Schedule of Investments(a)

November 30, 2023

(Unaudited)

 

     Principal
Amount		      Value  

 

  

U.S. Dollar Denominated Bonds & Notes–115.15%(b)

 

Advertising–0.72%

         

Lamar Media Corp.,

         

4.00%, 02/15/2030

      $        25,000      $ 22,305  

 

  

3.63%, 01/15/2031

         586,000        501,932  

 

  
           524,237  

 

  

Aerospace & Defense–2.13%

         

TransDigm, Inc.,

         

6.75%, 08/15/2028(c)

         764,000        766,322  

 

  

7.13%, 12/01/2031(c)

            772,000        786,197  

 

  
               1,552,519  

 

  

Aluminum–0.72%

         

Novelis Corp.,

         

3.25%, 11/15/2026(c)

         425,000        390,287  

 

  

3.88%, 08/15/2031(c)

         164,000        138,157  

 

  
           528,444  

 

  

Apparel Retail–0.79%

         

Victoria’s Secret & Co., 4.63%, 07/15/2029(c)

         707,000        574,422  

 

  

Application Software–0.73%

         

SS&C Technologies, Inc., 5.50%, 09/30/2027(c)

         554,000        536,654  

 

  

Automobile Manufacturers–5.34%

 

   

Allison Transmission, Inc.,

         

4.75%, 10/01/2027(c)

         546,000        515,362  

 

  

3.75%, 01/30/2031(c)

         1,545,000        1,291,389  

 

  

Ford Motor Co.,

         

3.25%, 02/12/2032

         655,000        522,664  

 

  

4.75%, 01/15/2043

         330,000        255,159  

 

  

Ford Motor Credit Co. LLC,

         

6.80%, 05/12/2028

         781,000        795,164  

 

  

5.11%, 05/03/2029

         555,000        521,900  

 

  
           3,901,638  

 

  

Automotive Parts & Equipment–3.19%

 

Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(c)

 

      771,000        777,065  

 

  

NESCO Holdings II, Inc., 5.50%, 04/15/2029(c)

         578,000        518,755  

 

  

ZF North America Capital, Inc. (Germany),

         

6.88%, 04/14/2028(c)

         868,000        880,911  

 

  

7.13%, 04/14/2030(c)

         151,000        155,097  

 

  
           2,331,828  

 

  

Automotive Retail–5.30%

         

Group 1 Automotive, Inc., 4.00%, 08/15/2028(c)

         1,440,000        1,298,611  

 

  

LCM Investments Holdings II LLC,

 

   

4.88%, 05/01/2029(c)

         593,000        518,574  

 

  

8.25%, 08/01/2031(c)

         1,007,000        1,012,886  

 

  
     Principal
Amount		      Value  

 

  

Automotive Retail–(continued)

         

Lithia Motors, Inc.,

         

3.88%, 06/01/2029(c)

      $        590,000      $ 520,501  

 

  

4.38%, 01/15/2031(c)

         601,000        518,366  

 

  
           3,868,938  

 

  

Broadline Retail–0.76%

         

B2W Digital Lux S.a.r.l. (Brazil), 4.38%, 12/20/2030(c)(d)

         309,000        58,377  

 

  

Macy’s Retail Holdings LLC, 5.88%, 03/15/2030(c)

            550,000        499,559  

 

  
                  557,936  

 

  

Cable & Satellite–6.01%

         

CCO Holdings LLC/CCO Holdings Capital Corp.,

         

5.13%, 05/01/2027(c)

         294,000        280,063  

 

  

5.00%, 02/01/2028(c)

         123,000        115,379  

 

  

5.38%, 06/01/2029(c)

         274,000        254,257  

 

  

4.75%, 03/01/2030(c)

         308,000        269,745  

 

  

4.50%, 08/15/2030(c)

         485,000        416,439  

 

  

7.38%, 03/01/2031(c)

         543,000        543,597  

 

  

4.50%, 05/01/2032

         555,000        457,526  

 

  

4.25%, 01/15/2034(c)

         304,000        237,372  

 

  

CSC Holdings LLC,

         

5.25%, 06/01/2024

         309,000        294,677  

 

  

5.38%, 02/01/2028(c)

         303,000        257,923  

 

  

7.50%, 04/01/2028(c)

         352,000        241,076  

 

  

4.50%, 11/15/2031(c)

         704,000        498,827  

 

  

DISH Network Corp.,

         

Conv., 3.38%, 08/15/2026

         573,000        262,148  

 

  

11.75%, 11/15/2027(c)

         264,000        262,375  

 

  
           4,391,404  

 

  

Casinos & Gaming–3.54%

         

Codere Finance 2 (Luxembourg) S.A. (Spain), 11.63% PIK Rate, 2.00% Cash Rate,
11/30/2027(c)(e)

         64,572        5,650  

 

  

Melco Resorts Finance Ltd. (Hong Kong), 5.38%, 12/04/2029(c)

         1,248,000        1,046,418  

 

  

Studio City Finance Ltd. (Macau), 5.00%, 01/15/2029(c)

         1,295,000        1,005,619  

 

  

Wynn Macau Ltd. (Macau), 5.63%, 08/26/2028(c)

         596,000        529,026  

 

  
           2,586,713  

 

  

Commodity Chemicals–1.51%

         

Mativ Holdings, Inc., 6.88%, 10/01/2026(c)

         1,191,000        1,099,897  

 

  

Construction & Engineering–1.44%

 

   

Howard Midstream Energy Partners LLC,

         

6.75%, 01/15/2027(c)

         669,000        649,164  

 

  

8.88%, 07/15/2028(c)

         389,000        404,826  

 

  
           1,053,990  

 

  
 

 

See accompanying notes which are an integral part of this schedule.

 

       Invesco High Income Trust II

     Principal
Amount		      Value  

 

  

Consumer Finance–2.28%

         

FirstCash, Inc., 5.63%, 01/01/2030(c)

      $        587,000      $ 549,875  

 

  

Navient Corp., 6.13%, 03/25/2024

         532,000        532,078  

 

  

OneMain Finance Corp.,

         

7.13%, 03/15/2026

         330,000        333,028  

 

  

3.88%, 09/15/2028

         37,000        31,803  

 

  

5.38%, 11/15/2029

            245,000        220,722  

 

  
               1,667,506  

 

  

Diversified Banks–2.16%

         

Citigroup, Inc.,

         

3.88%(f)(g)

         471,000        411,032  

 

  

7.38%(f)(g)

         113,000        112,028  

 

  

JPMorgan Chase & Co.,
Series FF, 5.00%(f)(g)

         1,072,000        1,056,181  

 

  
           1,579,241  

 

  

Diversified Financial Services–2.92%

 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 6.15%, 09/30/2030

         513,000        516,804  

 

  

Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(c)

         606,000        542,809  

 

  

Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(c)

         622,000        532,360  

 

  

Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027(c)

         591,000        541,323  

 

  
           2,133,296  

 

  

Diversified Metals & Mining–0.70%

 

   

Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029(c)

         538,000        507,603  

 

  

Diversified Support Services–1.41%

 

   

Ritchie Bros. Holdings, Inc. (Canada), 6.75%, 03/15/2028(c)

         1,010,000        1,029,907  

 

  

Electric Utilities–3.45%

         

Electricite de France S.A. (France), 9.13%(c)(f)(g)

         526,000        560,775  

 

  

NRG Energy, Inc., 4.45%, 06/15/2029(c)

         424,000        385,384  

 

  

Talen Energy Supply LLC, 8.63%, 06/01/2030(c)

         519,000        544,055  

 

  

Vistra Operations Co. LLC, 7.75%, 10/15/2031(c)

         1,003,000        1,027,452  

 

  
           2,517,666  

 

  

Electrical Components & Equipment–1.30%

 

EnerSys, 4.38%, 12/15/2027(c)

         841,000        770,364  

 

  

Sensata Technologies B.V., 4.00%, 04/15/2029(c)

         200,000        179,640  

 

  
           950,004  

 

  

Electronic Components–0.47%

         

Sensata Technologies, Inc.,

         

4.38%, 02/15/2030(c)

         178,000        158,763  

 

  

3.75%, 02/15/2031(c)

         217,000        183,685  

 

  
           342,448  

 

  

Electronic Manufacturing Services–1.08%

 

Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030(c)

         788,000        787,015  

 

  
     Principal
Amount		      Value  

 

  

Environmental & Facilities Services–0.70%

 

GFL Environmental, Inc. (Canada), 6.75%, 01/15/2031(c)

      $        508,000      $ 513,080  

 

  

Gold–0.70%

         

New Gold, Inc. (Canada), 7.50%, 07/15/2027(c)

         522,000        511,619  

 

  

Health Care Facilities–2.17%

         

Encompass Health Corp., 4.50%, 02/01/2028

         612,000        572,644  

 

  

Tenet Healthcare Corp., 4.88%, 01/01/2026

         1,033,000        1,015,835  

 

  
               1,588,479  

 

  

Health Care REITs–2.82%

         

Diversified Healthcare Trust,

         

4.75%, 05/01/2024

         918,000        868,163  

 

  

4.38%, 03/01/2031

         953,000        671,771  

 

  

MPT Operating Partnership L.P./MPT Finance Corp.,

         

5.25%, 08/01/2026

         299,000        260,484  

 

  

3.50%, 03/15/2031

         425,000        262,444  

 

  
           2,062,862  

 

  

Health Care Services–2.75%

         

Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(c)

         615,000        514,715  

 

  

Community Health Systems, Inc.,

         

8.00%, 03/15/2026(c)

         584,000        562,928  

 

  

5.25%, 05/15/2030(c)

         502,000        395,455  

 

  

4.75%, 02/15/2031(c)

         335,000        246,125  

 

  

DaVita, Inc., 3.75%, 02/15/2031(c)

         367,000        287,612  

 

  
           2,006,835  

 

  

Health Care Supplies–0.71%

         

Medline Borrower L.P.,

         

3.88%, 04/01/2029(c)

         301,000        267,382  

 

  

5.25%, 10/01/2029(c)

         281,000        254,495  

 

  
           521,877  

 

  

Hotel & Resort REITs–2.48%

         

Service Properties Trust,

         

5.50%, 12/15/2027

         1,145,000        1,020,622  

 

  

8.63%, 11/15/2031(c)

         770,000        790,539  

 

  
           1,811,161  

 

  

Hotels, Resorts & Cruise Lines–1.06%

 

Carnival Corp., 6.00%, 05/01/2029(c)

         842,000        775,311  

 

  

Household Products–1.09%

         

Prestige Brands, Inc., 3.75%, 04/01/2031(c)

         956,000        797,954  

 

  

Independent Power Producers & Energy Traders–0.76%

 

Clearway Energy Operating LLC,
4.75%, 03/15/2028(c)

         589,000        551,677  

 

  

Industrial Machinery & Supplies & Components–1.83%

 

Enpro, Inc., 5.75%, 10/15/2026

         803,000        780,909  

 

  

Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(c)

         615,000        553,069  

 

  
           1,333,978  

 

  
 

 

See accompanying notes which are an integral part of this schedule.

 

       Invesco High Income Trust II

     Principal
Amount		      Value  

 

  

Integrated Telecommunication Services–2.07%

 

Altice France S.A. (France), 8.13%, 02/01/2027(c)

      $        576,000      $ 495,948  

 

  

Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(c)

         530,000        517,558  

 

  

Level 3 Financing, Inc., 3.75%, 07/15/2029(c)

         1,384,000        499,859  

 

  
               1,513,365  

 

  

Investment Banking & Brokerage–1.48%

 

Charles Schwab Corp. (The), Series G, 5.38%(f)(g)

         537,000        521,553  

 

  

GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031(c)

         550,000        560,766  

 

  
           1,082,319  

 

  

IT Consulting & Other Services–0.72%

 

Gartner, Inc.,

         

4.50%, 07/01/2028(c)

         88,000        82,505  

 

  

3.63%, 06/15/2029(c)

         306,000        273,622  

 

  

3.75%, 10/01/2030(c)

         195,000        170,385  

 

  
           526,512  

 

  

Leisure Facilities–3.19%

 

Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(c)

         434,000        472,346  

 

  

NCL Corp. Ltd.,

         

3.63%, 12/15/2024(c)

         528,000        510,567  

 

  

5.88%, 03/15/2026(c)

         283,000        268,355  

 

  

5.88%, 02/15/2027(c)

         275,000        266,500  

 

  

NCL Finance Ltd., 6.13%, 03/15/2028(c)

         266,000        241,574  

 

  

Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029(c)

         615,000        569,303  

 

  
           2,328,645  

 

  

Marine Transportation–0.98%

 

Viking Cruises Ltd.,

         

6.25%, 05/15/2025(c)

         382,000        378,451  

 

  

7.00%, 02/15/2029(c)

         349,000        334,506  

 

  
           712,957  

 

  

Metal, Glass & Plastic Containers–0.98%

 

Ball Corp., 3.13%, 09/15/2031

         646,000        534,008  

 

  

OI European Group B.V., 4.75%, 02/15/2030(c)

         200,000        180,153  

 

  
           714,161  

 

  

Mortgage REITs–0.77%

 

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(c)

         647,000        563,784  

 

  

Office REITs–0.15%

 

Office Properties Income Trust,
4.25%, 05/15/2024

         116,000        110,687  

 

  

Oil & Gas Drilling–4.13%

 

Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(c)

         559,000        527,109  

 

  
     Principal
Amount		      Value  

 

  

Oil & Gas Drilling–(continued)

         

Transocean, Inc.,

         

7.25%, 11/01/2025(c)

      $        282,000      $ 277,033  

 

  

7.50%, 01/15/2026(c)

         843,000        822,583  

 

  

8.75%, 02/15/2030(c)

         406,600        415,560  

 

  

7.50%, 04/15/2031

         625,000        522,912  

 

  

Valaris Ltd., 8.38%, 04/30/2030(c)

         451,000        454,105  

 

  
           3,019,302  

 

  

Oil & Gas Equipment & Services–1.36%

 

Enerflex Ltd. (Canada), 9.00%, 10/15/2027(c)

         469,000        441,986  

 

  

Oceaneering International, Inc.,
6.00%, 02/01/2028(c)

         565,000        548,259  

 

  
           990,245  

 

  

Oil & Gas Exploration & Production–10.81%

 

Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(c)

         2,129,000            2,141,678  

 

  

Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/2026(c)

         526,000        519,124  

 

  

Hilcorp Energy I L.P./Hilcorp
Finance Co.,

         

6.00%, 04/15/2030(c)

         421,000        393,030  

 

  

6.25%, 04/15/2032(c)

         159,000        146,952  

 

  

8.38%, 11/01/2033(c)

         538,000        554,653  

 

  

Moss Creek Resources Holdings, Inc., 10.50%, 05/15/2027(c)

         762,000        771,414  

 

  

Sitio Royalties Operating Partnership L.P./Sitio Finance Corp., 7.88%, 11/01/2028(c)

         539,000        541,515  

 

  

SM Energy Co., 6.63%, 01/15/2027

         534,000        525,750  

 

  

Southwestern Energy Co., 4.75%, 02/01/2032

         591,000        527,457  

 

  

Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(c)

         1,051,000        1,002,034  

 

  

Vital Energy, Inc.,

         

10.13%, 01/15/2028

         248,000        252,724  

 

  

7.75%, 07/31/2029(c)

         288,000        264,255  

 

  

9.75%, 10/15/2030

         252,000        252,749  

 

  
           7,893,335  

 

  

Oil & Gas Refining & Marketing–0.73%

 

PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/2030(c)

         531,000        531,502  

 

  

Oil & Gas Storage & Transportation–5.38%

 

Genesis Energy L.P./Genesis Energy Finance Corp.,

         

8.00%, 01/15/2027

         162,000        162,280  

 

  

7.75%, 02/01/2028

         609,000        602,146  

 

  

Global Partners L.P./GLP Finance Corp., 7.00%, 08/01/2027

         394,000        377,960  

 

  

Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/15/2028(c)

         541,000        549,750  

 

  

New Fortress Energy, Inc., 6.50%, 09/30/2026(c)

         399,000        379,301  

 

  

Rockies Express Pipeline LLC, 4.95%, 07/15/2029(c)

         548,000        506,262  

 

  

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/2026(c)(h)

         273,000        271,550  

 

  
 

 

See accompanying notes which are an integral part of this schedule.

 

       Invesco High Income Trust II

     Principal
Amount		      Value  

 

  

Oil & Gas Storage & Transportation–(continued)

 

Venture Global LNG, Inc.,

         

8.13%, 06/01/2028(c)

      $        526,000      $ 521,982  

 

  

9.50%, 02/01/2029(c)

         543,000        560,604  

 

  
           3,931,835  

 

  

Passenger Airlines–1.07%

         

American Airlines, Inc./AAdvantage
Loyalty IP Ltd.,

         

5.50%, 04/20/2026(c)

         522,500        514,742  

 

  

5.75%, 04/20/2029(c)

         275,000        263,641  

 

  
           778,383  

 

  

Pharmaceuticals–0.86%

         

Bausch Health Cos., Inc.,

         

5.50%, 11/01/2025(c)

         285,000        248,601  

 

  

4.88%, 06/01/2028(c)

         329,000        167,800  

 

  

5.25%, 01/30/2030(c)

         276,000        99,088  

 

  

Par Pharmaceutical, Inc., 7.50%, 04/01/2027(c)

            182,000        114,820  

 

  
                  630,309  

 

  

Research & Consulting Services–1.07%

 

Clarivate Science Holdings Corp., 4.88%, 07/01/2029(c)

         871,000        780,142  

 

  

Restaurants–2.14%

         

1011778 BC ULC/New Red Finance, Inc. (Canada),

         

3.50%, 02/15/2029(c)

         290,000        258,477  

 

  

4.00%, 10/15/2030(c)

         602,000        519,431  

 

  

Yum! Brands, Inc., 5.38%, 04/01/2032

         826,000        782,250  

 

  
           1,560,158  

 

  

Retail REITs–1.46%

         

NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(c)

         1,140,000        1,068,917  

 

  

Specialized Consumer Services–2.81%

 

Allwyn Entertainment Financing (UK) PLC (Czech Republic), 7.88%, 04/30/2029(c)

         785,000        786,722  

 

  

Carriage Services, Inc., 4.25%, 05/15/2029(c)

         1,496,000        1,266,940  

 

  
           2,053,662  

 

  

Systems Software–3.66%

         

Black Knight InfoServ LLC, 3.63%, 09/01/2028(c)

         878,000        816,540  

 

  

Camelot Finance S.A., 4.50%, 11/01/2026(c)

         1,401,000        1,329,623  

 

  

CrowdStrike Holdings, Inc., 3.00%, 02/15/2029

         599,000        526,375  

 

  
           2,672,538  

 

  

Telecom Tower REITs–0.71%

         

SBA Communications Corp., 3.13%, 02/01/2029

         595,000        518,656  

 

  
     Principal
Amount		      Value  

 

  

Trading Companies & Distributors–2.14%

 

Fortress Transportation and Infrastructure Investors LLC,

         

6.50%, 10/01/2025(c)

      $        257,000      $ 255,437  

 

  

5.50%, 05/01/2028(c)

         827,000        777,223  

 

  

7.88%, 12/01/2030(c)

         519,000        528,310  

 

  
           1,560,970  

 

  

Wireless Telecommunication Services–1.46%

 

Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081(f)

         1,324,000        1,069,338  

 

  

Total U.S. Dollar Denominated Bonds & Notes
(Cost $87,480,080)

 

      84,109,861  

 

  

Variable Rate Senior Loan Interests–13.12%(i)(j)

 

Advertising–0.77%

         

Clear Channel Worldwide Holdings, Inc., Term Loan B, 9.14% (3 mo. SOFR + 3.76%), 08/21/2026

            569,083               559,420  

 

  

Commodity Chemicals–0.65%

         

Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 9.21% (1 mo. SOFR + 3.86%), 04/20/2028

         479,925        475,126  

 

  

Diversified Financial Services–1.44%

 

Scientific Games Lottery, First Lien Term Loan, 8.91% (1 mo. SOFR + 3.50%), 04/04/2029

         1,056,769        1,053,043  

 

  

Environmental & Facilities Services–0.94%

 

GFL Environmental, Inc. (Canada),
-%, 05/31/2027(k)

         312,382        313,482  

 

  

Term Loan A, 7.91% (1 mo.

SOFR + 2.50%), 05/31/2027

         371,225        372,617  

 

  
           686,099  

 

  

Health Care Services–0.73%

         

Select Medical Corp., Term Loan, 8.35% (1 mo. SOFR + 3.00%), 03/06/2027

         535,594        536,429  

 

  

Health Care Supplies–0.72%

         

Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan, 8.46% (1 mo. SOFR + 3.11%), 10/23/2028

         524,668        525,361  

 

  

Hotels, Resorts & Cruise Lines–2.23%

 

Carnival Corp., Incremental Term Loan, 8.71% (1 mo. SOFR + 3.36%), 10/18/2028

         572,989        571,078  

 

  

IRB Holding Corp., Term Loan B, 8.45% (1 mo. SOFR + 3.10%), 12/15/2027

         1,054,257        1,054,051  

 

  
           1,625,129  

 

  

Industrial REITs–0.51%

         

Greystar Real Estate Partners LLC, Term Loan, 9.15% (1 mo. SOFR + 3.75%), 08/07/2030(l)

         368,400        369,321  

 

  

Life Sciences Tools & Services–0.72%

 

   

Syneos Health, Inc., Term Loan, 9.39% (3 mo. SOFR + 4.00%), 09/27/2030

         535,000        524,153  

 

  
 

 

See accompanying notes which are an integral part of this schedule.

 

       Invesco High Income Trust II

    

Principal

Amount

      Value  

 

  

Oil & Gas Storage & Transportation–0.95%

 

NFE Atlantic Holdings LLC, Term Loan B, 10.39% (3 mo. SOFR + 5.00%), 10/30/2028

      $        720,000      $ 694,800  

 

  

Pharmaceuticals–0.56%

 

Endo LLC, Term Loan, 14.50% (1 mo. PRIME + 6.00%), 03/27/2028

         627,062        408,114  

 

  

Real Estate Services–0.72%

 

DTZ U.S. Borrower LLC, Term loan B, 9.35% (1 mo. SOFR + 4.00%), 01/31/2030(l)

         537,000        527,602  

 

  

Research & Consulting Services–1.45%

 

Dun & Bradstreet Corp. (The), Term loan B, 8.19% (1 mo. SOFR + 2.85%), 02/06/2026

         1,059,770        1,061,265  

 

  

Restaurants–0.73%

 

New Red Finance, Inc., Term Loan B-5, 7.60% (1 mo. SOFR + 2.25%), 09/23/2030

         536,000        534,620  

 

  

Total Variable Rate Senior Loan Interests
(Cost $9,746,136)

 

          9,580,482  

 

  

Non-U.S. Dollar Denominated Bonds & Notes–6.38%(m)

 

Application Software–1.41%

 

Boxer Parent Co., Inc., 6.50%, 10/02/2025(c)

      EUR        950,000        1,032,093  

 

  

Casinos & Gaming–0.14%

 

Codere Finance 2 (Luxembourg) S.A. (Spain), 3.00% PIK Rate, 8.00% Cash Rate, 09/30/2026(c)(e)

      EUR        138,521        104,038  

 

  

Diversified Banks–1.73%

 

Banco Bilbao Vizcaya Argentaria S.A. (Spain), 6.00%(c)(f)(g)

      EUR        200,000        211,714  

 

  

BNP Paribas S.A. (France), 6.88%(c)(f)(g)

      EUR        200,000        215,405  

 

  

Cooperatieve Rabobank U.A. (Netherlands), 4.38%(c)(f)(g)

      EUR        200,000        197,887  

 

  

Credit Agricole S.A. (France), 7.25%(c)(f)(g)

      EUR        200,000        222,190  

 

  

Lloyds Banking Group PLC (United Kingdom),
4.95%(c)(f)(g)

      EUR        400,000        417,616  

 

  
               1,264,812  

 

  

Diversified Capital Markets–0.31%

 

Deutsche Bank AG (Germany), 10.00%(c)(f)(g)

      EUR        200,000        225,915  

 

  

Food Retail–0.02%

         

Casino Guichard Perrachon S.A. (France),

         

6.63%, 01/15/2026(c)(d)

      EUR        451,000        5,449  

 

  

3.99%(Acquired 11/10/2022-11/15/2022; Cost $237,509)(c)(f)(g)(n)

      EUR        1,200,000        8,239  

 

  
           13,688  

 

  
    

Principal

Amount

      Value  

 

  

Metal, Glass & Plastic Containers–0.73%

 

OI European Group B.V., 6.25%, 05/15/2028(c)

      EUR        475,000      $ 531,556  

 

  

Pharmaceuticals–0.89%

 

Nidda Healthcare Holding GmbH (Germany), 7.50%, 08/21/2026(c)

      EUR        582,000        647,953  

 

  

Wireless Telecommunication Services–1.15%

 

VMED O2 UK Financing I PLC (United Kingdom), 3.25%, 01/31/2031(c)

      EUR        900,000        842,625  

 

  

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $4,553,257)

 

          4,662,680  

 

  
     Shares         

Exchange-Traded Funds–5.04%

 

Invesco AT1 Capital Bond UCITS ETF(o)(p)

         22,000        515,262  

 

  

iShares 0-5 Year High Yield Corporate Bond ETF

         25,000        1,043,500  

 

  

iShares iBoxx High Yield Corporate Bond ETF

         28,000        2,119,880  

 

  

Total Exchange-Traded Funds
(Cost $3,619,059)

 

      3,678,642  

 

  

Preferred Stocks–0.70%

 

Diversified Banks–0.70%

 

Bank of America Corp., 6.50%, Series Z, Pfd.(f)

         514,000        510,784  

 

  

Regional Banks–0.00%

 

First Republic Bank, Series N, Pfd.(h)

         2,000        0  

 

  

Total Preferred Stocks (Cost $530,493)

 

      510,784  

 

  
    

Principal

Amount

         

Asset-Backed Securities–0.30%

 

Hertz Vehicle Financing III LLC, Series 2023-3A, Class C, 7.26%, 02/25/2028 (Cost $219,992)(c)

      $        220,000        221,816  

 

  

U.S. Treasury Securities–0.08%

 

U.S. Treasury Bills–0.08%

 

5.38%, 04/18/2024
(Cost $58,792)(q)

         60,000        58,800  

 

  
     Shares         

Money Market Funds–0.97%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.28%(o)(r)

         249,132        249,132  

 

  

Invesco Liquid Assets Portfolio, Institutional Class, 5.46%(o)(r)

         176,775        176,863  

 

  

Invesco Treasury Portfolio, Institutional Class, 5.28%(o)(r)

         284,723        284,723  

 

  

Total Money Market Funds (Cost $710,718)

 

      710,718  

 

  

TOTAL INVESTMENTS IN
SECURITIES–141.74%
(Cost $106,918,527)

 

      103,533,783  

 

  

BORROWINGS–(41.82)%

 

      (30,550,000 ) 

 

  

OTHER ASSETS LESS LIABILITIES–0.08%

 

      59,187  

 

  

NET ASSETS–100.00%

 

    $ 73,042,970  

 

  
 

 

See accompanying notes which are an integral part of this schedule.

 

       Invesco High Income Trust II

Investment Abbreviations:
Conv.   – Convertible
ETF   – Exchange-Traded Fund
EUR   – Euro
Pfd.   – Preferred
PIK   – Pay-in-Kind
REIT   – Real Estate Investment Trust
SOFR   – Secured Overnight Financing Rate

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, 2023 was $69,407,489, which represented 95.02% of the Trust’s Net Assets.

(d) 

Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at November 30, 2023 was $63,826, which represented less than 1% of the Trust’s Net Assets.

(e) 

All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

(f) 

Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

(g) 

Perpetual bond with no specified maturity date.

(h) 

Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

(i) 

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.

(j) 

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 Secured Overnight Financing Rate (“SOFR”), 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.

(k) 

This variable rate interest will settle after November 30, 2023, at which time the interest rate will be determined.

(l) 

Security valued using significant unobservable inputs (Level 3). See Note 1.

(m) 

Foreign denominated security. Principal amount is denominated in the currency indicated.

(n) 

Restricted security. The value of this security at November 30, 2023 represented less than 1% of the Trust’s Net Assets.

(o) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Trust owns 5% or more of the outstanding voting securities. The table below shows the Trust’s transactions in, and earnings from, its investments in affiliates for the nine months ended November 30, 2023.

 

     Value
February 28, 2023		  

Purchases

at Cost

   Proceeds
from Sales		   Change in
Unrealized
Appreciation		   Realized
Gain		   Value
November 30, 2023		   Dividend Income

Investments in Affiliated Money Market Funds:

                                                                      

Invesco Government & Agency Portfolio, Institutional Class

     $ 575,999     $ 13,729,463     $ (14,056,330 )     $ -     $ -     $ 249,132             $ 20,752

Invesco Liquid Assets Portfolio, Institutional Class

       412,760       9,806,759       (10,042,818 )       28       134       176,863               13,728

Invesco Treasury Portfolio, Institutional Class

       658,284       15,690,814       (16,064,375 )       -       -       284,723               21,379

Investments in Other Affiliates:

                                                                      

Invesco AT1 Capital Bond UCITS ETF

       -       488,037       -       27,225       -       515,262               -

Total

     $ 1,647,043     $ 39,715,073     $ (40,163,523 )     $ 27,253     $ 134     $ 1,225,980             $ 55,859

 

  (p) 

Non-income producing security.

  (q) 

Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

  (r) 

The rate shown is the 7-day SEC standardized yield as of November 30, 2023.

 

Open Futures Contracts  
Long Futures Contracts    Number of
Contracts		      Expiration
Month		      Notional
Value		      Value     Unrealized
Appreciation
(Depreciation)		  

Interest Rate Risk

                                            

U.S. Treasury 5 Year Notes

      25        March-2024        $2,671,289        $(1,212)       $(1,212)  

 

Open Forward Foreign Currency Contracts  
                                      Unrealized  
Settlement         Contract to      Appreciation  
Date    Counterparty    Deliver      Receive      (Depreciation)  

Currency Risk    

                                                  

02/15/2024

    Deutsche Bank AG      USD        644,077        EUR        600,000      $ 11,120  

 

See accompanying notes which are an integral part of this schedule.

 

       Invesco High Income Trust II

Open Forward Foreign Currency Contracts–(continued)  

 

  
                                      Unrealized  
Settlement         Contract to      Appreciation  
Date    Counterparty    Deliver                Receive      (Depreciation)  

 

  

02/15/2024    

    Morgan Stanley      USD        731,213        GBP        595,000          $ 20,360    

 

  

Subtotal-Appreciation

                  31,480    

 

  

Currency Risk

                  

 

  

02/15/2024

    Barclays Capital      USD        63,250        GBP        50,000        (92)   

 

  

02/15/2024

    Goldman Sachs & Co.      EUR        5,343,000        USD        5,731,308        (103,230)   

 

  

02/15/2024

    Goldman Sachs & Co.      GBP        812,000        USD        999,905        (25,770)   

 

  

02/15/2024

    State Street Bank & Trust Co.      USD        72,664          EUR        66,000        (593)   

 

  

Subtotal-Depreciation

                  (129,685)   

 

  

Total Forward Foreign Currency Contracts

                    $ (98,205)   

 

  

 

Open Centrally Cleared Credit Default Swap Agreements(a)  
          (Pay)/                                            
          Receive                 Implied           Upfront              
    Buy/Sell     Fixed     Payment           Credit           Payments Paid           Unrealized  
Reference Entity   Protection     Rate     Frequency     Maturity Date     Spread(b)     Notional Value     (Received)     Value     Appreciation  

Credit Risk

                                                                        

Markit CDX North America High Yield Index, Series 41, Version 1

     Buy       (5.00 )%      Quarterly       12/20/2028       4.054 %      USD 4,950,000       $171,898       $188,132       $16,234  

 

(a) 

Centrally cleared swap agreements collateralized by $200,841 cash held with Merrill Lynch International.

(b) 

Implied credit spreads represent the current level, as of November 30, 2023, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

See accompanying notes which are an integral part of this schedule.

 

       Invesco High Income Trust II

Notes to Quarterly Schedule of Portfolio Holdings

November 30, 2023

(Unaudited)

NOTE 1–Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

    Level 1 –   Prices are determined using quoted prices in an active market for identical assets.
  Level 2 –   Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
  Level 3 –   Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

      The following is a summary of the tiered valuation input levels, as of November 30, 2023. 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

    $   –      $ 84,109,861      $ –        $ 84,109,861  

 

  

Variable Rate Senior Loan Interests

        –        8,683,559        896,923          9,580,482  

 

  

Non-U.S. Dollar Denominated Bonds & Notes

        –        4,662,680          –          4,662,680  

 

  

Exchange-Traded Funds

      3,163,380        515,262          –          3,678,642  

 

  

Preferred Stocks

        –        510,784          –          510,784  

 

  

Asset-Backed Securities

        –        221,816          –          221,816  

 

  

U.S. Treasury Securities

        –        58,800          –          58,800  

 

  

Money Market Funds

      710,718          –          –          710,718  

 

  

Total Investments in Securities

      3,874,098        98,762,762        896,923          103,533,783  

 

  

Other Investments - Assets*

              

 

  

Forward Foreign Currency Contracts

        –        31,480          –          31,480  

 

  

Swap Agreements

        –        16,234          –          16,234  

 

  
       –        47,714          –          47,714  

 

  

Other Investments - Liabilities*

              

 

  

Futures Contracts

      (1,212 )         –          –          (1,212 ) 

 

  

Forward Foreign Currency Contracts

        –        (129,685 )         –          (129,685 ) 

 

  
     (1,212 )       (129,685 )         –          (130,897 ) 

 

  

Total Other Investments

      (1,212 )       (81,971 )         –          (83,183 ) 

 

  

Total Investments

    $ 3,872,886      $ 98,680,791      $ 896,923        $ 103,450,600  

 

  

 

*

Unrealized appreciation (depreciation).

 

       Invesco High Income Trust II
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