<SEC-DOCUMENT>0001062993-19-000441.txt : 20190201
<SEC-HEADER>0001062993-19-000441.hdr.sgml : 20190201
<ACCEPTANCE-DATETIME>20190201123614
ACCESSION NUMBER:		0001062993-19-000441
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190201
DATE AS OF CHANGE:		20190201
GROUP MEMBERS:		BOAZ R. WEINSTEIN

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco High Income Trust II
		CENTRAL INDEX KEY:			0000846671
		IRS NUMBER:				366900462
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-81436
		FILM NUMBER:		19558723

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309
		BUSINESS PHONE:		212-296-6963

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Van Kampen High Income Trust II
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN HIGH INCOME TRUST II
		DATE OF NAME CHANGE:	19981006

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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saba Capital Management, L.P.
		CENTRAL INDEX KEY:			0001510281
		IRS NUMBER:				800361690
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
		BUSINESS PHONE:		212-542-4635

	MAIL ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>schedule13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
<HTML>
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   <TITLE>Saba Capital Management, L.P.: Schedule 13D/A - Filed by newsfilecorp.com</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>Washington, D.C. 20549
</P>
<P align=center><B><FONT size=5>SCHEDULE 13D/A </FONT></B></P>
<P align=center>Under the Securities Exchange Act of 1934<BR>(Amendment No. 5)*
</P>
<P align=center><U><B><FONT size=5>Invesco High Income Trust
II</FONT></B></U><BR>(Name of Issuer) </P>
<P align=center><U>Common Shares, no par value</U><BR>(Title of Class of
Securities) </P>
<P align=center><U>46131F101 </U><BR>(CUSIP Number) </P>
<P align=center>Saba Capital Management, L.P.&nbsp;<BR>405 Lexington Avenue
<BR>58th Floor <BR>New York, NY 10174 <BR>Attention: Michael D'Angelo<BR>(212)
542-4635<BR>(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications) </P>
<P align=center><U>February 1, 2019 </U><BR>(Date of Event Which Requires Filing
of This Statement) </P>
<P align=justify>If the filing person has previously filed a statement on
Schedule 13G to report the acquisition that is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule
13d-1(g), check the following box. [X] </P>
<P align=center>(Page 1 of 9 Pages) </P>
<P align=justify>______________________________ <BR>* The remainder of this
cover page shall be filled out for a reporting person's initial filing on this
form with respect to the subject class of securities, and for any subsequent
amendment containing information which would alter disclosures provided in a
prior cover page. </P>
<P align=justify>The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities
of that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).</P>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>CUSIP No. 46131F101</B>
    </TD>
    <TD style="BORDER-RIGHT: medium none #000000; " align=center
      width="33%"><B>SCHEDULE 13D/A</B> </TD>
    <TD align=left width="33%" style="border-style: none; border-width: medium">&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>1</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>NAME OF REPORTING
      PERSON <BR>Saba Capital Management, L.P. </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>2</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>CHECK THE APPROPRIATE
      BOX IF A MEMBER OF A GROUP <BR>(a) <B>[ ]</B> <BR>(b) <B>[ ]</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="91%"
     colSpan=3>SEC USE ONLY </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>4</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>SOURCE OF FUNDS <BR>OO
      (see Item 3) </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>5</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>CHECK BOX IF DISCLOSURE
      OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
      <BR><STRONG>[ ]</STRONG> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>6</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>CITIZENSHIP OR PLACE OF
      ORGANIZATION <BR>Delaware </TD></TR>
  <TR vAlign=top>
    <TD align=center colSpan=2 rowSpan=4 ><BR><BR>NUMBER SHARES
      OF <BR>BENEFICIALLY <BR>OWNED BY <BR>EACH <BR>REPORTING <BR>PERSON WITH:
      <BR><BR></TD>
    <TD align=left width="5%" ><B>7</B> <BR></TD>
    <TD align=left width="76%">SOLE VOTING POWER <BR>-0- </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>8</B> <BR></TD>
    <TD align=left width="76%">SHARED VOTING POWER <BR>1,175,456 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>9</B> <BR></TD>
    <TD align=left width="76%">SOLE DISPOSITIVE POWER <BR>-0- </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>10</B> <BR></TD>
    <TD align=left width="76%">SHARED DISPOSITIVE POWER <BR>1,175,456 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>11</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>AGGREGATE AMOUNT
      BENEFICIALLY OWNED BY EACH PERSON <BR>1,175,456 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>12</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="91%"
     colSpan=3>CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
      CERTAIN SHARES <B>[ ]</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>13</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>PERCENT OF CLASS
      REPRESENTED BY AMOUNT IN ROW (11) <BR>14.48% <SUP>1</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>14</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>TYPE OF REPORTING
      PERSON <BR>PN; IA </TD></TR></TABLE></DIV>
<P align=justify><SUP>__________________________________<BR>1</SUP> The
percentages used herein are calculated based upon 8,118,429 shares of common
stock outstanding as of 8/31/2018, as disclosed in the company's Certified
Shareholder Report Form N-CSRS filed 11/8/2018. </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>CUSIP No. 46131F101</B>
    </TD>
    <TD style="BORDER-RIGHT: medium none #000000; " align=center
      width="33%"><B>SCHEDULE 13D/A</B> </TD>
    <TD align=left width="33%" style="border-style: none; border-width: medium">&nbsp;</TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>1</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>NAME OF REPORTING
      PERSON <BR>Boaz R. Weinstein </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>2</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>CHECK THE APPROPRIATE
      BOX IF A MEMBER OF A GROUP <BR>(a) <B>[ ]</B> <BR>(b) <B>[ ]</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="91%"
     colSpan=3>SEC USE ONLY </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>4</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>SOURCE OF FUNDS <BR>OO
      (see Item 3) </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>5</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>CHECK BOX IF DISCLOSURE
      OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)<BR>
      <STRONG>[ ]</STRONG> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>6</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>CITIZENSHIP OR PLACE OF
      ORGANIZATION <BR>United States </TD></TR>
  <TR vAlign=top>
    <TD align=center colSpan=2 rowSpan=4 ><BR><BR>NUMBER OF
      <BR>SHARES <BR>BENEFICIALLY <BR>OWNED BY <BR>EACH <BR>REPORTING <BR>PERSON
      WITH: <BR><BR></TD>
    <TD align=left width="5%" ><B>7</B> <BR></TD>
    <TD align=left width="76%">SOLE VOTING POWER <BR>-0- </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>8</B> </TD>
    <TD align=left width="76%">SHARED VOTING POWER <BR>1,175,456 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>9</B> <BR></TD>
    <TD align=left width="76%">SOLE DISPOSITIVE POWER <BR>-0- </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>10</B> <BR></TD>
    <TD align=left width="76%">SHARED DISPOSITIVE POWER <BR>1,175,456 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>11</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>AGGREGATE AMOUNT
      BENEFICIALLY OWNED BY EACH PERSON <BR>1,175,456 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>12</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="91%"
     colSpan=3>CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
      CERTAIN SHARES <BR><B>[ ]</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>13</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>PERCENT OF CLASS
      REPRESENTED BY AMOUNT IN ROW (11) <BR>14.48%<SUP>1</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>14</B> <BR></TD>
    <TD align=left width="91%"  colSpan=3>TYPE OF REPORTING
      PERSON <BR>IN </TD></TR></TABLE></DIV>
<P align=justify>____________________________ <BR><SUP>1</SUP> The percentages
used herein are calculated based upon 8,118,429 shares of common stock
outstanding as of 8/31/2018, as disclosed in the company's Certified Shareholder
Report Form N-CSRS filed 11/8/2018. </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>CUSIP No. 46131F101</B> </TD>
    <TD style="BORDER-RIGHT: medium none #000000; " align=center
      width="33%"><B>SCHEDULE 13D/A</B> </TD>
    <TD align=left width="33%" style="border-style: none; border-width: medium">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Item 1.</B> </TD>
    <TD align=left width="90%"><B>SECURITY AND ISSUER</B> </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>This Amendment No. 5 amends and
supplements the statement on Schedule 13D filed with the Securities and Exchange
Commission on June 8, 2017, as amended by Amendment No. 1 filed on 10/11/18,
Amendment No. 2 filed 10/22/18, Amendment No. 3 filed on 12/17/18 and Amendment
No. 4 filed 1/15/19. With respect to the common shares of Invesco High Income
Trust II. This Amendment No. 4 amends Item 4 as set forth below. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Item 4.</B> </TD>
    <TD align=left width="90%"><B>PURPOSE OF TRANSACTION</B>
</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Item 4 of the Schedule 13D is hereby
amended and supplemented by the addition of the following: </P>
<P style="MARGIN-LEFT: 10%" align=justify>On January 31, 2019, Saba Capital
submitted to the Issuer a proposal (the &#147;<U>Proposal</U>&#148;) pursuant to Rule
14a-8 promulgated under the Securities Exchange Act of 1934. The Proposal
requests that the Board of Trustees (the &#147;<U>Board</U>&#148;) of the Issuer take all
necessary steps in its power to declassify the Board so that all directors are
elected on an annual basis starting at the next annual meeting of shareholders.
Such declassification shall be completed in a manner that does not affect the
unexpired terms of the previously elected trustees. The foregoing description of
the Proposal is qualified in its entirety by the full text of the Proposal, a
copy of which is attached as <U>Exhibit 1</U> hereto and incorporated by
reference herein. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Reporting Persons may engage, in
discussions with management and the Board of Trustees of the Issuer regarding
the long-term performance of the Issuer and the trading of the Common Shares at
a discount to the Issuer&#146;s net asset value. </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>CUSIP No. 46131F101</B>
    </TD>
    <TD style="BORDER-RIGHT: medium none #000000; " align=center
      width="33%"><B>SCHEDULE 13D/A</B> </TD>
    <TD align=left width="33%" style="border-style: none; border-width: medium">&nbsp;</TD></TR></TABLE>
<P align=center><B>SIGNATURES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable inquiry and to
the best of his or its knowledge and belief, each of the undersigned certifies
that the information set forth in this statement is true, complete and correct.
</P>
<P align=justify>Date: February 1, 2019 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">SABA CAPITAL MANAGEMENT, L.P. </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name: Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Title: Chief Compliance Officer </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">BOAZ R. WEINSTEIN </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name: Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Title: Attorney-in-fact* </TD></TR></TABLE>
<P align=justify>* Pursuant to a power of attorney dated as of November 16,
2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G
filed by the Reporting Persons on December 28, 2015, accession number:
0001062993-15-006823 </P>
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<TABLE
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  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>CUSIP No. 46131F101</B>
    </TD>
    <TD style="BORDER-RIGHT: medium none #000000; " align=center
      width="33%"><B>SCHEDULE 13D/A</B> </TD>
    <TD align=left width="33%" style="border-style: none; border-width: medium">&nbsp;</TD></TR></TABLE>
<P align=justify><U>Schedule A</U> </P>
<P align=justify>This Schedule sets forth information with respect to each
purchase and sale of Shares which were effectuated by a Reporting Person since
the Schedule 13D/A filing on 1/15/2019. All transactions were effectuated in the
open market through a broker.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Date</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%"><B>Side</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%"><B>Shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%"><B>Price</B> </TD></TR></TABLE></DIV><BR>
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<TABLE
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  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>CUSIP No. 46131F101</B>
    </TD>
    <TD style="BORDER-RIGHT: medium none #000000; " align=center
      width="33%"><B>SCHEDULE 13D/A</B> </TD>
    <TD align=left width="33%" style="border-style: none; border-width: medium">&nbsp;</TD></TR></TABLE>
<P align=center><B><U>Exhibit 1</U></B></P>
<P align=center><B>&nbsp;</B><B><U>Proposal</U></B><B> </B></P>
<P align=center>
<IMG src="schedule13dax7x1.jpg" border=0 width="307" height="120"> </P>
<P align=justify>January 31, 2019 </P>
<P align=justify><B><U>VIA EMAIL</U></B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Mr. Jeffrey H. Kupor </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Legal Officer and Secretary </TD></TR>
  <TR vAlign=top>
    <TD align=left>Invesco High Income Trust II </TD></TR>
  <TR vAlign=top>
    <TD align=left>11 Greenway Plaza, Suite 1000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Houston, Texas 77046 </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>Re:</B> </TD>
    <TD align=left width="90%"><B><U>Invesco High Income Trust II (the
      &#147;Trust&#148;)</U></B> </TD></TR></TABLE>
<P align=justify>Dear Mr. Kupor: </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saba Capital Management, L.P.
(&#147;<U>Saba</U>&#148;), as investment advisor to and on behalf of Saba Capital Master
Fund, Ltd. (the &#147;<U>Fund</U>&#148; and together with Saba, the &#147;<U>Saba Group</U>&#148;),
the owner of 1,175,456 shares of Trust, hereby submits the following proposal on
behalf of the Fund pursuant to Rule 14a-8 promulgated under the Securities
Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), for presentation
to the Trust&#146;s shareholders at the Trust&#146;s next annual shareholder&#146;s meeting to
be held in 2019, or any postponement or adjournment or special meeting held in
lieu thereof (the &#147;<U>Meeting</U>&#148;).</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saba&#146;s proposal (the
&#147;<U>Proposal</U>&#148;) pursuant to Rule 14a-8 under the Securities Exchange Act of
1934 (the &#147;<U>Exchange Act</U>&#148;) is as follows: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD align=left><U>PROPOSAL</U> </TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#147;RESOLVED, that the shareholders of Invesco High Income
      Trust II (the &#147;<U>Trust</U>&#148;) request that the Board of Trustees of the
      Trust (the &#147;<U>Board</U>&#148;) take all necessary steps in its power to
      declassify the Board so that trustees are elected on an annual basis
      starting at the next annual meeting of shareholders. Such declassification
      shall be completed in a manner that does not affect the unexpired terms of
      the previously elected trustees.&#148; </P></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>CUSIP No. 46131F101 </B></TD>
    <TD style="BORDER-RIGHT: medium none #000000; " align=center
      width="33%"><B>SCHEDULE 13D/A </B></TD>
    <TD align=left width="33%" style="border-style: none; border-width: medium">&nbsp;</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <U>SUPPORTING STATEMENT </U></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <U>Corporate Governance</U></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe the annual election of
all trustees encourages board accountability to its shareholders and when
trustees are held accountable for their actions, they perform better. This view
is shared by most shareholders and institutional investors, who believe it to be
the standard for corporate governance best practices. The vast majority of
companies in the S&amp;P 500 and Russell 1000 indexes elect all board members
annually. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently, the Board is divided
into three classes serving staggered three-year terms. It is our belief that the
classification of the Board is strong proof that the Board is not acting in the
best interests of shareholders. A classified board protects the incumbents,
which in turn limits accountability to shareholders.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We are committed to improving
the corporate governance of the Trust for the benefit of all shareholders.
Declassification of the Board is a positive step which will allow more
productive shareholder engagement and will help the Trust achieve its optimal
valuation. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saba Capital has submitted a
shareholder proposal to declassify the Board of the Trust, in an attempt to
allow the Board to operate freely and in the best interest of shareholders.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a greater voice in the
Trust&#146;s corporate governance and to increase the accountability of the Board to
shareholders, we urge you to vote <B>FOR </B>this proposal. </P>
<P align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp; END OF PROPOSAL </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As is required by Rule 14a-8
under the Exchange Act, attached is letter from National Financial Services
verifying that the Fund continuously and beneficially owned shares having a
market value of $2,000 or more for at least one year prior to the date of the
submission of the above Proposal. As of the date hereof, the Fund has
continuously held the required number of shares for over a one-year period. The
Fund intends to continue to hold the shares referenced through the date of the
Meeting. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saba represents that, as
investment advisor to the Fund, Saba holds beneficial interest in all shares
held by the Fund, including full economic interest in such shares along with the
power to invest, vote, or direct the vote of such shares and has full power and
authority to submit the Proposal on the Fund's behalf. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please notify us as soon as
possible if you would like any further information or if you believe this notice
is deficient in any way or if additional information is required so that Saba
may promptly provide it to you in order to cure any deficiency.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>CUSIP No. 46131F101</B>
    </TD>
    <TD style="BORDER-RIGHT: medium none #000000; " align=center
      width="33%"><B>SCHEDULE 13D/A</B> </TD>
    <TD align=left width="33%" style="border-style: none; border-width: medium">&nbsp;</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Thank you for your time and
consideration.</P>
<P align=justify>Sincerely, </P>
<P align=justify>Michael D&#146;Angelo<BR> General Counsel </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Cc: </TD>
    <TD align=left width="95%">The Board of Trustees of the Trust </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Eleazer Klein, Schulte Roth &amp; Zabel LLP
  </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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