VLT - Invesco High Income Trust II

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Oct 30, 2026

   First Trust Portfolios L.P. sold down below 5% and stopped reporting.

   Original document →

About this fund

• Run by Invesco Advisers, Inc. As of Feb 28, 2026, from the fund's yearly report. Original document →
• Size: about $69.7 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 32% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1% a year in management fees; 3.5% a year in total, including interest on borrowed money. Fiscal year ended Feb 28, 2026. As of Feb 28, 2026, from the fund's yearly report. Original document →
  Among the 19 funds we follow that invest in high-yield bonds, 11 charge a lower management fee and 13 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Feb 28, 2026) the fund paid $1.14 a share. $0.78 of that was income; $0.36 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Feb 28, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Feb 28, 2026): $11.03. The shares traded at $10.88, about 1.4% below that. As of Feb 28, 2026, from the fund's yearly report. Original document →
• How the holdings did: up 0.8% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $1.14 in the fiscal year ended Feb 28, 2026; $1.16 in the year ended Feb 28, 2025; $1.16 in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.36 in the year ended Feb 28, 2026; $0.36 in the year ended Feb 28, 2025; $0.40 in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.41% a year in the fiscal year ended Feb 28, 2026; 3.95% a year in the year ended Feb 28, 2025; 4% a year in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $71.8 million at Feb 28, 2026; $74.4 million at Feb 28, 2025; $74.6 million at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• Borrowing: about 31% on top of its own money at Feb 28, 2026; 33% at Feb 28, 2025; 32% at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• The fund had about 6.51 million shares at Feb 28, 2026, about the same as at Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Feb 28, 2026: the shares returned +9.2%, counting payouts; the holdings +6.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Feb 28, 2026, from the fund's annual report. Original document →
• The year ended Feb 28, 2025: the shares returned +16%, counting payouts; the holdings +10.8%. As of Feb 28, 2025, from the fund's annual report. Original document →
• The year ended Feb 29, 2024: the shares returned +8.5%, counting payouts; the holdings +10.8%. As of Feb 29, 2024, from the fund's annual report. Original document →
• The year ended Feb 28, 2023: the shares returned -4.6%, counting payouts; the holdings -7.5%. As of Feb 28, 2023, from the fund's annual report. Original document →
• The year ended Feb 28, 2022: the shares returned +1.5%, counting payouts; the holdings +0.6%. As of Feb 28, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +33.1%. $10,000 of shares bought at the start (March 1, 2021) would have become about $13,300 by Feb 28, 2026, with every payout counted, before tax. As of Feb 28, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +5.7%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 17 funds that invest in high-yield bonds with a fiscal year ending within six months of this one, 2 reported a higher share return for that year and 14 a lower one. As of Feb 28, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (89%), the rest loans. About 83% issued in the U.S.

1. DISH DBS Corp. - 1.9%
2. Vodafone Group PLC - 1.5%
3. American Axle & Manufacturing, Inc. - 1.5%
4. TransDigm, Inc., Term Loan L - 1.5%
5. Starz Capital Holdings 1, Inc. - 1.5%
6. VoltaGrid LLC - 1.4%
7. United Airlines Holdings, Inc. - 1.4%
8. Cash and short-term - 1.4%
9. PR RNO Property Owner 1, LLC - 1.4%
10. 1261229 B.C. Ltd. - 1.4%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →