N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-05769

Invesco High Income Trust II

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

Glenn Brightman 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Name and address of agent for service)

Registrant’s telephone number, including area code:

(713)

626-1919

Date of fiscal year end:

February 28

Date of reporting period:

August 31, 2025

Item 1. Reports to Stockholders.

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule

30e-1

under the Investment Company Act of 1940, as amended (the “Act”) is as follows:



Semi-Annual Report to Shareholders		August 31, 2025

Invesco High Income Trust II

NYSE:

VLT



2		Trust Performance

2		Share Repurchase Program Notice

3		Dividend Reinvestment Plan

4		Schedule of Investments

13		Financial Statements

17		Financial Highlights

18		Notes to Financial Statements

25		Approval of Investment Advisory and Sub-Advisory Contracts

27		Proxy Results

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Trust Performance



Performance summary
Cumulative total returns, 2/28/25 to 8/31/25

Trust at NAV	3.45	%
Trust at Market Value	6.43
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index q (Style-Specific Index)	4.22
Market Price Discount to NAV as of 8/31/25	-0.71

Source(s): q RIMES Technologies Corp.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price. Since the Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors. The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index is an unmanaged index considered representative of the US high-yield, fixed-rate corporate bond market. Index weights for each issuer are capped at 2%. The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Important Notice Regarding Share Repurchase Program

In September 2025, the Board of Trustees of the Trust approved a share repurchase program that allows the Trust to repurchase up to 25% of the

20-day

average trading volume

of the Trust’s common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will repurchase

shares pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.


2		Invesco High Income Trust II

Dividend Reinvestment Plan

The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco

closed-end

Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.

Plan benefits

∎

Add to your account:

You may increase your shares in your Trust easily and automatically with the Plan.

∎

Low transaction costs:

Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.

∎

Convenience:

You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at

invesco.com/closed-end.

∎

Safekeeping:

The Agent will hold the shares it has acquired for you in safekeeping.

Who can participate in the Plan

If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in “street name” – in the name of your brokerage firm, bank, or other financial institution – you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.

How to enroll

If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting

invesco.com/closed-end,

by calling toll-free 800 341 2929 or by notifying us in writing at Invesco

Closed-End

Funds, Computer-share Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. If you are writing to us, please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.

How the Plan works

If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Trust is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:

Premium: If the Trust is trading at a premium – a market price that is higher than its NAV – you’ll pay either the NAV or 95 percent of

the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.

Discount: If the Trust is trading at a discount – a market price that is lower than its NAV – you’ll pay the market price for your reinvested shares.

Costs of the Plan

There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Trust. If the Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if the Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.

Tax implications

The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.

Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.

How to withdraw from the Plan

You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/

closed-end

or by writing to Invesco

Closed-End

Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:

If you opt to continue to hold your

non-certificated

whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay.

If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting $2.50 per account and a brokerage charge.

You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.

The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.

To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit

invesco.com/closed-end.


3		Invesco High Income Trust II

Schedule of Investments

(a)

August 31, 2025

(Unaudited)


	Principal
	Amount		Value


U.S. Dollar Denominated Bonds & Notes–121.79% (b)
Advertising–0.71%
Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/2029 (c)	$	114,000	$	106,078


7.13%, 02/15/2031 (c)		245,000		249,086


7.50%, 03/15/2033 (c)		163,000		166,019


				521,183



Aerospace & Defense–1.46%
TransDigm, Inc.,
6.75%, 08/15/2028 (c)		514,000		529,054


6.00%, 01/15/2033 (c)		529,000		535,317


				1,064,371



Alternative Carriers–1.17%
Lumen Technologies, Inc.,
4.50%, 01/15/2029 (c)		31,000		28,245


5.38%, 06/15/2029 (c)		18,000		16,235


10.00%, 10/15/2032 (c)		60,000		60,849


Series P, 7.60%, 09/15/2039		32,000		28,217


Series U, 7.65%, 03/15/2042		26,000		22,155


Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (c)		497,000		517,401


Zayo Group Holdings, Inc., 4.00%, 03/01/2027 (c)		120,000		116,177


6.13%, 03/01/2028 (c)		70,000		65,086


				854,365



Apparel Retail–0.16%
Saks Global Enterprises LLC, 11.00%, 12/15/2029 (c)		295,020		119,454



Application Software–1.02%
Cloud Software Group, Inc., 9.00%, 09/30/2029 (c)		222,000		231,659


SS&C Technologies, Inc., 5.50%, 09/30/2027 (c)		435,000		435,442


6.50%, 06/01/2032 (c)		72,000		74,768


				741,869



Automobile Manufacturers–1.46%
Allison Transmission, Inc.,
4.75%, 10/01/2027 (c)		527,000		522,827


3.75%, 01/30/2031 (c)		584,000		539,358


				1,062,185



Automotive Parts & Equipment–3.48%
Clarios Global L.P./Clarios US Finance
Co., 6.75%, 02/15/2030 (c)		41,000		42,511


Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (c)		506,000		536,835


Forvia SE (France), 8.00%, 06/15/2030 (c)		592,000		625,022


NESCO Holdings II, Inc., 5.50%, 04/15/2029 (c)		543,000		530,119


	Principal
	Amount		Value


Automotive Parts & Equipment–(continued)
PHINIA, Inc.,
6.75%, 04/15/2029 (c)	$	503,000	$	519,852


6.63%, 10/15/2032 (c)		277,000		284,711


				2,539,050



Automotive Retail–3.74%
Carvana Co., 0.00% PIK Rate, 9.00% Cash Rate, 06/01/2031 (c)(d)		524,788		595,856


Group 1 Automotive, Inc., 6.38%, 01/15/2030 (c)		518,000		531,723


LCM Investments Holdings II LLC,
4.88%, 05/01/2029 (c)		274,000		269,244


8.25%, 08/01/2031 (c)		498,000		528,357


Lithia Motors, Inc.,
4.63%, 12/15/2027 (c)		262,000		259,787


4.38%, 01/15/2031 (c)		572,000		544,007


				2,728,974



Broadcasting–1.37%
AMC Networks, Inc., 4.25%, 02/15/2029		65,000		53,568


Gray Media, Inc.,
5.38%, 11/15/2031 (c)		100,000		73,802


9.63%, 07/15/2032 (c)		183,000		184,078


iHeartCommunications, Inc.,
4.75%, 01/15/2028 (c)		25,000		21,516


9.13%, 05/01/2029 (c)		75,000		64,540


10.88%, 05/01/2030 (c)		50,000		29,629


Scripps Escrow II, Inc.,
3.88%, 01/15/2029 (c)		35,000		31,030


5.38%, 01/15/2031 (c)		30,000		21,311


Univision Communications, Inc.,
8.00%, 08/15/2028 (c)		281,000		291,874


9.38%, 08/01/2032 (c)		215,000		226,549


				997,897



Broadline Retail–0.74%
Macy’s Retail Holdings LLC, 6.70%, 07/15/2034 (c)		621,000		542,636



Building Products–0.86%
Cornerstone Building Brands, Inc., 9.50%, 08/15/2029 (c)		57,000		54,912


New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028 (c)		521,000		515,437


Park River Holdings, Inc., 6.75%, 08/01/2029 (c)		62,000		58,697


				629,046



Cable & Satellite–9.08%
Altice Financing S.A. (Altice-Int’l)
(Luxembourg), 5.75%, 08/15/2029 (c)		200,000		158,730

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


4		Invesco High Income Trust II


	Principal
	Amount		Value


Cable & Satellite–(continued)
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.38%, 06/01/2029 (c)	$	550,000	$	546,072


4.75%, 02/01/2032 (c)		629,000		583,871


4.50%, 05/01/2032		615,000		562,775


4.50%, 06/01/2033 (c)		719,000		641,894


4.25%, 01/15/2034 (c)		266,000		231,164


CSC Holdings LLC,
11.75%, 01/31/2029 (c)		200,000		183,573


6.50%, 02/01/2029 (c)		200,000		157,814


5.75%, 01/15/2030 (c)		257,000		121,002


4.13%, 12/01/2030 (c)		200,000		131,196


4.63%, 12/01/2030 (c)		216,000		94,794


4.50%, 11/15/2031 (c)		200,000		129,893


Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.00%, 02/15/2031 (c)		268,000		266,591


DISH DBS Corp.,
5.25%, 12/01/2026 (c)		167,000		162,134


7.38%, 07/01/2028		225,000		203,829


5.75%, 12/01/2028 (c)		179,000		168,604


5.13%, 06/01/2029		161,000		133,051


DISH Network Corp., 11.75%, 11/15/2027 (c)		260,000		275,052


EchoStar Corp.,
10.75%, 11/30/2029		258,000		277,909


6.75% PIK Rate, 0.00% Cash Rate, 11/30/2030 (d)		925,902		914,476


Sinclair Television Group, Inc.,
5.50%, 03/01/2030 (c)		37,000		30,618


8.13%, 02/15/2033 (c)		102,000		104,588


Virgin Media Secured Finance PLC (United Kingdom), 4.50%, 08/15/2030 (c)		575,000		540,165


				6,619,795



Casinos & Gaming–1.48%
Studio City Finance Ltd. (Macau), 5.00%, 01/15/2029 (c)		597,000		566,249


Voyager Parent LLC, 9.25%, 07/01/2032 (c)		486,000		513,215


				1,079,464



Commercial & Residential Mortgage Finance–2.55%
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032 (c)		502,000		523,651


PennyMac Financial Services, Inc., 4.25%, 02/15/2029 (c)		278,000		268,336


Rocket Cos., Inc., 6.13%, 08/01/2030 (c)		521,000		536,435


Walker & Dunlop, Inc., 6.63%, 04/01/2033 (c)		508,000		528,904

SEC Form N-CSRS filed by Invesco High Income Trust II