Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
29 Gennaio 2025 - 7:33PM
Edgar (US Regulatory)
Schedule of Investments(a)
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U.S. Dollar Denominated Bonds & Notes–127.30%(b)
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Clear Channel Outdoor Holdings, Inc.,
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Aerospace & Defense–2.40%
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Alternative Carriers–0.52%
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Lumen Technologies, Inc.,
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Series P, 7.60%, 09/15/2039
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Series U, 7.65%, 03/15/2042
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Zayo Group Holdings, Inc.,
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Victoria’s Secret & Co., 4.63%,
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Application Software–1.75%
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Cloud Software Group, Inc.,
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Automobile Manufacturers–2.16%
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Allison Transmission, Inc., 3.75%,
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Automotive Parts & Equipment–4.56%
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Cougar JV Subsidiary LLC, 8.00%,
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NESCO Holdings II, Inc., 5.50%,
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Automotive Parts & Equipment–(continued)
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ZF North America Capital, Inc. (Germany),
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12.00% PIK Rate, 9.00% Cash Rate,
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13.00% PIK Rate, 11.00% Cash
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14.00% PIK Rate, 9.00% Cash Rate,
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Group 1 Automotive, Inc., 6.38%,
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LCM Investments Holdings II LLC,
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Velocity Vehicle Group LLC, 8.00%,
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AMC Networks, Inc., 10.25%,
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Sinclair Television Group, Inc., 4.13%,
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Univision Communications, Inc.,
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Macy’s Retail Holdings LLC,
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Rakuten Group, Inc. (Japan), 11.25%,
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Cornerstone Building Brands, Inc.,
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Park River Holdings, Inc., 6.75%,
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See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
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Altice Financing S.A. (Luxembourg),
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CCO Holdings LLC/CCO Holdings Capital
Corp.,
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DISH Network Corp., 11.75%,
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6.75% PIK Rate, 0.00% Cash Rate,
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Scripps Escrow, Inc., 5.88%,
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Codere Finance 2 (Luxembourg) S.A.
(Spain), 11.63% PIK Rate, 2.00%
Cash Rate, 11/30/2027(c)(d)
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Melco Resorts Finance Ltd. (Hong Kong),
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Mohegan Tribal Gaming Authority,
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Premier Entertainment Sub LLC/
Premier Entertainment Finance
Corp., 5.63%, 09/01/2029(c)
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Studio City Finance Ltd. (Macau),
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Commercial & Residential Mortgage Finance–1.04%
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Nationstar Mortgage Holdings, Inc.,
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Commodity Chemicals–1.18%
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Mativ Holdings, Inc., 8.00%,
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Construction Machinery & Heavy Transportation Equipment–
1.04%
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Northriver Midstream Finance L.P.
(Canada), 6.75%, 07/15/2032(c)
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First Quantum Minerals Ltd. (Zambia),
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Citigroup, Inc., Series CC, 7.13%(e)(f)
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Freedom Mortgage Corp., 12.00%,
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Diversified Chemicals–1.01%
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Celanese US Holdings LLC,
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Cerdia Finanz GmbH (Germany),
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SCIH Salt Holdings, Inc., 6.63%,
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Diversified Financial Services–5.67%
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AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland),
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Freedom Mortgage Holdings LLC,
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GGAM Finance Ltd. (Ireland), 6.88%,
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Jane Street Group/JSG Finance, Inc.,
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Jefferson Capital Holdings LLC,
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Provident Funding Associates L.P./PFG
Finance Corp., 9.75%,
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VistaJet Malta Finance PLC/Vista
Management Holding, Inc.
(Switzerland), 6.38%,
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Diversified Metals & Mining–0.78%
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Hudbay Minerals, Inc. (Canada),
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Vibrantz Technologies, Inc., 9.00%,
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See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
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Uniti Group L.P./Uniti Fiber Holdings,
Inc./CSL Capital LLC, 6.00%,
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Uniti Group L.P./Uniti Group Finance,
Inc./CSL Capital LLC,
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Diversified Support Services–0.83%
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Neptune Bidco US, Inc., 9.29%,
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Ritchie Bros. Holdings, Inc. (Canada),
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Brookfield Infrastructure Finance ULC
(Canada), 6.75%, 03/15/2055(e)
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California Buyer Ltd./Atlantica
Sustainable Infrastructure PLC
(Spain), 6.38%, 02/15/2032(c)
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Duke Energy Corp., 6.45%,
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Entergy Corp., 7.13%, 12/01/2054(e)
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Vistra Operations Co. LLC,
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Electrical Components & Equipment–1.34%
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EnerSys, 6.63%, 01/15/2032(c)
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Sensata Technologies, Inc.,
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Electronic Manufacturing Services–1.37%
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EMRLD Borrower L.P./Emerald
Co-Issuer, Inc., 6.63%,
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Environmental & Facilities Services–1.06%
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GFL Environmental, Inc., 3.50%,
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Wrangler Holdco Corp. (Canada),
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New Gold, Inc. (Canada), 7.50%,
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Health Care Facilities–1.48%
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LifePoint Health, Inc., 5.38%,
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Select Medical Corp., 6.25%,
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Tenet Healthcare Corp., 6.75%,
05/15/2031
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Diversified Healthcare Trust, 0.00%,
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MPT Operating Partnership L.P./MPT
Finance Corp., 3.50%,
03/15/2031
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Health Care Services–2.89%
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Catalent Pharma Solutions, Inc.,
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Community Health Systems, Inc.,
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Concentra Escrow Issuer Corp.,
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DaVita, Inc., 6.88%, 09/01/2032(c)
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Health Care Supplies–0.78%
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Medline Borrower L.P., 5.25%,
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Medline Borrower L.P./Medline
Co-Issuer, Inc., 6.25%,
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Health Care Technology–0.21%
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athenahealth Group, Inc., 6.50%,
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Home Improvement Retail–0.07%
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LBM Acquisition LLC, 6.25%,
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Hotel & Resort REITs–4.57%
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RHP Hotel Properties L.P./RHP Finance
Corp., 6.50%, 04/01/2032(c)
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Service Properties Trust,
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Hotels, Resorts & Cruise Lines–0.12%
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Housewares & Specialties–0.65%
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Independent Power Producers & Energy Traders–1.09%
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Vistra Corp., Series C, 8.88%(c)(e)(f)
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Industrial Machinery & Supplies & Components–2.50%
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Enpro, Inc., 5.75%, 10/15/2026
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See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
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Industrial Machinery & Supplies & Components–(continued)
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ESAB Corp., 6.25%, 04/15/2029(c)
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Roller Bearing Co. of America, Inc.,
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Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer,
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Jones Deslauriers Insurance
Management, Inc. (Canada),
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USI, Inc., 7.50%, 01/15/2032(c)
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Integrated Telecommunication Services–6.19%
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Altice France Holding S.A.
(Luxembourg), 6.00%,
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Altice France S.A. (France),
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Consolidated Communications, Inc.,
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Embarq Corp., 8.00%, 06/01/2036
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Iliad Holding S.A.S. (France),
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Telecom Italia Capital S.A. (Italy),
7.72%, 06/04/2038
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Windstream Services LLC/Windstream Escrow
Finance Corp.,
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Zegona Finance PLC (United Kingdom),
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Internet Services & Infrastructure–0.14%
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Investment Banking & Brokerage–2.14%
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Goldman Sachs Group, Inc. (The),
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Investment Banking & Brokerage–(continued)
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Icahn Enterprises L.P./Icahn Enterprises
Finance Corp.,
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Six Flags Entertainment Corp./Six Flags
Theme Parks, Inc., 6.63%,
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Marine Transportation–1.11%
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Stena International S.A. (Sweden),
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Metal, Glass & Plastic Containers–1.06%
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Clydesdale Acquisition Holdings, Inc.,
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Iris Holding, Inc., 10.00%,
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Blackstone Mortgage Trust, Inc.,
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Movies & Entertainment–0.80%
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AMC Entertainment Holdings, Inc.,
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Lions Gate Capital Holdings 1, Inc.,
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Lions Gate Capital Holdings LLC,
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Multi-line Insurance–1.06%
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Acrisure LLC/Acrisure Finance, Inc.,
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CenterPoint Energy, Inc., 6.70%,
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Office Properties Income Trust, 9.00%,
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Delek Logistics Partners L.P./Delek
Logistics Finance Corp., 7.13%,
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Summit Midstream Holdings LLC,
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See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
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Oil & Gas Drilling–(continued)
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Valaris Ltd., 8.38%, 04/30/2030(c)
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Oil & Gas Exploration & Production–2.16%
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Aethon United BR L.P./Aethon United
Finance Corp., 7.50%,
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Hilcorp Energy I L.P./Hilcorp Finance Co.,
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Oil & Gas Refining & Marketing–0.28%
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Oil & Gas Storage & Transportation–8.92%
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Genesis Energy L.P./Genesis Energy Finance
Corp.,
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Howard Midstream Energy
Partners LLC, 7.38%,
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Martin Midstream Partners L.P./Martin
Midstream Finance Corp., 11.50%,
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New Fortress Energy, Inc., 6.50%,
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NGL Energy Operating LLC/NGL Energy
Finance Corp.,
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Prairie Acquiror L.P., 9.00%,
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Tallgrass Energy Partners
L.P./Tallgrass Energy Finance Corp.,
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Venture Global LNG, Inc.,
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Other Specialized REITs–0.69%
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Other Specialty Retail–2.43%
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Michaels Cos., Inc. (The), 7.88%,
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Other Specialty Retail–(continued)
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PetSmart, Inc./PetSmart Finance Corp.,
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Staples, Inc., 10.75%, 09/01/2029(c)
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Packaged Foods & Meats–0.07%
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TKC Holdings, Inc., 10.50%,
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Paper & Plastic Packaging Products & Materials–1.24%
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Owens-Brockway Glass Container, Inc.,
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American Airlines, Inc./AAdvantage
Loyalty IP Ltd., 5.75%,
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JetBlue Airways Corp./JetBlue Loyalty
L.P., 9.88%, 09/20/2031(c)
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Passenger Ground Transportation–0.06%
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Hertz Corp. (The), 12.63%,
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Bausch Health Americas, Inc., 9.25%,
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Bausch Health Cos., Inc.,
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HLF Financing S.a.r.l. LLC/Herbalife
International, Inc., 12.25%,
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Par Pharmaceutical, Inc., 7.50%,
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Real Estate Development–0.20%
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Greystar Real Estate Partners LLC,
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Real Estate Services–0.08%
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Anywhere Real Estate Group LLC/
Anywhere Co-Issuer Corp., 7.00%,
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Global Atlantic (Fin) Co., 4.70%,
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Research & Consulting Services–1.03%
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Dun & Bradstreet Corp. (The), 5.00%,
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See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
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Security & Alarm Services–0.33%
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Allied Universal Holdco LLC/Allied
Universal Finance Corp., 6.00%,
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Single-Family Residential REITs–0.65%
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Ashton Woods USA LLC/Ashton Woods
Finance Co., 6.63%,
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|
Specialized Consumer Services–2.10%
|
Carriage Services, Inc., 4.25%,
|
|
|
|
Specialized Finance–0.36%
|
CD&R Smokey Buyer, Inc./Radio
Systems Corp., 9.50%,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
McAfee Corp., 7.38%, 02/15/2030(c)
|
|
|
|
Technology Hardware, Storage & Peripherals–0.75%
|
Seagate HDD Cayman, 9.63%,
12/01/2032
|
|
|
|
Xerox Holdings Corp., 5.50%,
|
|
|
|
|
|
|
|
|
|
|
FXI Holdings, Inc., 12.25%,
|
|
|
|
Trading Companies & Distributors–6.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircastle Ltd., 5.25%(c)(e)(f)
|
|
|
|
BlueLinx Holdings, Inc., 6.00%,
|
|
|
|
Fortress Transportation and Infrastructure
Investors LLC,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services–1.75%
|
VMED O2 UK Financing I PLC (United
Kingdom), 4.75%, 07/15/2031(c)
|
|
|
|
Vodafone Group PLC (United Kingdom),
|
|
|
|
|
|
|
|
|
Total U.S. Dollar Denominated Bonds & Notes
(Cost $94,312,166)
|
|
|
|
|
|
Variable Rate Senior Loan Interests–7.88%(j)(k)
|
|
|
Clear Channel Outdoor Holdings, Inc.,
Term Loan B, 8.69% (1 mo. Term
SOFR + 4.00%), 08/23/2028
|
|
|
|
|
|
CSC Holdings LLC, Term Loan, 7.17%
(6 mo. USD LIBOR + 2.50%),
04/15/2027
|
|
|
|
|
|
Scientific Games Holdings L.P., Term
Loan B, 7.59% (3 mo. Term SOFR +
3.00%), 04/04/2029
|
|
|
|
Commodity Chemicals–0.21%
|
Mativ Holdings, Inc., Term Loan B,
8.44% (1 mo. Term SOFR +
3.86%), 04/20/2028
|
|
|
|
Health Care Services–0.21%
|
Concentra Health Services, Term Loan
B, 6.82% (1 mo. Term SOFR +
|
|
|
|
Health Care Supplies–0.63%
|
Mozart Debt Merger Sub, Inc. (Medline
Industries), Term Loan B, 6.86% (3
mo. Term SOFR + 2.25%),
10/23/2028
|
|
|
|
Hotels, Resorts & Cruise Lines–1.30%
|
Carnival Corp., Term Loan B, 7.32% (1
mo. Term SOFR + 2.75%),
10/18/2028
|
|
|
|
IRB Holding Corp., Term Loan B, 7.42%
(1 mo. Term SOFR + 2.85%),
12/15/2027
|
|
|
|
|
|
|
|
|
Integrated Telecommunication Services–0.12%
|
CommScope, Inc., Term Loan, 7.94%
(1 mo. Term SOFR + 3.36%),
04/06/2026 (Acquired
08/28/2024; Cost $91,178)(l)
|
|
|
|
Life Sciences Tools & Services–0.69%
|
Syneos Health, Inc., Term Loan, 8.35%
(3 mo. Term SOFR + 3.75%),
09/27/2030
|
|
|
|
Oil & Gas Exploration & Production–0.72%
|
Prairie ECI Acquiror L.P., Term Loan
B-2, 9.32% (1 mo. Term SOFR +
4.75%), 08/01/2029
|
|
|
|
|
|
Endo Finance Holdings, Inc., Term Loan
B, 8.57% (3 mo. Term SOFR +
4.00%), 04/23/2031
|
|
|
|
Real Estate Development–0.49%
|
Greystar Real Estate Partners LLC,
Term Loan B, 7.34% (1 mo. Term
SOFR + 2.75%), 08/21/2030
|
|
|
|
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
|
|
|
|
Real Estate Services–0.71%
|
Cushman & Wakefield U.S. Borrower
LLC, Term Loan, 7.82% (1 mo. Term
SOFR + 3.25%), 01/31/2030
|
|
|
|
|
|
Camelot US Acquisition LLC, Term Loan,
7.32% (1 mo. Term SOFR +
2.75%), 01/31/2031
|
|
|
|
Total Variable Rate Senior Loan Interests
(Cost $5,899,810)
|
|
Non-U.S. Dollar Denominated Bonds & Notes–2.67%(m)
|
|
|
Americanas S.A. (Brazil), 8.35%,
|
|
|
|
|
|
Codere Finance 2 (Luxembourg) S.A.
(Spain), 3.00% PIK Rate, 8.00%
Cash Rate, 09/30/2026(c)(d)
|
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria S.A.
|
|
|
|
Cooperatieve Rabobank U.A.
(Netherlands), 4.38%(c)(e)(f)
|
|
|
|
Lloyds Banking Group PLC (United
|
|
|
|
|
|
|
|
|
Diversified Capital Markets–0.31%
|
Deutsche Bank AG (Germany),
|
|
|
|
|
|
MPT Operating Partnership L.P./MPT
Finance Corp., 3.33%,
03/24/2025
|
|
|
|
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $1,943,289)
|
|
|
|
|
|
Common Stocks & Other Equity Interests–0.30%
|
|
|
Americanas S.A. (Brazil)(n)
|
|
|
Americanas S.A., Wts., expiring
|
|
|
|
|
|
|
|
|
|
Casino Guichard-Perrachon S.A. (France)(n)
|
|
|
Casino Guichard-Perrachon S.A., Wts.,
expiring 04/27/2029 (France)(n)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks & Other Equity Interests
(Cost $212,200)
|
|
|
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.57%(o)(p)
|
|
|
Invesco Treasury Portfolio, Institutional
|
|
|
Total Money Market Funds (Cost $256,434)
|
|
TOTAL INVESTMENTS IN SECURITIES–138.49%
(Cost $102,623,899)
|
|
|
|
|
OTHER ASSETS LESS LIABILITIES—2.00%
|
|
|
|
|
Investment Abbreviations:
|
|
|
|
|
|
|
|
– London Interbank Offered Rate
|
|
|
|
|
|
– Real Estate Investment Trust
|
|
|
– Secured Overnight Financing Rate
|
|
|
|
|
|
|
See accompanying notes which are an integral part of this schedule.
Invesco High Income Trust II
Notes to Schedule of Investments:
|
|
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.
|
|
|
Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.
|
|
|
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, 2024 was $80,052,964, which represented 106.11% of the Trust’s Net Assets.
|
|
|
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest
income in the form of securities.
|
|
|
Security issued at a fixed rate for a specific period of time, after which it will
convert to a variable rate.
|
|
|
Perpetual bond with no specified maturity date.
|
|
|
Zero coupon bond issued at a discount.
|
|
|
Interest rate is redetermined periodically based on the cash flows generated by the
pool of assets backing the security, less any applicable fees. The rate shown is
the rate in effect on November 30, 2024.
|
|
|
Security valued using significant unobservable inputs (Level 3). See Note 1.
|
|
|
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.
|
|
|
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.
|
|
|
Restricted security. The value of this security at November 30, 2024 represented less than 1% of the Trust’s Net Assets.
|
|
|
Foreign denominated security. Principal amount is denominated in the currency indicated.
|
|
|
Non-income producing security.
|
|
|
Affiliated holding. Affiliated holdings are investments in entities which are under
common ownership or control of Invesco Ltd. or are investments in entities in
which the Trust owns 5% or more of the outstanding voting securities. The table below shows the Trust’s transactions in, and earnings from, its investments in
affiliates for the nine months ended November 30, 2024.
|
|
|
|
|
|
Change in
Unrealized
Appreciation
|
|
|
|
Investments in Affiliated Money Market Funds:
|
|
|
|
|
|
|
|
Invesco Government & Agency Portfolio,
Institutional Class
|
|
|
|
|
|
|
|
Invesco Liquid Assets Portfolio, Institutional Class
|
|
|
|
|
|
|
|
Invesco Treasury Portfolio, Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The rate shown is the 7-day SEC standardized yield as of November 30, 2024.
|
Open Forward Foreign Currency Contracts
|
|
|
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Street Bank & Trust Co.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Forward Foreign Currency Contracts
|
|
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
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 significant events cause market movements to
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 November 30,
2024. 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.
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
U.S. Dollar Denominated Bonds & Notes
|
|
|
|
|
Variable Rate Senior Loan Interests
|
|
|
|
|
Non-U.S. Dollar Denominated Bonds & Notes
|
|
|
|
|
Common Stocks & Other Equity Interests
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities
|
|
|
|
|
Other Investments - Assets*
|
|
|
|
|
Forward Foreign Currency Contracts
|
|
|
|
|
Other Investments - Liabilities*
|
|
|
|
|
Forward Foreign Currency Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized appreciation (depreciation).
|
Invesco High Income Trust II
Grafico Azioni Invesco High Income Trus... (NYSE:VLT)
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Da Gen 2025 a Feb 2025
Grafico Azioni Invesco High Income Trus... (NYSE:VLT)
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