Schedule of Investments(a)
November 30, 2020
(Unaudited)
| Principal Amount | Value | ||||
| U.S. Dollar Denominated Bonds & Notes–121.88%(b) | |||||
| Aerospace & Defense–3.94% | |||||
| Bombardier, Inc. (Canada), | |||||
| 5.75%, 03/15/2022(c) | $123,000 | $121,887 | |||
| 6.00%, 10/15/2022(c) | 475,000 | 452,830 | |||
| 7.50%, 03/15/2025(c) | 613,000 | 529,479 | |||
| 7.88%, 04/15/2027(c) | 379,000 | 323,677 | |||
| TransDigm UK Holdings PLC, 6.88%, 05/15/2026 | 801,000 | 853,566 | |||
| TransDigm, Inc., | |||||
| 6.50%, 05/15/2025 | 336,000 | 344,190 | |||
| 6.25%, 03/15/2026(c) | 256,000 | 271,681 | |||
| Triumph Group, Inc., | |||||
| 8.88%, 06/01/2024(c) | 177,000 | 195,474 | |||
| 7.75%, 08/15/2025 | 768,000 | 676,800 | |||
| 3,769,584 | |||||
| Agricultural & Farm Machinery–1.23% | |||||
| Titan International, Inc., 6.50%, 11/30/2023 | 1,285,000 | 1,180,459 | |||
| Airlines–1.04% | |||||
| Delta Air Lines, Inc., | |||||
| 7.00%, 05/01/2025(c) | 618,000 | 706,584 | |||
| 7.38%, 01/15/2026 | 256,000 | 288,092 | |||
| 994,676 | |||||
| Alternative Carriers–0.46% | |||||
| Level 3 Financing, Inc., | |||||
| 5.25%, 03/15/2026 | 186,000 | 192,521 | |||
| 3.63%, 01/15/2029(c) | 249,000 | 249,773 | |||
| 442,294 | |||||
| Apparel Retail–1.42% | |||||
| L Brands, Inc., | |||||
| 6.88%, 11/01/2035 | 776,000 | 846,325 | |||
| 6.75%, 07/01/2036 | 104,000 | 112,407 | |||
| Michaels Stores, Inc., 8.00%, 07/15/2027(c) | 391,000 | 403,391 | |||
| 1,362,123 | |||||
| Apparel, Accessories & Luxury Goods–0.69% | |||||
| Hanesbrands, Inc., 5.38%, 05/15/2025(c) | 416,000 | 443,302 | |||
| William Carter Co. (The), 5.50%, 05/15/2025(c) | 207,000 | 219,808 | |||
| 663,110 | |||||
| Auto Parts & Equipment–1.32% | |||||
| Clarios Global L.P., 6.75%, 05/15/2025(c) | 166,000 | 178,815 | |||
| Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(c) | 324,000 | 349,240 | |||
| Dana, Inc., | |||||
| 5.38%, 11/15/2027 | 357,000 | 380,428 | |||
| 5.63%, 06/15/2028 | 70,000 | 75,660 | |||
| Tenneco, Inc., 5.00%, 07/15/2026 | 313,000 | 282,295 | |||
| 1,266,438 | |||||
| Principal Amount | Value | ||||
| Automobile Manufacturers–3.87% | |||||
| Ford Motor Co., | |||||
| 8.50%, 04/21/2023 | $227,000 | $255,029 | |||
| 9.00%, 04/22/2025 | 212,000 | 257,901 | |||
| 9.63%, 04/22/2030 | 114,000 | 158,881 | |||
| 4.75%, 01/15/2043 | 327,000 | 322,234 | |||
| Ford Motor Credit Co. LLC, | |||||
| 5.60%, 01/07/2022 | 398,000 | 410,438 | |||
| 5.13%, 06/16/2025 | 204,000 | 220,514 | |||
| 3.38%, 11/13/2025 | 250,000 | 251,487 | |||
| 4.39%, 01/08/2026 | 299,000 | 311,382 | |||
| 5.11%, 05/03/2029 | 395,000 | 426,699 | |||
| J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(c) | 1,026,000 | 1,091,407 | |||
| Motors Liquidation Co., 8.38%, 07/15/2033(d)(e) | 1,640,000 | 0 | |||
| 3,705,972 | |||||
| Automotive Retail–2.39% | |||||
| Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/2024(c) | 1,045,000 | 1,116,081 | |||
| Group 1 Automotive, Inc., 4.00%, 08/15/2028(c) | 441,000 | 451,818 | |||
| Lithia Motors, Inc., | |||||
| 5.25%, 08/01/2025(c) | 230,000 | 238,888 | |||
| 4.63%, 12/15/2027(c) | 191,000 | 203,296 | |||
| 4.38%, 01/15/2031(c) | 96,000 | 102,060 | |||
| Penske Automotive Group, Inc., 5.50%, 05/15/2026 | 164,000 | 170,867 | |||
| 2,283,010 | |||||
| Broadcasting–0.88% | |||||
| Gray Television, Inc., 7.00%, 05/15/2027(c) | 105,000 | 115,894 | |||
| iHeartCommunications, Inc., 8.38%, 05/01/2027 | 547,000 | 582,180 | |||
| TV Azteca S.A.B. de C.V. (Mexico), 8.25%, 08/09/2024(c) | 250,000 | 144,661 | |||
| 842,735 | |||||
| Building Products–0.40% | |||||
| Standard Industries, Inc., 5.00%, 02/15/2027(c) | 360,000 | 378,225 | |||
| Cable & Satellite–8.34% | |||||
| CCO Holdings LLC/CCO Holdings Capital Corp., | |||||
| 5.75%, 02/15/2026(c) | 1,355,000 | 1,406,300 | |||
| 5.00%, 02/01/2028(c) | 1,240,000 | 1,304,790 | |||
| 4.50%, 08/15/2030(c) | 56,000 | 59,115 | |||
| CSC Holdings LLC, | |||||
| 6.50%, 02/01/2029(c) | 687,000 | 769,224 | |||
| 5.75%, 01/15/2030(c) | 225,000 | 243,055 | |||
| 4.63%, 12/01/2030(c) | 1,096,000 | 1,123,493 | |||
| DISH DBS Corp., 5.88%, 11/15/2024 | 932,000 | 992,580 | |||
| DISH Network Corp., Conv., 3.38%, 08/15/2026 | 511,000 | 510,693 | |||
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
| Principal Amount | Value | ||||
| Cable & Satellite–(continued) | |||||
| Intelsat Jackson Holdings S.A. (Luxembourg), | |||||
| 5.50%, 08/01/2023(d) | $514,000 | $346,950 | |||
| 8.50%, 10/15/2024(c)(d) | 490,000 | 346,675 | |||
| 9.75%, 07/15/2025(c)(d) | 256,000 | 182,170 | |||
| UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028(c) | 660,000 | 699,188 | |||
| 7,984,233 | |||||
| Casinos & Gaming–2.69% | |||||
| CCM Merger, Inc., 6.38%, 05/01/2026(c) | 674,000 | 706,082 | |||
| Codere Finance 2 (Luxembourg) S.A. (Spain), 7.13% PIK Rate, 4.50% Cash Rate, 11/01/2023(c)(f) | 240,000 | 140,750 | |||
| MGM Resorts International, 7.75%, 03/15/2022 | 327,000 | 349,751 | |||
| Scientific Games International, Inc., | |||||
| 8.63%, 07/01/2025(c) | 178,000 | 192,461 | |||
| 8.25%, 03/15/2026(c) | 163,000 | 175,112 | |||
| 7.00%, 05/15/2028(c) | 286,000 | 298,387 | |||
| Station Casinos LLC, 4.50%, 02/15/2028(c) | 721,000 | 711,537 | |||
| 2,574,080 | |||||
| Coal & Consumable Fuels–1.55% | |||||
| Parsley Energy LLC/Parsley Finance Corp., | |||||
| 5.38%, 01/15/2025(c) | 156,000 | 160,973 | |||
| 4.13%, 02/15/2028(c) | 109,000 | 114,654 | |||
| SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(c) | 1,227,000 | 1,210,896 | |||
| 1,486,523 | |||||
| Commodity Chemicals–0.48% | |||||
| Koppers, Inc., 6.00%, 02/15/2025(c) | 446,000 | 460,774 | |||
| Communications Equipment–0.46% | |||||
| CommScope Technologies LLC, 6.00%, 06/15/2025(c) | 426,000 | 437,097 | |||
| Construction & Engineering–0.69% | |||||
| New Enterprise Stone & Lime Co., Inc., | |||||
| 6.25%, 03/15/2026(c) | 341,000 | 352,296 | |||
| 9.75%, 07/15/2028(c) | 282,000 | 308,790 | |||
| 661,086 | |||||
| Construction Machinery & Heavy Trucks–0.71% | |||||
| Allison Transmission, Inc., 3.75%, 01/30/2031(c) | 675,000 | 681,750 | |||
| Consumer Finance–3.69% | |||||
| Navient Corp., | |||||
| 7.25%, 01/25/2022 | 225,000 | 237,234 | |||
| 7.25%, 09/25/2023 | 685,000 | 747,934 | |||
| 5.00%, 03/15/2027 | 195,000 | 194,294 | |||
| 5.63%, 08/01/2033 | 1,026,000 | 964,774 | |||
| OneMain Finance Corp., | |||||
| 8.88%, 06/01/2025 | 485,000 | 542,885 | |||
| 5.38%, 11/15/2029 | 768,000 | 839,040 | |||
| 3,526,161 | |||||
| Principal Amount | Value | ||||
| Copper–2.11% | |||||
| First Quantum Minerals Ltd. (Zambia), 7.50%, 04/01/2025(c) | $695,000 | $722,800 | |||
| Freeport-McMoRan, Inc., 5.40%, 11/14/2034 | 1,044,000 | 1,295,212 | |||
| 2,018,012 | |||||
| Data Processing & Outsourced Services–0.59% | |||||
| Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(c) | 542,000 | 561,591 | |||
| Department Stores–1.09% | |||||
| Macy’s, Inc., 8.38%, 06/15/2025(c) | 957,000 | 1,044,460 | |||
| Distributors–1.19% | |||||
| Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024(c)(f) | 1,110,000 | 1,139,948 | |||
| Diversified Banks–1.71% | |||||
| Credit Agricole S.A. (France), 8.13%(c)(g)(h) | 688,000 | 832,480 | |||
| Natwest Group PLC (United Kingdom), 6.00%(g)(h) | 730,000 | 800,445 | |||
| 1,632,925 | |||||
| Diversified Capital Markets–0.84% | |||||
| Credit Suisse Group AG (Switzerland), 7.50%(c)(g)(h) | 740,000 | 807,488 | |||
| Diversified REITs–1.06% | |||||
| Colony Capital, Inc., Conv., 5.00%, 04/15/2023 | 310,000 | 304,950 | |||
| iStar, Inc., 4.75%, 10/01/2024 | 706,000 | 707,253 | |||
| 1,012,203 | |||||
| Electric Utilities–0.26% | |||||
| Talen Energy Supply LLC, 7.63%, 06/01/2028(c) | 232,000 | 244,615 | |||
| Electrical Components & Equipment–0.95% | |||||
| EnerSys, 4.38%, 12/15/2027(c) | 294,000 | 312,283 | |||
| Sensata Technologies B.V., 4.88%, 10/15/2023(c) | 549,000 | 591,548 | |||
| 903,831 | |||||
| Electronic Components–0.11% | |||||
| Sensata Technologies, Inc., 3.75%, 02/15/2031(c) | 106,000 | 107,723 | |||
| Electronic Equipment & Instruments–0.56% | |||||
| MTS Systems Corp., 5.75%, 08/15/2027(c) | 514,000 | 534,881 | |||
| Environmental & Facilities Services–0.67% | |||||
| GFL Environmental, Inc. (Canada), 4.00%, 08/01/2028(c) | 269,000 | 268,159 | |||
| Waste Pro USA, Inc., 5.50%, 02/15/2026(c) | 360,000 | 372,746 | |||
| 640,905 | |||||
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
| Principal Amount | Value | ||||
| Food Retail–2.77% | |||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, | |||||
| 7.50%, 03/15/2026(c) | $236,000 | $265,353 | |||
| 5.88%, 02/15/2028(c) | 328,000 | 354,794 | |||
| 3.50%, 03/15/2029(c) | 357,000 | 356,643 | |||
| Fresh Market, Inc. (The), 9.75%, 05/01/2023(c) | 711,000 | 698,113 | |||
| SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(c) | 411,000 | 431,550 | |||
| Simmons Foods, Inc., 5.75%, 11/01/2024(c) | 535,000 | 548,375 | |||
| 2,654,828 | |||||
| Health Care Equipment–0.39% | |||||
| Hologic, Inc., 3.25%, 02/15/2029(c) | 370,000 | 376,706 | |||
| Health Care Facilities–4.16% | |||||
| Acadia Healthcare Co., Inc., | |||||
| 6.50%, 03/01/2024 | 375,000 | 385,742 | |||
| 5.00%, 04/15/2029(c) | 668,000 | 705,575 | |||
| Community Health Systems, Inc., | |||||
| 6.63%, 02/15/2025(c) | 318,000 | 324,296 | |||
| 8.00%, 03/15/2026(c) | 704,000 | 740,256 | |||
| 8.00%, 12/15/2027(c) | 333,000 | 347,985 | |||
| Encompass Health Corp., 4.75%, 02/01/2030 | 654,000 | 697,040 | |||
| HCA, Inc., | |||||
| 5.38%, 02/01/2025 | 440,000 | 493,247 | |||
| 5.25%, 04/15/2025 | 242,000 | 282,483 | |||
| 3,976,624 | |||||
| Health Care Services–3.03% | |||||
| Akumin, Inc., 7.00%, 11/01/2025(c) | 935,000 | 964,219 | |||
| DaVita, Inc., | |||||
| 4.63%, 06/01/2030(c) | 230,000 | 241,931 | |||
| 3.75%, 02/15/2031(c) | 294,000 | 293,449 | |||
| Global Medical Response, Inc., 6.50%, 10/01/2025(c) | 669,000 | 689,906 | |||
| Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(c) | 696,000 | 712,398 | |||
| 2,901,903 | |||||
| Homebuilding–1.66% | |||||
| Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(c) | 553,000 | 622,711 | |||
| Lennar Corp., 4.75%, 11/15/2022 | 135,000 | 144,070 | |||
| Meritage Homes Corp., 5.13%, 06/06/2027 | 175,000 | 194,873 | |||
| Taylor Morrison Communities, Inc., | |||||
| 6.63%, 07/15/2027(c) | 304,000 | 330,220 | |||
| 5.75%, 01/15/2028(c) | 261,000 | 297,051 | |||
| 1,588,925 | |||||
| Hotel & Resort REITs–0.37% | |||||
| Service Properties Trust, 4.95%, 10/01/2029 | 373,000 | 350,387 | |||
| Hotels, Resorts & Cruise Lines–1.08% | |||||
| Carnival Corp., | |||||
| 11.50%, 04/01/2023(c) | 376,000 | 428,717 | |||
| 10.50%, 02/01/2026(c) | 376,000 | 446,030 | |||
| 7.63%, 03/01/2026(c) | 153,000 | 162,703 | |||
| 1,037,450 | |||||
| Principal Amount | Value | ||||
| Household Products–0.73% | |||||
| Energizer Holdings, Inc., | |||||
| 7.75%, 01/15/2027(c) | $318,000 | $347,216 | |||
| 4.75%, 06/15/2028(c) | 70,000 | 73,322 | |||
| 4.38%, 03/31/2029(c) | 273,000 | 278,992 | |||
| 699,530 | |||||
| Housewares & Specialties–0.29% | |||||
| Newell Brands, Inc., | |||||
| 4.88%, 06/01/2025 | 182,000 | 201,338 | |||
| 5.88%, 04/01/2036 | 62,000 | 74,710 | |||
| 276,048 | |||||
| Independent Power Producers & Energy Traders–1.14% | |||||
| AES Corp. (The), 5.50%, 04/15/2025 | 174,000 | 179,668 | |||
| AES Panama Generation Holdings SRL (Panama), 4.38%, 05/31/2030(c) | 200,000 | 216,250 | |||
| Calpine Corp., 5.00%, 02/01/2031(c) | 660,000 | 696,465 | |||
| 1,092,383 | |||||
| Industrial Machinery–2.99% | |||||
| Cleaver-Brooks, Inc., 7.88%, 03/01/2023(c) | 1,051,000 | 1,044,321 | |||
| EnPro Industries, Inc., 5.75%, 10/15/2026 | 888,000 | 953,321 | |||
| Mueller Industries, Inc., 6.00%, 03/01/2027 | 847,000 | 860,078 | |||
| 2,857,720 | |||||
| Integrated Oil & Gas–2.96% | |||||
| Cenovus Energy, Inc. (Canada), 4.25%, 04/15/2027 | 753,000 | 803,190 | |||
| Occidental Petroleum Corp., | |||||
| 2.70%, 08/15/2022 | 551,000 | 543,727 | |||
| 2.90%, 08/15/2024 | 340,000 | 317,560 | |||
| 6.38%, 09/01/2028 | 179,000 | 182,826 | |||
| 3.50%, 08/15/2029 | 314,000 | 275,252 | |||
| 6.20%, 03/15/2040 | 336,000 | 321,720 | |||
| 4.10%, 02/15/2047 | 499,000 | 392,506 | |||
| 2,836,781 | |||||
| Integrated Telecommunication Services–5.26% | |||||
| Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027(c) | 428,000 | 483,244 | |||
| Altice France S.A. (France), 7.38%, 05/01/2026(c) | 1,137,000 | 1,195,044 | |||
| CommScope, Inc., | |||||
| 6.00%, 03/01/2026(c) | 501,000 | 529,214 | |||
| 8.25%, 03/01/2027(c) | 169,000 | 182,309 | |||
| Embarq Corp., 8.00%, 06/01/2036 | 759,000 | 913,134 | |||
| Frontier Communications Corp., | |||||
| 10.50%, 09/15/2022(d) | 1,815,000 | 897,998 | |||
| 11.00%, 09/15/2025(d) | 344,000 | 170,065 | |||
| Telecom Italia Capital S.A. (Italy), | |||||
| 6.38%, 11/15/2033 | 92,000 | 110,153 | |||
| 7.20%, 07/18/2036 | 433,000 | 555,604 | |||
| 5,036,765 | |||||
| Interactive Media & Services–1.40% | |||||
| Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(c) | 460,000 | 449,289 | |||
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
| Principal Amount | Value | ||||
| Interactive Media & Services–(continued) | |||||
| Diamond Sports Group LLC/Diamond Sports Finance Co., | |||||
| 5.38%, 08/15/2026(c) | $598,000 | $464,571 | |||
| 6.63%, 08/15/2027(c) | 743,000 | 427,002 | |||
| 1,340,862 | |||||
| Internet & Direct Marketing Retail–0.39% | |||||
| QVC, Inc., 5.45%, 08/15/2034 | 373,000 | 375,798 | |||
| Internet Services & Infrastructure–0.28% | |||||
| Arches Buyer, Inc., | |||||
| 4.25%, 06/01/2028(c) | 208,000 | 209,040 | |||
| 6.13%, 12/01/2028(c) | 53,000 | 54,524 | |||
| 263,564 | |||||
| Investment Banking & Brokerage–0.46% | |||||
| NFP Corp., 6.88%, 08/15/2028(c) | 416,000 | 436,280 | |||
| IT Consulting & Other Services–0.76% | |||||
| Gartner, Inc., | |||||
| 4.50%, 07/01/2028(c) | 401,000 | 421,551 | |||
| 3.75%, 10/01/2030(c) | 295,000 | 307,263 | |||
| 728,814 | |||||
| Leisure Products–0.39% | |||||
| Mattel, Inc., 6.75%, 12/31/2025(c) | 350,000 | 368,445 | |||
| Managed Health Care–1.61% | |||||
| Centene Corp., | |||||
| 5.38%, 06/01/2026(c) | 335,000 | 352,587 | |||
| 5.38%, 08/15/2026(c) | 290,000 | 307,038 | |||
| 4.63%, 12/15/2029 | 280,000 | 307,355 | |||
| 3.00%, 10/15/2030 | 548,000 | 577,537 | |||
| 1,544,517 | |||||
| Metal & Glass Containers–0.46% | |||||
| Flex Acquisition Co., Inc., 7.88%, 07/15/2026(c) | 417,000 | 439,935 | |||
| Movies & Entertainment–1.14% | |||||
| Netflix, Inc., | |||||
| 5.88%, 11/15/2028 | 441,000 | 533,374 | |||
| 5.38%, 11/15/2029(c) | 470,000 | 561,791 | |||
| 1,095,165 | |||||
| Oil & Gas Drilling–1.54% | |||||
| Diamond Offshore Drilling, Inc., 4.88%, 11/02/2043(d) | 226,000 | 17,356 | |||
| Precision Drilling Corp. (Canada), | |||||
| 7.75%, 12/15/2023 | 92,000 | 74,265 | |||
| 5.25%, 11/15/2024 | 372,000 | 242,962 | |||
| Rockies Express Pipeline LLC, | |||||
| 4.80%, 05/15/2030(c) | 605,000 | 599,328 | |||
| 6.88%, 04/15/2040(c) | 479,000 | 510,135 | |||
| Valaris PLC (Saudi Arabia), 7.75%, 02/01/2026(d) | 628,000 | 29,456 | |||
| 1,473,502 | |||||
| Oil & Gas Equipment & Services–0.79% | |||||
| Oceaneering International, Inc., 6.00%, 02/01/2028 | 36,000 | 30,330 | |||
| Principal Amount | Value | ||||
| Oil & Gas Equipment & Services–(continued) | |||||
| USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027 | $686,000 | $724,286 | |||
| 754,616 | |||||
| Oil & Gas Exploration & Production–7.62% | |||||
| Antero Resources Corp., | |||||
| 5.63%, 06/01/2023 | 494,000 | 442,747 | |||
| 5.00%, 03/01/2025 | 414,000 | 329,906 | |||
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027(c) | 378,000 | 400,680 | |||
| CNX Resources Corp., | |||||
| 7.25%, 03/14/2027(c) | 669,000 | 708,317 | |||
| 6.00%, 01/15/2029(c) | 357,000 | 361,463 | |||
| Comstock Resources, Inc., 9.75%, 08/15/2026 | 649,000 | 687,356 | |||
| Continental Resources, Inc., | |||||
| 4.50%, 04/15/2023 | 109,000 | 111,924 | |||
| 3.80%, 06/01/2024 | 84,000 | 85,124 | |||
| 5.75%, 01/15/2031(c) | 397,000 | 426,775 | |||
| Genesis Energy L.P./Genesis Energy Finance Corp., | |||||
| 6.25%, 05/15/2026 | 475,000 | 435,813 | |||
| 7.75%, 02/01/2028 | 308,000 | 283,650 | |||
| Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(c) | 1,099,000 | 1,091,813 | |||
| QEP Resources, Inc., 5.25%, 05/01/2023 | 140,000 | 119,910 | |||
| SM Energy Co., | |||||
| 10.00%, 01/15/2025(c) | 349,000 | 356,634 | |||
| 6.75%, 09/15/2026 | 470,000 | 264,873 | |||
| 6.63%, 01/15/2027 | 90,000 | 50,850 | |||
| Southwestern Energy Co., | |||||
| 7.50%, 04/01/2026 | 115,000 | 119,968 | |||
| 7.75%, 10/01/2027 | 574,000 | 606,646 | |||
| WPX Energy, Inc., | |||||
| 5.75%, 06/01/2026 | 258,000 | 272,255 | |||
| 5.25%, 10/15/2027 | 64,000 | 67,628 | |||
| 5.88%, 06/15/2028 | 34,000 | 36,678 | |||
| 4.50%, 01/15/2030 | 28,000 | 29,050 | |||
| 7,290,060 | |||||
| Oil & Gas Refining & Marketing–0.93% | |||||
| Calumet Specialty Products Partners L.P./Calumet Finance Corp., | |||||
| 7.63%, 01/15/2022 | 236,000 | 235,059 | |||
| 9.25%, 07/15/2024(c) | 433,000 | 484,960 | |||
| Parkland Corp. (Canada), 6.00%, 04/01/2026(c) | 161,000 | 169,909 | |||
| 889,928 | |||||
| Oil & Gas Storage & Transportation–5.21% | |||||
| Antero Midstream Partners L.P./Antero Midstream Finance Corp., | |||||
| 5.38%, 09/15/2024 | 59,000 | 55,807 | |||
| 5.75%, 03/01/2027(c) | 67,000 | 61,179 | |||
| 5.75%, 01/15/2028(c) | 632,000 | 570,317 | |||
| EQM Midstream Partners L.P., | |||||
| 6.50%, 07/01/2027(c) | 354,000 | 390,786 | |||
| 5.50%, 07/15/2028 | 353,000 | 376,182 | |||
| Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029(c) | 678,000 | 725,952 | |||
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
| Principal Amount | Value | ||||
| Oil & Gas Storage & Transportation–(continued) | |||||
| Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(c) | $710,000 | $700,397 | |||
| NGL Energy Partners L.P./NGL Energy Finance Corp., | |||||
| 7.50%, 11/01/2023 | 742,000 | 376,101 | |||
| 7.50%, 04/15/2026 | 889,000 | 366,157 | |||
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., | |||||
| 5.13%, 02/01/2025 | 228,000 | 234,410 | |||
| 5.88%, 04/15/2026 | 267,000 | 281,518 | |||
| 5.50%, 03/01/2030(c) | 115,000 | 124,839 | |||
| 4.88%, 02/01/2031(c) | 108,000 | 115,047 | |||
| Western Midstream Operating L.P., | |||||
| 4.10%, 02/01/2025 | 176,000 | 175,891 | |||
| 4.75%, 08/15/2028 | 417,000 | 432,638 | |||
| 4,987,221 | |||||
| Other Diversified Financial Services–1.30% | |||||
| eG Global Finance PLC (United Kingdom), | |||||
| 6.75%, 02/07/2025(c) | 478,000 | 495,447 | |||
| 8.50%, 10/30/2025(c) | 240,000 | 258,948 | |||
| LPL Holdings, Inc., 5.75%, 09/15/2025(c) | 474,000 | 491,784 | |||
| 1,246,179 | |||||
| Packaged Foods & Meats–3.57% | |||||
| JBS USA LUX S.A./JBS USA Finance, Inc., 5.75%, 06/15/2025(c) | 176,000 | 181,940 | |||
| JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/2030(c) | 536,000 | 603,188 | |||
| Kraft Heinz Foods Co. (The), | |||||
| 6.88%, 01/26/2039 | 373,000 | 519,469 | |||
| 5.00%, 06/04/2042 | 348,000 | 398,874 | |||
| 5.50%, 06/01/2050(c) | 1,025,000 | 1,272,599 | |||
| Post Holdings, Inc., 5.63%, 01/15/2028(c) | 409,000 | 435,841 | |||
| 3,411,911 | |||||
| Paper Products–1.41% | |||||
| Mercer International, Inc. (Germany), 5.50%, 01/15/2026 | 420,000 | 421,838 | |||
| Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(c) | 870,000 | 929,647 | |||
| 1,351,485 | |||||
| Personal Products–0.41% | |||||
| Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(c) | 355,000 | 390,056 | |||
| Pharmaceuticals–3.80% | |||||
| Bausch Health Americas, Inc., 9.25%, 04/01/2026(c) | 372,000 | 413,478 | |||
| Bausch Health Cos., Inc., | |||||
| 5.50%, 11/01/2025(c) | 346,000 | 356,761 | |||
| 9.00%, 12/15/2025(c) | 616,000 | 678,339 | |||
| 5.75%, 08/15/2027(c) | 163,000 | 175,531 | |||
| 6.25%, 02/15/2029(c) | 408,000 | 433,067 | |||
| Endo DAC/Endo Finance LLC/Endo Finco, Inc., | |||||
| 9.50%, 07/31/2027(c) | 99,000 | 109,126 | |||
| 6.00%, 06/30/2028(c) | 125,000 | 98,875 | |||
| Principal Amount | Value | ||||
| Pharmaceuticals–(continued) | |||||
| HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026(c) | $172,000 | $181,299 | |||
| Par Pharmaceutical, Inc., 7.50%, 04/01/2027(c) | 1,104,000 | 1,193,766 | |||
| 3,640,242 | |||||
| Property & Casualty Insurance–0.26% | |||||
| AmWINS Group, Inc., 7.75%, 07/01/2026(c) | 229,000 | 248,135 | |||
| Publishing–0.68% | |||||
| Meredith Corp., 6.88%, 02/01/2026 | 653,000 | 650,959 | |||
| Railroads–1.31% | |||||
| Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(c) | 1,255,000 | 1,256,437 | |||
| Research & Consulting Services–0.41% | |||||
| Dun & Bradstreet Corp. (The), | |||||
| 6.88%, 08/15/2026(c) | 212,000 | 227,503 | |||
| 10.25%, 02/15/2027(c) | 145,000 | 163,098 | |||
| 390,601 | |||||
| Restaurants–1.67% | |||||
| 1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030(c) | 867,000 | 865,916 | |||
| IRB Holding Corp., | |||||
| 7.00%, 06/15/2025(c) | 115,000 | 125,851 | |||
| 6.75%, 02/15/2026(c) | 588,000 | 609,315 | |||
| 1,601,082 | |||||
| Security & Alarm Services–0.50% | |||||
| Brink’s Co. (The), | |||||
| 5.50%, 07/15/2025(c) | 70,000 | 74,940 | |||
| 4.63%, 10/15/2027(c) | 379,000 | 399,968 | |||
| 474,908 | |||||
| Specialized Consumer Services–0.97% | |||||
| ServiceMaster Co. LLC (The), 7.45%, 08/15/2027 | 814,000 | 929,840 | |||
| Specialized REITs–2.38% | |||||
| Iron Mountain, Inc., | |||||
| 5.25%, 03/15/2028(c) | 473,000 | 495,763 | |||
| 5.25%, 07/15/2030(c) | 524,000 | 556,095 | |||
| 4.50%, 02/15/2031(c) | 357,000 | 364,615 | |||
| Rayonier A.M. Products, Inc., 5.50%, 06/01/2024(c) | 1,008,000 | 857,954 | |||
| 2,274,427 | |||||
| Specialty Chemicals–0.51% | |||||
| Element Solutions, Inc., 3.88%, 09/01/2028(c) | 142,000 | 145,035 | |||
| GCP Applied Technologies, Inc., 5.50%, 04/15/2026(c) | 335,000 | 344,568 | |||
| 489,603 | |||||
| Specialty Stores–0.29% | |||||
| Sally Holdings LLC/Sally Capital, Inc., 8.75%, 04/30/2025(c) | 252,000 | 280,035 | |||
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
| Principal Amount | Value | ||||
| Steel–0.70% | |||||
| Cleveland-Cliffs, Inc., | |||||
| 9.88%, 10/17/2025(c) | $433,000 | $505,528 | |||
| 6.25%, 10/01/2040 | 181,000 | 160,411 | |||
| 665,939 | |||||
| Systems Software–1.43% | |||||
| Boxer Parent Co., Inc., | |||||
| 7.13%, 10/02/2025(c) | 143,000 | 154,592 | |||
| 9.13%, 03/01/2026(c) | 565,000 | 610,172 | |||
| Camelot Finance S.A., 4.50%, 11/01/2026(c) | 572,000 | 599,527 | |||
| 1,364,291 | |||||
| Technology Hardware, Storage & Peripherals–0.15% | |||||
| Dell International LLC/EMC Corp., 8.10%, 07/15/2036(c) | 97,000 | 139,821 | |||
| Textiles–0.45% | |||||
| Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025(c) | 491,000 | 429,625 | |||
| Trading Companies & Distributors–0.82% | |||||
| AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045(c)(g) | 430,000 | 413,875 | |||
| WESCO Distribution, Inc., 7.25%, 06/15/2028(c) | 331,000 | 372,324 | |||
| 786,199 | |||||
| Wireless Telecommunication Services–1.66% | |||||
| Intelsat (Luxembourg) S.A. (Luxembourg), 7.75%, 06/01/2021(d) | 399,000 | 19,352 | |||
| Intelsat Connect Finance S.A. (Luxembourg), 9.50%, 02/15/2023(c)(d) | 292,000 | 84,132 | |||
| Sprint Corp., | |||||
| 7.88%, 09/15/2023 | 1,059,000 | 1,221,821 | |||
| 7.63%, 02/15/2025 | 218,000 | 261,464 | |||
| 1,586,769 | |||||
| Total U.S. Dollar Denominated Bonds & Notes (Cost $115,793,179) | 116,632,213 | ||||
| Non-U.S. Dollar Denominated Bonds & Notes–2.63%(i) | |||||
| Building Products–0.75% | |||||
| Maxeda DIY Holding B.V. (Netherlands), 5.88%, 10/01/2026(c) | EUR | 579,000 | 718,950 | ||
| Casinos & Gaming–0.17% | |||||
| Codere Finance 2 (Luxembourg) S.A. (Spain), 10.75%, 09/30/2023(c) | EUR | 135,000 | 167,077 | ||
| Principal Amount | Value | ||||
| Diversified Banks–0.84% | |||||
| Erste Group Bank AG (Austria), 6.50%(c)(g)(h) | EUR | 600,000 | $800,488 | ||
| Food Retail–0.76% | |||||
| Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025(c) | GBP | 542,000 | 724,374 | ||
| Textiles–0.11% | |||||
| Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023(c) | EUR | 100,000 | 101,989 | ||
| Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $2,456,004) | 2,512,878 | ||||
| Variable Rate Senior Loan Interests–0.87%(j)(k) | |||||
| Railroads–0.87% | |||||
| Kenan Advantage Group, Inc. (The), | |||||
| Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%), 07/29/2022 | $164,067 | 160,154 | |||
| 4.00%, (1 mo. USD LIBOR + 3.00%), 07/29/2022 | 689,933 | 673,482 | |||
| Total Variable Rate Senior Loan Interests (Cost $832,682) | 833,636 | ||||
| Asset-Backed Securities–0.46% | |||||
| Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050 (Cost $415,858)(c) | 415,858 | 443,605 | |||
| Shares | |||||
| Common Stocks & Other Equity Interests–0.12% | |||||
| Oil & Gas Exploration & Production–0.12% | |||||
| Whiting Petroleum Corp.(l) (Cost $316,368) | 5,084 | 115,102 | |||
| Money Market Funds–5.10% | |||||
| Invesco Government & Agency Portfolio, Institutional Class, 0.01%(m)(n) | 1,707,106 | 1,707,106 | |||
| Invesco Liquid Assets Portfolio, Institutional Class, 0.07%(m)(n) | 1,218,481 | 1,218,968 | |||
| Invesco Treasury Portfolio, Institutional Class, 0.01%(m)(n) | 1,950,978 | 1,950,978 | |||
| Total Money Market Funds (Cost $4,443,907) | 4,877,052 | ||||
| TOTAL INVESTMENTS IN SECURITIES–131.06% (Cost $124,257,998) | 125,414,486 | ||||
| BORROWINGS–(31.93)% | (30,550,000) | ||||
| OTHER ASSETS LESS LIABILITIES—0.87% | 826,128 | ||||
| NET ASSETS–100.00% | $95,690,614 | ||||
Investment Abbreviations:
| Conv. | – Convertible |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| LIBOR | – London Interbank Offered Rate |
| PIK | – Pay-in-Kind |
| REIT | – Real Estate Investment Trust |
| USD | – U.S. Dollar |
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Notes to Schedule of Investments:
| (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 November 30, 2020 was $77,878,766, which represented 81.39% 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 November 30, 2020 was $2,094,154, which represented 2.19% of the Trust’s Net Assets. |
| (e) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| (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) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| (h) | Perpetual bond with no specified maturity date. |
| (i) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| (j) | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. |
| (k) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Trust’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
| (l) | Non-income producing security. |
| (m) | Affiliated issuer. The issuer and/or the Trust is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Trust’s transactions in, and earnings from, its investments in affiliates for the nine months ended November 30, 2020. |
| Value February 29, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value November 30, 2020 | Dividend Income | |
| Investments in Affiliated Money Market Funds: | |||||||
| Invesco Government & Agency Portfolio, Institutional Class | $1,845,572 | $11,752,150 | $(11,890,616) | $- | $- | $1,707,106 | $1,242 |
| Invesco Liquid Assets Portfolio, Institutional Class | 1,421,814 | 8,955,730 | (9,158,230) | (366) | 20 | 1,218,968 | 2,022 |
| Invesco Treasury Portfolio, Institutional Class | 2,109,226 | 13,431,028 | (13,589,276) | - | - | 1,950,978 | 1,320 |
| Total | $5,376,612 | $34,138,908 | $(34,638,122) | $(366) | $20 | $4,877,052 | $4,584 |
| (n) | The rate shown is the 7-day SEC standardized yield as of November 30, 2020. |
| Open Forward Foreign Currency Contracts | ||||||
| Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
| Deliver | Receive | |||||
| Currency Risk | ||||||
| 02/17/2021 | Citibank N.A. | EUR | 1,200,000 | USD | 1,422,397 | $(12,074) |
| 02/17/2021 | Deutsche Bank AG | GBP | 245,000 | USD | 324,778 | (2,114) |
| 02/17/2021 | Goldman Sachs & Co. | GBP | 257,000 | USD | 338,712 | (4,192) |
| 02/17/2021 | Toronto Dominion Bank | EUR | 115,000 | USD | 136,849 | (621) |
| Total Forward Foreign Currency Contracts | $(19,001) | |||||
| Abbreviations: | |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| USD | —U.S. Dollar |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Notes to Quarterly Schedule of Portfolio Holdings
November 30, 2020
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("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 November 30, 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 | $— | $116,632,213 | $0 | $116,632,213 |
| Non-U.S. Dollar Denominated Bonds & Notes | — | 2,512,878 | — | 2,512,878 |
| Variable Rate Senior Loan Interests | — | 833,636 | — | 833,636 |
| Asset-Backed Securities | — | 443,605 | — | 443,605 |
| Common Stocks & Other Equity Interests | 115,102 | — | — | 115,102 |
| Money Market Funds | 4,877,052 | — | — | 4,877,052 |
| Total Investments in Securities | 4,992,154 | 120,422,332 | 0 | 125,414,486 |
| Other Investments - Liabilities* | ||||
| Forward Foreign Currency Contracts | — | (19,001) | — | (19,001) |
| Total Investments | $4,992,154 | $120,403,331 | $0 | $125,395,485 |
| * | Unrealized appreciation (depreciation). |
NOTE 2—Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared 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, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedule of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Trust and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
Invesco High Income Trust II