assets&#160;&#160;(Unaudited)
    </FONT>
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="64%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="8%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">For The<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">For The<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Six Months
    Ended<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Year Ended<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">June 30,
    2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">December 31,
    2008</FONT></B>
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="font-size: 1pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>From Investment&#160;Activities:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Operations:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net Investment&#160;Income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,281,535
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9,200,549
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net Realized&#160;Loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (7,486,667
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (19,821,399
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net Unrealized Appreciation/Depreciation During the&#160;Period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16,965,386
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (17,421,145
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Distributions to Preferred&#160;Shareholders:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Net Investment&#160;Income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (888,277
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (3,820,943
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Change in Net Assets Applicable to Common Shares
    from&#160;Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11,871,977
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (31,862,938
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Distributions to Common&#160;Shareholders:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Net Investment&#160;Income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (2,658,005
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (5,721,394
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Net Change in Net Assets Applicable to Common Shares from
    Investment&#160;Activities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9,213,972
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (37,584,332
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Net Assets Applicable to Common&#160;Shares:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Beginning of the&#160;Period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    39,413,716
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    76,998,048
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    End of the Period (Including accumulated undistributed net
    investment income of $(1,136,163) and
    $(871,416),&#160;respectively)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    48,627,688
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    39,413,716
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">19
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">See Notes to Financial
    Statements</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van Kampen High
    Income Trust II</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">Financial
    Highlights (Unaudited)</FONT></B>
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">The
    following schedule presents financial highlights for one common
    share of the Trust outstanding throughout the periods
    indicated.</FONT></B>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">All
    share amounts, net asset values and common share market prices
    have been adjusted as a result of the
    <FONT style="white-space: nowrap">1-for-5</FONT>
    reverse common share split on May&#160;22, 2009.</FONT></B>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Six Months<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Ended<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">June 30,<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Year Ended
    December 31,</FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">2005</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">2004</FONT></B>
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="font-size: 1pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="23" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Net Asset Value, Beginning of the&#160;Period</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    20.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    21.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    21.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    23.80
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    22.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net Investment&#160;Income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.87
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.55
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net Realized and Unrealized Gain/Loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.53
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (9.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (1.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.25
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (2.25
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.80
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Common Share Equivalent of Distributions Paid to&#160;Preferred
    Shareholders:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    Net Investment&#160;Income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (0.24
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (1.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (0.95
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (0.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (0.55
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (0.25
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total from Investment&#160;Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (8.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Distributions Paid to Common&#160;Shareholders:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    Net Investment&#160;Income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (0.71
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (1.50
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (1.65
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (1.80
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (2.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (2.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Net Asset Value, End of the&#160;Period</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    20.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    21.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    21.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    23.80
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Common Share Market Price at End of the&#160;Period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.81
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    20.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    20.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total
    Return<FONT style="font-family: 'Times New Roman', Times">*</FONT>&#160;(b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    42.10%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">**
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#150;45.03%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#150;1.71%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.02%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#150;11.46%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.83%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Net Assets Applicable to Common Shares at End of the Period
    (In&#160;millions)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    48.6
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    39.4
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    77.0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    81.1
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    80.8
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    38.6
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Ratio of Expenses to Average Net Assets Applicable to Common
    Shares*&#160;(c)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.31%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.94%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.84%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.00%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.43%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.12%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Ratio of Net Investment Income to Average Net Assets Applicable
    to Common Shares*&#160;(c)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.26%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.65%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.06%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.69%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.89%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.51%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Portfolio&#160;Turnover
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    33%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">**
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    46%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    37%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    48%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    62%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    86%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="25" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <FONT style="font-family: 'Times New Roman', Times">*&#160;&#160;If
    certain expenses had not been voluntarily assumed by
    Van&#160;Kampen, total return would have been lower and the
    ratios would have been as&#160;follows:
    </FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 17pt">
    <FONT style="font-family: 'Times New Roman', Times">Ratio of
    Expenses to Average Net Assets Applicable to
    Common&#160;Shares&#160;(c)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">2.40%
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">2.04%
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">1.93%
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">2.05%
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">N/A
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">N/A
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 17pt">
    <FONT style="font-family: 'Times New Roman', Times">Ratio of Net
    Investment Income to Average Net Assets Applicable to
    Common&#160;Shares&#160;(c)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">15.17%
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">14.55%
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">11.97%
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">11.64%
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">N/A
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-family: 'Times New Roman', Times">N/A
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
    <B>Supplemental Ratios:</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Ratio of Expenses to Average Net Assets Including
    Preferred&#160;Shares&#160;(c)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.32%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.00%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.01%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.10%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.37%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.21%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Ratio of Net Investment Income to Average Net Assets Applicable
    to Common&#160;Shares&#160;(d)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.13%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.56%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.61%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.70%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9.24%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.40%
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
    <B>Senior Securities:</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total Preferred Shares&#160;Outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,296
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,296
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,616
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,616
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,616
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,112
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Asset Coverage Per Preferred&#160;Share&#160;(e)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    62,580
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    55,444
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    54,487
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    56,040
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    55,933
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    59,715
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Involuntary Liquidating Preference Per Preferred&#160;Share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Average Market Value Per Preferred&#160;Share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    25,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Non-Annualized
    </FONT></TD>
</TR>



<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Based on average shares outstanding.
    </FONT></TD>
</TR>



<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Total return assumes an investment
    at the common share market price at the beginning of the period
    indicated, reinvestment of all distributions for the period in
    accordance with the Trust&#146;s dividend reinvestment plan, and
    sale of all shares at the closing common share market price at
    the end of the period indicated.
    </FONT></TD>
</TR>



<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Ratios do not reflect the effect of
    dividend payments to preferred shareholders.
    </FONT></TD>
</TR>



<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Ratios reflect the effect of
    dividend payments to preferred shareholders.
    </FONT></TD>
</TR>



<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Calculated by subtracting the
    Trust&#146;s total liabilities (not including the preferred
    shares) from the Trust&#146;s total assets and dividing this by
    the number of preferred shares outstanding.
    </FONT></TD>
</TR>

</TABLE>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    N/A=Not Applicable
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">20
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">See Notes to Financial
    Statements</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<!-- link1 "Notes to Financial Statements" -->
<B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">
    Notes to Financial
    Statements&#160;&#160;</FONT></B><FONT style="font-size: 8pt; font-family: Arial, Helvetica"><FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT><B>&#160;&#160;June&#160;30,
    2009 (Unaudited)</B>
    </FONT>
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">1.&#160;Significant
    Accounting Policies</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Van&#160;Kampen High Income Trust&#160;II (the
    &#147;Trust&#148;) is registered as a diversified, closed-end
    management investment company under the Investment Company Act
    of 1940, as amended (the &#147;1940 Act&#148;). The Trust&#146;s
    investment objective is to provide high current income, while
    seeking to preserve shareholders&#146; capital through
    investment in a professionally managed diversified portfolio of
    income producing, fixed income securities. The Trust commenced
    investment operations on April&#160;28, 1989. On May&#160;22,
    2009, there was a
    <FONT style="white-space: nowrap">1-for-5</FONT>
    reverse share split for the common shares.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of significant accounting policies
    consistently followed by the Trust in the preparation of its
    financial statements. The preparation of financial statements in
    conformity with accounting principles generally accepted in the
    United States of America requires management to make estimates
    and assumptions that affect the reported amounts of assets and
    liabilities and disclosure of contingent assets and liabilities
    at the date of the financial statements and the reported amounts
    of revenues and expenses during the reporting period. Actual
    results could differ from those estimates.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>A.&#160;Security Valuation</I></B>&#160;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&#146;s
    financial statements or other available documents and, if
    necessary, available information concerning other securities in
    similar circumstances. Futures 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&#160;days or less are valued at amortized cost, which
    approximates market value.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>B.&#160;Fair Value Measurements</I></B>&#160;Financial
    Accounting Standards Board Statement of Financial Accounting
    Standards No.&#160;157, <I>Fair Value Measurements</I>
    (FAS&#160;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&#160;157 establishes a three-tier hierarchy to distinguish
    between (1)&#160;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)&#160;inputs
    that reflect the reporting entity&#146;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&#146;s investments. The inputs are summarized
    in the three broad levels listed below.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Level&#160;1&#151;
</TD>
    <TD align="left">    quoted prices in active markets for identical investments
</TD>
</TR>




<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Level&#160;2&#151;
</TD>
    <TD align="left">    other significant observable inputs (including quoted prices for
    similar investments, interest rates, prepayment speeds, credit
    risk, etc.)
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">21
    </FONT>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Notes to Financial
    Statements&#160;&#160;</FONT></FONT></B><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica"><FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT><B>&#160;&#160;June&#160;30,
    2009 (Unaudited)&#160;&#160;</B><I>continued</I></FONT>
    </FONT>
</DIV>
<DIV style="margin-top: 19pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Level&#160;3&#151;</TD>
    <TD align="left">
    significant unobservable inputs (including the Trust&#146;s own
    assumptions in determining the fair value of investments)
</TD>
</TR>

</TABLE>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The inputs or methodology used for valuing securities are not
    necessarily an indication of the risk associated with investing
    in those securities.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>C.&#160;Security Transactions</I></B>&#160;Security
    transactions are recorded on a trade date basis. Realized gains
    and losses are determined on an identified cost basis. The Trust
    may purchase and sell securities on a &#147;when-issued&#148; or
    &#147;delayed delivery&#148; basis with settlement to occur at a
    later date. The value of the security so purchased is subject to
    market fluctuations during this period. The Trust will segregate
    assets with the custodian having an aggregate value at least
    equal to the amount of the when-issued or delayed delivery
    purchase commitments until after payment is made. At
    June&#160;30, 2009, the Trust had no when-issued or delayed
    delivery purchase commitments.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust may invest in repurchase agreements, which are
    short-term investments in which the Trust acquires ownership of
    a debt security and the seller agrees to repurchase the security
    at a future time and specified price. The Trust may invest
    independently in repurchase agreements, or transfer uninvested
    cash balances into a pooled cash account along with other
    investment companies advised by Van&#160;Kampen Asset Management
    (the &#147;Adviser&#148;) or its affiliates, the daily aggregate
    of which is invested in repurchase agreements. Repurchase
    agreements are fully collateralized by the underlying debt
    security. The Trust will make payment for such securities only
    upon physical delivery or evidence of book entry transfer to the
    account of the custodian bank. The seller is required to
    maintain the value of the underlying security at not less than
    the repurchase proceeds due the Trust.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>D.&#160;Investment Income</I></B>&#160;Interest income is
    recorded on an accrual basis. Bond discount is accreted and
    premium is amortized over the expected life of each applicable
    security. Other income is comprised primarily of consent fees.
    Consent fees are earned as compensation for agreeing to changes
    in the terms of debt instruments.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>E.&#160;Federal Income Taxes</I></B>&#160;It is the
    Trust&#146;s policy to comply with the requirements of
    Subchapter M of the Internal Revenue Code applicable to
    regulated investment companies and to distribute substantially
    all of its taxable income to its shareholders. Therefore, no
    provision for federal income taxes is required. Financial
    Accounting Standards Board Interpretation No.&#160;48
    <I>Accounting for Uncertainty in Income Taxes</I>, sets forth a
    minimum threshold for financial statement recognition of the
    benefit of a tax position taken or expected to be taken in a tax
    return. Management has concluded there are no significant
    uncertain tax positions that would require recognition in the
    financial statements. If applicable, the Trust recognizes
    interest accrued related to unrecognized tax benefits in
    &#147;Interest Expense&#148; and penalties in &#147;Other&#148;
    expenses on the Statement of Operations. The Trust files tax
    returns with the U.S.&#160;Internal Revenue Service and New
    York. Generally, each of the tax years in the four year period
    ended December&#160;31, 2008, remains subject to examination by
    taxing authorities.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust intends to utilize provisions of the federal income
    tax laws which allow it to carry a realized capital loss forward
    for eight years following the year of the loss and offset these
    losses against any future realized capital gains. At
    December&#160;31, 2008, the Trust had an
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">22
    </FONT>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Notes to Financial
    Statements&#160;&#160;</FONT></FONT></B><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica"><FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT><B>&#160;&#160;June&#160;30,
    2009 (Unaudited)&#160;&#160;</B><I>continued</I></FONT>
    </FONT>
</DIV>
<DIV style="margin-top: 19pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">accumulated capital loss carry
    forward for tax purposes of $56,587,916 which will expire
    according to the following schedule:
    </FONT>
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="80%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;&#160;&#160;Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Expiration</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    $17,412,110
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    December 31, 2009
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    17,027,138
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    December 31, 2010
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    6,782,916
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    December 31, 2011
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 22pt">
    875,105
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    December 31, 2012
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 22pt">
    565,263
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    December 31, 2013
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    4,400,827
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    December 31, 2014
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 26pt">
    47,559
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    December 31, 2015
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    9,476,998
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    December 31, 2016
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Due to a merger with another regulated investment company, a
    portion of the capital loss carry forward referred to above may
    be limited under Internal Revenue Code Section&#160;382.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At June&#160;30, 2009, the cost and related gross unrealized
    appreciation and depreciation were as follows:
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="88%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Cost of investments for tax&#160;purposes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    84,359,080
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Gross tax unrealized&#160;appreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,772,996
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Gross tax unrealized&#160;depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (7,390,779
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net tax unrealized depreciation on&#160;investments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (4,617,783
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>F.&#160;Distribution of Income and Gains</I></B>&#160;The
    Trust declares and pays monthly dividends from net investment
    income to common shareholders. Net realized gains, if any, are
    distributed at least annually on a pro rata basis to common and
    preferred shareholders. Distributions from net realized gains
    for book purposes may include short-term capital gains and a
    portion of futures gains, which are included in ordinary income
    for tax purposes.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tax character of distributions paid during the year ended
    December&#160;31, 2008 was as follows:
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Distributions paid&#160;from:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Ordinary&#160;income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    9,651,700
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2008, the components of distributable
    earnings on a tax basis were as follows:
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="92%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Undistributed ordinary&#160;income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15,297
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Net realized gains or losses may differ for financial reporting
    and tax purposes primarily as a result of gains or losses
    recognized on securities for tax purposes but not for book
    purposes and the deferral of losses relating to wash sale
    transactions.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>G.&#160;Foreign Currency Translation</I></B>&#160;Assets
    and liabilities denominated in foreign currencies are translated
    into U.S.&#160;dollars at the mean of the quoted bid and asked
    prices of such currencies against the U.S.&#160;dollar.
    Purchases and sales of portfolio securities are translated at
    the rate of exchange prevailing when such securities were
    acquired or sold. Income and expenses are
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">23
    </FONT>
</DIV>
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<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Notes to Financial
    Statements&#160;&#160;</FONT></FONT></B><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica"><FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT><B>&#160;&#160;June&#160;30,
    2009 (Unaudited)&#160;&#160;</B><I>continued</I></FONT>
    </FONT>
</DIV>
<DIV style="margin-top: 19pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">translated at rates prevailing when
    accrued. Unrealized gains and losses on investments resulting
    from changes in exchange rates and the unrealized gains or
    losses on translations of other assets or liabilities
    denominated in foreign currencies are included in foreign
    currency translation on the Statement of Operations. Realized
    gains and losses on investments resulting from changes in
    exchange rates and the realized gains or losses on translations
    of other assets or liabilities denominated in foreign currencies
    are included in foreign currency transactions on the Statement
    of Operations.
    </FONT>
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>H.&#160;Reporting Subsequent Events</I></B>&#160;In
    accordance with the provisions set forth in Financial Accounting
    Standards Board Statement of Financial Accounting Standards
    No.&#160;165, <I>Subsequent Events,</I> adopted by the Trust as
    of June&#160;30, 2009, management has evaluated the possibility
    of subsequent events existing in the Trust&#146;s financial
    statements through August 21, 2009. Management has determined
    that there are no material events or transactions that would
    effect the Trust&#146;s financials statements or require
    disclosure in the Trust&#146;s financial statement through this
    date.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">2.&#160;Investment
    Advisory Agreement and Other Transactions with
    Affiliates</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms of the Trust&#146;s Investment Advisory
    Agreement, the Adviser will provide investment advice and
    facilities to the Trust for an annual fee payable monthly of
    .70% of the average daily net assets including current preferred
    shares of the Trust. For the six months ended June&#160;30,
    2009, the Adviser waived approximately $18,800 of its advisory
    fees or other expenses. This represents .05% of the average
    daily net assets including preferred shares of the Trust. This
    waiver is voluntary and can be discontinued at any time.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the six months ended June&#160;30, 2009, the Trust
    recognized expenses of approximately $26,300 representing legal
    services provided by Skadden, Arps, Slate, Meagher&#160;&#038;
    Flom LLP, of which a trustee of the Trust is a partner of such
    firm and he and his law firm provide legal services as legal
    counsel to the Trust.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under separate Legal Services, Accounting Services and Chief
    Compliance Officer (CCO) Employment agreements, the Adviser
    provides accounting and legal services and the CCO provides
    compliance services to the Trust. The costs of these services
    are allocated to each trust. For the six months ended
    June&#160;30, 2009, the Trust recognized expenses of
    approximately $20,000 representing Van&#160;Kampen Investments
    Inc.&#146;s or its affiliates&#146; (collectively
    &#147;Van&#160;Kampen&#148;) cost of providing accounting and
    legal services to the Trust, as well as the salary, benefits and
    related costs of the CCO and related support staff paid by
    Van&#160;Kampen. Services provided pursuant to the Legal
    Services agreement are reported as part of &#147;Professional
    Fees&#148; on the Statement of Operations. Services provided
    pursuant to the Accounting Services and CCO Employment agreement
    are reported as part of &#147;Accounting and Administrative
    Expenses&#148; on the Statement of Operations.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain officers and trustees of the Trust are also officers and
    directors of Van&#160;Kampen. The Trust does not compensate its
    officers or trustees who are also officers of Van&#160;Kampen.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust provides deferred compensation and retirement plans
    for its trustees who are not officers of Van&#160;Kampen. Under
    the deferred compensation plan, trustees may elect to defer all
    or a portion of their compensation to a later date. Benefits
    under the retirement plan are payable upon retirement for a
    ten-year period and are based upon each trustee&#146;s years of
    service to the Trust. The maximum annual benefit per trustee
    under the plan is $2,500.
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">24
    </FONT>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Notes to Financial
    Statements&#160;&#160;</FONT></FONT></B><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica"><FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT><B>&#160;&#160;June&#160;30,
    2009 (Unaudited)&#160;&#160;</B><I>continued</I></FONT>
    </FONT>
</DIV>
<DIV style="margin-top: 19pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">3.&#160;Capital
    Transactions</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the six months ended June&#160;30, 2009 and the year ended
    December&#160;31, 2008, transactions in common shares were as
    follows:
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="64%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="8%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Six Months
    Ended<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Year Ended<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">June 30,
    2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">December 31,
    2008</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Beginning&#160;Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18,851,327
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18,851,327
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <FONT style="white-space: nowrap">1-for-5</FONT>
    Reverse Common Share&#160;Split
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (15,081,062
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -0-
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Ending&#160;Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,770,265
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18,851,327
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">4.&#160;Investment
    Transactions</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the period, the cost of purchases and proceeds from sales
    of investments, excluding short-term investments and
    U.S.&#160;Government securities, were $25,005,573 and
    $24,700,979, respectively. The cost of purchases and proceeds
    from sales of long-term U.S.&#160;Government securities,
    including paydowns on mortgage-backed securities, for the period
    were $0 and $1,756, respectively.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">5.&#160;Derivative
    Financial Instruments</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A derivative financial instrument in very general terms refers
    to a security whose value is &#147;derived&#148; from the value
    of an underlying asset, reference rate or index.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust may use derivative instruments for a variety of
    reasons, such as to attempt to protect the Trust against
    possible changes in the market value of its portfolio or to
    generate potential gain. All of the Trust&#146;s portfolio
    holdings, including derivative instruments, are marked to market
    each day with the change in value reflected in unrealized
    appreciation/depreciation. Upon disposition, a realized gain or
    loss is recognized accordingly, except when taking delivery of a
    security underlying a contract. In these instances, the
    recognition of gain or loss is postponed until the disposal of
    the security underlying the contract.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust adopted Financial Accounting Standards Board Statement
    of Financial Accounting Standards No.&#160;161, <I>Disclosures
    about Derivative Instruments and Hedging Activities</I>
    (FAS&#160;161), effective January&#160;1, 2009. FAS&#160;161 is
    intended to improve financial reporting about derivative
    instruments by requiring enhanced disclosures to enable
    investors to better understand how and why the Trust uses
    derivative instruments, how these derivative instruments are
    accounted for and their effects on the Trust&#146;s financial
    position and results of operations.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Summarized below are specific types of derivative financial
    instruments the Trust is permitted to enter into in accordance
    with its investment objectives.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>A.&#160;Futures Contracts</I></B>&#160;The Trust is
    subject to interest rate risk and foreign currency exchange rate
    risk in the normal course of pursuing its investment objectives.
    The Trust may use futures contracts to gain exposure to, or
    hedge against changes in interest rates or foreign currencies.
    A futures contract is an agreement involving the delivery of a
    particular asset on a specified future date at an agreed upon
    price. Upon entering into futures contracts, the Trust maintains
    an amount of cash or liquid securities with a value equal to a
    percentage of the contract amount with either a futures
    commission merchant pursuant to rules and regulations
    promulgated under the 1940 Act, or with its custodian in an
    account in the broker&#146;s name. This amount is known as
    initial margin. During the period the futures contract is open,
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">25
    </FONT>
</DIV>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 79%; margin-left: 10%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Notes to Financial
    Statements&#160;&#160;</FONT></FONT></B><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica"><FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT><B>&#160;&#160;June&#160;30,
    2009 (Unaudited)&#160;&#160;</B><I>continued</I></FONT>
    </FONT>
</DIV>
<DIV style="margin-top: 19pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">payments are received from or made
    to the broker based upon changes in the value of the contract
    (the variation margin). When entering into futures contracts,
    the Trust bears the risk of interest or exchange rates or
    securities prices moving unexpectedly, in which case, the Trust
    may not achieve the anticipated benefits of the futures
    contracts and may realize a loss. With futures, there is minimal
    counterparty credit risk to the Trust since futures are exchange
    traded and the exchanges clearinghouse, as counterparty to all
    exchange traded futures, guarantees the futures against default.
    The risk of loss associated with a futures contract is in excess
    of the variation margin reflected on the Statement of Assets and
    Liabilities.
    </FONT>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There were no transactions in futures contracts for the six
    months ended June&#160;30, 2009.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>B.&#160;Swap Contracts</I></B>&#160;The Trust is subject
    to credit risk in the normal course of pursuing its investment
    objectives. The Trust may enter into credit default swaps to
    manage its exposure to the market or certain sectors of the
    market, to reduce its risk exposure to defaults of corporate and
    sovereign issuers, or to create exposure to corporate or
    sovereign issuers to which it is not otherwise exposed. A credit
    default swap is an agreement between two parties to exchange the
    credit risk of an issuer or index of issuers. A buyer of a
    credit default swap is said to buy protection by paying periodic
    fees in return for a contingent payment from the seller if the
    issuer has a credit event such as bankruptcy, a failure to pay
    outstanding obligations or deteriorating credit while the swap
    is outstanding. A seller of a credit default swap is said to
    sell protection and thus collects the periodic fees and profits
    if the credit of the issuer remains stable or improves while the
    swap is outstanding. The seller in a credit default swap
    contract would be required to pay an
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    amount, to the buyer in the event of an adverse credit event of
    the issuer. This
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    amount approximates the notional amount of the swap as disclosed
    in the table following the Portfolio of Investments and is
    estimated to be the maximum potential future payment that the
    seller could be required to make under the credit default swap
    contract. In the event of an adverse credit event, the seller
    generally does not have any contractual remedies against the
    issuer or any other third party. However, if a physical
    settlement is elected, the seller would receive the defaulted
    credit and, as a result, become a creditor of the issuer.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The current credit rating of each individual issuer is listed in
    the table following the Portfolio of Investments and serves as
    an indicator of the current status of the payment/performance
    risk of the credit derivative. Alternatively, for credit default
    swaps on an index of credits, the quoted market prices and
    current values serve as an indicator of the current status of
    the payment/performance risk of the credit derivative.
    Generally, lower credit ratings and increasing market values, in
    absolute terms, represent a deterioration of the credit and a
    greater likelihood of an adverse credit event of the issuer.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust accrues for the periodic fees on credit default swaps
    on a daily basis with the net amount accrued recorded within
    unrealized appreciation/ depreciation of swap contracts. Upon
    cash settlement of the periodic fees, the net amount is recorded
    as realized gain/loss on swap contracts on the Statement of
    Operations. Net unrealized gains are recorded as an asset or net
    unrealized losses are reported as a liability on the Statement
    of Assets and Liabilities. The change in value of the swap
    contracts is reported as unrealized gains or losses on the
    Statement of Operations. Payments received or made upon entering
    into a credit default swap contract, if any, are recorded as
    realized gain or loss on the Statement of Operations upon
    termination or maturity of the swap. Credit default swaps may
    involve greater risks than if a Trust had invested in the issuer
    directly. The Trust&#146;s maximum risk or loss from
    counterparty
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">26
    </FONT>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Notes to Financial
    Statements&#160;&#160;</FONT></FONT></B><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica"><FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT><B>&#160;&#160;June&#160;30,
    2009 (Unaudited)&#160;&#160;</B><I>continued</I></FONT>
    </FONT>
</DIV>
<DIV style="margin-top: 19pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">risk, either as the protection
    seller or as the protection buyer, is the fair value of the
    contract. This risk is mitigated by having a master netting
    arrangement between the Trust and the counterparty and by the
    posting of collateral by the counterparty to the Trust to cover
    the Trust&#146;s exposure to the counterparty.
    </FONT>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust is subject to interest rate risk exposure in the
    normal course of pursuing its investment objectives. Because the
    Trust holds fixed rate bonds, the value of these bonds may
    decrease if interest rates rise. To help hedge against this risk
    and to maintain its ability to generate income at prevailing
    market rates, the Trust may enter into interest rate swap
    contracts. Interest rate swaps are contractual agreements to
    exchange interest payments calculated on a predetermined
    notional principal amount. Interest rate swaps generally involve
    one party paying a fixed interest rate and the other party
    paying a variable rate. The Trust will usually enter into
    interest rate swaps on a net basis, i.e, the two payments are
    netted out in a cash settlement on the payment date or dates
    specified in the instrument, with the Trust receiving or paying,
    as the case may be, only the net amount of the two payments. The
    Trust accrues the net amount with respect to each interest rate
    swap on a daily basis. This net amount is recorded within
    unrealized appreciation/depreciation on swap contracts. Upon
    cash settlement of the payments, the net amount is recorded as
    realized gain/loss on swap contracts on the Statement of
    Operations. The risks of interest rate swaps include changes in
    market conditions that will affect the value of the contract or
    the cash flows and the possible inability of the counterparty to
    fulfill its obligation under the agreement. The Trust&#146;s
    maximum risk of loss from counterparty credit risk is the
    discounted net value of the cash flows to be received from/paid
    to the counterparty of the contract&#146;s remaining life, to
    the extent that the amount is positive. This risk is mitigated
    by having a master netting arrangement between the Trust and the
    counterparty and by posting of collateral by the counterparty to
    the Trust to cover the Trust&#146;s exposure to the counterparty.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Swap agreements are not entered into or traded on exchanges and
    there is no central clearing or guaranty function for swaps.
    Therefore, swaps are subject to the risk of default or
    non-performance by the counterparty. If there is a default by
    the counterparty to a swap agreement, the Trust will have
    contractual remedies pursuant to the agreements related to the
    transaction. Counterparties are required to pledge collateral
    daily (based on the valuation of each swap) on behalf of the
    Trust with a value approximately equal to the amount of any
    unrealized gain. Reciprocally, when the Trust has an unrealized
    loss on a swap contract, the Trust has instructed the custodian
    to pledge cash or liquid securities as collateral with a value
    approximately equal to the amount of the unrealized loss.
    Collateral pledges are monitored and subsequently adjusted if
    and when the swap valuations fluctuate. Cash collateral is
    disclosed in the table following the Portfolio of Investments.
    Cash collateral has been offset against open swap contracts
    under the provisions of FASB Interpretation No.&#160;39
    <I>Offsetting of Amounts Related to Certain Contracts an
    interpretation of APB Opinion No.&#160;10 and FASB Statement
    No.&#160;105</I> and are included within &#147;Swap
    Contracts&#148; on the Statement of Assets and Liabilities. For
    cash collateral received, the Trust pays a monthly fee to the
    counterparty based on the effective rate for Federal Trusts.
    This fee, when paid, is included within realized loss on swap
    contracts on the Statement of Operations.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There were no transactions in swap contracts for the six months
    ended June&#160;30, 2009.
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">27
    </FONT>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Notes to Financial
    Statements&#160;&#160;</FONT></FONT></B><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica"><FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT><B>&#160;&#160;June&#160;30,
    2009 (Unaudited)&#160;&#160;</B><I>continued</I></FONT>
    </FONT>
</DIV>
<DIV style="margin-top: 19pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">6.&#160;Mortgage
    Backed Securities</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust may invest in various types of Mortgage Backed
    Securities. A Mortgage Backed Security (MBS) is a pass-through
    security created by pooling mortgages and selling participations
    in the principal and interest payments received from borrowers.
    Most of these securities are guaranteed by federally sponsored
    agencies&#151;Government National Mortgage Association (GNMA),
    Federal National Mortgage Association (FNMA) or Federal Home
    Loan Mortgage Corporation (FHLMC). A Collateralized Mortgage
    Obligation (CMO) is a bond which is collateralized by a pool of
    MBS&#146;s.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These securities derive their value from or represent interests
    in a pool of mortgages, or mortgage securities.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mortgage securities are subject to prepayment risk&#151;the risk
    that, as mortgage interest rates fall, borrowers will refinance
    and &#147;prepay&#148; principal. A trust holding mortgage
    securities that are experiencing prepayments will have to
    reinvest these payments at lower prevailing interest rates. On
    the other hand, when interest rates rise, borrowers are less
    likely to refinance resulting in lower prepayments. This can
    effectively extend the maturity of a Trust&#146;s mortgage
    securities resulting in greater price volatility. It can be
    difficult to measure precisely the remaining life of a mortgage
    security or the average life of a portfolio of such securities.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the extent a trust invests in mortgage securities offered by
    non-governmental issuers, such as commercial banks, savings and
    loan institutions, private mortgage insurance companies,
    mortgage bankers and other secondary market issuers, the Trust
    may be subject to additional risks. Timely payment of interest
    and principal of non-governmental issuers are supported by
    various forms of private insurance or guarantees, including
    individual loan, title, pool and hazard insurance purchased by
    the issuer. There can be no assurance that the private insurers
    can meet their obligations under the policies.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An unexpectedly high rate of defaults on the mortgages held by a
    mortgage pool may adversely affect the value of a mortgage
    backed security and could result in losses to a trust. The risk
    of such defaults is generally higher in the case of mortgage
    pools that include subprime mortgages. Subprime mortgages refer
    to loans made to borrowers with weakened credit histories or
    with a lower capacity to make timely payment on their mortgages.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">7.&#160;Preferred
    Shares</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust has outstanding 1,296 Auction Preferred Shares (APS).
    Series&#160;A contains 551&#160;shares and Series&#160;B
    contains 745&#160;shares. Dividends are cumulative and the
    dividend rate on each series is currently reset every
    28&#160;days through an auction process. Beginning on
    February&#160;20, 2008 and continuing through June&#160;30,
    2009, all series of preferred shares of the Trust were not
    successfully remarketed. As a result, the dividend rates of
    these preferred shares were reset to the maximum applicable rate
    on APS. If the preferred shares are unable to be remarketed on a
    remarketing date, the Trust would be required to pay the maximum
    applicable rate on APS to holders of such shares for successive
    dividend periods until such time when the shares are
    successfully remarketed. The maximum rate on APS is equal to
    150% of the applicable commercial paper rate on the date. The
    average rate in effect on June&#160;30, 2009 was 6.856%. During
    the six months ended June&#160;30, 2009, the rates ranged from
    3.975% to 6.923%.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, the Trust paid annual fees equivalent to .25% of
    the preferred share liquidation value for the remarketing
    efforts associated with the preferred auction. Effective
    March&#160;19, 2009, the Trust decreased this amount to .15% due
    to auction failures. In the future, if auctions no longer fail,
    the Trust may return to an annual fee payment of .25% of
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">28
    </FONT>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II<BR>
    <FONT style="font-size: 8pt">Notes to Financial
    Statements&#160;&#160;</FONT></FONT></B><FONT style="font-size: 8pt"><FONT style="font-family: Arial, Helvetica"><FONT style="font-family: Wingdings; font-variant: normal">&#110;</FONT><B>&#160;&#160;June&#160;30,
    2009 (Unaudited)&#160;&#160;</B><I>continued</I></FONT>
    </FONT>
</DIV>
<DIV style="margin-top: 19pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">the preferred share liquidation
    value. These fees are included as a component of &#147;Preferred
    Share Maintenance&#148; expense on the Statement of Operations.
    </FONT>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The APS are redeemable at the option of the Trust in whole or in
    part at the liquidation value of $25,000 per share plus
    accumulated and unpaid dividends. The Trust is subject to
    certain asset coverage tests and the APS are subject to
    mandatory redemption if the tests are not met. During the six
    months ended June&#160;30, 2009, the Trust did not redeem any
    preferred shares.
</DIV>

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">8.&#160;Indemnifications</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust enters into contracts that contain a variety of
    indemnifications. The Trust&#146;s maximum exposure under these
    arrangements is unknown. However, the Trust has not had prior
    claims or losses pursuant to these contracts and expects the
    risk of loss to be remote.
</DIV>
&nbsp; <DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">29
    </FONT>
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    <B><FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    High Income Trust&#160;II</FONT></B>
</DIV>

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<!-- link1 "Board of Trustees, Officers and Important Addresses" -->
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    Board of Trustees, Officers and Important Addresses</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<TD align="left" valign="top">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Board
    of Trustees<BR>
    </FONT>David C. Arch<BR>
    Jerry D. Choate<BR>
    Rod Dammeyer<BR>
    Linda Hutton Heagy<BR>
    R. Craig Kennedy<BR>
    Howard J Kerr<BR>
    Jack E. Nelson<BR>
    Hugo F. Sonnenschein<BR>
    Wayne W. Whalen*</B> &#150; Chairman<BR>
    <B>Suzanne H. Woolsey<BR>
    </B>&#160;<BR>
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Officers<BR>
    </FONT>Edward C. Wood III<BR>
    </B>President and Principal Executive Officer<BR>
    <B>Kevin Klingert<BR>
    </B>Vice President<BR>
    <B>Stefanie V. Chang Yu<BR>
    </B>Vice President and Secretary<BR>
    <B>John L. Sullivan<BR>
    </B>Chief Compliance Officer<BR>
    <B>Stuart N. Schuldt<BR>
    </B>Chief Financial Officer and Treasurer<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Investment
    Adviser<BR>
    </FONT>Van&#160;Kampen Asset Management<BR>
    </B>522 Fifth Avenue<BR>
    New York, New York 10036<BR>
    <BR>
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Custodian<BR>
    </FONT>State Street Bank<BR>
    and Trust Company<BR>
    </B>One Lincoln Street<BR>
    Boston, Massachusetts 02111<BR>
    <BR>
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Transfer
    Agent<BR>
    </FONT>Computershare Trust Company, N.A.<BR>
    </B>c/o Computershare Investor Services<BR>
    P.O. Box 43078<BR>
    Providence, Rhode Island 02940-3078<BR>
    <BR>
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Legal
    Counsel<BR>
    </FONT>Skadden, Arps, Slate,<BR>
    Meagher &#038; Flom LLP<BR>
    </B>155 North Wacker Drive<BR>
    Chicago, Illinois 60606<BR>
    <BR>
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Independent
    Registered<BR>
    Public Accounting Firm<BR>
    </FONT>Deloitte &#038; Touche LLP<BR>
    </B>111 South Wacker Drive<BR>
    Chicago, Illinois 60606-4301<BR>
</TD>
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</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
&nbsp;
</DIV>
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
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<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">&#147;Interested persons&#148; of
    the Trust, as defined in the Investment Company Act of 1940, as
    amended.
    </FONT></TD>
</TR>

</TABLE>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <FONT style="font-size: 7pt; font-family: Arial, Helvetica">30
    </FONT>
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    <B><FONT style="font-family: Arial, Helvetica">Your
    Notes</FONT></B>
</DIV>

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    <B><FONT style="font-family: Arial, Helvetica">Your
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    </FONT>
</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 15pt; font-family: Arial, Helvetica">U.S.
    Privacy Policy
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">We are required by
    federal law to provide you with a copy of our Privacy Policy
    annually.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">This Policy applies
    to current and former individual clients of Van&#160;Kampen
    Investments Inc., Van&#160;Kampen Asset Management,
    Van&#160;Kampen Advisors Inc., Van&#160;Kampen Funds Inc.,
    Van&#160;Kampen Investor Services Inc. and Van&#160;Kampen
    Exchange Corp., as well as current and former individual
    investors in Van&#160;Kampen mutual funds, unit investment
    trusts, and related companies.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">This Policy is not
    applicable to partnerships, corporations, trusts or other
    non-individual clients or account holders, nor is this Policy
    applicable to individuals who are either beneficiaries of a
    trust for which we serve as trustee or participants in an
    employee benefit plan administered or advised by us. This Policy
    is, however, applicable to individuals who select us to be a
    custodian of securities or assets in individual retirement
    accounts, 401(k) accounts, 529 Educational Savings Accounts,
    accounts subject to the Uniform Gifts to Minors Act, or similar
    accounts. Please note that we may amend this Policy at any time,
    and will inform you of any changes to this Policy as required by
    law.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">We Respect Your
    Privacy</FONT></B><FONT style="font-family: Arial, Helvetica">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">We appreciate that
    you have provided us with your personal financial information
    and understand your concerns about safeguarding such
    information. We strive to maintain the privacy of such
    information while we help you achieve your financial objectives.
    This Policy describes what nonpublic personal information we
    collect about you, how we collect it, when we may share it with
    others, and how others may use it. It discusses the steps you
    may take to limit our sharing of information about you with
    affiliated Van&#160;Kampen companies (&#147;affiliated
    companies&#148;). It also discloses how you may limit our
    affiliates&#146; use of shared information for marketing
    purposes. Throughout this Policy, we refer to the nonpublic
    information that personally identifies you or your accounts as
    &#147;personal information.&#148;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">1.&#160;What
    Personal Information Do We Collect About
    You?</FONT></B><FONT style="font-family: Arial, Helvetica">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">To better serve you
    and manage our business, it is important that we collect and
    maintain accurate information about you. We obtain this
    information from applications and other forms you submit to us,
    from your dealings with us, from consumer reporting agencies and
    from third parties and other sources. For example:
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
    <TD width="2%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Arial, Helvetica">&#149;&#160;&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-family: Arial, Helvetica">We collect
    information such as your name, address,
    <FONT style="white-space: nowrap">e-mail</FONT>
    address, phone number and account title.
    </FONT>
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 1%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">(continued
    on next page)</FONT></I>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- End box 3 -->

<P align="left" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 24pt; border-right: 1px solid #000000; padding-right: 24pt; border-bottom: 1px solid #000000; padding-bottom: 24pt; border-left: 1px solid #000000; padding-left: 24pt"><!-- Begin box 3 -->

<DIV align="left" style="margin-left: 1%; margin-right: 1%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <FONT style="font-size: 15pt; font-family: Arial, Helvetica">Van
    Kampen High Income Trust II<BR>
    An Important Notice Concerning Our<BR>
    U.S. Privacy Policy&#160;&#160;<I>continued</I>
    </FONT>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
    <TD width="2%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Arial, Helvetica">&#149;&#160;&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-family: Arial, Helvetica">We may obtain
    information about account balances, your use of account(s) and
    the types of products and services you prefer to receive from us
    through your dealings and transactions with us and other sources.
    </FONT>
</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Arial, Helvetica">&#149;&#160;&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-family: Arial, Helvetica">We may obtain
    information about your creditworthiness and credit history from
    consumer reporting agencies.
    </FONT>
</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Arial, Helvetica">&#149;&#160;&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-family: Arial, Helvetica">We may collect
    background information from and through third-party vendors to
    verify representations you have made and to comply with various
    regulatory requirements.
    </FONT>
</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Arial, Helvetica">&#149;&#160;&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-family: Arial, Helvetica">If you interact with
    us through our public and private Web sites, we may collect
    information that you provide directly through online
    communications (such as an
    <FONT style="white-space: nowrap">e-mail</FONT>
    address). We may also collect information about your Internet
    service provider, your domain name, your computer&#146;s
    operating system and Web browser, your use of our Web sites and
    your product and service preferences, through the use of
    &#148;cookies.&#148; &#148;Cookies&#148; recognize your computer
    each time you return to one of our sites, and help to improve
    our sites&#146; content and personalize your experience on our
    sites by, for example, suggesting offerings that may interest
    you. Please consult the Terms of Use of these sites for more
    details on our use of cookies.
    </FONT>
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">2.&#160;When Do
    We Disclose Personal Information We Collect About
    You?</FONT></B><FONT style="font-family: Arial, Helvetica">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">To provide you with
    the products and services you request, to better serve you, to
    manage our business and as otherwise required or permitted by
    law, we may disclose personal information we collect about you
    to other affiliated companies and to nonaffiliated third
    parties.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-family: Arial, Helvetica">A.&#160;Information
    We Disclose to Our Affiliated
    Companies.</FONT></I></B><FONT style="font-family: Arial, Helvetica">&#160;In
    order to manage your account(s) effectively, including servicing
    and processing your transactions, to let you know about products
    and services offered by us and affiliated companies, to manage
    our business, and as otherwise required or permitted by law, we
    may disclose personal information to other affiliated companies.
    Offers for products and services from affiliated companies are
    developed under conditions designed to safeguard your personal
    information.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-family: Arial, Helvetica">B.&#160;Information
    We Disclose to Third
    Parties.</FONT></I></B><FONT style="font-family: Arial, Helvetica">&#160;We
    do not disclose personal information that we collect about you
    to nonaffiliated third parties except to enable them to provide
    marketing services on our behalf, to perform joint marketing
    agreements with other financial institutions, and as otherwise
    required or permitted by law. For example, some instances where
    we may disclose information about you to third
    </FONT>
</DIV>
<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 1%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">(continued
    on next page)</FONT></I>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- End box 3 -->

<P align="left" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 24pt; border-right: 1px solid #000000; padding-right: 24pt; border-bottom: 1px solid #000000; padding-bottom: 24pt; border-left: 1px solid #000000; padding-left: 24pt"><!-- Begin box 3 -->

<DIV align="left" style="margin-left: 1%; margin-right: 1%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <FONT style="font-size: 15pt; font-family: Arial, Helvetica">Van
    Kampen High Income Trust II<BR>
    An Important Notice Concerning Our<BR>
    U.S. Privacy Policy&#160;&#160;<I>continued</I>
    </FONT>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 10pt; font-family: Arial, Helvetica">parties
    include: for servicing and processing transactions, to offer our
    own products and services, to protect against fraud, for
    institutional risk control, to respond to judicial process or to
    perform services on our behalf. When we share personal
    information with a nonaffiliated third party, they are required
    to limit their use of personal information to the particular
    purpose for which it was shared and they are not allowed to
    share personal information with others except to fulfill that
    limited purpose.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">3.&#160;How Do We
    Protect the Security and Confidentiality of Personal Information
    We Collect About
    You?</FONT></B><FONT style="font-family: Arial, Helvetica">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">We maintain
    physical, electronic and procedural security measures to help
    safeguard the personal information we collect about you. We have
    internal policies governing the proper handling of client
    information. Third parties that provide support or marketing
    services on our behalf may also receive personal information,
    and we require them to adhere to confidentiality standards with
    respect to such information.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">4.&#160;How Can
    You Limit the Sharing of Certain Types of Personal Information
    With Affiliated
    Companies?</FONT></B><FONT style="font-family: Arial, Helvetica">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">We respect your
    privacy and offer you choices as to whether we share with
    affiliated companies personal information that was collected to
    determine your eligibility for products and services you request
    (&#147;eligibility information&#148;). Please note that, even if
    you direct us not to share eligibility information with
    affiliated companies (&#147;opt-out&#148;), we may still share
    personal information, including eligibility information, with
    those companies in circumstances excluded from the opt-out under
    applicable law, such as to process transactions or to service
    your account. We may also share certain other types of personal
    information with affiliated companies&#151;such as your name,
    address, telephone number,
    <FONT style="white-space: nowrap">e-mail</FONT>
    address and account number(s), and information about your
    transactions and experiences with us.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">5.&#160;How Can
    You Limit the Use of Certain Types of Personal Information by
    Affiliated Companies for
    Marketing?</FONT></B><FONT style="font-family: Arial, Helvetica">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">You may limit
    affiliated companies from marketing their products or services
    to you based on your personal information that they receive from
    affiliated companies. This information includes your income,
    assets and account history. Your choice to limit marketing
    offers from affiliated companies will apply until you tell us to
    change your choice.
    </FONT>
</DIV>
<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 1%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">(continued
    on next page)</FONT></I>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- End box 3 -->

<P align="left" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 24pt; border-right: 1px solid #000000; padding-right: 24pt; border-bottom: 1px solid #000000; padding-bottom: 24pt; border-left: 1px solid #000000; padding-left: 24pt"><!-- Begin box 3 -->

<DIV align="left" style="margin-left: 1%; margin-right: 1%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <FONT style="font-size: 15pt; font-family: Arial, Helvetica">Van
    Kampen High Income Trust II<BR>
    An Important Notice Concerning Our<BR>
    U.S. Privacy Policy&#160;&#160;<I>continued</I>
    </FONT>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">If you wish to
    opt-out of sharing and to limit marketing offers, you may do so
    by:
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
    <TD width="2%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Arial, Helvetica">&#149;&#160;&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-family: Arial, Helvetica">Calling us at
    <FONT style="white-space: nowrap">(800)&#160;847-2424</FONT><BR>
    Monday-Friday between 8&#160;a.m. and 8&#160;p.m.&#160;(ET)
    </FONT>
</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Arial, Helvetica">&#149;&#160;&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-family: Arial, Helvetica">Writing to us at the
    following address:<BR>
    Van&#160;Kampen Privacy Department<BR>
    Harborside Financial Center, Plaza&#160;Two, 3rd&#160;Floor<BR>
    Jersey City, NJ 07311
    </FONT>
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">If you choose to
    write to us, your written request should include your name,
    address, telephone number and account number(s) to which the
    opt-out applies and should not be sent with any other
    correspondence. In order to process your request, we require
    that the request be provided by you directly and not through a
    third party.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">If you have
    previously notified us about your privacy preferences, it is not
    necessary to do so again unless you decide to change your
    preferences. Your opt-out preference will remain in effect with
    respect to this Policy (as it may be amended) until you notify
    us otherwise in writing. If you have a joint account, your
    direction for us not to share this information with other
    affiliated companies and for those affiliated companies not to
    use your personal information for marketing will be applied to
    all account holders on that account.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">Please understand
    that if you opt-out, you and any joint account holders may not
    receive information about affiliated company products and
    services that could help you manage your financial resources and
    achieve your investment objectives.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">If you hold more
    than one account with Van&#160;Kampen, you may receive multiple
    privacy policies from us, and would need to follow the
    directions stated in each particular policy for each account you
    have with us.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">SPECIAL NOTICE TO
    RESIDENTS OF
    VERMONT</FONT></B><FONT style="font-family: Arial, Helvetica">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">This section
    supplements our Policy with respect to our individual clients
    who have a Vermont address and supersedes anything to the
    contrary in the above Policy with respect to those clients
    only.</FONT></B><FONT style="font-family: Arial, Helvetica">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">The State of Vermont
    requires financial institutions to obtain your consent prior to
    sharing personal information that they collect about you with
    affiliated companies and nonaffiliated third parties other than
    in certain limited circumstances. Except as permitted by law, we
    will not share personal information we collect about you with
    nonaffiliated third parties or other affiliated companies unless
    you provide us with your written consent to share such
    information (&#147;opt-in&#148;).
    </FONT>
</DIV>
<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 1%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">(continued
    on back)</FONT></I>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- End box 3 -->

<P align="left" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 24pt; border-right: 1px solid #000000; padding-right: 24pt; border-bottom: 1px solid #000000; padding-bottom: 24pt; border-left: 1px solid #000000; padding-left: 24pt"><!-- Begin box 3 -->

<DIV align="left" style="margin-left: 1%; margin-right: 1%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <FONT style="font-size: 15pt; font-family: Arial, Helvetica">Van
    Kampen High Income Trust II<BR>
    An Important Notice Concerning Our<BR>
    U.S. Privacy Policy&#160;&#160;<I>continued</I>
    </FONT>
</DIV>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">If you wish to
    receive offers for investment products and services offered by
    or through other affiliated companies, please notify us in
    writing at the following address:
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
    <TD width="2%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Arial, Helvetica">&#160;&#160;&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-family: Arial, Helvetica">Van&#160;Kampen
    Privacy Department<BR>
    Harborside Financial Center, Plaza Two, 3rd Floor<BR>
    Jersey City, NJ 07311
    </FONT>
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 2%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Arial, Helvetica">Your authorization
    should include your name, address, telephone number and account
    number(s) to which the opt-in applies and should not be sent
    with any other correspondence. In order to process your
    authorization, we require that the authorization be provided by
    you directly and not through a third-party.
    </FONT>
</DIV>
</DIV><!-- End box 3 -->

<DIV align="left" style="margin-left: 0%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><FONT style="font-size: 8pt; font-family: Arial, Helvetica">Van
    Kampen Funds Inc.
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">522
    Fifth Avenue
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">New
    York, New York 10036
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">www.vankampen.com
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt; font-family: Arial, Helvetica">Copyright
    <SUP style="font-size: 85%; vertical-align: text-top">&#169;</SUP>2009

    Van&#160;Kampen Funds Inc.
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt; font-family: Arial, Helvetica">All
    rights reserved. Member FINRA/SIPC
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">902,
    911, 104
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">VLTSAN
    08/09
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">IU09-03510P-Y06/09
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 2%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="c52281vkblk.gif" alt="(VAN KAMPEN INVESTMENTS LOGO)"><FONT style="font-size: 8pt; font-family: Arial, Helvetica">
    </FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<!--TOC-->
<!--/TOC-->




<!-- link2 "Item&nbsp;2. Code of Ethics" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;2. Code of Ethics.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable for semi-annual reports.
</DIV>
<!-- link2 "Item&nbsp;3. Audit Committee Financial Expert" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;3. Audit Committee Financial Expert.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable for semi-annual reports.
</DIV>
<!-- link2 "Item&nbsp;4. Principal Accountant Fees and Services" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;4. Principal Accountant Fees and Services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable for semi-annual reports.
</DIV>
<!-- link2 "Item&nbsp;5. Audit Committee of Listed Registrants" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;5. Audit Committee of Listed Registrants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable for semi-annual reports.
</DIV>
<!-- link2 "Item&nbsp;6. Schedule of Investments" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;6. Schedule of Investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;Please refer to Item #1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable for semi-annual reports.
</DIV>
<!-- link2 "Item&nbsp;8. Portfolio Managers of Closed-End Management Investment Companies" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;8. Portfolio Managers of Closed-End Management Investment Companies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable for semi-annual reports.
</DIV>
<!-- link2 "Item&nbsp;9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item&nbsp;9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>
<!-- link2 "Item&nbsp;10. Submission of Matters to a Vote of Security Holders" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;10. Submission of Matters to a Vote of Security Holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>
<!-- link2 "Item&nbsp;11. Controls and Procedures" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;11. Controls and Procedures
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The Trust&#146;s principal executive officer and principal financial officer have concluded that the
Trust&#146;s disclosure controls and procedures are sufficient to ensure that information required to be
disclosed by the Trust in this Form N-CSRS was recorded, processed, summarized and reported within
the time periods specified in the Securities and Exchange Commission&#146;s rules and forms, based upon
such officers&#146; evaluation of these controls and procedures as of a date within 90&nbsp;days of the
filing date of the report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;There were no changes in the registrant&#146;s internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over
financial reporting.
</DIV>
<!-- link2 "Item&nbsp;12. Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;12. Exhibits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1)&nbsp;Code of Ethics &#151; Not applicable for semi-annual reports.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)(a) A certification for the Principal Executive Officer of the registrant is attached hereto as
part of EX-99.CERT.<BR>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)(b) A certification for the Principal Financial Officer of the registrant is attached hereto as
part of EX-99.CERT.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(Registrant) Van Kampen High Income Trust II
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Edward C. Wood III
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Name: Edward C. Wood III<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Title: Principal Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Date: August&nbsp;20, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Edward C. Wood III
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Name: Edward C. Wood III<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Title: Principal Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Date: August&nbsp;20, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Stuart N. Schuldt</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Name: Stuart N. Schuldt<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Title: Principal Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Date: August&nbsp;20, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c52281exv99wcert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wcert</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Edward C. Wood III, certify that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this report on Form N-CSRS of Van Kampen High Income Trust II;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements are required to
include a statement of cash flows) of the registrant as of, and for, the periods presented in
this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in
<font style="white-space: nowrap">Rule 30a-3(d)</font> under the Investment Company Act of 1940) for the registrant and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this report is
being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90&nbsp;days prior to the filing date of this
report based on such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any change in the registrant&#146;s internal control over
financial reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to materially affect,
the registrant&#146;s internal control over financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors (or persons performing
the equivalent functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant&#146;s ability to record, process, summarize, and report financial information;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal controls over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: August&nbsp;20, 2009
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">     /s/ Edward C. Wood III
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Principal Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Stuart N. Schuldt, certify that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this report on Form N-CSRS of Van Kampen High Income Trust II;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements are required to
include a statement of cash flows) of the registrant as of, and for, the periods presented in
this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in
<font style="white-space: nowrap">Rule 30a-3(d)</font> under the Investment Company Act of 1940) for the registrant and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90&nbsp;days prior to the filing date of this report based
on such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any change in the registrant&#146;s internal control over financial
reporting that occurred during the second fiscal quarter of the period covered by this
report that has materially affected, or is reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors (or persons performing
the equivalent functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant&#146;s ability to record, process, summarize, and report financial information;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal controls over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: August&nbsp;20, 2009
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">      /s/ Stuart N. Schuldt
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Principal Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>c52281exv99w906cert.htm
<DESCRIPTION>EX-99.906CERT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w906cert</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Certification Pursuant to 18 U.S.C. Section&nbsp;1350,<BR>
As Adopted Pursuant to<BR>
Section&nbsp;906 of the Sarbanes-Oxley Act of 2002
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Name of Issuer: Van Kampen High Income Trust II
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Report on Form N-CSRS (the &#147;Report&#148;) of the above-named issuer for the
period ended June&nbsp;30, 2009 that is accompanied by this certification, the undersigned hereby
certifies that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: August&nbsp;20, 2009
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">      /s/ Edward C. Wood III
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Edward C. Wood III&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Principal Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A signed original of this written statement required by Section&nbsp;906 has been provided to Van Kampen
High Income Trust II and will be retained by Van Kampen High Income Trust II and furnished to the
Securities and Exchange Commission or its staff upon request. This written statement required by
Section&nbsp;906 is being furnished with this Report, but not being filed as part of this Report.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Certification Pursuant to 18 U.S.C. Section&nbsp;1350,<BR>
As Adopted Pursuant to<BR>
Section&nbsp;906 of the Sarbanes-Oxley Act of 2002
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Name of Issuer: Van Kampen High Income Trust II
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the Report on Form N-CSRS (the &#147;Report&#148;) of the above-named issuer for the
period ended June&nbsp;30, 2009 that is accompanied by this certification, the undersigned hereby
certifies that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: August&nbsp;20, 2009
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">      /s/ Stuart N. Schuldt
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Stuart N. Schuldt&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Principal Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A signed original of this written statement required by Section&nbsp;906 has been provided to Van Kampen
High Income Trust II and will be retained by Van Kampen High Income Trust II and furnished to the
Securities and Exchange Commission or its staff upon request. This written statement required by
Section&nbsp;906 is being furnished with this Report, but not being filed as part of this Report.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
