Consolidated Schedule of Investments
November 30, 2022
(Unaudited)
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
|
||||||||||||||||
Variable Rate Senior Loan Interests101.97%(b)(c)(d) |
||||||||||||||||
Aerospace & Defense6.47% |
||||||||||||||||
Brown Group Holding LLC, Incremental Term Loan B-2 (3 mo. SOFR + 3.75%) |
7.84% | 07/01/2029 | $ 1,195 | $ | 1,189,320 | |||||||||||
|
||||||||||||||||
FDH Group Acquisition, Inc., Term Loan A (3 mo. SOFR + 7.00%)(e)(f) |
10.75% | 04/01/2024 | 22,660 | 22,251,991 | ||||||||||||
|
||||||||||||||||
IAP Worldwide Services, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) (Acquired 07/22/2014-08/18/2014; Cost $1,551,308)(f)(g) |
10.17% | 07/18/2023 | 1,562 | 1,562,268 | ||||||||||||
|
||||||||||||||||
NAC Aviation 8 Ltd. (Ireland) |
||||||||||||||||
Revolver Loan(f)(h) |
0.00% | 12/31/2026 | 1,643 | 1,642,458 | ||||||||||||
|
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 4.11%)(f) |
7.86% | 12/31/2026 | 1,713 | 1,096,535 | ||||||||||||
|
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 4.11%)(f) |
7.86% | 12/31/2026 | 1,750 | 1,120,183 | ||||||||||||
|
||||||||||||||||
28,862,755 | ||||||||||||||||
|
||||||||||||||||
Air Transport4.95% |
||||||||||||||||
PrimeFlight Aviation Services, Inc. |
||||||||||||||||
Delayed Draw Term Loan (3 mo. SOFR + 6.25%)(e)(f) |
9.90% | 05/09/2024 | 3,170 | 3,169,957 | ||||||||||||
|
||||||||||||||||
Incremental Delayed Draw Term Loan (3 mo. SOFR + 6.25%)(e)(f) |
9.90% | 05/09/2024 | 9,394 | 9,394,632 | ||||||||||||
|
||||||||||||||||
Term Loan (3 mo. SOFR + 6.25%)(e)(f) |
9.92% | 05/09/2024 | 9,512 | 9,511,705 | ||||||||||||
|
||||||||||||||||
22,076,294 | ||||||||||||||||
|
||||||||||||||||
Automotive7.06% |
||||||||||||||||
BCA Marketplace (United Kingdom) |
||||||||||||||||
Second Lien Term Loan B (6 mo. SONIA + 7.50%) |
9.19% | 07/27/2029 | GBP | 4,668 | 2,409,955 | |||||||||||
|
||||||||||||||||
Term Loan B (6 mo. SONIA + 4.75%) |
5.94% | 07/28/2028 | GBP | 1,054 | 882,797 | |||||||||||
|
||||||||||||||||
Muth Mirror Systems LLC |
||||||||||||||||
Revolver Loan (1 mo. USD LIBOR + 6.75%)(e)(f) |
10.39% | 04/23/2025 | 252 | 237,491 | ||||||||||||
|
||||||||||||||||
Revolver Loan(f)(h) |
0.00% | 04/23/2025 | 1,426 | 1,345,785 | ||||||||||||
|
||||||||||||||||
Term Loan (3 mo. USD LIBOR + 6.75%)(e)(f) |
10.07% | 04/23/2025 | 19,014 | 17,949,407 | ||||||||||||
|
||||||||||||||||
Transtar Industries, Inc., Term Loan A (3 mo. USD LIBOR + 7.00%)(e)(f) |
11.73% | 01/22/2027 | 8,633 | 8,675,841 | ||||||||||||
|
||||||||||||||||
31,501,276 | ||||||||||||||||
|
||||||||||||||||
Beverage & Tobacco1.19% |
||||||||||||||||
AI Aqua Merger Sub, Inc., Incremental Term Loan (i) |
| 07/30/2028 | 4,392 | 4,179,995 | ||||||||||||
|
||||||||||||||||
City Brewing Co. LLC, Term Loan B (1 mo. USD LIBOR + 3.50%) |
7.38% | 03/31/2028 | 1,823 | 1,148,258 | ||||||||||||
|
||||||||||||||||
5,328,253 | ||||||||||||||||
|
||||||||||||||||
Building & Development1.13% |
||||||||||||||||
CRH Europe Distribution (Netherlands), Term Loan A (3 mo. EURIBOR + 4.25%) |
5.86% | 11/29/2025 | EUR | 773 | 753,099 | |||||||||||
|
||||||||||||||||
Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%) |
8.88% | 04/01/2028 | 537 | 407,649 | ||||||||||||
|
||||||||||||||||
LBM Holdings LLC, Term Loan (1 mo. USD LIBOR + 3.75%) |
7.12% | 12/17/2027 | 4 | 3,881 | ||||||||||||
|
||||||||||||||||
LHS Borrow LLC (Leaf Home Solutions), Term Loan B (1 mo. SOFR + 4.75%) |
8.94% | 02/16/2029 | 2,109 | 1,713,499 | ||||||||||||
|
||||||||||||||||
Mayfair Mall LLC, Term Loan (1 mo. USD LIBOR + 3.25%)(f) |
7.09% | 04/20/2023 | 1,011 | 919,808 | ||||||||||||
|
||||||||||||||||
Modulaire (BCP-V Modular/Algeco) (United Kingdom), Term Loan B (3 mo. EURIBOR + 4.50%) |
5.69% | 12/15/2028 | EUR | 1,294 | 1,254,842 | |||||||||||
|
||||||||||||||||
5,052,778 | ||||||||||||||||
|
||||||||||||||||
Business Equipment & Services15.31% |
||||||||||||||||
Allied Universal Holdco LLC, Term Loan B (3 mo. EURIBOR + 3.75%) |
5.24% | 05/12/2028 | EUR | 95 | 93,131 | |||||||||||
|
||||||||||||||||
Blackhawk Network Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%) |
10.94% | 06/15/2026 | 384 | 353,461 | ||||||||||||
|
||||||||||||||||
Checkout Holding Corp. |
||||||||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 02/15/2019; Cost $274,237)(g) |
11.57% | 02/15/2023 | 274 | 222,246 | ||||||||||||
|
||||||||||||||||
Term Loan (3 mo. USD LIBOR + 1.00%) (Acquired 03/28/2022-11/30/2022; Cost $26,585)(g) |
3.37% | 08/15/2023 | 27 | 7,122 | ||||||||||||
|
||||||||||||||||
Constant Contact, Second Lien Term Loan (3 mo. USD LIBOR + 7.50%) |
11.41% | 02/15/2029 | 1,085 | 835,171 | ||||||||||||
|
||||||||||||||||
CRCI Longhorn Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.25%) |
11.32% | 08/08/2026 | 86 | 80,630 | ||||||||||||
|
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||
|
||||||||||||
Business Equipment & Services(continued) |
||||||||||||
CV Intermediate Holdco Corp. (Class Valuation) |
||||||||||||
Delayed Draw Term Loan (1 mo. SOFR + 6.25%)(e)(f) |
10.15% | 03/31/2026 | $ 8,146 | $ | 7,918,072 | |||||||
|
||||||||||||
Revolver Loan (1 mo. SOFR + 6.25%)(e)(f) |
10.44% | 03/31/2026 | 442 | 429,233 | ||||||||
|
||||||||||||
Revolver Loan(f)(h) |
0.00% | 03/31/2026 | 820 | 797,147 | ||||||||
|
||||||||||||
Term Loan B (1 mo. USD LIBOR + 6.25%)(e)(f) |
10.44% | 03/31/2026 | 8,389 | 8,153,891 | ||||||||
|
||||||||||||
Dun & Bradstreet Corp. (The), Revolver Loan(f)(h) |
0.00% | 09/11/2025 | 3,814 | 3,737,841 | ||||||||
|
||||||||||||
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B (3 mo. SONIA + 4.75%) |
7.80% | 06/23/2024 | GBP | 6,169 | 6,878,088 | |||||||
|
||||||||||||
Lamark Media Group LLC |
||||||||||||
Delayed Draw Term Loan(e)(f)(h) |
0.00% | 10/14/2027 | 1,528 | 1,500,432 | ||||||||
|
||||||||||||
Revolver Loan (3 mo. USD LIBOR + 5.75%)(e)(f) |
10.38% | 10/14/2027 | 458 | 450,129 | ||||||||
|
||||||||||||
Revolver Loan(f)(h) |
0.00% | 10/14/2027 | 560 | 550,159 | ||||||||
|
||||||||||||
Term Loan B (3 mo. USD LIBOR + 5.75%)(e)(f) |
8.63% | 10/14/2027 | 7,077 | 6,949,503 | ||||||||
|
||||||||||||
Monitronics International, Inc. |
||||||||||||
Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 08/30/2019-01/28/2021; Cost $7,559,470)(g) |
11.91% | 03/29/2024 | 7,880 | 5,243,612 | ||||||||
|
||||||||||||
Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 06/27/2019-04/27/2022; Cost $6,020,705)(f)(g) |
10.41% | 07/03/2024 | 6,013 | 5,712,463 | ||||||||
|
||||||||||||
NAS LLC (d.b.a. Nationwide Marketing Group) |
||||||||||||
Incremental Term Loan (1 mo. SOFR + 6.50%)(f) |
10.20% | 06/03/2024 | 2,794 | 2,762,855 | ||||||||
|
||||||||||||
Revolver Loan(f)(h) |
0.00% | 06/03/2024 | 736 | 727,521 | ||||||||
|
||||||||||||
Term Loan (1 mo. SOFR + 6.50%)(f) |
10.20% | 06/03/2024 | 8,920 | 8,821,923 | ||||||||
|
||||||||||||
Term Loan (1 mo. SOFR + 6.50%)(f) |
10.20% | 06/03/2024 | 1,695 | 1,675,922 | ||||||||
|
||||||||||||
Revolver Loan (1 mo. SOFR + 6.50%)(f) |
10.33% | 06/03/2024 | 184 | 181,880 | ||||||||
|
||||||||||||
Protect America |
||||||||||||
Revolver Loan (3 mo. USD LIBOR)(f) |
0.00% | 09/01/2024 | 1,838 | 1,736,532 | ||||||||
|
||||||||||||
Revolver Loan(f)(h) |
0.00% | 09/01/2024 | 101 | 95,726 | ||||||||
|
||||||||||||
Solera (Polaris Newco LLC), Term Loan B (1 mo. SONIA + 5.25%) |
8.18% | 06/05/2028 | GBP | 1,383 | 1,501,450 | |||||||
|
||||||||||||
UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 5.75%)(f) |
10.07% | 03/20/2027 | 942 | 899,546 | ||||||||
|
||||||||||||
Verra Mobility Corp., Term Loan B (1 mo. USD LIBOR + 3.25%) |
6.13% | 03/19/2028 | 2 | 2,528 | ||||||||
|
||||||||||||
68,318,214 | ||||||||||||
|
||||||||||||
Cable & Satellite Television4.46% |
||||||||||||
CSC Holdings LLC, Incremental Term Loan(i) |
| 01/15/2026 | 1 | 335 | ||||||||
|
||||||||||||
Lightning Finco Ltd. (LiveU) (United Kingdom) |
||||||||||||
Term Loan B-1 (3 mo. USD LIBOR + 5.75%)(f) |
10.53% | 09/01/2028 | 18,375 | 17,768,766 | ||||||||
|
||||||||||||
Term Loan B-2 (6 mo. USD LIBOR + 5.75%)(f) |
7.82% | 09/01/2028 | 2,227 | 2,140,426 | ||||||||
|
||||||||||||
19,909,527 | ||||||||||||
|
||||||||||||
Chemicals & Plastics1.67% |
||||||||||||
Colouroz Investment LLC (Germany) |
||||||||||||
PIK First Lien Term Loan B-2, 0.75% PIK Rate, 8.57% Cash Rate(j) |
0.75% | 09/21/2023 | 3 | 2,400 | ||||||||
|
||||||||||||
PIK First Lien Term Loan C, 0.75% PIK Rate, 8.57% Cash Rate(j) |
0.75% | 09/21/2023 | 180 | 133,875 | ||||||||
|
||||||||||||
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 8.57% Cash Rate(j) |
5.75% | 09/21/2024 | 32 | 22,742 | ||||||||
|
||||||||||||
Vertellus |
||||||||||||
Revolver Loan(f)(h) |
0.00% | 12/22/2025 | 696 | 668,318 | ||||||||
|
||||||||||||
Term Loan B (3 mo. SOFR + 5.75%)(f) |
9.89% | 12/22/2027 | 6,913 | 6,636,650 | ||||||||
|
||||||||||||
7,463,985 | ||||||||||||
|
||||||||||||
Clothing & Textiles0.05% |
||||||||||||
Gloves Buyer, Inc., Term Loan (1 mo. USD LIBOR + 4.00%) |
8.07% | 12/29/2027 | 87 | 79,487 | ||||||||
|
||||||||||||
International Textile Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 5.00%) |
8.74% | 05/01/2024 | 187 | 131,614 | ||||||||
|
||||||||||||
211,101 | ||||||||||||
|
||||||||||||
Conglomerates0.12% |
||||||||||||
Safe Fleet Holdings LLC |
||||||||||||
Incremental First Lien Term Loan (1 mo. SOFR + 5.00%)(f) |
9.12% | 02/23/2029 | 246 | 239,881 | ||||||||
|
||||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%) |
10.77% | 02/02/2026 | 297 | 272,398 | ||||||||
|
||||||||||||
512,279 | ||||||||||||
|
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
|
||||||||||||||||
Containers & Glass Products6.01% |
||||||||||||||||
Hoffmaster Group, Inc., First Lien Term Loan B-1 (1 mo. USD LIBOR + 4.00%) (Acquired 06/11/2018-03/10/2021; Cost $2,702,242)(g) |
7.67% | 11/21/2023 | $ 2,735 | $ | 2,496,322 | |||||||||||
|
||||||||||||||||
Keg Logistics LLC |
||||||||||||||||
Revolver Loan (1 mo. USD LIBOR + 6.00%)(e)(f) |
9.96% | 11/23/2027 | 683 | 664,681 | ||||||||||||
|
||||||||||||||||
Revolver Loan(f)(h) |
0.00% | 11/23/2027 | 1,179 | 1,147,017 | ||||||||||||
|
||||||||||||||||
Term Loan A (1 mo. USD LIBOR + 6.00%)(e)(f) |
10.70% | 11/23/2027 | 21,301 | 20,725,608 | ||||||||||||
|
||||||||||||||||
Keter Group B.V. (Netherlands), Term Loan B-1 (3 mo. EURIBOR + 4.25%) |
5.86% | 10/31/2023 | EUR | 1,763 | 1,380,046 | |||||||||||
|
||||||||||||||||
Mold-Rite Plastics LLC (Valcour Packaging LLC), Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(f) |
11.23% | 10/04/2029 | 123 | 101,757 | ||||||||||||
|
||||||||||||||||
Pretium Packaging, Second Lien Term Loan B (1 mo. USD LIBOR + 6.75%) |
10.49% | 10/01/2029 | 345 | 276,220 | ||||||||||||
|
||||||||||||||||
26,791,651 | ||||||||||||||||
|
||||||||||||||||
Cosmetics & Toiletries0.09% |
||||||||||||||||
Anastasia Parent LLC, Term Loan (3 mo. USD LIBOR + 3.75%) |
7.42% | 08/11/2025 | 550 | 411,268 | ||||||||||||
|
||||||||||||||||
Ecological Services & Equipment5.49% |
||||||||||||||||
Groundworks LLC |
||||||||||||||||
First Lien Delayed Draw Term Loan (1 mo. USD LIBOR + 5.00%)(e)(f) |
9.07% | 01/17/2026 | 5,753 | 5,637,685 | ||||||||||||
|
||||||||||||||||
First Lien Incremental Revover Loan(f)(h) |
0.00% | 01/17/2026 | 520 | 509,294 | ||||||||||||
|
||||||||||||||||
First Lien Incremental Term Loan (1 mo. USD LIBOR + 5.00%)(e)(f) |
9.07% | 01/17/2026 | 13,060 | 12,798,721 | ||||||||||||
|
||||||||||||||||
Second Lien Delayed Draw Term Loan (1 mo. USD LIBOR + 5.00%)(e)(f) |
9.07% | 01/17/2026 | 4,371 | 4,283,917 | ||||||||||||
|
||||||||||||||||
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 8.50%) |
13.43% | 11/02/2028 | 1,509 | 1,260,198 | ||||||||||||
|
||||||||||||||||
24,489,815 | ||||||||||||||||
|
||||||||||||||||
Electronics & Electrical4.86% |
||||||||||||||||
Boxer Parent Co., Inc., Term Loan B (3 mo. EURIBOR + 4.00%) |
5.49% | 10/02/2025 | EUR | 132 | 129,174 | |||||||||||
|
||||||||||||||||
Emerald Technologies AcquisitionCo, Inc., Term Loan B (1 mo. SOFR + 6.25%) |
10.44% | 12/29/2027 | 309 | 293,895 | ||||||||||||
|
||||||||||||||||
Imperva, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.75%) |
12.42% | 01/11/2027 | 1,502 | 1,165,659 | ||||||||||||
|
||||||||||||||||
Infinite Electronics, Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) |
10.67% | 03/02/2029 | 473 | 437,969 | ||||||||||||
|
||||||||||||||||
Learning Pool (Brook Bidco Ltd.) (United Kingdom) |
||||||||||||||||
Term Loan (3 mo. SONIA + 6.87%)(f) |
8.93% | 08/17/2028 | GBP | 479 | 571,364 | |||||||||||
|
||||||||||||||||
Term Loan 2 (3 mo. USD LIBOR + 6.00%)(f) |
11.06% | 08/17/2028 | 633 | 619,999 | ||||||||||||
|
||||||||||||||||
LogMeIn, Term Loan B (1 mo. USD LIBOR + 4.75%) |
8.77% | 08/28/2027 | 2,993 | 1,939,155 | ||||||||||||
|
||||||||||||||||
Mavenir Systems, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)(f) |
9.42% | 08/13/2028 | 2,213 | 1,814,301 | ||||||||||||
|
||||||||||||||||
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 6.25%) |
10.41% | 04/29/2026 | 3,573 | 3,337,829 | ||||||||||||
|
||||||||||||||||
Native Instruments (Germany), Term Loan (3 mo. EURIBOR + 6.00%)(f) |
6.78% | 03/03/2028 | EUR | 1,267 | 1,256,115 | |||||||||||
|
||||||||||||||||
Optiv, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) |
7.42% | 02/01/2024 | 2,245 | 2,177,453 | ||||||||||||
|
||||||||||||||||
Quest Software US Holdings, Inc., Second Lien Term Loan (1 mo. SOFR + 7.50%) |
11.59% | 01/20/2030 | 219 | 135,105 | ||||||||||||
|
||||||||||||||||
Riverbed Technology, Inc., PIK Term Loan, 2.00% PIK Rate, 12.54% Cash Rate |
2.00% | 12/08/2026 | 5,829 | 2,465,021 | ||||||||||||
|
||||||||||||||||
Sandvine Corp., Second Lien Term Loan (3 mo. USD LIBOR + 8.00%) |
11.67% | 11/02/2026 | 322 | 292,734 | ||||||||||||
|
||||||||||||||||
Utimaco (Germany) |
||||||||||||||||
Term Loan B-1 (1 mo. SOFR + 5.00%)(f) |
10.06% | 10/30/2028 | 1,645 | 1,597,765 | ||||||||||||
|
||||||||||||||||
Term Loan B-2 (3 mo. EURIBOR + 6.00%)(f) |
10.06% | 10/30/2028 | EUR | 2,932 | 2,983,766 | |||||||||||
|
||||||||||||||||
Veritas US, Inc., Term Loan B (1 mo. USD LIBOR + 5.00%) |
8.67% | 09/01/2025 | 617 | 448,426 | ||||||||||||
|
||||||||||||||||
21,665,730 | ||||||||||||||||
|
||||||||||||||||
Food Products7.22% |
||||||||||||||||
Biscuit Intl (Cookie Acq S.A.S., De Banketgroep Holding) (France), First Lien Term Loan (3 mo. EURIBOR + 4.00%) |
5.86% | 02/15/2027 | EUR | 4,013 | 2,737,084 | |||||||||||
|
||||||||||||||||
BrightPet (AMCP Pet Holdings, Inc.) |
||||||||||||||||
Incremental Term Loan B (3 mo. USD LIBOR + 6.25%)(e)(f) |
9.92% | 10/05/2026 | 4,249 | 4,143,067 | ||||||||||||
|
||||||||||||||||
Revolver Loan (6 mo. USD LIBOR + 6.25%)(f) |
10.84% | 10/05/2026 | 1,259 | 1,227,791 | ||||||||||||
|
||||||||||||||||
Revolver Loan(f)(h) |
0.00% | 10/05/2026 | 207 | 201,526 | ||||||||||||
|
||||||||||||||||
Term Loan B (6 mo. USD LIBOR + 6.25%)(f) |
9.92% | 10/05/2026 | 4,133 | 4,029,837 | ||||||||||||
|
||||||||||||||||
Florida Food Products LLC |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 5.00%)(f) |
9.07% | 10/18/2028 | 2,261 | 2,080,412 | ||||||||||||
|
||||||||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)(f) |
12.07% | 10/08/2029 | 1,028 | 945,494 | ||||||||||||
|
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||
|
||||||||||||
Food Products(continued) |
||||||||||||
H-Food Holdings LLC |
||||||||||||
Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%) |
9.07% | 05/23/2025 | $ 157 | $ | 137,626 | |||||||
|
||||||||||||
Term Loan (3 mo. USD LIBOR + 3.69%) |
7.76% | 05/23/2025 | 19 | 16,571 | ||||||||
|
||||||||||||
Shearers Foods LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) |
11.83% | 09/22/2028 | 214 | 200,352 | ||||||||
|
||||||||||||
Sigma Bidco B.V. (Netherlands), Term Loan B-2 (3 mo. USD LIBOR + 3.00%) |
5.90% | 07/02/2025 | 156 | 142,565 | ||||||||
|
||||||||||||
Teasdale Foods, Inc., Term Loan B (3 mo. USD LIBOR + 6.00%)(e)(f) |
8.88% | 12/18/2025 | 15,917 | 13,609,123 | ||||||||
|
||||||||||||
Valeo Foods (Jersey) Ltd. (United Kingdom), Term Loan B (6 mo. SONIA + 5.00%) |
7.19% | 06/28/2028 | GBP | 2,805 | 2,742,341 | |||||||
|
||||||||||||
32,213,789 | ||||||||||||
|
||||||||||||
Food Service0.38% |
||||||||||||
Financiere Pax S.A.S., Term Loan B (3 mo. EURIBOR + 4.75%) |
4.75% | 07/01/2026 | EUR | 2,012 | 1,707,950 | |||||||
|
||||||||||||
Health Care9.90% |
||||||||||||
Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom), Term Loan (1 mo. SOFR + 4.60%)(f) |
8.40% | 06/08/2028 | 955 | 883,571 | ||||||||
|
||||||||||||
Ethypharm (France), Term Loan B (3 mo. SONIA + 4.50%) |
6.69% | 04/17/2028 | GBP | 2,270 | 2,250,541 | |||||||
|
||||||||||||
MB2 Dental Solutions LLC |
||||||||||||
Delayed Draw Term Loan (3 mo. SOFR + 6.00%)(e)(f) |
9.67% | 01/29/2027 | 3,148 | 3,097,881 | ||||||||
|
||||||||||||
Delayed Draw Term Loan (3 mo. SOFR + 6.00%)(e)(f) |
9.70% | 01/29/2027 | 8,698 | 8,558,819 | ||||||||
|
||||||||||||
Term Loan B (3 mo. SOFR + 6.00%)(e)(f) |
9.70% | 01/29/2027 | 8,695 | 8,556,003 | ||||||||
|
||||||||||||
MedAssets Software Intermediate Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) |
10.82% | 12/17/2029 | 638 | 544,593 | ||||||||
|
||||||||||||
Nidda Healthcare Holding AG (Germany), Term Loan F (3 mo. SONIA + 4.50%) |
7.45% | 08/21/2026 | GBP | 2,088 | 2,260,834 | |||||||
|
||||||||||||
SDB Holdco LLC |
||||||||||||
Delayed Draw Term Loan (1 mo. SOFR + 7.00%)(e)(f) |
10.80% | 03/17/2027 | 9,753 | 9,752,575 | ||||||||
|
||||||||||||
Term Loan (1 mo. SOFR + 7.00%)(e)(f) |
10.84% | 03/17/2027 | 7,850 | 7,849,631 | ||||||||
|
||||||||||||
Womens Care Holdings, Inc. LLC, Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)(f) |
11.62% | 01/15/2029 | 431 | 405,363 | ||||||||
|
||||||||||||
44,159,811 | ||||||||||||
|
||||||||||||
Home Furnishings1.38% |
||||||||||||
Hilding Anders AB (Sweden) |
||||||||||||
PIK Term Loan; 12.00% PIK Rate (Acquired 01/01/2020-11/23/2021; Cost $7,947)(f)(g)(j) |
12.00% | 12/31/2024 | EUR | 34 | 4 | |||||||
|
||||||||||||
Term Loan (1 mo. EURIBOR) (Acquired 01/01/2020; Cost $61,527)(f)(g) |
0.00% | 12/31/2024 | EUR | 5,480 | 570 | |||||||
|
||||||||||||
Term Loan (6 mo. EURIBOR + 5.00%) (Acquired 10/04/2022-10/31/2022; Cost $3,461,819)(f)(g) |
7.12% | 02/28/2026 | EUR | 4,882 | 3,327,655 | |||||||
|
||||||||||||
Term Loan (6 mo. EURIBOR) (Acquired 10/04/2022-10/31/2022; Cost $39,091)(f)(g) |
1.70% | 02/26/2027 | EUR | 4,437 | 0 | |||||||
|
||||||||||||
Serta Simmons Bedding LLC |
||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 06/22/2020-01/12/2021; Cost $1,275,944)(g) |
10.79% | 08/10/2023 | 1,272 | 1,238,677 | ||||||||
|
||||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 06/22/2020; Cost $3,116,300)(g) |
10.79% | 08/10/2023 | 3,176 | 1,513,105 | ||||||||
|
||||||||||||
Weber-Stephen Products LLC, Incremental Term Loan B (1 mo. SOFR + 4.25%) |
8.44% | 10/30/2027 | 73 | 62,356 | ||||||||
|
||||||||||||
6,142,367 | ||||||||||||
|
||||||||||||
Industrial Equipment3.23% |
||||||||||||
Apex Tool Group LLC, Term Loan B (1 mo. SOFR + 5.25%) |
9.15% | 02/08/2029 | 1,061 | 924,953 | ||||||||
|
||||||||||||
Deliver Buyer, Inc. (MHS Holdings), Term Loan B (1 mo. SOFR + 5.50%) |
9.05% | 06/08/2029 | 1,678 | 1,390,801 | ||||||||
|
||||||||||||
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%) |
9.95% | 12/16/2027 | 611 | 585,590 | ||||||||
|
||||||||||||
Engineered Machinery Holdings, Inc., Second Lien Incremental Term Loan (3 mo. USD LIBOR + 6.00%) |
9.67% | 05/21/2029 | 207 | 193,175 | ||||||||
|
||||||||||||
Kantar (Summer BC Bidco) (United Kingdom) |
||||||||||||
Revolver Loan (1 mo. USD LIBOR + 3.50%)(f) |
5.81% | 06/04/2026 | 1,008 | 921,899 | ||||||||
|
||||||||||||
Revolver Loan(f)(h) |
0.00% | 06/04/2026 | 1,493 | 1,365,601 | ||||||||
|
||||||||||||
Term Loan B (1 mo. USD LIBOR + 5.00%) |
8.14% | 12/04/2026 | 1,561 | 1,453,017 | ||||||||
|
||||||||||||
MKS Instruments, Inc., Term Loan B (3 mo. SOFR + 2.75%) |
6.76% | 04/11/2029 | 59 | 57,253 | ||||||||
|
||||||||||||
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%) |
7.67% | 03/08/2025 | 1,255 | 1,140,228 | ||||||||
|
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||
|
||||||||||||
Industrial Equipment(continued) |
||||||||||||
Robertshaw US Holding Corp. |
||||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 3.50%) |
7.63% | 02/28/2025 | $ 452 | $ | 336,235 | |||||||
|
||||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 8.00%) |
12.13% | 02/28/2026 | 613 | 378,032 | ||||||||
|
||||||||||||
Tank Holding Corp. |
||||||||||||
Revolver Loan(f)(h) |
0.00% | 03/31/2028 | 353 | 339,462 | ||||||||
|
||||||||||||
Term Loan (1 mo. SOFR + 5.75%) |
9.94% | 03/31/2028 | 5,284 | 5,065,675 | ||||||||
|
||||||||||||
Victory Buyer LLC (Vantage Elevator), Second Lien Term Loan B (3 mo. USD LIBOR + 7.00%)(f) |
10.57% | 11/19/2029 | 258 | 240,360 | ||||||||
|
||||||||||||
14,392,281 | ||||||||||||
|
||||||||||||
Leisure Goods, Activities & Movies7.67% |
||||||||||||
AMC Entertainment, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%) |
6.86% | 04/22/2026 | 2,785 | 1,564,749 | ||||||||
|
||||||||||||
Crown Finance US, Inc. |
||||||||||||
Delayed Draw Term Loan (Acquired 09/19/2022; Cost $320,991)(g)(i)(k) |
| 09/07/2023 | 328 | 316,985 | ||||||||
|
||||||||||||
DIP Term Loan (Acquired 09/19/2022; Cost $3,825,369)(g)(i)(k) |
| 09/09/2023 | 4,225 | 4,089,112 | ||||||||
|
||||||||||||
Incremental Term Loan B-1 (Acquired 07/29/2021-04/28/2022; Cost $575,453)(g)(k) |
0.00% | 02/28/2025 | 567 | 611,911 | ||||||||
|
||||||||||||
Term Loan (Acquired 09/13/2021-01/05/2022; Cost $2,373,797)(g)(k)(l) |
0.00% | 02/28/2025 | 2,849 | 636,012 | ||||||||
|
||||||||||||
Term Loan(k)(l) |
0.00% | 02/28/2025 | EUR | 455 | 104,293 | |||||||
|
||||||||||||
Term Loan (Acquired 10/18/2019-09/13/2021; Cost $2,591,427)(g)(k)(l) |
0.00% | 09/30/2026 | 2,719 | 599,594 | ||||||||
|
||||||||||||
Term Loan B-1 (Acquired 10/20/2021-12/15/2021; Cost $2,357,256)(g)(k) |
0.00% | 05/23/2024 | 1,949 | 2,323,620 | ||||||||
|
||||||||||||
Term Loan B-2 (Acquired 10/18/2021-03/29/2022; Cost $1,145,503)(g)(k) |
0.00% | 05/23/2024 | 1,165 | 1,164,997 | ||||||||
|
||||||||||||
Fitness International LLC, Term Loan B (3 mo. USD LIBOR + 3.25%) |
7.49% | 04/18/2025 | 1,106 | 1,022,579 | ||||||||
|
||||||||||||
Parques Reunidos (Piolin Bidco s.a.u) (Spain) |
||||||||||||
Revolver Loan (1 mo. EURIBOR + 3.50%)(f) |
7.34% | 03/16/2026 | EUR | 559 | 514,836 | |||||||
|
||||||||||||
Revolver Loan(f)(h) |
0.00% | 03/16/2026 | EUR | 1,900 | 1,749,559 | |||||||
|
||||||||||||
Royal Caribbean Cruises |
||||||||||||
Revolver Loan (3 mo. USD LIBOR + 1.30%) |
5.15% | 04/05/2024 | 2,313 | 2,166,334 | ||||||||
|
||||||||||||
Revolver Loan(h) |
0.00% | 04/12/2024 | 1,213 | 1,132,173 | ||||||||
|
||||||||||||
Revolver Loan(h) |
0.00% | 04/05/2024 | 1,250 | 1,170,328 | ||||||||
|
||||||||||||
Scenic (Columbus Capital B.V.) (Australia), Term Loan B (3 mo. EURIBOR + 3.75%) |
4.94% | 02/27/2027 | EUR | 1,200 | 951,236 | |||||||
|
||||||||||||
USF S&H Holdco LLC |
||||||||||||
Term Loan A (3 mo. USD LIBOR + 8.00%)(f) |
8.00% | 06/30/2025 | 808 | 808,166 | ||||||||
|
||||||||||||
Term Loan A(f)(h) |
0.00% | 06/30/2025 | 1,028 | 1,028,329 | ||||||||
|
||||||||||||
Term Loan B (3 mo. USD LIBOR + 4.75%)(f) |
8.43% | 06/30/2025 | 10,597 | 10,597,459 | ||||||||
|
||||||||||||
Vue International Bidco PLC (United Kingdom), Term Loan B-1 (3 mo. EURIBOR + 4.75%)(l) |
5.66% | 07/03/2026 | EUR | 2,791 | 1,645,784 | |||||||
|
||||||||||||
34,198,056 | ||||||||||||
|
||||||||||||
Lodging & Casinos2.26% |
||||||||||||
Caesars Resort Collection LLC, Incremental Term Loan (1 mo. USD LIBOR + 3.50%) |
7.57% | 07/21/2025 | 15 | 14,951 | ||||||||
|
||||||||||||
HotelBeds (United Kingdom) |
||||||||||||
Term Loan B (3 mo. EURIBOR + 4.25%) |
4.28% | 09/12/2025 | EUR | 5,321 | 4,779,286 | |||||||
|
||||||||||||
Term Loan D (3 mo. EURIBOR + 5.50%) |
6.75% | 09/12/2027 | EUR | 5,774 | 5,283,369 | |||||||
|
||||||||||||
10,077,606 | ||||||||||||
|
||||||||||||
Nonferrous Metals & Minerals0.36% |
||||||||||||
Corialis (United Kingdom), Term Loan B (1 mo. SONIA + 4.15%) |
7.11% | 07/06/2028 | GBP | 678 | 678,761 | |||||||
|
||||||||||||
Form Technologies LLC, Term Loan (1 mo. USD LIBOR + 9.00%) |
13.70% | 10/22/2025 | 1,128 | 933,464 | ||||||||
|
||||||||||||
1,612,225 | ||||||||||||
|
||||||||||||
Oil & Gas3.55% |
||||||||||||
Glass Mountain Pipeline Holdings LLC, Term Loan (1 mo. USD LIBOR + 4.50%) |
8.55% | 10/28/2027 | 239 | 200,153 | ||||||||
|
||||||||||||
Gulf Finance LLC, Term Loan (1 mo. USD LIBOR + 6.75%) |
10.83% | 08/25/2026 | 2,075 | 1,721,387 | ||||||||
|
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
|
||||||||||||||||
Oil & Gas(continued) |
||||||||||||||||
McDermott International Ltd. |
||||||||||||||||
LOC(h) |
0.00% | 06/30/2024 | $ 4,083 | $ | 3,327,883 | |||||||||||
|
||||||||||||||||
LOC (3 mo. USD LIBOR + 4.00%)(f) |
7.74% | 06/30/2024 | 1,801 | 1,450,034 | ||||||||||||
|
||||||||||||||||
PIK Term Loan, 3.00% PIK Rate, 5.07% Cash Rate(j) |
3.00% | 06/30/2025 | 948 | 510,870 | ||||||||||||
|
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 3.00%) |
7.07% | 06/30/2024 | 180 | 117,103 | ||||||||||||
|
||||||||||||||||
Petroleum GEO-Services ASA (Norway), Term Loan (1 mo. USD LIBOR + 7.50%) |
11.18% | 03/19/2024 | 3,121 | 2,980,114 | ||||||||||||
|
||||||||||||||||
QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) |
12.07% | 08/27/2026 | 5,552 | 5,537,763 | ||||||||||||
|
||||||||||||||||
15,845,307 | ||||||||||||||||
|
||||||||||||||||
Publishing1.31% |
||||||||||||||||
Cengage Learning, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%) |
7.81% | 06/29/2026 | 2,346 | 2,161,518 | ||||||||||||
|
||||||||||||||||
Harbor Purchaser, Inc., Term Loan B (1 mo. SOFR + 5.25%) |
9.44% | 03/31/2029 | 3,886 | 3,681,880 | ||||||||||||
|
||||||||||||||||
5,843,398 | ||||||||||||||||
|
||||||||||||||||
Radio & Television0.46% |
||||||||||||||||
Diamond Sports Holdings LLC |
||||||||||||||||
First Lien Term Loan (1 mo. SOFR + 8.00%) |
11.89% | 05/25/2026 | 1,608 | 1,527,541 | ||||||||||||
|
||||||||||||||||
Second Lien Term Loan (1 mo. SOFR + 3.25%) |
7.14% | 08/24/2026 | 2,589 | 425,543 | ||||||||||||
|
||||||||||||||||
Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.50%) |
6.57% | 09/18/2026 | 1 | 348 | ||||||||||||
|
||||||||||||||||
Univision Communications, Inc., Term Loan B (3 mo. SOFR + 4.25%) |
7.79% | 06/10/2029 | 114 | 113,454 | ||||||||||||
|
||||||||||||||||
2,066,886 | ||||||||||||||||
|
||||||||||||||||
Retailers (except Food & Drug)1.30% |
||||||||||||||||
CNT Holdings I Corp. (1-800 Contacts), Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) |
10.49% | 11/06/2028 | 510 | 485,496 | ||||||||||||
|
||||||||||||||||
Kirk Beauty One GmbH (Germany) |
||||||||||||||||
Term Loan B-1 (3 mo. EURIBOR + 5.50%) |
5.73% | 04/08/2026 | EUR | 1,235 | 1,116,720 | |||||||||||
|
||||||||||||||||
Term Loan B-2 (3 mo. EURIBOR + 5.50%) |
5.73% | 04/08/2026 | EUR | 711 | 643,174 | |||||||||||
|
||||||||||||||||
Term Loan B-3 (3 mo. EURIBOR + 5.50%) |
5.73% | 04/08/2026 | EUR | 1,250 | 1,130,291 | |||||||||||
|
||||||||||||||||
Term Loan B-4 (3 mo. EURIBOR + 5.50%) |
5.73% | 04/08/2026 | EUR | 2,181 | 1,972,124 | |||||||||||
|
||||||||||||||||
Term Loan B-5 (3 mo. EURIBOR + 5.50%) |
5.73% | 04/08/2026 | EUR | 486 | 438,854 | |||||||||||
|
||||||||||||||||
5,786,659 | ||||||||||||||||
|
||||||||||||||||
Surface Transport0.44% |
||||||||||||||||
Hurtigruten (Explorer II AS) (Norway), Term Loan B (3 mo. EURIBOR + 4.00%) |
4.91% | 02/24/2025 | EUR | 2,370 | 1,958,432 | |||||||||||
|
||||||||||||||||
Telecommunications2.35% |
||||||||||||||||
Cincinnati Bell, Inc., Term Loan B-2 (1 mo. SOFR + 3.25%) |
7.44% | 11/22/2028 | 29 | 28,217 | ||||||||||||
|
||||||||||||||||
Colorado Buyer, Inc., Term Loan (3 mo. USD LIBOR + 3.00%) |
7.36% | 05/01/2024 | 7 | 6,493 | ||||||||||||
|
||||||||||||||||
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B-3 (1 mo. Prime Rate) |
0.00% | 11/27/2023 | 33 | 32,886 | ||||||||||||
|
||||||||||||||||
MLN US HoldCo LLC (dba Mitel) |
||||||||||||||||
First Lien Term Loan (3 mo. SOFR + 6.70%) (Acquired 10/18/2022; Cost $3,463,450)(g) |
10.63% | 11/01/2027 | 3,739 | 3,103,293 | ||||||||||||
|
||||||||||||||||
First Lien Term Loan (6 mo. SOFR + 9.25%) (Acquired 10/18/2022; Cost $1,551,495)(f)(g) |
13.18% | 11/01/2027 | 1,875 | 1,312,154 | ||||||||||||
|
||||||||||||||||
Term Loan (6 mo. SOFR + 6.44%) (Acquired 10/18/2022; Cost $1,532,790)(g) |
11.01% | 11/01/2027 | 1,591 | 1,563,011 | ||||||||||||
|
||||||||||||||||
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%) |
7.17% | 12/07/2026 | 2,338 | 1,180,378 | ||||||||||||
|
||||||||||||||||
U.S. Telepacific Corp., Term Loan (6 mo. SOFR + 1.25%) |
5.87% | 05/01/2026 | 1,916 | 726,452 | ||||||||||||
|
||||||||||||||||
Zayo Group LLC, Incremental Term Loan (1 mo. SOFR + 4.25%) |
8.34% | 03/09/2027 | 3,211 | 2,526,273 | ||||||||||||
|
||||||||||||||||
10,479,157 | ||||||||||||||||
|
||||||||||||||||
Utilities1.30% |
||||||||||||||||
Eastern Power LLC, Term Loan (1 mo. USD LIBOR + 3.75%) |
7.42% | 10/02/2025 | 2,293 | 1,953,459 | ||||||||||||
|
||||||||||||||||
Lightstone Holdco LLC |
||||||||||||||||
Term Loan B (1 mo. SOFR + 5.75%) |
9.84% | 02/01/2027 | 2,139 | 1,962,959 | ||||||||||||
|
||||||||||||||||
Term Loan C (1 mo. SOFR + 5.75%) |
9.84% | 02/01/2027 | 121 | 111,024 | ||||||||||||
|
||||||||||||||||
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%) |
8.32% | 05/16/2024 | 2,302 | 1,774,253 | ||||||||||||
|
||||||||||||||||
5,801,695 | ||||||||||||||||
|
||||||||||||||||
Total Variable Rate Senior Loan Interests (Cost $508,600,682) |
454,880,545 | |||||||||||||||
|
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
Shares | Value | |||||||||||
|
||||||||||||
Common Stocks & Other Equity Interests14.46%(m) |
||||||||||||
Aerospace & Defense0.53% |
||||||||||||
IAP Worldwide Services, Inc. (Acquired
07/18/2014-08/18/2014; |
221 | $ | 2,355,010 | |||||||||
|
||||||||||||
NAC Aviation 8 Ltd.(f) |
51,776 | 0 | ||||||||||
|
||||||||||||
2,355,010 | ||||||||||||
|
||||||||||||
Automotive0.01% |
||||||||||||
ThermaSys Corp.(f) |
980,474 | 29,414 | ||||||||||
|
||||||||||||
Building & Development0.00% |
||||||||||||
Haya (Holdco2 PLC/Real Estate SAU)(f) |
5,422 | 0 | ||||||||||
|
||||||||||||
Lake at Las Vegas Joint Venture LLC, Class A(f) |
2,338 | 0 | ||||||||||
|
||||||||||||
Lake at Las Vegas Joint Venture LLC, Class B(f) |
28 | 0 | ||||||||||
|
||||||||||||
0 | ||||||||||||
|
||||||||||||
Business Equipment & Services1.71% |
||||||||||||
Checkout Holding Corp. (Acquired 02/15/2019; Cost $2,863,607)(g) |
8,573 | 2,893 | ||||||||||
|
||||||||||||
My Alarm Center LLC, Class A(f) |
47,742 | 7,614,948 | ||||||||||
|
||||||||||||
7,617,841 | ||||||||||||
|
||||||||||||
Containers & Glass Products0.03% |
||||||||||||
Libbey Glass, Inc. (Acquired 11/13/2020-02/10/2022; Cost $56,094)(g) |
13,797 | 137,970 | ||||||||||
|
||||||||||||
Electronics & Electrical0.00% |
||||||||||||
Riverbed Technology, Inc. (Acquired 12/06/2021; Cost $549,383)(f)(g) |
32,799 | 8,364 | ||||||||||
|
||||||||||||
Financial Intermediaries0.05% |
||||||||||||
RJO Holdings Corp.(f) |
2,144 | 135,719 | ||||||||||
|
||||||||||||
RJO Holdings Corp., Class A(f) |
1,142 | 72,306 | ||||||||||
|
||||||||||||
RJO Holdings Corp., Class B(f) |
3,334 | 34 | ||||||||||
|
||||||||||||
208,059 | ||||||||||||
|
||||||||||||
Health Care0.00% |
||||||||||||
Envigo RMS Holding Corp.(f) |
4,854 | 27,852 | ||||||||||
|
||||||||||||
Industrial Equipment0.11% |
||||||||||||
North American Lifting Holdings, Inc. |
62,889 | 510,973 | ||||||||||
|
||||||||||||
Leisure Goods, Activities & Movies2.74% |
||||||||||||
Crown Finance US, Inc., Wts., expiring 11/23/2025 (Acquired 12/09/2020; |
173,934 | 10,481 | ||||||||||
|
||||||||||||
USF S&H Holdco LLC(f)(n) |
11,114 | 12,238,845 | ||||||||||
|
||||||||||||
12,249,326 | ||||||||||||
|
||||||||||||
Oil & Gas8.75% |
||||||||||||
Aquadrill LLC (Acquired 05/27/2021; Cost $2,576,069)(g) |
83,099 | 3,427,834 | ||||||||||
|
||||||||||||
HGIM Corp.(f) |
11,834 | 266,265 | ||||||||||
|
||||||||||||
HGIM Corp., Wts., expiring 07/02/2043(f) |
7,505 | 168,863 | ||||||||||
|
||||||||||||
McDermott International Ltd.(f) |
190,859 | 81,592 | ||||||||||
|
||||||||||||
QuarterNorth Energy, Inc. (Acquired 06/02/2021-10/29/2021; Cost $6,786,339)(f)(g) |
163,623 | 32,641,152 | ||||||||||
|
||||||||||||
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; |
26,541 | 886,469 | ||||||||||
|
||||||||||||
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; |
51,116 | 514,738 | ||||||||||
|
||||||||||||
Samson Investment Co., Class A(f) |
163,748 | 102,343 | ||||||||||
|
||||||||||||
Southcross Energy Partners L.P. (Acquired
07/29/2014-10/29/2020; |
72,413 | 543 | ||||||||||
|
||||||||||||
Tribune Resources, Inc. |
376,237 | 932,504 | ||||||||||
|
||||||||||||
Tribune Resources, Inc., Wts., expiring 04/03/2023(f) |
97,410 | 2,435 | ||||||||||
|
||||||||||||
39,024,738 | ||||||||||||
|
||||||||||||
Radio & Television0.00% |
||||||||||||
iHeartMedia, Inc., Class B(f) |
42 | 341 | ||||||||||
|
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
Shares | Value | |||||||||||||||
|
||||||||||||||||
Retailers (except Food & Drug)0.17% |
||||||||||||||||
Claires Stores, Inc. |
420 | $ | 168,000 | |||||||||||||
|
||||||||||||||||
Toys R Us-Delaware, Inc.(f) |
14 | 34,373 | ||||||||||||||
|
||||||||||||||||
Vivarte S.A.S.(f) |
1,181,133 | 546,255 | ||||||||||||||
|
||||||||||||||||
748,628 | ||||||||||||||||
|
||||||||||||||||
Surface Transport0.24% |
||||||||||||||||
Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $743,133)(g) |
8,956 | 349,284 | ||||||||||||||
|
||||||||||||||||
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/15/2018-08/12/2022; Cost $0)(g) |
350,300 | 164,203 | ||||||||||||||
|
||||||||||||||||
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-08/12/2022; Cost $0)(g) |
295,360 | 184,600 | ||||||||||||||
|
||||||||||||||||
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $781,183)(g) |
9,414 | 367,146 | ||||||||||||||
|
||||||||||||||||
1,065,233 | ||||||||||||||||
|
||||||||||||||||
Utilities0.12% |
||||||||||||||||
Vistra Operations Co. LLC, Rts., expiring 12/31/2046 |
422,054 | 520,604 | ||||||||||||||
|
||||||||||||||||
Total Common Stocks & Other Equity Interests (Cost $72,021,795) |
64,504,353 | |||||||||||||||
|
||||||||||||||||
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
||||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes8.16%(o) |
||||||||||||||||
Automotive0.54% |
||||||||||||||||
Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)(p)(q) |
11.25% | 04/19/2026 | SEK | 15,000 | 1,360,475 | |||||||||||
|
||||||||||||||||
Leather 2 S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)(p)(q) |
5.67% | 09/30/2028 | EUR | 1,346 | 1,059,975 | |||||||||||
|
||||||||||||||||
2,420,450 | ||||||||||||||||
|
||||||||||||||||
Building & Development0.62% |
||||||||||||||||
Haya Holdco 2 PLC (Spain) (3 mo. EURIBOR + 9.00%) |
10.95% | 11/30/2025 | EUR | 4,568 | 2,756,879 | |||||||||||
|
||||||||||||||||
Cable & Satellite Television0.53% |
||||||||||||||||
Altice Finco S.A. (Luxembourg)(p) |
4.75% | 01/15/2028 | EUR | 2,932 | 2,357,309 | |||||||||||
|
||||||||||||||||
Chemicals & Plastics0.54% |
||||||||||||||||
Herens Midco S.a.r.l. (Luxembourg)(p) |
5.25% | 05/15/2029 | EUR | 3,345 | 2,420,613 | |||||||||||
|
||||||||||||||||
Financial Intermediaries3.91% |
||||||||||||||||
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + |
6.64% | 08/01/2024 | EUR | 8,976 | 8,029,488 | |||||||||||
|
||||||||||||||||
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(p)(q) |
7.95% | 05/01/2026 | EUR | 4,278 | 3,917,484 | |||||||||||
|
||||||||||||||||
Kane Bidco Ltd. (United Kingdom)(p) |
5.00% | 02/15/2027 | EUR | 791 | 674,308 | |||||||||||
|
||||||||||||||||
Kane Bidco Ltd. (United Kingdom)(p) |
6.50% | 02/15/2027 | GBP | 989 | 980,215 | |||||||||||
|
||||||||||||||||
Sherwood Financing PLC (United Kingdom)(p) |
6.00% | 11/15/2026 | GBP | 1,082 | 998,561 | |||||||||||
|
||||||||||||||||
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(p)(q) |
6.39% | 11/15/2027 | EUR | 3,000 | 2,847,472 | |||||||||||
|
||||||||||||||||
17,447,528 | ||||||||||||||||
|
||||||||||||||||
Home Furnishings1.31% |
||||||||||||||||
Ideal Standard International S.A. (Belgium)(p) |
6.38% | 07/30/2026 | EUR | 1,828 | 940,190 | |||||||||||
|
||||||||||||||||
Very Group Funding PLC (The) (United Kingdom)(p) |
6.50% | 08/01/2026 | GBP | 5,493 | 4,890,189 | |||||||||||
|
||||||||||||||||
5,830,379 | ||||||||||||||||
|
||||||||||||||||
Retailers (except Food & Drug)0.71% |
||||||||||||||||
Kirk Beauty SUN GmbH (Germany)(p) |
9.00% | 10/01/2026 | EUR | 4,984 | 3,187,371 | |||||||||||
|
||||||||||||||||
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $51,894,914) |
36,420,529 | |||||||||||||||
|
||||||||||||||||
Asset-Backed Securities2.01% |
||||||||||||||||
Structured Products2.01% |
||||||||||||||||
Adagio V CLO DAC, Series V-X, Class E-R (Ireland) (3 mo. EURIBOR + 5.15%) (p)(r) |
6.53% | 10/15/2031 | EUR | 263 | 212,091 | |||||||||||
|
||||||||||||||||
Babson Euro CLO B.V., Series 2019-1A, Class ER (Ireland) (3 mo. EURIBOR + 7.21%)(p)(r) |
8.59% | 04/15/2036 | EUR | 1,750 | 1,485,977 | |||||||||||
|
||||||||||||||||
Babson Euro CLO B.V., Series 2021-1A, Class E (Ireland) (3 mo. EURIBOR + 7.05%)(p)(r) |
8.55% | 04/24/2034 | EUR | 1,023 | 867,009 | |||||||||||
|
||||||||||||||||
CVC Cordatus Loan Fund XXIII, Series 23A, Class E (Ireland) (3 mo. EURIBOR + 7.26%)(p)(r) |
8.80% | 04/25/2036 | EUR | 2,127 | 1,873,365 | |||||||||||
|
||||||||||||||||
Jubilee CLO, Series 2018-21A,
Class E-R (Ireland) (3 mo. EURIBOR + |
7.45% | 04/15/2035 | EUR | 2,041 | 1,694,005 | |||||||||||
|
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
Interest Rate |
Maturity Date |
Principal (000)(a) |
Value | |||||||||||||
|
||||||||||||||||
Structured Products(continued) |
||||||||||||||||
Madison Park Euro Funding XV, Series 15A, Class ER (Ireland) (3 mo. EURIBOR + 7.29%)(p)(r) |
8.67% | 07/15/2036 | EUR | 3,215 | $ | 2,842,295 | ||||||||||
|
||||||||||||||||
Total Asset-Backed Securities (Cost $11,310,764) |
8,974,742 | |||||||||||||||
|
||||||||||||||||
Shares | ||||||||||||||||
Preferred Stocks1.58%(m) |
||||||||||||||||
Automotive0.00% |
||||||||||||||||
ThermaSys Corp., Series A, Pfd.(f) |
208,860 | 6,266 | ||||||||||||||
|
||||||||||||||||
Containers & Glass Products0.15% |
||||||||||||||||
Libbey Glass, Inc., Pfd.(f) |
5,909 | 685,416 | ||||||||||||||
|
||||||||||||||||
Electronics & Electrical0.02% |
||||||||||||||||
Riverbed Technology, Inc., Pfd. (Acquired 12/06/2021; Cost $0)(f)(g) |
50,381 | 50,381 | ||||||||||||||
|
||||||||||||||||
Riverbed Technology, Inc., Pfd.(f) |
14,219 | 14,219 | ||||||||||||||
|
||||||||||||||||
64,600 | ||||||||||||||||
|
||||||||||||||||
Financial Intermediaries0.06% |
||||||||||||||||
RJO Holdings Corp., Series A-2, Pfd.(f) |
649 | 280,974 | ||||||||||||||
|
||||||||||||||||
Oil & Gas0.15% |
||||||||||||||||
McDermott International Ltd., Pfd.(f) |
1,017,283 | 661,234 | ||||||||||||||
|
||||||||||||||||
Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-05/09/2019; Cost $285,287)(f)(g) |
288,392 | 15,862 | ||||||||||||||
|
||||||||||||||||
677,096 | ||||||||||||||||
|
||||||||||||||||
Surface Transport1.20% |
||||||||||||||||
Commercial Barge Line Co., Series A, Pfd. (Acquired 02/15/2018-02/06/2020; Cost $1,659,232)(g) |
33,324 | 858,093 | ||||||||||||||
|
||||||||||||||||
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $1,744,101)(g) |
35,030 | 902,022 | ||||||||||||||
|
||||||||||||||||
Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $978,436)(g) |
42,058 | 2,102,900 | ||||||||||||||
|
||||||||||||||||
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $687,140)(g) |
29,536 | 1,476,800 | ||||||||||||||
|
||||||||||||||||
5,339,815 | ||||||||||||||||
|
||||||||||||||||
Total Preferred Stocks (Cost $6,590,416) |
7,054,167 | |||||||||||||||
|
||||||||||||||||
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
||||||||||||||
U.S. Dollar Denominated Bonds & Notes0.69% |
||||||||||||||||
Air Transport0.14% |
||||||||||||||||
Mesa Airlines, Inc., Class B (f) |
5.75% | 07/15/2025 | $ | 692 | 642,017 | |||||||||||
|
||||||||||||||||
Food Products0.14% |
||||||||||||||||
Teasdale Foods, Inc. (e)(f) |
16.25% | 06/18/2026 | 1,911 | 607,754 | ||||||||||||
|
||||||||||||||||
Radio & Television0.06% |
||||||||||||||||
Diamond Sports Group LLC/Diamond Sports Finance Co. (p) |
5.38% | 08/15/2026 | 1,631 | 267,132 | ||||||||||||
|
||||||||||||||||
Telecommunications0.35% |
||||||||||||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp. (p) |
7.75% | 08/15/2028 | 1,758 | 1,540,404 | ||||||||||||
|
||||||||||||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $5,607,594) |
3,057,307 | |||||||||||||||
|
||||||||||||||||
Municipal Obligations0.63% |
||||||||||||||||
Arizona0.63% |
||||||||||||||||
Arizona (State of) Industrial Development Authority, Series 2022, RB (Acquired 02/22/2022; Cost $3,067,765) (Cost $3,067,765)(g)(p) |
9.00% | 01/01/2028 | 3,372 | 2,825,506 | ||||||||||||
|
||||||||||||||||
Shares | ||||||||||||||||
Money Market Funds8.47% |
||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class, 3.73%(n)(s) |
22,664,008 | 22,664,008 | ||||||||||||||
|
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
Shares | Value | |||||||
|
||||||||
Invesco Treasury Portfolio, Institutional Class, 3.76%(n)(s) |
15,109,338 | $ | 15,109,338 | |||||
|
||||||||
Total Money Market Funds (Cost $37,773,346) |
37,773,346 | |||||||
|
||||||||
TOTAL INVESTMENTS IN SECURITIES137.97% (Cost $696,867,276) |
615,490,495 | |||||||
|
||||||||
BORROWINGS(35.87)% |
(160,000,000 | ) | ||||||
|
||||||||
OTHER ASSETS LESS LIABILITIES(2.10)% |
(9,381,366 | ) | ||||||
|
||||||||
NET ASSETS100.00% |
$ | 446,109,129 | ||||||
|
Investment Abbreviations: | ||
CLO | Collateralized Loan Obligation | |
DAC | Designated Activity Co. | |
DIP | Debtor-in-Possession | |
EUR | Euro | |
EURIBOR | Euro Interbank Offered Rate | |
GBP | British Pound Sterling | |
LIBOR | London Interbank Offered Rate | |
LOC | Letter of Credit | |
Pfd. | Preferred | |
PIK | Pay-in-Kind | |
RB | Revenue Bonds | |
Rts. | Rights | |
SEK | Swedish Krona | |
SOFR | Secured Overnight Financing Rate | |
SONIA | Sterling Overnight Index Average | |
STIBOR | Stockholm Interbank Offered Rate | |
USD | U.S. Dollar | |
Wts. | Warrants |
Notes to Consolidated Schedule of Investments:
(a) | Principal amounts are denominated in U.S. dollars unless otherwise noted. |
(b) | 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. |
(c) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the 1933 Act) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Funds portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (LIBOR), 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. |
(d) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Funds use of leverage. |
(e) | Acquired through direct lending. Direct loans may be subject to liquidity and interest rate risk and certain direct loans may be deemed illiquid. |
(f) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(g) | Restricted security. The aggregate value of these securities at November 30, 2022 was $96,491,286, which represented 21.63% of the Funds Net Assets. |
(h) | All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. |
(i) | This variable rate interest will settle after November 30, 2022, at which time the interest rate will be determined. |
(j) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(k) | The borrower has filed for protection in federal bankruptcy court. |
(l) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at November 30, 2022 was $2,985,683, which represented less than 1% of the Funds Net Assets. |
(m) | Securities acquired through the restructuring of senior loans. |
(n) | Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an affiliated person under the Investment Company Act of 1940, as amended (the 1940 Act), which defines affiliated person to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Funds transactions in, and earnings from, its investments in affiliates for the nine months ended November 30, 2022. |
Change in | ||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | |||||||||||||||||||||
February 28, 2022 | at Cost | from Sales | Appreciation | Gain | November 30, 2022 | Dividend Income | ||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$12,170,719 | $235,358,257 | $ | (224,864,968 | ) | $ | - | $- | $22,664,008 | $283,812 | ||||||||||||||||
Invesco Treasury Portfolio, Institutional Class |
8,113,813 | 156,905,504 | (149,909,979 | ) | - | - | 15,109,338 | 142,213 | ||||||||||||||||||
Investments in Other Affiliates: | ||||||||||||||||||||||||||
USF S&H Holdco LLC |
10,075,244 | 8,016,709 | (8,016,709 | ) | 2,163,601 | - | 12,238,845 | - | ||||||||||||||||||
Total |
$30,359,776 | $400,280,470 | $ | (382,791,656 | ) | $ | 2,163,601 | $- | $50,012,191 | $426,025 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
(o) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(p) | Security purchased or received in a transaction exempt from registration under 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, 2022 was $47,271,434, which represented 10.60% of the Funds Net Assets. |
(q) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2022. |
(r) | 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, 2022. |
(s) | The rate shown is the 7-day SEC standardized yield as of November 30, 2022. |
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||
|
||||||||||||||||||||||
Settlement | Contract to | Unrealized Appreciation |
||||||||||||||||||||
Date | Counterparty | Deliver | Receive | (Depreciation) | ||||||||||||||||||
|
||||||||||||||||||||||
Currency Risk |
||||||||||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Bank of America, N.A. | USD | 171 | NOK | 1,711 | $ | 3 | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Barclays Bank PLC | USD | 30,690,446 | EUR | 29,525,460 | 109,191 | ||||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Barclays Bank PLC | USD | 9,339,936 | GBP | 7,765,097 | 29,144 | ||||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Barclays Bank PLC | USD | 1,365,901 | SEK | 14,369,514 | 5,356 | ||||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Canadian Imperial Bank of Commerce | USD | 5,271 | EUR | 5,078 | 26 | ||||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Canadian Imperial Bank of Commerce | USD | 4,152,439 | GBP | 3,671,399 | 277,337 | ||||||||||||||||
|
||||||||||||||||||||||
01/31/2023 |
Citibank N.A. | GBP | 7,787,114 | USD | 9,414,386 | 10,402 | ||||||||||||||||
|
||||||||||||||||||||||
01/31/2023 |
Goldman Sachs International | USD | 11,503 | SEK | 121,069 | 74 | ||||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Morgan Stanley and Co. International PLC | USD | 2,083,206 | EUR | 2,000,000 | 3,105 | ||||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Morgan Stanley and Co. International PLC | USD | 893,032 | GBP | 755,096 | 18,039 | ||||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
State Street Bank & Trust Co. | USD | 32,566,634 | EUR | 31,525,460 | 319,312 | ||||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
State Street Bank & Trust Co. | USD | 2,577,379 | GBP | 2,160,618 | 29,543 | ||||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Toronto Dominion Bank (The) | USD | 30,140,559 | EUR | 29,084,781 | 199,382 | ||||||||||||||||
|
||||||||||||||||||||||
01/31/2023 |
Toronto Dominion Bank (The) | GBP | 7,787,069 | USD | 9,407,882 | 3,953 | ||||||||||||||||
|
||||||||||||||||||||||
SubtotalAppreciation |
1,004,867 | |||||||||||||||||||||
|
||||||||||||||||||||||
Currency Risk |
||||||||||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Bank of America, N.A. | EUR | 1,000,000 | USD | 1,004,844 | (38,311 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Bank of America, N.A. | GBP | 279,927 | USD | 321,835 | (15,915 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Bank of America, N.A. | NOK | 1,711 | USD | 163 | (11 | ) | |||||||||||||||
|
||||||||||||||||||||||
01/31/2023 |
Bank of America, N.A. | NOK | 1,711 | USD | 171 | (3 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Barclays Bank PLC | EUR | 28,246,587 | USD | 28,018,496 | (1,447,078 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Barclays Bank PLC | GBP | 9,617,957 | USD | 10,878,104 | (726,569 | ) | |||||||||||||||
|
||||||||||||||||||||||
01/31/2023 |
Barclays Bank PLC | EUR | 29,525,460 | USD | 30,779,317 | (91,575 | ) | |||||||||||||||
|
||||||||||||||||||||||
01/31/2023 |
Barclays Bank PLC | GBP | 7,787,114 | USD | 9,377,693 | (26,291 | ) | |||||||||||||||
|
||||||||||||||||||||||
01/31/2023 |
Barclays Bank PLC | SEK | 14,381,270 | USD | 1,371,525 | (3,655 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
BNP Paribas S.A. | EUR | 28,674,565 | USD | 28,435,119 | (1,476,903 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Canadian Imperial Bank of Commerce | EUR | 1,201,407 | USD | 1,245,787 | (7,467 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Citibank N.A. | USD | 9,376,642 | GBP | 7,765,097 | (7,561 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Morgan Stanley and Co. International PLC | EUR | 1,500,000 | USD | 1,489,580 | (75,153 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Morgan Stanley and Co. International PLC | GBP | 9,763,683 | USD | 11,012,837 | (767,665 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Morgan Stanley and Co. International PLC | SEK | 146,850 | USD | 13,734 | (280 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Royal Bank of Canada | SEK | 14,222,664 | USD | 1,274,324 | (82,919 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
State Street Bank & Trust Co. | EUR | 2,843,654 | USD | 2,954,216 | (12,156 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
State Street Bank & Trust Co. | GBP | 295,014 | USD | 346,528 | (9,425 | ) | |||||||||||||||
|
||||||||||||||||||||||
01/31/2023 |
State Street Bank & Trust Co. | EUR | 29,525,460 | USD | 30,694,668 | (176,225 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Toronto Dominion Bank (The) | EUR | 28,674,565 | USD | 28,453,255 | (1,458,767 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Toronto Dominion Bank (The) | GBP | 9,763,683 | USD | 11,039,943 | (740,559 | ) | |||||||||||||||
|
||||||||||||||||||||||
12/30/2022 |
Toronto Dominion Bank (The) | USD | 9,174,329 | GBP | 7,602,957 | (880 | ) | |||||||||||||||
|
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
Open Forward Foreign Currency Contracts(continued) | ||||||||||||||||||||||
|
||||||||||||||||||||||
Settlement | Contract to | Unrealized Appreciation |
||||||||||||||||||||
Date | Counterparty | Deliver | Receive | (Depreciation) | ||||||||||||||||||
|
||||||||||||||||||||||
01/31/2023 |
Toronto Dominion Bank (The) | EUR | 29,084,781 | USD | 30,227,813 | $ | (182,320 | ) | ||||||||||||||
|
||||||||||||||||||||||
SubtotalDepreciation |
(7,347,688 | ) | ||||||||||||||||||||
|
||||||||||||||||||||||
Total Forward Foreign Currency Contracts |
$ | (6,342,821 | ) | |||||||||||||||||||
|
Abbreviations: | ||
EUR | Euro | |
GBP | British Pound Sterling | |
NOK | Norwegian Krone | |
SEK | Swedish Krona | |
USD | U.S. Dollar |
The aggregate value of securities considered illiquid at November 30, 2022 was $210,590,912, which represented 47.21% of the Funds Net Assets.
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 consolidated schedule.
Invesco Dynamic Credit Opportunity Fund |
Notes to Quarterly Consolidated Schedule of Portfolio Holdings
November 30, 2022
(Unaudited)
NOTE 1Additional 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 investments assigned level:
Level 1 - | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 - | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 - | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.s (the Adviser) 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, 2022. 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Variable Rate Senior Loan Interests |
$ | | $ | 151,738,497 | $ | 303,142,048 | $ | 454,880,545 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
| 6,766,011 | 57,738,342 | 64,504,353 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes |
| 36,420,529 | | 36,420,529 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Asset-Backed Securities |
| 8,974,742 | | 8,974,742 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Preferred Stocks |
| 5,339,815 | 1,714,352 | 7,054,167 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
| 1,807,536 | 1,249,771 | 3,057,307 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Municipal Obligations |
| 2,825,506 | | 2,825,506 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Money Market Funds |
37,773,346 | | | 37,773,346 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total Investments in Securities |
37,773,346 | 213,872,636 | 363,844,513 | 615,490,495 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Other Investments Assets* |
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Investments Matured |
| 998,976 | 2,223,259 | 3,222,235 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Forward Foreign Currency Contracts |
| 1,004,867 | | 1,004,867 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
| 2,003,843 | 2,223,259 | 4,227,102 | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Other Investments Liabilities* |
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Forward Foreign Currency Contracts |
| (7,347,688 | ) | | (7,347,688 | ) | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total Other Investments |
| (5,343,845 | ) | 2,223,259 | (3,120,586 | ) | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total Investments |
$37,773,346 | $ | 208,528,791 | $ | 366,067,772 | $ | 612,369,909 | |||||||||||||||||||||
|
* | Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value. |
A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the nine months ended November 30, 2022:
Change in | ||||||||||||||||||||||||||||||||||||
Accrued | Realized | Unrealized | Transfers | Transfers | ||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Discounts/ | Gain | Appreciation | into | out of | Value | ||||||||||||||||||||||||||||
02/28/22 | at Cost | from Sales | Premiums | (Loss) | (Depreciation) | Level 3* | Level 3* | 11/30/22 | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Variable Rate Senior Loan Interests |
$317,103,912 | $ 94,697,238 | $(106,016,986) | $ 996,510 | $(1,906,497) | $(6,862,800) | $14,342,306 | $ (9,211,635) | $303,142,048 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
28,481,060 | 8,016,709 | (8,494,950) | | (155,360) | 20,318,135 | 13,814,532 | (4,241,784) | 57,738,342 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Investments Matured |
2,658,636 | 147,616 | (3,393,180) | 61,972 | (9,311) | 906,812 | 1,850,714 | | 2,223,259 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Preferred Stocks |
1,488,910 | 268,675 | (179,082) | | 179,083 | (899,184) | 855,950 | | 1,714,352 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
2,624,330 | 74,611 | (276,601) | | | (1,172,569) | | | 1,249,771 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total |
$352,356,848 | $103,204,849 | $(118,360,799) | $1,058,482 | $(1,892,085) | $12,290,394 | $30,863,502 | $(13,453,419) | $366,067,772 | |||||||||||||||||||||||||||
|
* | Transfers into and out of level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price. |
Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a lower or higher value in Level 3 investments.
Invesco Dynamic Credit Opportunity Fund |
The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:
Range of | ||||||||||||||||
Fair Value | Valuation | Unobservable | Unobservable | Unobservable | ||||||||||||
at 11/30/22 | Technique | Inputs | Inputs | Input Used | ||||||||||||
|
||||||||||||||||
QuarterNorth Energy, Inc. |
$32,641,152 | Bid Offer | Bid offer price | N/A | $199.49 | (a) | ||||||||||
|
||||||||||||||||
FDH Group Acquisition, Inc., Term Loan A |
22,251,991 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
Keg Logistics LLC, Term Loan A |
20,725,608 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
Muth Mirror Systems LLC, Term Loan |
17,949,407 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
Lightning Finco Ltd., Term Loan B-1 |
17,768,766 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
Teasdale Foods, Inc., Term Loan B |
13,609,123 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
Groundworks LLC, First Lien Incremental Term Loan |
12,798,721 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
USF S&H Holdco LLC |
12,238,845 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
USF S&H Holdco LLC, Term Loan B |
10,597,459 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
SDB Holdco LLC, Delayed Draw Term Loan |
9,752,575 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
PrimeFlight Aviation Services, Inc., Term Loan |
9,511,705 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
PrimeFlight Aviation Services, Inc., Incremental Delayed Draw Term Loan |
9,394,632 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
NAS LLC (d.b.a. Nationwide Marketing Group), Term Loan |
8,821,923 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
Transtar Industries, Inc., Term Loan A |
8,675,841 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
MB2 Dental Solutions LLC, Delayed Draw Term Loan |
8,558,819 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
MB2 Dental Solutions LLC, Term Loan B |
8,556,003 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
CV Intermediate Holdco Corp. (Class Valuation), Term Loan B |
8,153,891 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
CV Intermediate Holdco Corp. (Class Valuation), Delayed Draw Term Loan |
7,918,072 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
SDB Holdco LLC, Term Loan |
7,849,631 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
My Alarm Center LLC, Class A |
7,614,948 | Valuation Service | N/A | N/A | N/A | (c) | ||||||||||
|
||||||||||||||||
Lamark Media Group LLC, Term Loan B |
6,949,503 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||||
|
||||||||||||||||
Vertellus, Term Loan B |
6,636,650 | Valuation Service | N/A | N/A | N/A | (c) | ||||||||||
|
(a) | QuarterNorth Energy, Inc. publicly announced that it has engaged a financial advisor to pursue a sale of the company. The Adviser values the common shares at the first round of bids for the sale of the business. The Adviser periodically reviews the consolidated financial statements and monitors such investments for additional market information of the occurrence of a significant event which would warrant a re-evaluation of the securitys fair valuation. |
(b) | Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The valuations are based on certain methods used to determine market yields in order to establish a discount rate of return given market conditions and prevailing lending standards. Future expected cash flows are discounted back to the present value using these discount rates in the discounted cash flow analysis. The Adviser reviews the valuation reports provided by the valuation service on an on-going basis and monitors such investments for additional information or the occurrence of a market event which would warrant a re-evaluation of the securitys fair valuation. |
(c) | Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities fair valuations could change significantly based on changes in unobservable inputs used by the pricing service. |
Invesco Dynamic Credit Opportunity Fund |