Consolidated Schedule of Investments
May 31, 2023
(Unaudited)
| Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||||||
|
|
||||||||||||||||||||
| Variable Rate Senior Loan Interests–87.89%(b)(c)(d) |
||||||||||||||||||||
| Aerospace & Defense–7.12% |
||||||||||||||||||||
| ADB Safegate (ADBAS/CEP IV) (Luxembourg), Term Loan B (e) |
- | 10/03/2026 | EUR | 2,000 | $ | 1,917,789 | ||||||||||||||
|
|
||||||||||||||||||||
| Brown Group Holding LLC (Signature Aviation US Holdings, Inc.), Incremental Term Loan B-2 (1 mo. SOFR + 3.75%) |
9.01 | % | 07/02/2029 | $ | 1,189 | 1,174,018 | ||||||||||||||
|
|
||||||||||||||||||||
| FDH Group Acquisition, Inc., Term Loan A (3 mo. SOFR + 7.00%)(f)(g) |
12.05 | % | 10/01/2025 | 22,359 | 22,001,511 | |||||||||||||||
|
|
||||||||||||||||||||
| IAP Worldwide Services, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) (Acquired 07/22/2014-08/18/2014; Cost $1,551,739)(g)(h) |
11.66 | % | 07/18/2023 | 1,553 | 1,552,949 | |||||||||||||||
|
|
||||||||||||||||||||
| NAC Aviation 8 Ltd. (Ireland) |
||||||||||||||||||||
| Revolver Loan(g)(i) |
0.00 | % | 12/31/2026 | 1,642 | 1,642,458 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (1 mo. USD LIBOR + 4.11%)(g) |
9.02 | % | 12/31/2026 | 1,814 | 0 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (1 mo. USD LIBOR + 4.00%)(g) |
9.14 | % | 12/31/2026 | 1,775 | 0 | |||||||||||||||
|
|
||||||||||||||||||||
| 28,288,725 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Automotive–7.99% |
||||||||||||||||||||
| Constellation Auto (CONSTE/BCA) (United Kingdom) |
||||||||||||||||||||
| First Lien Term Loan B-2 (6 mo. SONIA + 4.75%) |
8.18 | % | 07/28/2028 | GBP | 1,054 | 1,131,931 | ||||||||||||||
|
|
||||||||||||||||||||
| Second Lien Term Loan B-1 (6 mo. SONIA + 7.50%) |
11.43 | % | 07/27/2029 | GBP | 4,668 | 3,181,772 | ||||||||||||||
|
|
||||||||||||||||||||
| Muth Mirror Systems LLC |
||||||||||||||||||||
| Revolver Loan (3 mo. USD LIBOR + 6.75%)(f)(g) |
11.89 | % | 04/23/2025 | 1,677 | 1,544,701 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (3 mo. USD LIBOR + 6.75%)(f)(g) |
11.86 | % | 04/23/2025 | 18,811 | 17,324,786 | |||||||||||||||
|
|
||||||||||||||||||||
| Transtar Industries, Inc., Term Loan A (3 mo. SOFR + 7.25%)(f)(g) |
12.66 | % | 01/22/2027 | 8,589 | 8,562,560 | |||||||||||||||
|
|
||||||||||||||||||||
| 31,745,750 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Beverage & Tobacco–0.23% |
||||||||||||||||||||
| City Brewing Co. LLC, Term Loan B (1 mo. USD LIBOR + 3.50%) |
8.76 | % | 03/31/2028 | 1,813 | 897,646 | |||||||||||||||
|
|
||||||||||||||||||||
| Building & Development–1.48% |
||||||||||||||||||||
| Corialis (United Kingdom), Term Loan B (1 mo. SONIA + 4.40%) |
8.86 | % | 07/06/2028 | GBP | 677 | 767,269 | ||||||||||||||
|
|
||||||||||||||||||||
| CRH Europe Distribution (Netherlands), Term Loan A (3 mo. EURIBOR + 4.25%) |
7.02 | % | 11/29/2025 | EUR | 768 | 801,234 | ||||||||||||||
|
|
||||||||||||||||||||
| Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%) |
10.11 | % | 04/01/2028 | 534 | 409,309 | |||||||||||||||
|
|
||||||||||||||||||||
| LBM Holdings LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%) |
8.90 | % | 12/17/2027 | 126 | 115,906 | |||||||||||||||
|
|
||||||||||||||||||||
| LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. SOFR + 4.75%) |
10.00 | % | 02/16/2029 | 2,098 | 1,636,042 | |||||||||||||||
|
|
||||||||||||||||||||
| Mayfair Mall LLC, Term Loan (1 mo. SONIA + 3.25%)(g) |
8.55 | % | 04/20/2024 | GBP | 921 | 838,123 | ||||||||||||||
|
|
||||||||||||||||||||
| Modulaire (BCP-V Modular/Algeco) (United Kingdom), Term Loan B (3 mo. EURIBOR + 4.50%) |
7.52 | % | 12/15/2028 | EUR | 1,295 | 1,314,049 | ||||||||||||||
|
|
||||||||||||||||||||
| 5,881,932 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Business Equipment & Services–14.00% |
||||||||||||||||||||
| Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Term Loan (3 mo. EURIBOR + 3.75%) |
6.95 | % | 05/12/2028 | EUR | 95 | 96,390 | ||||||||||||||
|
|
||||||||||||||||||||
| Checkout Holding Corp., Term Loan (1 mo. USD LIBOR + 10.00%)(g) |
12.00 | % | 06/30/2023 | 1 | 245 | |||||||||||||||
|
|
||||||||||||||||||||
| CRCI Longhorn Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) |
12.50 | % | 08/08/2026 | 86 | 80,846 | |||||||||||||||
|
|
||||||||||||||||||||
| CV Intermediate Holdco Corp. (Class Valuation) |
||||||||||||||||||||
| Delayed Draw Term Loan (3 mo. SOFR + 6.25%)(f)(g) |
11.45 | % | 03/31/2026 | 8,105 | 7,683,558 | |||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan (3 mo. SOFR + 6.25%)(f)(g) |
11.49 | % | 03/31/2026 | 725 | 687,757 | |||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(f)(g)(i) |
0.00 | % | 03/31/2026 | 536 | 508,342 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B (3 mo. SOFR + 6.25%)(f)(g) |
11.45 | % | 03/31/2026 | 8,346 | 7,912,192 | |||||||||||||||
|
|
||||||||||||||||||||
| Dun & Bradstreet Corp. (The) |
||||||||||||||||||||
| Revolver Loan(e)(g) |
- | 09/11/2025 | 561 | 552,753 | ||||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(g)(i) |
0.00 | % | 09/11/2025 | 3,253 | 3,205,968 | |||||||||||||||
|
|
||||||||||||||||||||
| Lamark Media Group LLC |
||||||||||||||||||||
| Delayed Draw Term Loan (6 mo. SOFR + 5.75%)(f)(g) |
10.71 | % | 10/14/2027 | 1,524 | 1,479,916 | |||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan (3 mo. SOFR + 5.75%)(f)(g) |
10.92 | % | 10/14/2027 | 764 | 741,812 | |||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(f)(g)(i) |
0.00 | % | 10/14/2027 | 255 | 247,271 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B (3 mo. SOFR + 5.75%)(f)(g) |
10.71 | % | 10/14/2027 | 7,041 | 6,837,039 | |||||||||||||||
|
|
||||||||||||||||||||
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) |
||||||||||||||||||||
| Monitronics International, Inc. |
||||||||||||||||||||
| DIP Term Loan A (1 mo. SOFR + 7.00%)(g) |
12.33 | % | 06/27/2023 | $ | 2,970 | $ | 2,925,453 | |||||||||||||
|
|
||||||||||||||||||||
| DIP Term Loan B (1 mo. SOFR + 7.00%)(g) |
12.33 | % | 11/17/2023 | 995 | 979,690 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (Acquired 08/30/2019-01/28/2021; Cost $7,485,609)(h)(j)(k) |
0.00 | % | 03/29/2024 | 7,840 | 4,062,564 | |||||||||||||||
|
|
||||||||||||||||||||
| NAS LLC (d.b.a. Nationwide Marketing Group) |
||||||||||||||||||||
| Revolver Loan (3 mo. SOFR + 6.50%)(f)(g) |
11.55 | % | 06/03/2024 | 184 | 182,064 | |||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(f)(g)(i) |
0.00 | % | 06/03/2024 | 736 | 728,257 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (3 mo. SOFR + 6.50%)(f)(g) |
11.55 | % | 06/03/2024 | 8,829 | 8,741,145 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (3 mo. SOFR + 6.50%)(f)(g) |
11.55 | % | 06/03/2024 | 2,765 | 2,737,556 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (3 mo. SOFR + 6.50%)(f)(g) |
11.55 | % | 06/03/2024 | 1,677 | 1,660,576 | |||||||||||||||
|
|
||||||||||||||||||||
| Protect America |
||||||||||||||||||||
| Revolver Loan(e)(g) |
- | 09/01/2024 | 1,300 | 1,208,597 | ||||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(g)(i) |
0.00 | % | 09/01/2024 | 87 | 80,872 | |||||||||||||||
|
|
||||||||||||||||||||
| Solera (Polaris Newco LLC), Term Loan B (1 mo. SONIA + 5.25%) |
9.68 | % | 06/05/2028 | GBP | 1,376 | 1,479,071 | ||||||||||||||
|
|
||||||||||||||||||||
| UnitedLex Corp., Term Loan (3 mo. SOFR + 5.75%)(g) |
11.05 | % | 03/20/2027 | 937 | 819,965 | |||||||||||||||
|
|
||||||||||||||||||||
| Verra Mobility Corp., Term Loan B (1 mo. SOFR + 3.25%) |
8.52 | % | 03/19/2028 | 2 | 2,320 | |||||||||||||||
|
|
||||||||||||||||||||
| 55,642,219 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Cable & Satellite Television–4.98% |
||||||||||||||||||||
| CSC Holdings LLC, Term Loan B (1 mo. SOFR + 4.50%) |
9.56 | % | 01/15/2028 | 1 | 240 | |||||||||||||||
|
|
||||||||||||||||||||
| Lightning Finco Ltd. (LiveU) (United Kingdom) |
||||||||||||||||||||
| Term Loan B-1 (3 mo. USD LIBOR + 5.75%)(f)(g) |
11.23 | % | 08/31/2028 | 18,375 | 17,640,140 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B-2 (3 mo. USD LIBOR + 5.75%)(f)(g) |
11.23 | % | 08/31/2028 | 2,227 | 2,160,471 | |||||||||||||||
|
|
||||||||||||||||||||
| 19,800,851 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Chemicals & Plastics–1.83% |
||||||||||||||||||||
| Colouroz Investment LLC (Germany) |
||||||||||||||||||||
| First Lien Term Loan C (3 mo. EURIBOR + 0.75%) |
0.75 | % | 09/21/2023 | EUR | 1 | 187 | ||||||||||||||
|
|
||||||||||||||||||||
| PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 9.52% Cash Rate(l) |
5.75 | % | 09/21/2024 | 32 | 13,916 | |||||||||||||||
|
|
||||||||||||||||||||
| Vertellus |
||||||||||||||||||||
| Revolver Loan ( 1 mo. SOFR + 5.75%)(f)(g) |
10.89 | % | 12/22/2025 | 255 | 239,756 | |||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(f)(g)(i) |
0.00 | % | 12/22/2025 | 441 | 413,754 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B (6 mo. SOFR + 5.75%)(f)(g) |
10.84 | % | 12/22/2027 | 6,879 | 6,603,384 | |||||||||||||||
|
|
||||||||||||||||||||
| 7,270,997 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Conglomerates–0.13% |
||||||||||||||||||||
| Safe Fleet Holdings LLC |
||||||||||||||||||||
| First Lien Incremental Term Loan (1 mo. SOFR + 5.00%)(g) |
10.19 | % | 02/23/2029 | 245 | 243,575 | |||||||||||||||
|
|
||||||||||||||||||||
| Second Lien Term Loan (3 mo. USD LIBOR + 6.75%) |
11.91 | % | 02/02/2026 | 297 | 274,497 | |||||||||||||||
|
|
||||||||||||||||||||
| 518,072 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Containers & Glass Products–5.94% |
||||||||||||||||||||
| Keg Logistics LLC |
||||||||||||||||||||
| Revolver Loan (3 mo. USD LIBOR + 6.00%)(f)(g) |
11.32 | % | 11/23/2027 | 1,366 | 1,299,305 | |||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(f)(g)(i) |
0.00 | % | 11/23/2027 | 496 | 471,430 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan A (3 mo. USD LIBOR + 6.00%)(f)(g) |
11.32 | % | 11/23/2027 | 21,193 | 20,154,941 | |||||||||||||||
|
|
||||||||||||||||||||
| Keter Group B.V. (Netherlands), Term Loan B-1 (3 mo. EURIBOR +
4.25%) |
7.49 | % | 10/31/2023 | EUR | 1,763 | 1,605,273 | ||||||||||||||
|
|
||||||||||||||||||||
| Mold-Rite Plastics LLC (Valcour Packaging LLC), Second Lien Term Loan |
12.09 | % | 10/04/2029 | 123 | 75,855 | |||||||||||||||
|
|
||||||||||||||||||||
| 23,606,804 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Ecological Services & Equipment–0.23% |
||||||||||||||||||||
| TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 8.50%)(g) |
13.77 | % | 11/02/2028 | 1,509 | 913,078 | |||||||||||||||
|
|
||||||||||||||||||||
| Electronics & Electrical–4.82% |
||||||||||||||||||||
| Boxer Parent Co., Inc., Term Loan B (1 mo. EURIBOR + 4.00%) |
7.20 | % | 10/02/2025 | EUR | 131 | 139,090 | ||||||||||||||
|
|
||||||||||||||||||||
| GoTo Group, Inc. (LogMeIn), First Lien Term Loan (1 mo. USD LIBOR + 4.75%) |
9.90 | % | 08/31/2027 | 2,978 | 1,830,591 | |||||||||||||||
|
|
||||||||||||||||||||
| Imperva, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.75%) |
13.13 | % | 01/11/2027 | 1,502 | 1,191,456 | |||||||||||||||
|
|
||||||||||||||||||||
| Infinite Electronics, Second Lien Term Loan (3 mo. USD LIBOR + 7.00%) |
12.16 | % | 03/02/2029 | 473 | 409,560 | |||||||||||||||
|
|
||||||||||||||||||||
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 | |||||||||||||||||
|
|
||||||||||||||||||||
| Electronics & Electrical–(continued) |
||||||||||||||||||||
| Learning Pool (Brook Bidco Ltd.) (United Kingdom) |
||||||||||||||||||||
| Term Loan (3 mo. SONIA + 6.87%)(g) |
11.04 | % | 08/17/2028 | GBP | 525 | $ | 639,579 | |||||||||||||
|
|
||||||||||||||||||||
| Term Loan (3 mo. USD LIBOR + 7.01%)(g) |
12.02 | % | 08/17/2028 | $ | 663 | 633,385 | ||||||||||||||
|
|
||||||||||||||||||||
| Mavenir Systems, Inc., Term Loan B (3 mo. USD LIBOR + 4.75%) |
10.14 | % | 08/13/2028 | 1,725 | 1,404,207 | |||||||||||||||
|
|
||||||||||||||||||||
| Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 6.25%) |
11.41 | % | 04/29/2026 | 3,475 | 3,092,816 | |||||||||||||||
|
|
||||||||||||||||||||
| Native Instruments (Germany), Term Loan (3 mo. EURIBOR + 5.50%)(g) |
8.85 | % | 03/03/2028 | EUR | 1,267 | 1,257,783 | ||||||||||||||
|
|
||||||||||||||||||||
| Philips Domestic Appliances (Nobel Bidco) (Netherlands), Term Loan B(e) |
- | 06/23/2028 | EUR | 2,000 | 1,995,647 | |||||||||||||||
|
|
||||||||||||||||||||
| Quest Software US Holdings, Inc., Second Lien Term Loan (3 mo. SOFR + 7.50%) |
12.70 | % | 01/20/2030 | 219 | 159,003 | |||||||||||||||
|
|
||||||||||||||||||||
| Riverbed Technology, Inc., PIK Term Loan, 2.00% PIK Rate, 11.33% Cash Rate(l) |
2.00 | % | 12/07/2026 | 3,889 | 1,044,179 | |||||||||||||||
|
|
||||||||||||||||||||
| Sandvine Corp., Second Lien Term Loan (1 mo. SOFR + 8.00%) |
13.15 | % | 11/02/2026 | 322 | 281,877 | |||||||||||||||
|
|
||||||||||||||||||||
| Utimaco (Germany) |
||||||||||||||||||||
| Term Loan B-1 (3 mo. EURIBOR + 6.25%)(g) |
9.71 | % | 05/31/2029 | EUR | 2,932 | 3,039,841 | ||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B-2 (3 mo. SOFR + 6.25%)(g) |
11.56 | % | 05/31/2029 | 1,645 | 1,569,791 | |||||||||||||||
|
|
||||||||||||||||||||
| Veritas US, Inc., Term Loan B (3 mo. USD LIBOR + 5.00%) |
10.15 | % | 09/01/2025 | 614 | 465,677 | |||||||||||||||
|
|
||||||||||||||||||||
| 19,154,482 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Food Products–7.28% |
||||||||||||||||||||
| Biscuit Hld S.A.S.U. (BISPOU/Cookie Acq) (France), First Lien Term Loan (6 mo. EURIBOR + 4.00%) |
7.27 | % | 02/15/2027 | EUR | 4,013 | 3,639,194 | ||||||||||||||
|
|
||||||||||||||||||||
| BrightPet (AMCP Pet Holdings, Inc.) |
||||||||||||||||||||
| Incremental Term Loan B (3 mo. USD LIBOR + 6.25%)(f)(g) |
11.41 | % | 10/05/2026 | 4,228 | 3,927,509 | |||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan (3 mo. USD LIBOR + 6.25%)(f)(g) |
11.55 | % | 10/05/2026 | 1,346 | 1,250,223 | |||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(f)(g)(i) |
0.00 | % | 10/05/2026 | 120 | 111,660 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (3 mo. SOFR + 7.00%)(f)(g) |
11.41 | % | 10/05/2026 | 4,112 | 3,820,171 | |||||||||||||||
|
|
||||||||||||||||||||
| Florida Food Products LLC, Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)(g) |
13.15 | % | 10/08/2029 | 1,028 | 847,861 | |||||||||||||||
|
|
||||||||||||||||||||
| H-Food Holdings LLC |
||||||||||||||||||||
| Incremental Term Loan B-3 (3 mo. USD LIBOR + 5.00%) |
10.58 | % | 05/23/2025 | 156 | 129,013 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (3 mo. USD LIBOR + 3.69%) |
9.27 | % | 05/23/2025 | 19 | 15,444 | |||||||||||||||
|
|
||||||||||||||||||||
| Shearer’s Foods LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)(g) |
13.02 | % | 09/22/2028 | 161 | 150,264 | |||||||||||||||
|
|
||||||||||||||||||||
| Sigma Bidco B.V. (Netherlands), Term Loan B-2 (3 mo. USD LIBOR + 3.00%) |
7.46 | % | 07/02/2025 | 155 | 150,947 | |||||||||||||||
|
|
||||||||||||||||||||
| Teasdale Foods, Inc., Term Loan (3 mo. USD LIBOR + 6.00%)(f)(g) |
11.29 | % | 12/18/2025 | 15,998 | 13,821,991 | |||||||||||||||
|
|
||||||||||||||||||||
| Valeo Foods (Jersey) Ltd. (Ireland), Term Loan B (6 mo. EURIBOR + 4.00%) |
7.24 | % | 09/29/2028 | EUR | 1,162 | 1,053,771 | ||||||||||||||
|
|
||||||||||||||||||||
| 28,918,048 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Food Service–1.36% |
||||||||||||||||||||
| Financiere Pax S.A.S., Term Loan B (6 mo. EURIBOR + 4.75%) |
7.19 | % | 07/01/2026 | EUR | 5,512 | 5,411,314 | ||||||||||||||
|
|
||||||||||||||||||||
| Health Care–7.43% |
||||||||||||||||||||
| Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom), Incremental Term Loan B (1 mo. SOFR + 4.50%) |
9.65 | % | 06/08/2028 | 955 | 914,616 | |||||||||||||||
|
|
||||||||||||||||||||
| MB2 Dental Solutions LLC |
||||||||||||||||||||
| Delayed Draw Term Loan (1 mo. SOFR + 6.00%)(f)(g) |
11.25 | % | 01/29/2027 | 3,111 | 3,055,265 | |||||||||||||||
|
|
||||||||||||||||||||
| Delayed Draw Term Loan (1 mo. SOFR + 6.00%)(f)(g) |
11.25 | % | 01/29/2027 | 8,634 | 8,478,847 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B (1 mo. SOFR + 6.00%)(f)(g) |
11.25 | % | 01/29/2027 | 8,651 | 8,495,269 | |||||||||||||||
|
|
||||||||||||||||||||
| MedAssets Software Intermediate Holdings, Inc. (nThrive TSG), Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)(g) |
11.90 | % | 12/17/2029 | 638 | 382,730 | |||||||||||||||
|
|
||||||||||||||||||||
| SDB Holdco LLC (Specialty Dental Brands) |
||||||||||||||||||||
| Delayed Draw Term Loan (1 mo. SOFR + 7.00%)(g) |
12.09 | % | 03/17/2027 | 3,134 | 3,071,201 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (1 mo. SOFR + 7.00%)(f)(g) |
12.09 | % | 03/17/2027 | 4,838 | 4,740,942 | |||||||||||||||
|
|
||||||||||||||||||||
| Women’s Care Holdings, Inc. LLC, Second Lien Term Loan (1 mo. USD LIBOR + 8.25%) |
13.40 | % | 01/15/2029 | 431 | 381,645 | |||||||||||||||
|
|
||||||||||||||||||||
| 29,520,515 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Home Furnishings–1.67% |
||||||||||||||||||||
| Hilding Anders AB (Sweden) |
||||||||||||||||||||
| PIK Term Loan; 12.00% PIK Rate, 2.84% Cash Rate(g)(l) |
12.00 | % | 12/31/2024 | EUR | 38 | 4 | ||||||||||||||
|
|
||||||||||||||||||||
| Term Loan(e)(g) |
- | 12/31/2024 | EUR | 5,480 | 586 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (6 mo. EURIBOR + 5.00%)(g) |
8.65 | % | 02/28/2026 | EUR | 4,912 | 3,439,398 | ||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (6 mo. EURIBOR + 10.00%)(g) |
13.62 | % | 12/31/2026 | EUR | 374 | 361,217 | ||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (6 mo. EURIBOR + 12.00%)(g) |
12.00 | % | 02/26/2027 | EUR | 4,702 | 0 | ||||||||||||||
|
|
||||||||||||||||||||
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 | |||||||||||||||||
|
|
||||||||||||||||||||
| Home Furnishings–(continued) |
||||||||||||||||||||
| Serta Simmons Bedding LLC |
||||||||||||||||||||
| First Lien Term Loan(j)(k) |
0.00% | 08/10/2023 | $ |
1,268 |
|
$ | 1,268,096 | |||||||||||||
|
|
||||||||||||||||||||
| Second Lien Term Loan(j)(k) |
0.00% | 08/10/2023 | 2,706 | 1,510,901 | ||||||||||||||||
|
|
||||||||||||||||||||
| Weber-Stephen Products LLC, Incremental Term Loan B (1 mo. SOFR + 4.25%) |
9.50% | 10/30/2027 | 73 | 64,003 | ||||||||||||||||
|
|
||||||||||||||||||||
| 6,644,205 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Industrial Equipment–2.75% |
||||||||||||||||||||
| Deliver Buyer, Inc. (MHS Holdings), Term Loan B (3 mo. SOFR + 5.50%) |
10.40% | 06/08/2029 | 1,670 | 1,465,250 | ||||||||||||||||
|
|
||||||||||||||||||||
| DXP Enterprises, Inc., Term Loan (6 mo. SOFR + 5.25%) |
10.44% | 12/23/2027 | 608 | 607,576 | ||||||||||||||||
|
|
||||||||||||||||||||
| Engineered Machinery Holdings, Inc., Second Lien Incremental Term Loan (3 mo. USD LIBOR + 6.00%) |
11.16% | 05/21/2029 | 207 | 190,000 | ||||||||||||||||
|
|
||||||||||||||||||||
| Kantar (Summer BC Bidco) (United Kingdom) |
||||||||||||||||||||
| Revolver Loan (1 mo. USD LIBOR + 3.50%)(g) |
8.46% | 06/04/2026 | 660 | 597,002 | ||||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(g)(i) |
0.00% | 06/04/2026 | 1,506 | 1,362,982 | ||||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B (3 mo. USD LIBOR + 5.00%) |
9.99% | 12/04/2026 | 1,553 | 1,431,147 | ||||||||||||||||
|
|
||||||||||||||||||||
| MKS Instruments, Inc., Term Loan B (1 mo. SOFR + 2.75%) |
7.95% | 08/17/2029 | 58 | 57,725 | ||||||||||||||||
|
|
||||||||||||||||||||
| New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%) |
9.16% | 03/08/2025 | 1,249 | 1,111,368 | ||||||||||||||||
|
|
||||||||||||||||||||
| Robertshaw US Holding Corp. |
||||||||||||||||||||
| First Lien Term Loan (1 mo. SOFR + 3.00%)(g) |
8.17% | 02/28/2027 | 235 | 239,868 | ||||||||||||||||
|
|
||||||||||||||||||||
| First Lien Term Loan (3 mo. SOFR + 5.50%)(g) |
10.75% | 02/28/2027 | 613 | 514,943 | ||||||||||||||||
|
|
||||||||||||||||||||
| First Lien Term Loan (3 mo. SOFR + 7.00%)(g) |
12.25% | 02/28/2027 | 449 | 417,731 | ||||||||||||||||
|
|
||||||||||||||||||||
| Tank Holding Corp. |
||||||||||||||||||||
| Revolver Loan (1 mo. SOFR + 5.75%)(g) |
12.75% | 03/31/2028 | 9 | 8,294 | ||||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(g)(i) |
0.00% | 03/31/2028 | 168 | 157,580 | ||||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (1 mo. SOFR + 5.75%) |
12.75% | 03/31/2028 | 2,629 | 2,543,141 | ||||||||||||||||
|
|
||||||||||||||||||||
| Victory Buyer LLC (Vantage Elevator), Second Lien Term Loan (3 mo. SOFR + 7.00%)(g) |
12.13% | 11/19/2029 | 258 | 208,053 | ||||||||||||||||
|
|
||||||||||||||||||||
| 10,912,660 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Leisure Goods, Activities & Movies–7.16% |
||||||||||||||||||||
| Parques Reunidos (Piolin Bidco s.a.u) (Spain), Revolver Loan (g)(i) |
0.00% | 03/16/2026 | 1,034 | 1,050,443 | ||||||||||||||||
|
|
||||||||||||||||||||
| Crown Finance US, Inc. |
||||||||||||||||||||
| DIP Term Loan (1 mo. SOFR + 10.00%) |
15.16% | 09/07/2023 | 4,217 | 4,293,721 | ||||||||||||||||
|
|
||||||||||||||||||||
| First Lien Term Loan (Acquired 02/27/2020-01/05/2022; Cost $2,575,895)(h)(j)(k) |
0.00% | 02/28/2025 | 2,849 | 641,554 | ||||||||||||||||
|
|
||||||||||||||||||||
| First Lien Term Loan (Acquired 08/28/2020-03/01/2022; Cost $400,739)(h)(j)(k) |
|
0.00% |
|
|
02/28/2025 |
|
EUR | 455 |
|
109,434 |
| |||||||||
|
|
||||||||||||||||||||
| First Lien Term Loan (Acquired 10/18/2019-09/13/2021; Cost $2,584,903)(h)(j)(k) |
|
0.00% |
|
|
09/30/2026 |
|
|
2,719 |
|
|
612,306 |
| ||||||||
|
|
||||||||||||||||||||
| Fitness International LLC, Term Loan B (3 mo. USD LIBOR + 3.25%) |
8.45% | 04/18/2025 | 1,106 | 1,061,834 | ||||||||||||||||
|
|
||||||||||||||||||||
| Parques Reunidos (Piolin Bidco s.a.u) (Spain), Revolver Loan (1 mo. EURIBOR + 3.50%)(g) |
6.66% | 03/16/2026 | EUR | 1,425 | 1,447,249 | |||||||||||||||
|
|
||||||||||||||||||||
| Royal Caribbean Cruises |
||||||||||||||||||||
| Revolver Loan(e) |
- | 04/05/2024 | 3,313 | 3,197,074 | ||||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(e) |
- | 04/12/2024 | 949 | 915,326 | ||||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(i) |
0.00% | 04/05/2024 | 249 | 240,525 | ||||||||||||||||
|
|
||||||||||||||||||||
| Revolver Loan(i) |
0.00% | 04/12/2024 | 265 | 255,264 | ||||||||||||||||
|
|
||||||||||||||||||||
| Scenic (Columbus Capital B.V.) (Australia), Term Loan (3 mo. EURIBOR + 3.75%) |
6.74% | 02/27/2027 | EUR | 1,200 | 1,048,959 | |||||||||||||||
|
|
||||||||||||||||||||
| USF S&H Holdco LLC |
||||||||||||||||||||
| Term Loan A (3 mo. USD LIBOR + 8.00%)(f)(g) |
8.00% | 06/30/2025 | 808 | 808,166 | ||||||||||||||||
|
|
||||||||||||||||||||
| Term Loan A(f)(g)(i) |
0.00% | 06/30/2025 | 1,028 | 1,028,329 | ||||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B (3 mo. SOFR + 4.75%)(f)(g) |
9.80% | 06/30/2025 | 10,544 | 10,544,072 | ||||||||||||||||
|
|
||||||||||||||||||||
| Vue International Bidco PLC (United Kingdom), Term Loan (6 mo. EURIBOR + 8.00%) |
11.36% | 12/31/2027 | EUR | 2,111 | 1,207,110 | |||||||||||||||
|
|
||||||||||||||||||||
| 28,461,366 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Lodging & Casinos–2.10% |
||||||||||||||||||||
| HotelBeds (United Kingdom) |
||||||||||||||||||||
| Term Loan B (3 mo. EURIBOR + 4.25%) |
6.71% | 09/12/2025 | EUR | 2,321 | 2,404,871 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan D (6 mo. EURIBOR + 5.50%) |
8.84% | 09/12/2027 | EUR | 5,774 | 5,963,204 | |||||||||||||||
|
|
||||||||||||||||||||
| 8,368,075 | ||||||||||||||||||||
|
|
||||||||||||||||||||
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 |
|||||||||||||||||
|
|
||||||||||||||||||||
| Nonferrous Metals & Minerals–0.20% |
||||||||||||||||||||
| Form Technologies LLC, First Lien Term Loan (3 mo. USD LIBOR + 9.00%) |
14.33% | 10/22/2025 | $ | 1,055 | $ | 788,487 | ||||||||||||||
|
|
||||||||||||||||||||
| Oil & Gas–2.89% |
||||||||||||||||||||
| McDermott International Ltd. |
||||||||||||||||||||
| LOC(i) |
0.00% | 06/30/2024 | 4,083 | 3,327,883 | ||||||||||||||||
|
|
||||||||||||||||||||
| LOC (3 mo. USD LIBOR + 4.00%)(g) |
5.18% | 06/30/2024 | 1,801 | 1,260,900 | ||||||||||||||||
|
|
||||||||||||||||||||
| PIK Second Lien Term Loan, 3.00% PIK Rate, 6.15% Cash Rate(l) |
3.00% | 06/30/2025 | 960 | 653,817 | ||||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (1 mo. USD LIBOR + 3.00%) |
8.15% | 06/30/2024 | 180 | 146,378 | ||||||||||||||||
|
|
||||||||||||||||||||
| Petroleum GEO-Services ASA (Norway), Term Loan (3 mo. USD LIBOR + 7.00%) |
12.16% | 03/19/2024 | 579 | 573,842 | ||||||||||||||||
|
|
||||||||||||||||||||
| QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. SOFR + 8.00%) |
13.15% | 08/27/2026 | 5,552 | 5,540,066 | ||||||||||||||||
|
|
||||||||||||||||||||
| 11,502,886 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Publishing–1.30% |
||||||||||||||||||||
| Cengage Learning, Inc., Term Loan B (6 mo. USD LIBOR + 4.75%) |
9.88% | 06/29/2026 | 2,334 | 2,209,850 | ||||||||||||||||
|
|
||||||||||||||||||||
| Harbor Purchaser, Inc. (Houghton Mifflin Harcourt), First Lien Term Loan B (1 mo. SOFR + 5.25%) |
10.50% | 04/09/2029 | 3,340 | 2,957,581 | ||||||||||||||||
|
|
||||||||||||||||||||
| 5,167,431 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Radio & Television–0.05% |
||||||||||||||||||||
| Diamond Sports Holdings LLC, Second Lien Term Loan (j)(k) |
0.00% | 08/24/2026 | 2,582 | 109,746 | ||||||||||||||||
|
|
||||||||||||||||||||
| Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. SOFR + 2.50%) |
7.65% | 09/18/2026 | 1 | 316 | ||||||||||||||||
|
|
||||||||||||||||||||
| Univision Communications, Inc., First Lien Term Loan (3 mo. SOFR + 4.25%) |
9.15% | 06/10/2029 | 114 | 110,959 | ||||||||||||||||
|
|
||||||||||||||||||||
| 221,021 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Retailers (except Food & Drug)–1.01% |
||||||||||||||||||||
| Douglas (Kirk Beauty GmbH) (Germany) |
||||||||||||||||||||
| Term Loan B-1 (6 mo. EURIBOR + 5.25%) |
8.27% | 04/08/2026 | EUR | 849 | 879,000 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B-2 (6 mo. EURIBOR + 5.25%) |
8.27% | 04/08/2026 | EUR | 489 | 506,593 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B-3 (6 mo. EURIBOR + 5.50%) |
8.27% | 04/08/2026 | EUR | 692 | 716,485 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B-4 (6 mo. EURIBOR + 5.25%) |
8.27% | 04/08/2026 | EUR | 1,499 | 1,551,538 | |||||||||||||||
|
|
||||||||||||||||||||
| Term Loan B-5 (6 mo. EURIBOR + 5.25%) |
8.27% | 04/08/2026 | EUR | 334 | 345,479 | |||||||||||||||
|
|
||||||||||||||||||||
| 3,999,095 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Surface Transport–0.58% |
||||||||||||||||||||
| Hurtigruten (Explorer II AS) (Norway), Term Loan B (3 mo. EURIBOR + 6.50%) |
9.70% | 02/26/2027 | EUR | 2,370 | 2,296,329 | |||||||||||||||
|
|
||||||||||||||||||||
| Telecommunications–2.25% |
||||||||||||||||||||
| Cincinnati Bell, Inc., Term Loan B-2 (1 mo. SOFR + 3.25%) |
8.50% | 11/22/2028 | 29 | 26,918 | ||||||||||||||||
|
|
||||||||||||||||||||
| MLN US HoldCo LLC (dba Mitel) |
||||||||||||||||||||
| Second Lien Term Loan (3 mo. SOFR + 6.70%) |
11.78% | 11/01/2027 | 3,739 | 2,149,871 | ||||||||||||||||
|
|
||||||||||||||||||||
| Term Loan (3 mo. SOFR + 6.44%) |
11.52% | 11/01/2027 | 1,591 | 1,405,255 | ||||||||||||||||
|
|
||||||||||||||||||||
| Third Lien Term Loan (6 mo. SOFR + 9.25%)(g) |
14.33% | 11/01/2027 | 1,874 | 984,115 | ||||||||||||||||
|
|
||||||||||||||||||||
| Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%) |
8.03% | 12/07/2026 | 2,338 | 1,425,413 | ||||||||||||||||
|
|
||||||||||||||||||||
| U.S. Telepacific Corp., Term Loan (1 mo. SOFR + 8.35%) |
13.41% | 05/01/2026 | 1,952 | 555,756 | ||||||||||||||||
|
|
||||||||||||||||||||
| Zayo Group Holdings, Inc., Incremental Term Loan (1 mo. SOFR + 4.25%) |
9.40% | 03/09/2027 | 3,014 | 2,386,851 | ||||||||||||||||
|
|
||||||||||||||||||||
| 8,934,179 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Utilities–1.11% |
||||||||||||||||||||
| Eastern Power LLC, Term Loan (3 mo. USD LIBOR + 3.75%) |
8.91% | 10/02/2025 | 794 | 756,784 | ||||||||||||||||
|
|
||||||||||||||||||||
| Lightstone Holdco LLC |
||||||||||||||||||||
| Term Loan B (1 mo. SOFR + 5.75%) |
10.90% | 02/01/2027 | 2,128 | 1,906,767 | ||||||||||||||||
|
|
||||||||||||||||||||
| Term Loan C (1 mo. SOFR + 5.75%) |
10.90% | 02/01/2027 | 114 | 102,381 | ||||||||||||||||
|
|
||||||||||||||||||||
| Nautilus Power LLC, Term Loan (3 mo. SOFR + 5.25%) |
10.24% | 11/16/2026 | 2,211 | 1,658,511 | ||||||||||||||||
|
|
||||||||||||||||||||
| 4,424,443 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Total Variable Rate Senior Loan Interests (Cost $395,104,433) |
349,290,610 | |||||||||||||||||||
|
|
||||||||||||||||||||
| Shares | ||||||||||||||||||||
| Common Stocks & Other Equity Interests–13.80%(m) |
||||||||||||||||||||
| Aerospace & Defense–0.38% |
||||||||||||||||||||
| IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; |
221 | 1,495,999 | ||||||||||||||||||
|
|
||||||||||||||||||||
See accompanying notes which are an integral part of this consolidated schedule.
| Invesco Dynamic Credit Opportunity Fund |
| Shares | Value | |||||||||
|
|
||||||||||
| Aerospace & Defense–(continued) |
||||||||||
| NAC Aviation 8 Ltd.(g) |
51,776 | $ | 0 | |||||||
|
|
||||||||||
| 1,495,999 | ||||||||||
|
|
||||||||||
| Automotive–0.01% |
||||||||||
| ThermaSys Corp. (Acquired 12/31/2018; Cost $687,748)(g)(h) |
980,474 | 29,414 | ||||||||
|
|
||||||||||
| Building & Development–0.00% |
||||||||||
| Haya (Holdco2 PLC/Real Estate SAU)(g) |
5,422 | 0 | ||||||||
|
|
||||||||||
| Lake at Las Vegas Joint Venture LLC, Class A (Acquired 07/15/2010; Cost $24,140,508)(g)(h) |
2,338 | 0 | ||||||||
|
|
||||||||||
| Lake at Las Vegas Joint Venture LLC, Class B (Acquired 07/15/2010; Cost $285,788)(g)(h) |
28 | 0 | ||||||||
|
|
||||||||||
| 0 | ||||||||||
|
|
||||||||||
| Business Equipment & Services–1.89% |
||||||||||
| Checkout Holding Corp.(g) |
8,573 | 0 | ||||||||
|
|
||||||||||
| My Alarm Center LLC, Class A(g) |
47,742 | 7,519,463 | ||||||||
|
|
||||||||||
| 7,519,463 | ||||||||||
|
|
||||||||||
| Containers & Glass Products–0.02% |
||||||||||
| Libbey Glass LLC (Acquired 11/13/2020-02/10/2022; Cost $56,094)(h) |
13,797 | 97,269 | ||||||||
|
|
||||||||||
| Drugs–0.01% |
||||||||||
| Envigo RMS Holding Corp. |
4,854 | 29,512 | ||||||||
|
|
||||||||||
| Electronics & Electrical–0.00% |
||||||||||
| Riverbed Technology, Inc.(g) |
32,799 | 1,640 | ||||||||
|
|
||||||||||
| Financial Intermediaries–0.04% |
||||||||||
| JVMC Holdings Corp.(g) |
2,144 | 107,203 | ||||||||
|
|
||||||||||
| JVMC Holdings Corp., Class A(g) |
1,142 | 57,114 | ||||||||
|
|
||||||||||
| JVMC Holdings Corp., Class B(g) |
3,334 | 33 | ||||||||
|
|
||||||||||
| 164,350 | ||||||||||
|
|
||||||||||
| Industrial Equipment–0.12% |
||||||||||
| North American Lifting Holdings, Inc. |
62,889 | 492,641 | ||||||||
|
|
||||||||||
| Leisure Goods, Activities & Movies–3.12% |
||||||||||
| Crown Finance US, Inc., Wts., expiring 11/23/2025 (Acquired 12/09/2020; Cost $0)(h)(j) |
173,934 | 0 | ||||||||
|
|
||||||||||
| USF S&H Holdco LLC (Acquired 12/02/2019; Cost $8,016,709)(f)(g)(h) |
11,114 | 12,380,106 | ||||||||
|
|
||||||||||
| Vue International Bidco PLC(g) |
2,084,496 | 0 | ||||||||
|
|
||||||||||
| 12,380,106 | ||||||||||
|
|
||||||||||
| Oil & Gas–7.80% |
||||||||||
| McDermott International Ltd.(g) |
190,859 | 63,461 | ||||||||
|
|
||||||||||
| QuarterNorth Energy Holding, Inc.(g) |
163,623 | 29,643,579 | ||||||||
|
|
||||||||||
| QuarterNorth Energy Holding, Inc., Wts., expiring 08/27/2029(g) |
26,541 | 400,238 | ||||||||
|
|
||||||||||
| QuarterNorth Energy Holding, Inc., Wts., expiring 08/27/2029(g) |
51,116 | 2,556 | ||||||||
|
|
||||||||||
| Samson Investment Co., Class A (Acquired 03/01/2017; Cost $2,932,743)(g)(h) |
163,748 | 147,373 | ||||||||
|
|
||||||||||
| Southcross Energy Partners L.P. (Acquired 07/29/2014-10/29/2020; Cost $749,269)(g)(h) |
72,413 | 1,992 | ||||||||
|
|
||||||||||
| Tribune Resources LLC (Acquired 04/03/2018; Cost $1,915,487)(h) |
376,237 | 728,959 | ||||||||
|
|
||||||||||
| Tribune Resources LLC, Wts., expiring 04/03/2023 (Acquired 04/03/2018; Cost $8,064)(h) |
97,410 | 2,435 | ||||||||
|
|
||||||||||
| 30,990,593 | ||||||||||
|
|
||||||||||
| Radio & Television–0.00% |
||||||||||
| iHeartMedia, Inc., Class B(g) |
42 | 136 | ||||||||
|
|
||||||||||
| Retailers (except Food & Drug)–0.19% |
||||||||||
| Claire’s Stores, Inc. (Acquired 10/12/2018; Cost $675,080)(h) |
420 | 173,250 | ||||||||
|
|
||||||||||
| Toys R US, Inc.(g) |
14 | 34,372 | ||||||||
|
|
||||||||||
| Vivarte S.A.S.(g) |
1,181,133 | 561,061 | ||||||||
|
|
||||||||||
| 768,683 | ||||||||||
|
|
||||||||||
| Surface Transport–0.22% |
||||||||||
| Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $743,133)(g)(h) |
8,956 | 295,548 | ||||||||
|
|
||||||||||
See accompanying notes which are an integral part of this consolidated schedule.
| Invesco Dynamic Credit Opportunity Fund |
| Shares | Value | |||||||||||||||||||
|
|
||||||||||||||||||||
| Surface Transport–(continued) |
||||||||||||||||||||
| Commercial Barge Line Co., Series A, Wts. |
7,373 | $ | 184,325 | |||||||||||||||||
|
|
||||||||||||||||||||
| Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/15/2018-05/12/2022; Cost $0)(g)(h) |
70,060 | 32,841 | ||||||||||||||||||
|
|
||||||||||||||||||||
| Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-05/12/2022; Cost $0)(g)(h) |
59,072 | 36,920 | ||||||||||||||||||
|
|
||||||||||||||||||||
| Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $781,183)(h) |
9,414 | 310,662 | ||||||||||||||||||
|
|
||||||||||||||||||||
| 860,296 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Total Common Stocks & Other Equity Interests (Cost $67,216,041) |
54,830,102 | |||||||||||||||||||
|
|
||||||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
||||||||||||||||||
| Non-U.S. Dollar Denominated Bonds & Notes–9.04%(n) |
||||||||||||||||||||
| Automotive–0.65% |
||||||||||||||||||||
| Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)(o)(p) |
13.01% | 04/19/2026 | SEK | 15,000 | 1,250,944 | |||||||||||||||
|
|
||||||||||||||||||||
| Conceria Pasubio S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)(o)(p) |
7.49% | 09/30/2028 | EUR | 1,346 | 1,344,193 | |||||||||||||||
|
|
||||||||||||||||||||
| 2,595,137 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Building & Development–0.73% |
||||||||||||||||||||
| Haya (Holdco2 PLC/Real Estate SAU) (Spain) (3 mo. EURIBOR + 9.00%)(p) |
12.46% | 11/30/2025 | EUR | 4,471 | 1,873,340 | |||||||||||||||
|
|
||||||||||||||||||||
| Ideal Standard International S.A. (Belgium)(o) |
6.38% | 07/30/2026 | EUR | 1,828 | 1,045,363 | |||||||||||||||
|
|
||||||||||||||||||||
| 2,918,703 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Cable & Satellite Television–0.53% |
||||||||||||||||||||
| Altice Finco S.A. (Luxembourg)(o) |
4.75% | 01/15/2028 | EUR | 2,932 | 2,101,132 | |||||||||||||||
|
|
||||||||||||||||||||
| Financial Intermediaries–6.08% |
||||||||||||||||||||
| AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%)(o)(p) |
8.25% | 08/01/2024 | EUR | 8,976 | 6,657,732 | |||||||||||||||
|
|
||||||||||||||||||||
| Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(o)(p) |
9.50% | 05/01/2026 | EUR | 4,278 | 3,637,055 | |||||||||||||||
|
|
||||||||||||||||||||
| Garfunkelux Holdco 3 S.A. (Luxembourg)(o) |
6.75% | 11/01/2025 | EUR | 3,345 | 2,624,682 | |||||||||||||||
|
|
||||||||||||||||||||
| Kane Bidco Ltd. (United Kingdom)(o) |
5.00% | 02/15/2027 | EUR | 791 | 788,010 | |||||||||||||||
|
|
||||||||||||||||||||
| Kane Bidco Ltd. (United Kingdom)(o) |
6.50% | 02/15/2027 | GBP | 989 | 1,092,477 | |||||||||||||||
|
|
||||||||||||||||||||
| Sherwood Financing PLC (United Kingdom)(o) |
6.00% | 11/15/2026 | GBP | 1,082 | 1,103,702 | |||||||||||||||
|
|
||||||||||||||||||||
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(o)(p) |
7.95% | 11/15/2027 | EUR | 3,000 | 2,965,397 | |||||||||||||||
|
|
||||||||||||||||||||
| Very Group Funding PLC (The) (United Kingdom)(o) |
6.50% | 08/01/2026 | GBP | 5,493 | 5,280,486 | |||||||||||||||
|
|
||||||||||||||||||||
| 24,149,541 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Retailers (except Food & Drug)–1.05% |
||||||||||||||||||||
| Kirk Beauty SUN GmbH, (Germany)(o) |
9.00% | 10/01/2026 | EUR | 5,209 | 4,161,632 | |||||||||||||||
|
|
||||||||||||||||||||
| Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $50,964,965) |
35,926,145 | |||||||||||||||||||
|
|
||||||||||||||||||||
| Asset-Backed Securities–2.56%(n) |
||||||||||||||||||||
| Structured Products–2.56% |
||||||||||||||||||||
| Adagio V CLO DAC, Series V-X, Class ER (Ireland) (3 mo. EURIBOR
+ |
8.33% | 10/15/2031 | EUR | 263 | 229,085 | |||||||||||||||
|
|
||||||||||||||||||||
| Babson Euro CLO B.V., Series 2019-1A, Class ER (Ireland) (3 mo. EURIBOR + 7.21%)(o)(p) |
10.39% | 04/15/2036 | EUR | 1,750 | 1,613,692 | |||||||||||||||
|
|
||||||||||||||||||||
| Babson Euro CLO B.V., Series 2021-1A, Class E (Ireland) (3 mo. EURIBOR + 7.05%)(o)(p) |
10.26% | 04/24/2034 | EUR | 1,023 | 966,079 | |||||||||||||||
|
|
||||||||||||||||||||
| CVC Cordatus Loan Fund XXIII DAC, Series 23A, Class E (Ireland) (3 mo. EURIBOR + 7.26%)(o)(p) |
10.52% | 04/25/2036 | EUR | 2,127 | 2,158,030 | |||||||||||||||
|
|
||||||||||||||||||||
| Jubilee CLO DAC, Series 2018-21A, Class ER (Ireland) (3 mo.
EURIBOR |
9.25% | 04/15/2035 | EUR | 2,041 | 1,924,443 | |||||||||||||||
|
|
||||||||||||||||||||
| Madison Park Euro Funding XV DAC, Series 15A, Class ER (Ireland) (3 mo. EURIBOR + 7.29%)(o)(p) |
10.47% | 07/15/2036 | EUR | 3,215 | 3,261,709 | |||||||||||||||
|
|
||||||||||||||||||||
| Total Asset-Backed Securities (Cost $11,322,438) |
10,153,038 | |||||||||||||||||||
|
|
||||||||||||||||||||
| Shares | ||||||||||||||||||||
| Preferred Stocks–1.37%(m) |
||||||||||||||||||||
| Automotive–0.00% |
||||||||||||||||||||
| ThermaSys Corp., Series A, Pfd. (Acquired 12/31/2018; Cost $218,662)(g)(h) |
209 | 2 | ||||||||||||||||||
|
|
||||||||||||||||||||
| Electronics & Electrical–0.00% |
||||||||||||||||||||
| Riverbed Technology, Inc., Pfd.(g) |
64,600 | 3,230 | ||||||||||||||||||
|
|
||||||||||||||||||||
| Financial Intermediaries–0.06% |
||||||||||||||||||||
| JVMC Holdings Corp., Series A-2, Pfd.(g) |
649 | 236,849 | ||||||||||||||||||
|
|
||||||||||||||||||||
See accompanying notes which are an integral part of this consolidated schedule.
| Invesco Dynamic Credit Opportunity Fund |
| Shares | Value | |||||||||||||||||||
|
|
||||||||||||||||||||
| Oil & Gas–0.17% |
||||||||||||||||||||
| McDermott International Ltd., Pfd.(g) |
1,017 | $ | 661,234 | |||||||||||||||||
|
|
||||||||||||||||||||
| Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-05/09/2019; Cost $285,287)(g)(h) |
288,393 | 10,382 | ||||||||||||||||||
|
|
||||||||||||||||||||
| 671,616 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Surface Transport–1.14% |
||||||||||||||||||||
| Commercial Barge Line Co., Series A, Pfd. (Acquired
02/15/2018-02/06/2020; |
26,310 | 644,595 | ||||||||||||||||||
|
|
||||||||||||||||||||
| Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $1,744,101)(h) |
27,657 | 677,596 | ||||||||||||||||||
|
|
||||||||||||||||||||
| Commercial Barge Line Co., Series B, Pfd. (Acquired
02/05/2020-10/27/2020; |
42,058 | 1,892,610 | ||||||||||||||||||
|
|
||||||||||||||||||||
| Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $687,140)(h) |
29,536 | 1,329,120 | ||||||||||||||||||
|
|
||||||||||||||||||||
| 4,543,921 | ||||||||||||||||||||
|
|
||||||||||||||||||||
| Total Preferred Stocks (Cost $5,598,773) |
5,455,618 | |||||||||||||||||||
|
|
||||||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
||||||||||||||||||
| U.S. Dollar Denominated Bonds & Notes–0.96% |
||||||||||||||||||||
| Aerospace & Defense–0.18% |
||||||||||||||||||||
| Rand Parent LLC (o) |
8.50% | 02/15/2030 | $ | 820 | 708,791 | |||||||||||||||
|
|
||||||||||||||||||||
| Air Transport–0.10% |
||||||||||||||||||||
| Mesa Airlines, Inc., Class B (Acquired 11/25/2015; Cost $968,429)(g)(h) |
5.75% | 07/15/2025 | 415 | 404,724 | ||||||||||||||||
|
|
||||||||||||||||||||
| Food Products–0.30% |
||||||||||||||||||||
| Teasdale Foods, Inc. (Acquired 12/18/2020-03/31/2022; |
16.25% | 06/18/2026 | 2,241 | 1,205,758 | ||||||||||||||||
|
|
||||||||||||||||||||
| Radio & Television–0.02% |
||||||||||||||||||||
| Diamond Sports Group LLC/Diamond Sports Finance Co. (j)(k)(o) |
0.00% | 08/15/2026 | 1,631 | 72,605 | ||||||||||||||||
|
|
||||||||||||||||||||
| Telecommunications–0.36% |
||||||||||||||||||||
| Windstream Escrow LLC/Windstream Escrow Finance Corp. (o) |
7.75% | 08/15/2028 | 1,758 | 1,431,109 | ||||||||||||||||
|
|
||||||||||||||||||||
| Total U.S. Dollar Denominated Bonds & Notes (Cost $6,504,118) |
3,822,987 | |||||||||||||||||||
|
|
||||||||||||||||||||
| Municipal Obligations–0.76% |
||||||||||||||||||||
| Arizona–0.76% |
||||||||||||||||||||
| Arizona (State of) Industrial Development Authority (NewLife Forest Restoration, LLC), Series 2022,
RB |
9.00% | 01/01/2028 | 3,547 | 3,022,948 | ||||||||||||||||
|
|
||||||||||||||||||||
| Shares | ||||||||||||||||||||
| Money Market Funds–0.03% |
||||||||||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class, 5.04%(q)(r) |
68,632 | 68,632 | ||||||||||||||||||
|
|
||||||||||||||||||||
| Invesco Treasury Portfolio, Institutional Class, 5.04%(q)(r) |
45,755 | 45,755 | ||||||||||||||||||
|
|
||||||||||||||||||||
| Total Money Market Funds (Cost $114,387) |
114,387 | |||||||||||||||||||
|
|
||||||||||||||||||||
| TOTAL INVESTMENTS IN SECURITIES–116.41% (Cost $540,090,581) |
462,615,835 | |||||||||||||||||||
|
|
||||||||||||||||||||
| BORROWINGS–(19.88)% |
(79,000,000 | ) | ||||||||||||||||||
|
|
||||||||||||||||||||
| OTHER ASSETS LESS LIABILITIES–3.47% |
13,782,028 | |||||||||||||||||||
|
|
||||||||||||||||||||
| NET ASSETS–100.00% |
$ | 397,397,863 | ||||||||||||||||||
|
|
||||||||||||||||||||
See accompanying notes which are an integral part of this consolidated schedule.
| Invesco Dynamic Credit Opportunity Fund |
| Investment Abbreviations: | ||
| 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 | |
| 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) | This variable rate interest will settle after May 31, 2023, at which time the interest rate will be determined. |
| (f) | Acquired through direct lending. Direct loans may be subject to liquidity and interest rate risk and certain direct loans may be deemed illiquid. |
| (g) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| (h) | Restricted security. The aggregate value of these securities at May 31, 2023 was $33,574,451, which represented 8.45% of the Fund’s Net Assets. |
| (i) | All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. |
| (j) | The borrower has filed for protection in federal bankruptcy court. |
| (k) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at May 31, 2023 was $8,387,206, which represented 2.11% of the Fund’s Net Assets. |
| (l) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
| (m) | Securities acquired through the restructuring of senior loans. |
| (n) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| (o) | 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 May 31, 2023 was $49,441,296, which represented 12.44% of the Fund’s Net Assets. |
| (p) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2023. |
| (q) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended May 31, 2023. |
| Change in | ||||||||||||||||||||||
| Value | Purchases | Proceeds | Unrealized | Realized | Value | |||||||||||||||||
| February 28, 2023 | at Cost | from Sales | Appreciation | Gain | May 31, 2023 | Dividend Income | ||||||||||||||||
| Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class |
$3,078,901 | $29,872,576 | $(32,882,845) | $- | $- | $ 68,632 | $49,851 | |||||||||||||||
| Invesco Treasury Portfolio, Institutional Class |
2,052,601 | 19,915,051 | (21,921,897) | - | - | 45,755 | 33,145 | |||||||||||||||
| Total |
$5,131,502 | $49,787,627 | $(54,804,742) | $- | $- | $114,387 | $82,996 | |||||||||||||||
| (r) | The rate shown is the 7-day SEC standardized yield as of May 31, 2023. |
The aggregate value of securities considered illiquid at May 31, 2023 was $294,810,804 which represented 74.19% of the Fund’s Net Assets.
| Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
| Settlement | Contract to | Unrealized Appreciation |
||||||||||||||||||||||||
| Date | Counterparty | Deliver | Receive | (Depreciation) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
| Currency Risk |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
| 06/30/2023 |
Bank of America, N.A. | NOK | 1,711 | USD | 162 | $ | 8 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||
| 06/30/2023 |
Bank of New York Mellon (The) | EUR | 25,361,772 | USD | 28,071,677 | 918,511 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||
| 06/30/2023 |
Barclays Bank PLC | GBP | 5,323,316 | USD | 6,643,220 | 17,309 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||
| 06/30/2023 |
Barclays Bank PLC | SEK | 14,041,773 | USD | 1,372,578 | 76,635 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||
See accompanying notes which are an integral part of this consolidated schedule.
| Invesco Dynamic Credit Opportunity Fund |
| Open Forward Foreign Currency Contracts–(continued) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||
| Unrealized | ||||||||||||||||||||||
| Settlement Date |
Contract to | Appreciation | ||||||||||||||||||||
| Counterparty | Deliver | Receive | (Depreciation) | |||||||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
BNP Paribas S.A. | USD | 6,776,596 | GBP | 5,472,883 | $ | 35,480 | |||||||||||||||
|
|
||||||||||||||||||||||
| 07/31/2023 |
BNP Paribas S.A. | EUR | 25,352,778 | USD | 27,392,850 | 202,606 | ||||||||||||||||
|
|
||||||||||||||||||||||
| 07/31/2023 |
BNP Paribas S.A. | NOK | 1,711 | USD | 156 | 2 | ||||||||||||||||
|
|
||||||||||||||||||||||
| 07/31/2023 |
BNP Paribas S.A. | SEK | 13,664,264 | USD | 1,282,794 | 19,645 | ||||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
Morgan Stanley and Co. International PLC | EUR | 25,583,238 | USD | 28,263,916 | 873,640 | ||||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
Morgan Stanley and Co. International PLC | GBP | 5,403,973 | USD | 6,743,551 | 17,248 | ||||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
Morgan Stanley and Co. International PLC | USD | 6,675,381 | GBP | 5,391,198 | 35,022 | ||||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
Royal Bank of Canada | GBP | 500,000 | USD | 628,936 | 6,588 | ||||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
Royal Bank of Canada | USD | 6,819,516 | GBP | 5,506,146 | 33,963 | ||||||||||||||||
|
|
||||||||||||||||||||||
| 07/31/2023 |
Royal Bank of Canada | EUR | 25,838,358 | USD | 27,898,423 | 187,405 | ||||||||||||||||
|
|
||||||||||||||||||||||
| 07/31/2023 |
State Street Bank & Trust Co. | EUR | 25,163,578 | USD | 27,116,901 | 129,569 | ||||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
Toronto-Dominion Bank (The) | EUR | 25,361,772 | USD | 28,024,276 | 871,110 | ||||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
Toronto-Dominion Bank (The) | GBP | 5,403,973 | USD | 6,742,320 | 16,017 | ||||||||||||||||
|
|
||||||||||||||||||||||
| Subtotal–Appreciation |
3,440,758 | |||||||||||||||||||||
|
|
||||||||||||||||||||||
| Currency Risk |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
Barclays Bank PLC | USD | 327,747 | GBP | 261,035 | (2,837 | ) | |||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
BNP Paribas S.A. | USD | 27,344,224 | EUR | 25,352,778 | (200,687 | ) | |||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
BNP Paribas S.A. | USD | 156 | NOK | 1,711 | (2 | ) | |||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
BNP Paribas S.A. | USD | 1,318,076 | SEK | 14,041,773 | (22,132 | ) | |||||||||||||||
|
|
||||||||||||||||||||||
| 07/31/2023 |
BNP Paribas S.A. | GBP | 5,472,883 | USD | 6,780,086 | (35,670 | ) | |||||||||||||||
|
|
||||||||||||||||||||||
| 07/31/2023 |
Morgan Stanley and Co. International PLC | GBP | 5,391,198 | USD | 6,678,835 | (35,193 | ) | |||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
Royal Bank of Canada | USD | 27,814,658 | EUR | 25,790,424 | (202,562 | ) | |||||||||||||||
|
|
||||||||||||||||||||||
| 07/31/2023 |
Royal Bank of Canada | GBP | 5,472,883 | USD | 6,781,887 | (33,869 | ) | |||||||||||||||
|
|
||||||||||||||||||||||
| 06/30/2023 |
State Street Bank & Trust Co. | USD | 27,068,461 | EUR | 25,163,578 | (127,488 | ) | |||||||||||||||
|
|
||||||||||||||||||||||
| Subtotal–Depreciation |
(660,440 | ) | ||||||||||||||||||||
|
|
||||||||||||||||||||||
| Total Forward Foreign Currency Contracts |
$ | 2,780,318 | ||||||||||||||||||||
|
|
||||||||||||||||||||||
| Abbreviations: | ||
| EUR | - Euro | |
| GBP | - British Pound Sterling | |
| NOK | - Norwegian Krone | |
| SEK | - Swedish Krona | |
| USD | - U.S. Dollar | |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this consolidated schedule.
| Invesco Dynamic Credit Opportunity Fund |
Notes to Quarterly Consolidated Schedule of Portfolio Holdings
May 31, 2023
(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 May 31, 2023. 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 |
$ | – | $ | 112,037,416 | $ | 237,253,194 | $ | 349,290,610 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Common Stocks & Other Equity Interests |
29,512 | 1,989,541 | 52,811,049 | 54,830,102 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Non-U.S. Dollar Denominated Bonds & Notes |
– | 35,926,145 | – | 35,926,145 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Asset-Backed Securities |
– | 10,153,038 | – | 10,153,038 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Preferred Stocks |
– | 4,543,921 | 911,697 | 5,455,618 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| U.S. Dollar Denominated Bonds & Notes |
– | 2,212,505 | 1,610,482 | 3,822,987 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Municipal Obligations |
– | 3,022,948 | – | 3,022,948 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Money Market Funds |
114,387 | – | – | 114,387 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total Investments in Securities |
143,899 | 169,885,514 | 292,586,422 | 462,615,835 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Other Investments - Assets* |
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Investments Matured |
– | 1,188,484 | 354,284 | 1,542,768 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Forward Foreign Currency Contracts |
– | 3,440,758 | – | 3,440,758 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| – | 4,629,242 | 354,284 | 4,983,526 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Other Investments - Liabilities* |
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Forward Foreign Currency Contracts |
– | (660,440 | ) | – | (660,440 | ) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total Other Investments |
– | 3,968,802 | 354,284 | 4,323,086 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total Investments |
$ | 143,899 | $ | 173,854,316 | $ | 292,940,706 | $ | 466,938,921 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| * | 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 three months ended May 31, 2023:
| Change in | ||||||||||||||||||||||||||||||||||||
| Accrued | Unrealized | Transfers | Transfers | |||||||||||||||||||||||||||||||||
| Value | Purchases | Proceeds | Discounts/ | Realized | Appreciation | into | out of | Value | ||||||||||||||||||||||||||||
| 02/28/23 | at Cost | from Sales | Premiums | Gain | (Depreciation) | Level 3* | Level 3* | 05/31/23 | ||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| Variable Rate Senior Loan Interests |
$ | 290,670,988 | $ | 10,183,121 | $ | (54,868,317 | ) | $ | 354,991 | $ | 638,142 | $ | (3,134,973 | ) | $ | 3,040,231 | $ | (9,630,989 | ) | $ | 237,253,194 | |||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| Common Stocks & Other Equity Interests |
57,005,087 | – | – | – | – | (4,458,779 | ) | 301,761 | (37,020 | ) | 52,811,049 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| U.S. Dollar Denominated Bonds & Notes |
757,674 | 87,495 | – | – | – | 765,313 | – | – | 1,610,482 | |||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| Preferred Stocks |
931,492 | 426,570 | (426,570 | ) | – | – | (19,795 | ) | – | – | 911,697 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| Investments Matured |
354,284 | – | – | – | – | – | – | – | 354,284 | |||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| Total |
$ | 349,719,525 | $ | 10,697,186 | $ | (55,294,887 | ) | $ | 354,991 | $ | 638,142 | $ | (6,848,234 | ) | $ | 3,341,992 | $ | (9,668,009 | ) | $ | 292,940,706 | |||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
*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 05/31/23 | Technique | Inputs | Inputs | Input Used | ||||||||||
|
| ||||||||||||||
| QuarterNorth Energy, Inc. |
$ | 29,643,579 | Enterprise Value | Barrel of Oil Equivalent Per Day | N/A | 39,553 | (a) | |||||||
|
| ||||||||||||||
| FDH Group Acquisition, Inc., Term Loan A | 22,001,511 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| Keg Logistics LLC, Term Loan A | 20,154,941 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| Lightning Finco Ltd. (LiveU), Term Loan B-1 | 17,640,140 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| Muth Mirror Systems LLC, Term Loan | 17,324,786 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| Teasdale Foods, Inc., Term Loan | 13,821,991 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| USF S&H Holdco LLC | 12,380,106 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| USF S&H Holdco LLC, Term Loan B | 10,544,072 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| NAS LLC (d.b.a. Nationwide Marketing Group), Term Loan | 8,741,145 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| Transtar Industries, Inc., Term Loan A | 8,562,560 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| MB2 Dental Solutions LLC, Term Loan B | 8,495,269 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| MB2 Dental Solutions LLC, Delayed Draw Term Loan | 8,478,847 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| CV Intermediate Holdco Corp. (Class Valuation), Term Loan B | 7,912,192 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| CV Intermediate Holdco Corp. (Class Valuation), Delayed Draw Term Loan | 7,683,558 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| My Alarm Center LLC, Class A | 7,519,463 | Broker Quote | N/A | N/A | N/A | (c) | ||||||||
|
| ||||||||||||||
| Lamark Media Group LLC, Term Loan B | 6,837,039 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| Vertellus, Term Loan B | 6,603,384 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| SDB Holdco LLC, Term Loan | 4,740,942 | Valuation Service | N/A | N/A | N/A | (b) | ||||||||
|
| ||||||||||||||
| (a) | The Fund fair values certain common equity securities using an enterprise value approach, which utilizes market comps, recent mergers & acquisitions transactions, barrel of oil equivalent per day and projected production. The Adviser periodically reviews the 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 broker and for which the inputs used in the broker quote supplied are unobservable. The Adviser reviews the broker 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. |
| Invesco Dynamic Credit Opportunity Fund |