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)

Sheri Morris 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:	02/29
Date of reporting period:	02/29/20

Item 1. Report to Stockholders.

Annual Report to Shareholders February 29, 2020

Invesco High Income Trust II

NYSE: VLT

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Trust's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Trust or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Trust's web- site, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Trust electronically by contacting your financial intermediary (such as a broker-dealer or bank).

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Trust, you can call 800 341 2929 to let the Trust know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Trust.

2Managed Distribution Plan Disclosure

29Report of Independent Registered Public Accounting Firm

30Distribution Information

T-1 Trustees and Officers

Managed Distribution Plan Disclosure

The Board of Trustees (the "Board") of Invesco High Income Trust II (the "Trust") approved a Managed Distribution Plan (the "Plan") whereby the Trust increased its monthly dividend to common shareholders to a stated fixed monthly distribution amount based on a distribution rate of 8.5 percent of the closing market price per share as of August 1, 2018, the effective date of the Plan.

The Plan is intended to provide sharehold- ers with a consistent, but not guaranteed, periodic cash payment from the Trust, regardless of when or whether income is earned or capital gains are realized. If suffi- cient investment income is not available for a monthly distribution, the Trust will distribute long-term capital gains and/or return of capi- tal in order to maintain its managed distribu- tion level under the Plan. A return of capital

may occur, for example, when some or all of the money that shareholders invested in the Trust is paid back to them. A return of capital distribution does not necessarily reflect the Trust's investment performance and should not be confused with "yield" or "income." No conclusions should be drawn about the Trust's investment performance from the amount of the Trust's distributions or from the terms of the Plan. The Plan will be subject to periodic review by the Board, and the Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Trust's shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Trust's common shares.

The Trust will provide its shareholders of record on each distribution record date with a

Section 19 Notice disclosing the sources of its dividend payment when a distribution includes anything other than net investment income.

The amounts and sources of distributions reported in Section 19 Notices are only esti- mates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting pur- poses will depend upon the Trust's investment experience during its full fiscal year and may be subject to changes based on tax regula- tions. The Trust will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. Please refer to "Distributions" under Note 1 of the Notes to Financial Statements for information regard- ing the tax character of the Trust's distribu- tions.

2Invesco High Income Trust II

Andrew Schlossberg

Letters to Shareholders

Dear Shareholders:

This annual report includes information about your Trust, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Trust was managed and the factors that affected its performance during the reporting period.

The reporting period proved to be another tumultuous time for both global equities and fixed-income secu- rities. In early 2019, global equity markets were buoyed by a more accommodative stance from central banks and optimism about a potential US-China trade deal. In May, US-China trade concerns and slowing global growth led to a global equity sell-off and rally in US Treasuries. Despite the May sell-off, domestic equity mar- kets rallied in June in anticipation of a US Federal Reserve (the Fed) interest rate cut and closed the second quarter with modest gains. Continued US-China trade worries and signs of slowing global economic growth led to increased market volatility in August. The US Treasury yield curve inverted several times as fears of a US recession increased. As a result, global equity markets were largely flat for the third quarter. In the final

months of 2019, geopolitical and macroeconomic issues largely abated. This combined with better-than-expected third quarter corporate earnings and initial agreement of the phase one US-China trade deal provided a favorable backdrop for equities and impressive fourth quar- ter global equity returns.

As the new year began, US equities were largely buoyed in January by the signing of the phase one trade agreement and strong eco- nomic data although returns were dampened by the spread of the Coronavirus (COVID-19). Concerns over the virus had a greater impact on international equities, which were largely lower for the month. As the virus spread outside of China and the number of cases increased, fears of diminished global growth led to a sharp global equity sell-off at the end of February 2020 and sent the yield on the US 10-year Treasury to a new all-time low.

Throughout 2019, central banks continued to be accommodative, providing sources of liquidity. In July, the Fed lowered interest rates for the first time in 11 years. It again lowered rates in September and once again in October. During the rest of the year, the Fed left rates unchanged. Overseas, the European Central Bank left its policy rate unchanged and continued its bond purchasing program. In 2020, with the increased spread of the coronavirus, the Fed shifted from a more neutral policy to the possibility of further rate cuts in the new year. As 2020 unfolds, we'll see how the interplay of interest rates, economic data, geopolitics and a host of other factors affect US and overseas equity and fixed income markets.

Investor uncertainty and market volatility, such as we witnessed during the reporting period, are unfortunate facts of life when it comes to investing. That's why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan. A financial adviser who knows your unique finan- cial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. Financial advis- ers can also offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you'll find detailed infor- mation about your Trust's performance and portfolio holdings. In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I'm pleased to share with you Invesco's commitment to both the Principles for Responsible Investment and to considering environ- mental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 341 2929.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

3Invesco High Income Trust II

	Dear Fellow Shareholders:
	Among the many important lessons I've learned in more than 40 years in a variety of business endeavors is
	the value of a trusted advocate.
	As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are
	strong advocates for the interests of investors in Invesco's mutual funds. We work hard to represent your
	interests through oversight of the quality of the investment management services your funds receive and
	other matters important to your investment, including but not limited to:
	￿ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing
	economic and market conditions.
Bruce Crockett	￿ Assessing each portfolio management team's investment performance within the context of the fund's
	investment strategy.
	￿ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds

receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub- advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds. As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we

look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

4Invesco High Income Trust II

Management's Discussion of Trust Performance

Performance summary

For the fiscal year ended February 29, 2020, Invesco High Income Trust II (the Trust), at net asset value (NAV), underperformed its benchmark, the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index. The Trust's return can be calculated based on either the market price or the NAV of its shares. NAV per share is determined by dividing the value of the Trust's portfolio securities, cash and other assets, less all liabilities, by the total number of common shares out- standing. Market price reflects the supply and demand for Trust shares. As a re- sult, the two returns can differ, as they did during the fiscal year.

Performance

Total returns, 2/28/19 to 2/29/20

Trust at NAV	4.65%
Trust at Market Value	2.81
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index￿
(Style-Specific Index)	6.10
Market Price Discount to NAV as of 2/29/20	—9.38
Source(s): ￿ RIMES Technologies Corp.

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return, NAV and common 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 expect- ing 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 primar- ily for risk-tolerant long-term investors.

bonds, preferred stocks, derivatives and bank loans, but as of the end of the fiscal year, we do not expect these instruments to be a sub- stantial part of our portfolio.

The primary driver of our security selection is fundamental, bottom-up credit analysis conducted by a team of analysts who special- ize by industry. This approach is augmented by an ongoing review of the relative value of securities and a top-down process that in- cludes sector, economic and quantitative analysis.

Portfolio construction begins with a well- defined portfolio design that emphasizes di- versification and establishes the target invest- ment vehicles for generating the desired alpha for the Trust versus its benchmark, as well as the risk parameters appropriate for the current positioning in the credit cycle. (Alpha is a measure of performance on a risk- adjusted basis.) Investments are evaluated for liquidity and risk versus relative value. Work- ing closely with other investment specialists and traders, we determine the timing and amount of each alpha decision to use in the portfolio at any time, taking into account se- curity selection skill and market opportunities.

Sell decisions are generally based on:

￿ Low equity value to debt, high subordina-

tion and negative free cash flow, coupled

with negative news, declining expectations

or an increasing risk profile.

￿ Very low yields.

￿ Presentation of a better relative value

How we invest

The Trust seeks to provide high current in- come, while seeking to preserve shareholders' capital through investment in a professionally managed, diversified portfolio of high-income producing fixed income securities. We invest primarily in debt securities that are deter-

Portfolio Composition*

By credit quality	% of total investments
BBB	6.5%
BB	37.0
B	38.2
CCC	10.0
CC	0.4
D	0.4
Non-Rated	7.5

mined to be below investment grade quality. These bonds, commonly known as "junk bonds," are typically corporate bonds of US- based companies, many of which are moder- ately sized firms. We principally invest in junk bonds, although we tend to have a lower weighting in the lowest quality bonds in the asset class. We may invest in convertible

Top Five Debt Issuers

	% of total net assets
1. Sprint Corp.	2.92%
2. HCA, Inc.	2.41
3. T-Mobile USA, Inc.	2.21
4. CCO Holdings LLC/CCO
Holdings Capital Corp.	1.99
5. Navient Corp.	1.81

opportunity.

Market conditions and your Trust

For the fiscal year, US high yield bond returns were positive. The fiscal year began with heightened volatility as investors feared that the US Federal Reserve (the Fed) had gone

The Trust's holdings are subject to change, and there is no assurance that the Trust will continue to hold any particular security.

Data presented here are as of February 29, 2020.

*Source: Standard & Poor's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non- Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage.

5Invesco High Income Trust II

too far tightening its monetary policy and that the effects would lead to a synchronized global economic growth slowdown. That un- certainty was quickly alleviated when the Fed changed its course and all but promised no rate hikes in 2019. The renewed risk appetite was further inspired by dovish central banks globally.

This trend continued throughout the fiscal year until February 2020, when investors began to fear that the spread of the Corona- virus (COVID-19) virus would lead to a global economic slowdown. Despite the uptick in volatility late in the fiscal year, defaults con- tinued to stay below the long-term average of about 2.91%.1 In particular, the par-weighted high yield default rate ended the fiscal year at 2.30%.1

The Fed cut interest rates three times dur- ing the fiscal year to a range of 1.50% to 1.75%.2 The European Central Bank also cut rates at the end of 2019 to -0.50%.3 This, coupled with easier fiscal and monetary policy in China and the continued economic woes plaguing the European Union, led to easier financial conditions globally, which, in turn, drove interest rates lower across maturities.

Against this backdrop, the high yield mar- ket produced positive monthly returns in 10 of the 12 months of the fiscal year. By qual- ity, BB-rated† bonds performed strongly dur- ing the fiscal year. By sector, housing and automotive had the strongest returns, while the energy sector had the weakest perfor- mance for the fiscal year.

The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index, which mea- sures the performance of the US high yield bond market and is the Trust's style-specific index, generated a positive return for the fis- cal year. Likewise, the Trust, at NAV, gener- ated a positive return for the fiscal year.

During the fiscal year, the Trust benefited from its positioning in the cable and satellite, aerospace and defense and transportation services sectors. While the Trust had an un- derweight allocation to the pharmaceuticals sector relative to its style-specific benchmark, security selection was a significant contribu- tor to the Trust's relative performance during the fiscal year.

The Trust's overweight allocation to the environmental sub-industry was also benefi- cial to the Fund's performance relative to its style-specific benchmark during the fiscal year, along with security selection in the building materials and home construction sec- tors.

The largest detractors from the Trust's per- formance relative to the style-specific bench- mark during the fiscal year were positions in independent energy, technology and mid- stream industries. In those industries, security selection was a drag on the Trust's relative performance. Moreover, an underweight allo- cation to the property and casualty sector, was a minor drag on relative performance, along with security selection in the media and entertainment sectors. An underweight allo- cation to BB-rated bonds was also a detractor from the Trust's relative performance during

the fiscal year; however, an allocation to BBB- rated bonds partially offset that underperfor- mance.

At the close of the fiscal year, despite the uptick in volatility experienced during this time, we believed solid company fundamen- tals and low defaults could provide a solid foundation for 2020. We note that recent macroeconomic events, namely the coronavi- rus, have caused a material widening in credit spreads. It is unclear when these issues will be resolved, but it is our view that they will have negative effects on second-quarter gross do- mestic product. That said, we also firmly be- lieve that central banks will provide liquidity in an effort to avoid stressed financial conditions in a macroeconomic environment where com- pany level revenues may suffer a short-term negative impact. In terms of new issue sup- ply, many companies have already accessed the market to refinance, thereby pushing out maturities. We believe there may be an in- crease in default activity in challenged sectors like energy, but we also recognize that many companies have attractive hedges in place through year-end 2020, thereby providing good visibility into near-term revenues. We expect continued challenges in the wireline and retail industries as fundamental chal- lenges threaten many companies in each sec- tor. Given uncertainties surrounding company level revenues, we are likely to see companies focus on preserving the strength of their bal- ance sheets, as opposed to deliberately add- ing new debt. While we remain cautious, it is our opinion that the recent credit spread wid- ening will create investment opportunities that we have not seen during the last few months of the fiscal year.

One important factor affecting the Trust's performance relative to its style-specific benchmark was the Trust's use of financial leverage through bank borrowings. For the fiscal year, the use of leverage contributed to Trust performance. At the close of the fiscal year, leverage accounted for about 30% of the Trust's total assets. The Trust uses lever- age because we believe that, over time, lever- aging can provide opportunities for additional income and total return for shareholders. However, use of leverage also can expose shareholders to additional volatility. For ex- ample, as the prices of securities held by a trust decline, the negative impact of these valuation changes on share NAV and total return is magnified by the use of leverage. Conversely, leverage may enhance returns during periods when the prices of securities held by a trust generally are rising. For more information about the Trust's use of leverage, see the Notes to Financial Statements later in this report.

We used forward foreign currency con- tracts during the fiscal year for the purpose of hedging currency exposure of non-US dollar-denominated debt. The use of such contracts had a negligible impact on the Trust's performance relative to its style- specific benchmark for the fiscal year. For- ward foreign currency contracts expose the

Trust to counterparty risk and do not always provide the hedging benefits anticipated.

We wish to remind you that the Trust is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and de- mand for similar securities. We are monitor- ing interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Trust's investments or the market price of the Trust's shares.

Thank you for investing in Invesco High Income Trust II and for sharing our long-term investment horizon.

1 Source: JP Morgan

2 Source: US Federal Reserve

3 Source: European Central Bank

†A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on rating methodology, please visit www.standardandpoors.com and select "Under-standing Ratings" under Rating Resources on the homepage; www.fitchratings.com and select "Understanding Credit Ratings" from the drop-down menu on the homepage; and www.moodys.com and select "Methodology," then "Rating Methodologies" under Research Type on the left-hand side.

Portfolio Managers:

Andrew Geryol

Joseph Portera

Scott Roberts

The views and opinions expressed in management's discussion of Trust performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Trust. Statements of fact are from sources considered

6Invesco High Income Trust II

reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Trust and, if applicable, index disclosures later in this report.

7Invesco High Income Trust II

Invesco High Income Trust II's investment objective is to provide to its common shareholders high current income, while seeking to preserve shareholders' capital, through investment in a professionally managed, diversified portfolio of high-income producing fixed-income securities.

￿Unless otherwise stated, information presented in this report is as of February 29, 2020, and is based on total net assets.

￿Unless otherwise noted, all data provided by Invesco.

￿To access your Trust's reports, visit invesco.com/fundreports.

About indexes used in this report

￿The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index is an un- managed index considered representative of the US high yield, fixed rate corporate bond market. Index weights for each is- suer are capped at 2%.

￿The Trust is not managed to track the per- formance of any particular index, including the index(es) described here, and conse- quently, the performance of the Trust may deviate significantly from the perfor- mance 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. Perfor- mance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8Invesco 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 state- ment 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 ac- cess 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 pur- chase 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 fi- nancial 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 partici- pate. 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 505000, Louisville, KY 40233-5000. 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 authoriza- tion arrives after such record date, your participa- tion in the Plan will begin with the following Distri- bution.

How the Plan works

If you choose to participate in the Plan, your Dis- tributions will be promptly reinvested for you, au- tomatically 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:

1.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 inves- tor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduc- tion may be taxable because you are receiv- ing shares at less than market price.

2.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 rein- vested 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 transac- tions because shares are purchased for all partici- pants 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 commis- sions 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 infor- mation contained herein is general and is not ex- haustive 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 chang- ing. Shareholders should always consult a legal or tax adviser for information concerning their indi- vidual 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 505000, Louisville, KY 40233-5000. 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 sharehold- ers listed on the account sign these written in- structions. If you withdraw, you have three op- tions with regard to the shares held in the Plan:

1.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.

2.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 a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.

3.You may sell your shares through your finan- cial 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, Partici- pants 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 appropri- ate to comply with applicable law or the rules and policies of the Securities and Exchange Commis- sion or any other regulatory authority, such writ- ten notice will not be required.

To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Cli- ent Services department at 800 341 2929 or visit invesco.com/closed-end.

9Invesco High Income Trust II

Schedule of Investments(a)

February 29, 2020

Principal

AmountValue

U.S. Dollar Denominated Bonds & Notes–133.71%(b)

Aerospace & Defense–4.72%
Bombardier, Inc. (Canada),
8.75%, 12/01/2021(c)	$ 281,000	$	298,076
5.75%, 03/15/2022(c)	123,000		125,679
7.50%, 03/15/2025(c)	613,000		606,870
7.88%, 04/15/2027(c)	379,000		377,114
Moog, Inc., 4.25%, 12/15/2027(c)	268,000		273,360
Spirit AeroSystems, Inc., 4.60%,
06/15/2028	144,000		143,091
TransDigm UK Holdings PLC, 6.88%,
05/15/2026	801,000		843,331
TransDigm, Inc.,
6.50%, 05/15/2025	336,000		347,520
6.25%, 03/15/2026(c)	756,000		801,833
Triumph Group, Inc., 7.75%,
08/15/2025	768,000		762,559
			4,579,433
Agricultural & Farm Machinery–1.00%
Titan International, Inc., 6.50%,
11/30/2023	1,285,000		967,496
Alternative Carriers–1.74%
CenturyLink, Inc.,
Series S, 6.45%, 06/15/2021	287,000		298,408
Series Y, 7.50%, 04/01/2024	580,000		651,291
Level 3 Financing, Inc., 5.25%,
03/15/2026	716,000		740,595
			1,690,294
Aluminum–0.30%
Novelis Corp., 4.75%, 01/30/2030(c)	295,000		290,479
Apparel Retail–1.51%
L Brands, Inc.,
6.88%, 11/01/2035	776,000		789,018
6.75%, 07/01/2036	104,000		105,570
Michaels Stores, Inc., 8.00%,
07/15/2027(c)	684,000		571,448
			1,466,036
Application Software–0.04%
Castle US Holding Corp., 9.50%,
02/15/2028(c)	42,000		42,131
Auto Parts & Equipment–1.59%
Adient Global Holdings Ltd., 4.88%,
08/15/2026(c)	400,000		346,010
Dana, Inc.,
5.50%, 12/15/2024	229,000		232,045
5.38%, 11/15/2027	357,000		361,463
Panther BF Aggregator 2 L.P./Panther
Finance Co., Inc., 8.50%,
05/15/2027(c)	324,000		330,269
Tenneco, Inc., 5.00%, 07/15/2026	313,000		269,970
			1,539,757

	Principal
	Amount		Value
Automobile Manufacturers–2.18%
Ford Motor Credit Co. LLC,
5.60%, 01/07/2022	$ 598,000	$	631,135
5.11%, 05/03/2029	395,000		398,061
J.B. Poindexter & Co., Inc., 7.13%,
04/15/2026(c)	1,026,000		1,085,921
Motors Liquidation Co., 0.00%,
07/15/2033(d)(e)	1,640,000		0
			2,115,117
Automotive Retail–2.52%
Asbury Automotive Group, Inc., 4.75%,
03/01/2030(c)	139,000		141,780
Capitol Investment Merger Sub 2 LLC,
10.00%, 08/01/2024(c)	788,000		792,267
Lithia Motors, Inc.,
5.25%, 08/01/2025(c)	230,000		240,445
4.63%, 12/15/2027(c)	191,000		196,000
Murphy Oil USA, Inc.,
5.63%, 05/01/2027	213,000		225,706
4.75%, 09/15/2029	250,000		262,663
Penske Automotive Group, Inc., 5.50%,
05/15/2026	568,000		590,351
			2,449,212
Brewers–0.44%
Molson Coors Beverage Co., 5.00%,
05/01/2042	373,000		422,711
Broadcasting–3.71%
AMC Networks, Inc.,
5.00%, 04/01/2024	741,000		746,558
4.75%, 08/01/2025	121,000		120,853
Clear Channel Worldwide Holdings, Inc.,
9.25%, 02/15/2024(c)	1,101,000		1,172,108
Gray Television, Inc., 7.00%,
05/15/2027(c)	305,000		331,413
iHeartCommunications, Inc., 8.38%,
05/01/2027	919,000		999,688
TV Azteca S.A.B. de C.V. (Mexico),
8.25%, 08/09/2024(c)	250,000		226,771
			3,597,391
Building Products–0.43%
Advanced Drainage Systems, Inc.,
5.00%, 09/30/2027(c)	86,000		89,147
Builders FirstSource, Inc., 5.00%,
03/01/2030(c)	118,000		118,278
Standard Industries, Inc., 6.00%,
10/15/2025(c)	200,000		209,498
			416,923
Cable & Satellite–9.00%
Altice Financing S.A. (Luxembourg),
7.50%, 05/15/2026(c)	450,000		474,480
CCO Holdings LLC/CCO Holdings Capital
Corp.,
5.75%, 02/15/2026(c)	1,855,000		1,932,075
4.50%, 08/15/2030(c)	56,000		56,735

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

10 Invesco High Income Trust II

Principal		Principal
Amount	Value	Amount	Value

Cable & Satellite–(continued)
Charter Communications Operating LLC/
Charter Communications Operating
Capital Corp., 5.38%, 04/01/2038	$ 373,000	$	428,999
CSC Holdings LLC,
7.75%, 07/15/2025(c)	750,000		791,243
10.88%, 10/15/2025(c)	419,000		460,512
6.50%, 02/01/2029(c)	687,000		757,847
5.75%, 01/15/2030(c)	225,000		238,219
DISH DBS Corp., 5.88%, 11/15/2024	1,419,000		1,458,469
DISH Network Corp., Conv., 3.38%,
08/15/2026	511,000		494,652
Telenet Finance Luxembourg Notes S.a
r.l. (Belgium), 5.50%,
03/01/2028(c)	400,000		424,400
UPC Holding B.V. (Netherlands), 5.50%,
01/15/2028(c)	200,000		203,190
Virgin Media Secured Finance PLC (United
Kingdom), 5.50%, 08/15/2026(c)	269,000		277,444
VTR Finance B.V. (Chile), 6.88%,
01/15/2024(c)	557,000		569,067
Ziggo B.V. (Netherlands), 5.50%,
01/15/2027(c)	157,000		162,007
			8,729,339
Casinos & Gaming–3.55%
Boyd Gaming Corp.,
6.38%, 04/01/2026	230,000		240,201
6.00%, 08/15/2026	212,000		218,370
Cirsa Finance International S.a.r.l.
(Spain), 7.88%, 12/20/2023(c)	200,000		209,478
Codere Finance 2 (Luxembourg) S.A.
(Spain), 7.63%, 11/01/2021(c)	240,000		210,170
Melco Resorts Finance Ltd. (Hong Kong),
5.63%, 07/17/2027(c)	279,000		292,468
MGM China Holdings Ltd. (Macau),
5.88%, 05/15/2026(c)	206,000		208,961
MGM Resorts International, 7.75%,
03/15/2022	327,000		358,647
Scientific Games International, Inc.,
7.00%, 05/15/2028(c)	286,000		279,200
Studio City Finance Ltd. (Macau), 7.25%,
02/11/2024(c)	586,000		615,057
Wynn Las Vegas LLC/Wynn Las Vegas
Capital Corp., 5.50%, 03/01/2025(c)	826,000		812,569
			3,445,121
Coal & Consumable Fuels–1.14%
SunCoke Energy Partners L.P./SunCoke
Energy Partners Finance Corp.,
7.50%, 06/15/2025(c)	1,227,000		1,107,355
Commodity Chemicals–1.39%
Koppers, Inc., 6.00%, 02/15/2025(c)	446,000		440,420
Nufarm Australia Ltd./Nufarm Americas,
Inc. (Australia), 5.75%,
04/30/2026(c)	290,000		286,476
Olin Corp., 5.63%, 08/01/2029	617,000		623,571
			1,350,467
Communications Equipment–1.34%
CommScope Technologies LLC, 6.00%,
06/15/2025(c)	492,000		463,710

Communications Equipment–(continued)
Hughes Satellite Systems Corp.,
7.63%, 06/15/2021	$ 619,000	$	652,971
5.25%, 08/01/2026	171,000		187,945
			1,304,626
Construction & Engineering–0.44%
Valmont Industries, Inc., 5.00%,
10/01/2044	374,000		431,178
Construction Materials–0.32%
Cemex S.A.B. de C.V. (Mexico), 5.45%,
11/19/2029(c)	310,000		311,550
Consumer Finance–1.81%
Navient Corp.,
8.00%, 03/25/2020	213,000		214,111
7.25%, 01/25/2022	325,000		342,641
7.25%, 09/25/2023	935,000		1,007,453
5.00%, 03/15/2027	195,000		189,091
			1,753,296
Copper–2.83%
First Quantum Minerals Ltd. (Zambia),
7.50%, 04/01/2025(c)	955,000		911,629
Freeport-McMoRan, Inc., 5.40%,
11/14/2034	1,044,000		1,020,695
Taseko Mines Ltd. (Canada), 8.75%,
06/15/2022(c)	899,000		811,628
			2,743,952
Data Processing & Outsourced Services–0.74%
Alliance Data Systems Corp., 4.75%,
12/15/2024(c)	446,000		438,752
Cardtronics, Inc./Cardtronics USA, Inc.,
5.50%, 05/01/2025(c)	273,000		280,621
			719,373
Department Stores–0.41%
Kohl's Corp., 5.55%, 07/17/2045	373,000		400,228
Distributors–1.19%
Core & Main Holdings L.P., 9.38% PIK
Rate, 8.63% Cash Rate,
09/15/2024(c)(f)	1,110,000		1,154,861
Diversified Banks–1.17%
Credit Agricole S.A. (France),
8.13%(c)(g)(h)	488,000		577,492
Societe Generale S.A. (France),
7.38%(c)(g)(h)	288,000		301,615
Standard Chartered PLC (United
Kingdom), 7.50%(c)(g)(h)	245,000		257,479
			1,136,586
Diversified Capital Markets–0.21%
Credit Suisse Group AG (Switzerland),
5.10%(c)(g)(h)	201,000		199,744
Diversified Chemicals–0.46%
Chemours Co. (The), 7.00%,
05/15/2025	210,000		196,263
Trinseo Materials Operating
S.C.A./Trinseo Materials Finance, Inc.,
5.38%, 09/01/2025(c)	264,000		245,520
			441,783

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

11 Invesco High Income Trust II

		Principal
		Amount		Value
Diversified Metals & Mining–0.97%
Hudbay Minerals, Inc. (Canada), 7.63%,
01/15/2025(c)	$	532,000	$	513,601
Vedanta Resources Ltd. (India), 6.38%,
07/30/2022(c)		444,000		424,380
				937,981
Diversified REITs–1.79%
Colony Capital, Inc.,
Conv.,
3.88%, 01/15/2021		36,000		35,729
5.00%, 04/15/2023		310,000		307,814
iStar, Inc., 4.75%, 10/01/2024		956,000		977,849
VICI Properties L.P./VICI Note Co., Inc.,
3.50%, 02/15/2025(c)		138,000		138,473
3.75%, 02/15/2027(c)		139,000		138,218
4.13%, 08/15/2030(c)		139,000		139,434
				1,737,517
Diversified Support Services–0.33%
IAA, Inc., 5.50%, 06/15/2027(c)		303,000		321,362
Electrical Components & Equipment–0.93%
EnerSys, 4.38%, 12/15/2027(c)		894,000		906,293
Electronic Equipment & Instruments–1.03%
Itron, Inc., 5.00%, 01/15/2026(c)		460,000		474,790
MTS Systems Corp., 5.75%,
08/15/2027(c)		514,000		524,459
				999,249
Environmental & Facilities Services–0.60%
GFL Environmental, Inc. (Canada),
7.00%, 06/01/2026(c)		161,000		169,710
Waste Pro USA, Inc., 5.50%,
02/15/2026(c)		418,000		408,669
				578,379
Food Retail–1.93%
Albertson's Cos., Inc./Safeway, Inc./New
Albertson's L.P./Albertson's LLC,
6.63%, 06/15/2024		714,000		735,413
7.50%, 03/15/2026(c)		386,000		429,667
4.63%, 01/15/2027(c)		371,000		366,121
5.88%, 02/15/2028(c)		328,000		341,497
				1,872,698
Forest Products–0.69%
Norbord, Inc. (Canada), 5.75%,
07/15/2027(c)		637,000		669,071
Gas Utilities–1.13%
AmeriGas Partners L.P./AmeriGas
Finance Corp., 5.75%, 05/20/2027		655,000		682,721
Suburban Propane Partners
L.P./Suburban Energy Finance Corp.,
5.50%, 06/01/2024		350,000		347,204
Superior Plus L.P./Superior General
Partner, Inc. (Canada), 7.00%,
07/15/2026(c)		58,000		62,225
				1,092,150
Health Care Facilities–4.31%
Acadia Healthcare Co., Inc., 6.50%,
03/01/2024		375,000		385,937

	Principal
	Amount		Value
Health Care Facilities–(continued)
Community Health Systems, Inc.,
6.88%, 02/01/2022	$ 199,000	$	187,558
6.63%, 02/15/2025(c)	318,000		325,155
8.00%, 03/15/2026(c)	481,000		497,630
HCA, Inc.,
7.50%, 02/15/2022	283,000		313,275
5.38%, 02/01/2025	440,000		487,337
5.25%, 04/15/2025	492,000		559,386
5.88%, 02/15/2026	656,000		741,759
5.38%, 09/01/2026	206,000		229,650
Tenet Healthcare Corp., 8.13%,
04/01/2022	415,000		450,371
			4,178,058
Health Care REITs–0.53%
MPT Operating Partnership L.P./MPT
Finance Corp., 5.00%, 10/15/2027	493,000		515,695
Health Care Services–2.03%
Envision Healthcare Corp., 8.75%,
10/15/2026(c)	253,000		134,634
Hadrian Merger Sub, Inc., 8.50%,
05/01/2026(c)	696,000		713,642
MPH Acquisition Holdings LLC, 7.13%,
06/01/2024(c)	719,000		670,618
Surgery Center Holdings, Inc., 10.00%,
04/15/2027(c)	212,000		232,214
Team Health Holdings, Inc., 6.38%,
02/01/2025(c)	392,000		216,743
			1,967,851
Home Improvement Retail–0.30%
Hillman Group, Inc. (The), 6.38%,
07/15/2022(c)	323,000		290,599
Homebuilding–3.90%
Ashton Woods USA LLC/Ashton Woods
Finance Co., 9.88%, 04/01/2027(c)	497,000		564,268
Beazer Homes USA, Inc., 6.75%,
03/15/2025	471,000		482,970
KB Home, 4.80%, 11/15/2029	405,000		426,263
Lennar Corp.,
8.38%, 01/15/2021	112,000		117,118
4.75%, 11/15/2022	135,000		141,510
5.25%, 06/01/2026	261,000		288,365
Mattamy Group Corp. (Canada), 5.25%,
12/15/2027(c)	318,000		329,925
Meritage Homes Corp., 5.13%,
06/06/2027	425,000		474,023
PulteGroup, Inc., 6.38%, 05/15/2033	13,000		15,972
Taylor Morrison Communities, Inc.,
6.63%, 07/15/2027(c)	604,000		656,469
5.75%, 01/15/2028(c)	261,000		289,117
			3,786,000
Hotel & Resort REITs–0.41%
Service Properties Trust, 4.95%,
10/01/2029	373,000		393,879
Household Products–1.10%
Energizer Holdings, Inc.,
6.38%, 07/15/2026(c)	88,000		91,445
7.75%, 01/15/2027(c)	318,000		345,619

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

12 Invesco High Income Trust II

		Principal
		Amount		Value
Household Products–(continued)
Reynolds Group Issuer, Inc./LLC, 7.00%,
07/15/2024(c)	$	624,000	$	631,023
				1,068,087
Human Resource & Employment Services–0.62%
ASGN, Inc., 4.63%, 05/15/2028(c)		605,000		599,343
Independent Power Producers & Energy Traders–2.20%
AES Corp. (The), 5.50%, 04/15/2025		574,000		588,585
Calpine Corp., 5.50%, 02/01/2024		294,000		289,593
Enviva Partners L.P./Enviva Partners
Finance Corp., 6.50%,
01/15/2026(c)		385,000		401,370
NRG Energy, Inc.,
6.63%, 01/15/2027		417,000		435,544
5.25%, 06/15/2029(c)		398,000		414,414
				2,129,506
Industrial Machinery–2.93%
Cleaver-Brooks, Inc., 7.88%,
03/01/2023(c)		1,051,000		1,038,299
EnPro Industries, Inc., 5.75%,
10/15/2026		888,000		946,028
Mueller Industries, Inc., 6.00%,
03/01/2027		847,000		857,882
				2,842,209
Integrated Oil & Gas–0.38%
Petrobras Global Finance B.V. (Brazil),
5.75%, 02/01/2029		175,000		197,619
Petroleos Mexicanos (Mexico), 5.95%,
01/28/2031(c)		170,000		166,600
				364,219
Integrated Telecommunication Services–7.06%
Altice France S.A. (France), 7.38%,
05/01/2026(c)		703,000		738,537
AT&T, Inc., 4.75%, 05/15/2046		373,000		440,475
Cincinnati Bell, Inc.,
7.00%, 07/15/2024(c)		417,000		439,410
8.00%, 10/15/2025(c)		84,000		90,493
CommScope, Inc.,
6.00%, 03/01/2026(c)		501,000		515,180
8.25%, 03/01/2027(c)		169,000		170,791
Embarq Corp., 8.00%, 06/01/2036		432,000		460,847
Frontier Communications Corp.,
10.50%, 09/15/2022		1,815,000		828,660
11.00%, 09/15/2025		344,000		158,240
Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033		92,000		106,815
7.20%, 07/18/2036		433,000		537,288
T-Mobile USA, Inc.,
6.38%, 03/01/2025		1,270,000		1,308,373
6.50%, 01/15/2026		787,000		830,009
Virgin Media Finance PLC (United
Kingdom), 6.00%, 10/15/2024(c)		218,000		223,425
				6,848,543
Interactive Media & Services–1.99%
Cable Onda S.A. (Panama), 4.50%,
01/30/2030(c)		240,000		244,644
Cumulus Media New Holdings, Inc.,
6.75%, 07/01/2026(c)		509,000		529,525

	Principal
	Amount		Value
Interactive Media & Services–(continued)
Diamond Sports Group LLC/Diamond Sports
Finance Co.,
5.38%, 08/15/2026(c)	$ 598,000	$	552,489
6.63%, 08/15/2027(c)	743,000		603,204
			1,929,862
Internet & Direct Marketing Retail–0.39%
QVC, Inc., 5.45%, 08/15/2034	373,000		376,154
Internet Services & Infrastructure–0.02%
EIG Investors Corp., 10.88%,
02/01/2024	19,000		19,898
Rackspace Hosting, Inc., 8.63%,
11/15/2024(c)	2,000		1,920
			21,818
Leisure Products–0.38%
Mattel, Inc., 6.75%, 12/31/2025(c)	350,000		368,562
Managed Health Care–2.13%
Centene Corp.,
5.25%, 04/01/2025(c)	745,000		769,212
5.38%, 06/01/2026(c)	335,000		353,207
5.38%, 08/15/2026(c)	290,000		305,588
4.63%, 12/15/2029(c)	280,000		300,118
Molina Healthcare, Inc., 4.88%,
06/15/2025(c)	331,000		336,930
			2,065,055
Metal & Glass Containers–0.81%
Flex Acquisition Co., Inc., 7.88%,
07/15/2026(c)	776,000		789,442
Movies & Entertainment–2.02%
AMC Entertainment Holdings, Inc.,
5.75%, 06/15/2025	575,000		463,114
6.13%, 05/15/2027	611,000		490,343
Netflix, Inc.,
5.88%, 11/15/2028	441,000		496,632
5.38%, 11/15/2029(c)	470,000		511,853
			1,961,942
Office Services & Supplies–0.14%
Pitney Bowes, Inc., 5.20%,
04/01/2023	136,000		136,396
Oil & Gas Drilling–1.73%
Diamond Offshore Drilling, Inc., 4.88%,
11/01/2043	226,000		91,884
Ensign Drilling, Inc. (Canada), 9.25%,
04/15/2024(c)	425,000		383,035
Precision Drilling Corp. (Canada),
6.50%, 12/15/2021	40,736		40,447
7.75%, 12/15/2023	92,000		90,428
5.25%, 11/15/2024	372,000		330,074
Transocean, Inc.,
8.00%, 02/01/2027(c)	121,000		101,489
7.50%, 04/15/2031	647,000		386,599
Valaris PLC, 7.75%, 02/01/2026	628,000		249,614
			1,673,570

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

13 Invesco High Income Trust II

		Principal
		Amount		Value
Oil & Gas Equipment & Services–0.74%
Calfrac Holdings L.P. (Canada),
10.88%, 03/15/2026(c)	$	101,200	$	91,586
8.50%, 06/15/2026(c)		192,000		51,365
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(c)		277,000		202,312
SESI LLC, 7.13%, 12/15/2021(c)		456,000		371,868
				717,131
Oil & Gas Exploration & Production–7.04%
Antero Resources Corp., 5.63%,
06/01/2023		794,000		430,745
Ascent Resources Utica Holdings LLC/ARU
Finance Corp., 10.00%,
04/01/2022(c)		511,000		436,759
California Resources Corp., 8.00%,
12/15/2022(c)		572,000		132,990
Callon Petroleum Co., 6.13%,
10/01/2024		746,000		593,070
Chesapeake Energy Corp., 11.50%,
01/01/2025(c)		198,000		118,800
Denbury Resources, Inc., 5.50%,
05/01/2022		314,000		173,413
EP Energy LLC/Everest Acquisition
Finance, Inc., 8.00%,
11/29/2024(c)(d)		410,000		174,250
Genesis Energy L.P./Genesis Energy Finance
Corp.,
6.25%, 05/15/2026		794,000		665,251
7.75%, 02/01/2028		308,000		269,115
Gulfport Energy Corp.,
6.63%, 05/01/2023		750,000		393,982
6.00%, 10/15/2024		738,000		247,230
Oasis Petroleum, Inc., 6.88%,
01/15/2023		743,000		577,682
QEP Resources, Inc.,
6.88%, 03/01/2021		591,000		580,894
5.25%, 05/01/2023		220,000		195,294
5.63%, 03/01/2026		207,000		166,123
SM Energy Co.,
6.75%, 09/15/2026		470,000		372,638
6.63%, 01/15/2027		90,000		69,959
Southwestern Energy Co.,
7.50%, 04/01/2026		373,000		285,354
7.75%, 10/01/2027		371,000		281,969
Whiting Petroleum Corp.,
Conv., 1.25%, 04/01/2020		58,000		52,345
5.75%, 03/15/2021		358,000		206,656
6.25%, 04/01/2023		497,000		224,893
6.63%, 01/15/2026		486,000		178,617
				6,828,029
Oil & Gas Refining & Marketing–2.31%
Calumet Specialty Products Partners
L.P./Calumet Finance Corp., 7.63%,
01/15/2022		669,000		663,573
EnLink Midstream Partners L.P., 5.60%,
04/01/2044		321,000		247,971
NuStar Logistics L.P., 6.00%,
06/01/2026		523,000		547,568
Parkland Fuel Corp. (Canada), 6.00%,
04/01/2026(c)		411,000		430,255

	Principal
	Amount		Value
Oil & Gas Refining & Marketing–(continued)
PBF Holding Co. LLC/PBF Finance Corp.,
6.00%, 02/15/2028(c)	$ 353,000	$	349,470
			2,238,837
Oil & Gas Storage & Transportation–3.36%
Antero Midstream Partners L.P./Antero
Midstream Finance Corp.,
5.38%, 09/15/2024	460,000		348,450
5.75%, 01/15/2028(c)	1,010,000		695,865
Crestwood Midstream Partners
L.P./Crestwood Midstream Finance
Corp., 5.75%, 04/01/2025	182,000		178,358
Holly Energy Partners L.P./Holly Energy
Finance Corp., 5.00%,
02/01/2028(c)	142,000		143,154
NGL Energy Partners L.P./NGL Energy
Finance Corp., 7.50%, 04/15/2026	889,000		757,759
Targa Resources Partners L.P./Targa
Resources Partners Finance Corp.,
5.25%, 05/01/2023	266,000		265,916
5.13%, 02/01/2025	478,000		480,993
5.88%, 04/15/2026	267,000		275,537
5.50%, 03/01/2030(c)	115,000		113,959
			3,259,991
Other Diversified Financial Services–2.62%
eG Global Finance PLC (Netherlands),
6.75%, 02/07/2025(c)	478,000		468,242
8.50%, 10/30/2025(c)	240,000		250,700
Lions Gate Capital Holdings LLC, 6.38%,
02/01/2024(c)	572,000		561,984
LPL Holdings, Inc., 5.75%,
09/15/2025(c)	474,000		492,955
Tempo Acquisition LLC/Tempo
Acquisition Finance Corp., 6.75%,
06/01/2025(c)	770,000		768,314
			2,542,195
Packaged Foods & Meats–3.85%
B&G Foods, Inc., 5.25%, 04/01/2025	626,000		619,474
JBS USA LUX S.A./JBS USA Finance, Inc.,
5.75%, 06/15/2025(c)	176,000		180,693
JBS USA LUX S.A./JBS USA Food Co./JBS
USA Finance, Inc., 5.50%,
01/15/2030(c)	536,000		566,638
Kraft Heinz Foods Co.,
6.88%, 01/26/2039	373,000		446,289
5.00%, 06/04/2042	348,000		349,992
Pilgrim's Pride Corp., 5.88%,
09/30/2027(c)	395,000		410,069
Post Holdings, Inc.,
5.63%, 01/15/2028(c)	409,000		428,248
4.63%, 04/15/2030(c)	303,000		299,391
Simmons Foods, Inc., 5.75%,
11/01/2024(c)	433,000		429,573
			3,730,367
Paper Packaging–0.87%
Cascades, Inc./Cascades USA, Inc.
(Canada), 5.38%, 01/15/2028(c)	403,000		416,097

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

14 Invesco High Income Trust II

	Principal
	Amount		Value
Paper Packaging–(continued)
Trivium Packaging Finance B.V.
(Netherlands),
5.50%, 08/15/2026(c)	$ 207,000	$	214,892
8.50%, 08/15/2027(c)	205,000		215,896
			846,885
Paper Products–1.37%
Mercer International, Inc. (Germany),
5.50%, 01/15/2026	420,000		397,205
Schweitzer-Mauduit International, Inc.,
6.88%, 10/01/2026(c)	870,000		935,552
			1,332,757
Pharmaceuticals–2.83%
Bausch Health Americas, Inc., 9.25%,
04/01/2026(c)	372,000		416,331
Bausch Health Cos., Inc.,
5.50%, 11/01/2025(c)	346,000		356,956
9.00%, 12/15/2025(c)	616,000		687,431
5.75%, 08/15/2027(c)	163,000		173,693
Endo Dac/Endo Finance LLC/Endo Finco,
Inc., 6.00%, 07/15/2023(c)	275,000		216,565
HLF Financing S.a.r.l. LLC/Herbalife
International, Inc., 7.25%,
08/15/2026(c)	512,000		517,760
Par Pharmaceutical, Inc., 7.50%,
04/01/2027(c)	355,000		375,777
			2,744,513
Property & Casualty Insurance–0.21%
AmWINS Group, Inc., 7.75%,
07/01/2026(c)	193,000		200,909
Publishing–0.68%
Meredith Corp., 6.88%, 02/01/2026	653,000		656,623
Railroads–1.31%
Kenan Advantage Group, Inc. (The),
7.88%, 07/31/2023(c)	1,285,000		1,269,471
Research & Consulting Services–0.28%
Dun & Bradstreet Corp. (The), 10.25%,
02/15/2027(c)	242,000		272,093
Restaurants–0.91%
1011778 BC ULC/New Red Finance, Inc.
(Canada), 5.00%, 10/15/2025(c)	411,000		413,739
IRB Holding Corp., 6.75%,
02/15/2026(c)	476,000		473,786
			887,525
Security & Alarm Services–0.88%
Brink's Co. (The), 4.63%,
10/15/2027(c)	379,000		389,355
GW B-CR Security Corp. (Canada), 9.50%,
11/01/2027(c)	234,000		248,473
Prime Security Services Borrower LLC/
Prime Finance, Inc., 5.75%,
04/15/2026(c)	205,000		213,584
			851,412
Specialized Consumer Services–0.96%
ServiceMaster Co. LLC (The), 7.45%,
08/15/2027	814,000		934,348

		Principal
		Amount		Value
Specialized REITs–1.42%
Iron Mountain US Holdings, Inc., 5.38%,
06/01/2026(c)	$	474,000	$	491,940
Iron Mountain, Inc., 5.25%,
03/15/2028(c)		473,000		490,572
Rayonier A.M. Products, Inc., 5.50%,
06/01/2024(c)		693,000		398,333
				1,380,845
Specialty Chemicals–1.19%
Element Solutions, Inc., 5.88%,
12/01/2025(c)		541,000		545,063
GCP Applied Technologies, Inc., 5.50%,
04/15/2026(c)		585,000		610,066
				1,155,129
Systems Software–0.34%
Banff Merger Sub, Inc., 9.75%,
09/01/2026(c)		136,000		137,363
Camelot Finance S.A., 4.50%,
11/01/2026(c)		195,000		196,321
				333,684
Technology Hardware, Storage & Peripherals–0.64%
Dell International LLC/EMC Corp.,
8.10%, 07/15/2036(c)		373,000		512,677
Exela Intermediate LLC/Exela
Finance Inc., 10.00%,
07/15/2023(c)		108,000		36,720
Presidio Holdings, Inc., 8.25%,
02/01/2028(c)		68,000		70,295
				619,692
Textiles–0.36%
Eagle Intermediate Global Holding
B.V./Ruyi US Finance LLC (China),
7.50%, 05/01/2025(c)		491,000		345,131
Thrifts & Mortgage Finance–0.10%
Nationstar Mortgage Holdings, Inc.,
6.00%, 01/15/2027(c)		100,000		101,776
Trading Companies & Distributors–1.77%
AerCap Global Aviation Trust (Ireland),
6.50%, 06/15/2045(c)(h)		430,000		463,368
Herc Holdings, Inc., 5.50%,
07/15/2027(c)		584,000		607,316
United Rentals North America, Inc.,
6.50%, 12/15/2026		415,000		443,282
5.50%, 05/15/2027		197,000		206,363
				1,720,329
Trucking–0.28%
Avis Budget Car Rental LLC/Avis Budget
Finance, Inc., 5.25%, 03/15/2025(c)		269,000		271,909
Wireless Telecommunication Services–6.43%
Digicel Group One Ltd. (Jamaica),
8.25%, 12/30/2022(c)		225,000		145,195
Digicel Group Two Ltd. (Jamaica),
8.25%, 09/30/2022(c)		213,000		51,817
Intelsat (Luxembourg) S.A.
(Luxembourg), 7.75%, 06/01/2021		399,000		302,242
Intelsat Connect Finance S.A.
(Luxembourg), 9.50%,
02/15/2023(c)		292,000		178,850

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

15 Invesco High Income Trust II

	Principal
	Amount		Value
Wireless Telecommunication Services–(continued)
Intelsat Jackson Holdings S.A.
(Luxembourg),
5.50%, 08/01/2023	$ 207,000	$	178,452
8.50%, 10/15/2024(c)	490,000		429,772
9.75%, 07/15/2025(c)	256,000		227,094
Oztel Holdings SPC Ltd. (Oman), 5.63%,
10/24/2023(c)	451,000		474,643
Sprint Capital Corp., 8.75%,
03/15/2032	348,000		484,364
Sprint Communications, Inc., 11.50%,
11/15/2021	390,000		446,285
Sprint Corp.,
7.25%, 09/15/2021	624,000		663,418
7.88%, 09/15/2023	1,309,000		1,499,348
7.63%, 02/15/2025	434,000		504,525
7.63%, 03/01/2026	141,000		167,000
Ypso Finance Bis S.A. (Luxembourg),
10.50%, 05/15/2027(c)	428,000		486,850
			6,239,855
Total U.S. Dollar Denominated Bonds & Notes
(Cost $134,974,881)			129,709,365

Non-U.S. Dollar Denominated Bonds & Notes–0.51%(i)

Food Retail–0.43%

Iceland Bondco PLC (United Kingdom),
4.63%, 03/15/2025(c)		GBP	300,000	302,727
Quatrim S.A.S.U. (France), 5.88%,
01/15/2024(c)		EUR	100,000	111,361
				414,088
Investment Abbreviations:
Conv. – Convertible
EUR	– Euro
GBP	– British Pound Sterling
PIK	– Pay-in-Kind

Notes to Schedule of Investments:

	Principal
	Amount		Value
Textiles–0.08%
Eagle Intermediate Global Holding
B.V./Ruyi US Finance LLC (China),
5.38%, 05/01/2023(c)	EUR 100,000	$	82,796
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $625,155)			496,884

Asset-Backed Securities–0.45%

Sonic Capital LLC, Series 2020-1A,
Class A2I, 3.85%, 01/20/2050
(Cost $419,000)(c)	$	419,000	434,740
Money Market Funds–5.54%		Shares
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(j)		1,845,572	1,845,572
Invesco Liquid Assets Portfolio, Institutional
Class, 1.64%(j)		1,421,104	1,421,814
Invesco Treasury Portfolio, Institutional
Class, 1.48%(j)		2,109,226	2,109,226
Total Money Market Funds (Cost $5,376,470)			5,376,612
TOTAL INVESTMENTS IN SECURITIES–140.21%
(Cost $141,395,506)			136,017,601
BORROWINGS–(43.86)%			(42,550,000)
OTHER ASSETS LESS LIABILITIES—3.65%			3,539,085
NET ASSETS–100.00%			$ 97,006,686

(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.

(b)Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust's use of leverage.

(c)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $72,779,517, which represented 75.03% of the Trust's Net Assets.

(d)Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 29, 2020 was $174,250, which represented less than 1% of the Trust's Net Assets.

(e)Security valued using significant unobservable inputs (Level 3). See Note 3.

(f)All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

(g)Perpetual bond with no specified maturity date.

(h)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.

(i)Foreign denominated security. Principal amount is denominated in the currency indicated.

(j)The money market fund and the Trust are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.

Open Forward Foreign Currency Contracts

		Contract to			Unrealized
Settlement					Appreciation
Date	Counterparty	Deliver		Receive	(Depreciation)
Currency Risk
05/29/2020	Goldman Sachs & Co.	GBP 257,250	USD	333,428	$ 2,916

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

16 Invesco High Income Trust II

Open Forward Foreign Currency Contracts—(continued)

		Contract to		Unrealized
Settlement				Appreciation
Date	Counterparty	Deliver	Receive	(Depreciation)
Currency Risk
05/29/2020	Citibank N.A.	EUR 1,325,731	USD 1,443,830	$(27,013)
Total Forward Foreign Currency Contracts				$(24,097)
Abbreviations:

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

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

17 Invesco High Income Trust II

Statement of Assets and Liabilities

February 29, 2020

Assets:
Investments in securities, at value
(Cost $136,019,036)	$	130,640,989
Investments in affiliated money market funds, at value
(Cost $5,376,470)		5,376,612
Other investments:
Unrealized appreciation on forward foreign currency
contracts outstanding		2,916
Foreign currencies, at value (Cost $1,379,767)		1,384,595
Receivable for:
Investments sold		504,141
Dividends		7,571
Interest		2,365,311
Investment for trustee deferred compensation and
retirement plans		21,553
Other assets		16,425
Total assets		140,320,113
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency
contracts outstanding		27,013
Payable for:
Borrowings		42,550,000
Investments purchased		504,141
Dividends		23,492
Accrued fees to affiliates		1,012
Accrued interest expense		84,284
Accrued trustees' and officers' fees and benefits		2,422
Accrued other operating expenses		98,406
Trustee deferred compensation and retirement plans		22,657
Total liabilities		43,313,427
Net assets applicable to common shares	$	97,006,686

Net assets applicable to common shares

consist of:
Shares of beneficial interest — common shares	$113,403,335
Distributable earnings (loss)		(16,396,649)
	$	97,006,686
Common shares outstanding, no par value,
with an unlimited number of common shares
authorized:
Common shares outstanding		6,494,743
Net asset value per common share	$	14.94
Market value per common share	$	13.53

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

18 Invesco High Income Trust II

Statement of Operations

For the year ended February 29, 2020

Investment income:
Interest	$	9,942,773
Dividends from affiliated money market funds		114,181
Total investment income		10,056,954
Expenses:
Advisory fees		1,169,241
Administrative services fees		17,134
Custodian fees		6,327
Interest, facilities and maintenance fees		1,416,273
Transfer agent fees		38,122
Trustees' and officers' fees and benefits		19,277
Registration and filing fees		22,083
Reports to shareholders		27,253
Professional services fees		194,376
Other		4,085
Total expenses		2,914,171
Less: Fees waived		(6,643)
Net expenses		2,907,528
Net investment income		7,149,426
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		1,607,988
Foreign currencies		(34,559)
Forward foreign currency contracts		115,721
		1,689,150
Change in net unrealized appreciation (depreciation) of:
Investment securities		(3,832,256)
Foreign currencies		4,580
Forward foreign currency contracts		(12,548)
		(3,840,224)
Net realized and unrealized gain (loss)		(2,151,074)
Net increase in net assets resulting from operations applicable to common shares	$	4,998,352

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

19 Invesco High Income Trust II

Statement of Changes in Net Assets

For the years ended February 29, 2020 and February 28, 2019

		2020		2019
Operations:
Net investment income	$	7,149,426	$	7,487,345
Net realized gain (loss)		1,689,150		(250,406)
Change in net unrealized appreciation (depreciation)		(3,840,224)		(2,465,586)
Net increase in net assets resulting from operations applicable to common shares		4,998,352		4,771,353
Distributions to common shareholders from distributable earnings		(7,939,686)		(8,320,593)
Return of capital applicable to common shares		(982,143)		(466,795)
Total distributions		(8,921,829)		(8,787,388)
Net increase (decrease) in common shares of beneficial interest		(24,569,615)		—
Net increase (decrease) in net assets applicable to common shares		(28,493,092)		(4,016,035)
Net assets applicable to common shares:
Beginning of year		125,499,778		129,515,813
End of year	$	97,006,686	$125,499,778

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

20 Invesco High Income Trust II

Statement of Cash Flows

For the year ended February 29, 2020

Cash provided by operating activities:
Net increase in net assets resulting from operations applicable to common shares	$	4,998,352
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided
by operating activities:
Purchases of investments		(67,036,446)
Proceeds from sales of investments		102,940,894
Purchases of short-term investments, net		(49,121)
Amortization of premium on investment securities		764,976
Accretion of discount on investment securities		(356,409)
Decrease in receivables and other assets		489,897
Decrease in accrued expenses and other payables		(19,745)
Net realized gain from investment securities		(1,607,770)
Net change in unrealized depreciation on investment securities		3,832,398
Net change in unrealized depreciation of forward foreign currency contracts		12,548
Net cash provided by operating activities		43,969,574
Cash provided by (used in) financing activities:
Dividends paid to common shareholders from distributable earnings		(7,938,379)
Return of capital		(982,143)
Repayment of borrowings		(5,000,000)
Disbursements from shares of beneficial interest reacquired		(24,569,615)
Net cash provided by (used in) financing activities		(38,490,137)
Net increase in cash and cash equivalents		5,479,437
Cash and cash equivalents at beginning of period		1,281,770
Cash and cash equivalents at end of period	$	6,761,207
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$	1,453,294

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

21 Invesco High Income Trust II

Financial Highlights

The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.

	Year Ended			Years ended February 28,					Year Ended
	February 29,								February 29,
		2020		2019		2018		2017		2016
Net asset value per common share, beginning of period	$	15.46	$	15.95	$	16.36	$	14.37	$	17.11
Net investment income(a)		0.92		0.92		0.93		1.08		1.14
Net gains (losses) on securities (both realized and unrealized)		(0.28)		(0.33)		(0.33)		2.04		(2.64)
Total from investment operations		0.64		0.59		0.60		3.12		(1.50)
Less:
Dividends paid to common shareholders from net investment income		(1.03)		(1.03)		(1.01)		(1.07)		(1.15)
Return of capital		(0.13)		(0.05)		—		(0.06)		(0.09)
Total distributions		(1.16)		(1.08)		(1.01)		(1.13)		(1.24)
Net asset value per common share, end of period	$	14.94	$	15.46	$	15.95	$	16.36	$	14.37
Market value per common share, end of period	$	13.53	$	14.26	$	14.04	$	14.66	$	12.61
Total return at net asset value(b)		4.72%		4.92%		4.42%		23.29%		(8.09)%
Total return at market value(c)		2.81%		9.94%		2.57%		25.90%		(9.74)%
Net assets applicable to common shares, end of period (000's omitted)	$97,007		$125,500		$129,516		$132,783		$116,643
Portfolio turnover rate(d)		41%		38%		38%		91%		87%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		2.41%(e)		2.37%		1.95%		1.71%		1.67%
With fee waivers and/or expense reimbursements excluding interest,		1.24%(e)		1.23%		1.15%		1.14%		1.21%
facilities and maintenance fees
Without fee waivers and/or expense reimbursements		2.42%(e)		2.37%		1.95%		1.72%		1.67%
Ratio of net investment income to average net assets		5.93%(e)		5.97%		5.73%		6.85%(f)		7.13%
Senior securities:
Asset coverage per $1,000 unit of senior indebtedness(g)	$	3,280	$	3,639	$	3,724	$	3,792	$	3,453
Total borrowings (000's omitted)	$42,550		$	47,550	$	47,550	$	47,550	$	47,550

(a)Calculated using average shares outstanding.

(b)Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

(c)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's dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.

(d)Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(e)Ratios are based on average daily net assets applicable to common shares (000's omitted) of $120,564.

(f)Amount includes the effect of insurance settlement proceeds received related to Auction Rate Preferred Shares previously issued by the Trust. The ratio of net investment income excluding these payments would have been 6.66%.

(g)Calculated by subtracting the Trust's total liabilities (not including the Borrowings) from the Trust's total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

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

22 Invesco High Income Trust II

Notes to Financial Statements

February 29, 2020

NOTE 1—Significant Accounting Policies

Invesco High Income Trust II (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, closed-end management investment company.

The Trust's investment objective is to provide its common shareholders high current income, while seeking to preserve shareholders' capital, through investment in a professionally managed, diversified portfolio of high-income producing fixed-income securities.

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.

A.Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value ("NAV") per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE").

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Trust may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust's net asset value and, accordingly, they reduce the Trust's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations

23 Invesco High Income Trust II

and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

C.Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer's securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.Distributions – The Trust has adopted a Managed Distribution Plan (the "Plan") whereby the Trust will pay a monthly dividend to common shareholders at a stated fixed monthly distribution amount based on a distribution rate of 8.5% of the market price per share on August 1, 2018. The Plan is intended to provide shareholders with a consistent, but not guaranteed, periodic cash payment from the Trust, regardless of when or whether income is earned or capital gains are realized. If sufficient income is not available for a monthly distribution, the Trust will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level under the Plan. Distributions from net investment income are declared and paid monthly, and recorded on the ex-dividend date. The Plan may be amended or terminated at any time by the Board.

E.Federal Income Taxes – The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code") necessary to qualify as a regulated investment company and to distribute substantially all of the Trust's taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trust's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F.Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining the credit agreement.

G.Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.Indemnifications – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust's servicing agreements, that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.Cash and Cash Equivalents – For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

J.Securities Purchased on a When-Issued and Delayed Delivery Basis — The Trust may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Trust on such interests or securities in connection with such transactions prior to the date the Trust actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Trust will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

K.Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Trust's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Trust may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Trust invests and are shown in the Statement of Operations.

L.Forward Foreign Currency Contracts — The Trust may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Trust may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Trust may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Trust will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Trust owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

24 Invesco High Income Trust II

M.Bank Loan Risk — Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Trust's ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Trust. As a result, the Trust may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk that an entity with which the Trust has unsettled or open transactions may fail to or be unable to perform on its commitments. The Trust seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

N.Other Risks - The Trust invests in lower-quality debt securities, i.e., "junk bonds". Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claim. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust's investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Trust's transaction costs.

O.Leverage Risk – The Trust utilizes leverage to seek to enhance the yield of the Trust by borrowing. There are risks associated with borrowing in an effort to increase the yield and distributions on the shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the net asset value of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the shareholders. There can be no assurance that the Trust's leverage strategy will be successful.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 0.70% of the Trust's average daily managed assets. Managed assets for this purpose means the Trust's net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust's financial statements for purposes of GAAP).

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Trust in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Trust of uninvested cash in such affiliated money market funds.

For the year ended February 29, 2020, the Adviser waived advisory fees of $6,643.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the year ended February 29, 2020, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Trust. Pursuant to a custody agreement with the Trust, SSB also serves as the Trust's custodian.

Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust's own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

		Level 1	Level 2	Level 3	Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	—	$129,709,365	$0	$129,709,365
Non-U.S. Dollar Denominated Bonds & Notes		—	496,884	—	496,884
Asset-Backed Securities		—	434,740	—	434,740
Money Market Funds		5,376,612	—	—	5,376,612
Total Investments in Securities		5,376,612	130,640,989	0	136,017,601
Other Investments - Assets*
Forward Foreign Currency Contracts		—	2,916	—	2,916

25 Invesco High Income Trust II

		Level 1		Level 2	Level 3		Total
Other Investments - Liabilities*
Forward Foreign Currency Contracts	$	—	$	(27,013)	$—	$	(27,013)
Total Other Investments		—		(24,097)	—		(24,097)
Total Investments	$5,376,612		$	130,616,892	$0	$135,993,504

*Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

The Trust may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a trust may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Trust does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Trust's derivative investments, detailed by primary risk exposure, held as of February 29, 2020:

	Value
	Currency
Derivative Assets	Risk

Unrealized appreciation on forward foreign currency contracts outstanding	$		2,916
Derivatives not subject to master netting agreements			-
Total Derivative Assets subject to master netting agreements	$		2,916
			Value
		Currency
Derivative Liabilities			Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$(27,013)
Derivatives not subject to master netting agreements			-
Total Derivative Liabilities subject to master netting agreements	$(27,013)

Offsetting Assets and Liabilities

The table below reflects the Trust's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 29, 2020.

	Financial		Financial
	Derivative		Derivative		Collateral
	Assets		Liabilities		(Received)/Pledged
	Forward Foreign		Forward Foreign	Net Value of			Net
Counterparty	Currency Contracts	Currency Contracts		Derivatives	Non-Cash	Cash	Amount
Goldman Sachs International	$2,916		–	2,916	–	–	2,916
Citibank, N.A.	–	(27,013)		(27,013)	–	–	(27,013)
Total	$2,916	$(27,013)		$(24,097)	$–	$–	$(24,097)

Effect of Derivative Investments for the year ended February 29, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on
	Statement of Operations
	Currency
	Risk
Realized Gain:
Forward foreign currency contracts	$115,721
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	(12,548)
Total	$103,173
The table below summarizes the average notional value of derivatives held during the period.
	Forward
	Foreign Currency
	Contracts
Average notional value	$1,809,533

26 Invesco High Income Trust II

NOTE 5—Trustees' and Officers' Fees and Benefits

Trustees' and Officers' Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and "Trustees' and Officers' Fees and Benefits" includes amounts accrued by the Trust to fund such deferred compensation amounts.

NOTE 6—Cash Balances and Borrowings

Effective November 15, 2019, the Trust entered into a $50 million Credit Agreement, which will expire on November 13, 2020. Prior to November 15, 2019, the aggregate commitment amount was $60 million. This Credit Agreement is secured by the assets of the Trust.

During the year ended February 29, 2020, the average daily balance of borrowing under the Credit Agreement was $46,470,765 with a weighted interest rate of 2.95%. The carrying amount of the Trust's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the Credit Agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.

Additionally, the Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Trust may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Trust's total assets, or when any borrowings from an Invesco Fund are outstanding.

The Trust is subject to certain covenants relating to the Credit Agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the Credit Agreement.

NOTE 7—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 29, 2020 and February 28, 2019:

	2020		2019
Ordinary income	$7,939,686		$8,320,593
Return of capital	982,143		466,795
Total distributions	$8,921,829		$8,787,388
Tax Components of Net Assets at Period-End:
			2020
Net unrealized appreciation (depreciation) — investments		$	(6,136,905)
Net unrealized appreciation - foreign currencies			4,739
Temporary book/tax differences			(18,619)
Capital loss carryforward			(10,245,864)
Shares of beneficial interest			113,403,335
Total net assets		$	97,006,686

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Trust's net unrealized appreciation (depreciation) difference is attributable primarily to bond premium amortization differences.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Trust's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Trust has a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*

Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$4,705,610	$5,540,254	$10,245,864

*Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the year ended February 29, 2020 was $65,495,598 and $102,377,712, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$ 3,152,017
Aggregate unrealized (depreciation) of investments	(9,288,922)
Net unrealized appreciation (depreciation) of investments	$(6,136,905)

Cost of investments for tax purposes is $142,130,409.

27 Invesco High Income Trust II

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of bond premium amortization, return of capital distributions and foreign currency transactions, on February 29, 2020, undistributed net investment income was increased by $2,116,801, undistributed net realized gain (loss) was decreased by $1,134,659 and shares of beneficial interest was decreased by $982,142. This reclassification had no effect on the net assets of the Trust.

NOTE 10—Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:

	Year Ended	Year Ended
	February 29,	February 28,
	2020	2019
Beginning shares	8,118,429	8,118,429
Tender offer purchase	(1,623,686)	—
Ending shares	6,494,743	8,118,429

The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase. On June 14, 2019, the Trust's Board approved a tender offer for the Trust's common shares. The tender offer authorized the Trust to purchase up to 20% of its issued and outstanding shares at a price equal to 98.5% of the Trust's NAV at the close of business on the NYSE on December 6, 2019, the first business day following the expiration of the offer. The tender offer commenced on November 1, 2019 and expired on December 5, 2019. In connection with the tender offer, the Trust purchased 1,623,686 shares at a total cost of $24,566,369. The tender offer was oversubscribed and all tenders of shares were subject to pro-ration (at a ratio of approximately 50.1%) in accordance with the terms of the tender offer.

NOTE 11—Dividends

The Trust declared the following dividends to common shareholders from net investment income subsequent to February 29, 2020:

Declaration Date	Amount per Share	Record Date		Payable Date
March 2, 2020	$0.0964	March 17,	2020	March 31,	2020
April 1, 2020	$0.0964	April 15,	2020	April 30,	2020

NOTE 12—Subsequent Event

During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Trust's ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Trust should be immaterial.

28 Invesco High Income Trust II

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Invesco High Income Trust II

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco High Income Trust II (the "Trust") as of February 29, 2020, the related statements of operations and cash flows for the year ended February 29, 2020, the statement of changes in net assets for each of the two years in the period ended February 29, 2020, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of February 29, 2020, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended February 29, 2020 and the financial highlights for each of the five years in the period ended February 29, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

29 Invesco High Income Trust II

March 2020

INVESCO HIGH INCOME TRUST II - Common Shares – Cusip: 46131F101

Distribution Notice

Form 1099-DIV for the calendar year will report distributions for US federal income tax purposes. The Trust's annual report to shareholders will include information regarding the tax character of Trust distributions for the fiscal year. This Notice is sent to comply with certain US Securities and Exchange Commission requirements.

The Board of Trustees of the Trust has approved a managed distribution plan (the "Plan") for the Trust, whereby the Trust will pay common shareholders a stable

monthly distribution. Under the Plan, the Trust increased its dividend to a stated fixed monthly amount based on a distribution rate of 8.5% of market price per share as of August 1, 2018, which is the date the Plan became effective. The Trust's distributions may include net investment income, long-term capital gains, short-term capital gains and/or return of capital. In order to make multiple long-term capital gains distributions over the course of the year, the Trust will rely on an exemptive order granted by the US Securities and Exchange Commission ("SEC").

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the sources indicated. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Plan. All amounts are expressed per common share. The Trust estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution is estimated to be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Trust is paid back to you. A return of capital distribution does not necessarily reflect the Trust's investment performance and should not be confused with "yield" or "income." The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Trust's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Trust will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

			CUMULATIVE FISCAL
			YEAR-TO-DATE (YTD)
DISTRIBUTION ESTIMATES	March 2020		February 29, 2020*
				% of
	Per Share	% of Current	Per Share	FYE 02/29/20
Source	Amount	Distributions	Amount	Distributions
Net Investment Income	$ 0.0834	86.51%	$0.9344	80.77%
Net Realized Short-Term Capital Gains	$ 0.0000	0.00%	$0.0000	0.00%
Net Realized Long-Term Capital Gains	$ 0.0000	0.00%	$0.0000	0.00%
Return of Capital (or Other Capital Source)	$ 0.0130	13.49%	$0.2224	19.23%
Total Current Distribution	$0,0964	100.00%	$1.1568	100.00%
(per common share)

*Form 1099-DIV for the calendar year will report distributions for federal income tax purposes. The Trust's annual report to shareholders will include information regarding the tax character of Trust distributions for the fiscal year. The final determination of the source and tax characteristics of all distributions in 2020 will be made after the end of the year.

The monthly distributions are based on estimates and terms of the Trust's Plan. Monthly distribution amounts may vary from these estimates based on a multitude of factors. Changes in portfolio and market conditions may cause deviations from estimates. These estimates should not be taken as indication of the Trust's earnings and performance. The actual amounts and its sources may be subject to additional adjustments and will be reported after year end.

The Trust's Performance and Distribution Rate Information disclosed in the table below is based on the Trust's net asset value per share (NAV). Shareholders should take note of the relationship between the Fiscal Year-to-date Cumulative Total Return with the Trust's Cumulative Distribution Rate and the Average Annual Total Return with the Trust's Current Annualized Distribution Rate. The Trust's NAV is calculated as the total market value of all the securities and other assets held by the Trust minus the total liabilities, divided by the total number of shares outstanding. NAV performance may be indicative of the Trust's investment performance. The value of a shareholder's investment in the Trust is determined by the Trust's market price, which is based on the supply and demand for the Trust's shares in the open market.

30 Invesco High Income Trust II

Trust Performance and Distribution Rate Information:

Fiscal Year-to-date March 1, 2019 to February 29, 2020

Fiscal Year-to-date Cumulative Total Return 1	5.39%
Cumulative Distribution Rate2	9.20%
Current Annualized Distribution Rate3	7.75%

Five-year period ending February 29, 2020

Average Annual Total Return4 5.39%

1Fiscal year-to-date Cumulative Total Return assumes reinvestment of distributions. This is calculated as the percentage change in the Trust's NAV over the fiscal year-to-date time period

including distributions paid and reinvested.

2Cumulative Distribution Rate for the Trust's current fiscal period (March 1, 2019 through February 29, 2020) is calculated as the dollar value of distributions in the fiscal year-to-date period as a percentage of the Trust's NAV as of February 29, 2020.

3The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Trust's NAV as of February 29, 2020.

4Average Annual Total Return represents the compound average of the annual NAV Total Returns of the Trust for the five year period ending February 29, 2020. Annual NAV Total Return is the percentage change in the Trust's NAV over a year including distributions paid and reinvested..

The Plan may be amended or terminated at any time by the Trust's Board of Trustees and as a result, the amount of dividends paid by the Trust may vary from time to time. Past amounts of dividends are no guarantee of future dividend payment amounts.

Investing involves risk and it is possible to lose money on any investment in the Trust.

Visit www.invesco.com for more details. If you have any questions, please contact our Client Services Department at 1-800-341-2929 between the hours of 8:00 am – 5:00 pm CT, Monday through Friday.

About Invesco Ltd.

Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our 13 distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in 25 countries, Invesco managed $1.1 trillion in assets on behalf of clients worldwide as of February 29, 2020. For more information, visit www.Invesco.com.

Invesco Distributors, Inc. is the US distributor for Invesco Ltd. It is an indirect, wholly owned subsidiary of Invesco Ltd.

Note: There is no assurance that a closed-end Trust will achieve its investment objective. Shares are bought on the secondary market and may trade at a discount or premium to NAV. Regular brokerage commissions apply.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

—Invesco—

31 Invesco High Income Trust II

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Trust designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 29, 2020:

Federal and State Income Tax

Qualified Dividend Income*	0.45%
Corporate Dividends Received Deduction*	0.30%
U.S. Treasury Obligations*	0.00%
Tax-Exempt Interest Dividends*	0.00%

* The above percentages are based on ordinary income dividends paid to shareholders during the Trust's fiscal year.

Non-Resident Alien Shareholders

Qualified Interest Income** 83.45%

**The above percentage is based on income dividends paid to shareholders during the Trust's fiscal year.

32 Invesco High Income Trust II

Trustees and Officers

The address of each trustee and officer is 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. Generally, each trustee serves for a three year term or until his or her successor has been duly elected and qualified, and each officer serves for a one year term or until his or her successor has been duly elected and qualified. Column two below includes length of time served with predecessor entities, if any.

	Trustee		Number of	Other
Name, Year of Birth and			Funds in	Directorship(s)
	and/or		Fund Complex	Held by Trustee
Position(s)	Officer	Principal Occupation(s)	Overseen by	During Past 5
Held with the Trust	Since	During Past 5 Years	Trustee	Years
Interested Trustee
Martin L. Flanagan1 — 1960	2014	Executive Director, Chief Executive Officer and President, Invesco Ltd.	229	None
Trustee and Vice Chair		(ultimate parent of Invesco and a global investment management firm);
		Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company
		Institute; and Member of Executive Board, SMU Cox School of Business
		Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as
		Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer,
		Invesco Advisers, Inc. (registered investment adviser); Director, Chairman,
		Chief Executive Officer and President, Invesco Holding Company (US), Inc.
		(formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service
		provider) and Invesco North American Holdings, Inc. (holding company);
		Director, Chief Executive Officer and President, Invesco Holding Company
		Limited (parent of Invesco and a global investment management firm);
		Director, Invesco Ltd.; Chairman, Investment Company Institute and President,
		Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief
		Financial Officer, Franklin Resources, Inc. (global investment management
		organization)

1Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco High Income Trust II

Trustees and Officers—(continued)

			Number of
			Funds	Other
	Trustee		in	Directorship(s)
Name, Year of Birth and	and/or		Fund Complex	Held by Trustee
Position(s)	Officer	Principal Occupation(s)	Overseen by	During Past 5
Held with the Trust	Since	During Past 5 Years	Trustee	Years
Independent Trustees
Bruce L. Crockett – 1944	2014	Chairman, Crockett Technologies Associates (technology consulting company)	229	Director and
Trustee and Chair		Formerly: Director, Captaris (unified messaging provider); Director, President		Chairman of the
				Audit Committee,
		and Chief Executive Officer, COMSAT Corporation; Chairman, Board of
				ALPS (Attorneys
		Governors of INTELSAT (international communications company); ACE Limited
				Liability
		(insurance company); Independent Directors Council and Investment Company
				Protection
		Institute: Member of the Audit Committee, Investment Company Institute;
				Society)
		Member of the Executive Committee and Chair of the Governance Committee,
				(insurance
		Independent Directors Council
				company);
				Director and
				Member of the
				Audit Committee
				and
				Compensation
				Committee,
				Ferroglobe PLC
				(metallurgical
				company)
David C. Arch – 1945	1989	Chairman of Blistex Inc. (consumer health care products manufacturer);	229	Board member of
Trustee		Member, World Presidents' Organization		the Illinois
				Manufacturers'
				Association
Beth Ann Brown – 1968	2019	Independent Consultant	229	Director, Board of
Trustee		Formerly: Head of Intermediary Distribution, Managing Director, Strategic		Directors of
				Caron
		Relations, Managing Director, Head of National Accounts, Senior Vice
				Engineering Inc.;
		President, National Account Manager and Senior Vice President, Key Account
				Advisor, Board of
		Manager, Columbia Management Investment Advisers LLC; Vice President, Key
				Advisors of Caron
		Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain
				Engineering Inc.;
		Oppenheimer Funds
				President and
				Director, Acton
				Shapleigh Youth
				Conservation
				Corps (non -
				profit); and Vice
				President and
				Director of
				Grahamtastic
				Connection (non-
				profit)
Jack M. Fields – 1952	2014	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs	229	Member, Board of Directors of
Trustee		company); and Chairman, Discovery Learning Alliance (non-profit)		Baylor College of Medicine
		Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle,
		hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as
		Administaff) (human resources provider); Chief Executive Officer, Texana
		Timber LP (sustainable forestry company); Director of Cross Timbers Quail
		Research Ranch (non-profit); and member of the U.S. House of Representatives

T-2 Invesco High Income Trust II

Trustees and Officers—(continued)

			Number of
			Funds	Other
	Trustee		in	Directorship(s)
Name, Year of Birth and	and/or		Fund Complex	Held by Trustee
Position(s)	Officer	Principal Occupation(s)	Overseen by	During Past 5
Held with the Trust	Since	During Past 5 Years	Trustee	Years
Independent Trustees—(continued)
Cynthia Hostetler —1962	2017	Non-Executive Director and Trustee of a number of public and private business	229	Vulcan Materials
Trustee		corporations		Company
		Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of		(construction
				materials
		Investment Funds and Private Equity, Overseas Private Investment
				company); Trilinc
		Corporation; President, First Manhattan Bancorporation, Inc.; Attorney,
				Global Impact
		Simpson Thacher & Bartlett LLP
				Fund; Genesee &
				Wyoming, Inc.
				(railroads); Artio
				Global Investment
				LLC (mutual fund
				complex); Edgen
				Group, Inc.
				(specialized
				energy and
				infrastructure
				products
				distributor);
				Investment
				Company Institute
				(professional
				organization);
				Independent
				Directors Council
				(professional
				organization)
Eli Jones – 1961	2016	Professor and Dean, Mays Business School - Texas A&M University	229	Insperity, Inc.
Trustee		Formerly: Professor and Dean, Walton College of Business, University of		(formerly known
				as Administaff)
		Arkansas and E.J. Ourso College of Business, Louisiana State University;
				(human resources
		Director, Arvest Bank
				provider)
Elizabeth Krentzman – 1959	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management	229	Trustee of the
Trustee		Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General		University of
		Counsel of the Investment Company Institute (trade association); National		Florida National
		Director of the Investment Management Regulatory Consulting Practice,		Board Foundation
		Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant		and Audit
		Director of the Division of Investment Management - Office of Disclosure and		Committee
		Investment Adviser Regulation of the U.S. Securities and Exchange		Member; Member
		Commission and various positions with the Division of Investment Management		of the Cartica
		– Office of Regulatory Policy of the U.S. Securities and Exchange Commission;		Funds Board of
		Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and		Directors (private
		Exchange Commission Historical Society; and Trustee of certain Oppenheimer		investment
		Funds		funds); Member
				of the University
				of Florida Law
				Center
				Association, Inc.
				Board of Trustees
				and Audit
				Committee
				Member
Anthony J. LaCava, Jr. – 1956	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank	229	Blue Hills Bank;
Trustee		(publicly traded financial institution) and Managing Partner, KPMG LLP		Chairman,
				Bentley
				University;
				Member,
				Business School
				Advisory Council;
				and Nominating
				Committee
				KPMG LLP
Prema Mathai-Davis – 1950	2014	Retired	229	None
Trustee		Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment

Research Platform for the Self-Directed Investor)

T-3 Invesco High Income Trust II

Trustees and Officers—(continued)

			Number of
			Funds	Other
	Trustee		in	Directorship(s)
Name, Year of Birth and	and/or		Fund Complex	Held by Trustee
Position(s)	Officer	Principal Occupation(s)	Overseen by	During Past 5
Held with the Trust	Since	During Past 5 Years	Trustee	Years
Independent Trustees—(continued)
Joel W. Motley – 1952	2019	Director of Office of Finance, Federal Home Loan Bank System; Member of the	229	Member of Board
Trustee		Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc.		of Greenwall
		(privately held financial advisor); Member of the Council on Foreign Relations		Foundation
		and its Finance and Budget Committee; Chairman Emeritus of Board of Human		(bioethics
		Rights Watch and Member of its Investment Committee; and Member of		research
		Investment Committee and Board of Historic Hudson Valley (non-profit cultural		foundation) and
		organization)		its Investment
		Formerly: Managing Director of Public Capital Advisors, LLC (privately held		Committee;
				Member of Board
		financial advisor); Managing Director of Carmona Motley Hoffman, Inc.
				of Friends of the
		(privately held financial advisor); Trustee of certain Oppenheimer Funds; and
				LRC (non-profit
		Director of Columbia Equity Financial Corp. (privately held financial advisor)
				legal advocacy);
				Board Member
				and Investment
				Committee
				Member of
				Pulizer Center for
				Crisis Reporting
				(non-profit journalism)
Teresa M. Ressel — 1962	2017	Non-executive director and trustee of a number of public and private business	229	Atlantic Power
Trustee		corporations		Corporation
		Formerly: Chief Financial Officer, Olayan America, The Olayan Group		(power generation
				company); ON
		(international investor/commercial/industrial); Chief Executive Officer, UBS
				Semiconductor
		Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant
				Corp.
		Secretary for Management & Budget and CFO, US Department of the Treasury
				(semiconductor
				supplier)
Ann Barnett Stern – 1957	2017	President and Chief Executive Officer, Houston Endowment Inc. (private	229	Federal Reserve
Trustee		philanthropic institution)		Bank of Dallas
		Formerly: Executive Vice President and General Counsel, Texas Children's
		Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor,
		University of St. Thomas; Attorney, Andrews & Kurth LLP
Robert C. Troccoli – 1949	2016	Retired	229	None
Trustee		Formerly: Adjunct Professor, University of Denver – Daniels College of
		Business; Senior Partner, KPMG LLP
Daniel S. Vandivort –1954	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board	229	Chairman and
Trustee		of Trustees, Huntington Disease Foundation of America; and President, Flyway		Lead Independent
		Advisory Services LLC (consulting and property management)		Director,
		Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds		Chairman of the
				Audit Committee,
				and Director,
				Board of
				Directors, Value
				Line Funds
James D. Vaughn – 1945	2019	Retired	229	Board member
Trustee		Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of		and Chairman of
				Audit Committee
		the Audit Committee, Schroder Funds; Board Member, Mile High United Way,
				of AMG National
		Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts,
				Trust Bank;
		Economic Club of Colorado and Metro Denver Network (economic development
				Trustee and
		corporation); and Trustee of certain Oppenheimer Funds
				Investment
				Committee
				member,
				University of
				South Dakota
				Foundation;
				Board member,
				Audit Committee
				Member and past
				Board Chair,
				Junior
				Achievement
				(non-profit)
Christopher L. Wilson -	2017	Retired	229	ISO New
1957		Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22		England, Inc.
Trustee, Vice Chair and Chair				(non-profit
		portfolios); Managing Partner, CT2, LLC (investing and consulting firm);
Designate				organization
		President/Chief Executive Officer, Columbia Funds, Bank of America

Corporation; President/Chief Executive Officer, CDC IXIS Asset Management	managing
	regional electricity
Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder,
	market)
Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

T-4 Invesco High Income Trust II

Trustees and Officers—(continued)

			Number of	Other
	Trustee		Funds in	Directorship(s)
Name, Year of Birth and	and/or		Fund Complex	Held by Trustee
Position(s)	Officer	Principal Occupation(s)	Overseen by	During Past 5
Held with the Trust	Since	During Past 5 Years	Trustee	Years
Officers
Sheri Morris — 1964	2010	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive	N/A	N/A
President, Principal Executive		Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers,
Officer and Treasurer		Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered
		investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust,
		Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund
		Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively
		Managed Exchange-Traded Commodity Fund Trust and Invesco
		Exchange-Traded Self-Indexed Fund Trust; and Vice President,
		OppenheimerFunds, Inc.
		Formerly: Vice President and Principal Financial Officer, The Invesco Funds;
		Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management,
		Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President
		and Assistant Treasurer, The Invesco Funds and Assistant Vice President,
		Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM
		Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded
		Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India
		Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded
		Fund Trust
Russell C. Burk — 1958	2014	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Senior Vice President and Senior
Officer
Jeffrey H. Kupor – 1968	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and	N/A	N/A
Senior Vice President, Chief Legal		Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional
Officer and Secretary		(N.A.), Inc.) (registered investment adviser); Senior Vice President and
		Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM
		Distributors, Inc.); Vice President and Secretary, Invesco Investment Services,
		Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice
		President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and
		General Counsel, Invesco Investment Advisers LLC (formerly known as Van
		Kampen Asset Management); Secretary and General Counsel, Invesco Capital
		Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal
		Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund
		Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed
		Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded
		Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;
		Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
		Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal,
		Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO
		Private Capital Investments, Inc.; Senior Vice President, Secretary and General
		Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM
		Management Group, Inc.); Assistant Secretary, INVESCO Asset Management
		(Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;
		Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and
		General Counsel, Invesco Senior Secured Management, Inc.; and Secretary,
		Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and	N/A	N/A
Senior Vice President		Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco
		Institutional (N.A.), Inc.) (registered investment adviser); Director and
		Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM
		Investment Services, Inc.) (registered transfer agent); Senior Vice President,
		The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known
		as Van Kampen Asset Management); Director, President and Chairman, Invesco
		Insurance Agency, Inc.
		Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco
		Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice
		President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc.
		(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment
		adviser); Director and Chief Executive, Invesco Administration Services Limited
		and Invesco Global Investment Funds Limited; Director, Invesco Distributors,
		Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed
		Exchange-Traded Commodity Fund Trust, Invesco Actively Managed
		Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco
		Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust;
		Managing Director and Principal Executive Officer, Invesco Capital
		Management LLC

T-5 Invesco High Income Trust II

Trustees and Officers—(continued)

			Number of	Other
	Trustee		Funds in	Directorship(s)
Name, Year of Birth and	and/or		Fund Complex	Held by Trustee
Position(s)	Officer	Principal Occupation(s)	Overseen by	During Past 5
Held with the Trust	Since	During Past 5 Years	Trustee	Years
Officers—(continued)
John M. Zerr — 1962	2010	Chief Operating Officer of the Americas; Senior Vice President, Invesco	N/A	N/A
Senior Vice President		Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered
		investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly
		known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco
		Investment Services, Inc. (formerly known as Invesco AIM Investment
		Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director,
		Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC
		(formerly known as Van Kampen Asset Management); Senior Vice President,
		Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.);
		Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC;
		Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member,
		Invesco Canada Funds Advisory Board; Director, President and Chief Executive
		Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and
		Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd.
		(formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered
		investment adviser and registered transfer agent); President, Invesco, Inc.
		Formerly: Director and Senior Vice President, Invesco Management Group, Inc.
		(formerly known as Invesco AIM Management Group, Inc.); Secretary and
		General Counsel, Invesco Management Group, Inc. (formerly known as Invesco
		AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc.
		(formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer
		and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco
		Investment Advisers LLC (formerly known as Van Kampen Asset Management);
		Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known
		as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund
		Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded
		Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco
		Actively Managed Exchange-Traded Commodity Fund Trust and Invesco
		Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC;
		Director, Secretary, General Counsel and Senior Vice President, Van Kampen
		Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc.
		(formerly known as INVESCO Distributors, Inc.); Director and Vice President,
		INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen
		Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van
		Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors,
		Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice
		President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van
		Kampen Investments Inc.; Director, Vice President and Secretary, Fund
		Management Company; Director, Senior Vice President, Secretary, General
		Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief
		Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an
		investment adviser)
Gregory G. McGreevey - 1962	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and	N/A	N/A
Senior Vice President		Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco
		Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco
		Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and
		Senior Vice President, The Invesco Funds; and President, SNW Asset
		Management Corporation
		Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco
		Advisers, Inc.; Assistant Vice President, The Invesco Fundsand Invesco
		Managed Accounts, LLC
Kelli Gallegos – 1970	2010	Principal Financial and Accounting Officer – Investments Pool, Invesco	N/A	N/A
Vice President, Principal Financial		Specialized Products, LLC; Vice President, Principal Financial Officer and
Officer and Assistant Treasurer		Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting
		Officer – Pooled Investments, Invesco Capital Management LLC; Vice President
		and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded
		Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively
		Managed Exchange-Traded Fund Trust, Invesco Actively Managed
		Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded
		Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc.
		Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant
		Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded
		Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively
		Managed Exchange-Traded Fund Trust, Invesco Actively Managed
		Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded
		Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital
		Management LLC; Assistant Vice President, The Invesco Funds
Crissie M. Wisdom – 1969	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities	N/A	N/A
Anti-Money Laundering		including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets,
Compliance Officer		Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco
		Funds, Invesco Capital Management, LLC, Invesco Trust Company;
		OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for
		Invesco Investment Services, Inc.

T-6 Invesco High Income Trust II

Trustees and Officers—(continued)

			Number of	Other
	Trustee		Funds in	Directorship(s)
Name, Year of Birth and	and/or		Fund Complex	Held by Trustee
Position(s)	Officer	Principal Occupation(s)	Overseen by	During Past 5
Held with the Trust	Since	During Past 5 Years	Trustee	Years
Officers—(continued)
Robert R. Leveille – 1969	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment	N/A	N/A
Chief Compliance Officer		adviser); and Chief Compliance Officer, The Invesco Funds
		Formerly: Chief Compliance Officer, Putnam Investments and the Putnam
		Funds

Office of the Fund	Investment Adviser	Auditors	Custodian
1555 Peachtree Street, N.E.	Invesco Advisers, Inc.	PricewaterhouseCoopers LLP	State Street Bank and Trust Company
Atlanta, GA 30309	1555 Peachtree Street, N.E.	1000 Louisiana Street, Suite 5800	225 Franklin Street
	Atlanta, GA 30309	Houston, TX 77002-5021	Boston, MA 02110-2801

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Computershare Trust Company, N.A
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	250 Royall Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Canton, MA 02021

T-7 Invesco High Income Trust II

Correspondence information

Send general correspondence to Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000.

Trust holdings and proxy voting information

The Trust provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Trust's semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust's Form N-PORT filings on the SEC website at sec.gov. The SEC file number for the Trust is shown below.

A description of the policies and procedures that the Trust uses to determine how to vote proxies

relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is also available on

the SEC website, sec.gov.

Information regarding how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

SEC file number: 811-05769 VK-CE-HINC2-AR-1

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report."

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Jr. Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Jr. Robert C. Troccoli and James Vaughn are "independent" within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

During the reporting period, PricewaterhouseCoopers LLC ("PwC") advised the Audit Committee of the following matters for consideration under the SEC's auditor independence rules. PwC advised the Audit Committee that a PwC Manager and a PwC Senior Associate each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule 2- 01(c)(1) of Regulation S-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, (or with respect to the PwC Senior Associate was not aware until after the investments were confirmed as SEC exceptions), the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates (or with respect to the PwC Senior Associate, the services were performed by an individual who did not have decision-making responsibility for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Senior Associate), and the investments were not material to the net worth of each individual or their respective immediate family members which PwC considered in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

	Fees Billed for Services			Fees Billed for Services
			Rendered to the	Rendered to the
	Registrant for fiscal year			Registrant for fiscal year
			end 2020			end 2019
Audit Fees	$		48,266	$		42,825
Audit-Related Fees	$		0	$		0
Tax Fees(1)	$		24,102	$		7,825
All Other Fees		$	0		$	0
Total Fees		$	72,368	$		50,650

(1)Tax Fees for the fiscal year end February 29, 2020 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences. Tax fees for fiscal year end February 28, 2019 includes fees billed for reviewing tax returns and/or services related to tax compliance.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Invesco Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.

	Fees Billed for Non-
	Audit Services			Fees Billed for Non-Audit
	Rendered to Invesco			Services Rendered to
	and Invesco Affiliates			Invesco and Invesco
	for fiscal year end			Affiliates for fiscal year
	2020 That Were			end 2019 That Were
			Required			Required
	to be Pre-Approved			to be Pre-Approved
	by the Registrant's			by the Registrant's
	Audit Committee			Audit Committee
Audit-Related Fees(1)	$		690,000	$		690,000
Tax Fees	$		0	$		0
All Other Fees		$	0		$	0
Total Fees	$		690,000	$		690,000

(1)Audit-Related Fees for the fiscal years ended 2020 and 2019 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES As adopted by the Audit Committees of the Invesco Funds (the "Funds")

Last Amended March 29, 2017

I.Statement of Principles

The Audit Committees (the "Audit Committee") of the Boards of Trustees of the Funds (the "Board") have adopted these policies and procedures (the "Procedures") with respect to the pre- approval of audit and non-audit services to be provided by the Funds' independent auditor (the "Auditor") to the Funds, and to the Funds' investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, "Service Affiliates").

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate's

engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a "Service Affiliate's Covered Engagement").

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate's Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission ("SEC") and other organizations and regulatory bodies applicable to the Funds ("Applicable Rules").1 They address both general pre-approvals without consideration of specific case-by-case services ("general pre-approvals") and pre-approvals on a case-by-case basis ("specific pre-approvals"). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II.Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre- approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor's qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III.General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non- Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee's review and approval of General Pre-Approved Non-Audit Services, the Funds' Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of

1Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-end funds managed by Invesco and listed on NYSE.

such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV. Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

a.Audit-Related Services

"Audit-related services" are assurance and related services that are reasonably related to the performance of the audit or review of the Fund's financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b.Tax Services

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c.Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor's independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements.

V.Pre-Approval of Service Affiliate's Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a "Service Affiliate's Covered Engagement".

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate's Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate's Covered Engagements that are not within the scope of General Pre-Approved Non- Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate's Covered Engagement must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds' Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds. The Funds' Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds.

VI. Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate's Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre- approval by the Audit Committee before payment of any additional fees is made.

VII. Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate's Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate's Covered Engagement for which the fees are estimated to exceed $500,000; or

(c)any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII. Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds' Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds' Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds' Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX. Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor's Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

∙Management functions;

∙Human resources;

∙Broker-dealer, investment adviser, or investment banking services ;

∙Legal services;

∙Expert services unrelated to the audit;

∙Any service or product provided for a contingent fee or a commission;

∙Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

∙Tax services for persons in financial reporting oversight roles at the Fund; and

∙Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements:

∙Bookkeeping or other services related to the accounting records or financial statements of the audit client;

∙Financial information systems design and implementation;

∙Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

∙Actuarial services; and

∙Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f)Not applicable.

(g)In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $4,089,000 for the fiscal year ended February 29, 2020 and $3,550,000 for the fiscal year ended February 28, 2019 for non-audit services not required to be pre-approved by the Registrant's Audit Committee. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $4,803,102 for the fiscal year ended February 29, 2020 and $4,247,825 for the fiscal year ended February 28, 2019.

PwC provided audit services to the Investment Company complex of approximately $33 million.

(h)The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END

MANAGEMENT INVESTMENT COMPANIES.

Invesco's Policy Statement on Global Corporate Governance and Proxy Voting

February, 2020

I.Guiding Principles and Philosophy

Public companies hold shareholder meetings, attended by the company's executives, directors, and shareholders, during which important issues, such as appointments to the company's board of directors, executive compensation, and auditors, are addressed and where applicable, voted on. Proxy voting gives shareholders the opportunity to vote on issues that impact the company's operations and policies without being present at the meetings.

Invesco views proxy voting as an integral part of its investment management responsibilities and believes that the right to vote proxies should be managed with the same high standards of care and fiduciary duty to its clients as all other elements of the investment process. Invesco's proxy voting philosophy, governance structure and process are designed to ensure that proxy votes are cast in accordance with clients' best interests, which Invesco interprets to mean clients' best economic interests, this Policy and the operating guidelines and procedures of Invesco's regional investment centers.

Invesco investment teams vote proxies on behalf of Invesco-sponsored funds and both fund and non-fund advisory clients that have explicitly granted Invesco authority in writing to vote proxies on their behalf.

The proxy voting process at Invesco, which is driven by investment professionals, focuses on maximizing long-term value for our clients, protecting clients' rights and promoting governance structures and practices that reinforce the accountability of corporate management and boards of directors to shareholders. Invesco takes a nuanced approach to voting and, therefore, many matters to be voted upon are reviewed on a case by case basis.

Votes in favor of board or management proposals should not be interpreted as an indication of insufficient consideration by Invesco fund managers. Such votes may reflect the outcome of past or ongoing engagement and active ownership by Invesco with representatives of the companies in which we invest.

II.Applicability of this Policy

This Policy sets forth the framework of Invesco's corporate governance approach, broad philosophy and guiding principles that inform the proxy voting practices of Invesco's investment teams around the world. Given the different nature of these teams and their respective investment processes, as well as the significant differences in regulatory regimes and market practices across jurisdictions, not all aspects of this Policy may apply to all Invesco investment teams at all times. In the case of a conflict between this Policy and the operating guidelines and procedures of a regional investment center the latter will control.

III.Proxy Voting for Certain Fixed Income, Money Market and Index Strategies

For proxies held by certain client accounts managed in accordance with fixed income, money market and index strategies (including exchange traded funds), Invesco will typically vote in line with the majority holder of the active-equity shares held by Invesco outside of those strategies ("Majority Voting"). In this manner Invesco seeks to leverage the active-equity expertise and comprehensive proxy voting reviews conducted by teams employing active-equity strategies, which typically incorporate analysis of proxy issues as a core component of the investment process. Portfolio managers for accounts employing Majority Voting still retain full discretion to override Majority Voting and to vote the shares as they determine to be in the best interest of those accounts, absent certain types of conflicts of interest, which are discussed elsewhere in this Policy. When there are no corresponding active-equity shares held by Invesco, the proxies for those strategies will be voted in the following manner: (i) for U.S. issuers, in line with Invesco custom voting guidelines derived from the guidelines set forth below; and (ii) for non-U.S. issuers, in line with the recommendations of a third-party proxy advisory service.

IV. Conflicts of Interest

There may be occasions where voting proxies may present a real or perceived conflict of interest between Invesco, as investment manager, and one or more of Invesco's clients or vendors. Under Invesco's Code of Conduct, Invesco entities and individuals are strictly prohibited from putting personal benefit, whether tangible or intangible, before the interests of clients. "Personal benefit" includes any intended benefit for Invesco, oneself or any other individual, company, group or organization of any kind whatsoever, except a benefit for the relevant Invesco client.

Firm-level Conflicts of Interest

A conflict of interest may exist if Invesco has a material business relationship with, or is actively soliciting business from, either the company soliciting a proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote (e.g., issuers that are distributors of Invesco's products, or issuers that employ

Invesco to manage portions of their retirement plans or treasury accounts). Invesco's proxy governance team maintains a list of all such issuers for which a conflict of interest exists.

If the proposal that gives rise to the potential conflict is specifically addressed by this Policy or the operating guidelines and procedures of the relevant regional investment center, Invesco generally will vote the proxy in accordance therewith. Otherwise, based on a majority vote of its members, the Global IPAC (as described below) will vote the proxy.

Because this Policy and the operating guidelines and procedures of each regional investment center are pre-determined and crafted to be in the best interest of clients, applying them to vote client proxies should, in most instances, resolve any potential conflict of interest. As an additional safeguard, persons from Invesco's marketing, distribution and other customer-facing functions may not serve on the Global IPAC. For the avoidance of doubt, Invesco may not consider Invesco Ltd.'s pecuniary interest when voting proxies on behalf of clients.

Personal Conflicts of Interest

A conflict also may exist where an Invesco employee has a known personal relationship with other proponents of proxy proposals, participants in proxy contests, corporate directors, or candidates for directorships.

All Invesco personnel with proxy voting responsibilities are required to report any known personal conflicts of interest regarding proxy issues with which they are involved. In such instances, the individual(s) with the conflict will be excluded from the decision-making process relating to such issues.

Other Conflicts of Interest

To avoid any appearance of a conflict of interest, Invesco will not vote proxies issued by, or related to matters involving, Invesco Ltd. that may be held in client accounts from time to time.2 Shares of an Invesco-sponsored fund held by other Invesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund. Shares of an unaffiliated registered fund held by one or more Invesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund as required by federal securities law or any exemption therefrom. Additionally, Invesco or its Funds may vote proportionally in other cases where required by law.

V.Use of Third-Party Proxy Advisory Services

Invesco may supplement its internal research with information from third-parties, such as proxy advisory firms. However, Invesco generally retains full and independent discretion with respect to proxy voting decisions.

As part of its fiduciary obligation to clients, Invesco performs extensive initial and ongoing due diligence on the proxy advisory firms it engages. This includes reviews of information regarding the capabilities of their research staffs, methodologies for formulating voting recommendations, the adequacy and quality of staffing, personnel and technology, as applicable, and internal

2Generally speaking, Invesco does not invest for its clients in the shares of Invesco Ltd., however, limited exceptions apply in the case of funds or accounts designed to track an index that includes Invesco Ltd. as a component.

controls, policies and procedures, including those relating to possible conflicts of interest. In addition, Invesco regularly monitors and communicates with these firms and monitors their compliance with Invesco's performance and policy standards.

VI. Global Proxy Voting Platform and Administration

Guided by its philosophy that investment teams should manage proxy voting, Invesco has created the Global Invesco Proxy Advisory Committee ("Global IPAC"). The Global IPAC is a global investments-driven committee comprised of representatives from various investment management teams and Invesco's Global Head of ESG. The Global IPAC provides a forum for investment teams to monitor, understand and discuss key proxy issues and voting trends within the Invesco complex. Absent a conflict of interest, the Global IPAC representatives, in consultation with the respective investment team, are responsible for voting proxies for the securities the team manages (unless such responsibility is explicitly delegated to the portfolio managers of the securities in question). In addition to the Global IPAC, for some clients, third parties (e.g., U.S. fund boards) provide oversight of the proxy process. The Global IPAC and Invesco's proxy administration and governance team, compliance and legal teams annually communicate and review this Policy and the operating guidelines and procedures of each regional investment center to ensure that they remain consistent with clients' best interests, regulatory requirements, governance trends and industry best practices.

Invesco maintains a proprietary global proxy administration platform, known as the "fund manager portal" and supported by the Global Head of ESG and a dedicated team of internal proxy specialists. The platform streamlines the proxy voting and ballot reconciliation processes, as well as related functions, such as share blocking and managing conflicts of interest issuers. Managing these processes internally, as opposed to relying on third parties, gives Invesco greater quality control, oversight and independence in the proxy administration process.

The platform also includes advanced global reporting and record-keeping capabilities regarding proxy matters that enable Invesco to satisfy client, regulatory and management requirements. Historical proxy voting information, including commentary by investment professionals regarding the votes they cast, where applicable, is stored to build institutional knowledge across the Invesco complex with respect to individual companies and proxy issues. Certain investment teams also use the platform to access third-party proxy research.

VII. Non-Votes

In the great majority of instances, Invesco will vote proxies. However, in certain circumstances, Invesco may refrain from voting where the economic or other opportunity costs of voting exceeds any benefit to clients. Such circumstances could include, for example:

∙If the security in question is on loan as part of a securities lending program, Invesco may determine that the benefit to the client of voting a particular proxy is outweighed by the revenue that would be lost by terminating the loan and recalling the securities;

∙In some countries the exercise of voting rights imposes temporary transfer restrictions on the related securities ("share blocking"). Invesco generally refrains from voting proxies in share-blocking countries unless Invesco determines that the benefit to the client(s) of voting a specific proxy outweighs the client's temporary inability to sell the security; or

∙Some companies require a representative to attend meetings in person to vote a proxy. Invesco may determine that the costs of sending a representative or signing a power-of- attorney outweigh the benefit of voting a particular proxy.

In addition, there may be instances in which Invesco is unable to vote all of its clients' proxies despite using commercially reasonable efforts to do so. For example, Invesco may not receive proxy materials from the relevant fund or client custodian with sufficient time and information to make an informed independent voting decision. In other cases, voting may not be practicable due to operational limitations. In such cases, Invesco may choose not to vote, to abstain from voting, to vote in line with management or to vote in accordance with proxy advisor recommendations. These matters are left to the discretion of the relevant portfolio manager.

VIII. Proxy Voting Guidelines

The following guidelines describe Invesco's general positions on various proxy voting issues. The guidelines are not intended to be exhaustive or prescriptive. As noted above, Invesco's proxy process is investor-driven, and each portfolio manager retains ultimate discretion to vote proxies in the manner he or she deems most appropriate, consistent with Invesco's proxy voting principles and philosophy discussed in Sections I. through IV. Individual proxy votes therefore will differ from these guidelines from time to time.

Invesco generally affords management discretion with respect to the operation of a company's business and will generally support a board's discretion on proposals relating to ordinary business practices and routine matters, unless there is insufficient information to decide about the nature of the proposal.

Invesco generally abstains from voting on or opposes proposals that are "bundled" or made contingent on each other (e.g., proposals to elect directors and approve compensation plans) where there is insufficient information to decide about the nature of the proposals.

A. Shareholder Access and Treatment of Shareholder Proposals – General

Invesco reviews on a case by case basis but generally votes in favor of proposals that would increase shareholders' opportunities to express their views to boards of directors, proposals that would lower barriers to shareholder action, and proposals to promote the adoption of generally accepted best practices in corporate governance, provided that such proposals would not require a disproportionate amount of management attention or corporate resources or otherwise that may inappropriately disrupt the company's business and main purpose, usually set out in their reporting disclosures and business model. Likewise, Invesco reviews on a case by case basis but generally votes for shareholder proposals that are designed to protect shareholder rights if a company's corporate governance standards indicate that such additional protections are warranted (for example, where minority shareholders' rights are not adequately protected).

B. Environmental, Social and Corporate Responsibility Issues

Invesco believes that a company's long-term response to environmental, social and corporate responsibility issues can significantly affect long-term shareholder value. We recognize that to manage a corporation effectively, directors and management may consider not only the interests

of shareholders, but also the interests of employees, customers, suppliers, creditors and the local community, among others. While Invesco generally affords management discretion with respect to the operation of a company's business, Invesco generally will evaluate proposals relating to environmental, social and corporate responsibility issues on a case by case basis and will vote on those proposals in a manner intended to maximize long-term shareholder value. Invesco may choose, however, to abstain on voting on proposals relating to environmental, social and corporate responsibility issues.

Invesco reviews on a case by case basis but generally supports the following proposals relating to these issues:

∙Gender pay gap proposals

∙Political contributions disclosure/political lobbying disclosure/political activities and action

∙Data security, privacy, and internet issues

∙Report on climate change/climate change action

∙Gender diversity on boards

C. Capitalization Structure Issues

i.Stock Issuances

Invesco generally supports a board's proposal to issue additional capital stock to meet ongoing corporate needs, except where the request could adversely affect Invesco clients' ownership stakes or voting rights. Some capitalization proposals, such as those to authorize common or preferred stock with special voting rights or to issue additional stock in connection with an acquisition, may require additional analysis. Invesco generally opposes proposals to issue additional stock without preemptive rights, as those issuances do not permit shareholders to share proportionately in any new issues of stock of the same class. Invesco generally opposes proposals to authorize classes of preferred stock with unspecified voting, conversion, dividend or other rights ("blank check" stock) when they appear to be intended as an anti-takeover mechanism; such issuances may be supported when used for general financing purposes.

ii.Stock Splits

Invesco generally supports a board's proposal to increase common share authorization for a stock split, provided that the increase in authorized shares would not result in excessive dilution given the company's industry and performance in terms of shareholder returns.

iii.Share Repurchases

Invesco generally supports a board's proposal to institute open-market share repurchase plans only if all shareholders participate on an equal basis.

D.Corporate Governance Issues

i.General

Invesco reviews on a case by case basis but generally supports the following proposals related to governance matters:

∙Adopt proxy access right

∙Require independent board chairperson

∙Provide right to shareholders to call special meetings

∙Provide right to act by written consent

∙Submit shareholder rights plan (poison pill) to shareholder vote

∙Reduce supermajority vote requirement

∙Remove antitakeover provisions

∙Declassify the board of directors

∙Require a majority vote for election of directors

∙Require majority of independent directors on the board

∙Approve executive appointment

∙Adopt exclusive forum provision

Invesco generally supports a board's discretion to amend a company's articles concerning routine matters, such as formalities relating to shareholder meetings. Invesco generally opposes non-routine amendments to a company's articles if any of the proposed amendments would limit shareholders' rights or there is insufficient information to decide about the nature of the proposal.

ii.Board of Directors

1.Director Nominees in Uncontested Elections

Subject to the other considerations described below, in an uncontested director election for a company without a controlling shareholder, Invesco generally votes in favor of the director slate if it is comprised of at least a majority of independent directors and if the board's key committees are fully independent, effective and balanced. Key committees include the audit, compensation/remuneration and governance/nominating committees. Invesco's standard of independence excludes directors who, in addition to the directorship, have any material business or family relationships with the companies they serve.

2.Director Nominees in Contested Elections

Invesco recognizes that short-term investment sentiments influence the corporate governance landscape and may influence companies in Invesco clients' portfolios and more broadly across the market. Invesco recognizes that short-term investment sentiment may conflict with long- term value creation and as such looks at each proxy contest matter on a case by case basis, considering factors such as:

∙Long-term financial performance of the company relative to its industry

∙Management's track record

∙Background to the proxy contest

∙Qualifications of director nominees (both slates)

∙Evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met

∙Stock ownership positions in the company

3.Director Accountability

Invesco generally withholds votes from directors who exhibit a lack of accountability to shareholders. Examples include, without limitation, poor attendance (less than 75%, absent extenuating circumstances) at meetings, director "overboarding" (as described below), failing to implement shareholder proposals that have received a majority of votes and/or by adopting or approving egregious corporate-governance or other policies. In cases of material financial restatements, accounting fraud, habitually late filings, adopting shareholder rights plan ("poison pills") without shareholder approval, or other areas of poor performance, Invesco may withhold votes from some or all of a company's directors. Invesco generally supports shareholder proposals relating to the competence of directors that are in the best interest of the company's performance and the interest of its shareholders. In situations where directors' performance is a concern, Invesco may also support shareholder proposals to take corrective actions such as so- called "clawback" provisions.

Invesco generally withholds votes from directors who serve on an excessive number of boards of directors ("overboarding"). Examples of overboarding may include when (i) a non-executive director is sitting on more than six public company boards, and (ii) a CEO is sitting on the board of more than two public companies besides the CEO's own company, excluding the boards of majority-owned subsidiaries of the parent company.

4.Director Independence

Invesco generally supports proposals to require a majority of directors to be independent unless particular circumstances make this not feasible or in the best interests of shareholders. We generally vote for proposals that would require the board's audit, compensation/remuneration, and/or governance/nominating committees to be composed exclusively of independent directors because this minimizes the potential for conflicts of interest.

5.Director Indemnification

Invesco recognizes that individuals may be reluctant to serve as corporate directors if they are personally liable for all related lawsuits and legal costs. As a result, reasonable limitations on directors' liability can benefit a company and its shareholders by helping to attract and retain qualified directors while preserving recourse for shareholders in the event of misconduct by directors. Accordingly, unless there is insufficient information to make a decision about the nature of the proposal, Invesco will generally support a board's discretion regarding proposals to limit directors' liability and provide indemnification and/or exculpation, provided that the arrangements are limited to the director acting honestly and in good faith with a view to the best interests of the company and, in criminal matters, are limited to the director having reasonable grounds for believing the conduct was lawful.

6.Separate Chairperson and CEO

Invesco evaluates these proposals on a case by case basis, recognizing that good governance requires either an independent chair or a qualified, proactive, and lead independent director.

Voting decisions may consider, among other factors, the presence or absence of:

∙a designated lead director, appointed from the ranks of the independent board members, with an established term of office and clearly delineated powers and duties

∙a majority of independent directors

∙completely independent key committees

∙committee chairpersons nominated by the independent directors

∙CEO performance reviewed annually by a committee of independent directors

∙established governance guidelines

7.Majority/Supermajority/Cumulative Voting for Directors

The right to elect directors is the single most important mechanism shareholders have to promote accountability. Invesco generally votes in favor of proposals to elect directors by a majority vote. Except in cases where required by law in the jurisdiction of incorporation or when a company has adopted formal governance principles that present a meaningful alternative to the majority voting standard, Invesco generally votes against actions that would impose any supermajority voting requirement, and generally supports actions to dismantle existing supermajority requirements.

The practice of cumulative voting can enable minority shareholders to have representation on a company's board. Invesco generally opposes such proposals as unnecessary where the company has adopted a majority voting standard. However, Invesco generally supports proposals to institute the practice of cumulative voting at companies whose overall corporate-governance standards indicate a particular need to protect the interests of minority shareholders.

8.Staggered Boards/Annual Election of Directors

Invesco generally supports proposals to elect each director annually rather than electing directors to staggered multi-year terms because annual elections increase a board's level of accountability to its shareholders.

9.Board Size

Invesco believes that the number of directors is an important factor to consider when evaluating the board's ability to maximize long-term shareholder value. Invesco approaches proxies relating to board size on a case by case basis but generally will defer to the board with respect to determining the optimal number of board members, provided that the proposed board size is sufficiently large to represent shareholder interests and sufficiently limited to remain effective.

10.Director Term Limits and Retirement Age

Invesco believes it is important for a board of directors to examine its membership regularly with a view to ensuring that the company continues to benefit from a diversity of director viewpoints and experience. We generally believe that an individual board's nominating committee is best positioned to determine whether director term limits would be an appropriate measure to help achieve these goals and, if so, the nature of such limits. Invesco generally opposes proposals to limit the tenure of outside directors through mandatory retirement ages.

iii.Audit Committees and Auditors

1.Qualifications of Audit Committee and Auditors

Invesco believes a company's Audit Committee has a high degree of responsibility to shareholders in matters of financial disclosure, integrity of the financial statements and effectiveness of a company's internal controls. Independence, experience and financial expertise are critical elements of a well-functioning Audit Committee. When electing directors who are members of a company's Audit Committee, or when ratifying a company's auditors, Invesco considers the past performance of the Audit Committee and holds its members accountable for the quality of the company's financial statements and reports.

2.Auditor Indemnifications

A company's independent auditors play a critical role in ensuring and attesting to the integrity of the company's financial statements. It is therefore essential that they perform their work in accordance with the highest standards. Invesco generally opposes proposals that would limit the liability of or indemnify auditors because doing so could serve to undermine this obligation.

3.Adequate Disclosure of Auditor Fees

Understanding the fees earned by the auditors is important for assessing auditor independence. Invesco's support for the re-appointment of the auditors will take into consideration the availability of adequate disclosure concerning the amount and nature of audit versus non-audit fees. Invesco generally will support proposals that call for this disclosure if it is not already being made.

E. Remuneration and Incentives

Invesco believes properly constructed compensation plans that include equity ownership are effective in creating incentives that induce management and employees of portfolio companies to create greater shareholder wealth. Invesco generally supports equity compensation plans that promote the proper alignment of incentives with shareholders' long-term interests, and generally votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features, and plans that appear likely to reduce the value of the client's investment.

i.Independent Compensation/Remuneration Committee

Invesco believes that an independent, experienced and well-informed compensation/remuneration committee is critical to ensuring that a company's remuneration practices align with shareholders' interests and, therefore, generally supports proposals calling for a compensation/remuneration committee to be comprised solely of independent directors.

ii.Advisory Votes on Executive Compensation

Invesco believes that an independent compensation/remuneration committee of the board, with input from management, is generally best positioned to determine the appropriate components and levels of executive compensation, as well as the appropriate frequency of related shareholder advisory votes. This is particularly the case where shareholders can express their views on remuneration matters through annual votes for or against the election of the individual directors who comprise the compensation/remuneration committee. Invesco, therefore, generally will support management's recommendations regarding the components and levels of executive compensation and the frequency of shareholder advisory votes on executive compensation. However, Invesco will vote against such recommendations where Invesco determines that a company's executive remuneration policies are not properly aligned with shareholder interests or may create inappropriate incentives for management.

iii.Equity Based Compensation Plans

Invesco generally votes against plans that contain structural features that would impair the alignment of incentives between shareholders and management. Such features include, without limitation, the ability to reprice or reload options without shareholder approval, the ability to issue options below the stock's current market price, or the ability to replenish shares automatically without shareholder approval.

iv.Severance Arrangements

Invesco considers proposed severance arrangements (sometimes known as "golden parachute" arrangements) on a case by case basis due to the wide variety among their terms. Invesco acknowledges that in some cases such arrangements, if reasonable, may be in shareholders' best interests as a method of attracting and retaining high quality executive talent. Invesco generally votes in favor of proposals requiring advisory shareholder ratification of senior executives' severance agreements while generally opposing proposals that require such agreements to be ratified by shareholders in advance of their adoption.

v."Claw Back" Provisions

Invesco generally supports so called "claw back" policies intended to recoup remuneration paid to senior executives based upon materially inaccurate financial reporting (as evidenced by later restatements) or fraudulent accounting or business practices.

vi.Employee Stock Purchase Plans

Invesco generally supports employee stock purchase plans that are reasonably designed to provide proper incentives to a broad base of employees, provided that the price at which employees may acquire stock represents a reasonable discount from the market price.

F. Anti-Takeover Defenses

Measures designed to protect a company from unsolicited bids can adversely affect shareholder value and voting rights, and they have the potential to create conflicts of interests among directors, management and shareholders. Such measures include adopting or renewing shareholder rights plans ("poison pills"), requiring supermajority voting on certain corporate actions, classifying the election of directors instead of electing each director to an annual term, or creating separate classes of common or preferred stock with special voting rights. In determining whether to support a proposal to add, eliminate or restrict anti-takeover measures, Invesco will examine the elements of the proposal to assess the degree to which it would adversely affect shareholder rights of adopted. Invesco generally supports shareholder proposals directing companies to subject their anti-takeover provisions to a shareholder vote, as well as the following proposals:

∙Provide right to act by written consent

∙Provide right to call special meetings

∙Adopt fair price provision

∙Approve control share acquisition

Invesco generally opposes payments by companies to minority shareholders intended to dissuade such shareholders from pursuing a takeover or another change (sometimes known as "greenmail") because these payments result in preferential treatment of some shareholders over others.

Companies occasionally require shareholder approval to engage in certain corporate actions or transactions such as mergers, acquisitions, name changes, dissolutions, reorganizations, divestitures and reincorporations. Invesco generally determines its votes for these types of corporate actions after a careful evaluation of the proposal. Generally, Invesco will support proposals to approve different types of restructurings that provide the necessary financing to save the company from involuntary bankruptcy. However, Invesco will generally oppose proposals to change a company's corporate form or to "go dark" (i.e., going private transactions) without shareholder approval.

Reincorporation involves re-establishing the company in a different legal jurisdiction. Invesco generally will vote for proposals to reincorporate a company if the board and management have demonstrated sound financial or business reasons for the move. Invesco generally will oppose proposals to reincorporate if they are solely part of an anti-takeover defense or intended to limit directors' liability.

Invesco will generally support proposals that ask the board to consider non"shareholder constituencies or other non"financial effects when evaluating a merger or business combination.

		PROXY VOTING GUIDELINES
I	Applicable to		All Advisory Clients, including the Invesco
			Funds
	Risk Addressed by the		Breach of fiduciary duty to client under
	Guidelines		Investment Advisers Act of 1940 by placing
			Invesco's interests ahead of client's best
			interests in voting proxies
	Relevant Law and Other Sources		U.S. Investment Advisers Act of 1940, as
			amended
	Last		April 19, 2016
	xReviewed xRevised
	by Compliance for Accuracy
	Guideline Owner		U.S. Compliance and Legal
	Policy Approver		Invesco Advisers, Inc., Invesco Funds Board
	Approved/Adopted Date		May 3-4, 2016

The following guidelines apply to all institutional and retail funds and accounts that have explicitly authorized Invesco Advisers, Inc. ("Invesco") to vote proxies associated with securities held on their behalf (collectively, "Clients").

A.

INTRODUCTION

Invesco Ltd. ("IVZ"), the ultimate parent company of Invesco, has adopted a global policy statement on corporate governance and proxy voting (the "Invesco Global Proxy Policy"). The policy describes IVZ's views on governance matters and the proxy administration and governance approach. Invesco votes proxies by using the framework and procedures set forth in the Invesco Global Proxy Policy, while maintaining the Invesco-specific guidelines described below.

B.PROXY VOTING OVERSIGHT: THE MUTUAL FUNDS' BOARD OF TRUSTEES

In addition to the Global Invesco Proxy Advisory Committee, the Invesco mutual funds' board of trustees provides oversight of the proxy process through quarterly reporting and an annual in-person presentation by Invesco's Global Head of Proxy Governance and Responsible Investment.

C. USE OF THIRD PARTY PROXY ADVISORY

SERVICES

Invesco has direct access to third-party proxy advisory analyses and recommendations (currently provided by Glass Lewis ("GL") and Institutional Shareholder Services, Inc. ("ISS")), among other research tools, and uses the information gleaned from those sources to make independent voting decisions.

Invesco's proxy administration team performs extensive initial and ongoing due diligence on the proxy advisory firms that it engages. When deemed appropriate, representatives from the proxy advisory firms are asked to deliver updates directly to the mutual funds' board of trustees. Invesco conducts semi-annual, in-person policy roundtables with key heads of research from ISS and GL to ensure transparency, dialogue and engagement with the firms. These meetings provide Invesco with an opportunity to assess the firms' capabilities, conflicts of interest and service levels, as well as provide investment professionals with direct insight into the advisory firms' stances on key governance and proxy topics and their policy framework/methodologies. Invesco's proxy administration team also reviews the annual SSAE 16 reports for, and the periodic proxy guideline updates published by, each proxy advisory firm to ensure that their guidelines remain consistent with Invesco's policies and procedures. Furthermore, each proxy advisory firm completes an annual due diligence questionnaire submitted by Invesco, and Invesco conducts on-site due diligence at each firm, in part to discuss their responses to the questionnaire.

If Invesco becomes aware of any material inaccuracies in the information provided by ISS or GL, Invesco's proxy administration team will investigate the matter to determine the cause, evaluate the adequacy of the proxy advisory firm's control structure and assess the efficacy of the measures instituted to prevent further errors.

ISS and GL provide updates to previously issued proxy reports when necessary to incorporate newly available information or to correct factual errors. ISS also has a Feedback Review Board, which provides a mechanism for stakeholders to communicate with ISS about issues related to proxy voting and policy formulation, research, and the accuracy of data contained in ISS reports.

D. PROXY VOTING GUIDELINES

The following guidelines describe Invesco's general positions on various common proxy issues. The guidelines are not intended to be exhaustive or prescriptive. Invesco's proxy process is investor-driven, and each portfolio manager retains ultimate discretion to vote proxies in the manner that he or she deems to be the most appropriate, consistent with the proxy voting principles and philosophy discussed in the Invesco Global Proxy Policy. Individual proxy votes therefore will differ from these guidelines from time to time.

I. Corporate Governance

Management teams of companies are accountable to the boards of directors and directors of publicly held companies are accountable to shareholders. Invesco endeavors to vote the proxies of companies in a manner that will reinforce the notion of a board's accountability. Consequently, Invesco generally votes against any actions that would impair the rights of shareholders or would reduce shareholders' influence over the board.

The following are specific voting issues that illustrate how Invesco applies this principle of accountability.

Elections of directors

In uncontested director elections for companies that do not have a controlling shareholder, Invesco generally votes in favor of slates if they are comprised of at least a

majority of independent directors and if the boards' key committees are fully independent. Key committees include the audit, compensation and governance or nominating Committees. Invesco's standard of independence excludes directors who, in addition to the directorship, have any material business or family relationships with the

companies they serve. Contested director elections are evaluated on a case-by-case basis.

Director performance

Invesco generally withholds votes from directors who exhibit a lack of accountability to shareholders, either through their level of attendance at meetings or by

adopting or approving egregious corporate-governance or other policies. In cases of material

financial restatements, accounting fraud, habitually late filings, adopting shareholder rights plan ("poison pills") without shareholder approval, or other areas of poor performance, Invesco may withhold votes from some or all of a company's directors. In

situations where directors' performance is a concern, Invesco may also support shareholder proposals to take corrective actions, such as so-called "clawback" provisions.

Auditors and Audit Committee members

Invesco believes a company's audit committee has a high degree of responsibility to shareholders in matters of financial disclosure, integrity of the financial statements and effectiveness of a company's internal controls. Independence, experience and financial

expertise are critical elements of a well-functioning audit committee. When electing directors who are members of a company's audit committee, or when ratifying a company's auditors, Invesco considers the past performance of the committee and holds

its members accountable for the quality of the company's financial statements and reports.

Majority standard in director elections

The right to elect directors is the single most important mechanism shareholders have to promote accountability. Invesco supports the nascent effort to reform the U.S. convention of electing directors, and generally votes in favor of proposals to elect directors by a majority vote.

Staggered Boards/Annual Election of

Directors

Invesco generally supports proposals to elect each director annually rather than electing directors to staggered multi-year terms because annual elections increase a board's level of accountability to its shareholders.

Supermajority voting requirements

Unless required by law in the state of incorporation, Invesco generally votes against actions that would impose any supermajority voting requirement, and generally supports actions to dismantle existing supermajority requirements.

Responsiveness of Directors

Invesco generally withholds votes for directors who do not adequately respond to shareholder proposals that were approved by a majority of votes cast the prior year.

Cumulative voting

The practice of cumulative voting can enable minority shareholders to have representation on a company's board. Invesco generally supports proposals to institute

the practice of cumulative voting at companies whose overall corporate- governance

standards indicate a particular need to protect the interests of minority shareholders.

Proxy access
Invesco generally supports s h areholders'		nominations	of directors in the	proxy
statement and	ballot because it increases the accountability of the board
to shareholders.	Invesco will generally	consider the	proposed minimum	period

of ownership (e.g., three years), minimum ownership percentage (e.g., three percent), limitations on a proponent's ability to aggregate holdings with other shareholders and the maximum percentage of directors who can be nominated when determining how to vote on proxy access proposals.

Shareholder access

On business matters with potential financial consequences, Invesco generally votes in favor of proposals that would increase shareholders' opportunities to express their

views to boards of directors, proposals that would lower barriers to shareholder action and proposals to promote the adoption of generally accepted best practices in

corporate governance. Furthermore, Invesco generally votes for shareholder proposals that are

designed to protect shareholder rights if a company's corporate governance standards indicate that such additional protections are warranted.

Exclusive

Forum

Invesco generally supports proposals that would designate a specific jurisdiction in company bylaws as the exclusive venue for certain types of shareholder lawsuits in order to reduce costs arising out of multijurisdictional litigation.

II. Compensation and

Incentives

Invesco believes properly constructed compensation plans that include equity ownership are effective in creating incentives that induce management and employees of companies to create greater shareholder wealth. Invesco generally supports equity compensation plans that promote the proper alignment of incentives with shareholders' long-term interests, and generally votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features, and plans that appear likely to reduce the value of the Client's investment.

Following are specific voting issues that illustrate how Invesco evaluates incentive plans.

Executive compensation

Invesco evaluates executive compensation plans within the context of the company's performance under the executives' tenure. Invesco believes independent compensation committees are best positioned to craft executive-compensation plans that are suitable for their company-specific circumstances. Invesco views the election of independent compensation committee members as the appropriate mechanism for shareholders to express their approval or disapproval of a company's compensation practices. Therefore, Invesco generally does not support shareholder proposals to limit or eliminate certain forms of executive compensation. In the interest of reinforcing the notion of a compensation committee's accountability to shareholders, Invesco generally supports proposals requesting that companies subject each year's compensation record to an advisory shareholder vote, or so-called "say on pay" proposals.

Equity-based compensation plans

Invesco generally votes against plans that contain structural features that would impair the alignment of incentives between shareholders and management. Such features include the ability to reprice or reload options without shareholder approval, the ability to issue options below the stock's current market price, or the ability automatically to replenish shares without shareholder approval.

Employee stock-purchase plans

Invesco generally supports employee stock-purchase plans that are reasonably designed to provide proper incentives to a broad base of employees, provided that the price at which employees may acquire stock is at most a 15 percent discount from the market price.

Severance agreements

Invesco generally votes in favor of proposals requiring advisory shareholder ratification of executives' severance agreements. However, Invesco generally opposes proposals requiring such agreements to be ratified by shareholders in advance of their adoption.

Given the vast differences that may occur in these agreements, some severance agreements are evaluated on an individual basis.

III.

Capitalization

Examples of management proposals related to a company's capital structure include authorizing or issuing additional equity capital, repurchasing outstanding stock, or enacting a stock split or reverse stock split. On requests for additional capital stock, Invesco analyzes the company's stated reasons for the request. Except where the request could adversely affect the Client's ownership stake or voting rights, Invesco generally supports a board's decisions on its needs for additional capital stock. Some capitalization proposals require a case-by-case analysis. Examples of such proposals include authorizing common or preferred stock with special voting rights, or issuing additional stock in connection with an acquisition.

IV. Mergers, Acquisitions and Other Corporate

Actions

Issuers occasionally require shareholder approval to engage in certain corporate actions such as mergers, acquisitions, name changes, dissolutions, reorganizations, divestitures and reincorporations and the votes for these types of corporate actions are generally determined on a case-by-case basis.

V.Anti-Takeover

Measures

Practices designed to protect a company from unsolicited bids can adversely affect shareholder value and voting rights, and they potentially create conflicts of interests among directors, management and shareholders. Except under special issuer-specific circumstances, Invesco generally votes to reduce or eliminate such measures. These measures include adopting or renewing "poison pills", requiring supermajority voting on certain corporate actions, classifying the election of directors instead of electing each director to an annual term, or creating separate classes of common or preferred stock with special voting rights. Invesco generally votes against management proposals to impose these types of measures, and generally votes for shareholder proposals designed to reduce such measures. Invesco generally supports shareholder proposals directing companies to subject their anti-takeover provisions to a shareholder vote.

VI. Environmental, Social and Corporate Responsibility Issues

Invesco believes that a company's response to environmental, social and corporate responsibility issues and the risks attendant to them can have a significant effect on its long-term shareholder value. Invesco recognizes that to manage a corporation effectively, directors and management must consider not only the interest of shareholders, but also the interests of employees, customers, suppliers and creditors, among others. While Invesco generally affords management discretion with respect to the operation of a company's business, Invesco will evaluate such proposals on a case- by-case basis and will vote proposals relating to these issues in a manner intended to maximize long-term shareholder value.

VII. Routine Business Matters

Routine business matters rarely have the potential to have a material effect on the economic prospects of Clients' holdings, so Invesco generally supports a board's discretion on these items. However, Invesco generally votes against proposals where there is insufficient information to make a decision about the nature of the proposal. Similarly, Invesco generally votes against proposals to conduct other unidentified business at shareholder meetings.

D.EXCEPTIONS

Client Maintains Right to Vote Proxies

In the case of institutional or sub-advised Clients, Invesco will vote the proxies in accordance with these guidelines and the Invesco Global Proxy Policy, unless the Client retains in writing the right to vote or the named fiduciary of a Client (e.g., the plan sponsor of an ERISA Client) retains in writing the right to direct the plan trustee or a third party to vote proxies.

Voting for Certain Investment

Strategies

For cash sweep investment vehicles selected by a Client but for which Invesco has proxy voting authority over the account and where no other Client holds the same securities, Invesco will vote proxies based on ISS recommendations.

Funds of Funds

Some Invesco Funds offering diversified asset allocation within one investment vehicle own shares in other Invesco Funds. A potential conflict of interest could arise if an underlying Invesco Fund has a shareholder meeting with any proxy issues to be voted on, because Invesco's asset-allocation funds or target-maturity funds may be large shareholders of the underlying fund. In order to avoid any potential for a conflict, the asset-allocation funds and target maturity funds vote their shares in the same proportion as the votes of the external shareholders of the underlying fund.

F. POLICIES AND VOTE DISCLOSURE

A copy of these guidelines, the Invesco Global Proxy Policy and the voting record of each Invesco Retail Fund are available on Invesco's web site, www.invesco.com .  In accordance with Securities and Exchange Commission regulations, all Invesco Funds file a record of all proxy-voting activity for the prior 12 months ending June 30th. That filing is made on or before August 31st of each year. In the case of institutional and sub-advised Clients, Clients may contact their client service representative to request information about how Invesco voted proxies on their behalf. Absent specific contractual guidelines, such requests may be made on a semi-annual basis.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

As of February 29, 2020, the following individuals are jointly and primarily responsible for the day-to-day management of the Trust:

∙Andrew Geryol, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2011.

∙Joseph Portera, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2012.

∙Scott Roberts, Portfolio Manager, who has been responsible for the Trust since 2010 and has been associated with Invesco and/or its affiliates since 2000.

Portfolio Manager Fund Holdings and Information on Other Managed Accounts

Invesco's portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The 'Investments' chart reflects the portfolio managers' investments in the Fund(s) that they manage and includes investments in the Fund's shares beneficially owned by a portfolio manager, as determined in accordance with Rule 16a-1(a)(2) under the Securities

Exchange Act of 1934, as amended (beneficial ownership includes ownership by a portfolio manager's immediate family members sharing the same household). The 'Assets Managed' chart reflects information regarding accounts other than the Funds for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other registered investment companies;

(ii)other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance (performance-based fees), information on those accounts is specifically noted. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date.

Investments

The following information is as of February 29, 2020 (unless otherwise noted):

Dollar Range

Portfolio Managerof Investments

in the Fund

	Invesco High Income Trust II
Andrew Geryol		None
Joseph Portera		None
Scott Roberts		$100,001 - $500,000
	Assets Managed

The following information is as of February 29, 2020 (unless otherwise noted):

		Other Registered					Other Pooled
		Investment Companies				Investment Vehicles				Other Accounts Managed
Portfolio		Managed					Managed
Manager		Number		Assets		Number			Assets	Number	Assets
		of				of				of
				(in millions)					(in millions)		(in millions)
		Accounts				Accounts				Accounts
				Invesco High Income Trust II
Andrew Geryol	2		$1,216.4		1			$40.3		None	None
Joseph Portera	4		$5,937.0		7			$1,416.1		None	None
Scott Roberts	6		$8,369.7		5			$1,033.9		None	None

Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other account. More specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented with one or more of the following potential conflicts:

The management of multiple Funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each Fund and/or other account. The Adviser and each Sub-Adviser seek to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Funds.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts. To deal with these situations, the Adviser, each Sub-Adviser and the Funds have adopted procedures for allocating portfolio transactions across multiple accounts.

The Adviser and each Sub-Adviser determine which broker to use to execute each order for securities transactions for the Funds, consistent with its duty to seek best execution of the transaction. However, for certain other accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Adviser and each Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved.

Finally, the appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive, such as a performance-based management fee, which relates to the management of one Fund or account but not all Funds and accounts for which a portfolio manager has day-to-day management responsibilities. None of the Invesco Fund accounts managed have a performance fee.

The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Description of Compensation Structure

For the Adviser and each Sub-Adviser

The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager's compensation consists of the following three elements:

Base Salary. Each portfolio manager is paid a base salary. In setting the base salary, the Adviser and each Sub-Adviser's intention is to be competitive in light of the particular portfolio manager's experience and responsibilities.

Annual Bonus. The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).

Each portfolio manager's compensation is linked to the pre-tax investment performance of the Funds/accounts managed by the portfolio manager as described in Table 1 below.

Table 1

Sub-Adviser Performance time period3

3Rolling time periods based on calendar year-end.

Invesco 4	One-, Three- and Five-year performance
Invesco Deutschland	against Fund peer group
Invesco Hong Kong2
Invesco Asset Management
Invesco India
Invesco Listed Real Assets Division2
Invesco Senior Secured2, 5	Not applicable
Invesco Capital2,6
Invesco Canada2	One-year performance against Fund peer
	group
	Three- and Five-year performance against
	entire universe of Canadian funds
Invesco Japan7	One-, Three- and Five-year performance

High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.

With respect to Invesco Capital, there is no policy regarding, or agreement with, the Portfolio Managers or any other senior executive of the Adviser to receive bonuses or any other compensation in connection with the performance of any of the accounts managed by the Portfolio Managers.

Deferred / Long Term Compensation. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards may take the form of annual deferral awards or long-term equity awards. Annual deferral awards may be granted as an annual stock deferral award or an annual fund deferral award. Annual stock deferral awards are settled in Invesco Ltd. common shares. Annual fund deferral awards are notionally invested in certain Invesco Funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards are settled in Invesco Ltd. common shares. Both annual deferral awards and long-term equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders and encourages retention.

Retirement and health and welfare arrangements. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

4Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period.

5Invesco Senior Secured's bonus is based on annual measures of equity return and standard tests of collateralization performance.

6Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital.

7Portfolio Managers for Invesco Pacific Growth Fund's compensation is based on the one-, three- and five-year performance against the appropriate Micropol benchmark.

ITEM 11. CONTROLS AND PROCEDURES.

(a)As of April 14, 2020, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer

("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 ("Act"), as amended. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that, as of April 14, 2020, the Registrant's disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the

Registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.	EXHIBITS.
13(a) (1)	Code of Ethics.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by
	Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the
	Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by
	Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the
	Sarbanes-Oxley Act of 2002.
13(c)	Pursuant to the Securities and Exchange Commission's Ordre granting relief from Section
	19(b) of the Investment Company Act of 1940, the Section 19(a) notices to shareholders
	are attached thereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Invesco High Income Trust II

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	May 6, 2020

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

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	May 6, 2020
By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	May 6, 2020