UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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Investment Company Act file number | | 811-08743 |
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Invesco Senior Income Trust |
(Exact name of registrant as specified in charter) |
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1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309 |
(Address of principal executive offices)(Zip code) |
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Sheri Morris 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309 |
(Name and address of agent for service) |
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Registrant’s telephone number, including area code: | | (404) 439-3217 |
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Date of fiscal year end: | | 2/28 | | |
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Date of reporting period: | | 8/31/17 | | |
Item 1. Report to Stockholders.
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 | | Semiannual Report to Shareholders | | August 31, 2017 |
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| Invesco Senior Income Trust |
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| NYSE: VVR | | |

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| | 2 | | Letters to Shareholders |
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| | 3 | | Trust Performance |
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| | 3 | | Share Repurchase Program Notice |
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| | 4 | | Dividend Reinvestment Plan |
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| | 5 | | Schedule of Investments |
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| | 26 | | Financial Statements |
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| | 29 | | Notes to Financial Statements |
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| | 38 | | Financial Highlights |
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| | 41 | | Approval of Investment Advisory and Sub-Advisory Contracts |
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| | 43 | | Proxy Results |
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| | Unless otherwise noted, all data provided by Invesco. |
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| | NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Letters to Shareholders
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Bruce Crockett | | | | Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the fund’s investment strategy; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its |
affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,

Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
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Philip Taylor | | | | Dear Shareholders: This semiannual report includes information about your Trust, including performance data and a complete list of its investments as of the close of the reporting period. The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction. Our website, invesco.com/us, offers timely information about your Trust. Also, you can obtain updates to help you stay informed about the markets and the economy by |
connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, you can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.
Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.
For questions about your account, contact an Invesco client services representative at 800 341 2929. For Invesco-related questions or comments, please email me directly at phil@invesco.com.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.
Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.
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2 Invesco Senior Income Trust |
Trust Performance
Cumulative total returns, 2/28/17 to 8/31/17
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Trust at NAV | | | | 1.44 | % |
Trust at Market Value | | | | -3.21 | |
Credit Suisse Leveraged Loan Index▼ | | | | 1.48 | |
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Market Price Discount to NAV as of 8/31/17 | | | | -8.64 | |
Source: ▼Bloomberg L.P.
The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price.
Since the Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.
The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, noninvestment grade loans.
The Trust is not managed to track the performance of any particular index, including the index described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.
Important Notice Regarding Share Repurchase Program
In October 2017, the Trustees of the Trust approved a share repurchase program that allows the Trust to repurchase up to 25% of the 20-day average
trading volume of the Trust’s common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will repurchase shares
pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.
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3 Invesco Senior Income Trust |
Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco closed-end Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.
Plan benefits
You may increase your shares in your Trust easily and automatically with the Plan.
Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.
You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at invesco.com/closed-end.
The Agent will hold the shares it has acquired for you in safekeeping.
Who can participate in the Plan
If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in “street name” – in the name of your brokerage firm, bank, or other financial institution – you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.
How to enroll
If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting invesco.com/closed-end, by calling toll-free 800 341 2929 or by notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. If you are writing to us, please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.
How the Plan works
If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Trust is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:
| 1. | Premium: If the Trust is trading at a premium – a market price that is higher than its NAV – you’ll pay either the NAV or 95 percent of the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price. |
| 2. | Discount: If the Trust is trading at a discount – a market price that is lower than its NAV – you’ll pay the market price for your reinvested shares. |
Costs of the Plan
There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Trust. If the Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if the Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.
Tax implications
The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.
Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.
How to withdraw from the Plan
You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/closed-end or by writing to Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:
| 1. | If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay. |
| 2. | If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay. |
| 3. | You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply. |
The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.
To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/closed-end.
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4 Invesco Senior Income Trust |
Schedule of Investments
August 31, 2017
(Unaudited)
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| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Variable Rate Senior Loan Interests–130.83%(b)(c) | | | | | | | | | | | | | | | | |
Aerospace & Defense–3.94% | | | | | | | | | | | | | | | | |
Cadence Aerospace, LLC, | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 6.25%) | | | 7.50 | % | | | 05/09/2018 | | | $ | 7 | | | $ | 6,829 | |
Term Loan (3 mo. USD LIBOR + 6.25%) | | | 7.56 | % | | | 05/09/2018 | | | | 2,686 | | | | 2,589,865 | |
Consolidated Aerospace Manufacturing, LLC, Term Loan (1 mo. USD LIBOR + 3.75%)(d) | | | 4.98 | % | | | 08/11/2022 | | | | 1,509 | | | | 1,486,222 | |
DAE Aviation Holdings, Inc., Incremental Term Loan(e) | | | — | | | | 07/07/2022 | | | | 400 | | | | 401,871 | |
Greenrock Finance, Inc., Term Loan B (2 mo. USD LIBOR + 3.50%) | | | 4.75 | % | | | 06/28/2024 | | | | 1,735 | | | | 1,756,750 | |
IAP Worldwide Services, | | | | | | | | | | | | | | | | |
Revolver Loan (Acquired 07/22/2014; Cost $125,481)(d)(f) | | | 0.00 | % | | | 07/18/2018 | | | | 1,129 | | | | 1,106,738 | |
Revolver Loan (3 mo. USD LIBOR + 5.50%) (Acquired 07/22/2014; Cost $125,480)(d) | | | 7.00 | % | | | 07/18/2018 | | | | 125 | | | | 122,971 | |
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%)(d) | | | 8.00 | % | | | 07/18/2019 | | | | 1,439 | | | | 1,426,910 | |
Leidos Innovations Corp., Term Loan B (1 mo. USD LIBOR + 2.00%) | | | 3.50 | % | | | 08/16/2023 | | | | 3,058 | | | | 3,069,304 | |
MacDonald, Dettwiler & Associates Ltd. (Canada), Term Loan B(e) | | | — | | | | 07/06/2024 | | | | 2,179 | | | | 2,172,815 | |
MHVC Acquisition Corp., Term Loan (1 mo. USD LIBOR + 5.25%) (Acquired 04/25/2017; Cost $956,320)(d) | | | 6.49 | % | | | 04/29/2024 | | | | 961 | | | | 975,377 | |
NAC Aviation 8 Ltd. (Ireland), Term Loan (Acquired 03/24/2017; Cost $2,448,225)(d) | | | 7.73 | % | | | 12/31/2020 | | | | 2,427 | | | | 2,426,969 | |
TransDigm Inc., | | | | | | | | | | | | | | | | |
Term Loan D (1 mo. USD LIBOR + 3.00%) | | | 4.24 | % | | | 06/04/2021 | | | | 152 | | | | 152,808 | |
Term Loan D (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 06/04/2021 | | | | 2,274 | | | | 2,280,718 | |
Term Loan E (1 mo. USD LIBOR + 3.00%) | | | 4.24 | % | | | 05/16/2022 | | | | 3,700 | | | | 3,710,250 | |
Term Loan E (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 05/16/2022 | | | | 1,837 | | | | 1,842,201 | |
Term Loan F (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 06/09/2023 | | | | 8,911 | | | | 8,936,409 | |
Transdigm Inc., Term Loan G (1 mo. USD LIBOR + 3.00%) | | | 4.26 | % | | | 08/16/2024 | | | | 40 | | | | 40,237 | |
| | | | 34,505,244 | |
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Air Transport–1.95% | |
American Airlines, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 12/14/2023 | | | | 3,261 | | | | 3,274,994 | |
Avolon TLB Borrower 1 (US) LLC, | | | | | | | | | | | | | | | | |
Term Loan B-1 (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 09/16/2020 | | | | 1,047 | | | | 1,052,695 | |
Term Loan B-2 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 03/21/2022 | | | | 7,525 | | | | 7,556,653 | |
Delta Air Lines, Inc., Revolver Loan(f) | | | 0.00 | % | | | 10/18/2017 | | | | 2,004 | | | | 1,988,573 | |
Gol LuxCo S.A. (Luxembourg), Term Loan | | | 6.50 | % | | | 08/31/2020 | | | | 3,076 | | | | 3,164,684 | |
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%) | | | 3.56 | % | | | 04/01/2024 | | | | 68 | | | | 68,492 | |
| | | | 17,106,091 | |
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Automotive–1.88% | |
Allison Transmission, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) | | | 3.24 | % | | | 09/23/2022 | | | | 850 | | | | 854,722 | |
American Axle & Manufacturing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | | | 3.49 | % | | | 04/06/2024 | | | | 2,129 | | | | 2,118,843 | |
Britax US Holdings Inc., Term Loan (3 mo. USD LIBOR + 3.50%) | | | 4.80 | % | | | 10/15/2020 | | | | 457 | | | | 389,955 | |
CH Hold Corp., | | | | | | | | | | | | | | | | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) | | | 8.48 | % | | | 02/03/2025 | | | | 124 | | | | 127,340 | |
Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 02/01/2024 | | | | 976 | | | | 981,698 | |
Dayco Products, LLC, Term Loan (3 mo. USD LIBOR + 5.00%)(d) | | | 6.23 | % | | | 05/19/2023 | | | | 824 | | | | 829,465 | |
Dealer Tire, LLC, Term Loan (3 mo. USD LIBOR + 3.75%) | | | 5.06 | % | | | 12/22/2021 | | | | 27 | | | | 27,320 | |
Key Safety Systems, Inc., Term Loan (3 mo. USD LIBOR + 4.50%) | | | 5.82 | % | | | 08/29/2021 | | | | 360 | | | | 362,780 | |
Midas Intermediate Holdco II, LLC, Term Loan (3 mo. USD LIBOR + 2.75%) | | | 4.05 | % | | | 08/18/2021 | | | | 1,741 | | | | 1,741,487 | |
Superior Industries International, Inc., Term Loan B (3 mo. USD LIBOR + 4.50%)(d) | | | 5.79 | % | | | 03/22/2024 | | | | 1,144 | | | | 1,130,002 | |
ThermaSys Corp., | | | | | | | | | | | | | | | | |
Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.31 | % | | | 05/03/2019 | | | | 1,853 | | | | 1,662,231 | |
Term Loan (Prime Rate + 3.00%) | | | 7.25 | % | | | 05/03/2019 | | | | 13 | | | | 11,624 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 Invesco Senior Income Trust
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| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Automotive–(continued) | |
Tower Automotive Holdings USA, LLC, Term Loan (1 mo. USD LIBOR + 2.75%) | | | 4.00 | % | | | 03/07/2024 | | | $ | 2,558 | | | $ | 2,565,593 | |
Transtar Holding Co., | | | | | | | | | | | | | | | | |
Exit Term Loan(f) | | | 0.00 | % | | | 04/11/2022 | | | | 160 | | | | 160,477 | |
Exit Term Loan (3 mo. USD LIBOR + 4.25%) | | | 5.55 | % | | | 04/11/2022 | | | | 655 | | | | 655,966 | |
First Lien Term Loan (3 mo. USD LIBOR + 4.25%) (Acquired 10/03/2012-06/13/2016; Cost $1,829,096) | | | 5.56 | % | | | 04/11/2022 | | | | 1,824 | | | | 1,687,062 | |
Term Loan, 7.75% PIK Rate, 1.00% Cash Rate (Acquired 04/11/2017; Cost $518,982)(d)(g) | | | 7.75 | % | | | 04/11/2022 | | | | 553 | | | | 471,767 | |
Wand Intermediate I L.P., Second Lien Term Loan (3 mo. USD LIBOR + 7.25%) | | | 8.55 | % | | | 09/17/2022 | | | | 732 | | | | 736,571 | |
| | | | 16,514,903 | |
|
Beverage & Tobacco–0.52% | |
AI Aqua Merger Sub, Inc., | | | | | | | | | | | | | | | | |
First Lien Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | | | 5.23 | % | | | 12/13/2023 | | | | 1,855 | | | | 1,874,811 | |
Term Loan(e) | | | — | | | | 12/13/2023 | | | | 779 | | | | 782,349 | |
Arctic Glacier U.S.A. Inc., Term Loan (1 mo. USD LIBOR + 4.25%) | | | 5.48 | % | | | 03/20/2024 | | | | 630 | | | | 634,329 | |
Constellation Brands Canada, Inc., (Canada) Term Loan B-2 (3 mo. USD LIBOR + 2.75%) | | | 4.06 | % | | | 12/15/2023 | | | | 560 | | | | 563,848 | |
Winebow Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 06/27/2014; Cost $724,342)(d) | | | 8.73 | % | | | 12/31/2021 | | | | 728 | | | | 680,215 | |
| | | | 4,535,552 | |
|
Building & Development–3.12% | |
American Builders & Contractors Supply Co., Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 10/31/2023 | | | | 1,099 | | | | 1,102,493 | |
Beacon Roofing Supply, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 10/01/2022 | | | | 629 | | | | 632,450 | |
Capital Automotive L.P., | | | | | | | | | | | | | | | | |
Second Lien Term Loan B (1 mo. USD LIBOR + 6.00%) | | | 7.24 | % | | | 03/24/2025 | | | | 1,869 | | | | 1,896,554 | |
Term Loan B-2 (1 mo. USD LIBOR + 3.00%) | | | 4.24 | % | | | 03/25/2024 | | | | 3,320 | | | | 3,343,350 | |
DiversiTech Holdings, Inc., | | | | | | | | | | | | | | | | |
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 05/18/2017; Cost $254,813) | | | 8.70 | % | | | 06/01/2025 | | | | 257 | | | | 263,472 | |
Term Loan (3 mo. USD LIBOR + 3.50%) | | | 4.70 | % | | | 06/01/2024 | | | | 620 | | | | 621,172 | |
Forterra Finance, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 10/25/2023 | | | | 1,828 | | | | 1,535,427 | |
HD Supply Waterworks, Ltd., Term Loan B (3 mo. USD LIBOR + 3.00%) | | | 4.46 | % | | | 07/31/2024 | | | | 1,314 | | | | 1,319,126 | |
HD Supply, Inc., | | | | | | | | | | | | | | | | |
Term Loan B-1 (1 mo. USD LIBOR + 2.25%) | | | 4.05 | % | | | 08/13/2021 | | | | 243 | | | | 243,661 | |
Term Loan B-4 (1 mo. USD LIBOR + 2.50%) | | | 3.74 | % | | | 10/17/2023 | | | | 1,927 | | | | 1,933,433 | |
Mueller Water Products, Inc., | | | | | | | | | | | | | | | | |
Term Loan B (1 mo. USD LIBOR + 2.50%) | | | 3.74 | % | | | 11/25/2021 | | | | 183 | | | | 184,289 | |
Term Loan B (3 mo. USD LIBOR + 2.50%) | | | 3.80 | % | | | 11/25/2021 | | | | 81 | | | | 81,894 | |
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 11/15/2023 | | | | 6,326 | | | | 6,303,516 | |
Re/Max LLC, Term Loan (3 mo. USD LIBOR + 2.75%)(d) | | | 4.05 | % | | | 12/15/2023 | | | | 2,093 | | | | 2,106,473 | |
Realogy Group LLC, Term Loan (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 07/20/2022 | | | | 4,861 | | | | 4,886,589 | |
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.26 | % | | | 07/24/2024 | | | | 924 | | | | 926,787 | |
| | | | 27,380,686 | |
|
Business Equipment & Services–14.83% | |
Acosta, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 09/26/2021 | | | | 492 | | | | 442,889 | |
Allied Universal Holdco LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan (3 mo. USD LIBOR + 3.75%) | | | 5.05 | % | | | 07/28/2022 | | | | 2,084 | | | | 2,086,748 | |
Incremental Delayed Draw Term Loan(f) | | | 0.00 | % | | | 07/28/2022 | | | | 582 | | | | 581,789 | |
Alorica Inc., Term Loan B (1 mo. USD LIBOR + 3.75%) | | | 4.98 | % | | | 06/30/2022 | | | | 1,442 | | | | 1,452,347 | |
Asurion LLC, | | | | | | | | | | | | | | | | |
Second Lien Term Loan B-2(e) | | | — | | | | 08/04/2025 | | | | 6,797 | | | | 6,959,354 | |
Term Loan B-4 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 08/04/2022 | | | | 554 | | | | 555,933 | |
Term Loan B-5 (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 11/03/2023 | | | | 11,003 | | | | 11,064,427 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Business Equipment & Services–(continued) | |
Blucora, Inc., Term Loan (3 mo. USD LIBOR + 3.75%) (Acquired 04/21/2017; Cost $1,359,249) | | | 5.04 | % | | | 05/22/2024 | | | $ | 1,366 | | | $ | 1,382,930 | |
Brand Energy & Infrastructure Services, Inc., | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 4.25%) | | | 5.48 | % | | | 06/21/2024 | | | | 16 | | | | 16,245 | |
Term Loan (2 mo. USD LIBOR + 4.25%) | | | 5.51 | % | | | 06/21/2024 | | | | 2,703 | | | | 2,715,224 | |
Term Loan (3 mo. USD LIBOR + 4.25%) | | | 5.56 | % | | | 06/21/2024 | | | | 515 | | | | 517,541 | |
Brickman Group Ltd. LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 12/18/2020 | | | | 3,597 | | | | 3,614,202 | |
Revolver Loan (Acquired 10/14/2016; Cost $484,537)(d)(f) | | | 0.00 | % | | | 12/18/2018 | | | | 510 | | | | 471,615 | |
Second Lien Term Loan (1 mo. USD LIBOR + 6.50%) | | | 7.73 | % | | | 12/17/2021 | | | | 294 | | | | 296,008 | |
Caraustar Industries, Inc., Term Loan (3 mo. USD LIBOR + 5.50%) | | | 6.80 | % | | | 03/09/2022 | | | | 3,034 | | | | 3,013,743 | |
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 03/01/2024 | | | | 4,317 | | | | 4,322,492 | |
Checkout Holding Corp., Term Loan B (1 mo. USD LIBOR + 3.50%) | | | 4.73 | % | | | 04/09/2021 | | | | 3,069 | | | | 2,634,238 | |
Cotiviti Corp., | | | | | | | | | | | | | | | | |
First Lien Term Loan B (3 mo. USD LIBOR + 2.50%) | | | 3.80 | % | | | 09/28/2023 | | | | 859 | | | | 863,113 | |
Term Loan A (3 mo. USD LIBOR + 2.25%)(d) | | | 3.55 | % | | | 09/28/2021 | | | | 1,118 | | | | 1,118,490 | |
CRCI Holdings, Inc., Term Loan (3 mo. USD LIBOR + 5.50%) | | | 6.80 | % | | | 08/31/2023 | | | | 1,173 | | | | 1,180,939 | |
Crossmark Holdings, Inc., | | | | | | | | | | | | | | | | |
First Lien Term Loan (3 mo. USD LIBOR + 3.50%) | | | 4.80 | % | | | 12/20/2019 | | | | 1,939 | | | | 1,397,154 | |
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%) | | | 8.80 | % | | | 12/21/2020 | | | | 731 | | | | 341,211 | |
DigitalGlobe, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 01/15/2024 | | | | 2,970 | | | | 2,973,004 | |
Equinix, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.00%) | | | 3.73 | % | | | 01/08/2023 | | | | 569 | | | | 570,255 | |
First Data Corp., | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 2.50%) | | | 3.74 | % | | | 04/26/2024 | | | | 19,269 | | | | 19,301,039 | |
Term Loan D (1 mo. USD LIBOR + 2.25%) | | | 3.49 | % | | | 07/08/2022 | | | | 60 | | | | 60,391 | |
FleetCor Technologies Operating Co., LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.00%) | | | 3.23 | % | | | 08/02/2024 | | | | 304 | | | | 305,062 | |
Gartner, Inc., Incremental Term Loan B (1 mo. USD LIBOR + 2.00%)(d) | | | 3.23 | % | | | 04/05/2024 | | | | 563 | | | | 566,120 | |
Genesys Telecom Holdings, U.S., Inc., Term Loan B-2 (2 mo. USD LIBOR + 3.75%) | | | 5.01 | % | | | 12/01/2023 | | | | 1,255 | | | | 1,264,578 | |
Genesys Telecom Holdings, U.S., Inc., Term Loan B-2 (3 mo. USD LIBOR + 3.75%) | | | 5.01 | % | | | 12/01/2023 | | | | 2,929 | | | | 2,950,682 | |
Global Payments, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.00%) | | | 3.23 | % | | | 04/21/2023 | | | | 2,340 | | | | 2,346,181 | |
Hillman Group, Inc., Term Loan (3 mo. USD LIBOR + 3.50%) | | | 4.80 | % | | | 06/30/2021 | | | | 1,923 | | | | 1,930,969 | |
IndigoCyan Midco Ltd. (Jersey), Term Loan B(d)(e) | | | — | | | | 06/23/2024 | | | GBP | 1,061 | | | | 1,357,860 | |
Information Resources, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.25%) | | | 5.49 | % | | | 01/18/2024 | | | | 3,063 | | | | 3,091,396 | |
KAR Auction Services, Inc., | | | | | | | | | | | | | | | | |
Term Loan B-4 (3 mo. USD LIBOR + 2.25%) | | | 3.56 | % | | | 03/11/2021 | | | | 118 | | | | 118,345 | |
Term Loan B-5 (3 mo. USD LIBOR + 2.50%) | | | 3.81 | % | | | 03/09/2023 | | | | 1,550 | | | | 1,558,918 | |
Karman Buyer Corp., | | | | | | | | | | | | | | | | |
Incremental Term Loan B-2 (3 mo. USD LIBOR + 3.25%) | | | 4.56 | % | | | 07/23/2021 | | | | 1,517 | | | | 1,463,935 | |
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) | | | 7.80 | % | | | 07/25/2022 | | | | 1,307 | | | | 1,205,289 | |
Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.55 | % | | | 07/23/2021 | | | | 373 | | | | 360,197 | |
Kronos Inc., | | | | | | | | | | | | | | | | |
Term Loan B (2 mo. USD LIBOR + 3.50%) | | | 4.76 | % | | | 11/01/2023 | | | | 7 | | | | 7,140 | |
Term Loan B (3 mo. USD LIBOR + 3.50%) | | | 4.81 | % | | | 11/01/2023 | | | | 2,814 | | | | 2,841,692 | |
Learning Care Group (US) No. 2 Inc., | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 4.00%) | | | 5.23 | % | | | 05/05/2021 | | | | 1,102 | | | | 1,114,621 | |
Term Loan (2 mo. USD LIBOR + 4.00%) | | | 5.26 | % | | | 05/05/2021 | | | | 30 | | | | 30,714 | |
Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.30 | % | | | 05/05/2021 | | | | 367 | | | | 371,540 | |
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 03/18/2024 | | | | 117 | | | | 118,082 | |
Peak 10, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%) | | | 4.81 | % | | | 08/01/2024 | | | | 1,599 | | | | 1,597,944 | |
Prime Security Services Borrower, LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 05/02/2022 | | | | 1,897 | | | | 1,908,699 | |
Revolver Loan(d)(f) | | | 0.00 | % | | | 05/02/2022 | | | | 1,770 | | | | 1,767,056 | |
Spin Holdco Inc., Term Loan B-1 (2 mo. USD LIBOR + 3.75%) | | | 5.01 | % | | | 11/14/2022 | | | | 7,898 | | | | 7,932,299 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Business Equipment & Services–(continued) | |
Synchronoss Technologies, Inc., Term Loan (2 mo. USD LIBOR + 4.50%) | | | 5.76 | % | | | 01/19/2024 | | | $ | 936 | | | $ | 926,927 | |
Techem GmbH (Germany), Term Loan B(e) | | | — | | | | 07/31/2024 | | | EUR | 1,494 | | | | 1,794,452 | |
Tempo Acquisition LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 05/01/2024 | | | | 4,625 | | | | 4,646,100 | |
TNS Inc., | | | | | | | | | | | | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 4.00%) | | | 5.24 | % | | | 02/14/2020 | | | | 1,148 | | | | 1,156,238 | |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) | | | 9.24 | % | | | 08/14/2020 | | | | 184 | | | | 184,581 | |
Trans Union LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.00%) | | | 3.23 | % | | | 04/09/2023 | | | | 2,247 | | | | 2,252,787 | |
Travelport Finance S.a.r.l. (Luxembourg), Term Loan D (3 mo. USD LIBOR + 2.75%) | | | 4.06 | % | | | 09/02/2021 | | | | 1,141 | | | | 1,140,800 | |
U.S. Security Associates Holdings, Inc., Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.30 | % | | | 07/14/2023 | | | | 1,550 | | | | 1,561,217 | |
Ventia Deco LLC, Term Loan B (3 mo. USD LIBOR + 3.50%)(d) | | | 4.80 | % | | | 05/21/2022 | | | | 1,447 | | | | 1,454,371 | |
Wash MultiFamily Acquisition Inc., | | | | | | | | | | | | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 05/13/2022 | | | | 406 | | | | 405,420 | |
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 05/16/2022 | | | | 2,436 | | | | 2,434,596 | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) (Acquired 05/04/2015; Cost $117,876)(d) | | | 8.23 | % | | | 05/12/2023 | | | | 119 | | | | 118,572 | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) (Acquired 05/04/2015; Cost $20,649)(d) | | | 8.23 | % | | | 05/14/2023 | | | | 21 | | | | 20,767 | |
West Corp., | | | | | | | | | | | | | | | | |
Term Loan B-12 (1 mo. USD LIBOR + 2.50%) | | | 3.74 | % | | | 06/17/2023 | | | | 959 | | | | 960,159 | |
Term Loan B-12 (3 mo. USD LIBOR + 2.50%) | | | 3.80 | % | | | 06/17/2023 | | | | 513 | | | | 513,164 | |
Term Loan B-14 (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 06/17/2021 | | | | 1,881 | | | | 1,883,178 | |
WEX Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 06/30/2023 | | | | 2,408 | | | | 2,429,969 | |
| | | | 130,025,938 | |
| | | | |
Cable & Satellite Television–8.02% | | | | | | | | | | | | | | | | |
Altice Financing S.A. (Luxembourg), Term Loan (3 mo. USD LIBOR + 2.75%) | | | 4.05 | % | | | 07/15/2025 | | | | 1,273 | | | | 1,274,288 | |
Altice US Finance I Corp., Term Loan (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 07/15/2025 | | | | 2,629 | | | | 2,615,348 | |
Atlantic Broadband Finance, LLC, Term Loan B(e) | | | — | | | | 08/11/2024 | | | | 4,242 | | | | 4,220,995 | |
Cable One, Inc., Incremental Term Loan B-1 (3 mo. USD LIBOR + 2.25%)(d) | | | 3.57 | % | | | 05/01/2024 | | | | 460 | | | | 462,793 | |
Charter Communications Operating LLC, Term Loan I-1 (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 01/15/2024 | | | | 7,003 | | | | 7,043,572 | |
CSC Holdings, LLC, Term Loan (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 07/17/2025 | | | | 8,191 | | | | 8,153,027 | |
ION Media Networks, Inc., Term Loan B-3 (2 mo. USD LIBOR + 3.00%) | | | 4.26 | % | | | 12/18/2020 | | | | 4,377 | | | | 4,393,840 | |
Mediacom Illinois LLC, Term Loan K (1 wk. USD LIBOR + 2.25%) | | | 3.45 | % | | | 02/15/2024 | | | | 2,173 | | | | 2,183,108 | |
Numericable-SFR S.A. (France), Term Loan B-10 (3 mo. USD LIBOR + 3.25%) | | | 4.56 | % | | | 01/14/2025 | | | | 5,937 | | | | 5,967,375 | |
Telenet Financing USD LLC, Term Loan A-I (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 06/30/2025 | | | | 4,948 | | | | 4,964,334 | |
Unitymedia GmbH (Germany), Term Loan B(e) | | | — | | | | 09/25/2025 | | | | 2,079 | | | | 2,072,078 | |
UPC Financing Partnership, Term Loan AP (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 04/15/2025 | | | | 9,587 | | | | 9,620,069 | |
Virgin Media Investment Holdings Ltd. (United Kingdom), Term Loan I (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 01/31/2025 | | | | 10,002 | | | | 10,036,082 | |
WaveDivision Holdings, LLC, | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.99 | % | | | 10/15/2019 | | | | 1 | | | | 780 | |
Term Loan (2 mo. USD LIBOR + 2.75%) | | | 4.03 | % | | | 10/15/2019 | | | | 298 | | | | 299,380 | |
WideOpenWest Finance, LLC, Term Loan B (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 08/18/2023 | | | | 3,749 | | | | 3,747,864 | |
Ziggo Secured Finance Partnership, Term Loan E (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 04/15/2025 | | | | 3,233 | | | | 3,228,779 | |
| | | | 70,283,712 | |
| | | | |
Chemicals & Plastics–3.12% | | | | | | | | | | | | | | | | |
Alpha US Bidco, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 01/31/2024 | | | | 948 | | | | 950,423 | |
Charter NEX US, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 05/16/2024 | | | | 401 | | | | 401,935 | |
Chemours Co., (The), Term Loan B-1 (1 mo. USD LIBOR + 2.50%) | | | 3.74 | % | | | 05/12/2022 | | | | 551 | | | | 553,697 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Chemicals & Plastics–(continued) | | | | | | | | | | | | | | | | |
Colouroz Investment LLC,(Germany) | | | | | | | | | | | | | | | | |
First Lien Term Loan B-2 (2 mo. USD LIBOR + 3.00%) | | | 4.27 | % | | | 09/07/2021 | | | $ | 7 | | | $ | 6,524 | |
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.00%) | | | 4.31 | % | | | 09/07/2021 | | | | 2,588 | | | | 2,531,382 | |
Second Lien Term Loan B-2 (3 mo. USD LIBOR + 7.25%) | | | 8.56 | % | | | 09/05/2022 | | | | 2,386 | | | | 2,336,276 | |
Term Loan C (2 mo. USD LIBOR + 3.00%) | | | 4.27 | % | | | 09/07/2021 | | | | 1 | | | | 1,079 | |
Term Loan C (3 mo. USD LIBOR + 3.00%) | | | 4.31 | % | | | 09/07/2021 | | | | 428 | | | | 418,467 | |
Constantia Flexibles Holding GmbH,(Austria) | | | | | | | | | | | | | | | | |
Term Loan B-1-A (3 mo. USD LIBOR + 3.00%) (Acquired 09/30/2016; Cost $154,254)(d) | | | 4.30 | % | | | 04/30/2022 | | | | 153 | | | | 153,934 | |
Term Loan B-2-A (3 mo. USD LIBOR + 3.00%) (Acquired 09/30/2016; Cost $969,801)(d) | | | 4.30 | % | | | 04/30/2022 | | | | 964 | | | | 967,790 | |
Diamond (BC) B.V. (Netherlands), Term Loan B(e) | | | — | | | | 07/25/2024 | | | | 1,380 | | | | 1,373,493 | |
Gemini HDPE LLC, Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.31 | % | | | 08/06/2021 | | | | 964 | | | | 968,673 | |
HII Holding Corp., Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) (Acquired 07/13/2017; Cost $1,062,905)(d) | | | 9.80 | % | | | 12/21/2020 | | | | 1,040 | | | | 1,057,708 | |
HII Holding Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.55 | % | | | 12/20/2019 | | | | 1,610 | | | | 1,619,454 | |
Ineos US Finance LLC, | | | | | | | | | | | | | | | | |
Term Loan (2 mo. EURIBOR + 2.50%) | | | 3.25 | % | | | 02/28/2024 | | | EUR | 497 | | | | 594,761 | |
Term Loan (2 mo. USD LIBOR + 2.75%) | | | 4.01 | % | | | 03/31/2022 | | | | 865 | | | | 868,793 | |
KMG Chemicals, Inc., Term Loan (1 mo. USD LIBOR + 4.25%) | | | 5.48 | % | | | 06/15/2024 | | | | 746 | | | | 757,430 | |
MacDermid, Inc., | | | | | | | | | | | | | | | | |
First Lien Multicurrency Revolver Loan(d)(f) | | | 0.00 | % | | | 06/07/2018 | | | | 648 | | | | 647,083 | |
First Lien Multicurrency Revolver Loan (Prime Rate + 2.00%)(d) | | | 6.25 | % | | | 06/07/2018 | | | | 305 | | | | 304,509 | |
First Lien Revolver Loan(d)(f) | | | 0.00 | % | | | 06/07/2018 | | | | 176 | | | | 175,970 | |
First Lien Revolver Loan(d) | | | 3.00 | % | | | 06/07/2018 | | | | 72 | | | | 71,444 | |
First Lien Revolver Loan (1 mo. USD LIBOR + 3.00%)(d) | | | 4.23 | % | | | 06/07/2018 | | | | 629 | | | | 628,051 | |
First Lien Revolver Loan (Prime Rate + 2.00%)(d) | | | 6.25 | % | | | 06/07/2018 | | | | 76 | | | | 76,127 | |
Term Loan B-5 (1 mo. USD LIBOR + 3.50%) | | | 4.73 | % | | | 06/07/2020 | | | | 72 | | | | 72,377 | |
Term Loan B-6 (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 06/07/2023 | | | | 876 | | | | 880,573 | |
Oxea Finance LLC, First Lien Term Loan B-2 (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 01/15/2020 | | | | 4,516 | | | | 4,510,588 | |
Proampac PG Borrower LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 4.00%) | | | 5.23 | % | | | 11/20/2023 | | | | 540 | | | | 547,508 | |
First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.31 | % | | | 11/20/2023 | | | | 614 | | | | 622,471 | |
Royal Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 06/12/2015; Cost $190,391) | | | 8.80 | % | | | 06/19/2023 | | | | 191 | | | | 191,235 | |
Tata Chemicals North America Inc., Term Loan (3 mo. USD LIBOR + 2.75%) | | | 4.06 | % | | | 08/07/2020 | | | | 981 | | | | 984,805 | |
Trinseo Materials Finance, Inc., Term Loan B(e) | | | — | | | | 09/04/2024 | | | | 484 | | | | 486,831 | |
Venator Finance S.a.r.l., Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.31 | % | | | 08/08/2024 | | | | 608 | | | | 611,743 | |
Versum Materials, Term Loan (3 mo. USD LIBOR + 2.50%) | | | 3.80 | % | | | 09/30/2023 | | | | 981 | | | | 988,009 | |
| | | | 27,361,143 | |
| | | | |
Clothing & Textiles–1.12% | | | | | | | | | | | | | | | | |
ABG Intermediate Holdings 2 LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan B-1 (3 mo. USD LIBOR + 4.00%) | | | 5.30 | % | | | 05/27/2021 | | | | 3,152 | | | | 3,176,059 | |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) | | | 9.80 | % | | | 05/27/2022 | | | | 1,270 | | | | 1,287,001 | |
Ascena Retail Group, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%) | | | 5.75 | % | | | 08/21/2022 | | | | 2,060 | | | | 1,600,914 | |
Oak Parent, Inc., Term Loan (1 mo. USD LIBOR + 4.50%) | | | 5.73 | % | | | 10/26/2023 | | | | 1,495 | | | | 1,479,604 | |
Varsity Brands Holding Co., Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | | | 4.73 | % | | | 12/10/2021 | | | | 2,242 | | | | 2,258,439 | |
| | | | 9,802,017 | |
| | | | |
Conglomerates–0.34% | | | | | | | | | | | | | | | | |
CeramTec Acquisition Corp., | | | | | | | | | | | | | | | | |
Term Loan B-1 (3 mo. USD LIBOR + 2.75%) | | | 3.95 | % | | | 08/30/2020 | | | | 831 | | | | 833,397 | |
Term Loan B-2 (3 mo. USD LIBOR + 2.75%) | | | 3.95 | % | | | 08/30/2020 | | | | 103 | | | | 103,520 | |
Term Loan B-3 (3 mo. USD LIBOR + 2.75%) | | | 3.95 | % | | | 08/30/2020 | | | | 252 | | | | 252,754 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Conglomerates–(continued) | | | | | | | | | | | | | | | | |
Penn Engineering & Manufacturing Corp., Term Loan B (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 06/27/2024 | | | $ | 858 | | | $ | 861,339 | |
RGIS Services, LLC, Term Loan (3 mo. USD LIBOR + 7.50%) | | | 8.80 | % | | | 03/31/2023 | | | | 1,028 | | | | 949,603 | |
| | | | 3,000,613 | |
|
Containers & Glass Products–2.82% | |
Berlin Packaging, LLC, | | | | | | | | | | | | | | | | |
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) | | | 7.99 | % | | | 09/30/2022 | | | | 397 | | | | 400,309 | |
Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.49 | % | | | 10/01/2021 | | | | 1,331 | | | | 1,337,272 | |
Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.55 | % | | | 10/01/2021 | | | | 801 | | | | 805,215 | |
Berry Plastics Corp., | | | | | | | | | | | | | | | | |
Term Loan L (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 01/06/2021 | | | | 1,364 | | | | 1,366,043 | |
Term Loan M (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 10/01/2022 | | | | 519 | | | | 519,639 | |
Term Loan N (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 01/19/2024 | | | | 662 | | | | 662,723 | |
BWAY Holding Co., Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 04/03/2024 | | | | 459 | | | | 460,115 | |
Consolidated Container Co. LLC, Term Loan (1 mo. USD LIBOR + 3.50%) | | | 4.73 | % | | | 05/22/2024 | | | | 983 | | | | 991,078 | |
Duran Group (Germany), Term Loan B-2 (3 mo. USD LIBOR + 4.00%) (Acquired 03/24/2017; Cost $3,408,802) | | | 5.30 | % | | | 03/21/2024 | | | | 3,450 | | | | 3,466,984 | |
Fort Dearborn Holding Co., Inc., | | | | | | | | | | | | | | | | |
First Lien Term Loan (2 mo. USD LIBOR + 4.00%) | | | 5.25 | % | | | 10/19/2023 | | | | 39 | | | | 39,730 | |
First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.30 | % | | | 10/19/2023 | | | | 2,439 | | | | 2,457,005 | |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) (Acquired 10/10/2016; Cost $200,178)(d) | | | 9.80 | % | | | 10/19/2024 | | | | 203 | | | | 202,518 | |
Hoffmaster Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.50%) | | | 5.80 | % | | | 11/21/2023 | | | | 1,866 | | | | 1,885,511 | |
ICSH Parent, Inc., | | | | | | | | | | | | | | | | |
Delayed Draw Term Loan(f) | | | 0.00 | % | | | 04/29/2024 | | | | 159 | | | | 159,075 | |
Delayed Draw Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.32 | % | | | 04/29/2024 | | | | 69 | | | | 69,179 | |
First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.32 | % | | | 04/29/2024 | | | | 1,259 | | | | 1,264,177 | |
Klockner Pentaplast of America, Inc., Term Loan (3 mo. USD LIBOR + 4.25%) | | | 5.55 | % | | | 06/30/2022 | | | | 1,553 | | | | 1,556,112 | |
Ranpak Corp., | | | | | | | | | | | | | | | | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)(d) | | | 8.48 | % | | | 10/03/2022 | | | | 133 | | | | 132,605 | |
Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 10/01/2021 | | | | 412 | | | | 413,473 | |
Reynolds Group Holdings Inc., Incremental Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 02/05/2023 | | | | 4,314 | | | | 4,322,647 | |
Tekni-Plex, Inc., | | | | | | | | | | | | | | | | |
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%) (Acquired 04/15/2015; Cost $247,453)(d) | | | 9.06 | % | | | 06/01/2023 | | | | 249 | | | | 249,541 | |
Term Loan B-1 (2 mo. USD LIBOR + 3.50%) | | | 4.76 | % | | | 06/01/2022 | | | | 1 | | | | 675 | |
Term Loan B-1 (3 mo. USD LIBOR + 3.50%) | | | 4.81 | % | | | 06/01/2022 | | | | 262 | | | | 263,927 | |
TricorBraun Inc., | | | | | | | | | | | | | | | | |
First Lien Delayed Draw Term Loan(f) | | | 0.00 | % | | | 11/30/2023 | | | | 158 | | | | 157,741 | |
Term Loan (3 mo. USD LIBOR + 3.75%) | | | 5.05 | % | | | 11/30/2023 | | | | 1,556 | | | | 1,569,521 | |
| | | | 24,752,815 | |
|
Cosmetics & Toiletries–1.24% | |
Alphabet Holding Co., Inc., Term Loan(e) | | | — | | | | 08/15/2024 | | | | 1,543 | | | | 1,534,899 | |
Coty Inc., Incremental Term Loan B (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 10/27/2022 | | | | 1,284 | | | | 1,285,375 | |
Galleria Co., Term Loan B (1 mo. USD LIBOR + 3.00%) | | | 4.25 | % | | | 09/29/2023 | | | | 2,884 | | | | 2,889,611 | |
Prestige Brands, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 01/26/2024 | | | | 2,143 | | | | 2,150,720 | |
Sundial Group Holdings, LLC, Term Loan (1 mo. USD LIBOR + 4.75%)(d) | | | 5.98 | % | | | 08/15/2024 | | | | 1,211 | | | | 1,204,708 | |
Wellness Merger Sub, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.75%) | | | 6.05 | % | | | 06/30/2024 | | | | 1,828 | | | | 1,839,847 | |
| | | | 10,905,160 | |
|
Drugs–2.14% | |
BPA Laboratories, | | | | | | | | | | | | | | | | |
First Lien Term Loan (3 mo. USD LIBOR + 2.50%) | | | 3.81 | % | | | 04/29/2020 | | | | 1,916 | | | | 1,868,190 | |
Second Lien Term Loan (3 mo. USD LIBOR + 2.50%)(d) | | | 3.81 | % | | | 04/29/2020 | | | | 1,666 | | | | 1,666,042 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Drugs–(continued) | |
Endo LLC, Term Loan (1 mo. USD LIBOR + 4.25%) | | | 5.50 | % | | | 04/27/2024 | | | $ | 4,216 | | | $ | 4,257,612 | |
Grifols Worldwide Operations USA, Inc., Term Loan B (1 wk. USD LIBOR + 2.25%) | | | 3.45 | % | | | 01/31/2025 | | | | 6,461 | | | | 6,479,830 | |
Valeant Pharmaceuticals International, Inc. (Canada), Term Loan B (1 mo. USD LIBOR + 4.75%) | | | 5.99 | % | | | 04/01/2022 | | | | 4,405 | | | | 4,484,720 | |
| | | | 18,756,394 | |
|
Ecological Services & Equipment–0.94% | |
Advanced Disposal Services, Inc., Term Loan (1 wk. USD LIBOR + 2.75%) | | | 3.95 | % | | | 11/10/2023 | | | | 3,701 | | | | 3,724,094 | |
Casella Waste Systems, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 10/17/2023 | | | | 568 | | | | 570,602 | |
PSSI Holdings LLC, Term Loan (3 mo. USD LIBOR + 3.50%)(d) | | | 4.73 | % | | | 12/02/2021 | | | | 1,359 | | | | 1,372,288 | |
Waste Industries USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 02/27/2020 | | | | 568 | | | | 570,140 | |
WCA Waste Systems Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 08/11/2023 | | | | 1,974 | | | | 1,978,805 | |
| | | | | | | | | | | | | | | 8,215,929 | |
|
Electronics & Electrical–15.73% | |
4L Technologies Inc., Term Loan (1 mo. USD LIBOR + 4.50%) | | | 5.73 | % | | | 05/08/2020 | | | | 4,348 | | | | 3,877,264 | |
Almonde, Inc.,(United Kingdom) | | | | | | | | | | | | | | | | |
First Lien Term Loan (3 mo. EURIBOR + 3.25%) | | | 4.25 | % | | | 06/13/2024 | | | EUR | 965 | | | | 1,164,498 | |
First Lien Term Loan (3 mo. USD LIBOR + 3.50%) | | | 4.74 | % | | | 06/13/2024 | | | | 6,890 | | | | 6,932,183 | |
Blackboard Inc., Term Loan B-4 (3 mo. USD LIBOR + 5.00%) | | | 6.30 | % | | | 06/30/2021 | | | | 3,654 | | | | 3,611,587 | |
Canyon Valor Companies, Inc., Term Loan(e) | | | — | | | | 06/16/2023 | | | | 2,001 | | | | 2,020,240 | |
Cavium, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.25%)(d) | | | 3.48 | % | | | 08/16/2022 | | | | 1,759 | | | | 1,764,012 | |
CommScope, Inc., Term Loan 5 (3 mo. USD LIBOR + 2.00%) | | | 3.30 | % | | | 12/29/2022 | | | | 1,108 | | | | 1,113,980 | |
Compuware Corp., Term Loan B-3 (3 mo. USD LIBOR + 4.25%) | | | 5.55 | % | | | 12/15/2021 | | | | 747 | | | | 756,351 | |
CPI International, Inc., First Lien Term Loan(e) | | | — | | | | 07/26/2024 | | | | 711 | | | | 710,808 | |
Dell International LLC, | | | | | | | | | | | | | | | | |
Term Loan A-2 (1 mo. USD LIBOR + 2.25%) | | | 3.49 | % | | | 09/07/2021 | | | | 3,323 | | | | 3,332,111 | |
Term Loan B (1 mo. USD LIBOR + 2.50%) | | | 3.74 | % | | | 09/07/2023 | | | | 1,783 | | | | 1,792,427 | |
Diamond US Holding LLC, Term Loan B (3 mo. USD LIBOR + 3.25%) | | | 4.55 | % | | | 04/06/2024 | | | | 1,854 | | | | 1,859,863 | |
Diebold Nixdorf, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | | | 4.00 | % | | | 11/06/2023 | | | | 2,129 | | | | 2,133,019 | |
Go Daddy Operating Co., LLC, Term Loan (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 02/15/2024 | | | | 6,906 | | | | 6,931,368 | |
Hyland Software, Inc., | | | | | | | | | | | | | | | | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | | | 8.23 | % | | | 07/07/2025 | | | | 109 | | | | 111,252 | |
Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 07/01/2022 | | | | 725 | | | | 732,526 | |
IGT Holding IV AB (Sweden), Term Loan B(e) | | | — | | | | 07/24/2024 | | | | 1,368 | | | | 1,374,506 | |
Integrated Device Technology, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)(d) | | | 4.23 | % | | | 04/04/2024 | | | | 871 | | | | 873,452 | |
Kemet Corp., Term Loan (1 mo. USD LIBOR + 6.00%)(d) | | | 7.23 | % | | | 04/26/2024 | | | | 1,406 | | | | 1,414,513 | |
Lattice Semiconductor Corp., Term Loan (1 mo. USD LIBOR + 4.25%)(d) | | | 5.48 | % | | | 03/10/2021 | | | | 2,033 | | | | 2,037,742 | |
Lully Finance LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan B-4 (1 mo. EURIBOR + 3.75%) | | | 3.75 | % | | | 10/14/2022 | | | EUR | 607 | | | | 722,803 | |
Second Lien Term Loan B-1 (1 mo. USD LIBOR + 8.50%)(d) | | | 9.73 | % | | | 10/16/2023 | | | | 802 | | | | 773,980 | |
Second Lien Term Loan B-2 (1 mo. EURIBOR + 7.25%) (Acquired 11/30/2016; Cost $299,011)(d) | | | 7.25 | % | | | 10/16/2023 | | | EUR | 282 | | | | 335,857 | |
MA Finance Co., LLC, | | | | | | | | | | | | | | | | |
Term Loan B-2 (3 mo. USD LIBOR + 2.50%) | | | 3.81 | % | | | 11/19/2021 | | | | 4,156 | | | | 4,156,602 | |
Term Loan B-3 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 04/26/2024 | | | | 1,071 | | | | 1,072,287 | |
MACOM Technology Solutions Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 05/17/2024 | | | | 2,507 | | | | 2,506,853 | |
Mediaocean LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%) | | | 5.49 | % | | | 08/15/2022 | | | | 1,858 | | | | 1,866,686 | |
Meter Reading Holding, LLC, Term Loan (3 mo. USD LIBOR + 5.75%)(d) | | | 6.95 | % | | | 08/29/2023 | | | | 2,238 | | | | 2,282,405 | |
Micro Holding, L.P., Term Loan 2(e) | | | — | | | | 08/16/2024 | | | | 1,577 | | | | 1,572,497 | |
Micron Technology, Inc., Term Loan (3 mo. USD LIBOR + 2.50%) | | | 3.80 | % | | | 04/26/2022 | | | | 376 | | | | 379,063 | |
Microsemi Corp., Term Loan B (3 mo. USD LIBOR + 2.25%) | | | 3.55 | % | | | 01/15/2023 | | | | 3,852 | | | | 3,865,995 | |
Mirion Technologies, Inc., Term Loan (3 mo. USD LIBOR + 4.75%) | | | 6.05 | % | | | 03/31/2022 | | | | 1,321 | | | | 1,321,360 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Electronics & Electrical–(continued) | | | | | | | | | | | | | | | | |
MTS Systems, Term Loan B (1 mo. USD LIBOR + 3.25%) | | | 4.49 | % | | | 07/05/2023 | | | $ | 1,341 | | | $ | 1,353,663 | |
NeuStar, Inc., | | | | | | | | | | | | | | | | |
Term Loan B-1(e) | | | — | | | | 09/02/2019 | | | | 557 | | | | 560,828 | |
Term Loan B-2(e) | | | — | | | | 03/01/2024 | | | | 2,129 | | | | 2,151,160 | |
Oberthur Technologies of America Corp., Term Loan B-1 (3 mo. USD LIBOR + 3.75%) | | | 5.05 | % | | | 01/10/2024 | | | | 2,828 | | | | 2,793,606 | |
Omnitracs, Inc., | | | | | | | | | | | | | | | | |
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%) | | | 9.05 | % | | | 05/25/2021 | | | | 160 | | | | 160,168 | |
Term Loan (3 mo. USD LIBOR + 3.75%) | | | 5.05 | % | | | 11/25/2020 | | | | 2,491 | | | | 2,508,474 | |
ON Semiconductor Corp., Term Loan (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 03/31/2023 | | | | 5,243 | | | | 5,267,763 | |
Optiv Inc., | | | | | | | | | | | | | | | | |
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%) | | | 8.56 | % | | | 01/31/2025 | | | | 310 | | | | 280,122 | |
Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.56 | % | | | 02/01/2024 | | | | 1,677 | | | | 1,534,735 | |
Project Leopard Holdings, Inc., Term Loan (3 mo. USD LIBOR + 5.50%) | | | 6.76 | % | | | 07/07/2023 | | | | 939 | | | | 946,448 | |
Quest Software US Holdings Inc., Term Loan (2 mo. USD LIBOR + 6.00%) | | | 7.26 | % | | | 10/31/2022 | | | | 4,624 | | | | 4,702,971 | |
Ramundsen Holdings, LLC, | | | | | | | | | | | | | | | | |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) | | | 9.80 | % | | | 01/31/2025 | | | | 122 | | | | 123,950 | |
Term Loan (3 mo. USD LIBOR + 4.25%) | | | 5.55 | % | | | 02/01/2024 | | | | 303 | | | | 305,746 | |
Riverbed Technology, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.49 | % | | | 04/24/2022 | | | | 419 | | | | 407,760 | |
Rocket Software, Inc., | | | | | | | | | | | | | | | | |
Second Lien Term Loan (3 mo. USD LIBOR + 9.50%) | | | 10.80 | % | | | 10/14/2024 | | | | 504 | | | | 506,390 | |
Term Loan (3 mo. USD LIBOR + 4.25%) | | | 5.55 | % | | | 10/14/2023 | | | | 3,294 | | | | 3,335,465 | |
RP Crown Parent, LLC, Term Loan (1 mo. USD LIBOR + 3.50%) | | | 4.73 | % | | | 10/12/2023 | | | | 779 | | | | 786,211 | |
Sandvine Corp., Term Loan B(d)(e) | | | — | | | | 08/25/2022 | | | | 1,684 | | | | 1,616,599 | |
Seattle Spinco, Inc., Term Loan (3 mo. USD LIBOR + 2.75%) | | | 4.03 | % | | | 06/21/2024 | | | | 7,234 | | | | 7,241,416 | |
Sparta Systems, Inc., Term Loan B(e) | | | — | | | | 08/21/2024 | | | | 314 | | | | 315,540 | |
Sybil Software LLC, Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.50 | % | | | 09/30/2023 | | | | 5,338 | | | | 5,377,988 | |
Tempe Holdco Corp., Term Loan B (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 12/01/2023 | | | | 2,314 | | | | 2,344,253 | |
TIBCO Software, Inc., Term Loan B-1(e) | | | — | | | | 12/04/2020 | | | | 622 | | | | 624,880 | |
TTM Technologies, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%) | | | 5.48 | % | | | 05/31/2021 | | | | 1,541 | | | | 1,560,784 | |
Verifone, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | | | 3.99 | % | | | 07/08/2021 | | | | 996 | | | | 1,001,000 | |
Verint Systems Inc., Term Loan B (3 mo. USD LIBOR + 2.25%) | | | 3.56 | % | | | 06/29/2024 | | | | 1,025 | | | | 1,028,609 | |
Veritas US Inc., | | | | | | | | | | | | | | | | |
Term Loan (3 mo. EURIBOR + 4.50%) | | | 5.50 | % | | | 01/27/2023 | | | EUR | 5,580 | | | | 6,708,658 | |
Term Loan (3 mo. USD LIBOR + 4.50%) | | | 5.80 | % | | | 01/27/2023 | | | | 2,229 | | | | 2,250,471 | |
VF Holding Corp., Term Loan B-1 (3 mo. USD LIBOR + 3.25%) | | | 4.55 | % | | | 06/30/2023 | | | | 1,598 | | | | 1,606,314 | |
Viewpoint, Inc., Term Loan (3 mo. USD LIBOR + 4.25%) | | | 5.70 | % | | | 07/19/2024 | | | | 656 | | | | 659,506 | |
Western Digital Corp., Term Loan B-2 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 04/29/2023 | | | | 10,061 | | | | 10,132,763 | |
Zebra Technologies Corp., Term Loan B (3 mo. USD LIBOR + 2.00%) | | | 3.31 | % | | | 10/27/2021 | | | | 2,253 | | | | 2,254,964 | |
| | | | | | | | | | | | | | | 137,849,295 | |
| | | | |
Financial Intermediaries–2.56% | | | | | | | | | | | | | | | | |
Black Knight InfoServ, LLC, Term Loan B (1 mo. USD LIBOR + 2.25%)(d) | | | 3.50 | % | | | 05/27/2022 | | | | 327 | | | | 328,230 | |
GEO Group, Inc., Term Loan (1 mo. USD LIBOR + 2.25%) | | | 3.49 | % | | | 03/23/2024 | | | | 965 | | | | 967,920 | |
iPayment Inc., Term Loan (3 mo. USD LIBOR + 6.00%)(d) | | | 7.31 | % | | | 04/11/2023 | | | | 1,322 | | | | 1,334,859 | |
LPL Holdings, Inc., Term Loan (3 mo. USD LIBOR + 2.50%) | | | 3.82 | % | | | 03/10/2024 | | | | 2,426 | | | | 2,438,167 | |
MoneyGram International, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.55 | % | | | 03/27/2020 | | | | 5,083 | | | | 5,084,127 | |
RJO Holdings Corp., | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 12.00%) (Acquired 04/12/2017; Cost $561,266)(d) | | | 13.23 | % | | | 05/05/2022 | | | | 567 | | | | 569,487 | |
Term Loan (1 mo. USD LIBOR + 8.02%) (Acquired 04/12/2017; Cost $1,578,560)(d) | | | 9.25 | % | | | 05/05/2022 | | | | 1,594 | | | | 1,601,682 | |
RPI Finance Trust, Term Loan B-6 (3 mo. USD LIBOR + 2.00%) | | | 3.30 | % | | | 03/27/2023 | | | | 5,498 | | | | 5,527,144 | |
SAM Finance Lux S.a.r.l. (Luxembourg), Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.50 | % | | | 12/17/2020 | | | | 1,073 | | | | 1,078,579 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Financial Intermediaries–(continued) | | | | | | | | | | | | | | | | |
Stiphout Finance LLC, | | | | | | | | | | | | | | | | |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 07/23/2015; Cost $47,945)(d) | | | 9.23 | % | | | 10/26/2023 | | | $ | 48 | | | $ | 48,024 | |
Term Loan (1 mo. USD LIBOR + 3.75%) (Acquired 07/23/2015; Cost $1,027,690)(d) | | | 4.98 | % | | | 10/26/2022 | | | | 1,032 | | | | 1,038,097 | |
TMF Group Holdco B.V. (Netherlands), Term Loan B (6 mo. EURIBOR + 3.50%) | | | 3.50 | % | | | 10/13/2023 | | | EUR | 1,047 | | | | 1,258,857 | |
Walter Investment Management Corp., Term Loan B (1 mo. USD LIBOR + 3.75%) | | | 4.98 | % | | | 12/18/2020 | | | | 1,253 | | | | 1,164,368 | |
| | | | | | | | | | | | | | | 22,439,541 | |
| | | | |
Food & Drug Retailers–1.92% | | | | | | | | | | | | | | | | |
Adria Group Holding B.V. (Netherlands), Term Loan (Acquired 05/19/2016-06/30/2017; Cost $2,834,377)(h) | | | 0.00 | % | | | 06/04/2018 | | | EUR | 3,716 | | | | 89,038 | |
Albertsons, LLC, | | | | | | | | | | | | | | | | |
Term Loan B-4 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 08/25/2021 | | | | 7,520 | | | | 7,319,520 | |
Term Loan B-5 (3 mo. USD LIBOR + 3.00%) | | | 4.29 | % | | | 12/21/2022 | | | | 4,435 | | | | 4,318,754 | |
Term Loan B-6 (3 mo. USD LIBOR + 3.00%) | | | 4.25 | % | | | 06/22/2023 | | | | 906 | | | | 883,102 | |
Pret A Manger (United Kingdom), Term Loan B-2 (3 mo. GBP LIBOR + 4.00%) | | | 4.29 | % | | | 06/20/2022 | | | GBP | 1,510 | | | | 1,969,400 | |
Rite Aid Corp., | | | | | | | | | | | | | | | | |
Second Lien Term Loan 1 (1 mo. USD LIBOR + 4.75%) | | | 5.99 | % | | | 08/21/2020 | | | | 88 | | | | 88,533 | |
Second Lien Term Loan 2 (1 mo. USD LIBOR + 3.88%) | | | 5.12 | % | | | 06/21/2021 | | | | 263 | | | | 264,779 | |
Supervalu Inc., | | | | | | | | | | | | | | | | |
Delayed Draw Term Loan B (1 mo. USD LIBOR + 3.50%) | | | 4.73 | % | | | 06/08/2024 | | | | 744 | | | | 721,166 | |
Term Loan (1 mo. USD LIBOR + 3.50%) | | | 4.73 | % | | | 06/08/2024 | | | | 1,240 | | | | 1,201,943 | |
| | | | | | | | | | | | | | | 16,856,235 | |
| | | | |
Food Products–3.69% | | | | | | | | | | | | | | | | |
Candy intermediate Holdings, Inc., Term Loan (3 mo. USD LIBOR + 4.50%) | | | 5.80 | % | | | 06/15/2023 | | | | 2,468 | | | | 2,400,401 | |
Chefs’ Warehouse Parent, LLC, Term Loan (1 mo. USD LIBOR + 4.75%) | | | 6.98 | % | | | 06/22/2022 | | | | 1,040 | | | | 1,053,862 | |
CSM Bakery Supplies LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.30 | % | | | 07/03/2020 | | | | 973 | | | | 930,905 | |
Dole Food Co., Inc., | | | | | | | | | | | | | | | | |
Term Loan B (2 mo. USD LIBOR + 2.75%) | | | 4.00 | % | | | 04/06/2024 | | | | 4,345 | | | | 4,362,324 | |
Term Loan B (3 mo. USD LIBOR + 2.75%) | | | 4.46 | % | | | 04/06/2024 | | | | 241 | | | | 242,351 | |
Hearthside Group Holdings, LLC, | | | | | | | | | | | | | | | | |
Revolver Loan(d)(f) | | | 0.00 | % | | | 06/02/2019 | | | | 1,374 | | | | 1,370,006 | |
Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 06/02/2021 | | | | 1,829 | | | | 1,838,576 | |
Hostess Brands, LLC, Term Loan B (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 08/03/2022 | | | | 10 | | | | 9,606 | |
Jacobs Douwe Egberts International B.V., Term Loan B-5 (3 mo. USD LIBOR + 2.25%) | | | 3.56 | % | | | 07/04/2022 | | | | 3,619 | | | | 3,639,804 | |
JBS USA Lux S.A., Term Loan (2 mo. USD LIBOR + 2.50%) | | | 3.76 | % | | | 10/30/2022 | | | | 23 | | | | 22,817 | |
JBS USA Lux S.A., Term Loan (3 mo. USD LIBOR + 2.50%) | | | 3.80 | % | | | 10/30/2022 | | | | 9,173 | | | | 9,081,071 | |
Nomad Foods US LLC (United Kingdom), Term Loan B-2 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 05/15/2024 | | | | 1,236 | | | | 1,244,923 | |
Pinnacle Foods Finance LLC, Term Loan (1 mo. USD LIBOR + 2.00%) | | | 3.23 | % | | | 02/02/2024 | | | | 85 | | | | 85,703 | |
Post Holdings, Inc., | | | | | | | | | | | | | | | | |
Incremental Term Loan (1 mo. USD LIBOR + 2.25%) | | | 3.49 | % | | | 05/24/2024 | | | | 2,280 | | | | 2,286,914 | |
Revolver Loan(d)(f) | | | 0.00 | % | | | 01/29/2019 | | | | 2,057 | | | | 2,054,649 | |
Shearer’s Foods, LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan (3 mo. USD LIBOR + 3.94%) | | | 5.23 | % | | | 06/30/2021 | | | | 1,502 | | | | 1,504,924 | |
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)(d) | | | 8.05 | % | | | 06/30/2022 | | | | 214 | | | | 205,370 | |
| | | | | | | | | | | | | | | 32,334,206 | |
| | | | |
Food Service–2.81% | | | | | | | | | | | | | | | | |
Landry’s, Inc., | | | | | | | | | | | | | | | | |
Term Loan B (2 mo. USD LIBOR + 2.75%) | | | 4.01 | % | | | 10/04/2023 | | | | 633 | | | | 629,340 | |
Term Loan B (3 mo. USD LIBOR + 2.75%) | | | 3.97 | % | | | 10/04/2023 | | | | 907 | | | | 900,849 | |
New Red Finance, Inc., | | | | | | | | | | | | | | | | |
Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | | | 3.49 | % | | | 02/16/2024 | | | | 3,794 | | | | 3,787,576 | |
Term Loan B-3 (3 mo. USD LIBOR + 2.25%) | | | 3.55 | % | | | 02/16/2024 | | | | 2,419 | | | | 2,414,946 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Food Service–(continued) | | | | | | | | | | | | | | | | |
NPC International, Inc., | | | | | | | | | | | | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | | | 4.74 | % | | | 04/19/2024 | | | $ | 1,377 | | | $ | 1,387,458 | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) | | | 8.74 | % | | | 04/18/2025 | | | | 433 | | | | 439,957 | |
Pizza Hut Holdings, LLC, Term Loan B (1 mo. USD LIBOR + 2.00%) | | | 3.23 | % | | | 06/16/2023 | | | | 175 | | | | 176,329 | |
Red Lobster Management, LLC, Term Loan (1 mo. USD LIBOR + 5.25%) | | | 6.48 | % | | | 07/28/2021 | | | | 1,291 | | | | 1,305,509 | |
Restaurant Holding Co., LLC, First Lien Term Loan (1 mo. USD LIBOR + 7.75%) | | | 8.99 | % | | | 02/28/2019 | | | | 1,080 | | | | 1,060,034 | |
Steak ‘n Shake Inc., Term Loan (1 mo. USD LIBOR + 3.75%) | | | 4.99 | % | | | 03/19/2021 | | | | 1,107 | | | | 1,084,939 | |
TKC Holdings, Inc., 1st Lien Term Loan (1 mo. USD LIBOR + 4.25%) | | | 5.48 | % | | | 02/01/2023 | | | | 1,992 | | | | 2,003,208 | |
US Foods, Inc., Second Lien Incremental Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.99 | % | | | 06/27/2023 | | | | 9,377 | | | | 9,428,986 | |
| | | | | | | | | | | | | | | 24,619,131 | |
| | | | |
Health Care–4.97% | | | | | | | | | | | | | | | | |
Acadia Healthcare Co., Inc., | | | | | | | | | | | | | | | | |
Term Loan B-1 (1 mo. USD LIBOR + 2.75%) | | | 3.97 | % | | | 02/11/2022 | | | | 776 | | | | 782,150 | |
Term Loan B-2 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 02/16/2023 | | | | 2,030 | | | | 2,043,477 | |
ATI Holdings, Inc., First Lien Term Loan(e) | | | — | | | | 05/10/2023 | | | | 742 | | | | 746,485 | |
Auris Luxembourg III S.a.r.l. (Luxembourg), Term Loan B-7 (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 01/17/2022 | | | | 393 | | | | 394,073 | |
CareCore National, LLC, Term Loan (1 mo. USD LIBOR + 4.00%)(d) | | | 5.23 | % | | | 03/05/2021 | | | | 1,268 | | | | 1,286,515 | |
Community Health Systems, Inc., | | | | | | | | | | | | | | | | |
Incremental Term Loan G (3 mo. USD LIBOR + 2.75%) | | | 3.96 | % | | | 12/31/2019 | | | | 1,622 | | | | 1,619,957 | |
Revolver Loan(d)(f) | | | 0.00 | % | | | 01/27/2019 | | | | 1,023 | | | | 1,012,285 | |
Convatec Inc., Term Loan B (3 mo. USD LIBOR + 2.50%) | | | 3.80 | % | | | 10/31/2023 | | | | 326 | | | | 327,463 | |
DJO Finance LLC, Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 06/07/2020 | | | | 4,671 | | | | 4,658,195 | |
Elsan Groupe S.A.S. (France), Term Loan B-2 (1 mo. EURIBOR + 3.75%) | | | 3.75 | % | | | 07/21/2022 | | | EUR | 667 | | | | 802,559 | |
Envision Healthcare Corp., Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 12/01/2023 | | | | 2,842 | | | | 2,867,262 | |
Explorer Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.75%) | | | 5.06 | % | | | 05/02/2023 | | | | 1,558 | | | | 1,567,568 | |
Global Healthcare Exchange, LLC, Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.55 | % | | | 06/30/2024 | | | | 1,103 | | | | 1,103,909 | |
Greatbatch, Ltd., Term Loan B (1 mo. USD LIBOR + 3.50%) | | | 4.73 | % | | | 10/27/2022 | | | | 1,530 | | | | 1,538,979 | |
HC Group Holdings III, Inc., Term Loan (3 mo. USD LIBOR + 5.00%)(d) | | | 6.23 | % | | | 04/07/2022 | | | | 1,537 | | | | 1,550,949 | |
INC Research Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 08/01/2024 | | | | 219 | | | | 219,937 | |
Kinetic Concepts, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.55 | % | | | 02/03/2024 | | | | 3,691 | | | | 3,662,280 | |
MPH Acquisition Holdings LLC, Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 06/07/2023 | | | | 6,155 | | | | 6,188,954 | |
Ortho-Clinical Diagnostics, Inc., Term Loan (3 mo. USD LIBOR + 3.75%) | | | 5.05 | % | | | 06/30/2021 | | | | 726 | | | | 729,060 | |
Parexel International Corp., Term Loan(e) | | | — | | | | 08/11/2024 | | | | 4,080 | | | | 4,094,390 | |
Surgery Center Holdings, Inc., Term Loan(e) | | | — | | | | 06/20/2024 | | | | 960 | | | | 953,088 | |
Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 02/06/2024 | | | | 3,614 | | | | 3,577,510 | |
Unilabs Diagnostics AB (Sweden), Revolver Loan(d)(f) | | | 0.00 | % | | | 03/12/2021 | | | EUR | 943 | | | | 1,104,980 | |
WP CityMD Bidco LLC, Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.30 | % | | | 06/07/2024 | | | | 758 | | | | 762,197 | |
| | | | | | | | | | | | | | | 43,594,222 | |
| | | | |
Home Furnishings–0.68% | | | | | | | | | | | | | | | | |
Comfort Holding, LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 4.75%) | | | 5.98 | % | | | 02/05/2024 | | | | 2,053 | | | | 1,914,682 | |
Second Lien Term Loan (1 mo. USD LIBOR + 10.00%) | | | 11.23 | % | | | 02/03/2025 | | | | 250 | | | | 214,345 | |
Hayward Industries, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | | | 4.73 | % | | | 08/04/2024 | | | | 754 | | | | 758,731 | |
Serta Simmons Bedding, LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.50%) | | | 4.80 | % | | | 11/08/2023 | | | | 3,150 | | | | 3,070,753 | |
| | | | | | | | | | | | | | | 5,958,511 | |
| | | | |
Industrial Equipment–2.94% | | | | | | | | | | | | | | | | |
Accudyne Industries LLC, | | | | | | | | | | | | | | | | |
Revolver Loan (Acquired 07/08/2016; Cost $2,339,796)(d)(f) | | | 0.00 | % | | | 09/13/2019 | | | | 2,808 | | | | 2,555,528 | |
Term Loan(e) | | | — | | | | 08/15/2024 | | | | 1,929 | | | | 1,932,479 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Industrial Equipment–(continued) | | | | | | | | | | | | | | | | |
Clark Equipment Co., Term Loan B (1 mo. USD LIBOR + 2.75%) | | | 4.01 | % | | | 05/18/2024 | | | $ | 3,066 | | | $ | 3,079,615 | |
Columbus McKinnon Corp., Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 01/31/2024 | | | | 449 | | | | 451,573 | |
Crosby US Acquisition Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.31 | % | | | 11/23/2020 | | | | 1,923 | | | | 1,779,014 | |
DXP Enterprises, Inc., Term Loan(d)(e) | | | — | | | | 09/01/2023 | | | | 676 | | | | 673,221 | |
Engineered Machinery Holdings, Inc., | | | | | | | | | | | | | | | | |
First Lien Delayed Draw Term Loan(f) | | | 0.00 | % | | | 07/25/2024 | | | | 68 | | | | 67,638 | |
First Lien Term Loan(e) | | | — | | | | 07/25/2024 | | | | 520 | | | | 520,289 | |
Second Lien Delayed Draw Term Loan(e) | | | — | | | | 07/25/2025 | | | | 5 | | | | 5,480 | |
Second Lien Delayed Draw Term Loan(f) | | | 0.00 | % | | | 07/25/2025 | | | | 40 | | | | 40,189 | |
Second Lien Term Loan(e) | | | — | | | | 07/25/2025 | | | | 380 | | | | 383,627 | |
Filtration Group Corp., First Lien Term Loan (2 mo. USD LIBOR + 3.00%) | | | 4.26 | % | | | 11/23/2020 | | | | 2,728 | | | | 2,745,029 | |
Gardner Denver, Inc., | | | | | | | | | | | | | | | | |
Term Loan B-1(e) | | | — | | | | 07/30/2024 | | | EUR | 914 | | | | 1,086,808 | |
Term Loan B-1(e) | | | — | | | | 07/30/2024 | | | | 2,191 | | | | 2,192,440 | |
Generac Power System, Inc., Term Loan (3 mo. USD LIBOR + 2.25%) | | | 3.55 | % | | | 05/31/2023 | | | | 434 | | | | 435,810 | |
Milacron LLC, Term Loan B (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 09/25/2023 | | | | 1,227 | | | | 1,234,498 | |
MX Holdings US, Inc., Term Loan B-1-B (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 08/16/2023 | | | | 1,074 | | | | 1,079,760 | |
North American Lifting Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.50%) | | | 5.80 | % | | | 11/27/2020 | | | | 1,602 | | | | 1,503,311 | |
Rexnord LLC/ RBS Global, Inc., | | | | | | | | | | | | | | | | |
Term Loan B (1 mo. USD LIBOR + 2.75%) | | | 4.01 | % | | | 08/21/2023 | | | | 130 | | | | 130,837 | |
Term Loan B (3 mo. USD LIBOR + 2.75%) | | | 4.05 | % | | | 08/21/2023 | | | | 1,274 | | | | 1,278,884 | |
Robertshaw US Holding Corp., | | | | | | | | | | | | | | | | |
First Lien Term Loan (3 mo. USD LIBOR + 4.50%) | | | 5.75 | % | | | 08/15/2024 | | | | 949 | | | | 957,118 | |
Second Lien Term Loan(e) | | | — | | | | 02/15/2025 | | | | 319 | | | | 316,583 | |
Tank Holding Corp., Term Loan (3 mo. USD LIBOR + 4.25%) | | | 5.55 | % | | | 03/16/2022 | | | | 654 | | | | 657,382 | |
Terex Corp., Incremental Term Loan (3 mo. USD LIBOR + 2.25%) | | | 3.51 | % | | | 01/31/2024 | | | | 646 | | | | 645,862 | |
| | | | | | | | | | | | | | | 25,752,975 | |
|
Insurance–1.05% | |
Alliant Holdings I, L.P., Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.56 | % | | | 08/14/2022 | | | | 299 | | | | 299,474 | |
AmWINS Group, LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | | | 4.18 | % | | | 01/25/2024 | | | | 3,701 | | | | 3,711,512 | |
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) | | | 7.98 | % | | | 01/25/2025 | | | | 177 | | | | 181,250 | |
Hub International Ltd., | | | | | | | | | | | | | | | | |
Term Loan (2 mo. USD LIBOR + 3.00%) | | | 4.26 | % | | | 10/02/2020 | | | | 3 | | | | 3,067 | |
Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.31 | % | | | 10/02/2020 | | | | 1,178 | | | | 1,183,989 | |
USI Inc., | | | | | | | | | | | | | | | | |
Incremental Term Loan(e) | | | — | | | | 05/16/2024 | | | | 1,893 | | | | 1,882,721 | |
Term Loan (6 mo. USD LIBOR + 3.00%) | | | 4.31 | % | | | 05/16/2024 | | | | 1,964 | | | | 1,957,063 | |
| | | | | | | | | | | | | | | 9,219,076 | |
|
Leisure Goods, Activities & Movies–4.29% | |
Alpha Topco Ltd. (United Kingdom), Term Loan B-3 (1 mo. USD LIBOR + 3.25%) | | | 4.50 | % | | | 02/01/2024 | | | | 9,077 | | | | 9,146,716 | |
AMC Entertainment Inc., | | | | | | | | | | | | | | | | |
Incremental Term Loan (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 12/15/2023 | | | | 1,190 | | | | 1,187,561 | |
Term Loan (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 12/15/2022 | | | | 1,400 | | | | 1,396,168 | |
Ancestry.com Operations Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 10/19/2023 | | | | 248 | | | | 249,724 | |
Bright Horizons Family Solutions, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 11/07/2023 | | | | 678 | | | | 682,358 | |
Cinemark USA, Inc., | | | | | | | | | | | | | | | | |
Term Loan (2 mo. USD LIBOR + 2.00%) | | | 3.27 | % | | | 05/09/2022 | | | | 126 | | | | 126,774 | |
Term Loan (3 mo. USD LIBOR + 2.00%) | | | 3.23 | % | | | 05/09/2022 | | | | 0 | | | | 274 | |
CWGS Group, LLC, Term Loan (1 mo. USD LIBOR + 3.75%) | | | 4.98 | % | | | 11/08/2023 | | | | 3,338 | | | | 3,367,868 | |
Cyan Blue Holdco 3 Ltd. (Jersey), Term Loan B-2(e) | | | — | | | | 07/30/2024 | | | | 1,397 | | | | 1,408,076 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Leisure Goods, Activities & Movies–(continued) | | | | | | | | | | | | | | | | |
Dorna Sports, S.L.,(Spain) | | | | | | | | | | | | | | | | |
Term Loan B-2 (3 mo. EURIBOR + 3.25%) | | | 3.25 | % | | | 04/12/2024 | | | EUR | 1,059 | | | $ | 1,266,838 | |
Term Loan B-2 (3 mo. USD LIBOR + 3.50%) | | | 5.02 | % | | | 04/12/2024 | | | $ | 1,078 | | | | 1,072,822 | |
Equinox Holdings Inc., | | | | | | | | | | | | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 03/08/2024 | | | | 1,836 | | | | 1,841,601 | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | | | 8.23 | % | | | 09/08/2024 | | | | 165 | | | | 168,807 | |
Fitness International, LLC, Term Loan B (1 mo. USD LIBOR + 4.25%) | | | 5.48 | % | | | 07/01/2020 | | | | 2,088 | | | | 2,112,106 | |
Fugue Finance B.V., Term Loan(e) | | | — | | | | 06/30/2024 | | | EUR | 1,332 | | | | 1,593,475 | |
Intrawest Resorts Holdings, Inc., | | | | | | | | | | | | | | | | |
Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 07/31/2024 | | | | 765 | | | | 766,517 | |
Term Loan B-2 (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 07/31/2024 | | | | 404 | | | | 404,468 | |
Lions Gate Entertainment Corp. (Canada), Term Loan B (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 12/08/2023 | | | | 415 | | | | 418,769 | |
MTL Publishing LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 08/21/2023 | | | | 1,992 | | | | 2,000,179 | |
Orbiter International S.a.r.l. (Luxembourg), Term Loan B-2(e) | | | — | | | | 07/07/2024 | | | CHF | 476 | | | | 505,986 | |
Regal Cinemas Corp., Term Loan (1 mo. USD LIBOR + 2.00%) | | | 3.23 | % | | | 04/01/2022 | | | | 1,626 | | | | 1,614,881 | |
Sabre GLBL Inc., Incremental Term Loan B-1(e) | | | — | | | | 02/22/2024 | | | | 435 | | | | 437,401 | |
Shutterfly Inc., Delayed Draw Term Loan B(f) | | | 0.00 | % | | | 08/17/2024 | | | | 604 | | | | 601,508 | |
UFC Holdings, LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 08/18/2023 | | | | 3,947 | | | | 3,965,548 | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) | | | 8.74 | % | | | 08/18/2024 | | | | 1,266 | | | | 1,295,175 | |
| | | | | | | | | | | | | | | 37,631,600 | |
| | | | |
Lodging & Casinos–4.56% | | | | | | | | | | | | | | | | |
B&B Hotels S.A.S. (France), Term Loan B (3 mo. EURIBOR + 4.00%) | | | 4.25 | % | | | 03/14/2023 | | | EUR | 1,013 | | | | 1,223,095 | |
Belmond Interfin Ltd. (Bermuda), Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 07/03/2024 | | | | 1,810 | | | | 1,814,698 | |
Boyd Gaming Corp., Term Loan B (1 wk. USD LIBOR + 2.50%) | | | 3.70 | % | | | 09/15/2023 | | | | 1,008 | | | | 1,011,225 | |
Caesars Growth Properties Holdings, LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 05/08/2021 | | | | 3,625 | | | | 3,641,351 | |
CityCenter Holdings, LLC, Term Loan B (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 04/18/2024 | | | | 951 | | | | 954,680 | |
Four Seasons Hotels Ltd. (Canada), Term Loan (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 11/30/2023 | | | | 1,473 | | | | 1,481,678 | |
Harrah’s Operating Co., Inc., | | | | | | | | | | | | | | | | |
Term Loan B-4 (1 mo. USD LIBOR + 1.50%)(i) | | | 1.50 | % | | | — | | | | 279 | | | | 362,037 | |
Term Loan B-6 (1 mo. USD LIBOR + 1.50%)(i) | | | 1.50 | % | | | — | | | | 3,558 | | | | 4,300,633 | |
Hilton Worldwide Finance, LLC, Term Loan B-2 (1 mo. USD LIBOR + 2.00%) | | | 3.23 | % | | | 10/25/2023 | | | | 4,075 | | | | 4,092,815 | |
La Quinta Intermediate Holdings LLC, Term Loan (3 mo. USD LIBOR + 2.75%) | | | 4.05 | % | | | 04/14/2021 | | | | 5,424 | | | | 5,448,061 | |
Las Vegas Sands, LLC/Venetian Casino Resort, LLC, Term Loan B (1 mo. USD LIBOR + 2.00%) | | | 3.23 | % | | | 03/29/2024 | | | | 167 | | | | 167,462 | |
RHP Hotel Properties, LP, Term Loan B (3 mo. USD LIBOR + 2.25%) | | | 3.56 | % | | | 05/11/2024 | | | | 753 | | | | 757,337 | |
Scientific Games International, Inc., | | | | | | | | | | | | | | | | |
Multicurrency Revolver Loan(f) | | | 0.00 | % | | | 10/18/2018 | | | | 2,936 | | | | 2,892,104 | |
Term Loan B-4(e) | | | — | | | | 08/14/2024 | | | | 5,883 | | | | 5,938,024 | |
Station Casinos LLC, Term Loan B (1 mo. USD LIBOR + 2.50%) | | | 3.74 | % | | | 06/08/2023 | | | | 3,464 | | | | 3,465,631 | |
Twin River Management Group, Inc., Term Loan (3 mo. USD LIBOR + 3.50%) | | | 4.80 | % | | | 07/10/2020 | | | | 2,424 | | | | 2,446,413 | |
| | | | | | | | | | | | | | | 39,997,244 | |
|
Nonferrous Metals & Minerals–0.25% | |
American Rock Salt Co. LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | | | 4.98 | % | | | 05/20/2021 | | | | 670 | | | | 670,948 | |
First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | | | 4.98 | % | | | 05/20/2021 | | | | 249 | | | | 249,255 | |
Dynacast International LLC, | | | | | | | | | | | | | | | | |
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.25%) | | | 4.55 | % | | | 01/28/2022 | | | | 1,256 | | | | 1,259,945 | |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)(d) | | | 9.80 | % | | | 01/30/2023 | | | | 15 | | | | 14,893 | |
| | | | | | | | | | | | | | | 2,195,041 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Oil & Gas–5.93% | |
Ascent Resources — Marcellus, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%) | | | 5.48 | % | | | 08/04/2020 | | | $ | 2,665 | | | $ | 1,792,355 | |
BCP Raptor, LLC, Term Loan (2 mo. USD LIBOR + 4.25%) | | | 5.51 | % | | | 06/24/2024 | | | | 1,860 | | | | 1,877,519 | |
Bronco Midstream Funding, LLC, Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.32 | % | | | 08/17/2020 | | | | 2,102 | | | | 2,129,521 | |
California Resources Corp., Term Loan (1 mo. USD LIBOR + 10.38%) | | | 11.60 | % | | | 12/31/2021 | | | | 1,834 | | | | 1,950,287 | |
Citgo Holdings, Inc., Term Loan (3 mo. USD LIBOR + 8.50%) | | | 9.80 | % | | | 05/12/2018 | | | | 3,913 | | | | 3,954,068 | |
Citgo Petroleum Corp., Term Loan B (3 mo. USD LIBOR + 3.50%) | | | 4.80 | % | | | 07/29/2021 | | | | 1,725 | | | | 1,730,663 | |
Crestwood Holdings LLC, Term Loan B-1 (1 mo. USD LIBOR + 8.00%) | | | 9.23 | % | | | 06/19/2019 | | | | 2,334 | | | | 2,331,329 | |
Drillships Financing Holding Inc., Term Loan B-1(h)(i) | | | 0.00 | % | | | 03/31/2021 | | | | 5,744 | | | | 3,676,476 | |
Fieldwood Energy LLC, | | | | | | | | | | | | | | | | |
Term Loan (3 mo. USD LIBOR + 2.88%) | | | 4.17 | % | | | 09/28/2018 | | | | 185 | | | | 173,480 | |
Term Loan (3 mo. USD LIBOR + 7.00%) | | | 8.30 | % | | | 08/31/2020 | | | | 3,261 | | | | 3,032,503 | |
Floatel International Ltd., Term Loan (3 mo. USD LIBOR + 5.00%) | | | 6.30 | % | | | 06/27/2020 | | | | 3,862 | | | | 2,867,401 | |
Gulf Finance, LLC, Term Loan B (3 mo. USD LIBOR + 5.25%) | | | 6.55 | % | | | 08/25/2023 | | | | 4,296 | | | | 3,931,188 | |
HGIM Corp., Term Loan B (3 mo. USD LIBOR + 4.50%) | | | 5.75 | % | | | 06/18/2020 | | | | 4,512 | | | | 1,895,192 | |
Jonah Energy LLC, Second Lien Term Loan (1 mo. USD LIBOR + 6.50%) | | | 7.73 | % | | | 05/12/2021 | | | | 1,634 | | | | 1,611,776 | |
Osum Production Corp. (Canada), Term Loan (3 mo. USD LIBOR + 5.50%) (Acquired 07/30/2014-04/17/2017; Cost $1,993,190)(d) | | | 6.80 | % | | | 07/31/2020 | | | | 2,189 | | | | 1,751,340 | |
Pacific Drilling S.A. (Luxembourg), Term Loan (3 mo. USD LIBOR + 3.50%) | | | 4.75 | % | | | 06/03/2018 | | | | 299 | | | | 103,227 | |
Paragon Offshore Finance Co.,(Cayman Islands) | | | | | | | | | | | | | | | | |
Term Loan (3 mo. USD LIBOR + 6.00%)(i) | | | 7.30 | % | | | 07/18/2022 | | | | 78 | | | | 65,856 | |
Term Loan (Prime rate + 1.75%)(i) | | | 6.00 | % | | | 07/16/2021 | | | | 13 | | | | 4,948 | |
Petroleum GEO-Services ASA, Term Loan (3 mo. USD LIBOR + 2.50%) | | | 3.80 | % | | | 03/19/2021 | | | | 4,779 | | | | 3,920,536 | |
Seadrill Operating L.P., Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 02/21/2021 | | | | 12,884 | | | | 8,378,669 | |
Southcross Energy Partners, L.P., Term Loan (3 mo. USD LIBOR + 4.25%) | | | 5.55 | % | | | 08/04/2021 | | | | 926 | | | | 819,202 | |
Veresen Midstream US LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.50%) | | | 4.73 | % | | | 03/31/2022 | | | | 1,319 | | | | 1,327,603 | |
Weatherford International Ltd. (Bermuda), Term Loan (1 mo. USD LIBOR + 2.30%) | | | 3.54 | % | | | 07/13/2020 | | | | 2,726 | | | | 2,616,800 | |
| | | | | | | | | | | | | | | 51,941,939 | |
|
Publishing–2.34% | |
Ascend Learning, LLC, Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.53 | % | | | 07/12/2024 | | | | 1,320 | | | | 1,329,222 | |
Getty Images, Inc., Revolver Loan(d)(f) | | | 0.00 | % | | | 10/18/2017 | | | | 2,845 | | | | 2,787,620 | |
Merrill Communications LLC, Term Loan (3 mo. USD LIBOR + 5.25%) | | | 6.56 | % | | | 06/01/2022 | | | | 42 | | | | 42,293 | |
Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%) | | | 3.23 | % | | | 10/04/2023 | | | | 9,112 | | | | 9,130,850 | |
ProQuest LLC, Term Loan (1 mo. USD LIBOR + 3.75%) | | | 4.98 | % | | | 10/24/2021 | | | | 1,643 | | | | 1,662,176 | |
Southern Graphics Inc., | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.49 | % | | | 10/17/2019 | | | | 294 | | | | 294,826 | |
Term Loan (3 mo. USD LIBOR + 3.25%) | | | 4.55 | % | | | 10/17/2019 | | | | 86 | | | | 86,536 | |
Tribune Media Co., Term Loan C (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 01/27/2024 | | | | 5,168 | | | | 5,188,812 | |
| | | | | | | | | | | | | | | 20,522,335 | |
|
Radio & Television–2.71% | |
E.W. Scripps Co., Term Loan(e) | | | — | | | | 10/04/2024 | | | | 580 | | | | 582,142 | |
Gray Television, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 02/07/2024 | | | | 340 | | | | 341,034 | |
iHeartCommunications, Inc., | | | | | | | | | | | | | | | | |
Term Loan D (1 mo. USD LIBOR + 6.75%) | | | 7.98 | % | | | 01/30/2019 | | | | 11,745 | | | | 9,458,805 | |
Term Loan E (1 mo. USD LIBOR + 7.50%) | | | 8.73 | % | | | 07/31/2019 | | | | 12,848 | | | | 10,334,754 | |
Mission Broadcasting, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 01/17/2024 | | | | 86 | | | | 86,331 | |
Nexstar Broadcasting, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.50%) | | | 3.73 | % | | | 01/17/2024 | | | | 694 | | | | 696,108 | |
Raycom TV Broadcasting, LLC, Term Loan B(e) | | | — | | | | 08/30/2024 | | | | 1,676 | | | | 1,688,421 | |
Sinclair Television Group, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | | | 3.49 | % | | | 01/03/2024 | | | | 525 | | | | 526,745 | |
| | | | | | | | | | | | | | | 23,714,340 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Retailers (except Food & Drug)–6.86% | |
Action Holding B.V. (Netherlands), Term Loan B (3 mo. EURIBOR + 3.50%) | | | 3.50 | % | | | 02/25/2022 | | | EUR | 492 | | | $ | 593,380 | |
Bass Pro Group, LLC, | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 06/05/2020 | | | $ | 283 | | | | 281,712 | |
Term Loan (3 mo. USD LIBOR + 5.00%) | | | 6.30 | % | | | 12/16/2023 | | | | 5,887 | | | | 5,600,252 | |
BJ’s Wholesale Club, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%) | | | 4.97 | % | | | 02/03/2024 | | | | 568 | | | | 549,068 | |
Burlington Coat Factory Warehouse Corp., Term Loan B-4 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 08/13/2021 | | | | 950 | | | | 954,750 | |
CDW LLC, Term Loan (3 mo. USD LIBOR + 2.00%) | | | 3.30 | % | | | 08/17/2023 | | | | 1,119 | | | | 1,123,884 | |
Cortefiel, S.A.,(Spain) | | | | | | | | | | | | | | | | |
PIK Term Loan B-1, 1.00% PIK Rate, 4.25% Cash Rate(g) | | | 1.00 | % | | | 03/21/2018 | | | EUR | 326 | | | | 389,429 | |
PIK Term Loan B-2, 1.00% PIK Rate, 4.25% Cash Rate(g) | | | 1.00 | % | | | 03/21/2018 | | | EUR | 356 | | | | 424,759 | |
PIK Term Loan B-3, 1.00% PIK Rate, 4.25% Cash Rate(g) | | | 1.00 | % | | | 03/21/2018 | | | EUR | 165 | | | | 197,246 | |
PIK Term Loan B-3, 1.00% PIK Rate, 5.25% Cash Rate(g) | | | 1.00 | % | | | 03/21/2018 | | | EUR | 3,406 | | | | 4,063,998 | |
David’s Bridal, Inc., Term Loan (3 mo. USD LIBOR + 4.00%) | | | 5.30 | % | | | 10/11/2019 | | | | 806 | | | | 636,991 | |
Fullbeauty Brands Holdings Corp., Term Loan (1 mo. USD LIBOR + 4.75%) | | | 5.98 | % | | | 10/14/2022 | | | | 3,514 | | | | 2,487,866 | |
J. Crew Group, Inc., | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 3.22%) | | | 4.45 | % | | | 03/05/2021 | | | | 207 | | | | 121,972 | |
Term Loan (3 mo. USD LIBOR + 3.22%) | | | 4.52 | % | | | 03/05/2021 | | | | 310 | | | | 182,064 | |
Jill Acquisition LLC, Term Loan (3 mo. USD LIBOR + 5.00%) | | | 6.32 | % | | | 05/08/2022 | | | | 393 | | | | 386,433 | |
Lands’ End, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 04/02/2021 | | | | 2,733 | | | | 2,241,314 | |
Michaels Stores, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 01/28/2023 | | | | 778 | | | | 777,399 | |
Moran Foods LLC, Term Loan (1 mo. USD LIBOR + 6.00%) | | | 7.23 | % | | | 12/05/2023 | | | | 1,694 | | | | 1,618,024 | |
National Vision, Inc., | | | | | | | | | | | | | | | | |
First Lien Revolver Loan(d)(f) | | | 0.00 | % | | | 03/13/2019 | | | | 1,533 | | | | 1,410,344 | |
First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 03/12/2021 | | | | 887 | | | | 890,937 | |
Second Lien Term Loan (1 mo. USD LIBOR + 5.75%) | | | 6.98 | % | | | 03/13/2022 | | | | 86 | | | | 85,739 | |
Party City Holdings Inc., Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.32 | % | | | 08/19/2022 | | | | 856 | | | | 858,939 | |
Payless Inc., | | | | | | | | | | | | | | | | |
DIP Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 05/17/2017; Cost $775,736) | | | 11.49 | % | | | 10/31/2017 | | | | 776 | | | | 776,667 | |
Term Loan A-2 (1 mo. USD LIBOR + 9.00%)(d) | | | 10.23 | % | | | 08/10/2022 | | | | 1,456 | | | | 1,464,268 | |
Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.31 | % | | | 01/26/2023 | | | | 4,949 | | | | 4,189,517 | |
Pier 1 Imports (U.S.), Inc., Term Loan (3 mo. USD LIBOR + 3.50%) | | | 4.80 | % | | | 04/30/2021 | | | | 773 | | | | 745,038 | |
Sally Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%) | | | 3.75 | % | | | 07/05/2024 | | | | 748 | | | | 753,558 | |
Savers Inc., | | | | | | | | | | | | | | | | |
Term Loan (2 mo. USD LIBOR + 3.75%) | | | 5.01 | % | | | 07/09/2019 | | | | 11 | | | | 10,761 | |
Term Loan (3 mo. USD LIBOR + 3.75%) | | | 5.06 | % | | | 07/09/2019 | | | | 4,369 | | | | 4,089,117 | |
Sears Roebuck Acceptance Corp., Term Loan (1 mo. USD LIBOR + 4.50%) | | | 5.73 | % | | | 06/30/2018 | | | | 8,905 | | | | 8,834,855 | |
Staples, Inc., Term Loan(e) | | | — | | | | 08/14/2024 | | | | 3,348 | | | | 3,335,003 | |
Toys ‘R’ US Property Co. I, LLC, Term Loan (1 mo. USD LIBOR + 5.00%) | | | 6.23 | % | | | 08/21/2019 | | | | 6,817 | | | | 6,373,850 | |
Toys ‘R’ Us-Delaware, Inc., | | | | | | | | | | | | | | | | |
Term Loan A-1 (3 mo. USD LIBOR + 7.25%) (Acquired 10/09/2014; Cost $913,054)(d) | | | 8.56 | % | | | 10/24/2019 | | | | 925 | | | | 929,668 | |
Term Loan A-1 (3 mo. USD LIBOR + 7.25%) (Acquired 10/09/2014; Cost $1,132,183)(d) | | | 8.56 | % | | | 10/24/2019 | | | | 1,147 | | | | 1,152,788 | |
Term Loan B-2 (3 mo. USD LIBOR + 3.75%) | | | 5.25 | % | | | 05/25/2018 | | | | 115 | | | | 110,651 | |
Term Loan B-3 (3 mo. USD LIBOR + 3.75%) | | | 5.25 | % | | | 05/25/2018 | | | | 35 | | | | 33,657 | |
Vivarte (France), PIK Term Loan, 7.00% PIK Rate, 4.00% Cash Rate | | | 7.00 | % | | | 10/29/2019 | | | EUR | 1,488 | | | | 1,456,005 | |
| | | | | | | | | | | | | | | 60,131,903 | |
|
Steel–0.06% | |
Atkore International, Inc., Incremental Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 12/22/2023 | | | | 529 | | | | 532,314 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Surface Transport–1.45% | |
Kenan Advantage Group, Inc., | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 07/29/2022 | | | $ | 714 | | | $ | 714,532 | |
Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 07/29/2022 | | | | 2,903 | | | | 2,906,532 | |
PODS LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 02/02/2022 | | | | 2,496 | | | | 2,515,640 | |
Stena International S.A. (Luxembourg), Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 03/03/2021 | | | | 3,174 | | | | 2,799,512 | |
U.S. Shipping Corp., Term Loan B-2 (1 mo. USD LIBOR + 4.25%) | | | 5.48 | % | | | 06/26/2021 | | | | 1,715 | | | | 1,500,794 | |
XPO Logistics, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%) | | | 3.55 | % | | | 11/01/2021 | | | | 1,278 | | | | 1,281,855 | |
Zeus Bidco Ltd. (United Kingdom), Term Loan (3 mo. USD LIBOR + 7.25%) (Acquired 03/24/2017; Cost $957,946)(d) | | | 7.56 | % | | | 03/29/2024 | | | GBP | 778 | | | | 991,080 | |
| | | | | | | | | | | | | | | 12,709,945 | |
|
Telecommunications–9.64% | |
Avaya Inc., DIP Term Loan (1 mo. USD LIBOR + 7.50%) | | | 8.73 | % | | | 01/24/2018 | | | | 943 | | | | 960,895 | |
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | | | 2.75 | % | | | 01/31/2025 | | | | 9,369 | | | | 9,187,705 | |
Colorado Buyer Inc., Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.31 | % | | | 05/01/2024 | | | | 1,647 | | | | 1,657,643 | |
Communications Sales & Leasing, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 10/24/2022 | | | | 5,530 | | | | 5,359,386 | |
Consolidated Communications, Inc.,(United Arab Emirates) Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.24 | % | | | 10/05/2023 | | | | 8,418 | | | | 8,288,207 | |
Frontier Communications Corp., | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.99 | % | | | 03/31/2021 | | | | 2,953 | | | | 2,838,215 | |
Term Loan B-1 (1 mo. USD LIBOR + 3.75%) | | | 4.99 | % | | | 06/15/2024 | | | | 389 | | | | 373,605 | |
GTT Communications, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%) | | | 4.50 | % | | | 01/09/2024 | | | | 2,020 | | | | 2,033,892 | |
Intelsat Jackson Holdings S.A., Term Loan B-2 (3 mo. USD LIBOR + 2.75%) | | | 4.00 | % | | | 06/30/2019 | | | | 3,241 | | | | 3,233,472 | |
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | | | 3.49 | % | | | 02/22/2024 | | | | 9,744 | | | | 9,754,915 | |
LTS Buyer LLC, First Lien Term Loan B (3 mo. USD LIBOR + 3.25%) | | | 4.55 | % | | | 04/13/2020 | | | | 46 | | | | 46,050 | |
Radiate Holdco, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 02/01/2024 | | | | 2,806 | | | | 2,773,152 | |
SBA Senior Finance II LLC, Incremental Term Loan B-2 (1 mo. USD LIBOR + 2.25%) | | | 3.49 | % | | | 06/10/2022 | | | | 2,155 | | | | 2,161,400 | |
Sprint Communications Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | | | 3.75 | % | | | 02/02/2024 | | | | 7,880 | | | | 7,893,247 | |
Syniverse Holdings, Inc., | | | | | | | | | | | | | | | | |
Term Loan (3 mo. USD LIBOR + 3.00%) | | | 4.31 | % | | | 04/23/2019 | | | | 4,420 | | | | 4,261,761 | |
Term Loan B (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 04/23/2019 | | | | 990 | | | | 954,972 | |
Telesat LLC, Term Loan B-4 (3 mo. USD LIBOR + 3.00%) | | | 4.30 | % | | | 11/17/2023 | | | | 8,111 | | | | 8,189,106 | |
U.S. Telepacific Corp., Term Loan (3 mo. USD LIBOR + 5.00%) | | | 6.23 | % | | | 05/02/2023 | | | | 3,401 | | | | 3,324,621 | |
Windstream Services, LLC, | | | | | | | | | | | | | | | | |
Term Loan B-6 (1 mo. USD LIBOR + 4.00%) | | | 5.23 | % | | | 03/29/2021 | | | | 6,833 | | | | 6,286,373 | |
Term Loan B-6 (2 mo. USD LIBOR + 4.00%) | | | 5.27 | % | | | 03/29/2021 | | | | 17 | | | | 15,875 | |
Term Loan B-7 (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 02/17/2024 | | | | 1,207 | | | | 1,064,005 | |
Term Loan B-7 (2 mo. USD LIBOR + 3.25%) | | | 4.52 | % | | | 02/17/2024 | | | | 3 | | | | 2,680 | |
Zayo Group, LLC, | | | | | | | | | | | | | | | | |
Incremental Term Loan B-1 (1 mo. USD LIBOR + 2.00%) | | | 3.23 | % | | | 01/19/2021 | | | | 843 | | | | 844,761 | |
Term Loan B-2 (1 mo. USD LIBOR + 2.25%) | | | 3.48 | % | | | 01/19/2024 | | | | 3,030 | | | | 3,037,273 | |
| | | | | | | | | | | | | | | 84,543,211 | |
|
Utilities–10.41% | |
AES Corp., (The), Term Loan (3 mo. USD LIBOR + 2.00%) | | | 3.32 | % | | | 05/24/2022 | | | | 1,271 | | | | 1,273,018 | |
APLP Holdings L.P. (Canada), Term Loan (1 mo. USD LIBOR + 4.25%) | | | 5.48 | % | | | 04/13/2023 | | | | 2,474 | | | | 2,511,088 | |
Aria Energy Operating LLC, Term Loan (1 mo. USD LIBOR + 4.50%) | | | 5.73 | % | | | 05/27/2022 | | | | 696 | | | | 700,099 | |
Calpine Construction Finance Co., L.P., Term Loan B-2 (1 mo. USD LIBOR + 2.50%) | | | 3.74 | % | | | 01/31/2022 | | | | 4,352 | | | | 4,347,009 | |
Calpine Corp., | | | | | | | | | | | | | | | | |
Term Loan (1 mo. USD LIBOR + 1.75%) | | | 2.99 | % | | | 11/30/2017 | | | | 1,318 | | | | 1,318,704 | |
Term Loan (1 mo. USD LIBOR + 1.75%) | | | 2.99 | % | | | 12/31/2019 | | | | 482 | | | | 480,899 | |
Term Loan (3 mo. USD LIBOR + 2.75%) | | | 4.05 | % | | | 01/15/2024 | | | | 2,431 | | | | 2,427,470 | |
Term Loan (3 mo. USD LIBOR + 2.75%) | | | 4.05 | % | | | 01/15/2024 | | | | 8,202 | | | | 8,193,400 | |
Term Loan B-7 (3 mo. USD LIBOR + 2.75%) | | | 4.05 | % | | | 05/31/2023 | | | | 3,488 | | | | 3,483,991 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Utilities–(continued) | |
Dynegy Inc., Term Loan C-1 (1 mo. USD LIBOR + 3.25%) | | | 4.48 | % | | | 02/07/2024 | | | $ | 5,722 | | | $ | 5,739,674 | |
Eastern Power, LLC, Term Loan (1 mo. USD LIBOR + 3.75%) | | | 5.23 | % | | | 10/02/2023 | | | | 4,182 | | | | 4,196,573 | |
Energy Future Intermediate Holding Co. LLC, DIP Term Loan (1 mo. USD LIBOR + 3.00%) | | | 4.23 | % | | | 06/30/2018 | | | | 6,726 | | | | 6,764,889 | |
Granite Acquisition, Inc., | | | | | | | | | | | | | | | | |
First Lien Term Loan B (3 mo. USD LIBOR + 4.00%) | | | 5.30 | % | | | 12/17/2021 | | | | 2,904 | | | | 2,930,374 | |
First Lien Term Loan C (3 mo. USD LIBOR + 4.00%) | | | 5.30 | % | | | 12/17/2021 | | | | 130 | | | | 131,046 | |
Second Lien Term Loan B (3 mo. USD LIBOR + 7.25%) | | | 8.55 | % | | | 12/19/2022 | | | | 539 | | | | 541,274 | |
Lightstone Holdco LLC, | | | | | | | | | | | | | | | | |
Term Loan B (1 mo. USD LIBOR + 4.50%) | | | 5.73 | % | | | 01/30/2024 | | | | 4,356 | | | | 4,338,894 | |
Term Loan C (1 mo. USD LIBOR + 4.50%) | | | 5.73 | % | | | 01/30/2024 | | | | 271 | | | | 270,357 | |
Nautilus Power, LLC, Term Loan (1 mo. USD LIBOR + 4.50%) | | | 5.73 | % | | | 05/16/2024 | | | | 1,704 | | | | 1,717,525 | |
NRG Energy Inc., | | | | | | | | | | | | | | | | |
Revolver Loan A(d)(f) | | | 0.00 | % | | | 07/01/2018 | | | | 21,330 | | | | 21,158,778 | |
Term Loan (3 mo. USD LIBOR + 2.25%) | | | 3.55 | % | | | 06/30/2023 | | | | 5,669 | | | | 5,669,772 | |
Pike Corp., | | | | | | | | | | | | | | | | |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) | | | 9.24 | % | | | 09/10/2024 | | | | 112 | | | | 114,140 | |
Term Loan (1 mo. USD LIBOR + 3.75%) | | | 4.99 | % | | | 03/10/2024 | | | | 579 | | | | 585,637 | |
Southeast PowerGen LLC, Term Loan B (3 mo. USD LIBOR + 3.50%) | | | 4.80 | % | | | 12/02/2021 | | | | 719 | | | | 690,782 | |
Talen Energy Supply, LLC, Term Loan B-1 (1 mo. USD LIBOR + 4.00%) | | | 5.23 | % | | | 07/15/2023 | | | | 116 | | | | 113,918 | |
USIC Holding, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%) | | | 4.92 | % | | | 12/08/2023 | | | | 2,145 | | | | 2,156,435 | |
Vistra Operations Co. LLC, | | | | | | | | | | | | | | | | |
Incremental Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 12/14/2023 | | | | 830 | | | | 832,379 | |
Term Loan (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 08/04/2023 | | | | 6,971 | | | | 6,981,746 | |
Term Loan C (1 mo. USD LIBOR + 2.75%) | | | 3.98 | % | | | 08/04/2023 | | | | 1,598 | | | | 1,600,330 | |
| | | | | | | | | | | | | | | 91,270,201 | |
Total Variable Rate Senior Loan Interests | | | | | | | | | | | | | | | 1,146,959,462 | |
| | | | |
Bonds & Notes–7.56% | | | | | | | | | | | | | | | | |
Air Transport–0.41% | | | | | | | | | | | | | | | | |
LATAM Airlines Group S.A. (Chile) | | | 4.50 | % | | | 08/15/2025 | | | | 398 | | | | 396,930 | |
Mesa Airlines, Inc., Class B (Acquired 11/25/2014; Cost $3,112,796)(j) | | | 5.75 | % | | | 07/15/2025 | | | | 3,113 | | | | 3,182,834 | |
| | | | | | | | | | | | | | | 3,579,764 | |
|
Automotive–0.47% | |
Federal-Mogul Holdings Corp.(j) | | | 5.00 | % | | | 07/15/2024 | | | EUR | 446 | | | | 510,287 | |
Federal-Mogul Holdings Corp. (3 mo. EURIBOR + 4.88%)(j)(k) | | | 4.88 | % | | | 04/15/2024 | | | EUR | 1,000 | | | | 1,175,808 | |
Schaeffler AG (Germany)(j) | | | 4.13 | % | | | 09/15/2021 | | | | 551 | | | | 558,303 | |
Schaeffler AG (Germany)(j) | | | 4.50 | % | | | 09/15/2023 | | | | 551 | | | | 562,020 | |
Schaeffler AG (Germany)(j) | | | 4.75 | % | | | 09/15/2026 | | | | 1,015 | | | | 1,026,419 | |
Superior Industries International, Inc.(j) | | | 6.00 | % | | | 06/15/2025 | | | EUR | 241 | | | | 266,127 | |
| | | | | | | | | | | | | | | 4,098,964 | |
|
Business Equipment & Services–0.84% | |
Dream Secured Bondco AB (Sweden) (3 mo. EURIBOR + 7.25%)(j)(k) | | | 8.25 | % | | | 10/21/2023 | | | EUR | 1,850 | | | | 2,224,269 | |
Dream Secured Bondco AB (Sweden) (3 mo. STIBOR + 7.25%)(j)(k) | | | 8.25 | % | | | 10/21/2023 | | | SEK | 1,408 | | | | 178,464 | |
ICBPI (United Kingdom) (6 mo. EURIBOR + 8.00%)(j)(k) | | | 8.00 | % | | | 05/30/2021 | | | EUR | 1,500 | | | | 1,816,743 | |
TeamSystems S.p.A. (Italy) (3 mo. EURIBOR + 6.25%)(j)(k) | | | 7.25 | % | | | 03/01/2022 | | | EUR | 1,500 | | | | 1,784,156 | |
West Corp.(j) | | | 4.75 | % | | | 07/15/2021 | | | | 1,323 | | | | 1,349,460 | |
| | | | | | | | | | | | | | | 7,353,092 | |
|
Cable & Satellite Television–1.76% | |
Altice Financing S.A. (Luxembourg)(j) | | | 6.63 | % | | | 02/15/2023 | | | | 490 | | | | 518,175 | |
Altice Financing S.A. (Luxembourg)(j) | | | 7.50 | % | | | 05/15/2026 | | | | 4,930 | | | | 5,398,350 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Cable & Satellite Television–(continued) | |
Altice US Finance I Corp.(j) | | | 5.50 | % | | | 05/15/2026 | | | $ | 6,796 | | | $ | 7,186,770 | |
Numericable-SFR S.A. (France)(j) | | | 6.00 | % | | | 05/15/2022 | | | | 311 | | | | 327,327 | |
Numericable-SFR S.A. (France)(j) | | | 7.38 | % | | | 05/01/2026 | | | | 1,213 | | | | 1,310,040 | |
Virgin Media Investment Holdings Ltd. (United Kingdom)(j) | | | 5.50 | % | | | 08/15/2026 | | | | 656 | | | | 693,720 | |
| | | | | | | | | | | | | | | 15,434,382 | |
| | | | |
Chemicals & Plastics–0.29% | | | | | | | | | | | | | | | | |
Hexion Specialty Chemicals, Inc. | | | 6.63 | % | | | 04/15/2020 | | | | 2,821 | | | | 2,581,032 | |
|
Containers & Glass Products–0.46% | |
Ardagh Glass Finance PLC(j) | | | 4.25 | % | | | 09/15/2022 | | | | 657 | | | | 674,246 | |
Ardagh Glass Finance PLC(j) | | | 4.63 | % | | | 05/15/2023 | | | | 1,021 | | | | 1,050,354 | |
Horizon Holdings III (France)(j) | | | 8.25 | % | | | 02/15/2022 | | | EUR | 555 | | | | 707,774 | |
Reynolds Group Holdings Inc. (3 mo. USD LIBOR + 3.50%)(j)(k) | | | 4.80 | % | | | 07/15/2021 | | | | 1,157 | | | | 1,180,140 | |
Reynolds Group Issuer Inc./LLC (New Zealand) | | | 5.75 | % | | | 10/15/2020 | | | | 451 | | | | 459,456 | |
| | | | | | | | | | | | | | | 4,071,970 | |
|
Electronics & Electrical–0.45% | |
Blackboard Inc.(j) | | | 9.75 | % | | | 10/15/2021 | | | | 2,582 | | | | 2,349,620 | |
Dell International LLC(j) | | | 5.45 | % | | | 06/15/2023 | | | | 858 | | | | 939,992 | |
Micron Technology, Inc. | | | 7.50 | % | | | 09/15/2023 | | | | 585 | | | | 650,081 | |
| | | | | | | | | | | | | | | 3,939,693 | |
|
Financial Intermediaries–0.54% | |
Garfunkelux Holdco 3 S.A. (Luxembourg)(j) | | | 11.00 | % | | | 11/01/2023 | | | GBP | 1,250 | | | | 1,754,728 | |
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 5.50%)(j)(k) | | | 5.50 | % | | | 10/01/2021 | | | EUR | 971 | | | | 1,177,601 | |
Nemean Bondco PLC (United Kingdom) (3 mo. GBP LIBOR + 6.50%)(j)(k) | | | 6.79 | % | | | 02/01/2023 | | | GBP | 600 | | | | 753,477 | |
Nemean Bondco PLC (United Kingdom)(j) | | | 7.38 | % | | | 02/01/2024 | | | GBP | 565 | | | | 703,239 | |
Promontoria MCS (France) (3 mo. EURIBOR + 5.75%)(j)(k) | | | 5.75 | % | | | 09/30/2021 | | | EUR | 274 | | | | 347,383 | |
| | | | | | | | | | | | | | | 4,736,428 | |
|
Health Care–0.81% | |
Care UK Health & Social Care PLC (United Kingdom) (3 mo. GBP LIBOR + 5.00%)(j)(k) | | | 5.29 | % | | | 07/15/2019 | | | GBP | 1,906 | | | | 2,453,017 | |
DJO Finance LLC(j) | | | 8.13 | % | | | 06/15/2021 | | | | 1,049 | | | | 999,172 | |
DJO Finance LLC | | | 10.75 | % | | | 04/15/2020 | | | | 2,773 | | | | 2,422,909 | |
IDH Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 6.00%)(j)(k) | | | 6.28 | % | | | 08/15/2022 | | | GBP | 1,000 | | | | 1,221,980 | |
| | | | | | | | | | | | | | | 7,097,078 | |
|
Lodging & Casinos–0.21% | |
ESH Hospitality, Inc.(j) | | | 5.25 | % | | | 05/01/2025 | | | | 740 | | | | 766,825 | |
Travelodge Hotels Ltd. (United Kingdom) (3 mo. GBP LIBOR + 4.88%)(j)(k) | | | 5.15 | % | | | 05/15/2023 | | | GBP | 800 | | | | 1,049,129 | |
| | | | | | | | | | | | | | | 1,815,954 | |
|
Nonferrous Metals & Minerals–0.34% | |
TiZir Ltd. (United Kingdom)(d)(j) | | | 9.50 | % | | | 07/19/2022 | | | | 2,965 | | | | 2,968,706 | |
|
Oil & Gas–0.11% | |
Pacific Drilling S.A. (Luxembourg)(j) | | | 5.38 | % | | | 06/01/2020 | | | | 2,587 | | | | 918,385 | |
|
Radio & Television–0.33% | |
Clear Channel International B.V.(j) | | | 8.75 | % | | | 12/15/2020 | | | | 2,789 | | | | 2,921,478 | |
|
Rail Industries–0.02% | |
Channel Link Enterprises Finance PLC (United Kingdom) | | | 2.71 | % | | | 06/30/2050 | | | EUR | 169 | | | | 207,137 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | Interest Rate | | | Maturity Date | | | Principal Amount (000)(a) | | | Value | |
Retailers (except Food & Drug)–0.13% | |
Claire’s Stores Inc.(j) | | | 6.13 | % | | | 03/15/2020 | | | $ | 682 | | | $ | 312,015 | |
TWIN SET — Simona Barbieri S.p.A. (Italy) (3 mo. EURIBOR + 5.88%)(j)(k) | | | 5.54 | % | | | 07/15/2019 | | | EUR | 728 | | | | 864,996 | |
| | | | | | | | | | | | | | | 1,177,011 | |
|
Telecommunications–0.39% | |
Communications Sales & Leasing, Inc.(j) | | | 6.00 | % | | | 04/15/2023 | | | | 742 | | | | 743,855 | |
Communications Sales & Leasing, Inc.(j) | | | 7.13 | % | | | 12/15/2024 | | | | 180 | | | | 168,075 | |
Goodman Networks Inc. | | | 8.00 | % | | | 05/11/2022 | | | | 1,762 | | | | 1,488,532 | |
Wind Telecomunicazioni S.p.A. (Italy)(j) | | | 6.50 | % | | | 04/30/2020 | | | | 219 | | | | 227,212 | |
Wind Telecomunicazioni S.p.A. (Italy)(j) | | | 7.38 | % | | | 04/23/2021 | | | | 699 | | | | 727,834 | |
Windstream Services, LLC | | | 6.38 | % | | | 08/01/2023 | | | | 22 | | | | 17,105 | |
| | | | | | | | | | | | | | | 3,372,613 | |
Total Bonds & Notes | | | | | | | | | | | | | | | 66,273,687 | |
| | | | |
Structured Products–1.69% | | | | | | | | | | | | | | | | |
Apidos CLO X, Series 2012-10A, Class E (3 mo. USD LIBOR + 6.25%)(j)(k) | | | 7.56 | % | | | 10/30/2022 | | | | 776 | | | | 778,445 | |
Atrium X LLC, Series 2013-10A, Class E (3 mo. USD LIBOR + 4.50%)(j)(k) | | | 5.80 | % | | | 07/16/2025 | | | | 269 | | | | 269,749 | |
Clontarf Park CLO (Ireland), Series 2017-1A, Class D (3 mo. EURIBOR + 5.10%)(j)(k) | | | 5.10 | % | | | 08/05/2030 | | | EUR | 174 | | | | 204,526 | |
Gallatin Funding CLO VII, Ltd., Series 2014-1A, Class E (3 mo. USD LIBOR + 5.67%)(j)(k) | | | 6.97 | % | | | 07/15/2023 | | | | 1,619 | | | | 1,628,134 | |
Highbridge Loan Management, Ltd., Series 2015-6A, Class E1 (3 mo. USD LIBOR + 5.45%)(j)(k) | | | 6.76 | % | | | 05/05/2027 | | | | 500 | | | | 489,521 | |
ING Investment Management CLO IV, Ltd., Series 2007-4A, Class D (3 mo. USD LIBOR + 4.25%)(j)(k) | | | 5.56 | % | | | 06/14/2022 | | | | 437 | | | | 440,044 | |
ING Investment Management CLO, Ltd., Series 2013-1A, Class D (3 mo. USD LIBOR + 5.00%)(j)(k) | | | 6.30 | % | | | 04/15/2024 | | | | 666 | | | | 669,252 | |
KKR Financial CLO, Ltd., Series 2012-1A, Class D (3 mo. USD LIBOR + 5.50%)(j)(k) | | | 6.75 | % | | | 12/15/2024 | | | | 2,605 | | | | 2,618,218 | |
Madison Park Funding XIV, Ltd., Series 2014-14A, Class F (3 mo. USD LIBOR + 5.40%)(j)(k) | | | 6.71 | % | | | 07/20/2026 | | | | 950 | | | | 903,444 | |
NewStar Berkeley Fund CLO LLC, Series 2016-1A, Class D (3 mo. USD LIBOR + 5.10%)(j)(k) | | | 6.41 | % | | | 10/25/2028 | | | | 1,489 | | | | 1,502,710 | |
NewStar Commercial Loan Funding, Series 2015-1A, Class D (3 mo. USD LIBOR + 5.50%)(j)(k) | | | 5.50 | % | | | 01/20/2027 | | | | 1,000 | | | | 1,005,095 | |
Octagon Investment Partners XVIII, Ltd., Series 2013-1A, Class D (3 mo. USD LIBOR + 5.25%)(j)(k) | | | 6.56 | % | | | 12/16/2024 | | | | 1,398 | | | | 1,404,912 | |
Regatta IV Funding Ltd., Series 2014-1A, Class E (3 mo. USD LIBOR + 4.95%)(j)(k) | | | 6.26 | % | | | 07/25/2026 | | | | 330 | | | | 323,403 | |
Symphony CLO VIII, Ltd., Series 2012-8A, Class ER (3 mo. USD LIBOR + 6.00%)(j)(k) | | | 7.30 | % | | | 01/09/2023 | | | | 2,588 | | | | 2,601,558 | |
Total Structured Products | | | | | | | | | | | | | | | 14,839,011 | |
| | | | |
| | | | | | | | Shares | | | | |
Common Stocks & Other Equity Interests–5.28%(l) | | | | | | | | | | | | | | | | |
Aerospace & Defense–0.40% | | | | | | | | | | | | | | | | |
IAP Worldwide Services (Acquired 07/18/2014-08/18/2014; Cost $208,294)(d)(j)(m) | | | | | | | | | | | 192 | | | | 3,531,637 | |
|
Automotive–0.02% | |
Transtar Holding Co. Class A(j)(m) | | | | | | | | | | | 2,509,496 | | | | 138,022 | |
|
Building & Development–1.07% | |
Axia Inc. (Acquired 05/30/2008; Cost $2,673,763)(d)(j)(m)(n) | | | | | | | | | | | 595 | | | | 5,341,366 | |
BMC Stock Holdings, Inc.(m) | | | | | | | | | | | 159,996 | | | | 3,247,919 | |
Five Point Holdings LLC Class A(m) | | | | | | | | | | | 54,770 | | | | 774,995 | |
Lake at Las Vegas Joint Venture, LLC, Class A (Acquired 07/15/2010; Cost $7,937,680)(d)(j)(m) | | | | | | | | | | | 780 | | | | 0 | |
Lake at Las Vegas Joint Venture, LLC, Class B (Acquired 07/15/2010; Cost $93,970)(d)(j)(m) | | | | | | | | | | | 9 | | | | 0 | |
| | | | | | | | | | | | | | | 9,364,280 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | | | | | | | Shares | | | Value | |
Chemicals & Plastics–0.00% | |
Lyondell Chemical Co. Class A | | | | | | | | | | | 383 | | | $ | 34,696 | |
|
Conglomerates–0.04% | |
Euramax International, Inc.(j)(m) | | | | | | | | | | | 4,207 | | | | 344,982 | |
|
Drugs–0.00% | |
BPA Laboratories, Class A Wts. expiring 04/29/2024 (Acquired 04/29/2014; Cost $0)(d)(j)(m) | | | | | | | | | | | 5,562 | | | | 0 | |
BPA Laboratories, Class B Wts. expiring 04/29/2024 (Acquired 04/29/2014; Cost $0)(d)(j)(m) | | | | | | | | | | | 8,918 | | | | 0 | |
| | | | | | | | | | | | | | | 0 | |
|
Financial Intermediaries–0.00% | |
RJO Holdings Corp. (Acquired 12/10/2010; Cost $0)(d)(j)(m) | | | | | | | | | | | 1,482 | | | | 8,148 | |
RJO Holdings Corp., Class A (Acquired 12/10/2010; Cost $0)(d)(j)(m) | | | | | | | | | | | 1,142 | | | | 1,257 | |
RJO Holdings Corp., Class B (Acquired 12/10/2010; Cost $0)(d)(j)(m) | | | | | | | | | | | 1,667 | | | | 17 | |
| | | | | | | | | | | | | | | 9,422 | |
|
Forest Products–0.03% | |
Verso Corp. Class A(m) | | | | | | | | | | | 57,236 | | | | 304,496 | |
|
Health Care–0.02% | |
New Millennium Holdco(j)(m) | | | | | | | | | | | 134,992 | | | | 143,496 | |
|
Lodging & Casinos–1.41% | |
Twin River Management Group, Inc.(j)(m) | | | | | | | | | | | 134,134 | | | | 12,407,395 | |
|
Nonferrous Metals & Minerals–0.23% | |
Arch Coal, Inc. Class A | | | | | | | | | | | 24,773 | | | | 1,978,619 | |
|
Oil & Gas–0.43% | |
Ameriforge Group Inc.(j)(m) | | | | | | | | | | | 442 | | | | 11,934 | |
CJ Holding Co.(m) | | | | | | | | | | | 26,015 | | | | 657,139 | |
Paragon Offshore Finance Co. (Cayman Islands)(i)(j)(m) | | | | | | | | | | | 2,308 | | | | 33,755 | |
Paragon Offshore Finance Co. (Cayman Islands), Class A(i)(j)(m) | | | | | | | | | | | 2,308 | | | | 1,789 | |
Paragon Offshore Finance Co. (Cayman Islands), Class B(i)(j)(m) | | | | | | | | | | | 1,154 | | | | 19,618 | |
Samson Investment Co.(j)(m) | | | | | | | | | | | 132,022 | | | | 3,069,511 | |
| | | | | | | | | | | | | | | 3,793,746 | |
|
Publishing–0.54% | |
Affiliated Media, Inc. Class B(j)(m) | | | | | | | | | | | 46,746 | | | | 958,285 | |
Cygnus Business Media, Inc. (Acquired 07/19/2004; Cost $1,251,821)(d)(j)(m)(n) | | | | | | | | | | | 5,882 | | | | 0 | |
F&W Publications, Inc. (Acquired 06/09/2010; Cost $18,581)(d)(j)(m) | | | | | | | | | | | 15,519 | | | | 1,552 | |
MC Communications, LLC (Acquired 07/02/2009; Cost $0)(d)(j)(m) | | | | | | | | | | | 333,084 | | | | 0 | |
Merrill Communications LLC Class A(j)(m) | | | | | | | | | | | 399,283 | | | | 3,693,368 | |
Tronc, Inc.(m) | | | | | | | | | | | 4,118 | | | | 59,752 | |
| | | | | | | | | | | | | | | 4,712,957 | |
|
Retailers (except Food & Drug)–0.26% | |
Payless Inc.(j)(m) | | | | | | | | | | | 73,380 | | | | 2,271,696 | |
|
Telecommunications–0.01% | |
CTM Media Holdings Inc.(m) | | | | | | | | | | | 1,270 | | | | 61,404 | |
Goodman Networks Inc. (Acquired 05/31/2017; Cost $1,053)(d)(m) | | | | | | | | | | | 105,288 | | | | 0 | |
| | | | | | | | | | | | | | | 61,404 | |
|
Utilities–0.82% | |
Vistra Operations Co. LLC | | | | | | | | | | | 377,472 | | | | 6,681,254 | |
Vistra Operations Co. LLC (Acquired 10/03/2016; Cost $290,499)(d)(j)(m) | | | | | | | | | | | 618,084 | | | | 92,713 | |
Vistra Operations Co. LLC Rts. expiring 12/31/2046(j)(m) | | | | | | | | | | | 377,472 | | | | 396,346 | |
| | | | | | | | | | | | | | | 7,170,313 | |
Total Common Stocks & Other Equity Interests | | | | | | | | | | | | | | | 46,267,161 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Invesco Senior Income Trust
| | | | | | | | | | | | | | | | |
| | | | | | | | Shares | | | Value | |
Preferred Stocks–0.03%(l) | | | | | | | | | | | | | | | | |
Financial Intermediaries–0.00% | | | | | | | | | | | | | | | | |
RJO Holdings Corp. (Acquired 12/10/2010; Cost $0)(d)(j)(m) | | | | | | | | | | | 324 | | | $ | 3,244 | |
|
Retailers (except Food & Drug)–0.00% | |
Vivarte (France) (Acquired 01/06/2016-02/16/2017; Cost $0)(d)(j)(m) | | | | | | | | | | | 1,297 | | | | 0 | |
|
Telecommunications–0.02% | |
Goodman Networks Inc.(d)(j)(m) | | | | | | | | | | | 125,268 | | | | 187,902 | |
|
Utilities–0.01% | |
Genie Energy Ltd. (Acquired 05/31/2017; Cost $1,253) | | | | | | | | | | | 7,632 | | | | 56,248 | |
Total Preferred Stocks | | | | | | | | | | | | | | | 247,394 | |
| | | | |
Money Market Funds–3.07% | | | | | | | | | | | | | | | | |
Government & Agency Portfolio–Institutional Class, 0.93%(o) | | | | | | | | | | | 16,129,752 | | | | 16,129,752 | |
Treasury Portfolio–Institutional Class, 0.90%(o) | | | | | | | | | | | 10,753,168 | | | | 10,753,168 | |
Total Money Market Funds (Cost $26,882,920) | | | | | | | | | | | | | | | 26,882,920 | |
TOTAL INVESTMENTS IN SECURITIES(p)–148.46% (Cost $1,322,142,595) | | | | | | | | | | | | | | | 1,301,469,635 | |
BORROWINGS–(34.79)% | | | | | | | | | | | | | | | (305,000,000 | ) |
VARIABLE RATE TERM PREFERRED SHARES–(8.51)% | | | | | | | | | | | | | | | (74,590,630 | ) |
OTHER ASSETS LESS LIABILITIES–(5.16)% | | | | | | | | | | | | | | | (45,221,984 | ) |
NET ASSETS APPLICABLE TO COMMON SHARES–100.00% | | | | | | | | | | | | | | $ | 876,657,021 | |
Investment Abbreviations:
| | |
CLO | | – Collateralized Loan Obligation |
CHF | | – Swiss Franc |
DIP | | – Debtor-in-possession |
EUR | | – Euro |
| | |
EURIBOR | | – Euro Interbank Offered Rate |
GBP | | – British Pound Sterling |
LIBOR | | – London Interbank Offered Rate |
PIK | | – Pay-in-Kind |
| | |
Rts. | | – Rights |
SEK | | – Swedish Krona |
STIBOR | | – Stockholm Interbank Offered Rate |
Wts. | | – Warrants |
Notes to Schedule of Investments:
(a) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(b) | 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 LIBOR, on set dates, typically every 30 days but not greater than one year; and/or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
(c) | 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 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. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(e) | This variable rate interest will settle after August 31, 2017, at which time the interest rate will be determined. |
(f) | All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 8. |
(g) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(h) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2017 was $3,765,514, which represented less than 1% of the Trust’s Net Assets. |
(i) | The borrower has filed for protection in federal bankruptcy court. |
(j) | 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 August 31, 2017 was $105,547,549, which represented 12.04% of the Trust’s Net Assets. |
(k) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2017. |
(l) | Securities acquired through the restructuring of senior loans. |
(m) | Non-income producing security. |
(n) | Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Trust has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The aggregate value of these securities as of August 31, 2017 was $5,341,366, which represented less than 1% of the Trust’s Net Assets. See Note 5. |
(o) | The money market fund and the Trust are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of August 31, 2017. |
(p) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Invesco Senior Income Trust
Portfolio Composition†*
By credit quality, based on Total Investments
as of August 31, 2017
| | | | |
BBB | | | 0.1 | % |
BBB- | | | 6.8 | |
BB+ | | | 6.7 | |
BB | | | 15.3 | |
BB- | | | 15.4 | |
B+ | | | 16.0 | |
B | | | 18.7 | |
B- | | | 4.8 | |
CCC+ | | | 3.9 | |
CCC | | | 0.9 | |
CCC- | | | 0.3 | |
CC | | | 1.6 | |
D | | | 0.4 | |
Non-Rated | | | 5.6 | |
Equity | | | 3.5 | |
† | Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non-Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage. |
* | Excluding money market fund holdings. |
| | | | | | | | | | | | | | | | | | | | | | |
Open Forward Foreign Currency Contracts | |
| | | | Contract to | | | Unrealized Appreciation (Depreciation) | |
Settlement Date | | Counterparty | | Deliver | | | Receive | | |
09/15/2017 | | Canadian Imperial Bank of Commerce | | | USD | | | | 16,029,751 | | | | EUR | | | | 13,642,342 | | | $ | 219,096 | |
09/15/2017 | | Citibank, N.A. | | | GBP | | | | 529,666 | | | | USD | | | | 690,970 | | | | 5,836 | |
09/15/2017 | | Citibank, N.A. | | | USD | | | | 16,050,215 | | | | EUR | | | | 13,642,341 | | | | 198,633 | |
09/15/2017 | | Citibank, N.A. | | | USD | | | | 4,407,406 | | | | GBP | | | | 3,424,824 | | | | 22,682 | |
09/15/2017 | | Citibank, N.A. | | | USD | | | | 427,414 | | | | SEK | | | | 3,502,410 | | | | 13,618 | |
09/15/2017 | | JPMorgan Chase Bank, N.A. | | | USD | | | | 527,794 | | | | CHF | | | | 506,781 | | | | 1,021 | |
09/15/2017 | | JPMorgan Chase Bank, N.A. | | | USD | | | | 16,436,570 | | | | EUR | | | | 13,999,293 | | | | 237,428 | |
09/15/2017 | | JPMorgan Chase Bank, N.A. | | | USD | | | | 4,472,275 | | | | GBP | | | | 3,474,732 | | | | 22,369 | |
09/15/2017 | | Royal Bank of Canada | | | USD | | | | 4,410,711 | | | | GBP | | | | 3,424,824 | | | | 19,377 | |
10/16/2017 | | Barclays Bank PLC | | | USD | | | | 2,608,761 | | | | EUR | | | | 2,188,145 | | | | 1,843 | |
10/16/2017 | | Citibank, N.A. | | | USD | | | | 14,937 | | | | SEK | | | | 118,551 | | | | 17 | |
10/16/2017 | | Goldman Sachs International | | | USD | | | | 1,161,561 | | | | GBP | | | | 897,211 | | | | 250 | |
Subtotal | | | | | | | | | | | | | | | | | | | | | 742,170 | |
09/15/2017 | | Barclays Bank PLC | | | EUR | | | | 13,457,324 | | | | USD | | | | 15,422,820 | | | | (605,661 | ) |
09/15/2017 | | Barclays Bank PLC | | | GBP | | | | 3,692,265 | | | | USD | | | | 4,768,246 | | | | (7,782 | ) |
09/15/2017 | | Citibank, N.A. | | | EUR | | | | 912,005 | | | | USD | | | | 1,072,331 | | | | (13,922 | ) |
09/15/2017 | | Citibank, N.A. | | | GBP | | | | 3,692,265 | | | | USD | | | | 4,768,486 | | | | (7,542 | ) |
09/15/2017 | | Citibank, N.A. | | | SEK | | | | 3,502,410 | | | | USD | | | | 417,810 | | | | (23,222 | ) |
09/15/2017 | | Citibank, N.A. | | | USD | | | | 114,569 | | | | GBP | | | | 87,979 | | | | (767 | ) |
09/15/2017 | | Goldman Sachs International | | | CHF | | | | 506,781 | | | | USD | | | | 526,914 | | | | (1,900 | ) |
09/15/2017 | | Goldman Sachs International | | | EUR | | | | 13,457,324 | | | | USD | | | | 15,412,404 | | | | (616,077 | ) |
09/15/2017 | | JPMorgan Chase Bank, N.A. | | | GBP | | | | 3,692,265 | | | | USD | | | | 4,768,061 | | | | (7,967 | ) |
09/15/2017 | | JPMorgan Chase Bank, N.A. | | | USD | | | | 1,559,252 | | | | GBP | | | | 1,194,102 | | | | (14,654 | ) |
09/15/2017 | | Royal Bank of Canada | | | EUR | | | | 13,457,324 | | | | USD | | | | 15,414,490 | | | | (613,991 | ) |
10/16/2017 | | Canadian Imperial Bank of Commerce | | | EUR | | | | 13,675,306 | | | | USD | | | | 16,095,835 | | | | (219,723 | ) |
10/16/2017 | | Citibank, N.A. | | | EUR | | | | 13,675,306 | | | | USD | | | | 16,116,006 | | | | (199,552 | ) |
10/16/2017 | | Citibank, N.A. | | | GBP | | | | 3,433,309 | | | | USD | | | | 4,422,995 | | | | (22,845 | ) |
10/16/2017 | | Citibank, N.A. | | | SEK | | | | 1,532,542 | | | | USD | | | | 189,221 | | | | (4,100 | ) |
10/16/2017 | | JPMorgan Chase Bank, N.A. | | | CHF | | | | 506,151 | | | | USD | | | | 528,216 | | | | (1,022 | ) |
10/16/2017 | | JPMorgan Chase Bank, N.A. | | | EUR | | | | 14,074,922 | | | | USD | | | | 16,553,797 | | | | (238,530 | ) |
10/16/2017 | | JPMorgan Chase Bank, N.A. | | | GBP | | | | 3,433,234 | | | | USD | | | | 4,423,513 | | | | (22,229 | ) |
10/16/2017 | | Royal Bank of Canada | | | GBP | | | | 3,433,309 | | | | USD | | | | 4,426,342 | | | | (19,497 | ) |
Subtotal | | | | | | | | | | | | | | | | | | | | | (2,640,983 | ) |
Total Forward Foreign Currency Contracts — Currency Risk | | | | | | | | | | | | | | | | | | $ | (1,898,813 | ) |
Currency Abbreviations:
| | |
CHF | | – Swedish Krona |
EUR | | – Euro |
GBP | | – British Pound Sterling |
SEK | | – Swedish Krona |
USD | | – U.S. Dollar |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Invesco Senior Income Trust
Statement of Assets and Liabilities
August 31, 2017
(Unaudited)
| | | | |
Assets: | | | | |
Investments in securities, at value (Cost $1,291,334,092) | | $ | 1,269,245,349 | |
Investments in affiliates, at value (Cost $30,808,503) | | | 32,224,286 | |
Other investments: | | | | |
Unrealized appreciation on forward foreign currency contracts outstanding | | | 742,170 | |
Cash | | | 13,096,300 | |
Foreign currencies, at value (Cost $7,347,437) | | | 7,936,207 | |
Receivable for: | | | | |
Investments sold | | | 53,739,225 | |
Interest and fees | | | 5,666,072 | |
Investments matured, at value (Cost $19,819,669) | | | 598,883 | |
Investment for trustee deferred compensation and retirement plans | | | 6,874 | |
Other assets | | | 215,891 | |
Total assets | | | 1,383,471,257 | |
| |
Liabilities: | | | | |
Variable rate term preferred shares, at liquidation preference ($0.01 par value, 750 shares issued with liquidation preference of $100,000 per share) | | | 74,590,630 | |
Other investments: | | | | |
Unrealized depreciation on forward foreign currency contracts outstanding | | | 2,640,983 | |
Payable for: | | | | |
Borrowings | | | 305,000,000 | |
Investments purchased | | | 78,765,382 | |
Dividends | | | 165,145 | |
Accrued fees to affiliates | | | 5,338 | |
Accrued interest expense | | | 808,333 | |
Accrued trustees’ and officers’ fees and benefits | | | 4,901 | |
Accrued other operating expenses | | | 554,904 | |
Trustee deferred compensation and retirement plans | | | 6,874 | |
Unfunded loan commitments | | | 44,271,746 | |
Total liabilities | | | 506,814,236 | |
Net assets applicable to common shares | | $ | 876,657,021 | |
| | | | |
Net assets applicable to common shares consist of: | |
Shares of beneficial interest | | $ | 1,414,674,434 | |
Undistributed net investment income | | | (4,711,428 | ) |
Undistributed net realized gain (loss) | | | (491,502,507 | ) |
Net unrealized appreciation (depreciation) | | | (41,803,478 | ) |
| | $ | 876,657,021 | |
|
Common shares outstanding, no par value, with an unlimited number of common shares authorized: | |
Common shares outstanding | | | 180,036,160 | |
Net asset value per common share | | $ | 4.87 | |
Market value per common share | | $ | 4.44 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Invesco Senior Income Trust
Statement of Operations
For the six months ended August 31, 2017
(Unaudited)
| | | | |
Investment income: | |
Interest | | $ | 30,383,132 | |
Dividends | | | 21,728 | |
Dividends from affiliates | | | 45,462 | |
Other income | | | 864,960 | |
Total investment income | | | 31,315,282 | |
| |
Expenses: | | | | |
Advisory fees | | | 5,321,050 | |
Administrative services fees | | | 1,252,012 | |
Custodian fees | | | 386,142 | |
Interest, facilities and maintenance fees | | | 4,346,357 | |
Transfer agent fees | | | 10,276 | |
Trustees’ and officers’ fees and benefits | | | 17,178 | |
Registration and filing fees | | | 90,155 | |
Reports to shareholders | | | 69,660 | |
Professional services fees | | | 127,996 | |
Taxes | | | 92,596 | |
Other | | | 57,020 | |
Total expenses | | | 11,770,442 | |
Less: Fees waived | | | (12,057 | ) |
Net expenses | | | 11,758,385 | |
Net investment income | | | 19,556,897 | |
| |
Realized and unrealized gain (loss): | | | | |
Net realized gain (loss) from: | | | | |
Investment securities | | | (2,807,182 | ) |
Foreign currencies | | | (105,324 | ) |
Forward foreign currency contracts | | | (3,528,176 | ) |
| | | (6,440,682 | ) |
Change in net unrealized appreciation (depreciation) of: | | | | |
Investment securities | | | 909,498 | |
Foreign currencies | | | 4,466 | |
Forward foreign currency contracts | | | (1,878,322 | ) |
| | | (964,358 | ) |
Net realized and unrealized gain (loss) | | | (7,405,040 | ) |
Net increase in net assets from operations applicable to common shares | | $ | 12,151,857 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Invesco Senior Income Trust
Statement of Changes in Net Assets
For the six months ended August 31, 2017 and the year ended February 28, 2017
(Unaudited)
| | | | | | | | |
| | August 31, 2017 | | | February 28, 2017 | |
Operations: | | | | | | | | |
Net investment income | | $ | 19,556,897 | | | $ | 52,130,884 | |
Net realized gain (loss) | | | (6,440,682 | ) | | | (1,971,873 | ) |
Change in net unrealized appreciation (depreciation) | | | (964,358 | ) | | | 117,023,458 | |
Net increase in net assets from operations applicable to common shareholders | | | 12,151,857 | | | | 167,182,469 | |
Distributions to common shareholders from net investment income | | | (23,764,774 | ) | | | (46,987,191 | ) |
Return of capital | | | — | | | | (5,673,386 | ) |
Net increase (decrease) in net assets applicable to common shares | | | (11,612,917 | ) | | | 114,521,892 | |
| | |
Net assets applicable to common shares: | | | | | | | | |
Beginning of period | | | 888,269,938 | | | | 773,748,046 | |
End of period (includes undistributed net investment income of $(4,711,428) and (503,551), respectively) | | $ | 876,657,021 | | | $ | 888,269,938 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Invesco Senior Income Trust
Statement of Cash Flows
For the six months ended August 31, 2017
(Unaudited)
| | | | |
Cash provided by operating activities: | |
Net increase in net assets resulting from operations applicable to common shareholders | | $ | 12,151,857 | |
|
Adjustments to reconcile net increase in net assets applicable to common shareholders to net cash provided by (used in) operating activities: | |
Purchases of investments | | | (413,045,847 | ) |
Proceeds from sales of investments | | | 362,534,721 | |
Net change in unfunded loan commitments | | | (7,508,766 | ) |
Net change in unrealized depreciation on forward foreign currency contracts | | | 1,878,322 | |
Decrease in receivables and other assets | | | 1,382,949 | |
Amortization of premium and accretion of discount on investment securities | | | (2,032,843 | ) |
Increase in accrued expenses and other payables | | | 584,556 | |
Net realized loss from investment securities | | | 2,807,182 | |
Net change in unrealized appreciation on investment securities | | | (909,498 | ) |
Net cash provided by (used in) operating activities | | | (42,157,367 | ) |
| |
Cash provided by financing activities: | | | | |
Dividends paid to common shareholders from net investment income | | | (23,783,173 | ) |
Proceeds from borrowings | | | 100,000,000 | |
Repayment of borrowings | | | (20,000,000 | ) |
Decrease in VRTP Shares, at liquidation value | | | (50,000,000 | ) |
Net cash provided by financing activities | | | 6,216,827 | |
Net increase in cash and cash equivalents | | | (35,940,540 | ) |
Cash and cash equivalents at beginning of period | | | 83,855,967 | |
Cash and cash equivalents at end of period | | $ | 47,915,427 | |
| |
Supplemental disclosure of cash flow information: | | | | |
Cash paid during the period for interest, facilities and maintenance fees | | | 3,703,788 | |
Notes to Financial Statements
August 31, 2017
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Senior Income Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end management investment company.
The Trust’s investment objective is to provide a high level of current income, consistent with preservation of capital. The Trust seeks to achieve its objectives by investing primarily in a portfolio of interests in floating or variable senior loans to corporations, partnerships, and other entities which operate in a variety of industries and geographic regions. The Trust borrows money for investment purposes which may create the opportunity for enhanced return, but also should be considered a speculative technique and may increase the Trust’s volatility.
The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.
The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.
A. | Security Valuations — Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data. |
Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible securities) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (“NOCP”) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.
Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per
29 Invesco Senior Income Trust
share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Trust may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Facility fees received may be amortized over the life of the loan. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind income received in the form of securities in-lieu of cash is recorded as interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Other income is comprised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of the loan or note.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
30 Invesco Senior Income Trust
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions — The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders. |
E. | Federal Income Taxes — The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) necessary to qualify as a regulated investment company and to distribute substantially all of the Trust’s taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trust’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees and other expenses associated with lines of credit and Variable Rate Term Preferred Shares (“VRTP Shares”), and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
G. | Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust’s servicing agreements, that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Cash and Cash Equivalents — For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. |
J. | Securities Purchased on a When-Issued and Delayed Delivery Basis — The Trust may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Trust on such interests or securities in connection with such transactions prior to the date the Trust actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Trust will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
K. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Trust’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
The Trust may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Trust invests and are shown in the Statement of Operations.
L. | Forward Foreign Currency Contracts — The Trust may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
The Trust may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Trust may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Trust will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.
31 Invesco Senior Income Trust
A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Trust owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
M. | Industry Focus — To the extent that the Trust invests a greater amount of its assets in securities of issuers in the banking and financial services industries, the Trust’s performance will depend to a greater extent on the overall condition of those industries. The value of these securities can be sensitive to changes in government regulation, interest rates and economic downturns in the U.S. and abroad. |
N. | Bank Loan Risk — Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Trust’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Trust. As a result, the Trust may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Trust has unsettled or open transactions may fail to or be unable to perform on its commitments. The Trust seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. |
O. | Other Risks — The Trust may invest all or substantially all of its assets in senior secured floating rate loans and senior secured debt securities that are determined to be rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments. |
The Trust invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Trust in a corporate loan may take the form of participation interests or assignments. If the Trust purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Trust would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Trust’s rights against the Borrower but also for the receipt and processing of payments due to the Trust under the corporate loans. As such, the Trust is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Trust and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.
P. | Leverage Risk — The Trust may utilize leverage to seek to enhance the yield of the Trust by borrowing or issuing preferred shares. There are risks associated with borrowing or issuing preferred shares in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from investments made with such leverage, the higher volatility of the net asset value of the common shares, and that fluctuations in the interest rates on the borrowing or dividend rates on preferred shares may affect the yield and distributions to the common shareholders. There can be no assurance that the Trust’s leverage strategy will be successful. |
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an annual fee of 0.85% based on the average daily managed assets of the Trust. Managed assets for this purpose means the Trust’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust’s financial statements for purposes of GAAP.)
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has contractually agreed, through at least June 30, 2019, to waive the advisory fee payable by the Trust in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Trust of uninvested cash in such affiliated money market funds.
For the six months ended August 31, 2017, the Adviser waived advisory fees of $12,057.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2017, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees. Also, Invesco has entered into service agreements whereby State Street Bank and Trust Company (“SSB”) serves as custodian and fund accountant and provides certain administrative services to the Trust.
Certain officers and trustees of the Trust are officers and directors of Invesco.
32 Invesco Senior Income Trust
NOTE 3—Additional Valuation Information
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 or are unreliable. 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 the Trust’s own 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 August 31, 2017. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The Trust’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period.
During the six months ended August 31, 2017, there were transfers from Level 2 to Level 3 of $17,277,798 due to third-party vendor quotations utilizing single market quotes and from Level 3 to Level 2 of $12,392,246, due to third-party vendor quotations utilizing more than one market quote.
| | | | | | | | | | | | | | | | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Variable Rate Senior Loan Interests | | $ | — | | | $ | 1,058,455,170 | | | $ | 88,504,292 | | | $ | 1,146,959,462 | |
Bonds & Notes | | | — | | | | 63,304,981 | | | | 2,968,706 | | | | 66,273,687 | |
Structured Products | | | — | | | | 14,839,011 | | | | — | | | | 14,839,011 | |
Common Stocks & Other Equity Interests | | | 13,800,275 | | | | 23,490,196 | | | | 8,976,690 | | | | 46,267,161 | |
Preferred Stocks | | | 56,248 | | | | — | | | | 191,146 | | | | 247,394 | |
Money Market Funds | | | 26,882,920 | | | | — | | | | — | | | | 26,882,920 | |
Investments Matured | | | — | | | | — | | | | 598,883 | | | | 598,883 | |
| | | 40,739,443 | | | | 1,160,089,358 | | | | 101,239,717 | | | | 1,302,068,518 | |
Forward Foreign Currency Contracts* | | | — | | | | (1,898,813 | ) | | | — | | | | (1,898,813 | ) |
Total Investments | | $ | 40,739,443 | | | $ | 1,158,190,545 | | | $ | 101,239,717 | | | $ | 1,300,169,705 | |
* | Unrealized appreciation (depreciation). |
A reconciliation of Level 3 investments is presented when the Trust 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 six months ended August 31, 2017:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Value 02/28/17 | | | Purchases at Cost | | | Proceeds from Sales | | | Accrued Discounts/ Premiums | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation | | | Transfers into Level 3 | | | Transfers out of Level 3 | | | Value 08/31/17 | |
Variable Rate Senior Loan Interests | | $ | 100,978,388 | | | $ | 27,618,390 | | | $ | (46,132,821 | ) | | $ | 434,281 | | | $ | 83,957 | | | $ | 291,563 | | | $ | 17,277,798 | | | $ | (12,047,264 | ) | | $ | 88,504,292 | |
Bonds & Notes | | | — | | | | 2,965,510 | | | | — | | | | — | | | | — | | | | 3,196 | | | | — | | | | — | | | | 2,968,706 | |
Common Stocks & Other Equity Interests | | | 6,857,401 | | | | 1,053 | | | | — | | | | — | | | | — | | | | 2,463,218 | | | | — | | | | (344,982 | ) | | | 8,976,690 | |
Preferred Stocks | | | 3,244 | | | | 1,253 | | | | — | | | | — | | | | — | | | | 186,649 | | | | — | | | | — | | | | 191,146 | |
Investments Matured | | | 653,401 | | | | — | | | | (138,095 | ) | | | (438 | ) | | | (1,778 | ) | | | 85,793 | | | | — | | | | — | | | | 598,883 | |
Total | | $ | 108,492,434 | | | $ | 30,586,206 | | | $ | (46,270,916 | ) | | $ | 433,843 | | | $ | 82,179 | | | $ | 3,030,419 | | | $ | 17,277,798 | | | $ | (12,392,246 | ) | | $ | 101,239,717 | |
Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.
NOTE 4—Derivative Investments
The Trust may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Trust may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
33 Invesco Senior Income Trust
For financial reporting purposes, the Trust does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.
Value of Derivative Investments at Period-End
The table below summarizes the value of the Trust’s derivative investments, detailed by primary risk exposure, held as of August 31, 2017:
| | | | |
| | Value | |
Derivative Assets | | Currency Risk | |
Unrealized appreciation on forward foreign currency contracts outstanding | | $ | 742,170 | |
Derivatives not subject to master netting agreements | | | — | |
Total Derivative Assets subject to master netting agreements | | $ | 742,170 | |
| |
| | Value | |
Derivative Liabilities | | Currency Risk | |
Unrealized depreciation on forward foreign currency contracts outstanding | | $ | (2,640,983 | ) |
Derivatives not subject to master netting agreements | | | — | |
Total Derivative Liabilities subject to master netting agreements | | $ | (2,640,983 | ) |
Offsetting Assets and Liabilities
The table below reflects the Trust’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2017.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Financial Derivative Assets | | | Financial Derivative Liabilities | | | | | | Collateral (Received)/Pledged | | | | |
Counterparty | | Forward Foreign Currency Contracts | | | Forward Foreign Currency Contracts | | | Net Value of Derivatives | | | Non-Cash | | | Cash | | | Net Amount | |
Barclays Bank PLC | | $ | 1,843 | | | $ | (613,443 | ) | | $ | (611,600 | ) | | $ | — | | | $ | — | | | $ | (611,600 | ) |
Canadian Imperial Bank of Commerce | | | 219,096 | | | | (219,723 | ) | | | (627 | ) | | | — | | | | — | | | | (627 | ) |
Citibank, N.A. | | | 240,786 | | | | (271,950 | ) | | | (31,164 | ) | | | — | | | | — | | | | (31,164 | ) |
Goldman Sachs International | | | 250 | | | | (617,977 | ) | | | (617,727 | ) | | | — | | | | — | | | | (617,727 | ) |
JPMorgan Chase Bank, N.A. | | | 260,818 | | | | (284,402 | ) | | | (23,584 | ) | | | — | | | | — | | | | (23,584 | ) |
Royal Bank of Canada | | | 19,377 | | | | (633,488 | ) | | | (614,111 | ) | | | — | | | | — | | | | (614,111 | ) |
Total | | $ | 742,170 | | | $ | (2,640,983 | ) | | $ | (1,898,813 | ) | | $ | — | | | $ | — | | | $ | (1,898,813 | ) |
Effect of Derivative Investments for the six months ended August 31, 2017
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
| | | | |
| | Location of Gain (Loss) on Statement of Operations | |
| Currency Risk | |
Realized Gain (Loss): | | | | |
Forward foreign currency contracts | | $ | (3,528,176 | ) |
Change in Net Unrealized Appreciation (Depreciation): | | | | |
Forward foreign currency contracts | | | (1,878,322 | ) |
Total | | $ | (5,406,498 | ) |
The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.
| | | | |
| | Forward Foreign Currency Contracts | |
Average notional value | | $ | 191,133,868 | |
34 Invesco Senior Income Trust
NOTE 5—Investments in Other Affiliates
The 1940 Act defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Trust has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates (excluding affiliated money market funds) for the six months ended August 31, 2017.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Value 02/28/17 | | | Purchases at Cost | | | Proceeds from Sales | | | Change in Unrealized Appreciation | | | Realized Gain | | | Value 08/31/17 | | | Dividend Income | |
Axia Inc., Common Shares | | $ | 5,341,366 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 5,341,366 | | | $ | — | |
Cygnus Business Media, Inc., Common Shares | | | 0 | | | | — | | | | — | | | | — | | | | — | | | | 0 | | | | — | |
Total | | $ | 5,341,366 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 5,341,366 | | | $ | — | |
NOTE 6—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and “Trustees’ and Officers’ Fees and Benefits” includes amounts accrued by the Trust to fund such deferred compensation amounts.
NOTE 7—Cash Balances and Borrowings
The Trust has entered into a $350 million revolving credit and security agreement which will expire on December 7, 2017. The revolving credit and security agreement is secured by the assets of the Trust.
During the six months ended August 31, 2017, the average daily balance of borrowings under the revolving credit and security agreement was $265,951,087 with a weighted interest rate of 1.00%. The carrying amount of the Trust’s Payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.
Additionally, the Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 8—Unfunded Loan Commitments
Pursuant to the terms of certain Senior Loan agreements, the Trust held the following unfunded loan commitments as of August 31, 2017. The Trust intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve.
| | | | | | | | | | |
Borrower | | Type | | Principal Amount(a) | | | Value | |
Accudyne Industries LLC | | Revolver Loan | | $ | 2,808,273 | | | $ | 2,555,528 | |
Allied Universal Holdco LLC | | Incremental Delayed Draw Term Loan | | | 581,789 | | | | 581,789 | |
Brickman Group Ltd. LLC | | Revolver Loan | | | 509,854 | | | | 471,615 | |
Community Health Systems, Inc. | | Revolver Loan | | | 1,023,084 | | | | 1,012,285 | |
Delta Air Lines, Inc. | | Revolver Loan | | | 2,003,600 | | | | 1,988,573 | |
Engineered Machinery Holdings, Inc. | | First Lien Delayed Draw Term Loan | | | 67,638 | | | | 67,638 | |
Engineered Machinery Holdings, Inc. | | Second Lien Delayed Draw Term Loan | | | 40,189 | | | | 40,189 | |
Getty Images, Inc. | | Revolver Loan | | | 2,844,510 | | | | 2,787,620 | |
Hearthside Group Holdings, LLC | | Revolver Loan | | | 1,374,404 | | | | 1,370,006 | |
IAP Worldwide Services | | Revolver Loan | | | 1,129,324 | | | | 1,106,738 | |
ICSH Parent, Inc. | | Delayed Draw Term Loan | | | 159,075 | | | | 159,075 | |
MacDermid, Inc. | | First Lien Revolver Loan | | | 176,279 | | | | 175,970 | |
MacDermid, Inc. | | First Lien Multicurrency Revolver Loan | | | 648,220 | | | | 647,083 | |
National Vision, Inc. | | First Lien Revolver Loan | | | 1,532,982 | | | | 1,410,344 | |
NRG Energy Inc. | | Revolver Loan A | | | 21,329,736 | | | | 21,158,778 | |
Post Holdings, Inc. | | Revolver Loan | | | 2,057,149 | | | | 2,054,649 | |
Prime Security Services Borrower, LLC | | Revolver Loan | | | 1,770,367 | | | | 1,767,056 | |
Scientific Games International, Inc. | | Multicurrency Revolver Loan | | | 2,936,146 | | | | 2,892,104 | |
Shutterfly Inc. | | Delayed Draw Term Loan B | | | 604,148 | | | | 601,508 | |
Transtar Holding Co. | | Exit Term Loan | | | 160,477 | | | | 160,477 | |
TricorBraun Inc. | | First Lien Delayed Draw Term Loan | | | 157,741 | | | | 157,741 | |
Unilabs Diagnostics AB | | Revolver Loan | | | EUR 942,706 | | | | 1,104,980 | |
| | | | | | | | $ | 44,271,746 | |
(a) | Principal amounts are denominated in U.S. Dollars unless otherwise noted. |
Currency Abbreviations:
35 Invesco Senior Income Trust
NOTE 9—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trust’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trust’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Trust had a capital loss carryforward as of February 28, 2017, which expires as follows:
| | | | | | | | | | | | |
Capital Loss Carryforward* | |
Expiration | | Short-Term | | | Long-Term | | | Total | |
February 28, 2018 | | $ | 316,566,786 | | | $ | — | | | $ | 316,566,786 | |
February 28, 2019 | | | 81,508,885 | | | | — | | | | 81,508,885 | |
Not subject to expiration | | | — | | | | 86,218,751 | | | | 86,218,751 | |
| | $ | 398,075,671 | | | $ | 86,218,751 | | | $ | 484,294,422 | |
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 10—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2017 was $359,526,258 and $367,073,126, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
| | | | |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | | $ | 36,678,415 | |
Aggregate unrealized (depreciation) of investments | | | (79,755,919 | ) |
Net unrealized appreciation (depreciation) of investments | | $ | (43,077,504 | ) |
Cost of investments for tax purposes is $1,343,247,209.
NOTE 11—Common Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as follows:
| | | | | | | | |
| | Six months ended August 31, 2017 | | | Year ended February 28, 2017 | |
Beginning shares | | | 180,036,160 | | | | 180,036,160 | |
Shares issued through dividend reinvestment | | | — | | | | — | |
Ending shares | | | 180,036,160 | | | | 180,036,160 | |
The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.
NOTE 12—Variable Rate Term Preferred Shares
On October 26, 2012, the Trust issued 1,250 Series 2015/11-VVR C-1 VRTP Shares, with a liquidation preference of $100,000 per share to Charta, LLC, pursuant to an offering exempt from registration under the 1933 Act. Proceeds from the issuance of the VRTP Shares were used to redeem all of the Trust’s outstanding Auction Rate Preferred Shares (“ARPS”). The Trust redeemed 250 VRTP Shares on May 1, 2017 and June 1, 2017, respectively. On June 14, 2017, the Board of Trustees of the Trust approved an amended and restated Statement of Preferences for the VRTP Shares and, on July 14, 2017, the remaining 750 VRTP Shares were transferred to Barclays Bank PLC.
VRTP Shares are a floating-rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. The Trust is required to redeem all outstanding VRTP Shares on July 31, 2020, unless earlier redeemed, repurchased or extended. VRTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. On or prior to the redemption date, the Trust will be required to segregate assets having a value equal to 110% of the redemption amount.
36 Invesco Senior Income Trust
The Trust incurred costs in connection with the transfer of the VRTP Shares. These costs are recorded as a deferred charge and are being amortized over a period of three years to July 31, 2020. Amortization of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations, and the unamortized balance is included in the value of Variable rate term preferred shares on the Statement of Assets and Liabilities.
Dividends paid on the VRTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid quarterly. As of August 31, 2017, the dividend rate is equal to the three month USD LIBOR interest rate plus a spread of 1.55%, which is based on the long-term rating assigned to the VRTP Shares by Moody’s Investors Service, Inc. Prior to July 14, 2017, the dividend rate was equal to Charta, LLC’s daily cost of funds rate plus a ratings spread of 1.20%.
The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VRTP Shares during the six months ended August 31, 2017 were $95,945,946 and 2.42%, respectively.
The Trust is subject to certain restrictions relating to the VRTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger the mandatory redemption of VRTP Shares at liquidation preference.
The liquidation preference of VRTP Shares, which approximates fair value, is recorded as a liability under the caption Variable rate term preferred shares on the Statement of Assets and Liabilities. The fair value of VRTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the VRTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. At period-end, the Trust’s Adviser has determined that fair value of VRTP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VRTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VRTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.
NOTE 13—Senior Loan Participation Commitments
The Trust invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Trust purchases a participation of a Senior Loan interest, the Trust typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Trust assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Trust and the borrower.
At the six months ended August 31, 2017, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Trust on a participation basis.
| | | | | | | | |
Selling Participant | | Principal Amount | | | Value | |
Barclays Bank PLC | | $ | 2,844,510 | | | $ | 2,787,620 | |
Citibank, N.A. | | | 2,808,273 | | | | 2,555,528 | |
Goldman Sachs Lending Partners LLC | | | 3,590,131 | | | | 3,464,993 | |
Mizuho Bank, Ltd. | | | 21,329,736 | | | | 21,158,778 | |
Total | | | | | | $ | 29,966,919 | |
NOTE 14—Dividends
The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2017:
| | | | | | | | | | | | |
Declaration Date | | Amount per Share | | | Record Date | | | Payable Date | |
September 1, 2017 | | $ | 0.0205 | | | | September 13, 2017 | | | | September 29, 2017 | |
October 2, 2017 | | $ | 0.0205 | | | | October 13, 2017 | | | | October 31, 2017 | |
37 Invesco Senior Income Trust
NOTE 15—Financial Highlights
The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six months ended August 31, 2017 | | | Year ended February 28, 2017 | | | Year ended February 29, 2016 | | | Years ended February 28, | |
| | | | | 2015 | | | 2014 | | | 2013 | |
Net asset value, beginning of period | | $ | 4.93 | | | $ | 4.30 | | | $ | 5.05 | | | $ | 5.25 | | | $ | 5.17 | | | $ | 4.89 | |
Net investment income(a) | | | 0.11 | | | | 0.29 | | | | 0.31 | | | | 0.32 | | | | 0.31 | | | | 0.34 | |
Net gains (losses) on securities (both realized and unrealized) | | | (0.04 | ) | | | 0.63 | | | | (0.74 | ) | | | (0.20 | ) | | | 0.13 | | | | 0.28 | |
Distributions paid to preferred shareholders from net investment income | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | (0.01 | ) |
Total from investment operations | | | 0.07 | | | | 0.92 | | | | (0.43 | ) | | | 0.12 | | | | 0.44 | | | | 0.61 | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends paid to common shareholders from net investment income | | | (0.13 | ) | | | (0.26 | ) | | | (0.32 | ) | | | (0.32 | ) | | | (0.36 | ) | | | (0.33 | ) |
Return of Capital | | | N/A | | | | (0.03 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Total distributions | | | (0.13 | ) | | | (0.29 | ) | | | (0.32 | ) | | | (0.32 | ) | | | (0.36 | ) | | | (0.33 | ) |
Net asset value per common share, end of period | | $ | 4.87 | | | $ | 4.93 | | | $ | 4.30 | | | $ | 5.05 | | | $ | 5.25 | | | $ | 5.17 | |
Market value per common share, end of period | | $ | 4.44 | | | $ | 4.72 | | | $ | 3.76 | | | $ | 4.68 | | | $ | 5.03 | | | $ | 5.57 | |
Total return at net asset value(b) | | | 1.65 | % | | | 22.59 | % | | | (8.31 | )% | | | 2.90 | % | | | 8.69 | % | | | 12.93 | % |
Total return at market value(c) | | | (3.21 | )% | | | 34.22 | % | | | (13.48 | )% | | | (0.46 | )% | | | (3.34 | )% | | | 26.86 | % |
Net assets, end of period (000’s omitted) | | $ | 876,657 | | | $ | 888,270 | | | $ | 773,748 | | | $ | 908,720 | | | $ | 945,510 | | | $ | 930,435 | |
Portfolio turnover rate(d) | | | 28 | % | | | 69 | % | | | 55 | % | | | 63 | % | | | 99 | % | | | 103 | % |
Ratio of expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
With fee waivers and/or expense reimbursements | | | 2.65 | %(e) | | | 2.37 | % | | | 2.34 | % | | | 2.20 | % | | | 2.18 | % | | | 2.06 | % |
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | | | 1.67 | %(e) | | | 1.58 | % | | | 1.69 | % | | | 1.65 | % | | | 1.63 | % | | | 1.65 | % |
Without fee waivers and/or expense reimbursements | | | 2.65 | %(e) | | | 2.38 | % | | | 2.34 | % | | | 2.20 | % | | | 2.18 | % | | | 2.06 | % |
Ratio of net investment income before preferred share dividends | | | 4.40 | %(e) | | | 6.15 | % | | | 6.57 | % | | | 6.22 | % | | | 5.98 | % | | | 6.86 | % |
Preferred share dividends | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | 0.29 | % |
Ratio of net investment income after preferred share dividends | | | 4.40 | %(e) | | | 6.15 | % | | | 6.57 | % | | | 6.22 | % | | | 5.98 | % | | | 6.57 | % |
| | | | | | |
Senior securities: | | | | | | | | | | | | | | | | | | | | | | | | |
Total amount of preferred shares outstanding (000’s omitted) | | $ | 75,000 | | | $ | 125,000 | | | $ | 125,000 | | | $ | 125,000 | | | $ | 125,000 | | | $ | 125,000 | |
Total borrowings (000’s omitted) | | $ | 305,000 | | | $ | 225,000 | | | $ | 225,000 | | | $ | 284,000 | | | $ | 277,000 | | | $ | 207,000 | |
Asset coverage per $1,000 unit of senior indebtedness(f) | | $ | 4,120 | | | $ | 5,503 | | | $ | 4,994 | | | $ | 4,640 | | | $ | 4,865 | | | $ | 6,099 | |
Asset coverage per preferred share(g) | | $ | 1,268,876 | | | $ | 810,616 | | | $ | 718,998 | | | $ | 826,976 | | | $ | 856,408 | | | $ | 844,348 | |
Liquidating preference per preferred share | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable. |
(c) | Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable. |
(d) | Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests and is not annualized for periods less than one year, if applicable. |
(e) | Ratios are annualized and based on average daily net assets applicable to common shares (000’s omitted) of $880,528. |
(f) | Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value and borrowings) from the Trust’s total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |
(g) | Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value) from the Trust’s total assets and dividing this by the total number of preferred shares outstanding. |
38 Invesco Senior Income Trust
NOTE 16—Legal Proceedings
Terms used in the Legal Proceedings Note are defined terms solely for the purpose of this note.
Pending Litigation and Regulatory Inquiries
The Trust is named as a defendant in an adversary proceeding in the Bankruptcy Court of the Southern District of Florida. The complaint was filed on July 14, 2008 by the Official Committee of Unsecured Creditors of TOUSA, Inc., on behalf of certain subsidiaries of TOUSA, Inc. (the “Conveying Subsidiaries”), and filed as amended on October 17, 2008. The Committee made allegations against the Trust in two separate capacities: as “Transeastern Lenders” and as “First Lienholders” (collectively, the “Lenders”). The Transeastern Lenders loaned money to form a joint venture between TOUSA, Inc. and Falcone/Ritchie LLC. TOUSA, Inc. later repaid the loans from the Transeastern Lenders as part of a global settlement of claims against it. The repayment was financed using proceeds of new loans (the “New Loans”), for which the Conveying Subsidiaries conveyed first and second priority liens on their assets to two groups of lienholders (the First and Second Lienholders, collectively “New Lenders”). The Conveying Subsidiaries were not obligated on the original debt to the Transeastern Lenders. The Committee alleged, inter alia, that both the repayment to the Transeastern Lenders and the grant of liens to the First and Second Lienholders should be avoided as fraudulent transfers under the bankruptcy laws. More specifically, the Committee alleged: (1) that the Conveying Subsidiaries’ transfer of liens to secure the New Loans was a fraudulent transfer under 11 U.S.C. § 548 because the Conveying Subsidiaries were insolvent at the time of the transfer and did not receive reasonably equivalent value for the liens; and (2) that the Transeastern Lenders were, under 11 U.S.C. § 550, entities for whose benefit the liens were fraudulently transferred to the New Lenders. The case was tried in 2009 and on October 13, 2009, the Bankruptcy Court rendered a Final Judgment against the Lenders, which was later amended on October 30, 2009, requiring the Lenders to post bonds equal to 110% of the damages and disgorgement ordered against them. The Transeastern Lenders and First Lienholders separately appealed the decision to the District Court for the Southern District of Florida. On February 11, 2011, the District Court, issued an order in the Transeastern Lenders’ appeal that: 1) quashed the Bankruptcy Court’s Order as it relates to the liability of the Transeastern Lenders; 2) made null and void the Bankruptcy Court’s imposition of remedies as to the Transeastern Lenders; 3) discharged all bonds deposited by Transeastern Lenders, unless any further appeals are filed, in which case the bonds would remain in effect pending resolution of appeals; 4) dismissed as moot additional appeal proceedings of the Transeastern Lenders that were contingent upon the District Court’s decision concerning liability; and 5) closed all District Court appeal proceedings concerning the Transeastern Lenders. The Committee appealed to the Eleventh Circuit Court of Appeals. In a decision filed on May 15, 2012, the Eleventh Circuit reversed the District Court’s opinion, affirmed the liability findings of the Bankruptcy Court against the Transeastern Lenders, and remanded the case to the District Court to review the remedies ordered by the Bankruptcy Court. The appeal of the Transeastern Lenders is currently pending before the District Court. The First Lienholders, having paid its obligations under the bankruptcy plan, have been fully and finally released pursuant to a court order dated August 30, 2013. The review of the Transeastern Lenders remedies obligation is currently pending before the District Court. The parties argued the effects of the Supreme Court decisions in Executive Benefits Ins. Agency v. Arkison (In re Bellingham) (No. 12-1200) and Wellness International Network, Ltd. v. Sharif (No. 13-935) on liabilities before the District Court, which denied that the cases were an intervening change in law that affected the liabilities decision. The District Court remanded to the Bankruptcy Court a question on the effect of the settlement with other parties on the Transeastern Lenders remedies obligations. On April 1, 2016, the Bankruptcy Court issued its report and recommendation, which was unfavorable in many respects to the Transeastern Lenders.
On March 8, 2017, the District Court adopted the Bankruptcy Court’s report and recommendation on the impact of the interim settlements, holding that the settlement with the Transeastern Lenders and settlement of the D&O litigation had no impact on the remedial scheme. The Transeastern Lenders appealed this decision in April 2017. The appeal is currently pending. While not certain, the current liability for the Trust is estimated to be no greater than $4,163,000. Invesco believes resolution of this matter will not have a material impact on the Trust’s financial statements.
39 Invesco Senior Income Trust
Distribution Information
The following table sets forth on a per share basis the distribution that was paid in August 2017. Included in the table is a written statement of the sources of the distribution on a GAAP basis.
| | | | | | | | | | | | | | | | | | |
| | | | Net Income | | | Gain from Sale of Securities | | | Return of Principal | | | Total Distribution | |
08/31/17 | | VVR | | $ | 0.0175 | | | $ | 0.000 | | | $ | 0.0030 | | | $ | 0.0205 | |
Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This Notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.
40 Invesco Senior Income Trust
Approval of Investment Advisory and Sub-Advisory Contracts
The Board of Trustees (the Board) of Invesco Senior Income Trust (the Fund) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Fund’s investment advisory agreements. During contract renewal meetings held on June 12-13, 2017, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2017.
In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.
The Board’s Fund Evaluation Process
The Board’s Investments Committee has established three Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.
During the contract renewal process, the Board receives comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his
responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The Trustees recognized that the advisory fee rates for the Invesco Funds are, in most cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. This information is current as of June 13, 2017, and does not reflect consideration of factors that became known to the Board after that date.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers. The Board’s review included consideration of Invesco Advisers’ investment process oversight, credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, trading operations, internal audit, valuation and legal and compliance.
In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship as contrasted with the
greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.
The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.
B. | Fund Investment Performance |
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Senior Secured Management, Inc. currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2016 to the performance of funds in the Broadridge performance universe and against the Lipper Closed-End Loan Participation Funds Index. The Board noted that the Fund’s performance was in the second quintile of its performance universe for the one and five year periods and the third quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
C. | Advisory and Sub-Advisory Fees |
The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group at a common asset level. The Board noted that the contractual management fee rate for shares of the Fund was above the median contractual management fee
41 Invesco Senior Income Trust
rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not separately charge the Invesco Funds for the administrative services included in the term as defined by Broadridge. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group.
The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund, based on asset balances as of December 31, 2016. The Board noted that the Fund’s rate was above the rate of one open-end fund. The Board also noted that the Fund’s rate was above the rate of four cross border funds and one exchange traded fund with investment strategies comparable to those of the Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other client accounts with investment strategies comparable to those of the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Funds relative to certain other types of client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of annual registration statement updates and financial information and regulatory compliance under the Investment Company Act of 1940, as amended.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.
D. | Economies of Scale and Breakpoints |
The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of
scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds advised by Invesco Advisers.
E. | Profitability and Financial Resources |
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund. The Board considered the organizational structure employed to provide these services.
The Board considered that the Fund’s uninvested cash may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash.
42 Invesco Senior Income Trust
Proxy Results
A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Senior Income Trust (the “Fund”) was held on September 8, 2017. The Meeting was held for the following purposes:
(1). | Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class. |
(2). | Election of Trustees by Preferred Shareholders voting as a separate class. |
The results of the voting on the above matters were as follows:
| | | | | | | | | | |
| | Matters | | Votes For | | | Votes Withheld | |
(1). | | Teresa M. Ressel | | | 156,504,910 | | | | 2,860,900 | |
| | Larry Soll | | | 156,473,221 | | | | 2,892,589 | |
| | Philip A. Taylor | | | 156,535,195 | | | | 2,830,615 | |
| | Christopher L. Wilson | | | 156,499,320 | | | | 2,866,490 | |
(2). | | David C. Arch | | | 750 | | | | 0 | |
43 Invesco Senior Income Trust
Correspondence information
Send general correspondence to Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000.
Trust holdings and proxy voting information
The Trust provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Trust’s semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust’s Forms N-Q on the SEC website at sec.gov. Copies of the Trust’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file number for the Trust is shown below.
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A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov. Information regarding how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. In addition, this information is available on the SEC website at sec.gov. | |  |
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SEC file number: 811-08743 | | | | | | VK-CE-SINC-SAR-1 | | 10302017 0745 |
There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
PricewaterhouseCoopers LLP informed the Trust that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.
The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PricewaterhouseCoopers LLP informed the Trust it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.
On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Funds’ financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.
If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. In addition, the SEC has indicated that the no-action relief will expire 18 months from its issuance after which the Invesco Funds will no longer be able to rely on the letter unless its term is extended or made permanent by the SEC Staff.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM | 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | As of August 11, 2017, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 11, 2017, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
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12(a) (1) | | Not applicable. |
| |
12(a) (2) | | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. |
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12(a)(3) | | Not applicable. |
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12(b) | | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Senior Income Trust
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By: | | /s/ Sheri Morris |
| | Sheri Morris |
| | Principal Executive Officer |
| |
Date: | | November 8, 2017 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| | |
By: | | /s/ Sheri Morris |
| | Sheri Morris |
| | Principal Executive Officer |
| |
Date: | | November 8, 2017 |
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By: | | /s/ Kelli Gallegos |
| | Kelli Gallegos |
| | Principal Financial Officer |
| |
Date: | | November 8, 2017 |
EXHIBIT INDEX
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12(a) (1) | | Not applicable. |
| |
12(a) (2) | | Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. |
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12(a) (3) | | Not applicable. |
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12(b) | | Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |