Schedule of Investments(a)
November 30, 2022
(Unaudited)
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes–127.32%(b) | ||||
Advertising–1.43% | ||||
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(c) | $295,000 | $254,673 | ||
Lamar Media Corp., | ||||
4.00%, 02/15/2030 | 25,000 | 21,875 | ||
3.63%, 01/15/2031 | 978,000 | 815,481 | ||
1,092,029 | ||||
Aerospace & Defense–0.77% | ||||
TransDigm UK Holdings PLC, 6.88%, 05/15/2026 | 601,000 | 593,202 | ||
Airlines–1.34% | ||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(c) | 1,059,000 | 1,028,817 | ||
Alternative Carriers–0.49% | ||||
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039 | 547,000 | 375,710 | ||
Aluminum–0.69% | ||||
Novelis Corp., 4.75%, 01/30/2030(c) | 590,000 | 525,303 | ||
Apparel Retail–1.48% | ||||
Gap, Inc. (The), 3.63%, 10/01/2029(c) | 1,474,000 | 1,134,309 | ||
Apparel, Accessories & Luxury Goods–1.78% | ||||
Kontoor Brands, Inc., 4.13%, 11/15/2029(c) | 657,000 | 536,208 | ||
Macy’s Retail Holdings LLC, | ||||
5.88%, 03/15/2030(c) | 160,000 | 144,615 | ||
4.50%, 12/15/2034 | 791,000 | 567,104 | ||
4.30%, 02/15/2043 | 179,000 | 113,323 | ||
1,361,250 | ||||
Application Software–1.63% | ||||
NCR Corp., 5.75%, 09/01/2027(c) | 302,000 | 294,083 | ||
SS&C Technologies, Inc., 5.50%, 09/30/2027(c) | 999,000 | 956,349 | ||
1,250,432 | ||||
Auto Parts & Equipment–2.33% | ||||
Clarios Global L.P., 6.75%, 05/15/2025(c) | 149,000 | 149,107 | ||
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(c) | 857,000 | 839,819 | ||
NESCO Holdings II, Inc., 5.50%, 04/15/2029(c) | 908,000 | 799,916 | ||
1,788,842 | ||||
Automobile Manufacturers–7.12% | ||||
Allison Transmission, Inc., | ||||
4.75%, 10/01/2027(c) | 957,000 | 888,604 | ||
3.75%, 01/30/2031(c) | 924,000 | 775,199 | ||
Ford Motor Co., | ||||
3.25%, 02/12/2032 | 65,000 | 51,477 | ||
4.75%, 01/15/2043 | 633,000 | 469,169 |
Principal Amount | Value | |||
Automobile Manufacturers–(continued) | ||||
Ford Motor Credit Co. LLC, | ||||
4.13%, 08/04/2025 | $200,000 | $189,472 | ||
3.38%, 11/13/2025 | 250,000 | 230,938 | ||
4.39%, 01/08/2026 | 899,000 | 856,100 | ||
5.11%, 05/03/2029 | 394,000 | 367,815 | ||
4.00%, 11/13/2030 | 319,000 | 270,222 | ||
3.63%, 06/17/2031 | 337,000 | 276,780 | ||
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(c) | 1,118,000 | 1,081,894 | ||
5,457,670 | ||||
Automotive Retail–5.40% | ||||
Asbury Automotive Group, Inc., | ||||
4.50%, 03/01/2028 | 161,000 | 145,914 | ||
4.63%, 11/15/2029(c) | 773,000 | 675,556 | ||
Group 1 Automotive, Inc., 4.00%, 08/15/2028(c) | 1,272,000 | 1,080,506 | ||
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(c) | 747,000 | 625,952 | ||
Lithia Motors, Inc., 3.88%, 06/01/2029(c) | 942,000 | 791,530 | ||
Sonic Automotive, Inc., 4.63%, 11/15/2029(c) | 991,000 | 818,779 | ||
4,138,237 | ||||
Cable & Satellite–10.69% | ||||
CCO Holdings LLC/CCO Holdings Capital Corp., | ||||
5.13%, 05/01/2027(c) | 126,000 | 119,399 | ||
5.00%, 02/01/2028(c) | 740,000 | 681,488 | ||
4.50%, 08/15/2030(c) | 1,424,000 | 1,201,486 | ||
4.50%, 05/01/2032 | 294,000 | 242,938 | ||
4.25%, 01/15/2034(c) | 602,000 | 469,689 | ||
CSC Holdings LLC, | ||||
6.50%, 02/01/2029(c) | 922,000 | 841,325 | ||
5.75%, 01/15/2030(c) | 696,000 | 475,058 | ||
4.50%, 11/15/2031(c) | 314,000 | 239,675 | ||
5.00%, 11/15/2031(c) | 200,000 | 126,712 | ||
DISH DBS Corp., 5.13%, 06/01/2029 | 903,000 | 595,980 | ||
DISH Network Corp., | ||||
Conv., 3.38%, 08/15/2026 | 1,001,000 | 650,650 | ||
11.75%, 11/15/2027(c) | 59,000 | 60,716 | ||
Gray Escrow II, Inc., 5.38%, 11/15/2031(c) | 924,000 | 706,657 | ||
Sirius XM Radio, Inc., | ||||
3.13%, 09/01/2026(c) | 1,015,000 | 917,601 | ||
4.00%, 07/15/2028(c) | 156,000 | 138,032 | ||
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(c) | 200,000 | 184,988 | ||
VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032(c) | 650,000 | 538,694 | ||
8,191,088 |
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Principal Amount | Value | |||
Casinos & Gaming–5.25% | ||||
Codere Finance 2 (Luxembourg) S.A. (Spain), 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027(c)(d) | $64,573 | $38,098 | ||
Everi Holdings, Inc., 5.00%, 07/15/2029(c) | 626,000 | 543,474 | ||
Melco Resorts Finance Ltd. (Hong Kong), 5.38%, 12/04/2029(c) | 734,000 | 583,530 | ||
MGM China Holdings Ltd. (Macau), 4.75%, 02/01/2027(c) | 338,000 | 296,514 | ||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029(c) | 637,000 | 550,826 | ||
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(c) | 604,000 | 567,890 | ||
Studio City Finance Ltd. (Macau), 5.00%, 01/15/2029(c) | 870,000 | 617,134 | ||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(c) | 947,000 | 824,807 | ||
4,022,273 | ||||
Coal & Consumable Fuels–0.21% | ||||
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(c) | 169,000 | 161,408 | ||
Commodity Chemicals–1.06% | ||||
Mativ Holdings, Inc., 6.88%, 10/01/2026(c) | 928,000 | 813,884 | ||
Construction & Engineering–1.75% | ||||
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(c) | 632,000 | 510,310 | ||
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(c) | 891,000 | 828,911 | ||
1,339,221 | ||||
Consumer Finance–1.42% | ||||
FirstCash, Inc., 5.63%, 01/01/2030(c) | 587,000 | 534,656 | ||
OneMain Finance Corp., | ||||
7.13%, 03/15/2026 | 330,000 | 320,100 | ||
3.88%, 09/15/2028 | 37,000 | 29,415 | ||
5.38%, 11/15/2029 | 245,000 | 204,955 | ||
1,089,126 | ||||
Copper–1.04% | ||||
First Quantum Minerals Ltd. (Zambia), 6.88%, 10/15/2027(c) | 834,000 | 795,691 | ||
Data Processing & Outsourced Services–1.11% | ||||
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(c) | 996,000 | 854,060 | ||
Diversified Metals & Mining–0.70% | ||||
Hudbay Minerals, Inc. (Canada), | ||||
4.50%, 04/01/2026(c) | 304,000 | 275,674 | ||
6.13%, 04/01/2029(c) | 288,000 | 258,201 | ||
533,875 |
Principal Amount | Value | |||
Diversified REITs–0.69% | ||||
iStar, Inc., | ||||
4.75%, 10/01/2024 | $346,000 | $340,869 | ||
5.50%, 02/15/2026 | 191,000 | 190,923 | ||
531,792 | ||||
Diversified Support Services–0.67% | ||||
Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(c) | 523,000 | 515,717 | ||
Electric Utilities–1.10% | ||||
NRG Energy, Inc., 4.45%, 06/15/2029(c) | 623,000 | 574,293 | ||
Vistra Operations Co. LLC, | ||||
5.63%, 02/15/2027(c) | 220,000 | 213,083 | ||
5.00%, 07/31/2027(c) | 60,000 | 56,390 | ||
843,766 | ||||
Electrical Components & Equipment–1.02% | ||||
EnerSys, 4.38%, 12/15/2027(c) | 875,000 | 780,478 | ||
Electronic Components–1.24% | ||||
Sensata Technologies, Inc., | ||||
4.38%, 02/15/2030(c) | 178,000 | 157,851 | ||
3.75%, 02/15/2031(c) | 955,000 | 795,658 | ||
953,509 | ||||
Food Distributors–1.82% | ||||
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028(c) | 927,000 | 839,964 | ||
United Natural Foods, Inc., 6.75%, 10/15/2028(c) | 569,000 | 552,624 | ||
1,392,588 | ||||
Health Care Facilities–3.19% | ||||
Encompass Health Corp., 4.50%, 02/01/2028 | 612,000 | 551,241 | ||
HCA, Inc., | ||||
5.88%, 02/01/2029 | 259,000 | 261,087 | ||
3.50%, 09/01/2030 | 942,000 | 811,279 | ||
Tenet Healthcare Corp., 4.88%, 01/01/2026(c) | 862,000 | 819,322 | ||
2,442,929 | ||||
Health Care REITs–2.07% | ||||
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(c) | 642,000 | 549,488 | ||
Diversified Healthcare Trust, | ||||
4.75%, 05/01/2024 | 304,000 | 266,189 | ||
4.38%, 03/01/2031 | 1,101,000 | 767,981 | ||
1,583,658 | ||||
Health Care Services–3.28% | ||||
Community Health Systems, Inc., | ||||
8.00%, 03/15/2026(c) | 584,000 | 539,750 | ||
5.25%, 05/15/2030(c) | 502,000 | 383,440 | ||
4.75%, 02/15/2031(c) | 335,000 | 245,872 | ||
DaVita, Inc., 3.75%, 02/15/2031(c) | 367,000 | 270,303 | ||
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(c) | 279,000 | 255,060 | ||
Select Medical Corp., 6.25%, 08/15/2026(c) | 845,000 | 819,139 | ||
2,513,564 |
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Principal Amount | Value | |||
Health Care Supplies–0.71% | ||||
Medline Borrower L.P., 3.88%, 04/01/2029(c) | $628,000 | $540,636 | ||
Hotel & Resort REITs–1.35% | ||||
Service Properties Trust, | ||||
5.50%, 12/15/2027 | 585,000 | 509,681 | ||
4.95%, 10/01/2029 | 261,000 | 190,193 | ||
4.38%, 02/15/2030 | 473,000 | 332,685 | ||
1,032,559 | ||||
Hotels, Resorts & Cruise Lines–0.71% | ||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(c) | 519,000 | 541,198 | ||
Household Products–1.48% | ||||
Prestige Brands, Inc., 3.75%, 04/01/2031(c) | 1,342,000 | 1,135,433 | ||
Independent Power Producers & Energy Traders–3.15% | ||||
Calpine Corp., 3.75%, 03/01/2031(c) | 648,000 | 534,703 | ||
Clearway Energy Operating LLC, 4.75%, 03/15/2028(c) | 589,000 | 544,980 | ||
TransAlta Corp. (Canada), 7.75%, 11/15/2029 | 796,000 | 818,782 | ||
Vistra Corp., 7.00%(c)(e)(f) | 574,000 | 514,165 | ||
2,412,630 | ||||
Industrial Machinery–2.84% | ||||
EnPro Industries, Inc., 5.75%, 10/15/2026 | 855,000 | 831,829 | ||
Mueller Water Products, Inc., 4.00%, 06/15/2029(c) | 939,000 | 808,696 | ||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(c) | 615,000 | 539,355 | ||
2,179,880 | ||||
Integrated Oil & Gas–1.71% | ||||
Occidental Petroleum Corp., | ||||
6.13%, 01/01/2031 | 777,000 | 789,276 | ||
6.45%, 09/15/2036 | 72,000 | 72,268 | ||
6.20%, 03/15/2040 | 457,000 | 447,282 | ||
1,308,826 | ||||
Integrated Telecommunication Services–4.87% | ||||
Altice France S.A. (France), | ||||
8.13%, 02/01/2027(c) | 277,000 | 264,248 | ||
5.13%, 07/15/2029(c) | 985,000 | 777,303 | ||
5.50%, 10/15/2029(c) | 725,000 | 582,276 | ||
Embarq Corp., 8.00%, 06/01/2036 | 571,000 | 243,583 | ||
Iliad Holding S.A.S. (France), | ||||
6.50%, 10/15/2026(c) | 400,000 | 381,014 | ||
7.00%, 10/15/2028(c) | 789,000 | 745,842 | ||
Level 3 Financing, Inc., 3.75%, 07/15/2029(c) | 1,020,000 | 738,959 | ||
3,733,225 | ||||
Interactive Media & Services–0.69% | ||||
Match Group Holdings II LLC, 4.63%, 06/01/2028(c) | 591,000 | 529,542 | ||
Internet Services & Infrastructure–0.71% | ||||
Cogent Communications Group, Inc., 7.00%, 06/15/2027(c) | 554,000 | 540,757 |
Principal Amount | Value | |||
IT Consulting & Other Services–1.27% | ||||
Gartner, Inc., | ||||
4.50%, 07/01/2028(c) | $572,000 | $539,216 | ||
3.63%, 06/15/2029(c) | 306,000 | 268,364 | ||
3.75%, 10/01/2030(c) | 195,000 | 168,953 | ||
976,533 | ||||
Managed Health Care–1.40% | ||||
Centene Corp., | ||||
4.25%, 12/15/2027 | 317,000 | 298,048 | ||
3.00%, 10/15/2030 | 935,000 | 772,591 | ||
1,070,639 | ||||
Movies & Entertainment–1.08% | ||||
WMG Acquisition Corp., 3.75%, 12/01/2029(c) | 955,000 | 825,416 | ||
Oil & Gas Drilling–3.82% | ||||
Nabors Industries Ltd., | ||||
7.25%, 01/15/2026(c) | 52,000 | 50,060 | ||
7.50%, 01/15/2028(c) | 360,000 | 329,400 | ||
Nabors Industries, Inc., 7.38%, 05/15/2027(c) | 157,000 | 152,878 | ||
Precision Drilling Corp. (Canada), | ||||
7.13%, 01/15/2026(c) | 88,000 | 86,312 | ||
6.88%, 01/15/2029(c) | 478,000 | 452,439 | ||
Rockies Express Pipeline LLC, | ||||
4.95%, 07/15/2029(c) | 559,000 | 503,675 | ||
4.80%, 05/15/2030(c) | 80,000 | 68,203 | ||
6.88%, 04/15/2040(c) | 268,000 | 223,602 | ||
Transocean, Inc., 7.50%, 04/15/2031 | 428,000 | 286,437 | ||
Valaris Ltd., | ||||
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(c)(d) | 380,000 | 376,983 | ||
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(d) | 400,000 | 396,824 | ||
2,926,813 | ||||
Oil & Gas Equipment & Services–2.90% | ||||
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(c) | 814,000 | 805,148 | ||
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027 | 886,000 | 847,339 | ||
Weatherford International Ltd., 8.63%, 04/30/2030(c) | 597,000 | 573,237 | ||
2,225,724 | ||||
Oil & Gas Exploration & Production–7.78% | ||||
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(c) | 1,634,000 | 1,627,947 | ||
Apache Corp., 7.75%, 12/15/2029 | 525,000 | 542,289 | ||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/2026(c) | 526,000 | 516,335 | ||
Callon Petroleum Co., | ||||
8.00%, 08/01/2028(c) | 294,000 | 290,806 | ||
7.50%, 06/15/2030(c) | 247,000 | 235,338 | ||
CNX Resources Corp., 7.38%, 01/15/2031(c) | 538,000 | 538,936 | ||
Comstock Resources, Inc., 6.75%, 03/01/2029(c) | 561,000 | 548,554 |
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Principal Amount | Value | |||
Oil & Gas Exploration & Production–(continued) | ||||
Hilcorp Energy I L.P./Hilcorp Finance Co., | ||||
6.00%, 04/15/2030(c) | $421,000 | $387,634 | ||
6.25%, 04/15/2032(c) | 159,000 | 146,071 | ||
SM Energy Co., | ||||
6.75%, 09/15/2026 | 795,000 | 780,448 | ||
6.63%, 01/15/2027 | 90,000 | 88,353 | ||
6.50%, 07/15/2028 | 265,000 | 259,423 | ||
5,962,134 | ||||
Oil & Gas Storage & Transportation–6.82% | ||||
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029(c) | 1,196,000 | 1,207,153 | ||
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(c) | 906,000 | 840,859 | ||
EQM Midstream Partners L.P., | ||||
7.50%, 06/01/2027(c) | 185,000 | 187,165 | ||
6.50%, 07/01/2027(c) | 536,000 | 520,670 | ||
4.75%, 01/15/2031(c) | 297,000 | 250,387 | ||
Genesis Energy L.P./Genesis Energy Finance Corp., | ||||
6.25%, 05/15/2026 | 725,000 | 673,154 | ||
8.00%, 01/15/2027 | 140,000 | 133,804 | ||
7.75%, 02/01/2028 | 308,000 | 294,442 | ||
Global Partners L.P./GLP Finance Corp., 7.00%, 08/01/2027 | 584,000 | 554,327 | ||
Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027(c) | 575,000 | 563,527 | ||
5,225,488 | ||||
Other Diversified Financial Services–1.70% | ||||
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(c) | 606,000 | 532,749 | ||
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(c) | 914,000 | 770,067 | ||
1,302,816 | ||||
Pharmaceuticals–1.81% | ||||
Bausch Health Cos., Inc., 4.88%, 06/01/2028(c) | 1,276,000 | 783,209 | ||
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(c)(g) | 797,000 | 601,205 | ||
1,384,414 | ||||
Real Estate Operating Companies–0.36% | ||||
DigitalBridge Group, Inc., Conv., 5.00%, 04/15/2023 | 277,000 | 274,230 | ||
Research & Consulting Services–1.02% | ||||
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(c) | 910,000 | 784,010 | ||
Restaurants–3.18% | ||||
1011778 BC ULC/New Red Finance, Inc. (Canada), | ||||
3.88%, 01/15/2028(c) | 313,000 | 279,680 | ||
4.00%, 10/15/2030(c) | 648,000 | 546,637 | ||
Papa John’s International, Inc., 3.88%, 09/15/2029(c) | 1,282,000 | 1,073,394 |
Principal Amount | Value | |||
Restaurants–(continued) | ||||
Yum! Brands, Inc., 5.38%, 04/01/2032 | $582,000 | $540,553 | ||
2,440,264 | ||||
Retail REITs–1.10% | ||||
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(c) | 873,000 | 841,860 | ||
Semiconductor Equipment–1.01% | ||||
Entegris Escrow Corp., 4.75%, 04/15/2029(c) | 858,000 | 777,635 | ||
Specialized Consumer Services–1.28% | ||||
Carriage Services, Inc., 4.25%, 05/15/2029(c) | 1,308,000 | 982,962 | ||
Specialized REITs–1.36% | ||||
SBA Communications Corp., 3.88%, 02/15/2027 | 1,131,000 | 1,045,601 | ||
Specialty Chemicals–1.62% | ||||
Braskem Idesa S.A.P.I. (Mexico), | ||||
7.45%, 11/15/2029(c) | 538,000 | 425,769 | ||
6.99%, 02/20/2032(c) | 352,000 | 249,923 | ||
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(c) | 599,000 | 565,249 | ||
1,240,941 | ||||
Specialty Stores–0.36% | ||||
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028(c) | 305,000 | 279,014 | ||
Steel–0.71% | ||||
SunCoke Energy, Inc., 4.88%, 06/30/2029(c) | 639,000 | 542,428 | ||
Systems Software–2.49% | ||||
Camelot Finance S.A., 4.50%, 11/01/2026(c) | 1,437,000 | 1,364,144 | ||
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029 | 649,000 | 541,065 | ||
1,905,209 | ||||
Trading Companies & Distributors–1.45% | ||||
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(c) | 1,271,000 | 1,107,378 | ||
Wireless Telecommunication Services–1.81% | ||||
Vmed O2 UK Financing I PLC (United Kingdom), 4.75%, 07/15/2031(c) | 725,000 | 603,222 | ||
Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081(e) | 1,035,000 | 780,793 | ||
1,384,015 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $107,491,407) | 97,564,638 | |||
Variable Rate Senior Loan Interests–4.43%(h)(i) | ||||
Commodity Chemicals–1.45% | ||||
Mativ Holdings, Inc., Term Loan B, 7.88% (1 mo. USD LIBOR + 3.75%), 04/20/2028 | 1,179,856 | 1,112,014 |
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Principal Amount | Value | |||
Hotels, Resorts & Cruise Lines–0.73% | ||||
IRB Holding Corp., Term Loan, 6.89% (1 mo. SOFR + 3.10%), 12/15/2027 | $579,856 | $559,054 | ||
Integrated Telecommunication Services–0.87% | ||||
Patagonia Holdco LLC, | ||||
First Lien Term Loan B, 8.03% (1 mo. SOFR + 5.75%), 08/01/2029 | 412,000 | 332,175 | ||
9.96% (1 mo. Term SOFR + 5.75%), 08/01/2029 | 412,000 | 332,175 | ||
664,350 | ||||
Pharmaceuticals–0.65% | ||||
Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 6.05% (1 mo. PRIME + 6.00%), 03/27/2028 | 627,062 | 501,127 | ||
Specialty Stores–0.73% | ||||
PetSmart LLC, Term Loan, 7.82% (3 mo. USD LIBOR + 3.75%), 02/11/2028 | 577,957 | 557,520 | ||
Total Variable Rate Senior Loan Interests (Cost $3,628,856) | 3,394,065 | |||
Non-U.S. Dollar Denominated Bonds & Notes–2.58%(j) | ||||
Casinos & Gaming–0.17% | ||||
Codere Finance 2 (Luxembourg) S.A. (Spain), 3.00% PIK Rate, 8.00% Cash Rate, 09/30/2026(c)(d) | EUR | 138,521 | 129,192 | |
Food Retail–1.65% | ||||
Bellis Acquisition Co. PLC (United Kingdom), 3.25%, 02/16/2026(c) | GBP | 554,000 | 546,104 |
Principal Amount | Value | ||
Food Retail–(continued) | |||
Casino Guichard Perrachon (France), | |||
6.63%, 01/15/2026(c) | EUR | 662,000 | $376,468 |
3.99%(c)(e)(f) | EUR | 1,700,000 | 340,182 |
1,262,754 | |||
Pharmaceuticals–0.76% | |||
Nidda Healthcare Holding GmbH (Germany), 7.50%, 08/21/2026(c) | EUR | 582,000 | 587,082 |
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,924,106) | 1,979,028 | ||
Shares | |||
Common Stocks & Other Equity Interests–0.18% | |||
Cable & Satellite–0.18% | |||
Altice USA, Inc., Class A (Cost $332,202)(k) | 30,000 | 136,800 | |
Money Market Funds–3.22% | |||
Invesco Government & Agency Portfolio, Institutional Class, 3.73%(l)(m) | 863,610 | 863,610 | |
Invesco Liquid Assets Portfolio, Institutional Class, 3.95%(l)(m) | 618,015 | 618,200 | |
Invesco Treasury Portfolio, Institutional Class, 3.76%(l)(m) | 986,983 | 986,983 | |
Total Money Market Funds (Cost $2,468,755) | 2,468,793 | ||
TOTAL INVESTMENTS IN SECURITIES–137.73% (Cost $115,845,326) | 105,543,324 | ||
BORROWINGS–(39.87)% | (30,550,000) | ||
OTHER ASSETS LESS LIABILITIES—2.14% | 1,635,277 | ||
NET ASSETS–100.00% | $76,628,601 |
Investment Abbreviations:
Conv. | – Convertible |
EUR | – Euro |
GBP | – British Pound Sterling |
LIBOR | – London Interbank Offered Rate |
PIK | – Pay-in-Kind |
REIT | – Real Estate Investment Trust |
SOFR | – Secured Overnight Financing Rate |
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, 2022 was $75,620,177, which represented 98.68% 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) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at November 30, 2022 represented less than 1% of the Trust’s Net Assets. |
(h) | 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. |
(i) | 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. |
(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 nine months ended November 30, 2022. |
Value February 28, 2022 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value November 30, 2022 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $802,454 | $13,772,743 | $(13,711,587) | $- | $- | $863,610 | $10,630 |
Invesco Liquid Assets Portfolio, Institutional Class | 574,302 | 9,837,674 | (9,793,991) | 182 | 33 | 618,200 | 10,106 |
Invesco Treasury Portfolio, Institutional Class | 917,091 | 15,740,278 | (15,670,386) | - | - | 986,983 | 15,548 |
Total | $2,293,847 | $39,350,695 | $(39,175,964) | $182 | $33 | $2,468,793 | $36,284 |
(m) | The rate shown is the 7-day SEC standardized yield as of November 30, 2022. |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
Currency Risk | ||||||
02/17/2023 | Barclays Capital | EUR | 583,000 | USD | 605,067 | $(5,237) |
02/17/2023 | Goldman Sachs & Co. | GBP | 356,000 | USD | 421,011 | (9,076) |
02/17/2023 | State Street Bank & Trust Co. | EUR | 730,000 | USD | 758,508 | (5,681) |
Total Forward Foreign Currency Contracts | $(19,994) |
Open Centrally Cleared Credit Default Swap Agreements(a) | ||||||||||
Reference Entity | Buy/Sell Protection | (Pay)/ Receive Fixed Rate | Payment Frequency | Maturity Date | Implied Credit Spread(b) | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Credit Risk | ||||||||||
Markit CDX North America High Yield Index, Series 39, Version 1 | Buy | (5.00)% | Quarterly | 12/20/2027 | 4.542% | USD | 1,500,000 | $(14,352) | $(25,060) | $(10,708) |
(a) | Centrally cleared swap agreements collateralized by $27,161 cash held with Bank of America Merrill Lynch. |
(b) | Implied credit spreads represent the current level, as of November 30, 2022, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. |
Abbreviations: | |
EUR | —Euro |
GBP | —British Pound Sterling |
USD | —U.S. Dollar |
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
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, 2022
(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. 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 Invesco Advisers, Inc.’s 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, 2022. 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 | $— | $97,564,638 | $— | $97,564,638 |
Variable Rate Senior Loan Interests | — | 3,394,065 | — | 3,394,065 |
Non-U.S. Dollar Denominated Bonds & Notes | — | 1,979,028 | — | 1,979,028 |
Common Stocks & Other Equity Interests | 136,800 | — | — | 136,800 |
Money Market Funds | 2,468,793 | — | — | 2,468,793 |
Total Investments in Securities | 2,605,593 | 102,937,731 | — | 105,543,324 |
Other Investments - Liabilities* | ||||
Forward Foreign Currency Contracts | — | (19,994) | — | (19,994) |
Swap Agreements | — | (10,708) | — | (10,708) |
Total Other Investments | — | (30,702) | — | (30,702) |
Total Investments | $2,605,593 | $102,907,029 | $— | $105,512,622 |
* | Unrealized appreciation (depreciation). |
Invesco High Income Trust II