NPORT-EX 2 edgar.htm HTML

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%)
(Acquired 04/29/2022; Cost $1,840,357)(h)

     7.49 %      10/31/2023        EUR        1,763        1,605,273  

 

  

Mold-Rite Plastics LLC (Valcour Packaging LLC), Second Lien Term Loan
(1 mo. USD LIBOR + 7.00%)

      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%)
(Acquired 04/25/2019-03/24/2021; Cost $3,677,484)(h)

     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;
Cost $239,759)(g)(h)

              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 +
5.15%) (o)(p)

     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
+ 6.07%)(o)(p)

     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;
Cost $1,659,232)(h)

              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;
Cost $978,436)(h)

              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;
Cost $1,911,177)(f)(g)(h)

     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
(Cost $3,265,426)(o)

     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