NPORT-EX 2 edgar.htm
Schedule of Investments(a)
May 31, 2020
(Unaudited)
    Principal
Amount 		Value
U.S. Dollar Denominated Bonds & Notes–131.08%(b)  
Aerospace & Defense–4.16%  
Bombardier, Inc. (Canada),                        
8.75%, 12/01/2021(c)       $281,000     $204,339
5.75%, 03/15/2022(c)       123,000      82,069
7.50%, 03/15/2025(c)       613,000     374,313
7.88%, 04/15/2027(c)       379,000     229,543
Spirit AeroSystems, Inc.,                        
7.50%, 04/15/2025(c)       258,000     257,840
4.60%, 06/15/2028       144,000     115,200
TransDigm UK Holdings PLC, 6.88%, 05/15/2026       801,000     746,084
TransDigm, Inc.,                        
6.50%, 05/15/2025       336,000     325,955
6.25%, 03/15/2026(c)       256,000     262,359
Triumph Group, Inc.,                        
6.25%, 09/15/2024(c)       515,000     442,954
7.75%, 08/15/2025       768,000     501,999
        3,542,655
Agricultural & Farm Machinery–0.82%  
Titan International, Inc., 6.50%, 11/30/2023     1,285,000     701,796
Airlines–0.46%  
Delta Air Lines, Inc., 7.00%, 05/01/2025(c)       375,000     387,981
Alternative Carriers–1.32%  
CenturyLink, Inc., Series Y, 7.50%, 04/01/2024       580,000     639,511
Level 3 Financing, Inc., 5.25%, 03/15/2026       466,000     483,389
        1,122,900
Aluminum–0.33%  
Novelis Corp., 4.75%, 01/30/2030(c)       295,000     280,974
Apparel Retail–1.51%  
L Brands, Inc.,                        
6.88%, 11/01/2035       776,000     645,803
6.75%, 07/01/2036       104,000      87,022
Michaels Stores, Inc., 8.00%, 07/15/2027(c)       684,000     552,203
        1,285,028
Apparel, Accessories & Luxury Goods–0.75%  
Hanesbrands, Inc., 5.38%, 05/15/2025(c)       416,000     427,440
William Carter Co. (The), 5.50%, 05/15/2025(c)       207,000     213,727
        641,167
Application Software–0.18%  
Boxer Parent Co., Inc., 7.13%, 10/02/2025(c)       143,000     150,150
Auto Parts & Equipment–2.03%  
Adient Global Holdings Ltd., 4.88%, 08/15/2026(c)       400,000     337,012
    Principal
Amount 		Value
Auto Parts & Equipment–(continued)  
Adient US LLC, 9.00%, 04/15/2025(c)       $277,000     $296,734
Clarios Global L.P., 6.75%, 05/15/2025(c)       166,000     172,882
Dana, Inc., 5.38%, 11/15/2027       357,000     343,389
Hertz Corp. (The),                        
7.63%, 06/01/2022(c)(d)       150,000      65,344
7.13%, 08/01/2026(c)(d)       195,000      33,607
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 8.50%, 05/15/2027(c)       324,000     318,675
Tenneco, Inc., 5.00%, 07/15/2026       313,000     160,524
        1,728,167
Automobile Manufacturers–3.84%  
Ford Motor Co.,                        
8.50%, 04/21/2023       227,000     236,296
9.00%, 04/22/2025       212,000     223,660
9.63%, 04/22/2030       114,000     126,825
4.75%, 01/15/2043       327,000     251,381
Ford Motor Credit Co. LLC,                        
5.60%, 01/07/2022       398,000     398,995
4.39%, 01/08/2026       299,000     281,808
5.11%, 05/03/2029       395,000     370,332
General Motors Co., 6.13%, 10/01/2025       324,000     354,416
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(c)     1,026,000   1,024,912
Motors Liquidation Co., 0.00%, 07/15/2033(d)(e)     1,640,000           0
        3,268,625
Automotive Retail–2.41%  
Asbury Automotive Group, Inc., 4.75%, 03/01/2030(c)        74,000      71,271
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/2024(c)     1,045,000   1,002,004
Lithia Motors, Inc.,                        
5.25%, 08/01/2025(c)       230,000     226,238
4.63%, 12/15/2027(c)       191,000     184,912
Murphy Oil USA, Inc., 4.75%, 09/15/2029       150,000     154,502
Penske Automotive Group, Inc., 5.50%, 05/15/2026       418,000     412,698
        2,051,625
Broadcasting–3.00%  
AMC Networks, Inc.,                        
5.00%, 04/01/2024       241,000     242,356
4.75%, 08/01/2025       121,000     122,223
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/2024     1,180,000   1,076,402
Gray Television, Inc., 7.00%, 05/15/2027(c)       105,000     111,149
iHeartCommunications, Inc., 8.38%, 05/01/2027       919,000     861,392
TV Azteca S.A.B. de C.V. (Mexico), 8.25%, 08/09/2024(c)       250,000     139,661
        2,553,183
 
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
    Principal
Amount 		Value
Building Products–0.33%  
AZEK Co. LLC (The), 9.50%, 05/15/2025(c)        $67,000      $72,025
Standard Industries, Inc., 6.00%, 10/15/2025(c)       200,000     208,123
        280,148
Cable & Satellite–7.96%  
Altice Financing S.A. (Luxembourg), 7.50%, 05/15/2026(c)       450,000     474,833
CCO Holdings LLC/CCO Holdings Capital Corp.,                        
5.75%, 02/15/2026(c)     1,355,000   1,415,968
4.50%, 08/15/2030(c)        56,000      58,231
CSC Holdings LLC,                        
10.88%, 10/15/2025(c)       419,000     454,634
6.50%, 02/01/2029(c)       687,000     760,032
5.75%, 01/15/2030(c)       225,000     237,727
DISH DBS Corp., 5.88%, 11/15/2024     1,419,000   1,404,661
DISH Network Corp., Conv., 3.38%, 08/15/2026       511,000     451,545
Intelsat Jackson Holdings S.A. (Luxembourg),                        
5.50%, 08/01/2023(d)       586,000     310,642
8.50%, 10/15/2024(c)(d)       490,000     280,576
9.75%, 07/15/2025(c)(d)       256,000     148,507
Telenet Finance Luxembourg Notes S.a r.l. (Belgium), 5.50%, 03/01/2028(c)       400,000     422,000
UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028(c)       200,000     193,537
Ziggo B.V. (Netherlands), 5.50%, 01/15/2027(c)       157,000     165,501
        6,778,394
Casinos & Gaming–4.86%  
Boyd Gaming Corp.,                        
8.63%, 06/01/2025(c)       167,000     178,940
6.38%, 04/01/2026       230,000     229,313
6.00%, 08/15/2026       212,000     206,927
Cirsa Finance International S.a.r.l. (Spain), 7.88%, 12/20/2023(c)       200,000     185,016
Codere Finance 2 (Luxembourg) S.A. (Spain), 7.63%, 11/01/2021(c)       240,000     112,440
Melco Resorts Finance Ltd. (Hong Kong), 5.63%, 07/17/2027(c)       279,000     279,586
MGM China Holdings Ltd. (Macau), 5.88%, 05/15/2026(c)       206,000     205,452
MGM Resorts International,                        
7.75%, 03/15/2022       327,000     341,086
6.75%, 05/01/2025       430,000     438,600
Scientific Games International, Inc.,                        
8.25%, 03/15/2026(c)       163,000     149,986
7.00%, 05/15/2028(c)       286,000     252,342
Station Casinos LLC, 4.50%, 02/15/2028(c)       194,000     171,569
Studio City Finance Ltd. (Macau), 7.25%, 02/11/2024(c)       586,000     584,597
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(c)       826,000     803,273
        4,139,127
    Principal
Amount 		Value
Coal & Consumable Fuels–1.40%  
Parsley Energy LLC/Parsley Finance Corp.,                        
5.38%, 01/15/2025(c)       $156,000     $153,755
4.13%, 02/15/2028(c)       109,000     101,847
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(c)     1,227,000     933,397
        1,188,999
Commodity Chemicals–1.14%  
Koppers, Inc., 6.00%, 02/15/2025(c)       446,000     411,707
Olin Corp., 5.63%, 08/01/2029       617,000     559,085
        970,792
Communications Equipment–0.56%  
CommScope Technologies LLC, 6.00%, 06/15/2025(c)       492,000     479,870
Construction & Engineering–0.45%  
Valmont Industries, Inc., 5.00%, 10/01/2044       374,000     382,965
Construction Materials–0.34%  
Cemex S.A.B. de C.V. (Mexico), 5.45%, 11/19/2029(c)       310,000     290,109
Consumer Finance–1.83%  
Navient Corp.,                        
7.25%, 01/25/2022       225,000     224,376
7.25%, 09/25/2023       685,000     659,734
5.00%, 03/15/2027       195,000     167,334
Springleaf Finance Corp., 8.88%, 06/01/2025       485,000     505,612
        1,557,056
Copper–3.10%  
First Quantum Minerals Ltd. (Zambia), 7.50%, 04/01/2025(c)     1,195,000   1,087,575
Freeport-McMoRan, Inc., 5.40%, 11/14/2034     1,044,000   1,036,593
Taseko Mines Ltd. (Canada), 8.75%, 06/15/2022(c)       899,000     515,590
        2,639,758
Data Processing & Outsourced Services–0.77%  
Alliance Data Systems Corp., 4.75%, 12/15/2024(c)       446,000     400,430
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(c)       273,000     257,615
        658,045
Department Stores–1.41%  
Kohl’s Corp.,                        
9.50%, 05/15/2025        45,000      47,882
5.55%, 07/17/2045       373,000     292,832
Macy’s, Inc., 8.38%, 06/15/2025(c)       437,000     444,101
Nordstrom, Inc., 8.75%, 05/15/2025(c)       391,000     420,232
        1,205,047
Distributors–1.25%  
Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024(c)(f)     1,110,000   1,064,096
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
    Principal
Amount 		Value
Diversified Banks–1.30%  
Credit Agricole S.A. (France), 8.13%(c)(g)       $488,000     $561,044
Societe Generale S.A. (France), 7.38%(c)(g)       288,000     290,601
Standard Chartered PLC (United Kingdom), 7.50%(c)(g)       245,000     252,483
        1,104,128
Diversified Capital Markets–0.22%  
Credit Suisse Group AG (Switzerland), 5.10%(c)(g)       201,000     186,176
Diversified Chemicals–0.54%  
Chemours Co. (The), 7.00%, 05/15/2025       210,000     204,772
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025(c)       264,000     252,945
        457,717
Diversified Metals & Mining–0.87%  
Hudbay Minerals, Inc. (Canada), 7.63%, 01/15/2025(c)       532,000     485,022
Vedanta Resources Ltd. (India), 6.38%, 07/30/2022(c)       444,000     257,009
        742,031
Diversified REITs–1.55%  
Colony Capital, Inc.,                        
Conv.,
3.88%, 01/15/2021 		       36,000      33,365
5.00%, 04/15/2023       310,000     245,721
iStar, Inc., 4.75%, 10/01/2024       706,000     637,239
VICI Properties L.P./VICI Note Co., Inc.,                        
3.50%, 02/15/2025(c)       138,000     133,149
3.75%, 02/15/2027(c)       139,000     134,461
4.13%, 08/15/2030(c)       139,000     134,461
        1,318,396
Diversified Support Services–0.36%  
IAA, Inc., 5.50%, 06/15/2027(c)       303,000     308,246
Electric Utilities–0.48%  
NRG Energy, Inc., 6.63%, 01/15/2027       167,000     178,242
Talen Energy Supply LLC, 7.63%, 06/01/2028(c)       232,000     234,923
        413,165
Electrical Components & Equipment–0.72%  
EnerSys, 4.38%, 12/15/2027(c)       294,000     289,039
WESCO Distribution, Inc., 7.25%, 06/15/2028(c)       331,000     328,497
        617,536
Electronic Equipment & Instruments–0.54%  
MTS Systems Corp., 5.75%, 08/15/2027(c)       514,000     464,430
Environmental & Facilities Services–0.54%  
GFL Environmental, Inc. (Canada), 7.00%, 06/01/2026(c)        97,000     102,438
Waste Pro USA, Inc., 5.50%, 02/15/2026(c)       360,000     356,913
        459,351
    Principal
Amount 		Value
Food Retail–1.20%  
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC,                        
7.50%, 03/15/2026(c)       $236,000     $263,987
5.88%, 02/15/2028(c)       328,000     351,841
Simmons Foods, Inc., 5.75%, 11/01/2024(c)       433,000     405,983
        1,021,811
Forest Products–0.39%  
Norbord, Inc. (Canada), 5.75%, 07/15/2027(c)       337,000     333,569
Gas Utilities–0.87%  
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027       305,000     325,010
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.50%, 06/01/2024       350,000     354,590
Superior Plus L.P./Superior General Partner, Inc. (Canada), 7.00%, 07/15/2026(c)        58,000      59,366
        738,966
Health Care Facilities–3.37%  
Acadia Healthcare Co., Inc., 6.50%, 03/01/2024       375,000     380,469
Community Health Systems, Inc.,                        
9.88%, 06/30/2023(c)(h)       216,000     173,587
6.63%, 02/15/2025(c)       318,000     307,864
8.00%, 03/15/2026(c)       481,000     471,002
Encompass Health Corp., 4.75%, 02/01/2030       167,000     169,820
HCA, Inc.,                        
5.38%, 02/01/2025       440,000     484,130
5.25%, 04/15/2025       242,000     274,703
Tenet Healthcare Corp.,                        
8.13%, 04/01/2022       415,000     434,598
7.50%, 04/01/2025(c)       158,000     173,010
        2,869,183
Health Care REITs–0.60%  
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027       493,000     511,194
Health Care Services–1.95%  
DaVita, Inc., 4.63%, 06/01/2030(c)       230,000     229,712
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(c)       696,000     590,598
MPH Acquisition Holdings LLC, 7.13%, 06/01/2024(c)       657,000     622,911
Team Health Holdings, Inc., 6.38%, 02/01/2025(c)       392,000     218,950
        1,662,171
Home Improvement Retail–0.34%  
Hillman Group, Inc. (The), 6.38%, 07/15/2022(c)       323,000     292,068
Homebuilding–3.12%  
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(c)       553,000     568,313
Beazer Homes USA, Inc., 6.75%, 03/15/2025       271,000     274,698
KB Home, 4.80%, 11/15/2029       205,000     207,496
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
    Principal
Amount 		Value
Homebuilding–(continued)  
Lennar Corp.,                        
8.38%, 01/15/2021       $112,000     $116,046
4.75%, 11/15/2022       135,000     141,281
5.25%, 06/01/2026       261,000     281,504
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(c)       318,000     309,454
Meritage Homes Corp., 5.13%, 06/06/2027       175,000     180,873
PulteGroup, Inc., 6.38%, 05/15/2033        13,000      14,807
Taylor Morrison Communities, Inc.,                        
6.63%, 07/15/2027(c)       304,000     302,513
5.75%, 01/15/2028(c)       261,000     258,014
        2,654,999
Hotel & Resort REITs–0.35%  
Service Properties Trust, 4.95%, 10/01/2029       373,000     299,010
Hotels, Resorts & Cruise Lines–0.70%  
Carnival Corp., 11.50%, 04/01/2023(c)       303,000     323,405
Royal Caribbean Cruises Ltd.,                        
10.88%, 06/01/2023(c)       208,000     217,608
11.50%, 06/01/2025(c)        52,000      55,182
        596,195
Household Products–0.84%  
Energizer Holdings, Inc.,                        
6.38%, 07/15/2026(c)        88,000      93,486
7.75%, 01/15/2027(c)       318,000     347,356
Reynolds Group Issuer, Inc./LLC, 7.00%, 07/15/2024(c)       274,000     276,097
        716,939
Housewares & Specialties–0.22%  
Newell Brands, Inc., 4.88%, 06/01/2025       182,000     189,244
Human Resource & Employment Services–0.12%  
ASGN, Inc., 4.63%, 05/15/2028(c)       105,000     100,294
Independent Power Producers & Energy Traders–0.56%  
AES Corp. (The), 5.50%, 04/15/2025       174,000     178,892
Calpine Corp., 5.50%, 02/01/2024       294,000     297,121
        476,013
Industrial Machinery–3.19%  
Clark Equipment Co. (South Korea), 5.88%, 06/01/2025(c)       152,000     157,510
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(c)     1,051,000     884,264
EnPro Industries, Inc., 5.75%, 10/15/2026       888,000     875,621
Mueller Industries, Inc., 6.00%, 03/01/2027       847,000     803,431
        2,720,826
Integrated Oil & Gas–3.29%  
Cenovus Energy, Inc. (Canada), 4.25%, 04/15/2027       533,000     484,446
    Principal
Amount 		Value
Integrated Oil & Gas–(continued)  
Occidental Petroleum Corp.,                        
2.70%, 08/15/2022       $602,000     $553,659
2.90%, 08/15/2024       340,000     272,000
3.20%, 08/15/2026       719,000     528,249
3.50%, 08/15/2029       189,000     128,048
6.20%, 03/15/2040       336,000     231,000
4.10%, 02/15/2047       499,000     291,915
Petrobras Global Finance B.V. (Brazil), 5.75%, 02/01/2029       175,000     176,004
Petroleos Mexicanos (Mexico), 5.95%, 01/28/2031(c)       170,000     138,533
        2,803,854
Integrated Telecommunication Services–5.07%  
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027(c)       428,000     476,150
Altice France S.A. (France), 7.38%, 05/01/2026(c)       703,000     743,292
CommScope, Inc.,                        
6.00%, 03/01/2026(c)       501,000     528,006
8.25%, 03/01/2027(c)       169,000     176,574
Embarq Corp., 8.00%, 06/01/2036       759,000     811,622
Frontier Communications Corp.,                        
10.50%, 09/15/2022(d)     1,815,000     637,092
11.00%, 09/15/2025(d)       344,000     122,335
Telecom Italia Capital S.A. (Italy),                        
6.38%, 11/15/2033        92,000     103,023
7.20%, 07/18/2036       433,000     497,192
Virgin Media Finance PLC (United Kingdom), 6.00%, 10/15/2024(c)       218,000     224,790
        4,320,076
Interactive Media & Services–1.86%  
Cable Onda S.A. (Panama), 4.50%, 01/30/2030(c)       240,000     235,084
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(c)       509,000     425,097
Diamond Sports Group LLC/Diamond Sports Finance Co.,                        
5.38%, 08/15/2026(c)       598,000     476,809
6.63%, 08/15/2027(c)       743,000     448,783
        1,585,773
Internet & Direct Marketing Retail–0.37%  
QVC, Inc., 5.45%, 08/15/2034       373,000     316,118
Internet Services & Infrastructure–0.08%  
EIG Investors Corp., 10.88%, 02/01/2024        42,000      39,072
Rackspace Hosting, Inc., 8.63%, 11/15/2024(c)        25,000      26,203
        65,275
Leisure Facilities–0.08%  
Viking Cruises Ltd., 13.00%, 05/15/2025(c)        65,000      70,525
Leisure Products–0.43%  
Mattel, Inc., 6.75%, 12/31/2025(c)       350,000     365,787
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
    Principal
Amount 		Value
Managed Health Care–1.13%  
Centene Corp.,                        
5.38%, 06/01/2026(c)       $335,000     $355,036
5.38%, 08/15/2026(c)       290,000     307,719
4.63%, 12/15/2029       280,000     302,722
        965,477
Metal & Glass Containers–1.16%  
Flex Acquisition Co., Inc., 7.88%, 07/15/2026(c)       417,000     418,211
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027(c)       130,000     137,150
Trivium Packaging Finance B.V. (Netherlands),                        
5.50%, 08/15/2026(c)       207,000     217,642
8.50%, 08/15/2027(c)       205,000     216,750
        989,753
Movies & Entertainment–2.30%  
AMC Entertainment Holdings, Inc.,                        
5.75%, 06/15/2025       575,000     152,375
6.13%, 05/15/2027       611,000     157,332
AMC Entertainment, Inc., 10.50%, 04/15/2025(c)       709,000     627,465
Netflix, Inc.,                        
5.88%, 11/15/2028       441,000     502,822
5.38%, 11/15/2029(c)       470,000     522,833
        1,962,827
Office Services & Supplies–0.12%  
Pitney Bowes, Inc., 5.70%, 04/01/2023       136,000     104,196
Oil & Gas Drilling–0.95%  
Diamond Offshore Drilling, Inc., 4.88%, 11/02/2043(d)       226,000      26,149
Ensign Drilling, Inc. (Canada), 9.25%, 04/15/2024(c)       425,000     179,909
Precision Drilling Corp. (Canada),                        
6.50%, 12/15/2021        40,736      36,403
7.75%, 12/15/2023        92,000      50,130
5.25%, 11/15/2024       372,000     192,471
Transocean, Inc.,                        
8.00%, 02/01/2027(c)       121,000      67,155
7.50%, 04/15/2031       647,000     205,002
Valaris PLC (Saudi Arabia), 7.75%, 02/01/2026       628,000      48,259
        805,478
Oil & Gas Equipment & Services–0.54%  
Calfrac Holdings L.P. (Canada),                        
10.88%, 03/15/2026(c)       101,200      25,300
8.50%, 06/15/2026(c)       192,000       7,680
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(c)       277,000     237,821
SESI LLC, 7.13%, 12/15/2021(c)       456,000     188,385
        459,186
Oil & Gas Exploration & Production–7.91%  
Antero Resources Corp., 5.63%, 06/01/2023       794,000     463,001
Apache Corp.,                        
5.10%, 09/01/2040       435,000     349,185
4.75%, 04/15/2043        94,000      73,023
    Principal
Amount 		Value
Oil & Gas Exploration & Production–(continued)  
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/2022(c)       $362,000     $317,878
California Resources Corp., 8.00%, 12/15/2022(c)       572,000      11,440
Callon Petroleum Co., 6.13%, 10/01/2024       746,000     248,511
Chesapeake Energy Corp., 11.50%, 01/01/2025(c)       198,000      15,345
CNX Resources Corp., 7.25%, 03/14/2027(c)       153,000     145,068
Comstock Resources, Inc., 9.75%, 08/15/2026       182,000     169,800
Continental Resources, Inc.,                        
4.50%, 04/15/2023       543,000     505,153
3.80%, 06/01/2024        84,000      73,500
Denbury Resources, Inc., 5.50%, 05/01/2022       314,000      12,560
Endeavor Energy Resources L.P./EER Finance, Inc., 5.75%, 01/30/2028(c)       162,000     158,528
EP Energy LLC/Everest Acquisition Finance, Inc., 8.00%, 11/29/2024(c)(d)       410,000       8,200
EQT Corp., 3.90%, 10/01/2027       146,000     128,571
Genesis Energy L.P./Genesis Energy Finance Corp.,                        
6.25%, 05/15/2026       794,000     710,027
7.75%, 02/01/2028       308,000     288,431
Gulfport Energy Corp.,                        
6.63%, 05/01/2023       107,000      69,391
6.00%, 10/15/2024       738,000     434,036
Laredo Petroleum, Inc., 10.13%, 01/15/2028       162,000     111,492
MEG Energy Corp. (Canada), 6.50%, 01/15/2025(c)       238,000     234,735
Oasis Petroleum, Inc., 6.88%, 01/15/2023       166,000      28,531
PDC Energy, Inc., 5.75%, 05/15/2026       124,000     114,936
QEP Resources, Inc.,                        
6.88%, 03/01/2021       591,000     415,842
5.25%, 05/01/2023       220,000     117,838
Range Resources Corp., 4.88%, 05/15/2025       343,000     287,906
SM Energy Co.,                        
6.75%, 09/15/2026       470,000     240,882
6.63%, 01/15/2027        90,000      46,386
Southwestern Energy Co.,                        
7.50%, 04/01/2026       115,000     106,163
7.75%, 10/01/2027       371,000     347,128
Whiting Petroleum Corp.,                        
5.75%, 03/15/2021(d)       358,000      43,071
6.25%, 04/01/2023(d)       497,000      57,155
6.63%, 01/15/2026(d)       486,000      57,423
WPX Energy, Inc.,                        
5.75%, 06/01/2026       258,000     258,749
5.25%, 10/15/2027        64,000      62,548
4.50%, 01/15/2030        28,000      25,716
        6,738,149
Oil & Gas Refining & Marketing–2.21%  
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022       669,000     618,781
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
    Principal
Amount 		Value
Oil & Gas Refining & Marketing–(continued)  
EnLink Midstream Partners L.P., 5.60%, 04/01/2044       $321,000     $195,147
NuStar Logistics L.P., 6.00%, 06/01/2026       523,000     503,304
Parkland Corp. (Canada), 6.00%, 04/01/2026(c)       161,000     164,701
PBF Holding Co. LLC/PBF Finance Corp.,                        
9.25%, 05/15/2025(c)        98,000     106,351
6.00%, 02/15/2028(c)       353,000     297,620
        1,885,904
Oil & Gas Storage & Transportation–4.13%  
Antero Midstream Partners L.P./Antero Midstream Finance Corp.,                        
5.38%, 09/15/2024        59,000      49,449
5.75%, 01/15/2028(c)       500,000     392,478
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025       182,000     169,827
DCP Midstream Operating L.P., 5.38%, 07/15/2025       407,000     394,865
EQM Midstream Partners L.P., 5.50%, 07/15/2028       353,000     327,070
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(c)       142,000     140,203
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026       889,000     620,491
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,                        
5.25%, 05/01/2023       266,000     268,023
5.13%, 02/01/2025       228,000     227,787
5.88%, 04/15/2026       267,000     272,297
5.50%, 03/01/2030(c)       115,000     114,318
Western Midstream Operating L.P.,                        
3.10%, 02/01/2025       176,000     164,669
4.75%, 08/15/2028       417,000     379,470
        3,520,947
Other Diversified Financial Services–3.02%  
eG Global Finance PLC (United Kingdom),                        
6.75%, 02/07/2025(c)       478,000     485,120
8.50%, 10/30/2025(c)       240,000     250,825
Lions Gate Capital Holdings LLC, 6.38%, 02/01/2024(c)       572,000     578,798
LPL Holdings, Inc., 5.75%, 09/15/2025(c)       474,000     494,266
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/2025(c)       770,000     768,549
        2,577,558
Packaged Foods & Meats–2.91%  
JBS USA LUX S.A./JBS USA Finance, Inc., 5.75%, 06/15/2025(c)       176,000     180,840
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/2030(c)       536,000     557,341
Kraft Heinz Foods Co. (The),                        
6.88%, 01/26/2039       373,000     455,817
5.00%, 06/04/2042       348,000     358,250
5.50%, 06/01/2050(c)       477,000     498,277
    Principal
Amount 		Value
Packaged Foods & Meats–(continued)  
Post Holdings, Inc., 5.63%, 01/15/2028(c)       $409,000     $429,375
        2,479,900
Paper Packaging–0.48%  
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(c)       403,000     410,304
Paper Products–1.47%  
Mercer International, Inc. (Germany), 5.50%, 01/15/2026       420,000     381,425
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(c)       870,000     873,854
        1,255,279
Personal Products–0.20%  
Edgewell Personal Care Co., 5.50%, 06/01/2028(c)       164,000     170,355
Pharmaceuticals–4.10%  
Bausch Health Americas, Inc., 9.25%, 04/01/2026(c)       372,000     413,919
Bausch Health Cos., Inc.,                        
5.50%, 11/01/2025(c)       346,000     358,326
9.00%, 12/15/2025(c)       616,000     675,675
5.75%, 08/15/2027(c)       163,000     174,819
6.25%, 02/15/2029(c)       408,000     419,220
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 07/15/2023(c)       275,000     215,019
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(c)       355,000     360,769
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026(c)       512,000     508,961
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(c)       355,000     362,755
        3,489,463
Property & Casualty Insurance–0.24%  
AmWINS Group, Inc., 7.75%, 07/01/2026(c)       193,000     207,757
Publishing–0.71%  
Meredith Corp., 6.88%, 02/01/2026       653,000     606,738
Railroads–1.23%  
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(c)     1,255,000   1,046,224
Research & Consulting Services–0.32%  
Dun & Bradstreet Corp. (The), 10.25%, 02/15/2027(c)       242,000     269,785
Restaurants–1.15%  
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.00%, 10/15/2025(c)       411,000     416,464
IRB Holding Corp.,                        
7.00%, 06/15/2025(c)       115,000     119,600
6.75%, 02/15/2026(c)       476,000     447,350
        983,414
Security & Alarm Services–0.95%  
Brink’s Co. (The), 4.63%, 10/15/2027(c)       379,000     355,580
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
    Principal
Amount 		Value
Security & Alarm Services–(continued)  
Garda World Security Corp. (Canada), 9.50%, 11/01/2027(c)       $234,000     $243,403
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/2026(c)       205,000     211,630
        810,613
Specialized Consumer Services–1.02%  
ServiceMaster Co. LLC (The), 7.45%, 08/15/2027       814,000     865,738
Specialized REITs–1.27%  
Iron Mountain US Holdings, Inc., 5.38%, 06/01/2026(c)       274,000     278,847
Iron Mountain, Inc., 5.25%, 03/15/2028(c)       473,000     481,190
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024(c)       693,000     321,306
        1,081,343
Specialty Chemicals–1.04%  
Element Solutions, Inc., 5.88%, 12/01/2025(c)       541,000     557,460
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(c)       335,000     331,295
        888,755
Specialty Stores–0.57%  
Sally Holdings LLC/Sally Capital, Inc., 8.75%, 04/30/2025(c)       444,000     483,960
Steel–0.23%  
Cleveland-Cliffs, Inc., 9.88%, 10/17/2025(c)       190,000     198,550
Systems Software–0.16%  
Banff Merger Sub, Inc., 9.75%, 09/01/2026(c)       136,000     136,931
Technology Hardware, Storage & Peripherals–0.24%  
Dell International LLC/EMC Corp., 8.10%, 07/15/2036(c)        97,000     117,719
Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 07/15/2023(c)       108,000      18,900
Presidio Holdings, Inc., 8.25%, 02/01/2028(c)        68,000      67,363
        203,982
Textiles–0.36%  
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025(c)       491,000     309,330
Thrifts & Mortgage Finance–0.11%  
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(c)       100,000      90,235
Trading Companies & Distributors–1.69%  
AerCap Global Aviation Trust (Ireland), 6.50% (3 mo. USD LIBOR + 4.30%), 06/15/2045(c)(i)       430,000     321,103
Herc Holdings, Inc., 5.50%, 07/15/2027(c)       584,000     570,513
    Principal
Amount 		Value
Trading Companies & Distributors–(continued)  
United Rentals North America, Inc.,                        
6.50%, 12/15/2026       $315,000     $337,385
5.50%, 05/15/2027       197,000     209,670
        1,438,671
Trucking–0.66%  
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,                        
5.25%, 03/15/2025(c)       269,000     216,545
10.50%, 05/15/2025(c)       308,000     344,190
        560,735
Wireless Telecommunication Services–4.17%  
Digicel Group One Ltd. (Jamaica), 8.25%, 12/30/2022(c)       225,000     147,375
Digicel Group Two Ltd. (Jamaica), 8.25%, 09/30/2022(c)       213,000      11,715
Intelsat (Luxembourg) S.A. (Luxembourg), 7.75%, 06/01/2021(d)       399,000      22,943
Intelsat Connect Finance S.A. (Luxembourg), 9.50%, 02/15/2023(c)(d)       292,000      73,912
Oztel Holdings SPC Ltd. (Oman), 5.63%, 10/24/2023(c)       451,000     436,669
Sprint Capital Corp., 8.75%, 03/15/2032       348,000     501,056
Sprint Communications, Inc., 11.50%, 11/15/2021       390,000     436,517
Sprint Corp.,                        
7.88%, 09/15/2023     1,059,000   1,204,724
7.63%, 02/15/2025       218,000     254,924
T-Mobile USA, Inc., 6.50%, 01/15/2026       437,000     462,178
        3,552,013
Total U.S. Dollar Denominated Bonds & Notes (Cost $126,427,933)   111,679,273
Non-U.S. Dollar Denominated Bonds & Notes–0.90%(j)  
Construction & Engineering–0.18%  
Sarens Finance Co. NV (Belgium), 5.75%, 02/21/2027(c)   EUR   187,000     151,325
Food Retail–0.38%  
Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025(c)   GBP   300,000     322,335
Highways & Railtracks–0.13%  
Rubis Terminal Infra S.A.S (France), 5.63%, 05/15/2025(c)   EUR   100,000     114,603
Pharmaceuticals–0.13%  
Nidda Healthcare Holding GmbH (Germany), 3.50%, 09/30/2024(c)   EUR   100,000     108,790
Textiles–0.08%  
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023(c)   EUR   100,000      66,048
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $848,365)   763,101
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
    Principal
Amount 		Value
Asset-Backed Securities–0.46%  
Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050 (Cost $417,952)(c)       $417,952     $389,942
    Shares  
Money Market Funds–0.60%  
Invesco Government & Agency Portfolio, Institutional Class, 0.11%(k)(l)     180,479     180,479
Invesco Liquid Assets Portfolio, Institutional Class, 0.43%(k)(l)     128,771     128,887
  Shares Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.08%(k)(l)   206,262     $206,262
Total Money Market Funds (Cost $515,628) 515,628
TOTAL INVESTMENTS IN SECURITIES–133.04% (Cost $128,209,878) 113,347,944
BORROWINGS–(35.86)% (30,550,000)
OTHER ASSETS LESS LIABILITIES—2.82% 2,402,787
NET ASSETS–100.00% $85,200,731
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, 2020 was $64,510,158, which represented 75.72% 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 May 31, 2020 was $1,886,956, which represented 2.21% 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) Perpetual bond with no specified maturity date.
(h) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(i) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2020.
(j) Foreign denominated security. Principal amount is denominated in the currency indicated.
(k) 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, 2020.
    
  Value
February 29, 2020 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain 		Value
May 31, 2020 		Dividend
Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $1,845,572 $2,837,320 $(4,502,413) $- $- $180,479 $1,049
Invesco Liquid Assets Portfolio, Institutional Class 1,421,814 2,587,994 (3,880,942) (141) 162 128,887 1,442
Invesco Treasury Portfolio, Institutional Class 2,109,226 3,242,651 (5,145,615) - - 206,262 1,120
Total $5,376,612 $8,667,965 $(13,528,970) $(141) $162 $515,628 $3,611
    
(l) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
    
Open Forward Foreign Currency Contracts
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
Currency Risk            
08/28/2020 Barclays Capital GBP 257,250 USD 317,392 $(422)
08/28/2020 Citibank N.A. EUR 1,325,731 USD 1,459,722 (14,597)
Total Forward Foreign Currency Contracts $(15,019)
    
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
May 31, 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 May 31, 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 $— $111,679,273 $0 $111,679,273
Non-U.S. Dollar Denominated Bonds & Notes — 763,101 — 763,101
Asset-Backed Securities — 389,942 — 389,942
Money Market Funds 515,628 — — 515,628
Total Investments in Securities 515,628 112,832,316 0 113,347,944
Other Investments - Assets*        
Investments Matured — 7,685 0 7,685
Other Investments - Liabilities*        
Forward Foreign Currency Contracts — (15,019) — (15,019)
Total Investments $515,628 $112,824,982 $0 $113,340,610
    
* Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.
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