N-Q - VLT
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OMB APPROVAL |
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-05769
Invesco High Income Trust II
(Exact name of registrant as specified
in charter)
1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309
(Address of principal executive
offices) (Zip code)
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: 11/30/16
Item 1. Schedule of Investments.
Invesco High
Income Trust II
Quarterly Schedule of Portfolio Holdings
November 30,
2016
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| invesco.com/us |
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VK-CE-HINC2-QTR-1 11/16 |
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Invesco Advisers, Inc. |
Schedule of Investments(a)
November 30, 2016
(Unaudited)
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Principal
Amount |
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Value |
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| U.S. Dollar Denominated Bonds and Notes–128.78% (b) |
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| Advertising–0.67% |
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| Lamar Media Corp., Sr. Unsec. Gtd. Global Notes, 5.75%,
02/01/2026 |
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$ |
814,000 |
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$ |
862,840 |
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| Aerospace & Defense–2.41% |
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| Bombardier Inc. (Canada), Sr. Unsec. Notes, 6.00%,
10/15/2022(c) |
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375,000 |
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330,469 |
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| KLX Inc., Sr. Unsec. Gtd. Notes,
5.88%, 12/01/2022(c) |
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659,000 |
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677,946 |
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| Moog Inc., Sr. Unsec. Gtd. Notes,
5.25%, 12/01/2022(c) |
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825,000 |
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842,531 |
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| TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes,
6.50%, 05/15/2025 |
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1,198,000 |
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1,238,433 |
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3,089,379 |
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| Agricultural & Farm Machinery–0.68% |
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| Titan International Inc., Sr. Sec. Gtd. First Lien
Global Notes, 6.88%, 10/01/2020 |
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892,000 |
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869,700 |
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| Alternative Carriers–0.60% |
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| Level 3 Financing, Inc., Sr. Unsec. Gtd. Global
Notes, 5.38%, 05/01/2025 |
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305,000 |
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305,763 |
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| Sr. Unsec. Gtd. Notes,
5.25%,
03/15/2026(c) |
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466,000 |
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460,175 |
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765,938 |
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| Aluminum–0.67% |
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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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855,121 |
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| Apparel Retail–0.95% |
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| Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%,
06/15/2021(c) |
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679,000 |
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719,740 |
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| Men’s Wearhouse, Inc. (The), Sr. Unsec. Gtd. Global
Notes, 7.00%, 07/01/2022 |
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550,000 |
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501,187 |
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1,220,927 |
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| Asset Management & Custody Banks–1.01% |
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| Prime Security Services Borrower, LLC/Prime Finance,
Inc., Sec. Gtd. Second Lien Notes, 9.25%, 05/15/2023(c) |
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1,196,000 |
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1,290,185 |
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Principal
Amount |
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Value |
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| Auto Parts & Equipment–0.41% |
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| Dana Inc., Sr. Unsec. Notes,
5.38%, 09/15/2021 |
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$ |
279,000 |
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$ |
288,765 |
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| 5.50%,
12/15/2024 |
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229,000 |
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231,576 |
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520,341 |
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| Broadcasting–3.95% |
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| iHeartCommunications, Inc., Sr. Sec. Gtd. First Lien
Global Notes,
9.00%, 12/15/2019 |
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1,081,000 |
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856,692 |
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| Series B,
Sr. Unsec. Gtd. Global Notes,
6.50%, 11/15/2022 |
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520,000 |
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527,800 |
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| Sr. Unsec. Gtd. Sub. Global Notes,
7.63%, 03/15/2020 |
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847,000 |
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836,412 |
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| Netflix, Inc., Sr. Unsec. Global Notes, 5.75%,
03/01/2024 |
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809,000 |
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861,585 |
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| Nexstar Escrow Corp., Sr. Unsec. Gtd. Notes, 5.63%,
08/01/2024(c) |
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525,000 |
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519,750 |
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| Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2025(c) |
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305,000 |
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307,288 |
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| 5.38%,
07/15/2026(c) |
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585,000 |
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583,537 |
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| Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%,
07/15/2022 |
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575,000 |
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562,063 |
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5,055,127 |
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| Building Products–1.42% |
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| Allegion PLC, Sr. Unsec. Gtd. Notes, 5.88%,
09/15/2023 |
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496,000 |
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526,845 |
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| Builders FirstSource, Inc., Sr. Unsec. Gtd. Notes,
10.75%, 08/15/2023(c) |
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507,000 |
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583,050 |
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| Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global
Notes, 6.25%, 02/01/2021 |
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686,000 |
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701,435 |
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1,811,330 |
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| Cable & Satellite–11.64% |
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| AMC Networks Inc., Sr. Unsec. Gtd. Global Notes, 5.00%,
04/01/2024 |
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491,000 |
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494,682 |
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| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec.
Notes, 5.75%, 02/15/2026(c) |
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2,340,000 |
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2,416,050 |
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| CSC Holdings LLC, Sr. Unsec. Gtd. Notes, 6.63%, 10/15/2025(c) |
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215,000 |
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232,738 |
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| Sr. Unsec. Notes,
10.13%,
01/15/2023(c) |
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1,395,000 |
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1,611,225 |
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| DigitalGlobe Inc., Sr. Unsec. Gtd. Notes,
5.25%,
02/01/2021(c) |
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444,000 |
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445,110 |
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| DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%,
11/15/2024 |
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2,110,000 |
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2,149,562 |
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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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| Cable & Satellite–(continued) |
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| Hughes Satellite Systems Corp., Sr. Sec. Gtd. First Lien
Notes, 5.25%, 08/01/2026(c) |
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$ |
171,000 |
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$ |
162,664 |
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| Sr. Unsec. Gtd. Global Notes,
7.63%, 06/15/2021 |
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619,000 |
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668,520 |
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| Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec.
Gtd. Global Notes, 7.25%, 04/01/2019 |
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236,000 |
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185,850 |
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| 7.25%,
10/15/2020 |
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570,000 |
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418,950 |
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| SFR Group S.A. (France), Sr. Sec. Gtd. First Lien Bonds,
6.00%, 05/15/2022(c) |
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1,530,000 |
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1,549,125 |
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| Sr. Sec. Gtd. First Lien Notes,
7.38%,
05/01/2026(c) |
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503,000 |
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503,000 |
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| Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW
GmbH (Germany), Sr. Sec. Gtd. First Lien Bonds, 5.00%, 01/15/2025(c) |
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1,215,000 |
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1,208,925 |
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| Virgin Media Finance PLC (United Kingdom), Sr. Unsec.
Gtd. Notes, 6.00%, 10/15/2024(c) |
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200,000 |
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201,250 |
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| REGS, Sr. Unsec. Gtd. Euro Notes,
6.00%,
10/15/2024(c) |
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418,000 |
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421,658 |
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| Virgin Media Secured Finance PLC (United Kingdom), Sr.
Sec. Gtd. First Lien Bonds, 5.25%, 01/15/2026(c) |
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200,000 |
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195,000 |
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| Sr. Sec. Gtd. First Lien Notes,
5.50%,
08/15/2026(c) |
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319,000 |
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313,816 |
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| REGS, Sr. Sec. Gtd. First Lien Euro Bonds,
5.50%, 01/15/2025(c) |
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630,000 |
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635,512 |
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| VTR Finance B.V. (Chile), Sr. Sec. First Lien Notes,
6.88%, 01/15/2024(c) |
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620,000 |
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632,400 |
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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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450,000 |
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444,375 |
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14,890,412 |
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| Casinos & Gaming–3.40% |
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| Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 05/15/2023 |
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890,000 |
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950,075 |
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| Sr. Unsec. Gtd. Notes,
6.38%,
04/01/2026(c) |
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230,000 |
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240,925 |
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| Codere Finance 2 (Luxembourg) S.A. (Spain), Sr. Sec.
Gtd. Notes, 7.63%, 11/01/2021(c) |
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240,000 |
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232,800 |
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| MGM Resorts International, Sr. Unsec. Gtd. Global Notes,
6.63%, 12/15/2021 |
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525,000 |
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576,188 |
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| Sr. Unsec. Gtd. Notes,
4.63%, 09/01/2026 |
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280,000 |
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268,100 |
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| 6.00%,
03/15/2023 |
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325,000 |
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350,594 |
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| 7.75%,
03/15/2022 |
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327,000 |
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376,050 |
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Principal
Amount |
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Value |
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| Casinos & Gaming–(continued) |
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| Pinnacle Entertainment, Inc., Sr. Unsec. Notes, 5.63%,
05/01/2024(c) |
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$ |
867,000 |
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$ |
869,167 |
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| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr.
Unsec. Gtd. Notes, 5.50%, 03/01/2025(c) |
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496,000 |
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491,040 |
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4,354,939 |
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| Commercial Printing–0.89% |
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| Multi-Color Corp., Sr. Unsec. Gtd. Notes, 6.13%,
12/01/2022(c) |
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1,094,000 |
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1,144,598 |
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| Commodity Chemicals–0.44% |
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| Koppers Inc., Sr. Unsec. Gtd. Global Notes, 7.88%,
12/01/2019 |
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560,000 |
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565,600 |
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| Construction Machinery & Heavy Trucks–3.74% |
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| Allied Specialty Vehicles, Inc., Sr. Sec. Notes, 8.50%,
11/01/2019(c) |
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677,000 |
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692,232 |
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| Commercial Vehicle Group Inc., Sec. Gtd. Second Lien
Global Notes, 7.88%, 04/15/2019 |
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876,000 |
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880,380 |
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| Meritor Inc., Sr. Unsec. Gtd. Notes,
6.25%, 02/15/2024 |
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305,000 |
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293,944 |
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| 6.75%,
06/15/2021 |
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528,000 |
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532,620 |
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| Navistar International Corp., Sr. Unsec. Gtd. Notes,
8.25%, 11/01/2021 |
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790,000 |
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793,950 |
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| Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/2022 |
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1,185,000 |
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1,233,881 |
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| 5.38%,
03/01/2025 |
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354,000 |
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364,178 |
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4,791,185 |
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| Consumer Finance–1.82% |
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| Ally Financial Inc., Sr. Unsec. Global Notes, 4.63%, 03/30/2025 |
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1,454,000 |
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1,417,650 |
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| 5.13%,
09/30/2024 |
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900,000 |
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906,750 |
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2,324,400 |
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| Copper–0.54% |
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| First Quantum Minerals Ltd. (Canada), Sr. Unsec. Gtd.
Notes, 6.75%, 02/15/2020(c) |
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490,000 |
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486,938 |
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| 7.25%,
10/15/2019(c) |
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200,000 |
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201,000 |
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687,938 |
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| Data Processing & Outsourced Services–2.17% |
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| First Data Corp., Sr. Sec. Gtd. First Lien Notes, 5.00%, 01/15/2024(c) |
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400,000 |
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405,000 |
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| Sr. Unsec. Gtd. Notes,
7.00%,
12/01/2023(c) |
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2,267,000 |
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2,374,682 |
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2,779,682 |
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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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| Diversified Banks–2.94% |
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| Bank of America Corp., Series K, Jr. Unsec. Sub. Global
Notes, 8.00% (d) |
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$ |
76,000 |
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$ |
77,520 |
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| Citigroup Inc., Series R, Jr. Unsec. Sub. Global Notes,
6.13% (d) |
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450,000 |
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468,000 |
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| Series T,
Jr. Unsec. Sub. Global Notes,
6.25% (d) |
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645,000 |
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664,350 |
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| Dresdner Funding Trust I (Germany), REGS, Jr. Unsec.
Sub. Euro Notes, 8.15%, 06/30/2031(c) |
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385,000 |
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447,285 |
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| JPMorgan Chase & Co., Series 1, Jr. Unsec. Sub.
Global Notes, 7.90% (d) |
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460,000 |
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|
469,200 |
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| Royal Bank of Scotland Group PLC (The) (United Kingdom),
Unsec. Sub. Global Bonds,
5.13%, 05/28/2024 |
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1,005,000 |
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|
979,949 |
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| 6.13%,
12/15/2022 |
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|
625,000 |
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|
649,712 |
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| |
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3,756,016 |
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| Diversified Chemicals–1.21% |
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| Chemours Co. (The), Sr. Unsec. Gtd. Global Notes, 6.63%,
05/15/2023 |
|
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1,564,000 |
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|
1,548,360 |
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| Diversified Metals & Mining–3.38% |
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| FMG Resources (August 2006) Pty. Ltd. (Australia), Sr.
Sec. Gtd. Notes, 9.75%, 03/01/2022(c) |
|
|
300,000 |
|
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|
347,250 |
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| Sr. Unsec. Gtd. Notes,
6.88%,
04/01/2022(c) |
|
|
813,000 |
|
|
|
843,487 |
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| Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global
Notes,
3.88%, 03/15/2023 |
|
|
575,000 |
|
|
|
541,938 |
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| 5.40%,
11/14/2034 |
|
|
515,000 |
|
|
|
453,200 |
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| Lundin Mining Corp. (Canada), Sr. Sec. Gtd. First Lien
Notes, 7.88%, 11/01/2022(c) |
|
|
555,000 |
|
|
|
602,869 |
|
| Teck Resources Ltd. (Canada), Sr. Unsec. Gtd. Global
Notes, 4.75%, 01/15/2022 |
|
|
897,000 |
|
|
|
910,455 |
|
| Sr. Unsec. Notes,
6.13%, 10/01/2035 |
|
|
625,000 |
|
|
|
628,125 |
|
| |
|
|
|
4,327,324 |
|
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| Electrical Components & Equipment–1.34% |
|
|
|
|
| EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023(c) |
|
|
970,000 |
|
|
|
977,275 |
|
| Sensata Technologies B.V., Sr. Unsec. Gtd. Notes, 4.88%, 10/15/2023(c) |
|
|
320,000 |
|
|
|
328,000 |
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| 5.00%,
10/01/2025(c) |
|
|
415,000 |
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|
|
410,850 |
|
| |
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1,716,125 |
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Principal
Amount |
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Value |
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| Environmental & Facilities Services–0.31% |
|
|
|
|
| Advanced Disposal Services, Inc., Sr. Unsec. Gtd. Notes,
5.63%, 11/15/2024(c) |
|
$ |
397,000 |
|
|
$ |
395,015 |
|
|
|
|
| Food Distributors–0.55% |
|
|
|
|
|
|
|
|
|
|
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| US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024(c) |
|
|
685,000 |
|
|
|
708,975 |
|
|
|
|
| Food Retail–0.58% |
|
|
|
|
|
|
|
|
|
|
|
| 1011778 BC ULC/ New Red Finance, Inc. (Canada), Sec.
Gtd. Second Lien Notes, 6.00%, 04/01/2022(c) |
|
|
713,000 |
|
|
|
746,868 |
|
|
|
|
| Forest Products–0.00% |
|
|
|
|
|
|
|
|
|
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|
| Sino-Forest Corp. (Hong Kong), Sr. Unsec. Gtd. Notes,
6.25%, 10/21/2017 (Acquired 04/01/2014; Cost $0)(c)(e)(f) |
|
|
60,000 |
|
|
|
6 |
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|
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| Gas Utilities–1.69% |
|
|
|
|
|
|
|
|
|
|
|
| AmeriGas Partners, L.P./AmeriGas Finance Corp., Sr.
Unsec. Global Notes,
5.63%, 05/20/2024 |
|
|
404,000 |
|
|
|
404,000 |
|
| 5.88%,
08/20/2026 |
|
|
292,000 |
|
|
|
292,000 |
|
| Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec.
Global Notes, 6.50%, 05/01/2021 |
|
|
731,000 |
|
|
|
694,450 |
|
| Suburban Propane Partners, L.P./Suburban Energy Finance
Corp., Sr. Unsec. Gtd. Global Notes, 5.50%, 06/01/2024 |
|
|
767,000 |
|
|
|
772,752 |
|
| |
|
|
|
2,163,202 |
|
|
|
| General Merchandise Stores–0.52% |
|
|
|
|
|
|
|
|
| Dollar Tree, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%,
03/01/2023 |
|
|
622,000 |
|
|
|
667,095 |
|
|
|
|
| Health Care Facilities–7.37% |
|
|
|
|
|
|
|
|
|
|
|
| Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global
Notes, 6.50%, 03/01/2024 |
|
|
495,000 |
|
|
|
492,525 |
|
| Community Health Systems, Inc., Sr. Sec. Gtd. First Lien
Global Notes,
5.13%, 08/15/2018 |
|
|
104,000 |
|
|
|
101,920 |
|
| 5.13%,
08/01/2021 |
|
|
285,000 |
|
|
|
260,063 |
|
| Sr. Unsec. Gtd. Global Notes,
6.88%, 02/01/2022 |
|
|
659,260 |
|
|
|
443,352 |
|
| HCA Holdings, Inc., Sr. Unsec. Notes, 6.25%,
02/15/2021 |
|
|
610,000 |
|
|
|
641,262 |
|
| HCA, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.88%, 03/15/2022 |
|
|
742,000 |
|
|
|
798,114 |
|
| Sr. Sec. Gtd. First Lien Notes,
5.25%, 04/15/2025 |
|
|
913,000 |
|
|
|
922,701 |
|
| Sr. Unsec. Gtd. Global Notes,
7.50%, 02/15/2022 |
|
|
283,000 |
|
|
|
316,252 |
|
| Sr. Unsec. Gtd. Notes,
5.38%, 02/01/2025 |
|
|
540,000 |
|
|
|
531,225 |
|
| 5.88%,
02/15/2026 |
|
|
360,000 |
|
|
|
361,800 |
|
See accompanying notes which are an
integral part of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
| Health Care Facilities–(continued) |
|
|
|
|
| HealthSouth Corp., Sr. Unsec. Gtd. Global Notes, 5.75%,
09/15/2025 |
|
$ |
425,000 |
|
|
$ |
425,000 |
|
| LifePoint Health, Inc.,
Sr. Unsec. Gtd.
Notes,
5.38%, 05/01/2024(c) |
|
|
430,000 |
|
|
|
414,950 |
|
| 5.88%,
12/01/2023 |
|
|
110,000 |
|
|
|
110,825 |
|
| RegionalCare Hospital Partners Holdings Inc., Sr. Sec.
Gtd. First Lien Notes, 8.25%, 05/01/2023(c) |
|
|
442,000 |
|
|
|
442,552 |
|
| Surgical Care Affiliates, Inc., Sr. Unsec. Gtd. Notes,
6.00%, 04/01/2023(c) |
|
|
1,060,000 |
|
|
|
1,086,500 |
|
| Tenet Healthcare Corp., Sec. Gtd. Second Lien
Notes,
7.50%, 01/01/2022(c) |
|
|
106,000 |
|
|
|
109,710 |
|
| Sr. Unsec. Global Notes,
6.75%, 06/15/2023 |
|
|
909,000 |
|
|
|
781,740 |
|
| 8.00%,
08/01/2020 |
|
|
382,000 |
|
|
|
368,630 |
|
| 8.13%,
04/01/2022 |
|
|
700,000 |
|
|
|
644,000 |
|
| Universal Health Services, Inc, Sr. Sec. Gtd. First Lien
Notes,
5.00%, 06/01/2026(c) |
|
|
174,000 |
|
|
|
172,913 |
|
| |
|
|
|
9,426,034 |
|
|
|
|
| Health Care Services–2.46% |
|
|
|
|
|
|
|
|
|
|
|
| AMN Healthcare, Inc., Sr. Unsec. Gtd. Notes, 5.13%,
10/01/2024(c) |
|
|
410,000 |
|
|
|
403,850 |
|
| DaVita Inc., Sr. Unsec. Gtd. Global Notes, 5.00%,
05/01/2025 |
|
|
870,000 |
|
|
|
852,600 |
|
| MEDNAX, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2023(c) |
|
|
848,000 |
|
|
|
867,080 |
|
| MPH Acquisition Holdings LLC, Sr. Unsec. Gtd.
Notes,
7.13%, 06/01/2024(c) |
|
|
970,000 |
|
|
|
1,023,350 |
|
| |
|
|
|
3,146,880 |
|
|
|
| Home Improvement Retail–0.68% |
|
|
|
|
|
|
|
|
| Hillman Group Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%,
07/15/2022(c) |
|
|
933,000 |
|
|
|
873,521 |
|
|
|
|
| Homebuilding–2.89% |
|
|
|
|
|
|
|
|
|
|
|
| Ashton Woods USA LLC/Ashton Woods Finance Co., Sr.
Unsec. Notes, 6.88%, 02/15/2021(c) |
|
|
675,000 |
|
|
|
651,375 |
|
| Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes,
7.50%, 09/15/2021 |
|
|
1,043,000 |
|
|
|
1,058,645 |
|
| CalAtlantic Group Inc., Sr. Unsec. Gtd. Notes, 5.38%,
10/01/2022 |
|
|
640,000 |
|
|
|
659,200 |
|
| Meritage Homes Corp., Sr. Unsec. Gtd. Global
Notes,
6.00%, 06/01/2025 |
|
|
433,000 |
|
|
|
445,990 |
|
| 7.15%,
04/15/2020 |
|
|
300,000 |
|
|
|
327,750 |
|
| Taylor Morrison Communities Inc./ Monarch Communities
Inc., Sr. Unsec. Gtd. Notes,
5.88%, 04/15/2023(c) |
|
|
548,000 |
|
|
|
560,330 |
|
| |
|
|
|
3,703,290 |
|
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
|
|
| Household Products–1.66% |
|
|
|
|
|
|
|
|
|
|
|
| Reynolds Group Issuer Inc./LLC (New Zealand), Sr. Sec.
Gtd. First Lien Global Notes,
5.75%, 10/15/2020 |
|
$ |
287,000 |
|
|
$ |
296,328 |
|
| Sr. Sec. Gtd. First Lien Notes,
5.13%,
07/15/2023(c) |
|
|
207,000 |
|
|
|
209,846 |
|
| Sr. Unsec. Gtd. Global Notes,
8.25%, 02/15/2021 |
|
|
540,321 |
|
|
|
559,908 |
|
| Sr. Unsec. Gtd. Notes,
7.00%,
07/15/2024(c) |
|
|
64,000 |
|
|
|
67,840 |
|
| Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes,
5.75%, 07/15/2025 |
|
|
463,000 |
|
|
|
482,677 |
|
| Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%,
06/01/2021 |
|
|
492,000 |
|
|
|
508,605 |
|
| |
|
|
|
2,125,204 |
|
|
| Independent Power Producers & Energy Traders–3.95% |
|
|
|
|
| AES Corp. (The), Sr. Unsec. Notes,
5.50%, 04/15/2025 |
|
|
1,661,000 |
|
|
|
1,631,932 |
|
| 6.00%,
05/15/2026 |
|
|
51,000 |
|
|
|
50,363 |
|
| Calpine Corp., Sr. Sec. Gtd. First Lien Notes,
7.88%, 01/15/2023(c) |
|
|
266,000 |
|
|
|
278,635 |
|
| Sr. Unsec. Global Notes,
5.38%, 01/15/2023 |
|
|
582,000 |
|
|
|
563,812 |
|
| 5.50%,
02/01/2024 |
|
|
871,000 |
|
|
|
838,337 |
|
| Dynegy Inc., Sr. Unsec. Gtd. Global Notes, 7.63%,
11/01/2024 |
|
|
839,000 |
|
|
|
776,075 |
|
| NRG Energy, Inc., Sr. Unsec. Gtd. Global
Notes,
6.25%, 05/01/2024 |
|
|
183,000 |
|
|
|
177,968 |
|
| Sr. Unsec. Gtd. Notes,
6.63%,
01/15/2027(c) |
|
|
696,000 |
|
|
|
649,020 |
|
| Red Oak Power LLC, Series A, Sr. Sec. First Lien Bonds,
8.54%, 11/30/2019 |
|
|
91,820 |
|
|
|
92,509 |
|
| |
|
|
|
5,058,651 |
|
|
|
|
| Integrated Oil & Gas–0.30% |
|
|
|
|
|
|
|
|
|
|
|
| California Resources Corp., Sec. Gtd. Second Lien
Notes,
8.00%, 12/15/2022(c) |
|
|
479,000 |
|
|
|
386,793 |
|
|
| Integrated Telecommunication Services–2.79% |
|
|
|
|
| CenturyLink, Inc., Series Y, Sr. Unsec. Global Notes,
7.50%, 04/01/2024 |
|
|
580,000 |
|
|
|
597,400 |
|
| Cequel Communications Holdings I, LLC/ Capital Corp.,
Sr. Sec. First Lien Notes, 7.75%, 07/15/2025(c) |
|
|
200,000 |
|
|
|
214,500 |
|
| Cincinnati Bell Inc., Sr. Unsec. Gtd. Notes, 7.00%,
07/15/2024(c) |
|
|
417,000 |
|
|
|
438,371 |
|
| Frontier Communications Corp., Sr. Unsec. Global Notes,
8.88%, 09/15/2020 |
|
|
130,000 |
|
|
|
135,850 |
|
| 10.50%,
09/15/2022 |
|
|
320,000 |
|
|
|
330,800 |
|
| 11.00%,
09/15/2025 |
|
|
510,000 |
|
|
|
513,825 |
|
See accompanying notes which are an
integral part of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
| Integrated Telecommunication Services–(continued) |
|
|
|
|
| GCI, Inc., Sr. Unsec. Global Notes, 6.88%,
04/15/2025 |
|
$ |
435,000 |
|
|
$ |
435,000 |
|
| Telecom Italia S.p.A. (Italy), Sr. Unsec. Notes, 5.30%,
05/30/2024(c) |
|
|
909,000 |
|
|
|
898,774 |
|
| |
|
|
|
3,564,520 |
|
|
|
| Internet Software & Services–1.87% |
|
|
|
|
|
|
|
|
| CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd.
Global Notes, 6.38%, 11/15/2022 |
|
|
1,049,000 |
|
|
|
1,106,695 |
|
| Equinix Inc., Sr. Unsec. Notes, 5.88%,
01/15/2026 |
|
|
1,036,000 |
|
|
|
1,074,850 |
|
| Match Group, Inc., Sr. Unsec. Global Notes, 6.38%,
06/01/2024 |
|
|
198,000 |
|
|
|
210,375 |
|
| |
|
|
|
2,391,920 |
|
|
|
|
| Leisure Facilities–0.24% |
|
|
|
|
|
|
|
|
|
|
|
| Cedar Fair L.P./Canada’s Wonderland Co./Magnum
Management Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 06/01/2024 |
|
|
295,000 |
|
|
|
308,275 |
|
|
|
|
| Leisure Products–0.83% |
|
|
|
|
|
|
|
|
|
|
|
| Vista Outdoor Inc., Sr. Unsec. Gtd. Global Notes, 5.88%,
10/01/2023 |
|
|
1,021,000 |
|
|
|
1,066,945 |
|
|
|
|
| Managed Health Care–0.64% |
|
|
|
|
|
|
|
|
|
|
|
| Centene Corp., Sr. Unsec. Notes, 4.75%, 05/15/2022 |
|
|
270,000 |
|
|
|
267,975 |
|
| 4.75%,
01/15/2025 |
|
|
306,000 |
|
|
|
294,525 |
|
| Molina Healthcare, Inc., Sr. Unsec. Gtd. Global Notes,
5.38%, 11/15/2022 |
|
|
250,000 |
|
|
|
251,563 |
|
| |
|
|
|
814,063 |
|
|
|
|
| Marine–0.87% |
|
|
|
|
|
|
|
|
|
|
|
| Navios Maritime Acquisition Corp./Navios Acquisition
Finance U.S. Inc., Sr. Sec. Gtd. First Lien Mortgage Notes, 8.13%, 11/15/2021 (Acquired 10/29/2013-07/16/2015; Cost $1,373,296)(c) |
|
|
1,359,000 |
|
|
|
1,119,476 |
|
|
|
| Metal & Glass Containers–0.95% |
|
|
|
|
|
|
|
|
| Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc
(Ireland), Sr. Unsec. Gtd. Notes, 7.25%, 05/15/2024(c) |
|
|
335,000 |
|
|
|
351,750 |
|
| Berry Plastics Corp., Sec. Gtd. Second Lien Global
Notes, 6.00%, 10/15/2022 |
|
|
333,000 |
|
|
|
351,315 |
|
| Sec. Gtd. Second Lien Notes,
5.50%, 05/15/2022 |
|
|
494,000 |
|
|
|
514,377 |
|
| |
|
|
|
1,217,442 |
|
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
|
|
| Movies & Entertainment–0.66% |
|
|
|
|
|
|
|
|
|
|
|
| AMC Entertainment Holdings, Inc., Sr. Unsec. Gtd. Sub.
Global Notes, 5.75%, 06/15/2025 |
|
$ |
380,000 |
|
|
$ |
384,750 |
|
| LG FinanceCo Corp., Sr. Unsec. Notes, 5.88%, 11/01/2024(c) |
|
|
457,000 |
|
|
|
454,715 |
|
| |
|
|
|
839,465 |
|
|
|
|
| Oil & Gas Drilling–0.69% |
|
|
|
|
|
|
|
|
|
|
|
| Ensco PLC, Sr. Unsec. Global Notes, 4.50%,
10/01/2024 |
|
|
560,000 |
|
|
|
456,400 |
|
| Precision Drilling Corp. (Canada), Sr. Unsec. Gtd.
Global Notes, 5.25%, 11/15/2024 |
|
|
372,000 |
|
|
|
334,800 |
|
| Sr. Unsec. Gtd. Notes,
7.75%,
12/15/2023(c) |
|
|
92,000 |
|
|
|
93,380 |
|
| |
|
|
|
884,580 |
|
|
| Oil & Gas Equipment & Services–0.45% |
|
|
|
|
| SESI, L.L.C., Sr. Unsec. Gtd. Global Notes, 7.13%,
12/15/2021 |
|
|
301,000 |
|
|
|
296,485 |
|
| Weatherford International Ltd., Sr. Unsec. Gtd. Notes,
6.50%, 08/01/2036 |
|
|
366,000 |
|
|
|
279,990 |
|
| |
|
|
|
576,475 |
|
|
| Oil & Gas Exploration & Production–11.12% |
|
|
|
|
| Antero Midstream Partners LP/Antero Midstream Finance
Corp., Sr. Unsec. Gtd. Notes, 5.38%, 09/15/2024(c) |
|
|
455,000 |
|
|
|
466,375 |
|
| Antero Resources Corp., Sr. Unsec. Gtd. Global
Notes,
5.38%, 11/01/2021 |
|
|
326,000 |
|
|
|
337,817 |
|
| 5.63%,
06/01/2023 |
|
|
1,034,000 |
|
|
|
1,059,850 |
|
| Callon Petroleum Co., Sr. Unsec. Gtd. Notes, 6.13%,
10/01/2024(c) |
|
|
325,000 |
|
|
|
335,969 |
|
| Concho Resources Inc., Sr. Unsec. Gtd. Global
Notes,
5.50%, 10/01/2022 |
|
|
368,000 |
|
|
|
380,880 |
|
| 5.50%,
04/01/2023 |
|
|
789,000 |
|
|
|
816,615 |
|
| Continental Resources Inc., Sr. Unsec. Gtd. Global
Notes, 5.00%, 09/15/2022 |
|
|
876,000 |
|
|
|
879,285 |
|
| Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes,
5.50%, 05/01/2022 |
|
|
314,000 |
|
|
|
259,050 |
|
| Gulfport Energy Corp., Sr. Unsec. Gtd. Notes, 6.00%,
10/15/2024(c) |
|
|
488,000 |
|
|
|
498,980 |
|
| Newfield Exploration Co., Sr. Unsec. Global Notes,
5.63%, 07/01/2024 |
|
|
1,146,000 |
|
|
|
1,190,407 |
|
| Oasis Petroleum Inc., Sr. Unsec. Gtd. Global
Notes,
6.88%, 01/15/2023 |
|
|
641,000 |
|
|
|
660,230 |
|
| Sr. Unsec. Gtd. Notes,
6.50%, 11/01/2021 |
|
|
173,000 |
|
|
|
175,595 |
|
See accompanying notes which are an
integral part of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
| Oil & Gas Exploration & Production–(continued) |
|
|
|
|
| Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec.
Gtd. Notes, 6.25%, 06/01/2024(c) |
|
$ |
687,000 |
|
|
$ |
717,915 |
|
| QEP Resources, Inc., Sr. Unsec. Notes, 6.88%,
03/01/2021 |
|
|
724,000 |
|
|
|
751,150 |
|
| Range Resources Corp., Sr. Unsec. Gtd. Notes, 5.00%, 08/15/2022(c) |
|
|
225,000 |
|
|
|
218,813 |
|
| 5.00%,
03/15/2023(c) |
|
|
1,053,000 |
|
|
|
1,005,615 |
|
| Rice Energy Inc., Sr. Unsec. Gtd. Global Notes, 6.25%,
05/01/2022 |
|
|
626,000 |
|
|
|
636,955 |
|
| RSP Permian, Inc., Sr. Unsec. Gtd. Global Notes, 6.63%,
10/01/2022 |
|
|
666,000 |
|
|
|
702,630 |
|
| SM Energy Co., Sr. Unsec. Global Notes,
6.13%, 11/15/2022 |
|
|
172,000 |
|
|
|
174,580 |
|
| 6.50%,
01/01/2023 |
|
|
300,000 |
|
|
|
306,000 |
|
| Southwestern Energy Co., Sr. Unsec. Global Notes, 4.10%,
03/15/2022 |
|
|
691,000 |
|
|
|
635,720 |
|
| Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes,
6.25%, 04/01/2023 |
|
|
782,000 |
|
|
|
772,225 |
|
| WPX Energy Inc., Sr. Unsec. Global Notes, 6.00%,
01/15/2022 |
|
|
1,220,000 |
|
|
|
1,250,500 |
|
| |
|
|
|
14,233,156 |
|
|
| Oil & Gas Refining & Marketing–0.53% |
|
|
|
|
| MPLX LP, Sr. Unsec. Gtd. Global Notes, 4.88%,
06/01/2025 |
|
|
665,000 |
|
|
|
672,066 |
|
|
| Oil & Gas Storage & Transportation–5.61% |
|
|
|
|
| Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes,
5.88%, 01/15/2024 |
|
|
1,274,000 |
|
|
|
1,315,405 |
|
| Holly Energy Partners L.P./Holly Energy Finance Corp.,
Sr. Unsec. Gtd. Notes, 6.00%, 08/01/2024(c) |
|
|
713,000 |
|
|
|
745,085 |
|
| Sabine Pass Liquefaction, LLC, Sr. Sec. First Lien
Global Notes, 5.63%, 04/15/2023 |
|
|
250,000 |
|
|
|
262,422 |
|
| 5.63%,
03/01/2025 |
|
|
1,009,000 |
|
|
|
1,052,513 |
|
| Sr. Sec. Notes,
5.00%,
03/15/2027(c) |
|
|
330,000 |
|
|
|
326,287 |
|
| Targa Resources Partners L.P./Targa Resources Partners
Finance Corp., Sr. Unsec. Gtd. Global Bonds, 5.25%, 05/01/2023 |
|
|
266,000 |
|
|
|
266,665 |
|
| Sr. Unsec. Gtd. Notes,
5.13%,
02/01/2025(c) |
|
|
710,000 |
|
|
|
706,450 |
|
| Tesoro Logistics L.P./Tesoro Logistics Finance Corp.,
Sr. Unsec. Gtd. Global Notes, 6.13%, 10/15/2021 |
|
|
59,000 |
|
|
|
62,024 |
|
| 6.38%,
05/01/2024 |
|
|
1,721,000 |
|
|
|
1,865,134 |
|
| Sr. Unsec. Gtd. Notes,
5.25%, 01/15/2025 |
|
|
149,000 |
|
|
|
151,607 |
|
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
| Oil & Gas Storage & Transportation–(continued) |
|
|
|
|
| Willams Cos. Inc. (The), Sr. Unsec. Global Notes, 4.55%,
06/24/2024 |
|
$ |
431,000 |
|
|
$ |
424,062 |
|
| |
|
|
|
7,177,654 |
|
|
| Other Diversified Financial Services–0.43% |
|
|
|
|
| Lincoln Finance Ltd. (Netherlands), Sr. Sec. Gtd. First
Lien Notes, 7.38%, 04/15/2021(c) |
|
|
521,000 |
|
|
|
556,325 |
|
|
|
| Packaged Foods & Meats–1.55% |
|
|
|
|
|
|
|
|
| JBS Investments GmbH (Brazil), Sr. Unsec. Gtd. Notes,
7.25%, 04/03/2024(c) |
|
|
355,000 |
|
|
|
359,881 |
|
| REGS, Sr. Unsec. Gtd. Euro Notes,
7.25%,
04/03/2024(c) |
|
|
205,000 |
|
|
|
206,794 |
|
| JBS USA LLC/JBS USA Finance Inc. (Brazil), Sr. Unsec.
Gtd. Notes, 5.75%, 06/15/2025(c) |
|
|
176,000 |
|
|
|
173,140 |
|
| Lamb Weston Holdings Inc., Sr. Unsec. Gtd. Notes, 4.63%,
11/01/2024(c) |
|
|
412,000 |
|
|
|
413,030 |
|
| TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%,
02/15/2024(c) |
|
|
790,000 |
|
|
|
825,550 |
|
| |
|
|
|
1,978,395 |
|
|
|
|
| Paper Packaging–0.39% |
|
|
|
|
|
|
|
|
|
|
|
| Graphic Packaging International Inc., Sr. Unsec. Gtd.
Notes, 4.88%, 11/15/2022 |
|
|
477,000 |
|
|
|
492,503 |
|
|
|
|
| Paper Products–0.87% |
|
|
|
|
|
|
|
|
|
|
|
| Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes,
4.50%, 02/01/2023 |
|
|
479,000 |
|
|
|
471,216 |
|
| PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes, 5.38%,
10/15/2020 |
|
|
631,000 |
|
|
|
644,409 |
|
| |
|
|
|
1,115,625 |
|
|
|
|
| Pharmaceuticals–1.86% |
|
|
|
|
|
|
|
|
|
|
|
| Concordia International Corp. (Canada), Sr. Sec. Gtd.
First Lien Notes,
9.00%, 04/01/2022(c) |
|
|
27,000 |
|
|
|
24,975 |
|
| Sr. Unsec. Notes,
7.00%,
04/15/2023(c) |
|
|
946,000 |
|
|
|
364,210 |
|
| Endo Ltd./Endo Finance LLC/Endo Finco Inc., Sr. Unsec.
Gtd. Notes,
6.00%, 07/15/2023(c) |
|
|
275,000 |
|
|
|
246,125 |
|
| Valeant Pharmaceuticals International, Inc., Sr. Unsec.
Gtd. Notes,
5.50%, 03/01/2023(c) |
|
|
469,000 |
|
|
|
348,232 |
|
| 5.63%,
12/01/2021(c) |
|
|
1,136,000 |
|
|
|
886,080 |
|
| 5.88%,
05/15/2023(c) |
|
|
227,000 |
|
|
|
170,250 |
|
| 6.13%,
04/15/2025(c) |
|
|
400,000 |
|
|
|
298,000 |
|
| REGS, Sr. Unsec. Gtd. Euro Notes,
6.13%,
04/15/2025(c) |
|
|
50,000 |
|
|
|
37,125 |
|
| |
|
|
|
2,374,997 |
|
See accompanying notes which are an
integral part of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
|
|
| Restaurants–0.67% |
|
|
|
|
|
|
|
|
|
|
|
| Brinker International Inc., Sr. Unsec. Gtd. Notes,
5.00%, 10/01/2024(c) |
|
$ |
348,000 |
|
|
$ |
347,049 |
|
| Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien
Global Notes, 8.00%, 05/01/2022 |
|
|
465,000 |
|
|
|
505,687 |
|
| |
|
|
|
852,736 |
|
|
|
|
| Semiconductors–1.88% |
|
|
|
|
|
|
|
|
|
|
|
| Micron Technology, Inc., Sr. Unsec. Global
Notes,
5.50%, 02/01/2025 |
|
|
519,000 |
|
|
|
513,810 |
|
| Sr. Unsec. Notes,
5.25%, 08/01/2023(c) |
|
|
1,050,000 |
|
|
|
1,042,125 |
|
| 5.25%,
01/15/2024(c) |
|
|
410,000 |
|
|
|
403,337 |
|
| NXP B.V./NXP Funding LLC (Netherlands), Sr. Unsec. Gtd.
Notes, 5.75%, 03/15/2023(c) |
|
|
420,000 |
|
|
|
444,019 |
|
| |
|
|
|
2,403,291 |
|
|
|
| Specialized Consumer Services–1.01% |
|
|
|
|
|
|
|
|
| ServiceMaster Co., LLC (The), Sr. Unsec. Gtd.
Notes,
5.13%, 11/15/2024(c) |
|
|
274,000 |
|
|
|
275,370 |
|
| Sr. Unsec. Notes,
7.45%, 08/15/2027 |
|
|
992,000 |
|
|
|
1,021,760 |
|
| |
|
|
|
1,297,130 |
|
|
|
|
| Specialized Finance–5.36% |
|
|
|
|
|
|
|
|
|
|
|
| AerCap Global Aviation Trust (Netherlands), Jr. Unsec.
Gtd. Sub. Notes, 6.50%, 06/15/2045(c) |
|
|
930,000 |
|
|
|
925,350 |
|
| Aircastle Ltd., Sr. Unsec. Notes,
5.00%, 04/01/2023 |
|
|
840,000 |
|
|
|
850,500 |
|
| 5.50%,
02/15/2022 |
|
|
1,093,000 |
|
|
|
1,155,847 |
|
| CIT Group Inc., Sr. Unsec. Global Notes,
5.00%, 08/15/2022 |
|
|
1,500,000 |
|
|
|
1,565,625 |
|
| 5.00%,
08/01/2023 |
|
|
415,000 |
|
|
|
430,563 |
|
| Fly Leasing Ltd. (Ireland), Sr. Unsec. Global Notes,
6.75%, 12/15/2020 |
|
|
1,022,000 |
|
|
|
1,067,990 |
|
| MSCI Inc., Sr. Unsec. Gtd. Notes., 5.25%, 11/15/2024(c) |
|
|
830,000 |
|
|
|
861,125 |
|
| |
|
|
|
6,857,000 |
|
|
|
|
| Specialized REIT’s–0.81% |
|
|
|
|
|
|
|
|
|
|
|
| GLP Capital LP/GLP Financing II Inc., Sr. Unsec. Gtd.
Notes,
5.38%, 04/15/2026 |
|
|
535,000 |
|
|
|
548,375 |
|
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
|
|
| Specialized REIT’s–(continued) |
|
|
|
|
|
|
|
|
|
|
|
| Rayonier A.M. Products Inc., Sr. Unsec. Gtd. Notes,
5.50%, 06/01/2024(c) |
|
$ |
527,000 |
|
|
$ |
486,816 |
|
| |
|
|
|
1,035,191 |
|
|
|
|
| Specialty Chemicals–3.00% |
|
|
|
|
|
|
|
|
|
|
|
| Ashland LLC, Sr. Unsec. Gtd. Global Notes, 4.75%,
08/15/2022 |
|
|
425,000 |
|
|
|
438,813 |
|
| Axalta Coating Systems, LLC, Sr. Unsec. Gtd.
Notes, 4.88%, 08/15/2024(c) |
|
|
472,000 |
|
|
|
472,000 |
|
| GCP Applied Technologies Inc., Sr. Unsec. Gtd. Notes,
9.50%, 02/01/2023(c) |
|
|
630,000 |
|
|
|
718,987 |
|
| Kraton Polymers LLC/Kraton Polymers Capital Corp., Sr.
Unsec. Gtd. Notes, 10.50%, 04/15/2023(c) |
|
|
623,000 |
|
|
|
697,760 |
|
| PolyOne Corp., Sr. Unsec. Global Notes, 5.25%,
03/15/2023 |
|
|
645,000 |
|
|
|
645,000 |
|
| PQ Corp., Sr. Sec. Gtd. First Lien Notes, 6.75%,
11/15/2022(c) |
|
|
448,000 |
|
|
|
475,440 |
|
| Valvoline Inc., Sr. Unsec. Gtd. Notes, 5.50%, 07/15/2024(c) |
|
|
380,000 |
|
|
|
394,250 |
|
| |
|
|
|
3,842,250 |
|
|
|
|
| Steel–1.31% |
|
|
|
|
|
|
|
|
|
|
|
| ArcelorMittal (Luxembourg), Sr. Unsec. Global
Bonds,
6.13%, 06/01/2025 |
|
|
419,000 |
|
|
|
457,757 |
|
| Sr. Unsec. Global Notes,
8.00%, 10/15/2039 |
|
|
139,000 |
|
|
|
148,661 |
|
| Steel Dynamics, Inc., Sr. Unsec. Notes, 5.00%,
12/15/2026(c) |
|
|
167,000 |
|
|
|
168,879 |
|
| United States Steel Corp., Sr. Sec. First Lien
Notes,
8.38%, 07/01/2021(c) |
|
|
394,000 |
|
|
|
439,803 |
|
| Sr. Unsec. Global Notes,
7.50%, 03/15/2022 |
|
|
445,000 |
|
|
|
457,237 |
|
| |
|
|
|
1,672,337 |
|
|
| Technology Hardware, Storage & Peripherals–2.65% |
|
|
|
|
| CommScope Technologies Finance LLC, Sr. Unsec. Gtd.
Notes,
6.00%, 06/15/2025(c) |
|
|
840,000 |
|
|
|
878,850 |
|
| Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr.
Unsec. Gtd. Notes, 7.13%, 06/15/2024(c) |
|
|
921,000 |
|
|
|
1,010,797 |
|
| Western Digital Corp., Sr. Sec. Gtd. First Lien Notes,
7.38%, 04/01/2023(c) |
|
|
975,000 |
|
|
|
1,055,133 |
|
| Sr. Unsec. Gtd. Notes,
10.50%,
04/01/2024(c) |
|
|
380,000 |
|
|
|
441,750 |
|
| |
|
|
|
3,386,530 |
|
See accompanying notes which are an
integral part of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
|
|
| Tobacco–0.28% |
|
|
|
|
|
|
|
|
|
|
|
| Alliance One International, Inc., Sr. Sec. Gtd. First
Lien Notes, 8.50%, 04/15/2021(c) |
|
$ |
349,000 |
|
|
$ |
353,363 |
|
|
| Trading Companies & Distributors–1.61% |
|
|
|
|
| Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr.
Unsec. Gtd. Notes, 5.13%, 06/01/2022(c) |
|
|
448,000 |
|
|
|
434,560 |
|
| BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%,
10/01/2024(c) |
|
|
332,000 |
|
|
|
334,490 |
|
| United Rentals North America, Inc., Sr. Unsec. Gtd.
Global Notes,
5.50%, 07/15/2025 |
|
|
469,000 |
|
|
|
474,863 |
|
| Sr. Unsec. Gtd. Notes,
5.50%, 05/15/2027 |
|
|
197,000 |
|
|
|
197,000 |
|
| 6.13%,
06/15/2023 |
|
|
581,000 |
|
|
|
617,312 |
|
| |
|
|
|
2,058,225 |
|
|
|
|
| Trucking–0.73% |
|
|
|
|
|
|
|
|
|
|
|
| Kenan Advantage Group Inc. (The), Sr. Unsec. Notes,
7.88%, 07/31/2023(c) |
|
|
982,000 |
|
|
|
940,265 |
|
|
| Wireless Telecommunication Services–7.88% |
|
|
|
|
| Altice Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd.
Notes,
7.75%, 05/15/2022(c) |
|
|
1,326,000 |
|
|
|
1,393,957 |
|
| REGS, Sr. Unsec. Gtd. Euro Notes,
7.75%, 05/15/2022(c) |
|
|
430,000 |
|
|
|
451,500 |
|
| Digicel Group Ltd. (Jamaica), Sr. Unsec.
Notes,
8.25%, 09/30/2020(c) |
|
|
225,000 |
|
|
|
189,000 |
|
| Digicel Ltd. (Jamaica), Sr. Unsec. Gtd. Notes,
6.75%,
03/01/2023(c) |
|
|
800,000 |
|
|
|
670,000 |
|
| SBA Communications Corp., Sr. Unsec. Notes, 4.88%,
09/01/2024(c) |
|
|
697,000 |
|
|
|
674,348 |
|
| Sprint Corp., Sr. Unsec. Gtd. Global Notes,
7.25%, 09/15/2021 |
|
|
816,000 |
|
|
|
838,440 |
|
| 7.88%,
09/15/2023 |
|
|
1,407,000 |
|
|
|
1,456,245 |
|
| T-Mobile USA,
Inc., Sr. Unsec. Gtd. Global Bonds,
6.50%, 01/15/2026 |
|
|
351,000 |
|
|
|
380,835 |
|
| 6.84%,
04/28/2023 |
|
|
443,000 |
|
|
|
471,795 |
|
| Sr. Unsec. Gtd. Global Notes,
6.38%, 03/01/2025 |
|
|
1,660,000 |
|
|
|
1,778,275 |
|
| 6.63%,
04/01/2023 |
|
|
405,000 |
|
|
|
429,806 |
|
| Sr. Unsec. Gtd. Notes,
6.00%, 04/15/2024 |
|
|
180,000 |
|
|
|
189,900 |
|
| Wind Acquisition Finance S.A. (Italy), Sec. Gtd. Second
Lien Notes,
7.38%, 04/23/2021(c) |
|
|
500,000 |
|
|
|
513,750 |
|
| Sr. Sec. Gtd. First Lien Notes,
4.75%, 07/15/2020(c) |
|
|
435,000 |
|
|
|
439,350 |
|
| REGS, Sr. Sec. Gtd. First Lien Euro Notes, 6.50%, 04/30/2020(c) |
|
|
200,000 |
|
|
|
208,820 |
|
| |
|
|
|
10,086,021 |
|
| Total U.S. Dollar Denominated Bonds and
Notes
(Cost $163,940,274) |
|
|
|
164,797,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Principal
Amount |
|
|
Value |
|
|
| Non-U.S. Dollar Denominated Bonds &
Notes–1.32%(g) |
|
|
|
|
| Casinos & Gaming–0.09% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Snai S.p.A. (Italy), Sr. Sec. First Lien Bonds, 6.38%,
11/07/2021(c) |
|
|
EUR |
|
|
|
100,000 |
|
|
$ |
107,479 |
|
|
|
|
| Health Care Services–0.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Synlab Unsecured Bondco PLC (United Kingdom), REGS, Sr.
Unsec. Gtd. Euro Bonds, 8.25%, 07/01/2023(c) |
|
|
EUR |
|
|
|
115,000 |
|
|
|
131,474 |
|
|
| Hotels, Resorts & Cruise Lines–0.24% |
|
|
|
|
|
| Thomas Cook Finance PLC (United Kingdom), Sr. Unsec. Gtd.
Bonds, 6.75%, 06/15/2021(c) |
|
|
EUR |
|
|
|
278,000 |
|
|
|
308,626 |
|
|
|
|
| Leisure Facilities–0.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cirsa Funding Luxembourg S.A. (Spain), REGS, Sr. Unsec.
Gtd. Euro Notes, 5.88%, 05/15/2023(c) |
|
|
EUR |
|
|
|
200,000 |
|
|
|
217,687 |
|
|
| Other Diversified Financial Services–0.52% |
|
|
|
|
|
| eircom Finance DAC (Ireland), Sr. Sec. Gtd.
Bonds,
4.50%, 05/31/2022(c) |
|
|
EUR |
|
|
|
600,000 |
|
|
|
659,767 |
|
|
| Packaged Foods & Meats–0.20% |
|
|
|
|
|
| Moy Park (Bondco) PLC (United Kingdom), Sr. Unsec. Gtd.
Notes, 6.25%, 05/29/2021(c) |
|
|
GBP |
|
|
|
200,000 |
|
|
|
260,854 |
|
| Total
Non-U.S. Dollar Denominated Bonds & Notes
(Cost $1,757,351) |
|
|
|
1,685,887 |
|
|
| Variable Rate Senior Loan
Interests–0.24%(h) |
|
|
|
|
| Specialty Chemicals–0.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kraton Polymers LLC/Kraton Polymers Capital Corp. Term
Loan, -%, 01/06/2022
(Cost $303,935)(c)(i) |
|
|
|
|
|
$ |
305,000 |
|
|
|
307,335 |
|
|
|
|
|
| |
|
|
|
|
Shares |
|
|
|
|
|
|
|
| Money Market Funds–5.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Government & Agency Portfolio –
Institutional Class, 0.29% (j) |
|
|
|
|
|
|
4,389,980 |
|
|
|
4,389,980 |
|
| Treasury Portfolio – Institutional Class, 0.26% (j) |
|
|
|
|
|
|
2,926,653 |
|
|
|
2,926,653 |
|
| Total Money Market Funds
(Cost
$7,316,633) |
|
|
|
7,316,633 |
|
See accompanying notes which are an
integral part of this schedule.
Invesco High Income Trust II
|
|
|
|
|
|
|
| |
|
|
|
Value |
|
| TOTAL INVESTMENTS–136.06%
(Cost
$173,318,193) |
|
$ |
174,107,077 |
|
| OTHER ASSETS LESS
LIABILITIES–1.10% |
|
|
1,405,044 |
|
| BORROWINGS–(37.16)% |
|
|
(47,550,000) |
|
| NET ASSETS–100.00% |
|
$ |
127,962,121 |
|
Investment Abbreviations:
|
|
|
| EUR |
|
—Euro |
| GBP |
|
—British Pound |
| Gtd. |
|
—Guaranteed |
| Jr. |
|
—Junior |
| 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, 2016 was $72,924,804, which represented 56.99% of the Trust’s Net Assets. |
| (d) |
Perpetual bond with no specified maturity date. |
| (e) |
Acquired as part of the Sino-Forest Corp. reorganization. |
| (f) |
Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at November 30, 2016 represented less than 1% of the Trust’s Net Assets.
|
| (g) |
Foreign denominated security. Principal amount is denominated in the currency indicated. |
| (h) |
Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act, and may be subject to contractual and legal restrictions on sale. Senior secured corporate loans and senior
secured debt securities in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Inter-Bank Offered Rate (“LIBOR”), on set dates, typically every 30 days but not greater than one year; and/or
have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
| (i) |
This floating rate interest will settle after November 30, 2016 , at which time the interest rate will be determined. |
| (j) |
The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of November 30, 2016.
|
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, 2016
(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. 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.
Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote
provided by an independent pricing service. Evaluated 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 Adviser determines are significant and make the closing price unreliable, the Fund 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.
Invesco High Income Trust II
| A. |
Security Valuations – (Continued) |
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 Fund’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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
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
|
Invesco High Income Trust II
| E. |
Foreign Currency Translations – (Continued) |
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. |
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. |
| H. |
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 Fund’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 Fund. As a result, the Fund 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
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, 2016. 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 |
|
| U.S. Dollar Denominated Bonds and
Notes |
|
$ |
— |
|
|
$ |
164,797,216 |
|
|
$ |
6 |
|
|
$ |
164,797,222 |
|
|
Non-U.S. Dollar Denominated Bonds & Notes |
|
|
— |
|
|
|
1,685,887 |
|
|
|
— |
|
|
|
1,685,887 |
|
| Variable Rate Senior Loan Interests |
|
|
— |
|
|
|
307,335 |
|
|
|
— |
|
|
|
307,335 |
|
| Money Market Funds |
|
|
7,316,633 |
|
|
|
— |
|
|
|
— |
|
|
|
7,316,633 |
|
| |
|
|
7,316,633 |
|
|
|
166,790,438 |
|
|
|
6 |
|
|
|
174,107,077 |
|
| Forward Foreign Currency Contracts* |
|
|
— |
|
|
|
(3,671) |
|
|
|
— |
|
|
|
(3,671) |
|
| Total
Investments |
|
$ |
7,316,633 |
|
|
$ |
166,786,767 |
|
|
$ |
6 |
|
|
$ |
174,103,406 |
|
* Unrealized appreciation (depreciation).
NOTE 3 — Derivative Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Open Forward Foreign Currency Contracts |
|
Settlement
Date |
|
Counterparty |
|
Contract to |
|
|
Notional |
|
|
Unrealized
Appreciation |
|
| |
|
Deliver |
|
|
Receive |
|
|
Value |
|
|
(Depreciation) |
|
|
02/28/2017 |
|
Citigroup Global Markets Inc. |
|
GBP |
|
|
279,445 |
|
|
USD |
|
|
346,044 |
|
|
$ |
350,403 |
|
|
$ |
(4,359) |
|
|
02/28/2017 |
|
Goldman Sachs & Co. |
|
EUR |
|
|
1,573,900 |
|
|
USD |
|
|
1,676,597 |
|
|
|
1,675,909 |
|
|
|
688 |
|
| Total
Open Forward Foreign Currency Contracts—Currency Risk |
|
|
$ |
(3,671) |
|
|
|
|
|
|
|
|
|
| EUR — Euro |
|
GBP — British Pound Sterling |
|
USD — U.S. Dollar |
Invesco High Income Trust II
NOTE 4 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold
by the Trust during the nine months ended November 30, 2016 was $121,260,750 and $123,548,672, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal
income tax reporting period-end.
|
|
|
|
|
| Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis |
|
| Aggregate unrealized
appreciation of investment securities |
|
$ |
3,804,102 |
|
| Aggregate unrealized (depreciation) of investment
securities |
|
|
(3,667,578) |
|
| Net unrealized appreciation of investment
securities |
|
$ |
136,524 |
|
| Cost of investments for tax purposes is $173,970,553. |
|
|
|
|
Invesco High Income Trust II
| Item 2. |
Controls and Procedures. |
| |
(a) |
As of November 21, 2016, 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 November 21,
2016, 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. |
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 27, 2017 |
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 27, 2017 |
|
|
| By: |
|
/s/ Kelli K. Gallegos |
|
|
Kelli K. Gallegos |
|
|
Principal Financial Officer |
|
|
| Date: |
|
January 27, 2017 |
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.