NPORT-EX 2 edgar.htm HTML

Consolidated Schedule of Investments

November 30, 2022

(Unaudited)

 

    

Interest

Rate

     

Maturity

Date

     

Principal

Amount

(000)(a)

     Value  

 

  

Variable Rate Senior Loan Interests–101.97%(b)(c)(d)

           

Aerospace & Defense–6.47%

            

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 Transport–4.95%

            

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  

 

  

Automotive–7.06%

            

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 & Tobacco–1.19%

            

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 & Development–1.13%

            

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 & Services–15.31%

            

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 Television–4.46%

            

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 & Plastics–1.67%

            

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 & Textiles–0.05%

            

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  

 

  

Conglomerates–0.12%

            

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 Products–6.01%

            

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 & Toiletries–0.09%

            

Anastasia Parent LLC, Term Loan (3 mo. USD LIBOR + 3.75%)

        7.42%        08/11/2025        550        411,268  

 

  

Ecological Services & Equipment–5.49%

            

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 & Electrical–4.86%

            

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
(Acquired 12/06/2021-11/07/2022; Cost $7,264,436)(g)(j)

       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 Products–7.22%

            

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  

 

  

Shearer’s 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 Service–0.38%

            

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 Care–9.90%

            

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  

 

  

Women’s 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 Furnishings–1.38%

            

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 Equipment–3.23%

            

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 & Movies–7.67%

            

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 & Casinos–2.26%

            

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 & Minerals–0.36%

            

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 & Gas–3.55%

            

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%)
(Acquired 08/03/2021; Cost $5,464,003)(g)

     12.07%        08/27/2026        5,552        5,537,763  

 

  
              15,845,307  

 

  

Publishing–1.31%

            

Cengage Learning, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)
(Acquired 06/29/2021; Cost $2,328,030)(g)

       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 & Television–0.46%

            

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 Transport–0.44%

            

Hurtigruten (Explorer II AS) (Norway), Term Loan B (3 mo. EURIBOR + 4.00%)

        4.91%        02/24/2025      EUR 2,370        1,958,432  

 

  

Telecommunications–2.35%

            

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  

 

  

Utilities–1.30%

            

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 Interests–14.46%(m)

           

Aerospace & Defense–0.53%

            

IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014;
Cost $239,759)(f)(g)

           221      $      2,355,010  

 

  

NAC Aviation 8 Ltd.(f)

           51,776        0  

 

  
              2,355,010  

 

  

Automotive–0.01%

            

ThermaSys Corp.(f)

            980,474        29,414  

 

  

Building & Development–0.00%

            

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 & Services–1.71%

            

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 Products–0.03%

            

Libbey Glass, Inc. (Acquired 11/13/2020-02/10/2022; Cost $56,094)(g)

           13,797        137,970  

 

  

Electronics & Electrical–0.00%

            

Riverbed Technology, Inc. (Acquired 12/06/2021; Cost $549,383)(f)(g)

           32,799        8,364  

 

  

Financial Intermediaries–0.05%

            

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 Care–0.00%

            

Envigo RMS Holding Corp.(f)

           4,854        27,852  

 

  

Industrial Equipment–0.11%

            

North American Lifting Holdings, Inc.

            62,889        510,973  

 

  

Leisure Goods, Activities & Movies–2.74%

            

Crown Finance US, Inc., Wts., expiring 11/23/2025 (Acquired 12/09/2020;
Cost $0)(f)(g)(k)

           173,934        10,481  

 

  

USF S&H Holdco LLC(f)(n)

           11,114        12,238,845  

 

  
              12,249,326  

 

  

Oil & Gas–8.75%

            

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;
Cost $238,869)(f)(g)

           26,541        886,469  

 

  

QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021;
Cost $306,696)(f)(g)

           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;
Cost $749,269)(f)(g)

           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 & Television–0.00%

            

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%

            

Claire’s 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 Transport–0.24%

            

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  

 

  

Utilities–0.12%

            

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 & Notes–8.16%(o)

           

Automotive–0.54%

            

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 & Development–0.62%

            

Haya Holdco 2 PLC (Spain) (3 mo. EURIBOR + 9.00%)

      10.95%        11/30/2025      EUR 4,568        2,756,879  

 

  

Cable & Satellite Television–0.53%

            

Altice Finco S.A. (Luxembourg)(p)

       4.75%        01/15/2028      EUR 2,932        2,357,309  

 

  

Chemicals & Plastics–0.54%

            

Herens Midco S.a.r.l. (Luxembourg)(p)

       5.25%        05/15/2029      EUR 3,345        2,420,613  

 

  

Financial Intermediaries–3.91%

            

AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR +
5.00%)(p)(q)

       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 Furnishings–1.31%

            

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 Securities–2.01%

            

Structured Products–2.01%

            

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 +
6.07%)(p)(r)

       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
Amount

(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 Stocks–1.58%(m)

           

Automotive–0.00%

            

ThermaSys Corp., Series A, Pfd.(f)

           208,860        6,266  

 

  

Containers & Glass Products–0.15%

            

Libbey Glass, Inc., Pfd.(f)

           5,909        685,416  

 

  

Electronics & Electrical–0.02%

            

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 Intermediaries–0.06%

            

RJO Holdings Corp., Series A-2, Pfd.(f)

           649        280,974  

 

  

Oil & Gas–0.15%

            

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 Transport–1.20%

            

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 & Notes–0.69%

            

Air Transport–0.14%

            

Mesa Airlines, Inc., Class B (f)

     5.75%        07/15/2025          $ 692        642,017  

 

  

Food Products–0.14%

            

Teasdale Foods, Inc. (e)(f)

     16.25%        06/18/2026        1,911        607,754  

 

  

Radio & Television–0.06%

            

Diamond Sports Group LLC/Diamond Sports Finance Co. (p)

     5.38%        08/15/2026        1,631        267,132  

 

  

Telecommunications–0.35%

            

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 Obligations–0.63%

            

Arizona–0.63%

            

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 Funds–8.47%

            

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 SECURITIES–137.97% (Cost $696,867,276)

         615,490,495  

 

  

BORROWINGS–(35.87)%

         (160,000,000 ) 

 

  

OTHER ASSETS LESS LIABILITIES–(2.10)%

         (9,381,366 ) 

 

  

NET ASSETS–100.00%

       $ 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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  

 

  

Subtotal–Appreciation

                  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 ) 

 

  

Subtotal–Depreciation

                  (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 Fund’s 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 1–Additional Valuation Information

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

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