NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
May 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes–124.88%(b)
Advertising–0.20%
Clear Channel Outdoor Holdings, Inc.,
5.13%, 08/15/2027(c)
 
$150,000
$146,836
Aerospace & Defense–0.73%
TransDigm, Inc., 6.00%,
01/15/2033(c)
 
529,000
523,833
Alternative Carriers–1.17%
Lumen Technologies, Inc.,
4.50%, 01/15/2029(c)
 
31,000
27,465
5.38%, 06/15/2029(c)
 
18,000
15,947
10.00%, 10/15/2032(c)
 
60,000
61,611
Series P, 7.60%, 09/15/2039
 
32,000
27,120
Series U, 7.65%, 03/15/2042
 
26,000
21,483
Windstream Services LLC/Windstream
Escrow Finance Corp., 8.25%,
10/01/2031(c)
 
497,000
517,614
Zayo Group Holdings, Inc.,
4.00%, 03/01/2027 (Acquired
02/06/2024-08/15/2024;
Cost $104,996)(c)(d)
 
120,000
112,990
6.13%, 03/01/2028 (Acquired
08/01/2024-08/15/2024;
Cost $53,500)(c)(d)
 
70,000
60,427
 
 
844,657
Application Software–2.91%
Clarivate Science Holdings Corp.,
4.88%, 07/01/2029(c)
 
568,000
525,836
Cloud Software Group, Inc.,
9.00%, 09/30/2029(c)
 
319,000
326,761
8.25%, 06/30/2032(c)
 
434,000
456,790
Fair Isaac Corp., 6.00%,
05/15/2033(c)
 
260,000
260,159
SS&C Technologies, Inc.,
5.50%, 09/30/2027(c)
 
249,000
248,878
6.50%, 06/01/2032(c)
 
270,000
277,438
 
 
2,095,862
Automobile Manufacturers–1.46%
Allison Transmission, Inc.,
4.75%, 10/01/2027(c)
 
527,000
518,502
3.75%, 01/30/2031(c)
 
584,000
530,589
 
 
1,049,091
Automotive Parts & Equipment–3.79%
Clarios Global L.P./Clarios US Finance
Co., 6.75%, 02/15/2030(c)
 
41,000
41,790
Cougar JV Subsidiary LLC, 8.00%,
05/15/2032(c)
 
506,000
531,999
Forvia SE (France), 8.00%,
06/15/2030(c)
 
592,000
602,166
NESCO Holdings II, Inc., 5.50%,
04/15/2029(c)
 
806,000
760,009
PHINIA, Inc.,
6.75%, 04/15/2029(c)
 
503,000
514,751
6.63%, 10/15/2032(c)
 
277,000
275,627
 
 
2,726,342
 
Principal
Amount
Value
Automotive Retail–3.73%
Carvana Co., 14.00% PIK Rate, 9.00%
Cash Rate, 06/01/2031(c)(e)
 
$490,457
$569,230
Group 1 Automotive, Inc., 6.38%,
01/15/2030(c)
 
518,000
528,498
LCM Investments Holdings II LLC,
4.88%, 05/01/2029(c)
 
274,000
264,169
8.25%, 08/01/2031(c)
 
498,000
528,402
Lithia Motors, Inc.,
4.63%, 12/15/2027(c)
 
262,000
258,632
4.38%, 01/15/2031(c)
 
572,000
536,485
 
 
2,685,416
Broadcasting–1.24%
Altice Financing S.A. (Luxembourg),
5.75%, 08/15/2029(c)
 
200,000
153,034
Gray Media, Inc., 5.38%,
11/15/2031(c)
 
100,000
71,487
iHeartCommunications, Inc.,
4.75%, 01/15/2028(c)
 
25,000
20,016
9.13%, 05/01/2029(c)
 
75,000
62,343
10.88%, 05/01/2030(c)
 
50,000
24,578
Scripps Escrow II, Inc.,
3.88%, 01/15/2029(c)
 
35,000
29,957
5.38%, 01/15/2031(c)
 
30,000
20,775
Univision Communications, Inc.,
6.63%, 06/01/2027(c)
 
410,000
410,263
7.38%, 06/30/2030(c)
 
107,000
100,105
 
 
892,558
Broadline Retail–1.07%
Kohl’s Corp.,
10.00%, 06/01/2030(c)
 
44,000
45,228
5.13%, 05/01/2031
 
337,000
216,042
Macy’s Retail Holdings LLC, 6.70%,
07/15/2034(c)
 
599,000
506,993
 
 
768,263
Building Products–0.07%
Park River Holdings, Inc., 6.75%,
08/01/2029(c)
 
62,000
49,621
Cable & Satellite–9.44%
CCO Holdings LLC/CCO Holdings Capital
Corp.,
5.13%, 05/01/2027(c)
 
417,000
412,959
5.38%, 06/01/2029(c)
 
550,000
542,746
4.75%, 02/01/2032(c)
 
629,000
582,691
4.50%, 05/01/2032
 
615,000
560,184
4.50%, 06/01/2033(c)
 
300,000
267,038
4.25%, 01/15/2034(c)
 
266,000
229,806
CSC Holdings LLC,
11.75%, 01/31/2029(c)
 
200,000
187,614
6.50%, 02/01/2029(c)
 
200,000
159,754
5.75%, 01/15/2030(c)
 
257,000
129,948
4.13%, 12/01/2030(c)
 
200,000
137,424
4.63%, 12/01/2030(c)
 
216,000
99,545
4.50%, 11/15/2031(c)
 
200,000
135,385
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
 
Principal
Amount
Value
Cable & Satellite–(continued)
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 10.00%,
02/15/2031(c)
 
$268,000
$261,038
DISH DBS Corp.,
5.75%, 12/01/2028(c)
 
179,000
151,819
5.13%, 06/01/2029
 
161,000
105,991
DISH Network Corp., 11.75%,
11/15/2027(c)
 
225,000
232,286
EchoStar Corp., 6.75% PIK Rate,
2.00% Cash Rate, 11/30/2030(e)
 
772,902
665,179
Sinclair Television Group, Inc.,
5.50%, 03/01/2030(c)
 
37,000
31,265
8.13%, 02/15/2033(c)
 
102,000
102,140
Sirius XM Radio LLC, 4.00%,
07/15/2028(c)
 
541,000
513,787
Sunrise FinCo I B.V. (Netherlands),
4.63%, 05/15/2032(c)
 
475,000
544,732
Virgin Media O2 Vendor Financing
Notes V DAC (Ireland), 7.84%,
03/15/2032(c)
 
150,000
207,049
Virgin Media Secured Finance PLC
(United Kingdom), 4.50%,
08/15/2030(c)
 
575,000
531,386
 
 
6,791,766
Casinos & Gaming–1.46%
Studio City Finance Ltd. (Macau),
5.00%, 01/15/2029(c)
 
597,000
539,869
Viking Cruises Ltd., 7.00%,
02/15/2029(c)
 
507,000
510,898
 
 
1,050,767
Commercial & Residential Mortgage Finance–2.55%
Nationstar Mortgage Holdings, Inc.,
5.50%, 08/15/2028(c)
 
533,000
532,239
7.13%, 02/01/2032(c)
 
502,000
523,103
PennyMac Financial Services, Inc.,
4.25%, 02/15/2029(c)
 
278,000
264,127
Walker & Dunlop, Inc., 6.63%,
04/01/2033(c)
 
508,000
514,855
 
 
1,834,324
Commodity Chemicals–1.02%
Cerdia Finanz GmbH (Germany),
9.38%, 10/03/2031(c)
 
712,000
733,377
Communications Equipment–0.36%
CommScope LLC, 9.50%,
12/15/2031(c)
 
250,000
260,017
Construction Machinery & Heavy Transportation Equipment–
0.71%
Northriver Midstream Finance L.P.
(Canada), 6.75%, 07/15/2032(c)
 
507,000
512,053
Consumer Finance–4.67%
EZCORP, Inc., 7.38%, 04/01/2032(c)
 
990,000
1,029,849
FirstCash, Inc.,
5.63%, 01/01/2030(c)
 
235,000
233,546
6.88%, 03/01/2032(c)
 
766,000
786,114
Navient Corp.,
5.00%, 03/15/2027
 
366,000
362,508
9.38%, 07/25/2030
 
163,000
177,660
 
Principal
Amount
Value
Consumer Finance–(continued)
OneMain Finance Corp.,
3.50%, 01/15/2027
 
$236,000
$228,815
6.63%, 05/15/2029
 
214,000
216,653
7.13%, 09/15/2032
 
325,000
327,428
 
 
3,362,573
Copper–0.70%
First Quantum Minerals Ltd. (Zambia),
8.63%, 06/01/2031(c)
 
250,000
254,372
8.00%, 03/01/2033(c)
 
250,000
248,399
 
 
502,771
Data Processing & Outsourced Services–0.74%
Shift4 Payments LLC/Shift4 Payments
Finance Sub, Inc., 5.50%,
05/15/2033(c)
 
457,000
533,775
Diversified Financial Services–8.26%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland),
6.95%, 03/10/2055(f)
 
748,000
767,738
Avation Capital S.A. (Singapore),
9.00% PIK Rate, 8.25% Cash Rate,
10/31/2026(c)(e)
 
1,055,000
1,027,778
Freedom Mortgage Holdings LLC,
8.38%, 04/01/2032(c)
 
264,000
260,940
GGAM Finance Ltd. (Ireland), 6.88%,
04/15/2029(c)
 
765,000
781,210
Jane Street Group/JSG Finance, Inc.,
7.13%, 04/30/2031(c)
 
232,000
242,507
6.13%, 11/01/2032(c)
 
799,000
800,886
6.75%, 05/01/2033(c)
 
508,000
521,313
Jefferson Capital Holdings LLC,
9.50%, 02/15/2029(c)
 
481,000
511,084
8.25%, 05/15/2030(c)
 
256,000
262,236
Provident Funding Associates L.P./PFG
Finance Corp., 9.75%,
09/15/2029(c)
 
738,000
768,804
 
 
5,944,496
Diversified Metals & Mining–0.72%
Hudbay Minerals, Inc. (Canada),
6.13%, 04/01/2029(c)
 
515,000
516,693
Diversified REITs–1.46%
Iron Mountain Information Management
Services, Inc., 5.00%,
07/15/2032(c)
 
574,000
543,620
Uniti Group L.P./Uniti Fiber Holdings,
Inc./CSL Capital LLC, 6.00%,
01/15/2030(c)
 
116,000
105,787
Uniti Group L.P./Uniti Group Finance
2019, Inc./CSL Capital LLC,
10.50%, 02/15/2028(c)
 
276,000
292,975
Uniti Group L.P./Uniti Group Finance,
Inc./CSL Capital LLC, 6.50%,
02/15/2029(c)
 
113,000
106,644
 
 
1,049,026
Diversified Support Services–2.47%
RB Global Holdings, Inc. (Canada),
6.75%, 03/15/2028(c)
 
748,000
764,872
7.75%, 03/15/2031(c)
 
724,000
758,790
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
 
Principal
Amount
Value
Diversified Support Services–(continued)
Saks Global Enterprises LLC, 11.00%,
12/15/2029(c)
 
$565,000
$255,662
 
 
1,779,324
Drug Retail–0.19%
Walgreen Co., 4.40%, 09/15/2042
 
25,000
22,268
Walgreens Boots Alliance, Inc.,
4.80%, 11/18/2044
 
55,000
50,841
4.65%, 06/01/2046
 
25,000
22,577
4.10%, 04/15/2050
 
50,000
42,525
 
 
138,211
Electric Utilities–3.52%
Brookfield Infrastructure Finance ULC
(Canada), 6.75%, 03/15/2055(f)
 
534,000
529,000
Duke Energy Corp., 6.45%,
09/01/2054(f)
 
536,000
542,800
Entergy Corp., 7.13%, 12/01/2054(f)
 
501,000
513,466
Vistra Operations Co. LLC,
5.00%, 07/31/2027(c)
 
190,000
189,565
7.75%, 10/15/2031(c)
 
495,000
525,176
6.88%, 04/15/2032(c)
 
221,000
230,054
 
 
2,530,061
Electrical Components & Equipment–0.72%
EnerSys, 6.63%, 01/15/2032(c)
 
508,000
519,167
Electronic Components–0.72%
Sensata Technologies, Inc.,
3.75%, 02/15/2031(c)
 
223,000
198,247
6.63%, 07/15/2032(c)
 
319,000
322,107
 
 
520,354
Environmental & Facilities Services–1.46%
GFL Environmental, Inc.,
4.00%, 08/01/2028(c)
 
545,000
524,341
3.50%, 09/01/2028(c)
 
296,000
282,143
Wrangler Holdco Corp. (Canada),
6.63%, 04/01/2032(c)
 
236,000
243,557
 
 
1,050,041
Gold–1.48%
New Gold, Inc. (Canada), 6.88%,
04/01/2032(c)
 
1,040,000
1,063,277
Health Care Facilities–2.46%
Select Medical Corp., 6.25%,
12/01/2032(c)
 
500,000
495,965
Tenet Healthcare Corp.,
6.13%, 10/01/2028
 
495,000
496,051
4.25%, 06/01/2029
 
600,000
576,563
6.75%, 05/15/2031
 
195,000
200,982
 
 
1,769,561
Health Care REITs–1.09%
Diversified Healthcare Trust, 0.00%,
01/15/2026(c)(g)
 
814,000
782,407
Health Care Services–2.46%
Community Health Systems, Inc.,
6.88%, 04/15/2029(c)
 
250,000
209,164
5.25%, 05/15/2030(c)
 
477,000
429,968
4.75%, 02/15/2031(c)
 
368,000
315,304
 
Principal
Amount
Value
Health Care Services–(continued)
DaVita, Inc.,
6.88%, 09/01/2032(c)
 
$249,000
$253,108
6.75%, 07/15/2033(c)
 
265,000
267,918
MPH Acquisition Holdings LLC,
5.75%, 12/31/2030(c)
 
218,000
174,023
5.00% PIK Rate, 6.50% Cash Rate,
12/31/2030(c)(e)
 
123,000
121,380
 
 
1,770,865
Health Care Supplies–0.72%
Medline Borrower L.P.,
3.88%, 04/01/2029(c)
 
275,000
259,389
5.25%, 10/01/2029(c)
 
263,000
257,220
 
 
516,609
Home Improvement Retail–0.07%
LBM Acquisition LLC, 6.25%,
01/15/2029(c)
 
59,000
47,439
Hotel & Resort REITs–2.91%
RHP Hotel Properties L.P./RHP Finance
Corp., 6.50%, 06/15/2033(c)
 
516,000
525,192
RLJ Lodging Trust L.P.,
3.75%, 07/01/2026(c)
 
264,000
259,987
4.00%, 09/15/2029(c)
 
281,000
257,171
Service Properties Trust,
4.75%, 10/01/2026
 
527,000
519,073
4.38%, 02/15/2030
 
663,000
535,210
 
 
2,096,633
Hotels, Resorts & Cruise Lines–1.81%
Carnival Corp.,
5.88%, 06/15/2031(c)
 
347,000
347,425
6.13%, 02/15/2033(c)
 
435,000
436,346
Hilton Domestic Operating Co., Inc.,
5.88%, 03/15/2033(c)
 
515,000
518,839
 
 
1,302,610
Household Products–0.72%
Energizer Holdings, Inc., 4.38%,
03/31/2029(c)
 
550,000
517,264
Housewares & Specialties–0.73%
Newell Brands, Inc., 6.38%,
05/15/2030
 
555,000
522,779
Independent Power Producers & Energy Traders–1.86%
Vistra Corp.,
8.00%(c)(f)(h)
 
256,000
262,896
Series C, 8.88%(c)(f)(h)
 
999,000
1,075,557
 
 
1,338,453
Industrial Machinery & Supplies & Components–2.55%
Enpro, Inc., 6.13%, 06/01/2033(c)
 
530,000
535,267
ESAB Corp., 6.25%, 04/15/2029(c)
 
758,000
771,720
Roller Bearing Co. of America, Inc.,
4.38%, 10/15/2029(c)
 
556,000
531,486
 
 
1,838,473
Insurance Brokers–2.55%
Alliant Holdings Intermediate LLC/
Alliant Holdings Co-Issuer, 7.00%,
01/15/2031(c)
 
527,000
539,368
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
 
Principal
Amount
Value
Insurance Brokers–(continued)
HUB International Ltd.,
7.25%, 06/15/2030(c)
 
$252,000
$262,596
7.38%, 01/31/2032(c)
 
506,000
528,377
USI, Inc., 7.50%, 01/15/2032(c)
 
484,000
507,938
 
 
1,838,279
Integrated Telecommunication Services–6.59%
Altice France Holding S.A. (Luxembourg),
10.50%, 05/15/2027(c)
 
200,000
71,671
6.00%, 02/15/2028(c)
 
200,000
73,016
Altice France S.A. (France),
5.50%, 01/15/2028(c)
 
502,000
432,580
5.50%, 10/15/2029(c)
 
650,000
552,760
Iliad Holding S.A.S. (France),
7.00%, 10/15/2028(c)
 
200,000
203,350
7.00%, 04/15/2032(c)
 
290,000
292,227
Iliad Holding S.A.S.U. (France), 8.50%,
04/15/2031(c)
 
710,000
749,909
Level 3 Financing, Inc.,
3.63%, 01/15/2029(c)
 
31,000
25,885
4.88%, 06/15/2029(c)
 
170,000
155,250
3.75%, 07/15/2029(c)
 
53,000
43,760
4.50%, 04/01/2030(c)
 
228,000
201,659
3.88%, 10/15/2030(c)
 
66,000
55,935
4.00%, 04/15/2031(c)
 
64,000
53,280
Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033
 
281,000
283,838
7.72%, 06/04/2038
 
742,000
775,643
Zegona Finance PLC (United Kingdom),
8.63%, 07/15/2029(c)
 
721,000
770,569
 
 
4,741,332
Investment Banking & Brokerage–0.70%
Boost Newco Borrower LLC, 7.50%,
01/15/2031(c)
 
478,000
506,051
Leisure Products–0.73%
Amer Sports Co. (Finland), 6.75%,
02/16/2031(c)
 
507,000
527,554
Metal, Glass & Plastic Containers–1.45%
Ardagh Metal Packaging Finance
USA LLC/Ardagh Metal Packaging
Finance PLC, 6.00%,
06/15/2027(c)
 
500,000
501,572
OI European Group B.V., 4.75%,
02/15/2030(c)
 
579,000
545,659
 
 
1,047,231
Movies & Entertainment–1.09%
Lions Gate Capital Holdings 1, Inc.,
5.50%, 04/15/2029(c)
 
878,000
783,559
Multi-line Insurance–1.43%
Acrisure LLC/Acrisure Finance, Inc.,
6.00%, 08/01/2029(c)
 
260,000
251,888
7.50%, 11/06/2030(c)
 
756,000
780,607
 
 
1,032,495
Multi-Utilities–0.70%
CenterPoint Energy, Inc., 6.70%,
05/15/2055(f)
 
503,000
503,280
 
Principal
Amount
Value
Office REITs–0.71%
Office Properties Income Trust, 9.00%,
03/31/2029(c)
 
$537,000
$512,264
Oil & Gas Drilling–2.16%
Delek Logistics Partners L.P./Delek
Logistics Finance Corp., 7.13%,
06/01/2028(c)
 
501,000
504,771
Summit Midstream Holdings LLC,
8.63%, 10/31/2029(c)
 
509,000
510,524
Transocean, Inc., 8.50%,
05/15/2031(c)
 
623,000
535,980
 
 
1,551,275
Oil & Gas Exploration & Production–2.88%
Aethon United BR L.P./Aethon United
Finance Corp., 7.50%,
10/01/2029(c)
 
1,017,000
1,042,917
Comstock Resources, Inc., 6.75%,
03/01/2029(c)
 
528,000
520,878
Kimmeridge Texas Gas LLC, 8.50%,
02/15/2030(c)
 
514,000
508,495
 
 
2,072,290
Oil & Gas Refining & Marketing–0.76%
Sunoco L.P., 6.25%, 07/01/2033(c)
 
550,000
550,435
Oil & Gas Storage & Transportation–6.02%
Antero Midstream Partners L.P./Antero
Midstream Finance Corp., 6.63%,
02/01/2032(c)
 
505,000
516,200
Excelerate Energy L.P., 8.00%,
05/15/2030(c)
 
504,000
522,135
Genesis Energy L.P./Genesis Energy Finance
Corp.,
7.88%, 05/15/2032
 
137,000
138,855
8.00%, 05/15/2033
 
371,000
376,777
Howard Midstream Energy
Partners LLC, 7.38%,
07/15/2032(c)
 
459,000
475,368
New Fortress Energy, Inc., 6.50%,
09/30/2026(c)
 
18,000
10,817
NFE Financing LLC, 12.00%,
11/15/2029(c)
 
183,000
78,678
Prairie Acquiror L.P., 9.00%,
08/01/2029(c)
 
169,000
171,946
Tallgrass Energy Partners
L.P./Tallgrass Energy Finance Corp.,
7.38%, 02/15/2029(c)
 
524,000
533,439
Venture Global LNG, Inc.,
9.88%, 02/01/2032(c)
 
486,000
517,333
9.00%(c)(f)(h)
 
1,051,500
992,764
 
 
4,334,312
Other Specialized REITs–0.72%
Iron Mountain, Inc., 4.50%,
02/15/2031(c)
 
556,000
521,508
Other Specialty Retail–0.06%
Michaels Cos., Inc. (The), 7.88%,
05/01/2029(c)
 
95,000
46,312
Packaged Foods & Meats–0.74%
Lamb Weston Holdings, Inc., 4.38%,
01/31/2032(c)
 
576,000
531,785
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
 
Principal
Amount
Value
Paper & Plastic Packaging Products & Materials–1.77%
Clydesdale Acquisition Holdings, Inc.,
6.75%, 04/15/2032(c)
 
$755,000
$763,553
Sealed Air Corp.,
5.00%, 04/15/2029(c)
 
263,000
258,411
6.88%, 07/15/2033(c)
 
243,000
254,743
 
 
1,276,707
Passenger Airlines–1.00%
American Airlines, Inc./AAdvantage
Loyalty IP Ltd., 5.75%,
04/20/2029(c)
 
729,000
716,317
Passenger Ground Transportation–0.13%
Hertz Corp. (The),
4.63%, 12/01/2026(c)
 
50,000
44,201
5.00%, 12/01/2029(c)
 
70,000
47,649
 
 
91,850
Personal Care Products–0.58%
Opal Bidco SAS (France), 6.50%,
03/31/2032(c)
 
415,000
414,932
Pharmaceuticals–1.79%
1261229 BC Ltd., 10.00%,
04/15/2032(c)
 
645,000
638,964
Bausch Health Americas, Inc., 9.25%,
04/01/2026(c)
 
370,000
364,829
Bausch Health Cos., Inc.,
5.00%, 02/15/2029(c)
 
87,000
55,673
6.25%, 02/15/2029(c)
 
101,000
66,033
5.25%, 01/30/2030(c)
 
198,000
112,550
5.25%, 02/15/2031(c)
 
95,000
50,905
Par Pharmaceutical, Inc., 0.00%,
04/01/2027(g)(i)
 
174,000
0
 
 
1,288,954
Reinsurance–0.76%
Global Atlantic (Fin) Co., 4.70%,
10/15/2051(c)(f)
 
562,000
545,280
Renewable Electricity–0.69%
California Buyer Ltd./Atlantica
Sustainable Infrastructure PLC
(United Kingdom), 6.38%,
02/15/2032(c)
 
505,000
499,647
Security & Alarm Services–0.70%
Brink’s Co. (The), 6.75%,
06/15/2032(c)
 
491,000
504,092
Single-Family Residential REITs–0.74%
Ashton Woods USA LLC/Ashton Woods
Finance Co., 6.63%,
01/15/2028(c)
 
527,000
529,651
Specialized Consumer Services–1.10%
Carriage Services, Inc., 4.25%,
05/15/2029(c)
 
842,000
788,561
Specialized Finance–1.06%
TrueNoord Capital DAC (Ireland),
8.75%, 03/01/2030(c)
 
733,000
760,798
 
Principal
Amount
Value
Specialty Chemicals–0.72%
Celanese US Holdings LLC, 7.20%,
11/15/2033
 
$496,000
$518,166
Steel–0.68%
Cleveland-Cliffs, Inc.,
5.88%, 06/01/2027
 
273,000
269,053
7.00%, 03/15/2032(c)
 
149,000
128,706
6.25%, 10/01/2040
 
121,000
88,095
 
 
485,854
Systems Software–0.20%
Camelot Finance S.A., 4.50%,
11/01/2026(c)
 
147,000
146,271
Technology Hardware, Storage & Peripherals–0.10%
Xerox Corp.,
4.80%, 03/01/2035
 
23,000
11,384
6.75%, 12/15/2039
 
21,000
10,530
Xerox Holdings Corp., 5.50%,
08/15/2028(c)
 
69,000
48,477
 
 
70,391
Telecom Tower REITs–0.71%
SBA Communications Corp., 3.13%,
02/01/2029
 
552,000
513,968
Trading Companies & Distributors–4.30%
Air Lease Corp., Series B, 4.65%(f)(h)
 
752,000
741,576
Aircastle Ltd., 5.25%(c)(f)(h)
 
1,338,000
1,332,008
H&E Equipment Services, Inc., 3.88%,
12/15/2028(c)
 
1,012,000
1,020,399
 
 
3,093,983
Wireless Telecommunication Services–2.16%
VMED O2 UK Financing I PLC (United
Kingdom), 4.75%, 07/15/2031(c)
 
575,000
528,491
Vodafone Group PLC (United Kingdom),
4.13%, 06/04/2081(f)
 
1,142,000
1,027,743
 
 
1,556,234
Total U.S. Dollar Denominated Bonds & Notes
(Cost $89,635,937)
89,879,263
Variable Rate Senior Loan Interests–11.01%(j)(k)
Advertising–0.52%
Clear Channel Outdoor Holdings, Inc.,
Term Loan B, 8.44% (1 mo. Term
SOFR + 4.10%), 08/23/2028
 
377,352
371,220
Aerospace & Defense–1.43%
TransDigm, Inc., Term Loan L, 6.80%
(3 mo. Term SOFR + 2.50%),
01/19/2032
 
1,031,758
1,032,635
Automobile Manufacturers–0.68%
Panther BF Aggregator 2 L.P. (Power
Solutions, Clarios POWSOL)
(Canada), Term Loan B, 7.08% (1
mo. Term SOFR + 2.75%),
01/15/2032
 
490,000
489,388
Broadcasting–0.40%
Gray Media, Inc., Term Loan D, 7.44%
(1 mo. Term SOFR + 3.00%),
12/01/2028
 
299,187
289,520
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
 
Principal
Amount
Value
Cable & Satellite–0.57%
CSC Holdings LLC,
Term Loan, 9.00% (1 mo. USD
Prime + 2.50%), 04/15/2027
 
$197,911
$194,448
Term Loan B, 8.83% (1 mo. Term
SOFR + 4.50%), 01/15/2028
 
219,439
217,107
 
 
411,555
Electronic Manufacturing Services–1.09%
EMRLD Borrower L.P. (Copeland),
Incremental Term Loan B, —%,
08/04/2031(l)
 
788,020
785,191
Health Care Services–0.73%
MPH Acquisition Holdings LLC, Term
Loan, 8.03% (3 mo. Term SOFR +
3.75%), 12/31/2030
 
530,000
522,713
Hotels, Resorts & Cruise Lines–0.35%
Carnival Corp., Term Loan B, 6.33% (1
mo. Term SOFR + 2.00%),
10/18/2028
 
250,000
250,406
Oil & Gas Storage & Transportation–0.75%
Prairie Acquiror L.P., Term Loan B,
8.58% (1 mo. Term SOFR +
4.25%), 08/01/2029
 
534,614
538,123
Other Specialty Retail–0.74%
Petco Health & Wellness Co., Inc., First
Lien Term Loan, 7.81% (3 mo. Term
SOFR + 3.25%), 03/02/2028
 
575,000
534,287
Passenger Airlines–0.45%
AAdvantage Loyality IP Ltd. (American
Airlines, Inc.), Term Loan B, —%,
05/07/2032(l)
 
320,000
321,733
Pharmaceuticals–0.71%
Endo Finance Holdings, Inc., Term Loan
B, 8.33% (1 mo. Term SOFR +
4.00%), 04/23/2031
 
522,375
511,604
Real Estate Development–1.48%
Cushman & Wakefield U.S. Borrower
LLC, Term Loan, 7.58% (1 mo. Term
SOFR + 3.25%), 01/31/2030
 
522,232
526,149
Greystar Real Estate Partners LLC,
Term Loan B, 7.08% (3 mo. Term
SOFR + 2.75%), 08/21/2030(i)
 
537,460
537,460
 
 
1,063,609
Wireless Telecommunication Services–1.11%
X Corp.,
Term Loan B, 9.50%, 10/27/2029
 
485,000
483,370
Term Loan B , 10.95% (3 mo. SOFR
+ 6.50%), 10/27/2029
 
319,184
316,501
 
 
799,871
Total Variable Rate Senior Loan Interests
(Cost $7,913,288)
7,921,855
 

 
Shares
Value
Exchange-Traded Funds–4.37%
iShares Broad USD High Yield Corporate Bond
ETF
(Cost $3,104,200)
85,000
$3,147,550
 
Principal
Amount
 
Non-U.S. Dollar Denominated Bonds & Notes–1.78%(m)
Integrated Telecommunication Services–1.01%
Altice France S.A. (France), 3.38%,
01/15/2028(c)
EUR
225,000
217,474
Eutelsat S.A. (France), 9.75%,
04/13/2029(c)
EUR
425,000
507,699
 
 
725,173
Metal, Glass & Plastic Containers–0.77%
Ball Corp., 4.25%, 07/01/2032
EUR
480,000
554,690
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $1,212,077)
1,279,863
 

Shares
 
Common Stocks & Other Equity Interests–0.02%
Alternative Carriers–0.01%
Lumen Technologies, Inc.(n)
2,000
7,841
Broadline Retail–0.01%
Americanas S.A. (Brazil)(n)
5,642
5,060
Americanas S.A., Wts., expiring
03/19/2027 (Brazil)(n)
1,880
1,355
 
 
6,415
Casinos & Gaming–0.00%
Codere Online Luxembourg S.A., Wts.,
expiring 10/15/2034 (Luxembourg)(i)
3
14
Food Retail–0.00%
Casino Guichard-Perrachon S.A. (France)(n)
2,804
1,640
Casino Guichard-Perrachon S.A., Wts.,
expiring 04/27/2029 (France)(n)
149,811
85
 
 
1,725
Total Common Stocks & Other Equity Interests
(Cost $42,862)
15,995
TOTAL INVESTMENTS IN SECURITIES–142.06%
(Cost $101,908,364)
102,244,526
BORROWINGS–(42.45)%
(30,550,000
)
OTHER ASSETS LESS LIABILITIES—0.39%
280,461
NET ASSETS–100.00%
$71,974,987
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Investment Abbreviations: 
ETF
– Exchange-Traded Fund
EUR
– Euro
PIK
– Pay-in-Kind
REIT
– Real Estate Investment Trust
SOFR
– Secured Overnight Financing Rate
USD
– U.S. Dollar
Wts.
– Warrants
Notes to Schedule of Investments: 
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the
exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
May 31, 2025 was $77,094,592, which represented 107.11% of the Trust’s Net Assets.
(d)
Restricted security. The aggregate value of these securities at May 31, 2025 was $173,417, 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)
Zero coupon bond issued at a discount.
(h)
Perpetual bond with no specified maturity date.
(i)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(j)
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.
(k)
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.
(l)
This variable rate interest will settle after May 31, 2025, at which time the interest rate will be determined.
(m)
Foreign denominated security. Principal amount is denominated in the currency indicated.
(n)
Non-income producing security.
 
 
Value
February 28, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
May 31, 2025
Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class
$412,682
$6,969,694
$(7,382,376)
$-
$-
$-
$10,267
Invesco Treasury Portfolio, Institutional Class
766,389
12,943,718
(13,710,107)
-
-
-
18,760
Total
$1,179,071
$19,913,412
$(21,092,483)
$-
$-
$-
$29,027
 
Open Forward Foreign Currency Contracts
Settlement
Date
Counterparty
Contract to
Unrealized
Appreciation
(Depreciation)
Deliver
Receive
Currency Risk
 
 
 
07/31/2025
Barclays Bank PLC
EUR
952,000
USD
1,088,567
$3,508
Currency Risk
 
 
 
07/31/2025
Canadian Imperial Bank of Commerce
EUR
535,000
USD
602,031
(7,745
)
07/31/2025
Deutsche Bank AG
EUR
200,000
USD
227,811
(143
)
07/31/2025
Goldman Sachs International
GBP
200,000
USD
269,101
(436
)
07/31/2025
State Street Bank & Trust Co.
EUR
320,000
USD
363,255
(1,470
)
Subtotal—Depreciation
(9,794
)
Total Forward Foreign Currency Contracts
$(6,286
)
 
Abbreviations:
EUR
—Euro
GBP
—British Pound Sterling
USD
—U.S. Dollar
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2025
(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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
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 May 31, 2025. 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
$—
$89,879,263
$0
$89,879,263
Variable Rate Senior Loan Interests
—
7,384,395
537,460
7,921,855
Exchange-Traded Funds
3,147,550
—
—
3,147,550
Non-U.S. Dollar Denominated Bonds & Notes
—
1,279,863
0
1,279,863
Common Stocks & Other Equity Interests
14,341
1,640
14
15,995
Total Investments in Securities
3,161,891
98,545,161
537,474
102,244,526
Other Investments - Assets*
Forward Foreign Currency Contracts
—
3,508
—
3,508
Other Investments - Liabilities*
Forward Foreign Currency Contracts
—
(9,794
)
—
(9,794
)
Total Other Investments
—
(6,286
)
—
(6,286
)
Total Investments
$3,161,891
$98,538,875
$537,474
$102,238,240
 
*
Unrealized appreciation (depreciation).
Invesco High Income Trust II