N-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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| Investment Company Act file number |
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811-05769 |
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| Invesco High Income Trust II |
| (Exact name of registrant as specified in charter) |
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| 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309 |
| (Address of principal executive offices) (Zip code) |
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| Sheri Morris 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309 |
| (Name and address of agent for service) |
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year
end: 2/28
Date of reporting
period: 11/30/18
Item 1. Schedule of Investments.
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Invesco High Income Trust II Quarterly Schedule of Portfolio Holdings
November 30, 2018 |
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invesco.com/us
VK-CE-HINC2-QTR-1 11/18 |
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Invesco Advisers, Inc. |
Schedule of Investments(a)
November 30, 2018
(Unaudited)
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Principal
Amount |
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Value |
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| U.S. Dollar Denominated Bonds & Notes-129.97%(b) |
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| Aerospace & Defense-2.75% |
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| BBA U.S. Holdings, Inc., Sr. Unsec. Notes,
5.38%, 05/01/2026(c) |
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$ |
203,000 |
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$ |
196,910 |
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| Bombardier, Inc. (Canada),
Sr. Unsec. Notes, |
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| 6.13%,
01/15/2023(c) |
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449,000 |
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427,672 |
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| 7.50%, 03/15/2025(c)
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613,000 |
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584,649 |
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| Moog Inc., Sr. Unsec. Gtd. Notes,
5.25%, 12/01/2022(c) |
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335,000 |
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335,838 |
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| TransDigm Inc.,
Sr. Unsec. Gtd. Sub. Global Notes, |
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| 6.50%, 07/15/2024 |
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154,000 |
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154,770 |
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| 6.50%, 05/15/2025 |
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336,000 |
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335,580 |
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| TransDigm UK Holdings PLC, Sr. Unsec. Sub. Gtd. Notes, 6.88%,
05/15/2026(c) |
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601,000 |
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594,990 |
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| Triumph Group, Inc., Sr. Unsec. Gtd. Global Notes, 7.75%,
08/15/2025 |
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768,000 |
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708,480 |
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3,338,889 |
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| Agricultural & Farm Machinery-0.70% |
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| Titan International, Inc., Sr. Sec. Gtd. First Lien Global Notes,
6.50%, 11/30/2023 |
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914,000 |
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847,735 |
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| Agricultural Products-0.36% |
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| Kernel Holding S.A.(Ukraine), REGS, Sr. Unsec. Gtd. Euro Notes,
8.75%, 01/31/2022(c) |
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457,000 |
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439,773 |
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| Air Freight & Logistics-0.16% |
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| XPO Logistics, Inc., Sr. Unsec. Gtd. Notes, 6.50%,
06/15/2022(c) |
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187,000 |
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190,974 |
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| Alternative Carriers-0.86% |
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| Level 3 Financing, Inc.,
Sr. Unsec. Gtd. Global
Notes, |
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| 5.38%, 05/01/2025 |
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612,000 |
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597,465 |
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| 5.25%, 03/15/2026 |
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466,000 |
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451,088 |
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1,048,553 |
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| Aluminum-1.08% |
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| Alcoa Nederland Holding B.V., Sr. Unsec. Gtd. Notes, 6.75%,
09/30/2024(c) |
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800,000 |
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830,000 |
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| Novelis Corp.,
Sr. Unsec. Gtd. Notes, |
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| 6.25%, 08/15/2024(c)
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431,000 |
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427,767 |
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| 5.88%,
09/30/2026(c) |
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63,000 |
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58,905 |
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1,316,672 |
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| Apparel Retail-1.41% |
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| Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%,
06/15/2021(c) |
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662,000 |
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662,000 |
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Principal
Amount |
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Value |
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| Apparel Retail-(continued) |
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| L Brands, Inc.,
Sr. Unsec. Gtd. Global Notes, |
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| 5.63%, 02/15/2022 |
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$ |
595,000 |
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$ |
609,875 |
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| 6.88%, 11/01/2035 |
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416,000 |
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356,591 |
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| 6.75%, 07/01/2036 |
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104,000 |
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87,100 |
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1,715,566 |
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| Auto Parts & Equipment-0.93% |
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| Dana Financing Luxembourg S.a.r.l., Sr. Unsec. Gtd. Notes, 5.75%,
04/15/2025(c) |
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265,000 |
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253,075 |
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| Dana, Inc., Sr. Unsec. Notes, 5.50%, 12/15/2024 |
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229,000 |
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219,267 |
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| Delphi Technologies PLC, Sr. Unsec. Gtd. Notes, 5.00%, 10/01/2025(c) |
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445,000 |
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386,594 |
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| Flexi-Van Leasing, Inc.,
Sec. Second Lien Notes, 10.00%, 02/15/2023(c) |
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328,000 |
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271,420 |
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1,130,356 |
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| Automobile Manufacturers-0.81% |
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| J.B. Poindexter & Co., Inc., Sr. Unsec. Bonds, 7.13%,
04/15/2026(c) |
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1,026,000 |
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982,395 |
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| Motors Liquidation Co., Sr. Unsec. Deb., 0.00%, 07/15/2033(d)(e) |
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1,640,000 |
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0 |
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982,395 |
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| Automotive Retail-1.24% |
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| Lithia Motors, Inc., Sr. Unsec. Gtd. Notes, 5.25%,
08/01/2025(c) |
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230,000 |
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216,488 |
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| Murphy Oil USA, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%,
05/01/2027 |
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613,000 |
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598,824 |
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| Penske Automotive Group, Inc., Sr. Unsec. Sub. Gtd. Notes, 5.50%,
05/15/2026 |
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749,000 |
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695,634 |
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1,510,946 |
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| Broadcasting-3.88% |
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| Clear Channel Worldwide Holdings, Inc., Series B, Sr. Unsec.
Gtd. Global Notes, 6.50%, 11/15/2022 |
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520,000 |
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530,556 |
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| Series B, Sr. Unsec. Gtd. Sub. Global Notes, 7.63%, 03/15/2020 |
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847,000 |
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849,117 |
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| Gray Escrow Inc, Sr. Unsec. Notes, 7.00%, 05/15/2027(c) |
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305,000 |
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310,338 |
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| Netflix, Inc.,
Sr. Unsec. Global Notes, 5.75%, 03/01/2024 |
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475,000 |
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485,687 |
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| Sr. Unsec. Notes, 5.88%, 11/15/2028(c)
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441,000 |
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438,795 |
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| Nexstar Broadcasting, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/2024(c) |
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525,000 |
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507,937 |
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See accompanying notes which are an integral part
of this schedule.
Invesco High Income Trust II
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Principal
Amount |
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Value |
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| Broadcasting-(continued) |
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| Sirius XM Radio Inc.,
Sr. Unsec. Gtd. Notes, |
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| 6.00%, 07/15/2024(c) |
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$ |
663,000 |
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$ |
680,404 |
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| 5.38%, 04/15/2025(c) |
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3,000 |
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2,963 |
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| 5.38%, 07/15/2026(c) |
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356,000 |
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347,545 |
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| Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%,
07/15/2022 |
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137,000 |
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139,398 |
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| TV Azteca, S.A.B. de C.V.(Mexico), REGS, Sr. Unsec. Gtd. Euro
Notes, 8.25%, 08/09/2024(c) |
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450,000 |
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431,703 |
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4,724,443 |
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| Building Products-1.69% |
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| BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/01/2024(c) |
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647,000 |
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608,989 |
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| Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%,
02/01/2021 |
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557,000 |
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558,392 |
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| SRS Distribution Inc., Sr. Unsec. Gtd. Notes,
8.25%, 07/01/2026
(c) |
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297,000 |
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279,923 |
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| Standard Industries Inc.,
Sr. Unsec. Notes, |
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| 6.00%, 10/15/2025(c) |
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200,000 |
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195,750 |
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| 5.00%, 02/15/2027(c) |
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461,000 |
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416,052 |
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2,059,106 |
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| Cable & Satellite-11.67% |
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| AMC Networks Inc.,
Sr. Unsec. Gtd. Global Notes, |
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| 5.00%, 04/01/2024 |
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491,000 |
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473,201 |
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| 4.75%, 08/01/2025 |
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121,000 |
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112,837 |
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| Sr. Unsec. Gtd. Sub. Global Notes, 5.75%, 06/15/2025 |
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575,000 |
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|
522,531 |
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| CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec. Global
Notes, 5.75%, 09/01/2023 |
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675,000 |
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680,063 |
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| Sr. Unsec. Notes, 5.75%, 02/15/2026(c)
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1,445,000 |
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1,448,627 |
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| CSC Holdings LLC,
Sr. Sec. Gtd. First Lien Notes, 5.50%,
05/15/2026(c) |
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425,000 |
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413,313 |
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| Sr. Unsec. Gtd. Notes, 6.63%, 10/15/2025(c)
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215,000 |
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224,112 |
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| Sr. Unsec. Notes, |
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| 10.13%, 01/15/2023(c) |
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1,395,000 |
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1,513,714 |
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| 10.88%, 10/15/2025(c) |
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|
419,000 |
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|
483,945 |
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| DISH DBS Corp.,
Sr. Unsec. Gtd. Global Notes, |
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| 7.88%, 09/01/2019 |
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1,076,000 |
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1,106,935 |
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| 5.88%, 11/15/2024 |
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1,865,000 |
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1,596,906 |
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| 7.75%, 07/01/2026 |
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|
178,000 |
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|
158,309 |
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Principal
Amount |
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Value |
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| Cable & Satellite-(continued) |
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| Intelsat Jackson Holdings S.A. (Luxembourg),
Sr. Unsec. Gtd.
Global Bonds, 5.50%, 08/01/2023 |
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$ |
1,454,000 |
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$ |
1,286,790 |
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| Sr. Unsec. Gtd. Notes, 8.50%, 10/15/2024(c)
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490,000 |
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|
485,762 |
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| Telenet Finance Luxembourg Notes S.a r.l. (Belgium), Sr. Sec. First
Lien Notes, 5.50%, 03/01/2028(c) |
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400,000 |
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368,000 |
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| Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
(Germany), Sr. Sec. Gtd. First Lien Bonds, 5.00%, 01/15/202
5(c) |
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855,000 |
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863,550 |
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| UPC Holding B.V. (Netherlands), Sr. Sec. First Lien Notes, 5.50%,
01/15/2028(c) |
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200,000 |
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182,500 |
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| UPCB Finance IV Ltd. (Netherlands), Sr. Sec. First Lien Notes, 5.38%,
01/15/2025
(c) |
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250,000 |
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240,470 |
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| Virgin Media Bristol LLC (United Kingdom),
5.50%, 08/15/2026
(c) |
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269,000 |
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|
253,949 |
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| Virgin Media Finance PLC (United Kingdom), REGS, Sr. Unsec. Gtd. Euro
Notes, 6.00%, 10/15/2024(c) |
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218,000 |
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|
212,550 |
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| Virgin Media Secured Finance PLC (United Kingdom), REGS, Sr. Sec.
Gtd. First Lien Euro Bonds, 5.50%, 01/15/2025(c) |
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630,000 |
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|
609,131 |
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| VTR Finance B.V. (Chile), Sr. Sec. First Lien Notes, 6.88%,
01/15/2024(c) |
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|
557,000 |
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|
566,748 |
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| Ziggo B.V. (Netherlands), Sr. Sec. Gtd. First Lien Notes, 5.50%,
01/15/2027(c) |
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|
175,000 |
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|
163,406 |
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| Ziggo Bond Finance B.V. (Netherlands), REGS, Sr. Unsec. Euro
Notes, 5.88%, 01/15/2025(c) |
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250,000 |
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|
229,220 |
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14,196,569 |
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| Casinos & Gaming-2.72% |
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| Boyd Gaming Corp.,
Sr. Unsec. Gtd. Global Notes, |
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| 6.88%, 05/15/2023 |
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|
525,000 |
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|
546,656 |
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| 6.38%, 04/01/2026 |
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|
230,000 |
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|
229,425 |
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| 6.00%, 08/15/2026 |
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|
212,000 |
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|
205,905 |
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| Codere Finance 2 (Luxembourg) S.A. (Spain), Sr. Sec. Gtd. First Lien
Notes,
7.63%, 11/01/2021
(c) |
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|
240,000 |
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|
205,468 |
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| MGM Resorts International,
Sr. Unsec. Gtd. Notes, |
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|
|
|
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|
|
| 7.75%, 03/15/2022 |
|
|
327,000 |
|
|
|
352,343 |
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| 6.00%, 03/15/2023 |
|
|
325,000 |
|
|
|
331,094 |
|
| Scientific Games International, Inc., Sr. Unsec. Gtd. Global Notes,
10.00%, 12/01/2022 |
|
|
806,000 |
|
|
|
839,650 |
|
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Gtd.
Notes, 5.50%, 03/01/2025(c) |
|
|
626,000 |
|
|
|
597,830 |
|
| |
|
|
|
|
|
|
3,308,371 |
|
See accompanying notes which are an integral part
of this schedule.
Invesco High Income Trust II
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Principal
Amount |
|
|
Value |
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| Commodity Chemicals-0.55% |
|
|
|
|
| Koppers Inc., Sr. Unsec. Gtd. Notes,
6.00%, 02/15/2025(c) |
|
$ |
446,000 |
|
|
$ |
401,400 |
|
| Nufarm Australia Ltd./Nufarm Americas Inc. (Australia), Sr. Unsec.
Gtd. Notes, 5.75%, 04/30/2026(c) |
|
|
290,000 |
|
|
|
272,600 |
|
| |
|
|
|
|
|
|
674,000 |
|
|
| Communications Equipment-0.67% |
|
|
|
|
| Hughes Satellite Systems Corp.,
Sr. Sec. Gtd. First Lien Global
Notes,
5.25%, 08/01/2026 |
|
|
171,000 |
|
|
|
160,099 |
|
| Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/2021 |
|
|
619,000 |
|
|
|
648,990 |
|
| |
|
|
|
|
|
|
809,089 |
|
|
| Construction & Engineering-0.20% |
|
|
|
|
| AECOM, Sr. Unsec. Gtd. Global Notes, 5.13%, 03/15/2027 |
|
|
266,000 |
|
|
|
242,925 |
|
|
| Construction Machinery & Heavy Trucks-0.58% |
|
|
|
|
| Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2024 |
|
|
305,000 |
|
|
|
296,613 |
|
| Terex Corp., Sr. Unsec. Gtd. Notes, 5.63%, 02/01/2025(c) |
|
|
444,000 |
|
|
|
409,168 |
|
| |
|
|
|
|
|
|
705,781 |
|
|
| Consumer Finance-2.84% |
|
|
|
|
| Ally Financial Inc.,
Sr. Unsec. Global Notes, |
|
|
|
|
|
|
|
|
| 5.13%, 09/30/2024 |
|
|
900,000 |
|
|
|
913,770 |
|
| 4.63%, 03/30/2025 |
|
|
704,000 |
|
|
|
694,320 |
|
| Sr. Unsec. Gtd. Global Notes, 8.00%, 03/15/2020 |
|
|
240,000 |
|
|
|
252,501 |
|
| Discover Financial Services, Class C, Jr. Unsec. Sub. Global
Notes, 5.50%(f) |
|
|
356,000 |
|
|
|
322,625 |
|
| Navient Corp.,
Sr. Unsec. Medium-Term Notes, |
|
|
|
|
|
|
|
|
| 8.00%, 03/25/2020 |
|
|
640,000 |
|
|
|
662,400 |
|
| 7.25%, 01/25/2022 |
|
|
325,000 |
|
|
|
332,719 |
|
| Unifin Financiera, S.A.B. de C.V., SOFOM, E.N.R. (Mexico), Sr.
Unsec. Notes, 7.38%, 02/12/2026(c) |
|
|
320,000 |
|
|
|
272,400 |
|
| |
|
|
|
|
|
|
3,450,735 |
|
|
| Copper-1.24% |
|
|
|
|
| First Quantum Minerals Ltd. (Zambia),
Sr. Unsec. Gtd.
Notes, |
|
|
|
|
|
|
|
|
| 7.00%, 02/15/2021(c) |
|
|
608,000 |
|
|
|
598,318 |
|
| 7.50%, 04/01/2025(c) |
|
|
555,000 |
|
|
|
501,581 |
|
| Taseko Mines Ltd. (Canada), Sr. Sec. Gtd. First Lien Notes, 8.75%,
06/15/2022(c) |
|
|
420,000 |
|
|
|
410,550 |
|
| |
|
|
|
|
|
|
1,510,449 |
|
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
| Data Processing & Outsourced Services-1.22% |
|
|
|
|
| First Data Corp.,
Sr. Sec. Gtd. First Lien Notes, 5.00%,
01/15/2024(c) |
|
$ |
400,000 |
|
|
$ |
395,980 |
|
| Sr. Unsec. Gtd. Notes, 7.00%,
12/01/2023(c) |
|
|
1,047,000 |
|
|
|
1,083,645 |
|
| |
|
|
|
|
|
|
1,479,625 |
|
|
| Diversified Banks-3.08% |
|
|
|
|
| Barclays Bank PLC (United Kingdom), Unsec. Sub. Global Notes, 7.63%,
11/21/2022 |
|
|
200,000 |
|
|
|
210,125 |
|
| Barclays PLC (United Kingdom), Jr. Unsec. Sub. Global Bonds, 7.75%(f) |
|
|
300,000 |
|
|
|
280,014 |
|
| REGS, Jr. Unsec. Sub. Euro Bonds, 7.88%(c)(f) |
|
|
245,000 |
|
|
|
244,541 |
|
| Credit Agricole S.A. (France), REGS, Jr. Unsec. Sub. Euro Notes,
8.13%(c)(f) |
|
|
288,000 |
|
|
|
300,138 |
|
| Dresdner Funding Trust I (Germany), REGS, Jr. Unsec. Sub. Euro Notes,
8.15%, 06/30/2031(c) |
|
|
385,000 |
|
|
|
472,415 |
|
| ING Groep N.V. (Netherlands),
Jr. Unsec. Sub. Euro Bonds, 6.88%(f) |
|
|
261,000 |
|
|
|
261,652 |
|
| Jr. Unsec. Sub. Global Notes, 6.50%(f)
|
|
|
268,000 |
|
|
|
252,295 |
|
| Lloyds Banking Group PLC (United Kingdom), Jr. Unsec. Sub. Global
Bonds, 7.50%(f) |
|
|
258,000 |
|
|
|
245,043 |
|
| Royal Bank of Scotland Group PLC (The) (United Kingdom), Jr. Unsec.
Sub. Bonds,
7.50%
(f) |
|
|
705,000 |
|
|
|
699,712 |
|
| Jr. Unsec. Sub. Notes,
8.63%
(f)
|
|
|
245,000 |
|
|
|
252,963 |
|
| Societe Generale S.A. (France), REGS, Jr. Unsec. Sub. Euro Notes, 7.38%(c)(f) |
|
|
288,000 |
|
|
|
284,400 |
|
| Standard Chartered PLCREGS, Jr. Unsec. Sub. Euro Bonds, 7.50%(c)(f) |
|
|
245,000 |
|
|
|
245,919 |
|
| |
|
|
|
|
|
|
3,749,217 |
|
|
| Diversified Capital Markets-0.22% |
|
|
|
|
| Credit Suisse Group AG (Switzerland), REGS, Jr. Unsec. Sub. Euro
Bonds, 7.13%(c)(f) |
|
|
261,000 |
|
|
|
263,936 |
|
|
| Diversified Chemicals-0.37% |
|
|
|
|
| Chemours Co. (The), Sr. Unsec. Gtd. Global Notes, 7.00%,
05/15/2025 |
|
|
210,000 |
|
|
|
212,888 |
|
| Trinseo Materials Operating S.C.A./Trinseo Materials Finance,
Inc., Sr. Unsec. Gtd. Notes, 5.38%, 09/01/2025(c) |
|
|
264,000 |
|
|
|
234,300 |
|
| |
|
|
|
|
|
|
447,188 |
|
|
| Diversified Metals & Mining-1.87% |
|
|
|
|
| Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global Notes, 5.40%,
11/14/2034 |
|
|
1,044,000 |
|
|
|
884,790 |
|
| Hudbay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Notes, 7.63%,
01/15/2025(c) |
|
|
532,000 |
|
|
|
530,670 |
|
| Teck Resources Ltd. (Canada), Sr. Unsec. Notes, 6.13%,
10/01/2035 |
|
|
445,000 |
|
|
|
447,225 |
|
See accompanying notes which are an integral part
of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
| Diversified Metals & Mining-(continued) |
|
|
|
|
| Vedanta Resources PLC(India), Sr. Unsec. Notes,
6.38%,
07/30/2022(c) |
|
$ |
444,000 |
|
|
$ |
407,925 |
|
| |
|
|
|
|
|
|
2,270,610 |
|
|
|
| Diversified REITs-0.45% |
|
|
|
|
|
|
|
|
| CyrusOne L.P./CyrusOne Finance Corp.,
Sr. Unsec. Gtd. Global
Notes, |
|
|
|
|
|
|
|
|
| 5.00%, 03/15/2024 |
|
|
240,000 |
|
|
|
238,800 |
|
| 5.38%, 03/15/2027 |
|
|
314,000 |
|
|
|
308,505 |
|
| |
|
|
|
|
|
|
547,305 |
|
|
| Electric Utilities-0.24% |
|
|
|
|
| Southern Co. (The), Series B, Jr. Unsec. Sub. Global Notes,
5.50%, 03/15/2057 |
|
|
298,000 |
|
|
|
297,165 |
|
|
| Electronic Equipment & Instruments-0.35% |
|
|
|
|
| Itron, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 01/15/2026(c) |
|
|
460,000 |
|
|
|
429,240 |
|
|
| Environmental & Facilities Services-1.97% |
|
|
|
|
| Advanced Disposal Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%,
11/15/2024(c) |
|
|
397,000 |
|
|
|
392,038 |
|
| Core & Main L.P., Sr. Unsec. Notes, 6.13%, 08/15/2025(c) |
|
|
595,000 |
|
|
|
545,912 |
|
| Hulk Finance Corp.(Canada), Sr. Unsec. Notes, 7.00%, 06/01/2026(c) |
|
|
1,256,000 |
|
|
|
1,127,260 |
|
| Waste Pro USA, Inc., Sr. Unsec. Notes, 5.50%, 02/15/2026(c) |
|
|
364,000 |
|
|
|
335,790 |
|
| |
|
|
|
|
|
|
2,401,000 |
|
|
| Fertilizers & Agricultural Chemicals-0.42% |
|
|
|
|
| OCI N.V.(Netherlands), Sr. Sec. Gtd. Notes, 6.63%, 04/15/2023(c) |
|
|
504,000 |
|
|
|
513,450 |
|
|
| Food Distributors-0.63% |
|
|
|
|
| US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024(c) |
|
|
766,000 |
|
|
|
763,128 |
|
|
| Food Retail-1.85% |
|
|
|
|
| 1011778 BC ULC/ New Red Finance, Inc.(Canada), Sec. Gtd. Second Lien
Notes, 5.00%, 10/15/2025(c) |
|
|
1,647,000 |
|
|
|
1,556,415 |
|
| Albertsons Cos. LLC/Safeway Inc./New Albertson’s
Inc./Albertson’s LLC, Sr. Unsec. Gtd. Global Notes, 6.63%, 06/15/2024 |
|
|
714,000 |
|
|
|
691,687 |
|
| |
|
|
|
|
|
|
2,248,102 |
|
|
| Gas Utilities-2.01% |
|
|
|
|
| AmeriGas Partners, L.P./AmeriGas Finance Corp.,
Sr. Unsec. Global
Notes, |
|
|
|
|
|
|
|
|
| 5.63%, 05/20/2024 |
|
|
404,000 |
|
|
|
385,820 |
|
| 5.88%, 08/20/2026 |
|
|
622,000 |
|
|
|
583,125 |
|
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
| Gas Utilities-(continued) |
|
|
|
|
| Ferrellgas L.P./Ferrellgas Finance Corp.,
Sr. Unsec. Global Notes,
6.50%, 05/01/2021 |
|
$ |
583,000 |
|
|
$ |
499,922 |
|
| Sr. Unsec. Gtd. Global Notes, 6.75%, 06/15/2023 |
|
|
134,000 |
|
|
|
113,230 |
|
| Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr.
Unsec. Global Notes, 5.50%, 06/01/2024 |
|
|
900,000 |
|
|
|
857,250 |
|
| |
|
|
|
|
|
|
2,439,347 |
|
|
| Health Care Equipment-1.19% |
|
|
|
|
| Eagle Holding Co. II, LLC, Sr. Unsec. PIK Notes, 8.38% PIK Rate,
7.63% Cash Rate, 05/15/2022(c)(g) |
|
|
757,000 |
|
|
|
757,946 |
|
| Hill-Rom Holdings, Inc., Sr.
Unsec. Gtd. Notes, 5.00%, 02/15/2025(c) |
|
|
596,000 |
|
|
|
584,080 |
|
| Teleflex Inc., Sr. Unsec. Gtd. Global Notes, 4.88%,
06/01/2026 |
|
|
109,000 |
|
|
|
106,107 |
|
| |
|
|
|
|
|
|
1,448,133 |
|
|
| Health Care Facilities-4.50% |
|
|
|
|
| Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global Notes, 6.50%,
03/01/2024 |
|
|
375,000 |
|
|
|
369,375 |
|
| Community Health Systems, Inc.,
Sec. Gtd. Second Lien Notes,
8.13%, 06/30/2024(c) |
|
|
15,000 |
|
|
|
11,513 |
|
| Sr. Sec. Gtd. First Lien Global Notes, 5.13%, 08/01/2021 |
|
|
285,000 |
|
|
|
271,284 |
|
| Sr. Sec. Gtd. First Lien Notes, 6.25%, 03/31/2023 |
|
|
677,000 |
|
|
|
630,456 |
|
| Encompass Health Corp., Sr. Unsec. Gtd. Global Notes, 5.75%,
09/15/2025 |
|
|
620,000 |
|
|
|
617,675 |
|
| HCA Healthcare, Inc.,
Sr. Unsec. Notes, 6.25%, 02/15/2021 |
|
|
610,000 |
|
|
|
631,350 |
|
| HCA, Inc., Sr.
Sec. Gtd. First Lien Notes, 5.25%,
04/15/2025 |
|
|
1,025,000 |
|
|
|
1,037,812 |
|
| Sr. Unsec. Gtd. Global Notes, 7.50%, 02/15/2022 |
|
|
283,000 |
|
|
|
306,348 |
|
| Sr. Unsec. Gtd. Notes, |
|
|
|
|
|
|
|
|
| 5.38%, 02/01/2025 |
|
|
540,000 |
|
|
|
544,725 |
|
| 5.88%, 02/15/2026 |
|
|
824,000 |
|
|
|
850,780 |
|
| 5.38%, 09/01/2026 |
|
|
206,000 |
|
|
|
204,455 |
|
| |
|
|
|
|
|
|
5,475,773 |
|
|
| Health Care REITs-0.68% |
|
|
|
|
| MPT Operating Partnership L.P./MPT Finance Corp., Sr. Unsec. Gtd.
Global Notes, 5.00%, 10/15/2027 |
|
|
874,000 |
|
|
|
832,485 |
|
|
| Health Care Services-4.62% |
|
|
|
|
| AMN Healthcare, Inc., Sr. Unsec. Gtd. Notes, 5.13%, 10/01/2024(c) |
|
|
410,000 |
|
|
|
393,600 |
|
| DaVita, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%,
05/01/2025 |
|
|
656,000 |
|
|
|
619,100 |
|
| Heartland Dental, LLC, Sr. Unsec. Notes, 8.50%, 05/01/2026(c) |
|
|
696,000 |
|
|
|
647,280 |
|
See accompanying notes which are an integral part
of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
| Health Care Services-(continued) |
|
|
|
|
|
|
|
|
| MEDNAX, Inc.,
Sr. Unsec. Gtd. Notes, |
|
|
|
|
|
|
|
|
| 5.25%, 12/01/2023(c) |
|
$ |
437,000 |
|
|
$ |
432,630 |
|
| 6.25%, 01/15/2027(c) |
|
|
876,000 |
|
|
|
874,905 |
|
| MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 7.13%,
06/01/2024(c) |
|
|
251,000 |
|
|
|
250,686 |
|
| Surgery Center Holdings, Inc.,
Sr. Unsec. Gtd. Notes, |
|
|
|
|
|
|
|
|
| 8.88%, 04/15/2021(c) |
|
|
459,000 |
|
|
|
468,180 |
|
| 6.75%, 07/01/2025(c) |
|
|
130,000 |
|
|
|
121,062 |
|
| Team Health Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.38%, 02/01/2025(c) |
|
|
450,000 |
|
|
|
373,500 |
|
| Tenet Healthcare Corp.,
Sec. Gtd. Second Lien Notes,
7.50%,
01/01/2022(c) |
|
|
106,000 |
|
|
|
110,108 |
|
| Sr. Unsec. Global Notes, |
|
|
|
|
|
|
|
|
| 8.13%, 04/01/2022 |
|
|
415,000 |
|
|
|
431,600 |
|
| 6.75%, 06/15/2023 |
|
|
909,000 |
|
|
|
901,046 |
|
| |
|
|
|
|
|
|
5,623,697 |
|
|
| Home Improvement Retail-0.66% |
|
|
|
|
| Hillman Group, Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%,
07/15/2022(c) |
|
|
933,000 |
|
|
|
802,380 |
|
|
| Homebuilding-3.60% |
|
|
|
|
| Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes,
6.88%, 02/15/2021(c) |
|
|
402,000 |
|
|
|
393,960 |
|
| Beazer Homes USA, Inc.,
Sr. Unsec. Gtd. Global Notes, |
|
|
|
|
|
|
|
|
| 8.75%, 03/15/2022 |
|
|
541,000 |
|
|
|
550,900 |
|
| 6.75%, 03/15/2025 |
|
|
641,000 |
|
|
|
566,484 |
|
| 5.88%, 10/15/2027 |
|
|
85,000 |
|
|
|
70,125 |
|
| KB Home,
Sr. Unsec. Gtd. Notes, |
|
|
|
|
|
|
|
|
| 8.00%, 03/15/2020 |
|
|
243,000 |
|
|
|
254,239 |
|
| 7.50%, 09/15/2022 |
|
|
400,000 |
|
|
|
418,000 |
|
| Lennar Corp.,
Sr. Unsec. Gtd. Global Notes, |
|
|
|
|
|
|
|
|
| 8.38%, 01/15/2021 |
|
|
112,000 |
|
|
|
121,100 |
|
| 5.38%, 10/01/2022 |
|
|
640,000 |
|
|
|
645,600 |
|
| 4.75%, 11/15/2022 |
|
|
135,000 |
|
|
|
134,548 |
|
| 5.25%, 06/01/2026 |
|
|
261,000 |
|
|
|
250,886 |
|
| Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 7.15%,
04/15/2020 |
|
|
300,000 |
|
|
|
309,844 |
|
| Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023(c) |
|
|
548,000 |
|
|
|
539,095 |
|
| William Lyon Homes, Inc., Sr. Unsec. Gtd. Global Notes, 6.00%,
09/01/2023 |
|
|
136,000 |
|
|
|
125,460 |
|
| |
|
|
|
|
|
|
4,380,241 |
|
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
| Household Products-1.83% |
|
|
|
|
|
|
|
|
| Reynolds Group Issuer Inc./LLC,
Sr. Sec. Gtd. First Lien Global
Notes, 5.75%, 10/15/2020 |
|
$ |
278,134 |
|
|
$ |
278,134 |
|
| Sr. Sec. Gtd. First Lien Notes, 5.13%, 07/15/2023(c) |
|
|
207,000 |
|
|
|
202,342 |
|
| Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(c)
|
|
|
1,114,000 |
|
|
|
1,113,304 |
|
| Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%,
07/15/2025 |
|
|
663,000 |
|
|
|
630,679 |
|
| |
|
|
|
|
|
|
2,224,459 |
|
|
| Independent Power Producers & Energy Traders-1.86% |
|
|
|
|
| AES Corp. (The), Sr. Unsec. Notes, 5.50%, 04/15/2025 |
|
|
1,199,000 |
|
|
|
1,213,987 |
|
| Calpine Corp., Sr. Unsec. Global Notes, 5.50%, 02/01/2024 |
|
|
294,000 |
|
|
|
272,318 |
|
| NRG Energy, Inc.,
Sr. Unsec. Gtd. Global Notes, |
|
|
|
|
|
|
|
|
| 6.25%, 05/01/2024 |
|
|
306,000 |
|
|
|
314,033 |
|
| 6.63%, 01/15/2027 |
|
|
167,000 |
|
|
|
170,744 |
|
| Vistra Energy Corp., Sr. Unsec. Gtd. Global Notes, 7.38%,
11/01/2022 |
|
|
275,000 |
|
|
|
286,000 |
|
| |
|
|
|
|
|
|
2,257,082 |
|
|
| Industrial Machinery-1.77% |
|
|
|
|
| Altra Industrial Motion Corp., Sr. Unsec. Gtd. Notes, 6.13%,
10/01/2026(c) |
|
|
209,000 |
|
|
|
206,910 |
|
| Cleaver-Brooks, Inc., Sr. Sec. Notes, 7.88%, 03/01/2023(c) |
|
|
879,000 |
|
|
|
872,407 |
|
| EnPro Industries, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 10/15/2026(c) |
|
|
338,000 |
|
|
|
332,085 |
|
| Mueller Industries, Inc., Unsec. Sub. Deb., 6.00%,
03/01/2027 |
|
|
618,000 |
|
|
|
597,606 |
|
| Mueller Water Products Inc., Sr. Unsec. Notes, 5.50%, 06/15/2026(c) |
|
|
144,000 |
|
|
|
142,920 |
|
| |
|
|
|
|
|
|
2,151,928 |
|
|
| Integrated Oil & Gas-0.81% |
|
|
|
|
| California Resources Corp., Sec. Gtd. Second Lien Notes, 8.00%,
12/15/2022(c) |
|
|
479,000 |
|
|
|
366,435 |
|
| Petrobras Global Finance B.V.(Brazil), Sr. Unsec. Gtd. Global
Notes, 5.75%, 02/01/2029 |
|
|
675,000 |
|
|
|
619,650 |
|
| |
|
|
|
|
|
|
986,085 |
|
|
| Integrated Telecommunication Services-2.73% |
|
|
|
|
| CenturyLink, Inc.,
Series S, Sr. Unsec. Notes,
6.45%,
06/15/2021 |
|
|
587,000 |
|
|
|
602,409 |
|
| Series Y, Sr. Unsec. Global Notes, 7.50%, 04/01/2024 |
|
|
580,000 |
|
|
|
596,675 |
|
| Cincinnati Bell Inc.,
Sr. Unsec. Gtd. Notes,
7.00%, 07/15/2024(c) |
|
|
417,000 |
|
|
|
367,742 |
|
| Sr. Unsec. Notes,
8.00%, 10/15/2025(c)
|
|
|
84,000 |
|
|
|
74,760 |
|
See accompanying notes which are an integral part
of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
| Integrated Telecommunication Services-(continued) |
|
|
|
|
| Frontier Communications Corp.,
Sr. Unsec. Global Notes, |
|
|
|
|
|
|
|
|
| 10.50%, 09/15/2022 |
|
$ |
1,338,000 |
|
|
$ |
1,077,090 |
|
| 11.00%, 09/15/2025 |
|
|
344,000 |
|
|
|
244,240 |
|
| Telecom Italia Capital S.A. (Italy),
Sr. Unsec. Gtd. Global
Notes, |
|
|
|
|
|
|
|
|
| 6.38%, 11/15/2033 |
|
|
92,000 |
|
|
|
82,340 |
|
| 7.20%, 07/18/2036 |
|
|
289,000 |
|
|
|
276,284 |
|
| |
|
|
|
|
|
|
3,321,540 |
|
|
| Internet Services & Infrastructure-0.38% |
|
|
|
|
| Rackspace Hosting, Inc., Sr. Unsec. Gtd. Notes, 8.63%, 11/15/2024(c) |
|
|
541,000 |
|
|
|
459,850 |
|
|
|
|
| Leisure Facilities-0.57% |
|
|
|
|
|
|
|
|
|
|
|
| Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp.,
Sr. Unsec. Gtd. Global Notes, 5.38%, 06/01/2024 |
|
|
259,000 |
|
|
|
259,000 |
|
| Six Flags Entertainment Corp., Sr. Unsec. Gtd. Notes, 4.88%,
07/31/2024(c) |
|
|
455,000 |
|
|
|
436,800 |
|
| |
|
|
|
|
|
|
695,800 |
|
|
|
|
| Leisure Products-0.27% |
|
|
|
|
|
|
|
|
|
|
|
| Mattel, Inc., Sr. Unsec. Gtd. Notes, 6.75%, 12/31/2025(c) |
|
|
350,000 |
|
|
|
330,750 |
|
|
|
| Life Sciences Tools & Services-0.14% |
|
|
|
|
|
|
|
|
| Charles River Laboratories International, Inc., Sr. Unsec. Gtd.
Notes, 5.50%,
04/01/2026(c) |
|
|
164,000 |
|
|
|
164,410 |
|
|
|
|
| Managed Health Care-1.38% |
|
|
|
|
|
|
|
|
|
|
|
| Centene Corp., Sr. Unsec. Notes,
5.38%, 06/01/2026(c) |
|
|
335,000 |
|
|
|
337,932 |
|
| Molina Healthcare, Inc., Sr. Unsec. Gtd. Notes, 4.88%,
06/15/2025(c) |
|
|
331,000 |
|
|
|
314,036 |
|
| WellCare Health Plans, Inc.,
Sr. Unsec. Notes, |
|
|
|
|
|
|
|
|
| 5.25%, 04/01/2025 |
|
|
745,000 |
|
|
|
741,275 |
|
| 5.38%,
08/15/2026(c) |
|
|
290,000 |
|
|
|
288,602 |
|
| |
|
|
|
|
|
|
1,681,845 |
|
|
| Metal & Glass Containers-1.54% |
|
|
|
|
| Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. (Ireland), Sr.
Unsec. Gtd. Notes, |
|
|
|
|
|
|
|
|
| 7.25%, 05/15/2024(c)
|
|
|
335,000 |
|
|
|
339,606 |
|
| 6.00%, 02/15/2025(c)
|
|
|
200,000 |
|
|
|
186,750 |
|
| Ball Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 07/01/2025 |
|
|
425,000 |
|
|
|
432,438 |
|
| Berry Global, Inc., Sec. Gtd. Second Lien Global Notes, 6.00%,
10/15/2022 |
|
|
333,000 |
|
|
|
337,995 |
|
| Flex Acquisition Co., Inc., Sr. Unsec. Notes, 7.88%, 07/15/2026(c) |
|
|
474,000 |
|
|
|
447,930 |
|
| OI European Group B.V., Sr. Unsec. Gtd. Notes, 4.00%, 03/15/2023(c) |
|
|
138,000 |
|
|
|
129,375 |
|
| |
|
|
|
|
|
|
1,874,094 |
|
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
| Oil & Gas Drilling-1.93% |
|
|
|
|
| Diamond Offshore Drilling, Inc., Sr. Unsec. Global Notes, 4.88%,
11/01/2043 |
|
$ |
226,000 |
|
|
$ |
135,600 |
|
| Ensco PLC,
Sr. Unsec. Global Notes, |
|
|
|
|
|
|
|
|
| 4.50%, 10/01/2024 |
|
|
24,000 |
|
|
|
17,745 |
|
| 7.75%, 02/01/2026 |
|
|
735,000 |
|
|
|
609,131 |
|
| Noble Holding International Ltd., Sr.
Unsec. Gtd. Global Notes,
7.75%, 01/15/2024 |
|
|
589,000 |
|
|
|
517,584 |
|
| Precision Drilling Corp. (Canada),
Sr. Unsec. Gtd. Global
Notes, |
|
|
|
|
|
|
|
|
| 6.50%, 12/15/2021 |
|
|
121,432 |
|
|
|
119,610 |
|
| 7.75%, 12/15/2023 |
|
|
92,000 |
|
|
|
91,540 |
|
| 5.25%, 11/15/2024 |
|
|
372,000 |
|
|
|
332,085 |
|
| Transocean Inc., Sr. Unsec. Gtd. Global Notes, 7.50%,
04/15/2031 |
|
|
647,000 |
|
|
|
524,070 |
|
| |
|
|
|
|
|
|
2,347,365 |
|
|
| Oil & Gas Equipment & Services-0.58% |
|
|
|
|
| Archrock Partners, L.P./Archrock Partners Finance Corp., Sr. Unsec.
Gtd. Global Notes, 6.00%, 10/01/2022 |
|
|
230,000 |
|
|
|
225,400 |
|
| SESI LLC, Sr. Unsec. Gtd. Global Notes, 7.13%, 12/15/2021 |
|
|
503,000 |
|
|
|
476,593 |
|
| |
|
|
|
|
|
|
701,993 |
|
|
| Oil & Gas Exploration & Production-8.64% |
|
|
|
|
| Ascent Resources Utica Holdings, LLC/ARU Finance Corp., Sr. Unsec.
Notes, 10.00%, 04/01/2022(c) |
|
|
346,000 |
|
|
|
367,625 |
|
| Callon Petroleum Co., Sr. Unsec. Gtd. Global Notes, 6.13%,
10/01/2024 |
|
|
525,000 |
|
|
|
509,250 |
|
| Concho Resources Inc., Sr. Unsec. Gtd. Global Notes, 4.38%,
01/15/2025 |
|
|
420,000 |
|
|
|
411,250 |
|
| Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%,
05/01/2022 |
|
|
314,000 |
|
|
|
241,874 |
|
| EP Energy LLC/Everest Acquisition Finance, Inc., Sr. Sec. Gtd. First
Lien Notes, 8.00%, 11/29/2024(c) |
|
|
410,000 |
|
|
|
358,750 |
|
| Gulfport Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.00%,
10/15/2024 |
|
|
488,000 |
|
|
|
448,960 |
|
| Jagged Peak Energy LLC, Sr. Unsec. Gtd. Notes, 5.88%, 05/01/2026(c) |
|
|
712,000 |
|
|
|
678,180 |
|
| Oasis Petroleum, Inc., Sr. Unsec. Gtd. Global Notes, 6.88%,
01/15/2023 |
|
|
641,000 |
|
|
|
633,789 |
|
| Parsley Energy, LLC/Parsley Finance Corp.,
Sr. Unsc. Gtd. Notes,
5.63%,
10/15/2027(c) |
|
|
296,000 |
|
|
|
282,680 |
|
| Sr. Unsec. Gtd. Notes, 6.25%,
06/01/2024(c) |
|
|
464,000 |
|
|
|
464,000 |
|
| QEP Resources, Inc.,
Sr. Unsec. Global Notes, |
|
|
|
|
|
|
|
|
| 5.25%, 05/01/2023 |
|
|
220,000 |
|
|
|
210,650 |
|
| 5.63%, 03/01/2026 |
|
|
207,000 |
|
|
|
189,923 |
|
| Sr. Unsec. Notes, 6.88%,
03/01/2021 |
|
|
591,000 |
|
|
|
622,027 |
|
See accompanying notes which are an integral part
of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
| Oil & Gas Exploration & Production-(continued) |
|
|
|
|
| Range Resources Corp.,
Sr. Unsec. Gtd. Global Notes, |
|
|
|
|
|
|
|
|
| 5.88%, 07/01/2022 |
|
$ |
429,000 |
|
|
$ |
425,246 |
|
| 4.88%, 05/15/2025 |
|
|
497,000 |
|
|
|
453,512 |
|
| SM Energy Co.,
Sr. Unsec. Global Notes, |
|
|
|
|
|
|
|
|
| 6.13%, 11/15/2022 |
|
|
292,000 |
|
|
|
289,080 |
|
| 6.75%, 09/15/2026 |
|
|
270,000 |
|
|
|
260,550 |
|
| 6.63%, 01/15/2027 |
|
|
90,000 |
|
|
|
86,400 |
|
| Southwestern Energy Co.,
Sr. Unsec. Gtd. Global Notes, |
|
|
|
|
|
|
|
|
| 7.50%, 04/01/2026 |
|
|
373,000 |
|
|
|
377,663 |
|
| 7.75%, 10/01/2027 |
|
|
806,000 |
|
|
|
819,057 |
|
| Tullow Oil PLC(Ghana), Sr. Unsec. Notes, 7.00%, 03/01/2025(c) |
|
|
351,000 |
|
|
|
321,604 |
|
| Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes, 6.25%,
04/01/2023 |
|
|
673,000 |
|
|
|
664,655 |
|
| WildHorse Resource Development Corp., Sr. Unsec. Gtd. Global Notes,
6.88%, 02/01/2025 |
|
|
874,000 |
|
|
|
856,520 |
|
| WPX Energy, Inc., Sr. Unsec. Notes, 5.25%, 09/15/2024 |
|
|
563,000 |
|
|
|
537,665 |
|
| |
|
|
|
|
|
|
10,510,910 |
|
|
| Oil & Gas Refining & Marketing-0.65% |
|
|
|
|
| Parkland Fuel Corp.(Canada),
Sr. Unsec. Notes, 6.00%, 04/01/2026(c) |
|
|
411,000 |
|
|
|
399,697 |
|
| Sunoco L.P. /Sunoco Finance Corp., Sr. Unsec. Gtd. Global Notes,
4.88%, 01/15/2023 |
|
|
395,000 |
|
|
|
386,113 |
|
| |
|
|
|
|
|
|
785,810 |
|
|
|
| Oil & Gas Storage & Transportation-4.41% |
|
|
|
|
|
|
|
|
| Antero Midstream Partners L.P./Antero Midstream Finance Corp., Sr.
Unsec. Gtd. Global Notes, 5.38%, 09/15/2024 |
|
|
460,000 |
|
|
|
450,892 |
|
| Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.63%,
06/01/2023 |
|
|
794,000 |
|
|
|
790,030 |
|
| Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%,
01/15/2024 |
|
|
765,000 |
|
|
|
790,819 |
|
| Holly Energy Partners L.P./Holly Energy Finance Corp., Sr. Unsec.
Gtd. Notes, 6.00%, 08/01/2024(c) |
|
|
253,000 |
|
|
|
251,103 |
|
| Plains All American Pipeline, L.P., Series B, Jr. Unsec. Sub. Notes,
6.13%(f) |
|
|
423,000 |
|
|
|
381,757 |
|
| SemGroup Corp., Sr. Unsec. Gtd. Global Notes, 6.38%,
03/15/2025 |
|
|
515,000 |
|
|
|
486,675 |
|
| Targa Resources Partners L.P./Targa Resources Partners Finance
Corp.,
Sr. Unsec. Gtd. Global Bonds, |
|
|
|
|
|
|
|
|
| 5.25%, 05/01/2023 |
|
|
266,000 |
|
|
|
266,000 |
|
| 5.13%, 02/01/2025 |
|
|
478,000 |
|
|
|
463,660 |
|
| Sr. Unsec. Gtd. Notes, 5.88%,
04/15/2026(c) |
|
|
267,000 |
|
|
|
267,000 |
|
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
| Oil & Gas Storage & Transportation-(continued) |
|
|
|
|
| Williams Cos., Inc. (The),
Sr. Unsec. Global Notes,
4.55%,
06/24/2024 |
|
$ |
876,000 |
|
|
$ |
878,126 |
|
| Sr. Unsec. Notes, 7.88%, 09/01/2021 |
|
|
304,000 |
|
|
|
331,902 |
|
| |
|
|
|
|
|
|
5,357,964 |
|
|
|
| Other Diversified Financial Services-1.87% |
|
|
|
|
|
|
|
|
| Intertrust Group B.V.(Netherlands), Sr. Unsec. Bonds, 3.38%,
11/15/2025(c) |
|
|
150,000 |
|
|
|
168,652 |
|
| Lincoln Finance Ltd.(Netherlands), Sr. Sec. Gtd. First Lien Notes,
7.38%, 04/15/2021(c) |
|
|
521,000 |
|
|
|
534,676 |
|
| Lions Gate Capital Holdings LLC, Sr. Unsec. Gtd. Notes, 5.88%,
11/01/2024(c) |
|
|
457,000 |
|
|
|
462,713 |
|
| LPL Holdings Inc., Sr. Unsec. Gtd. Notes, 5.75%, 09/15/2025(c) |
|
|
474,000 |
|
|
|
450,300 |
|
| Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Unsec.
Notes, 6.75%, 06/01/2025(c) |
|
|
520,000 |
|
|
|
492,700 |
|
| VFH Parent LLC/Orchestra
Co-Issuer Inc., Sec. Gtd. Second Lien Notes, 6.75%, 06/15/2022(c) |
|
|
165,000 |
|
|
|
167,442 |
|
| |
|
|
|
|
|
|
2,276,483 |
|
|
|
|
| Packaged Foods & Meats-1.22% |
|
|
|
|
|
|
|
|
|
|
|
| B&G Foods, Inc., Sr. Unsec. Gtd. Notes, 5.25%,
04/01/2025 |
|
|
359,000 |
|
|
|
340,637 |
|
| JBS Investments GmbH, REGS,
Sr. Unsec. Gtd. Euro Notes, 7.25%,
04/03/2024(c) |
|
|
200,000 |
|
|
|
201,470 |
|
| Sr. Unsec. Gtd. Notes, 7.25%, 04/03/2024(c) |
|
|
355,000 |
|
|
|
357,609 |
|
| JBS USA Lux S.A./JBS USA Finance Inc., Sr. Unsec. Gtd. Notes, 5.75%,
06/15/2025(c) |
|
|
176,000 |
|
|
|
170,940 |
|
| TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024(c) |
|
|
419,000 |
|
|
|
415,858 |
|
| |
|
|
|
|
|
|
1,486,514 |
|
|
|
|
| Paper Packaging-0.79% |
|
|
|
|
|
|
|
|
|
|
|
| Graphic Packaging International LLC, Sr. Unsec. Gtd. Notes, 4.88%,
11/15/2022 |
|
|
477,000 |
|
|
|
473,423 |
|
| Plastipak Holdings Inc., Sr. Unsec. Notes, 6.25%, 10/15/2025(c) |
|
|
536,000 |
|
|
|
485,080 |
|
| |
|
|
|
|
|
|
958,503 |
|
|
|
|
| Paper Products-1.26% |
|
|
|
|
|
|
|
|
|
|
|
| Mercer International Inc. (Canada),
Sr. Unsec. Global
Notes, |
|
|
|
|
|
|
|
|
| 7.75%, 12/01/2022 |
|
|
57,000 |
|
|
|
59,137 |
|
| 6.50%, 02/01/2024 |
|
|
200,000 |
|
|
|
200,000 |
|
| 5.50%, 01/15/2026 |
|
|
170,000 |
|
|
|
155,550 |
|
| Rayonier Am Products, Inc., Sr. Unsec. Gtd. Notes, 5.50%, 06/01/2024(c) |
|
|
693,000 |
|
|
|
637,560 |
|
See accompanying notes which are an integral part
of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
|
|
| Paper Products-(continued) |
|
|
|
|
|
|
|
|
| Schweitzer-Mauduit
International, Inc., Sr. Unsec. Notes, 6.88%, 10/01/2026(c) |
|
$ |
484,000 |
|
|
$ |
476,740 |
|
| |
|
|
|
|
|
|
1,528,987 |
|
|
| Pharmaceuticals-2.51% |
|
| Bausch Health Cos. Inc.,
Sr. Sec. Gtd. First Lien Notes, 5.50%,
11/01/2025(c) |
|
|
346,000 |
|
|
|
341,242 |
|
| Sr. Unsec. Gtd. Notes, 5.88%, 05/15/2023(c)
|
|
|
227,000 |
|
|
|
221,325 |
|
| 6.13%, 04/15/2025(c) |
|
|
400,000 |
|
|
|
376,480 |
|
| 9.00%, 12/15/2025(c) |
|
|
616,000 |
|
|
|
652,190 |
|
| 9.25%, 04/01/2026(c) |
|
|
372,000 |
|
|
|
396,995 |
|
| Endo Dac/Endo Finance LLC/Endo Finco, Inc., Sr. Unsec. Gtd. Notes,
6.00%, 07/15/2023(c) |
|
|
275,000 |
|
|
|
229,663 |
|
| HLF Financing S.a.r.l. LLC/Herbalife International, Inc., Sr. Unsec.
Gtd. Notes, 7.25%, 08/15/2026(c) |
|
|
397,000 |
|
|
|
400,474 |
|
| Teva Pharmaceutical Finance IV, B.V.(Israel), Sr. Unsec. Gtd.
Global Notes, 3.65%, 11/10/2021 |
|
|
460,000 |
|
|
|
439,646 |
|
| |
|
|
|
|
|
|
3,058,015 |
|
|
| Publishing-0.88% |
|
| Meredith Corp., Sr. Unsec. Gtd. Notes, 6.88%, 02/01/2026(c) |
|
|
1,043,000 |
|
|
|
1,069,075 |
|
|
|
|
| Restaurants-0.88% |
|
|
|
|
|
|
|
|
| Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes,
8.00%, 05/01/2022 |
|
|
270,000 |
|
|
|
277,425 |
|
| IRB Holding Corp., Sr. Unsec. Gtd. Notes, 6.75%, 02/15/2026(c) |
|
|
619,000 |
|
|
|
572,575 |
|
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
Sr. Unsec. Gtd. Notes, 4.75%, 06/01/2027(c) |
|
|
232,000 |
|
|
|
218,031 |
|
| |
|
|
|
|
|
|
1,068,031 |
|
|
| Security & Alarm Services-1.14% |
|
| Brink’s Co. (The), Sr. Unsec. Gtd. Notes, 4.63%, 10/15/2027(c) |
|
|
379,000 |
|
|
|
349,627 |
|
| Prime Security Services Borrower LLC/ Prime Finance, Inc., Sec.
Gtd. Second Lien Notes, 9.25%, 05/15/2023(c) |
|
|
970,000 |
|
|
|
1,030,625 |
|
| |
|
|
|
|
|
|
1,380,252 |
|
|
| Semiconductors-1.15% |
|
| Micron Technology, Inc., Sr. Unsec. Global Notes, 5.50%,
02/01/2025 |
|
|
595,000 |
|
|
|
600,206 |
|
| NXP B.V./NXP Funding LLC(Netherlands), Sr. Unsec. Gtd. Notes,
4.63%, 06/01/2023(c) |
|
|
810,000 |
|
|
|
796,327 |
|
| |
|
|
|
|
|
|
1,396,533 |
|
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
|
| Specialized Consumer Services-1.18% |
|
|
|
|
|
| ServiceMaster Co., LLC (The),
Sr. Unsec. Gtd. Notes, 5.13%,
11/15/2024(c) |
|
$ |
424,000 |
|
|
$ |
409,160 |
|
| Sr. Unsec. Notes, 7.45%, 08/15/2027 |
|
|
992,000 |
|
|
|
1,026,720 |
|
| |
|
|
|
|
|
|
1,435,880 |
|
|
| Specialized Finance-1.97% |
|
| AerCap Global Aviation Trust(Ireland), Jr. Unsec. Gtd. Sub. Notes,
6.50%, 06/15/2045(c) |
|
|
430,000 |
|
|
|
412,800 |
|
| Aircastle Ltd., Sr. Unsec. Global Notes, 7.63%, 04/15/2020 |
|
|
155,000 |
|
|
|
162,325 |
|
| Sr. Unsec. Notes, 5.50%, 02/15/2022 |
|
|
146,000 |
|
|
|
149,902 |
|
| 5.00%, 04/01/2023 |
|
|
656,000 |
|
|
|
660,576 |
|
| CIT Group Inc.,
Sr. Unsec. Global Notes, |
|
|
|
|
|
|
|
|
| 5.00%, 08/15/2022 |
|
|
149,000 |
|
|
|
149,936 |
|
| 5.00%, 08/01/2023 |
|
|
415,000 |
|
|
|
417,075 |
|
| Unsec. Sub. Global Notes, 6.13%, 03/09/2028 |
|
|
103,000 |
|
|
|
106,090 |
|
| MSCI, Inc., Sr. Unsec. Gtd. Notes,
5.25%, 11/15/2024(c) |
|
|
330,000 |
|
|
|
332,475 |
|
| |
|
|
|
|
|
|
2,391,179 |
|
|
| Specialized REITs-2.11% |
|
| Equinix, Inc., Sr. Unsec. Notes, 5.88%, 01/15/2026 |
|
|
1,171,000 |
|
|
|
1,191,492 |
|
| GLP Capital L.P./GLP Financing II Inc., Sr. Unsec. Gtd. Notes, 5.38%,
04/15/2026 |
|
|
535,000 |
|
|
|
535,572 |
|
| Iron Mountain Inc., Sr. Unsec. Gtd. Notes, 6.00%, 08/15/2023 |
|
|
386,000 |
|
|
|
395,168 |
|
| Iron Mountain US Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.38%,
06/01/2026(c) |
|
|
474,000 |
|
|
|
440,228 |
|
| |
|
|
|
|
|
|
2,562,460 |
|
|
| Specialty Chemicals-1.91% |
|
| Ashland LLC, Sr. Unsec. Gtd. Global Notes, 4.75%, 08/15/2022 |
|
|
423,000 |
|
|
|
421,414 |
|
| GCP Applied Technologies, Inc., Sr. Unsec. Gtd. Notes, 5.50%,
04/15/2026(c) |
|
|
172,000 |
|
|
|
164,905 |
|
| Platform Specialty Products Corp., Sr. Unsec. Gtd. Notes, 5.88%,
12/01/2025(c) |
|
|
541,000 |
|
|
|
530,180 |
|
| PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/2023 |
|
|
395,000 |
|
|
|
395,988 |
|
| PQ Corp., Sr. Sec. Gtd. First Lien Notes, 6.75%, 11/15/2022(c) |
|
|
413,000 |
|
|
|
430,552 |
|
| Valvoline Inc., Sr. Unsec. Gtd. Global |
|
|
|
|
|
|
|
|
| Notes, 5.50%, 07/15/2024 |
|
|
380,000 |
|
|
|
378,100 |
|
| |
|
|
|
|
|
|
2,321,139 |
|
See accompanying notes which are an integral part
of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
|
|
| Steel-1.92% |
|
|
|
|
|
|
|
|
| ArcelorMittal(Luxembourg), Sr. Unsec. Global Notes, 7.00%,
10/15/2039 |
|
$ |
400,000 |
|
|
$ |
426,452 |
|
| Cleveland-Cliffs Inc., Sr. Unsec. Gtd. Global Notes, 5.75%,
03/01/2025 |
|
|
697,000 |
|
|
|
641,240 |
|
| SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp.,
Sr. Unsec. Gtd. Notes, 7.50%, 06/15/2025(c) |
|
|
439,000 |
|
|
|
432,415 |
|
| United States Steel Corp., Sr. Unsec. Global Notes, 6.88%,
08/15/2025 |
|
|
876,000 |
|
|
|
834,390 |
|
| |
|
|
|
|
|
|
2,334,497 |
|
|
| Technology Hardware, Storage & Peripherals-2.01% |
|
| Commscope Technologies LLC, Sr. Unsec. Gtd. Notes, 6.00%, 06/15/2025(c) |
|
|
1,253,000 |
|
|
|
1,166,919 |
|
| Dell International LLC/EMC Corp., Sr. Sec. Gtd. First Lien Notes,
8.35%, 07/15/2046(c) |
|
|
24,000 |
|
|
|
26,493 |
|
| Sr. Unsec. Gtd. Notes, 7.13%, 06/15/2024(c) |
|
|
1,191,000 |
|
|
|
1,249,287 |
|
| |
|
|
|
|
|
|
2,442,699 |
|
|
| Textiles-0.38% |
|
| Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC(China),
Sr. Sec. Gtd. First Lien Bonds, 7.50%, 05/01/2025(c) |
|
|
491,000 |
|
|
|
465,836 |
|
|
|
| Trading Companies & Distributors-1.83% |
|
|
|
|
|
| H&E Equipment Services, Inc., Sr. Unsec. Gtd. Global Notes,
5.63%, 09/01/2025 |
|
|
846,000 |
|
|
|
792,067 |
|
| Herc Rentals Inc., Sec. Gtd. Second Lien Notes, 7.75%, 06/01/2024(c) |
|
|
536,000 |
|
|
|
569,136 |
|
| United Rentals North America, Inc., Sr. Unsec. Gtd. Global Notes,
5.50%, 07/15/2025 |
|
|
469,000 |
|
|
|
458,448 |
|
| 6.50%, 12/15/2026 |
|
|
215,000 |
|
|
|
216,344 |
|
| Sr. Unsec. Gtd. Notes, 5.50%, 05/15/2027 |
|
|
197,000 |
|
|
|
186,411 |
|
| |
|
|
|
|
|
|
2,222,406 |
|
|
| Trucking-1.13% |
|
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Sr. Unsec. Gtd.
Notes, 5.25%, 03/15/2025(c) |
|
|
269,000 |
|
|
|
240,755 |
|
| Hertz Corp. (The), Sec. Gtd. Second Lien Notes, 7.63%, 06/01/2022(c) |
|
|
179,000 |
|
|
|
176,762 |
|
| Kenan Advantage Group, Inc. (The), Sr. Unsec. Notes, 7.88%,
07/31/2023(c) |
|
|
982,000 |
|
|
|
957,450 |
|
| |
|
|
|
|
|
|
1,374,967 |
|
|
| Wireless Telecommunication Services-8.07% |
|
| Altice Financing S.A. (Luxembourg), Sr. Sec. Gtd. First Lien Bonds,
7.50%, 05/15/2026(c) |
|
|
450,000 |
|
|
|
424,125 |
|
| Sr. Sec. Gtd. First Lien Notes, 6.63%, 02/15/2023(c) |
|
|
425,000 |
|
|
|
420,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount |
|
|
Value |
|
|
| Wireless Telecommunication Services-(continued) |
|
| Altice France S.A. (France), Sr. Sec. Gtd. First Lien Bonds, 6.25%,
05/15/2024(c) |
|
|
$ |
|
|
|
534,000 |
|
|
$ |
517,980 |
|
| Sr. Sec. Gtd. First Lien Notes, 7.38%,
05/01/2026(c) |
|
|
|
|
|
|
703,000 |
|
|
|
677,516 |
|
| Altice Luxembourg S.A.(Luxembourg), Sr. Unsec. Gtd. Notes, 7.75%,
05/15/2022(c) |
|
|
|
|
|
|
866,000 |
|
|
|
828,113 |
|
| Digicel Group Ltd.(Jamaica), Sr. Unsec. Notes, 8.25%, 09/30/2020(c) |
|
|
|
|
|
|
438,000 |
|
|
|
293,460 |
|
| Oztel Holdings SPC Ltd.(Oman), Sr. Sec. Gtd. Notes,
5.63%,
10/24/2023(c) |
|
|
|
|
|
|
451,000 |
|
|
|
440,505 |
|
| SBA Communications Corp., Sr. Unsec. Global Notes, 4.88%,
09/01/2024 |
|
|
|
|
|
|
265,000 |
|
|
|
258,706 |
|
| Sprint Capital Corp., Unsec. Gtd. Global Notes, 8.75%,
03/15/2032 |
|
|
|
|
|
|
354,000 |
|
|
|
385,418 |
|
| Sprint Communications Inc., Sr. Unsec. Global Notes, 11.50%,
11/15/2021 |
|
|
|
|
|
|
390,000 |
|
|
|
452,595 |
|
| Sprint Corp., Sr. Unsec. Gtd. Global Notes, |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.25%, 09/15/2021 |
|
|
|
|
|
|
816,000 |
|
|
|
852,720 |
|
| 7.88%, 09/15/2023 |
|
|
|
|
|
|
1,599,000 |
|
|
|
1,682,947 |
|
| 7.63%, 02/15/2025 |
|
|
|
|
|
|
434,000 |
|
|
|
447,563 |
|
| T-Mobile USA, Inc., Sr.
Unsec. Gtd. Global Bonds, 6.50%, 01/15/2026 |
|
|
|
|
|
|
787,000 |
|
|
|
818,480 |
|
| Sr. Unsec. Gtd. Global Notes, 6.38%, 03/01/2025 |
|
|
|
|
|
|
1,270,000 |
|
|
|
1,309,687 |
|
| |
|
|
|
|
|
|
|
|
|
|
9,810,565 |
|
| Total U.S. Dollar Denominated Bonds &
Notes (Cost $164,198,417) |
|
|
|
158,051,255 |
|
|
| Non-U.S. Dollar Denominated Bonds &
Notes-1.55%(h) |
|
| Brewers-0.17% |
|
|
|
|
|
|
|
|
|
|
|
|
| Sunshine Mid B.V., Sr. Sec. Gtd. First Lien Bonds, 6.50%,
05/15/2026(c) |
|
|
EUR |
|
|
|
200,000 |
|
|
|
212,257 |
|
|
|
|
|
| Cable & Satellite-0.17% |
|
|
|
|
|
|
|
|
|
|
|
|
| Tele Columbus AG, Sr. Sec. Notes, 3.88%, 05/02/2025(c) |
|
|
EUR |
|
|
|
200,000 |
|
|
|
208,737 |
|
|
|
|
|
| Diversified Banks-0.64% |
|
|
|
|
|
|
|
|
|
|
|
|
| ABN AMRO Bank N.V., Jr. Unsec. Sub. Euro Bonds, 4.75%(f) |
|
|
EUR |
|
|
|
300,000 |
|
|
|
306,864 |
|
| Caixabank, S.A., REGS, Jr. Unsec. Sub. Euro Bonds, 6.75%(c)(f) |
|
|
EUR |
|
|
|
200,000 |
|
|
|
235,473 |
|
| Erste Group Bank AG, REGS, Jr. Unsec. Sub. Euro Bonds, 6.50%(c)(f) |
|
|
EUR |
|
|
|
200,000 |
|
|
|
235,423 |
|
| |
|
|
|
|
|
|
|
|
|
|
777,760 |
|
|
| Diversified Chemicals-0.20% |
|
| Chemours Co. (The), Sr. Unsec. Gtd. Euro Bonds, 4.00%,
05/15/2026 |
|
|
EUR |
|
|
|
231,000 |
|
|
|
247,132 |
|
|
|
|
|
| Food Retail-0.28% |
|
|
|
|
|
|
|
|
|
|
|
|
| Iceland Bondco PLC, Sr. Sec. Gtd. First Lien Notes, 4.63%,
03/15/2025(c) |
|
|
GBP |
|
|
|
300,000 |
|
|
|
334,592 |
|
See accompanying notes which are an integral part
of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount |
|
|
Value |
|
| Textiles-0.09% |
|
|
|
|
|
|
|
|
|
|
|
|
| Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC, Sr.
Sec. Gtd. First Lien Bonds, 5.38%, 05/01/2023(c) |
|
|
EUR |
|
|
|
100,000 |
|
|
$ |
105,585 |
|
| Total Non-U.S.
Dollar Denominated Bonds & Notes
(Cost $2,124,317) |
|
|
|
1,886,063 |
|
|
|
|
|
| |
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
| Preferred Stocks-0.71% |
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Banks-0.62% |
|
|
|
|
|
|
|
|
|
|
|
|
| Wells Fargo & Co., Class A, Series L,
$75.00 Conv. Pfd. |
|
|
|
596 |
|
|
|
753,195 |
|
|
|
|
|
| Specialized Finance-0.09% |
|
|
|
|
|
|
|
|
|
|
|
|
| CIT Group Inc., Series A, Jr. Unsec. Sub. Variable
Rate Deb.(f) |
|
|
|
115,000 |
|
|
|
110,908 |
|
| Total Preferred Stocks (Cost $882,357) |
|
|
|
864,103 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| Money Market Funds–4.31% |
|
|
|
|
|
|
|
|
| Invesco Government & Agency Portfolio-Institutional Class,
2.12%(i) |
|
|
1,835,258 |
|
|
$ |
1,835,258 |
|
| Invesco Liquid Assets Portfolio-Institutional Class, 2.34%(i) |
|
|
1,310,558 |
|
|
|
1,310,820 |
|
| Invesco Treasury Portfolio-Institutional Class, 2.12%(i) |
|
|
2,097,437 |
|
|
|
2,097,437 |
|
| Total Money Market Funds
(Cost $5,243,585) |
|
|
|
5,243,515 |
|
| TOTAL INVESTMENTS IN SECURITIES-136.54%
(Cost $172,448,676) |
|
|
|
166,044,936 |
|
| BORROWINGS–(39.10)% |
|
|
|
(47,550,000 |
) |
| OTHER ASSETS LESS LIABILITIES-2.56% |
|
|
|
3,113,289 |
|
| NET ASSETS APPLICABLE TO COMMON
SHARES-100.00% |
|
|
$ |
121,608,225 |
|
Investment Abbreviations:
|
|
|
| Conv. |
|
- Convertible |
| Deb. |
|
- Debentures |
| EUR |
|
- Euro |
| GBP |
|
- British Pound Sterling |
| Gtd. |
|
- Guaranteed |
| Jr. |
|
- Junior |
| Pfd. |
|
- Preferred |
| PIK |
|
- Pay-in-Kind |
| REGS |
|
- Regulation S |
| REIT |
|
- Real Estate Investment Trust |
| Sec. |
|
- Secured |
| Sr. |
|
- Senior |
| Sub. |
|
- Subordinated |
| Unsec. |
|
- Unsecured |
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, 2018 was $75,018,011, which
represented 61.69% of the Trust’s Net Assets. |
| (d) |
Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of
this security at November 30, 2018 represented less than 1% of the Trust’s Net Assets. |
| (e) |
Security valued using significant unobservable inputs (Level 3). See Note 2. |
| (f) |
Perpetual bond with no specified maturity date. |
| (g) |
All or a portion of this security is
Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
|
| (h) |
Foreign denominated security. Principal amount is denominated in the currency indicated. |
| (i) |
The money market fund and the Trust are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of November 30, 2018. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Open Forward Foreign Currency Contracts |
|
| Settlement
Date |
|
Counterparty |
|
Contract to |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| |
Deliver |
|
|
|
|
|
Receive |
|
| 02/28/2019 |
|
Canadian Imperial Bank of Commerce |
|
GBP |
|
|
260,000 |
|
|
|
|
|
|
USD |
|
|
333,182 |
|
|
$ |
342 |
|
| 02/28/2019 |
|
Goldman Sachs & Co. |
|
EUR |
|
|
1,736,169 |
|
|
|
|
|
|
USD |
|
|
1,984,085 |
|
|
|
3,122 |
|
| Total Forward Foreign
Currency Contracts – Currency Risk |
|
|
|
|
|
$ |
3,464 |
|
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
Notes to Quarterly Schedule of Portfolio Holdings
November 30, 2018
(Unaudited)
NOTE 1–Significant Accounting Policies
| A. |
Security Valuations – Securities, including restricted securities, are valued according to the following
policy. |
Debt obligations (including convertible securities) and unlisted equities are fair valued using an
evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as
institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate
(for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold
or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of
default with respect to interest and/or principal payments.
Variable rate senior loan interests are fair valued using quotes
provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
A security listed
or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or
official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued
based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an
exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source
at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York
Stock Exchange (“NYSE”).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share.
Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the
close of the customary trading session on the exchange where the security is principally traded.
Foreign securities’ (including
foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities
will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close
of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Trust may fair value the security. If the event is likely to have affected the closing price
of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing
service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the
approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining
adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential
for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent
sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good
faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Directors. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be
reviewed in the course of making a good faith determination of a security’s fair value.
The Trust may invest in securities that
are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in
interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the
issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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.
| B. |
Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date
basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts
are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend
income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
Invesco High Income Trust II
| B. |
Securities Transactions and Investment Income – (continued) |
The Trust may periodically participate in litigation related to Trust investments. As
such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities
purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they
reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net
investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
| C. |
Country Determination – For the purposes of making investment selection decisions and presentation in the
Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where
the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that
may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country
of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. |
Securities Purchased on a When-Issued and Delayed Delivery Basis – The Trust may purchase and sell interests
in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Trust on such interests or securities in
connection with such transactions prior to the date the Trust actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less
than the trade date purchase price. Although the Trust will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
| E. |
Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations
posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of
foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not separately account for the portion of the results of
operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices
on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from
(1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes
recorded on the Trust’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in
securities at fiscal period end, resulting from changes in exchange rates. |
The Trust may invest in foreign
securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign
markets in which the Trust invests and are shown in the Statement of Operations.
| F. |
Forward Foreign Currency Contracts – The Trust may engage in foreign currency transactions either on a spot
(i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
The Trust may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency
in order to “lock in” the U.S. dollar price of that security, or the Trust may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash
payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Trust will set aside liquid
assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.
A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific
currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Trust owns or intends to acquire but establishes a rate of exchange in
advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts
are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the
Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
| G. |
Bank Loan Risk – Although the resale, or secondary market for floating rate loans has grown substantially
over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated
interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Trust’s ability to sell bank loans within its
desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Trust. As a result, the Trust may have
to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Trust has
unsettled or open transactions may fail to or be unable to perform on its commitments. The Trust seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor
their obligations and by monitoring the financial stability of those counterparties. |
Invesco High Income Trust II
| H. |
Other Risks – The Trust may invest in lower-quality debt securities, i.e., “junk bonds”.
Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are
generally unsecured and are often subordinated to other creditors’ claim. |
| I. |
Leverage Risk – The Trust may utilize leverage to seek to enhance the yield of the Trust by borrowing or
issuing preferred shares. There are risks associated with borrowing or issuing preferred shares in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from
investments made with such leverage, the higher volatility of the net asset value of the common shares, and that fluctuations in the interest rates on the borrowing or dividend rates on preferred shares may affect the yield and distributions to the
common shareholders. There can be no assurance that the Trust’s leverage strategy will be successful. |
NOTE 2–Additional Valuation
Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to
readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on
the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
|
|
|
| Level 1 - |
|
Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 - |
|
Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
| Level 3 - |
|
Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the
period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best
available information. |
The following is a summary of the tiered valuation input levels, as of November 30, 2018. 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 |
|
$ |
- |
|
|
$ |
158,051,255 |
|
|
|
$0 |
|
|
$ |
158,051,255 |
|
| Non-U.S. Dollar Denominated
Bonds & Notes |
|
|
- |
|
|
|
1,886,063 |
|
|
|
- |
|
|
|
1,886,063 |
|
| Preferred Stocks |
|
|
753,195 |
|
|
|
110,908 |
|
|
|
- |
|
|
|
864,103 |
|
| Money Market Funds |
|
|
5,243,515 |
|
|
|
- |
|
|
|
- |
|
|
|
5,243,515 |
|
| Total Investments in Securities |
|
|
5,996,710 |
|
|
|
160,048,226 |
|
|
|
0 |
|
|
|
166,044,936 |
|
|
|
|
|
|
| Other Investments - Assets* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forward Foreign Currency Contracts |
|
|
- |
|
|
|
3,464 |
|
|
|
- |
|
|
|
3,464 |
|
| Total Investments |
|
$ |
5,996,710 |
|
|
$ |
160,051,690 |
|
|
|
$0 |
|
|
$ |
166,048,400 |
|
|
|
|
|
|
| * Unrealized appreciation (depreciation). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco High Income Trust II
Item 2. Controls and Procedures.
| |
(a) |
As of January 25, 2019, an evaluation was performed under the supervision and with the participation of
the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is
defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of
January 25, 2019, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is
recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as
appropriate to allow timely decisions regarding required disclosure. |
| |
(b) |
There have been no changes in the Registrant’s internal control over financial reporting (as defined in
Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control
over financial reporting. |
Item 3. Exhibits.
Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco High Income Trust II
|
|
|
| By: |
|
/s/ Sheri Morris |
|
|
Sheri Morris |
|
|
Principal Executive Officer |
|
|
| Date: |
|
January 29, 2019 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of
1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
|
|
|
| By: |
|
/s/ Sheri Morris |
|
|
Sheri Morris |
|
|
Principal Executive Officer |
|
|
| Date: |
|
January 29, 2019 |
|
|
| By: |
|
/s/ Kelli Gallegos |
|
|
Kelli Gallegos |
|
|
Principal Financial Officer |
|
|
| Date: |
|
January 29, 2019 |
EXHIBIT INDEX
Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a)
under the Investment Company Act of 1940, as amended.