NPORT-EX 2 edgar.htm
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