Schedule of Investments(a)
May 31, 2021
(Unaudited)
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes–116.74%(b) | ||||
Aerospace & Defense–1.64% | ||||
Bombardier, Inc. (Canada), 6.00%, 10/15/2022(c) | $475,000 | $476,187 | ||
TransDigm UK Holdings PLC, 6.88%, 05/15/2026 | 801,000 | 847,306 | ||
TransDigm, Inc., 6.25%, 03/15/2026(c) | 256,000 | 270,171 | ||
1,593,664 | ||||
Airlines–3.94% | ||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | ||||
5.50%, 04/20/2026(c) | 968,000 | 1,020,059 | ||
5.75%, 04/20/2029(c) | 242,000 | 259,909 | ||
Delta Air Lines, Inc., | ||||
7.00%, 05/01/2025(c) | 1,062,000 | 1,235,662 | ||
7.38%, 01/15/2026 | 544,000 | 640,974 | ||
United Airlines, Inc., 4.38%, 04/15/2026(c) | 640,000 | 664,010 | ||
3,820,614 | ||||
Alternative Carriers–1.10% | ||||
Level 3 Financing, Inc., 3.75%, 07/15/2029(c) | 954,000 | 921,040 | ||
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039 | 133,000 | 151,250 | ||
1,072,290 | ||||
Apparel Retail–0.65% | ||||
L Brands, Inc., | ||||
6.88%, 11/01/2035 | 420,000 | 506,661 | ||
6.75%, 07/01/2036 | 104,000 | 123,948 | ||
630,609 | ||||
Auto Parts & Equipment–1.71% | ||||
Clarios Global L.P., 6.75%, 05/15/2025(c) | 166,000 | 178,270 | ||
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(c) | 412,000 | 448,565 | ||
Dana, Inc., | ||||
5.38%, 11/15/2027 | 357,000 | 380,205 | ||
5.63%, 06/15/2028 | 70,000 | 75,612 | ||
NESCO Holdings II, Inc., 5.50%, 04/15/2029(c) | 563,000 | 581,303 | ||
1,663,955 | ||||
Automobile Manufacturers–3.42% | ||||
Allison Transmission, Inc., 3.75%, 01/30/2031(c) | 648,000 | 622,890 | ||
Ford Motor Co., | ||||
9.00%, 04/22/2025 | 212,000 | 259,287 | ||
9.63%, 04/22/2030 | 114,000 | 158,894 | ||
4.75%, 01/15/2043 | 327,000 | 330,329 | ||
Ford Motor Credit Co. LLC, | ||||
5.13%, 06/16/2025 | 204,000 | 223,507 | ||
3.38%, 11/13/2025 | 250,000 | 256,264 | ||
4.39%, 01/08/2026 | 299,000 | 318,872 | ||
5.11%, 05/03/2029 | 395,000 | 433,599 |
Principal Amount | Value | |||
Automobile Manufacturers–(continued) | ||||
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(c) | $674,000 | $712,819 | ||
3,316,461 | ||||
Automotive Retail–1.99% | ||||
Group 1 Automotive, Inc., 4.00%, 08/15/2028(c) | 441,000 | 444,369 | ||
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(c) | 653,000 | 671,451 | ||
Lithia Motors, Inc., 3.88%, 06/01/2029(c) | 624,000 | 641,853 | ||
Penske Automotive Group, Inc., 5.50%, 05/15/2026 | 164,000 | 169,297 | ||
1,926,970 | ||||
Broadcasting–0.12% | ||||
Gray Television, Inc., 7.00%, 05/15/2027(c) | 105,000 | 113,767 | ||
Cable & Satellite–4.06% | ||||
CCO Holdings LLC/CCO Holdings Capital Corp., | ||||
5.00%, 02/01/2028(c) | 1,240,000 | 1,298,925 | ||
4.50%, 08/15/2030(c) | 56,000 | 57,137 | ||
CSC Holdings LLC, | ||||
6.50%, 02/01/2029(c) | 687,000 | 752,461 | ||
5.75%, 01/15/2030(c) | 225,000 | 235,144 | ||
DISH DBS Corp., 7.38%, 07/01/2028 | 350,000 | 375,375 | ||
DISH Network Corp., Conv., 3.38%, 08/15/2026 | 511,000 | 528,629 | ||
UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028(c) | 660,000 | 691,333 | ||
3,939,004 | ||||
Casinos & Gaming–5.27% | ||||
Codere Finance 2 (Luxembourg) S.A. (Spain), 7.13% PIK Rate, 4.50% Cash Rate, 11/01/2023(c)(d) | 240,000 | 166,800 | ||
MGM Resorts International, | ||||
7.75%, 03/15/2022 | 327,000 | 342,703 | ||
6.00%, 03/15/2023 | 335,000 | 358,031 | ||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029(c) | 767,000 | 769,224 | ||
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(c) | 944,000 | 966,429 | ||
Scientific Games International, Inc., | ||||
8.63%, 07/01/2025(c) | 454,000 | 495,609 | ||
8.25%, 03/15/2026(c) | 342,000 | 368,334 | ||
7.00%, 05/15/2028(c) | 352,000 | 381,385 | ||
Station Casinos LLC, 4.50%, 02/15/2028(c) | 632,000 | 639,818 | ||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(c) | 604,000 | 626,496 | ||
5,114,829 |
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Principal Amount | Value | |||
Coal & Consumable Fuels–1.31% | ||||
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(c) | $1,227,000 | $1,271,479 | ||
Construction & Engineering–1.35% | ||||
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(c) | 632,000 | 644,640 | ||
New Enterprise Stone & Lime Co., Inc., | ||||
6.25%, 03/15/2026(c) | 341,000 | 351,869 | ||
9.75%, 07/15/2028(c) | 282,000 | 314,430 | ||
1,310,939 | ||||
Consumer Finance–4.29% | ||||
Navient Corp., | ||||
7.25%, 09/25/2023 | 685,000 | 752,695 | ||
5.00%, 03/15/2027 | 195,000 | 198,656 | ||
5.63%, 08/01/2033 | 1,026,000 | 986,340 | ||
OneMain Finance Corp., | ||||
5.38%, 11/15/2029 | 1,368,000 | 1,458,384 | ||
4.00%, 09/15/2030 | 795,000 | 770,455 | ||
4,166,530 | ||||
Copper–1.31% | ||||
First Quantum Minerals Ltd. (Zambia), | ||||
7.50%, 04/01/2025(c) | 895,000 | 930,406 | ||
6.88%, 03/01/2026(c) | 325,000 | 341,250 | ||
1,271,656 | ||||
Data Processing & Outsourced Services–0.64% | ||||
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(c) | 605,000 | 621,638 | ||
Department Stores–1.92% | ||||
Macy’s, Inc., 8.38%, 06/15/2025(c) | 1,687,000 | 1,866,328 | ||
Distributors–1.17% | ||||
Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024(c)(d) | 1,110,000 | 1,133,998 | ||
Diversified Banks–1.70% | ||||
Credit Agricole S.A. (France), 8.13%(c)(e)(f) | 688,000 | 836,129 | ||
Natwest Group PLC (United Kingdom), 6.00%(e)(f) | 730,000 | 811,782 | ||
1,647,911 | ||||
Diversified Capital Markets–0.60% | ||||
Credit Suisse Group AG (Switzerland), 7.50%(c)(e)(f) | 540,000 | 584,010 | ||
Diversified Chemicals–0.75% | ||||
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(c) | 707,000 | 726,718 | ||
Diversified REITs–1.09% | ||||
Colony Capital, Inc., Conv., 5.00%, 04/15/2023 | 310,000 | 319,752 | ||
iStar, Inc., 4.75%, 10/01/2024 | 703,000 | 735,689 | ||
1,055,441 | ||||
Electric Utilities–2.30% | ||||
Talen Energy Supply LLC, 7.63%, 06/01/2028(c) | 915,000 | 950,690 |
Principal Amount | Value | |||
Electric Utilities–(continued) | ||||
Vistra Operations Co. LLC, | ||||
5.63%, 02/15/2027(c) | $220,000 | $228,525 | ||
5.00%, 07/31/2027(c) | 397,000 | 405,932 | ||
4.38%, 05/01/2029(c) | 640,000 | 644,534 | ||
2,229,681 | ||||
Electrical Components & Equipment–0.92% | ||||
EnerSys, 4.38%, 12/15/2027(c) | 294,000 | 304,930 | ||
Sensata Technologies B.V., 4.88%, 10/15/2023(c) | 549,000 | 587,888 | ||
892,818 | ||||
Environmental & Facilities Services–1.37% | ||||
Waste Pro USA, Inc., 5.50%, 02/15/2026(c) | 1,305,000 | 1,331,733 | ||
Fertilizers & Agricultural Chemicals–0.66% | ||||
OCI N.V. (Netherlands), 4.63%, 10/15/2025(c) | 613,000 | 639,043 | ||
Food Distributors–0.66% | ||||
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028(c) | 622,000 | 637,080 | ||
Food Retail–2.33% | ||||
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(c) | 256,000 | 282,160 | ||
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(c) | 1,011,000 | 1,059,781 | ||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(c) | 905,000 | 918,109 | ||
2,260,050 | ||||
Health Care Facilities–0.71% | ||||
Encompass Health Corp., 4.75%, 02/01/2030 | 654,000 | 686,743 | ||
Health Care REITs–0.62% | ||||
Diversified Healthcare Trust, 4.38%, 03/01/2031 | 642,000 | 604,835 | ||
Health Care Services–6.31% | ||||
Akumin, Inc., 7.00%, 11/01/2025(c) | 1,452,000 | 1,504,533 | ||
Community Health Systems, Inc., | ||||
6.63%, 02/15/2025(c) | 318,000 | 335,093 | ||
8.00%, 03/15/2026(c) | 704,000 | 754,420 | ||
8.00%, 12/15/2027(c) | 333,000 | 365,467 | ||
DaVita, Inc., | ||||
4.63%, 06/01/2030(c) | 265,000 | 270,617 | ||
3.75%, 02/15/2031(c) | 1,327,000 | 1,274,020 | ||
Global Medical Response, Inc., 6.50%, 10/01/2025(c) | 240,000 | 246,907 | ||
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(c) | 696,000 | 725,510 | ||
MEDNAX, Inc., 6.25%, 01/15/2027(c) | 608,000 | 644,969 | ||
6,121,536 | ||||
Homebuilding–2.25% | ||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(c) | 1,082,000 | 1,224,781 |
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Principal Amount | Value | |||
Homebuilding–(continued) | ||||
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027(c) | $887,000 | $956,487 | ||
2,181,268 | ||||
Hotels, Resorts & Cruise Lines–0.71% | ||||
Carnival Corp., 10.50%, 02/01/2026(c) | 587,000 | 693,535 | ||
Household Products–0.64% | ||||
Energizer Holdings, Inc., 4.38%, 03/31/2029(c) | 633,000 | 625,879 | ||
Independent Power Producers & Energy Traders–2.07% | ||||
Calpine Corp., 3.75%, 03/01/2031(c) | 780,000 | 735,127 | ||
Clearway Energy Operating LLC, | ||||
4.75%, 03/15/2028(c) | 721,000 | 746,902 | ||
3.75%, 02/15/2031(c) | 544,000 | 527,008 | ||
2,009,037 | ||||
Industrial Machinery–2.07% | ||||
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(c) | 441,000 | 443,403 | ||
EnPro Industries, Inc., 5.75%, 10/15/2026 | 888,000 | 939,202 | ||
Mueller Water Products, Inc., 4.00%, 06/15/2029(c) | 615,000 | 628,069 | ||
2,010,674 | ||||
Integrated Oil & Gas–1.96% | ||||
Occidental Petroleum Corp., | ||||
2.90%, 08/15/2024 | 340,000 | 339,575 | ||
8.50%, 07/15/2027 | 254,000 | 309,129 | ||
6.13%, 01/01/2031 | 451,000 | 500,827 | ||
6.20%, 03/15/2040 | 336,000 | 354,950 | ||
4.10%, 02/15/2047 | 499,000 | 401,171 | ||
1,905,652 | ||||
Integrated Telecommunication Services–1.62% | ||||
Altice France S.A. (France), | ||||
7.38%, 05/01/2026(c) | 764,000 | 795,454 | ||
8.13%, 02/01/2027(c) | 288,000 | 314,280 | ||
Embarq Corp., 8.00%, 06/01/2036 | 412,000 | 466,143 | ||
1,575,877 | ||||
Interactive Media & Services–2.01% | ||||
Entercom Media Corp., 6.75%, 03/31/2029(c) | 924,000 | 941,921 | ||
Scripps Escrow II, Inc., | ||||
3.88%, 01/15/2029(c) | 720,000 | 702,129 | ||
5.38%, 01/15/2031(c) | 309,000 | 310,207 | ||
1,954,257 | ||||
Internet & Direct Marketing Retail–0.73% | ||||
QVC, Inc., 5.45%, 08/15/2034 | 697,000 | 709,919 | ||
Investment Banking & Brokerage–0.99% | ||||
NFP Corp., | ||||
4.88%, 08/15/2028(c) | 244,000 | 244,915 | ||
6.88%, 08/15/2028(c) | 692,000 | 716,156 | ||
961,071 | ||||
IT Consulting & Other Services–0.66% | ||||
Gartner, Inc., 4.50%, 07/01/2028(c) | 604,000 | 636,870 |
Principal Amount | Value | |||
Managed Health Care–2.27% | ||||
Centene Corp., | ||||
5.38%, 08/15/2026(c) | $290,000 | $303,784 | ||
4.63%, 12/15/2029 | 280,000 | 302,642 | ||
3.00%, 10/15/2030 | 548,000 | 548,918 | ||
2.50%, 03/01/2031 | 1,091,000 | 1,046,765 | ||
2,202,109 | ||||
Metal & Glass Containers–1.27% | ||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028(c) | 600,000 | 600,048 | ||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(c) | 599,000 | 630,046 | ||
1,230,094 | ||||
Movies & Entertainment–1.81% | ||||
Cinemark USA, Inc., 5.88%, 03/15/2026(c) | 641,000 | 665,051 | ||
Netflix, Inc., | ||||
5.88%, 11/15/2028 | 441,000 | 534,203 | ||
5.38%, 11/15/2029(c) | 470,000 | 556,353 | ||
1,755,607 | ||||
Oil & Gas Drilling–3.68% | ||||
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(c) | 637,000 | 658,499 | ||
Nabors Industries, Inc., 5.75%, 02/01/2025 | 830,000 | 691,730 | ||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(c) | 570,000 | 594,185 | ||
Precision Drilling Corp. (Canada), | ||||
7.75%, 12/15/2023 | 92,000 | 93,081 | ||
5.25%, 11/15/2024 | 372,000 | 363,859 | ||
Rockies Express Pipeline LLC, | ||||
4.80%, 05/15/2030(c) | 605,000 | 605,463 | ||
6.88%, 04/15/2040(c) | 479,000 | 516,220 | ||
Valaris Ltd., | ||||
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(c)(d) | 24,000 | 23,760 | ||
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(d) | 24,000 | 23,760 | ||
3,570,557 | ||||
Oil & Gas Equipment & Services–2.35% | ||||
Bristow Group, Inc., 6.88%, 03/01/2028(c) | 696,000 | 714,374 | ||
TechnipFMC PLC (United Kingdom), 6.50%, 02/01/2026(c) | 787,000 | 847,420 | ||
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027 | 686,000 | 721,693 | ||
2,283,487 | ||||
Oil & Gas Exploration & Production–9.33% | ||||
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(c) | 1,547,000 | 1,659,157 |
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Principal Amount | Value | |||
Oil & Gas Exploration & Production–(continued) | ||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | ||||
9.00%, 11/01/2027(c) | $403,000 | $555,132 | ||
8.25%, 12/31/2028(c) | 94,000 | 102,343 | ||
CNX Resources Corp., 7.25%, 03/14/2027(c) | 669,000 | 720,279 | ||
EQT Corp., | ||||
3.13%, 05/15/2026(c) | 259,000 | 264,433 | ||
3.63%, 05/15/2031(c) | 385,000 | 397,006 | ||
Genesis Energy L.P./Genesis Energy Finance Corp., | ||||
6.25%, 05/15/2026 | 537,000 | 530,959 | ||
8.00%, 01/15/2027 | 423,000 | 435,161 | ||
7.75%, 02/01/2028 | 308,000 | 310,215 | ||
Hilcorp Energy I L.P./Hilcorp Finance Co., | ||||
6.25%, 11/01/2028(c) | 368,000 | 386,860 | ||
5.75%, 02/01/2029(c) | 241,000 | 247,724 | ||
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(c) | 998,000 | 1,046,777 | ||
Ovintiv Exploration, Inc., 5.63%, 07/01/2024 | 385,000 | 428,517 | ||
Range Resources Corp., 8.25%, 01/15/2029(c) | 583,000 | 650,870 | ||
SM Energy Co., | ||||
5.00%, 01/15/2024 | 559,000 | 544,804 | ||
10.00%, 01/15/2025(c) | 189,000 | 214,439 | ||
6.75%, 09/15/2026 | 470,000 | 469,648 | ||
6.63%, 01/15/2027 | 90,000 | 90,317 | ||
9,054,641 | ||||
Oil & Gas Refining & Marketing–1.12% | ||||
New Fortress Energy, Inc., 6.50%, 09/30/2026(c) | 1,080,000 | 1,088,100 | ||
Oil & Gas Storage & Transportation–3.01% | ||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., | ||||
5.38%, 09/15/2024 | 59,000 | 60,770 | ||
5.75%, 03/01/2027(c) | 67,000 | 69,175 | ||
5.75%, 01/15/2028(c) | 632,000 | 650,764 | ||
EQM Midstream Partners L.P., 5.50%, 07/15/2028 | 353,000 | 377,721 | ||
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(c) | 97,000 | 99,559 | ||
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026 | 474,000 | 418,788 | ||
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029(c) | 1,169,000 | 1,240,601 | ||
2,917,378 | ||||
Other Diversified Financial Services–0.47% | ||||
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045(c)(e) | 430,000 | 458,488 | ||
Packaged Foods & Meats–3.45% | ||||
Kraft Heinz Foods Co. (The), | ||||
6.88%, 01/26/2039 | 373,000 | 513,299 | ||
5.00%, 06/04/2042 | 348,000 | 405,045 | ||
4.88%, 10/01/2049 | 625,000 | 718,269 | ||
5.50%, 06/01/2050 | 1,025,000 | 1,276,073 |
Principal Amount | Value | |||
Packaged Foods & Meats–(continued) | ||||
Post Holdings, Inc., 5.63%, 01/15/2028(c) | $409,000 | $433,078 | ||
3,345,764 | ||||
Paper Products–0.33% | ||||
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(c) | 304,000 | 320,510 | ||
Pharmaceuticals–2.69% | ||||
AdaptHealth LLC, 6.13%, 08/01/2028(c) | 363,000 | 382,121 | ||
Bausch Health Americas, Inc., 9.25%, 04/01/2026(c) | 372,000 | 402,225 | ||
Bausch Health Cos., Inc., | ||||
9.00%, 12/15/2025(c) | 616,000 | 660,445 | ||
5.75%, 08/15/2027(c) | 163,000 | 170,140 | ||
6.25%, 02/15/2029(c) | 408,000 | 399,330 | ||
Endo DAC/Endo Finance LLC/Endo Finco, Inc., | ||||
9.50%, 07/31/2027(c) | 99,000 | 100,856 | ||
6.00%, 06/30/2028(c) | 125,000 | 86,419 | ||
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(c) | 398,000 | 406,458 | ||
2,607,994 | ||||
Renewable Electricity–0.21% | ||||
Atlantica Sustainable Infrastructure PLC (Spain), 4.13%, 06/15/2028(c) | 200,000 | 201,250 | ||
Research & Consulting Services–0.40% | ||||
Dun & Bradstreet Corp. (The), | ||||
6.88%, 08/15/2026(c) | 212,000 | 226,657 | ||
10.25%, 02/15/2027(c) | 145,000 | 160,490 | ||
387,147 | ||||
Restaurants–1.08% | ||||
IRB Holding Corp., | ||||
7.00%, 06/15/2025(c) | 115,000 | 124,390 | ||
6.75%, 02/15/2026(c) | 889,000 | 920,119 | ||
1,044,509 | ||||
Retail REITs–0.69% | ||||
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(c) | 634,000 | 670,059 | ||
Security & Alarm Services–0.48% | ||||
Brink’s Co. (The), | ||||
5.50%, 07/15/2025(c) | 70,000 | 74,615 | ||
4.63%, 10/15/2027(c) | 379,000 | 388,949 | ||
463,564 | ||||
Specialized Consumer Services–1.66% | ||||
Carriage Services, Inc., 4.25%, 05/15/2029(c) | 655,000 | 655,000 | ||
Terminix Co. LLC (The), 7.45%, 08/15/2027 | 814,000 | 952,164 | ||
1,607,164 | ||||
Specialized REITs–1.60% | ||||
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(c) | 885,000 | 914,634 | ||
SBA Communications Corp., 3.88%, 02/15/2027 | 623,000 | 637,825 | ||
1,552,459 |
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Principal Amount | Value | |||
Specialty Chemicals–0.35% | ||||
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(c) | $335,000 | $344,747 | ||
Steel–1.65% | ||||
Cleveland-Cliffs, Inc., | ||||
9.88%, 10/17/2025(c) | 287,000 | 336,175 | ||
5.88%, 06/01/2027 | 427,000 | 447,816 | ||
6.25%, 10/01/2040 | 181,000 | 185,689 | ||
Commercial Metals Co., 3.88%, 02/15/2031 | 643,000 | 635,792 | ||
1,605,472 | ||||
Systems Software–2.88% | ||||
Boxer Parent Co., Inc., 9.13%, 03/01/2026(c) | 892,000 | 940,627 | ||
Camelot Finance S.A., 4.50%, 11/01/2026(c) | 1,785,000 | 1,852,223 | ||
2,792,850 | ||||
Textiles–0.46% | ||||
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025(c) | 491,000 | 447,424 | ||
Thrifts & Mortgage Finance–0.64% | ||||
NMI Holdings, Inc., 7.38%, 06/01/2025(c) | 539,000 | 618,718 | ||
Wireless Telecommunication Services–1.24% | ||||
Sprint Corp., 7.88%, 09/15/2023 | 1,059,000 | 1,201,287 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $110,069,914) | 113,287,748 | |||
Variable Rate Senior Loan Interests–7.04%(g)(h) | ||||
Health Care Equipment–0.72% | ||||
Radiology Partners, Inc., First Lien Term Loan B, 4.35% (1 mo. USD LIBOR + 4.25%), 07/09/2025 | 700,000 | 701,064 | ||
Health Care Services–1.45% | ||||
Global Medical Response, Inc., Term Loan, 5.75% (1 mo. USD LIBOR + 4.75%), 10/02/2025 | 699,247 | 703,355 | ||
Surgery Center Holdings, Inc., Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), 09/03/2026 | 699,189 | 701,374 | ||
1,404,729 | ||||
Home Improvement Retail–0.07% | ||||
SRS Distribution, Inc., Incremental Term Loan, 4.58% (1 mo. USD LIBOR + 4.50%), 05/25/2025 | 62,548 | 62,587 | ||
Hotels, Resorts & Cruise Lines–0.65% | ||||
Four Seasons Hotels Ltd. (Canada), First Lien Term Loan, 2.11% (3 mo. USD LIBOR + 2.00%), 11/30/2023 | 633,346 | 632,906 | ||
Metal & Glass Containers–0.71% | ||||
Flex Acquisition Co., Inc., Incremental Term Loan B, 3.45% (3 mo. USD LIBOR + 3.25%), 06/29/2025 | 699,429 | 692,966 |
Principal Amount | Value | |||
Paper Packaging–0.73% | ||||
Graham Packaging Co., Inc., Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), 08/04/2027 | $705,000 | $705,962 | ||
Paper Products–0.65% | ||||
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 02/23/2028(i) | 636,667 | 631,096 | ||
Pharmaceuticals–0.64% | ||||
Endo LLC, Term Loan, 5.75% (1 mo. USD LIBOR + 5.00%), 03/10/2028 | 635,000 | 621,770 | ||
Restaurants–0.39% | ||||
IRB Holding Corp., First Lien Term Loan B, 4.25% (1 mo. USD LIBOR + 3.25%), 12/01/2027 | 377,000 | 377,505 | ||
Specialty Stores–1.03% | ||||
PetSmart, Inc., First Lien Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 01/28/2028 | 997,333 | 1,002,320 | ||
Total Variable Rate Senior Loan Interests (Cost $6,825,749) | 6,832,905 | |||
Non-U.S. Dollar Denominated Bonds & Notes–1.83%(j) | ||||
Building Products–0.75% | ||||
Maxeda DIY Holding B.V. (Netherlands), 5.88%, 10/01/2026(c) | EUR | 579,000 | 726,217 | |
Casinos & Gaming–0.18% | ||||
Codere Finance 2 (Luxembourg) S.A. (Spain), 10.75%, 09/30/2023(c) | EUR | 135,000 | 174,860 | |
Food Retail–0.78% | ||||
Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025(c) | GBP | 542,000 | 758,390 | |
Textiles–0.12% | ||||
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023(c) | EUR | 100,000 | 114,567 | |
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,682,431) | 1,774,034 | |||
Shares | ||||
Common Stocks & Other Equity Interests–0.09% | ||||
Oil & Gas Drilling–0.09% | ||||
Valaris Ltd.(k) (Cost $65,314) | 3,515 | 82,497 | ||
Money Market Funds–3.31% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(l)(m) | 1,125,141 | 1,125,141 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(l)(m) | 803,351 | 803,672 | ||
Invesco Treasury Portfolio, Institutional Class, 0.01%(l)(m) | 1,285,876 | 1,285,876 | ||
Total Money Market Funds (Cost $3,214,689) | 3,214,689 | |||
TOTAL INVESTMENTS IN SECURITIES–129.01% (Cost $121,858,097) | 125,191,873 | |||
BORROWINGS–(31.48)% | (30,550,000) | |||
OTHER ASSETS LESS LIABILITIES—2.47% | 2,398,647 | |||
NET ASSETS–100.00% | $97,040,520 |
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
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 |
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 May 31, 2021 was $82,267,982, which represented 84.78% of the Trust’s Net Assets. |
(d) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(e) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(f) | Perpetual bond with no specified maturity date. |
(g) | 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. |
(h) | 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. |
(i) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(j) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(k) | Non-income producing security. |
(l) | 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 three months ended May 31, 2021. |
Value February 28, 2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value May 31, 2021 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $1,383,651 | $6,742,038 | $(7,000,548) | $- | $- | $1,125,141 | $132 |
Invesco Liquid Assets Portfolio, Institutional Class | 988,322 | 4,815,742 | (5,000,392) | - | - | 803,672 | 43 |
Invesco Treasury Portfolio, Institutional Class | 1,581,315 | 7,705,187 | (8,000,626) | - | - | 1,285,876 | 53 |
Total | $3,953,288 | $19,262,967 | $(20,001,566) | $- | $- | $3,214,689 | $228 |
(m) | The rate shown is the 7-day SEC standardized yield as of May 31, 2021. |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
Currency Risk | ||||||
08/17/2021 | Canadian Imperial Bank of Commerce | GBP | 502,000 | USD | 710,628 | $(2,606) |
08/17/2021 | Morgan Stanley and Co. International PLC | EUR | 1,500,000 | USD | 1,826,074 | (10,869) |
Total Forward Foreign Currency Contracts | $(13,475) |
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
May 31, 2021
(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 May 31, 2021. 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 | $— | $113,287,748 | $— | $113,287,748 |
Variable Rate Senior Loan Interests | — | 6,201,809 | 631,096 | 6,832,905 |
Non-U.S. Dollar Denominated Bonds & Notes | — | 1,774,034 | — | 1,774,034 |
Common Stocks & Other Equity Interests | 82,497 | — | — | 82,497 |
Money Market Funds | 3,214,689 | — | — | 3,214,689 |
Total Investments in Securities | 3,297,186 | 121,263,591 | 631,096 | 125,191,873 |
Other Investments - Liabilities* | ||||
Forward Foreign Currency Contracts | — | (13,475) | — | (13,475) |
Total Investments | $3,297,186 | $121,250,116 | $631,096 | $125,178,398 |
* | Unrealized appreciation (depreciation). |
Invesco High Income Trust II