UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| | |
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) |
| | | | |
Registrant’s telephone number, including area code: | | (713)626-1919 |
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Date of fiscal year end: 2/28 | | |
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Date of reporting period: 8/31/19 | | |
Item 1. Reports to Stockholders.

Semiannual Report to Shareholders | August 31, 2019 |
Invesco Senior Income Trust
NYSE: VVR
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Trust’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Trust or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Trust’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Trust electronically by contacting your financial intermediary (such as a broker-dealer or bank).
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Trust, you can call 800 341 2929 to let the Trust know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Trust.
Unless otherwise noted, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
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 investment strategy described in the fund’s prospectus; 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.
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
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.
Invesco’ s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our Trusts, including performance and holdings.
In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with 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, feel free to contact an Invesco client services representative at 800 341 2929.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
2 | Invesco Senior Income Trust |
Performance summary
Cumulative total returns, February 28, 2019 to August 31, 2019
Trust at NAV | 1.82% |
Trust at Market Value | 0.68 |
Credit Suisse Leveraged Loan Index▼ | 1.96 |
Market Price Discount to NAV as of 8/31/19 | -12.47 |
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.
TheCredit 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 indexes described here, and consequently, the performance of the Trust may deviate significantly from the performance of the indexes.
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 September 2019, 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 pursu-
ant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.
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
■ | Add to your account: |
| You may increase your shares in your Trust easily and automatically with the Plan. |
■ | Low transaction costs: |
| 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. |
■ | Convenience: |
| 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. |
■ | Safekeeping: |
| 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.
4 | Invesco Senior Income Trust |
Consolidated Schedule of Investments
August 31, 2019
(Unaudited)
| Interest Rate | Maturity Date | Principal Amount (000)(a) | Value |
Variable Rate Senior Loan Interests–130.22%(b)(c) |
Aerospace & Defense–4.05% | | |
Atlantic Aviation FBO, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)(d) | 5.87% | 12/06/2025 | | $ 165 | $ 166,144 |
Consolidated Aerospace Manufacturing, LLC, Term Loan (1 mo. USD LIBOR + 3.75%) (Acquired 08/19/2015-03/29/2019; Cost $1,154,045)(d) | 5.86% | 08/11/2022 | | 1,160 | 1,158,382 |
Greenrock Finance, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%) | 6.15% | 06/28/2024 | | 1,142 | 1,144,297 |
IAP Worldwide Services, Inc. | | | | | |
Revolver Loan (Acquired 07/22/2014-02/08/2019; Cost $1,794,337)(d)(e) | 0.00% | 07/18/2021 | | 1,794 | 1,794,337 |
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) (Acquired 07/18/2014-02/08/2019; Cost $1,704,660)(d) | 8.83% | 07/18/2021 | | 1,815 | 1,815,004 |
Maxar Technologies Ltd. (Canada), Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.87% | 10/04/2024 | | 4,838 | 4,253,655 |
NAC Aviation 8 Ltd. (Ireland), Term Loan (1 mo. USD LIBOR + 6.50%) (Acquired 03/24/2017; Cost $1,897,493)(d) | 8.62% | 12/31/2020 | | 1,898 | 1,897,493 |
Peraton Corp., Term Loan (1 mo. USD LIBOR + 5.25%)(d) | 7.37% | 04/29/2024 | | 1,623 | 1,608,910 |
Perspecta, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.36% | 05/31/2025 | | 1,327 | 1,330,206 |
Space Exploration Technologies Corp., Term Loan (1 mo. USD LIBOR + 4.25%) (Acquired 11/20/2018-06/06/2019; Cost $3,235,013)(d) | 6.36% | 11/21/2025 | | 3,250 | 3,258,202 |
TransDigm, Inc. | | | | | |
Term Loan E (3 mo. USD LIBOR + 2.50%) | 4.83% | 05/30/2025 | | 9,167 | 9,089,392 |
Term Loan F (3 mo. USD LIBOR + 2.50%) | 4.83% | 06/09/2023 | | 1,828 | 1,818,258 |
Term Loan G (3 mo. USD LIBOR + 2.50%) | 4.83% | 08/22/2024 | | 474 | 470,585 |
Vectra Co., First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 03/08/2025 | | 807 | 778,729 |
Wesco Aircraft Hardware Corp., Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.62% | 02/28/2021 | | 2,653 | 2,655,747 |
Xebec Global Holdings, LLC, Term Loan (1 wk. USD LIBOR + 5.25%) (Acquired 02/06/2018-04/04/2019; Cost $1,308,711)(d) | 7.93% | 02/12/2024 | | 1,315 | 1,321,211 |
| | | | | 34,560,552 |
Air Transport–3.25% | | |
American Airlines, Inc. | | | | | |
Term Loan (1 mo. USD LIBOR + 1.75%) | 4.06% | 06/27/2025 | | 23 | 22,689 |
Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.20% | 12/14/2023 | | 691 | 688,813 |
Avolon TLB Borrower 1 (US) LLC (Ireland), Term Loan B-3 (1 mo. USD LIBOR + 1.75%) | 3.92% | 01/15/2025 | | 2,922 | 2,931,632 |
Etraveli Group Holding AB (Sweden), Term Loan B-1 (3 mo. EURIBOR + 4.25%) | 4.25% | 08/02/2024 | EUR | 561 | 620,464 |
Gol LuxCo S.A. (Brazil), Term Loan (6 mo. USD LIBOR + 6.50%) (Acquired 08/19/2015-06/04/2019; Cost $3,860,218) | 6.50% | 08/31/2020 | | 3,881 | 3,939,129 |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
5 | Invesco Senior Income Trust |
| Interest Rate | Maturity Date | Principal Amount (000)(a) | Value |
Air Transport–(continued) | |
Mesa Airlines, Inc. | | | | | |
Term Loan N913FJ (3 mo. USD LIBOR + 4.50%) (Acquired 12/29/2017; Cost $159,702)(d) | 7.02% | 12/01/2021 | | $162 | $160,136 |
Term Loan N914FJ (3 mo. USD LIBOR + 4.50%) (Acquired 12/29/2017; Cost $185,105)(d) | 7.02% | 12/01/2021 | | 187 | 185,608 |
Term Loan N915FJ (3 mo. USD LIBOR + 4.50%) (Acquired 12/29/2017; Cost $156,327)(d) | 7.02% | 12/01/2021 | | 158 | 156,751 |
Term Loan N916FJ (3 mo. USD LIBOR + 4.50%) (Acquired 12/29/2017; Cost $200,073)(d) | 7.02% | 03/01/2022 | | 203 | 200,615 |
Term Loan N917FJ (3 mo. USD LIBOR + 4.50%) (Acquired 12/29/2017; Cost $182,051)(d) | 7.02% | 03/01/2022 | | 184 | 182,545 |
Term Loan N947LR (3 mo. USD LIBOR + 4.50%) (Acquired 12/29/2017; Cost $207,034)(d) | 7.02% | 09/01/2022 | | 210 | 207,596 |
Term Loan N948LR (3 mo. USD LIBOR + 4.50%) (Acquired 12/29/2017; Cost $212,866)(d) | 7.02% | 09/01/2022 | | 216 | 213,444 |
Term Loan N950LR (3 mo. USD LIBOR + 4.50%) (Acquired 12/29/2017; Cost $234,250)(d) | 7.02% | 09/01/2022 | | 237 | 234,885 |
Term Loan N951LR (3 mo. USD LIBOR + 4.50%) (Acquired 12/29/2017; Cost $221,808)(d) | 7.02% | 09/01/2022 | | 225 | 222,410 |
PrimeFlight Aviation Services, Inc. | | | | | |
Delayed Draw Term Loan (Acquired 05/09/2019; Cost $2,914,100)(d)(f) | — | 05/09/2024 | | 2,973 | 2,914,100 |
Term Loan (3 mo. USD LIBOR + 5.50%) (Acquired 05/09/2019; Cost $8,742,299)(d)(f) | — | 05/09/2024 | | 8,921 | 8,742,299 |
WestJet Airlines Ltd. (Canada), Term Loan B(f) | — | 08/07/2026 | | 6,028 | 6,051,761 |
| | | | | 27,674,877 |
Automotive–5.60% | | |
Allison Transmission, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) | 4.17% | 03/29/2026 | | 14 | 14,084 |
American Axle & Manufacturing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.43% | 04/06/2024 | | 1,733 | 1,701,988 |
Belron Finance US LLC | | | | | |
Term Loan B (3 mo. USD LIBOR + 2.50%) | 4.46% | 11/07/2024 | | 1,129 | 1,132,149 |
Term Loan B (3 mo. USD LIBOR + 2.50%) | 4.43% | 11/13/2025 | | 459 | 460,725 |
Dayco Products, LLC, Term Loan (3 mo. USD LIBOR + 4.25%) | 6.38% | 05/19/2023 | | 862 | 812,750 |
Garrett Borrowing LLC (Switzerland) | | | | | |
Term Loan B (3 mo. EURIBOR + 2.75%) | 2.75% | 09/27/2025 | EUR | 183 | 199,298 |
Term Loan B (3 mo. USD LIBOR + 2.50%) | 4.82% | 09/27/2025 | | 619 | 613,937 |
IAA Spinco Inc., Term Loan(f) | — | 06/29/2026 | | 1,251 | 1,258,284 |
Mavis Tire Express Services Corp. | | | | | |
Delayed Draw Term Loan(e) | 3.53% | 03/20/2025 | | 271 | 265,952 |
Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 03/20/2025 | | 2,131 | 2,094,919 |
Muth Mirror Systems, LLC | | | | | |
Revolver Loan (Acquired 04/23/2019; Cost $1,492,344)(d)(f) | — | 04/23/2025 | | 1,523 | 1,492,344 |
Term Loan (3 mo. USD LIBOR + 5.25%) (Acquired 04/23/2019; Cost $18,094,675)(d)(f) | — | 04/23/2025 | | 18,464 | 18,094,675 |
Navistar, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%) | 5.70% | 11/06/2024 | | 613 | 612,148 |
Panther BF Aggregator 2 L.P. (Canada) | | | | | |
Term Loan (1 mo. EURIBOR + 3.75%) | 3.75% | 04/30/2026 | EUR | 1,218 | 1,341,615 |
Term Loan B (1 mo. USD LIBOR + 3.50%) | 5.61% | 04/30/2026 | | 2,615 | 2,582,773 |
Project Boost Purchaser, LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 06/01/2026 | | 1,232 | 1,223,830 |
Superior Industries International, Inc., Term Loan (1 mo. USD LIBOR + 4.00%) | 6.11% | 05/22/2024 | | 1,317 | 1,267,418 |
Tenneco, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%) | 5.11% | 10/01/2025 | | 4,814 | 4,498,784 |
See accompanying Notes to Consolidated 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 |
Automotive–(continued) | |
ThermaSys Corp. | | | | | |
Term Loan (3 mo. USD LIBOR + 6.00%) (Acquired 12/31/2018; Cost $150,363)(d) | 8.33% | 10/02/2023 | | $150 | $136,830 |
Term Loan (3 mo. USD LIBOR + 6.00%) (Acquired 12/31/2018; Cost $969,056) | 8.33% | 01/01/2024 | | 822 | 746,988 |
TI Group Automotive Systems, L.L.C. (United Kingdom), Term Loan (1 mo. USD LIBOR + 2.50%) | 4.61% | 06/30/2022 | | 1,350 | 1,341,779 |
Tower Automotive Holdings USA, LLC, Term Loan (1 mo. USD LIBOR + 2.75%) | 5.00% | 03/07/2024 | | 1,796 | 1,799,061 |
Transtar Holding Co. | | | | | |
Delayed Draw Term Loan (Acquired 04/11/2017-07/06/2017; Cost $160,515)(d)(e) | 0.00% | 04/11/2022 | | 160 | 160,277 |
First Lien Term Loan (2 mo. USD LIBOR + 4.25%) (Acquired 10/03/2012-06/13/2016; Cost $1,820,969)(d) | 6.43% | 04/11/2022 | | 1,824 | 1,810,172 |
PIK Term Loan, 7.75% PIK Rate, 1.00% Cash Rate (Acquired 04/11/2017-04/11/2019; Cost $607,622)(d)(g) | 7.75% | 04/11/2022 | | 644 | 644,284 |
Wand NewCo 3, Inc., Term Loan (1 mo. USD LIBOR + 3.50%) | 5.71% | 02/05/2026 | | 362 | 364,160 |
Winter Park Intermediate, Inc., Term Loan (1 mo. USD LIBOR + 4.75%) | 6.86% | 04/04/2025 | | 1,030 | 1,022,633 |
| | | | | 47,693,857 |
Beverage & Tobacco–0.65% | | |
AI Aqua Merger Sub, Inc. | | | | | |
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 12/13/2023 | | 766 | 731,800 |
First Lien Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | 5.36% | 12/13/2023 | | 2,969 | 2,844,667 |
Incremental Term Loan (1 mo. USD LIBOR + 4.25%) | 6.37% | 12/13/2023 | | 346 | 339,148 |
Arctic Glacier U.S.A., Inc., Term Loan (1 mo. USD LIBOR + 3.50%)(d) | 5.61% | 03/20/2024 | | 674 | 660,535 |
Arterra Wines Canada, Inc. (Canada), First Lien Term Loan B-1 (3 mo. USD LIBOR + 2.75%) | 5.17% | 12/15/2023 | | 948 | 945,692 |
| | | | | 5,521,842 |
Building & Development–2.46% | | |
American Builders & Contractors Supply Co., Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.00%) | 4.11% | 10/31/2023 | | 2,704 | 2,684,016 |
Beacon Roofing Supply, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.36% | 01/02/2025 | | 44 | 44,037 |
Capital Automotive L.P., Second Lien Term Loan B (1 mo. USD LIBOR + 6.00%) | 8.12% | 03/24/2025 | | 1,046 | 1,052,576 |
DiversiTech Holdings, Inc. | | | | | |
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%) | 9.83% | 06/02/2025 | | 65 | 63,994 |
Term Loan B-1 (3 mo. USD LIBOR + 3.00%) | 5.33% | 06/03/2024 | | 992 | 969,990 |
Financiere Persea (Proxiserve) (France), Term Loan B (6 mo. EURIBOR + 3.75%) | 3.75% | 03/26/2026 | EUR | 268 | 296,306 |
Foncia Groupe S.A.S. (France), Term Loan B-3 (3 mo. EURIBOR + 3.00%) | 3.00% | 09/07/2023 | EUR | 617 | 677,771 |
Forterra Finance, LLC, Second Lien Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 10/25/2023 | | 1,309 | 1,226,752 |
LSF10 Wolverine Investments S.C.A. (Luxembourg), Term Loan B | 4.25% | 07/04/2024 | EUR | 539 | 590,787 |
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 11/15/2023 | | 3,548 | 3,517,682 |
Quimper AB (Sweden) | | | | | |
First Lien Term Loan B-1 (2 mo. EURIBOR + 4.25%) (Acquired 03/04/2019; Cost $1,326,795) | 4.25% | 02/15/2026 | EUR | 1,176 | 1,300,387 |
First Lien Term Loan B-2 (2 mo. EURIBOR + 4.25%) (Acquired 03/04/2019; Cost $64,242) | 4.25% | 02/15/2026 | EUR | 57 | 62,963 |
Second Lien Term Loan (6 mo. EURIBOR + 8.25%) (Acquired 03/01/2019-03/07/2019; Cost $542,047)(d) | 8.25% | 02/13/2027 | EUR | 487 | 539,496 |
Re/Max, LLC, Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 12/15/2023 | | 2,051 | 2,028,129 |
Realogy Group LLC, Term Loan (1 mo. USD LIBOR + 2.25%) | 4.42% | 02/08/2025 | | 3,641 | 3,525,329 |
SRS Distribution, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.37% | 05/23/2025 | | 0 | 307 |
TAMKO Building Products, LLC, Term Loan (3 mo. USD LIBOR + 3.25%) | 5.55% | 05/29/2026 | | 1,003 | 1,005,597 |
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%) | 6.33% | 07/24/2024 | | 1,373 | 1,341,629 |
| | | | | 20,927,748 |
See accompanying Notes to Consolidated 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–12.25% | | |
Alorica, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%) | 5.86% | 06/30/2022 | | $ 1,346 | $ 1,261,159 |
Altran Technologies (France), Term Loan B (3 mo. USD LIBOR + 2.50%) | 4.89% | 03/20/2025 | | 480 | 481,159 |
Asurion LLC | | | | | |
Second Lien Term Loan B-2 (1 mo. USD LIBOR + 6.50%) | 8.61% | 08/04/2025 | | 6,665 | 6,774,658 |
Term Loan B-4 (1 mo. USD LIBOR + 3.00%) | 5.11% | 08/04/2022 | | 20 | 20,032 |
Term Loan B-6 (1 mo. USD LIBOR + 3.00%) | 5.11% | 11/03/2023 | | 9,034 | 9,049,335 |
Term Loan B-7 (1 mo. USD LIBOR + 3.00%) | 5.11% | 11/03/2024 | | 95 | 95,046 |
AVS Group GmbH (Germany), Term Loan B | 3.75% | 07/17/2026 | EUR | 285 | 315,243 |
Blackhawk Network Holdings, Inc. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 06/15/2025 | | 360 | 358,269 |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.25% | 06/15/2026 | | 537 | 538,426 |
Blucora, Inc., Term Loan (2 mo. USD LIBOR + 3.00%) | 5.26% | 05/22/2024 | | 1,471 | 1,474,889 |
Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%) | 6.52% | 06/21/2024 | | 3,170 | 3,016,990 |
Brightview Landscapes, LLC, Term Loan (1 mo. USD LIBOR + 2.50%) | 4.66% | 08/15/2025 | | 2,034 | 2,037,731 |
Cast & Crew Payroll, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%) | 6.12% | 02/09/2026 | | 272 | 273,464 |
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.61% | 03/01/2024 | | 2,542 | 2,517,930 |
Checkout Holding Corp. | | | | | |
PIK Term Loan, 9.50% PIK Rate, 3.18% Cash Rate(g) | 9.50% | 08/15/2023 | | 497 | 235,977 |
Term Loan (1 mo. USD LIBOR + 7.50%) | 9.69% | 02/15/2023 | | 391 | 324,770 |
CRCI Longhorn Holdings, Inc. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.71% | 08/08/2025 | | 389 | 379,842 |
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)(d) | 9.46% | 08/08/2026 | | 106 | 104,736 |
Crossmark Holdings, Inc., Exit Term Loan (1 mo. USD LIBOR + 10.00%) | 12.15% | 07/26/2023 | | 381 | 385,163 |
Dakota Holding Corp., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 02/13/2025 | | 535 | 521,557 |
Dream Secured Bondco AB (Sweden), Term Loan B1F (3 mo. EURIBOR + 3.50%) | 3.50% | 10/21/2022 | EUR | 416 | 459,066 |
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.75%) | 7.15% | 02/06/2026 | | 2,683 | 2,692,985 |
GI Revelation Acquisition LLC | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 5.00%) | 7.11% | 04/16/2025 | | 1,404 | 1,376,067 |
Second Lien Term Loan (1 mo. USD LIBOR + 9.00%) | 11.11% | 04/16/2026 | | 520 | 497,908 |
Global Payments, Inc. | | | | | |
Term Loan B-3 (1 mo. USD LIBOR + 1.75%) | 3.86% | 04/21/2023 | | 49 | 49,332 |
Term Loan B-4 (1 mo. USD LIBOR + 1.75%) | 3.86% | 10/17/2025 | | 982 | 982,844 |
GlobalLogic Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 08/01/2025 | | 850 | 851,686 |
Holding Socotec (France), Term Loan B-4(f) | — | 07/27/2024 | EUR | 589 | 648,869 |
I-Logic Technologies Bidco Ltd. (United Kingdom) | | | | | |
Term Loan (3 mo. USD LIBOR + 3.00%) | 5.65% | 12/20/2024 | | 221 | 215,424 |
Term Loan (3 mo. EURIBOR + 3.00%) | 4.00% | 12/21/2024 | EUR | 2,262 | 2,502,471 |
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%) (Acquired 07/28/2017; Cost $1,043,151)(d) | 5.51% | 06/23/2024 | GBP | 801 | 975,150 |
Institutional Shareholder Services, Inc. | | | | | |
First Lien Term Loan (3 mo. USD LIBOR + 4.50%) (Acquired 03/05/2019; Cost $1,610,935)(d) | 6.83% | 03/05/2026 | | 1,627 | 1,610,935 |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) (Acquired 03/05/2019; Cost $1,071,489)(d) | 10.83% | 03/05/2027 | | 1,105 | 1,101,866 |
ION Trading Technologies S.a.r.l. (Ireland), Term Loan (6 mo. USD LIBOR + 4.00%) | 6.65% | 11/21/2024 | | 857 | 825,904 |
Iron Mountain, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%) | 3.86% | 01/02/2026 | | 1,543 | 1,527,627 |
KAR Auction Services, Inc., Term Loan B-5 (3 mo. USD LIBOR + 2.50%) | 4.88% | 03/09/2023 | | 809 | 809,860 |
Karman Buyer Corp. | | | | | |
First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | 5.58% | 07/23/2021 | | 366 | 342,465 |
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.25%) | 5.58% | 07/23/2021 | | 4,036 | 3,740,783 |
KBR, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%) | 5.86% | 04/25/2025 | | 2,759 | 2,776,071 |
Kronos, Inc., First Lien Incremental Term Loan (3 mo. USD LIBOR + 3.00%) | 5.26% | 11/01/2023 | | 395 | 394,821 |
Learning Care Group (US) No. 2, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | 5.48% | 03/13/2025 | | 20 | 20,200 |
See accompanying Notes to Consolidated 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 |
Business Equipment & Services–(continued) |
LegalZoom.com, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%) | 6.61% | 11/21/2024 | | $ 586 | $ 589,603 |
Monitronics International, Inc. | | | | | |
DIP Loan (1 mo. USD LIBOR + 5.00%) (Acquired 07/03/2019-06/27/2019; Cost $2,270,325)(d)(e) | 6.06% | 07/03/2020 | | 2,270 | 2,270,325 |
Term Loan (1 mo. USD LIBOR + 5.00%) (Acquired 06/27/2019; Cost $2,595,907) | 7.11% | 07/01/2024 | | 2,662 | 2,662,469 |
Term Loan B-2 (1 mo. USD LIBOR + 4.50%) (Acquired 04/17/2018-05/22/2019; Cost $5,142,064) | 8.61% | 09/30/2022 | | 5,405 | 5,102,446 |
On Assignment, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.11% | 04/02/2025 | | 193 | 193,624 |
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 2.00%) | 4.22% | 03/18/2024 | | 32 | 31,872 |
Prime Security Services Borrower, LLC, Incremental Term Loan B-1 (1 mo. USD LIBOR + 2.75%) | 4.86% | 05/02/2022 | | 2,262 | 2,263,164 |
Prometric Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) | 5.12% | 01/29/2025 | | 863 | 845,596 |
Red Ventures, LLC (New Imagitas, Inc.), Term Loan B-1 (1 mo. USD LIBOR + 3.00%) | 5.11% | 11/08/2024 | | 688 | 688,549 |
Refinitiv US Holdings, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%) | 5.86% | 10/01/2025 | | 7,860 | 7,906,530 |
Sector Alarm Holding A.S. (Norway), Term Loan B (3 mo. EURIBOR + 3.50%) | 3.50% | 06/04/2026 | EUR | 515 | 571,180 |
ServPro Borrower, LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 03/26/2026 | | 252 | 252,134 |
SMS Systems Maintenance Services, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.00%) | 7.11% | 10/30/2023 | | 2,196 | 1,806,265 |
Spin Holdco, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.25%) | 5.58% | 11/14/2022 | | 8,486 | 8,314,557 |
Techem Verwaltungsgesellschaft Gmbh (Germany), Term Loan B-3 (3 mo. EURIBOR + 3.50%) | 3.50% | 07/31/2025 | EUR | 333 | 368,591 |
Tempo Acquisition LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 05/01/2024 | | 0 | 287 |
TNS, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | 6.26% | 02/14/2020 | | 1,596 | 1,577,590 |
Travelport Finance (Luxembourg) S.a.r.l. (Luxembourg), Term Loan (1 mo. USD LIBOR + 5.00%) | 7.54% | 03/20/2026 | | 1,269 | 1,171,756 |
Ventia Deco LLC (Australia), Term Loan B (3 mo. USD LIBOR + 3.50%)(d) | 5.85% | 06/25/2026 | | 1,439 | 1,440,404 |
Wash MultiFamily Acquisition, Inc. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 05/16/2022 | | 2,386 | 2,350,594 |
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 05/16/2022 | | 397 | 391,432 |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.11% | 05/12/2023 | | 119 | 115,607 |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.11% | 05/14/2023 | | 21 | 20,248 |
West Corp. | | | | | |
Term Loan B (1 mo. USD LIBOR + 4.00%) | 6.11% | 10/10/2024 | | 2,868 | 2,576,932 |
Term Loan B-1 (1 mo. USD LIBOR + 3.50%) | 5.61% | 10/10/2024 | | 1,332 | 1,188,369 |
WEX, Inc., Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | 4.36% | 05/17/2026 | | 3,547 | 3,561,049 |
WowMidco SAS (France) | | | | | |
Term Loan B | 3.50% | 08/02/2026 | EUR | 1,037 | 1,144,465 |
Term Loan B | 5.52% | 08/08/2026 | GBP | 391 | 475,519 |
| | | | | 104,449,867 |
Cable & Satellite Television–6.51% | | |
Altice Financing S.A. (France) | | | | | |
Incremental Term Loan B-13 (1 mo. USD LIBOR + 4.00%) | 6.20% | 08/14/2026 | | 5,241 | 5,207,075 |
Term Loan (1 mo. USD LIBOR + 2.75%) | 4.94% | 07/15/2025 | | 817 | 794,309 |
Term Loan (1 mo. USD LIBOR + 2.75%) | 4.95% | 01/31/2026 | | 927 | 898,102 |
Term Loan B-12 (1 mo. USD LIBOR + 3.69%) | 5.88% | 01/31/2026 | | 6,130 | 6,036,151 |
Atlantic Broadband Finance, LLC, Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.36% | 01/03/2025 | | 4,149 | 4,138,456 |
Charter Communications Operating, LLC, Term Loan B (3 mo. USD LIBOR + 2.00%) | 4.33% | 04/30/2025 | | 116 | 116,088 |
CSC Holdings, LLC | | | | | |
Incremental Term Loan (1 mo. USD LIBOR + 2.25%) | 4.45% | 01/15/2026 | | 2,178 | 2,171,892 |
Term Loan (1 mo. USD LIBOR + 2.25%) | 4.45% | 07/17/2025 | | 9,511 | 9,487,553 |
Term Loan (1 mo. USD LIBOR + 2.50%) | 4.70% | 01/25/2026 | | 1,875 | 1,877,790 |
Ion Media Networks, Inc., Term Loan B-4 (1 mo. USD LIBOR + 3.00%) | 5.12% | 12/18/2024 | | 3,050 | 3,048,867 |
Mediacom Illinois LLC, Term Loan N (1 wk. USD LIBOR + 1.75%) | 3.89% | 02/15/2024 | | 909 | 910,707 |
See accompanying Notes to Consolidated 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 |
Cable & Satellite Television–(continued) | |
Telenet Financing USD LLC (Belgium), Term Loan AN (1 mo. USD LIBOR + 2.25%) | 4.45% | 08/15/2026 | | $ 6,086 | $ 6,079,238 |
Virgin Media Bristol LLC, Term Loan K (1 mo. USD LIBOR + 2.50%) | 4.69% | 01/15/2026 | | 8,286 | 8,294,859 |
Ziggo Secured Finance Partnership (Netherlands) | | | | | |
Term Loan E (1 mo. USD LIBOR + 2.50%) | 4.69% | 04/15/2025 | | 6,294 | 6,259,813 |
Term Loan F (6 mo. EURIBOR + 3.00%) | 3.00% | 04/15/2025 | EUR | 157 | 172,575 |
| | | | | 55,493,475 |
Chemicals & Plastics–4.63% | | |
Alpha US Bidco, Inc. (United Kingdom), Term Loan B-1 (3 mo. USD LIBOR + 3.00%) | 5.33% | 01/31/2024 | | 1,409 | 1,372,651 |
Ascend Performance Materials Operations LLC, Term Loan B(f) | — | 08/15/2026 | | 4,133 | 4,143,403 |
Avantor, Inc. | | | | | |
Term Loan B-1 (1 mo. EURIBOR + 3.25%) | 3.25% | 11/21/2024 | EUR | 424 | 471,243 |
Term Loan B-1 (1 mo. USD LIBOR + 3.00%) | 5.11% | 11/21/2024 | | 58 | 58,717 |
Cabot Microelectronics Corp., Term Loan (1 mo. USD LIBOR + 2.25%) | 4.38% | 11/14/2025 | | 1,728 | 1,733,788 |
Charter NEX US, Inc. | | | | | |
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 05/16/2024 | | 526 | 526,424 |
First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 05/16/2024 | | 245 | 241,030 |
Chemours Co. (The), Term Loan B-2 (1 mo. USD LIBOR + 1.75%) | 3.87% | 04/03/2025 | | 85 | 82,291 |
Cyanco Intermediate 2 Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 03/16/2025 | | 242 | 241,235 |
Encapsys, LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 11/07/2024 | | 7 | 7,527 |
Ferro Corp. | | | | | |
Term Loan B-2 (3 mo. USD LIBOR + 2.25%) | 4.58% | 02/14/2024 | | 569 | 568,032 |
Term Loan B-3 (3 mo. USD LIBOR + 2.25%) | 4.58% | 02/14/2024 | | 556 | 555,946 |
Gemini HDPE LLC, Term Loan (3 mo. USD LIBOR + 2.50%) | 4.76% | 08/07/2024 | | 605 | 606,398 |
H.B. Fuller Co., Term Loan (1 mo. USD LIBOR + 2.00%) | 4.17% | 10/20/2024 | | 1,512 | 1,507,043 |
Hexion International Holdings B.V. (Netherlands) | | | | | |
Term Loan B (3 mo. EURIBOR + 4.00%) | 4.00% | 06/26/2026 | EUR | 418 | 459,337 |
Term Loan B (3 mo. USD LIBOR + 3.50%)(d) | 5.82% | 06/26/2026 | | 1,394 | 1,394,057 |
Ineos US Finance LLC (Luxembourg), Term Loan (2 mo. USD LIBOR + 2.00%) | 4.26% | 03/31/2024 | | 168 | 164,881 |
Invictus US NewCo LLC | | | | | |
First Lien Term Loan (2 mo. USD LIBOR + 3.00%) | 5.15% | 03/28/2025 | | 836 | 829,825 |
Second Lien Term Loan (2 mo. USD LIBOR + 6.75%) | 8.90% | 03/30/2026 | | 522 | 519,608 |
KPEX Holdings, Inc. | | | | | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) (Acquired 01/26/2018; Cost $201,846) | 9.11% | 01/31/2026 | | 203 | 186,632 |
Term Loan (1 mo. USD LIBOR + 3.25%) (Acquired 01/26/2018-07/30/2019; Cost $611,900) | 5.36% | 01/31/2025 | | 620 | 579,759 |
Messer Industries USA, Inc., Term Loan B-1 (3 mo. USD LIBOR + 2.50%) | 4.83% | 03/01/2026 | | 7,242 | 7,207,420 |
Natgasoline LLC, Term Loan (3 mo. USD LIBOR + 3.50%)(d) | 5.81% | 11/14/2025 | | 1,068 | 1,068,879 |
Oxea Corp., Term Loan B-2 (1 mo. USD LIBOR + 3.50%) | 5.75% | 10/14/2024 | | 1,628 | 1,623,029 |
Perstorp Holding AB (Sweden) | | | | | |
Term Loan B (3 mo. EURIBOR + 4.75%) | 4.75% | 02/26/2026 | EUR | 233 | 246,064 |
Term Loan B (1 mo. USD LIBOR + 4.75%) | 6.89% | 02/27/2026 | | 651 | 624,480 |
PQ Corp., Term Loan B-1 (3 mo. USD LIBOR + 2.50%) | 4.76% | 02/05/2025 | | 1,195 | 1,195,993 |
Proampac PG Borrower LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.70% | 11/20/2023 | | 1,676 | 1,610,039 |
Spectrum Holdings III Corp., First Lien Delayed Draw Term Loan(e) | 0.00% | 01/31/2025 | | 14 | 12,778 |
Starfruit US Holdco LLC (Netherlands), Term Loan (1 mo. USD LIBOR + 3.25%) | 5.46% | 10/01/2025 | | 8,048 | 7,798,007 |
Tata Chemicals North America, Inc. (India), Term Loan (3 mo. USD LIBOR + 2.75%) | 5.12% | 08/07/2020 | | 980 | 981,740 |
Trinseo Materials Finance, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) | 4.11% | 09/06/2024 | | 224 | 221,532 |
Tronox Finance LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 4.95% | 09/23/2024 | | 654 | 649,744 |
Univar, Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.50%) | 4.61% | 07/01/2024 | | 0 | 121 |
| | | | | 39,489,653 |
See accompanying Notes to Consolidated 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 |
Clothing & Textiles–1.44% | | |
ABG Intermediate Holdings 2 LLC | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 09/27/2024 | | $ 5,294 | $ 5,282,484 |
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 9.87% | 09/29/2025 | | 1,619 | 1,626,841 |
International Textile Group, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.00%) | 7.23% | 05/01/2024 | | 882 | 793,871 |
Kontoor Brands, Inc., Term Loan B (3 mo. USD LIBOR + 4.25%) | 6.80% | 05/17/2026 | | 760 | 765,668 |
Mascot Bidco Oy (Finland), Term Loan B (6 mo. EURIBOR + 4.50%) | 4.50% | 03/20/2026 | EUR | 1,023 | 1,130,340 |
Tumi, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%) | 3.86% | 04/25/2025 | | 942 | 917,253 |
Varsity Brands Holding Co., Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 12/16/2024 | | 1,765 | 1,721,647 |
| | | | | 12,238,104 |
Conglomerates–0.54% | | |
CTC AcquiCo GmbH (Germany) | | | | | |
Term Loan B-1 (3 mo. EURIBOR + 2.50%) | 2.50% | 03/07/2025 | EUR | 564 | 612,940 |
Term Loan B-2 (3 mo. USD LIBOR + 3.00%) | 4.87% | 03/07/2025 | | 723 | 713,666 |
Penn Engineering & Manufacturing Corp., Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.87% | 06/27/2024 | | 818 | 810,088 |
Safe Fleet Holdings LLC | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | 5.21% | 02/03/2025 | | 1,851 | 1,781,516 |
First Lien Term Loan B-1 (1 mo. USD LIBOR + 3.75%) | 5.96% | 02/03/2025 | | 399 | 388,475 |
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) | 8.96% | 02/02/2026 | | 264 | 257,511 |
| | | | | 4,564,196 |
Containers & Glass Products–3.90% | | |
Berlin Packaging, LLC | | | | | |
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.22% | 11/07/2025 | | 1,542 | 1,511,735 |
Term Loan B-1 (3 mo. USD LIBOR + 3.00%) | 5.33% | 11/07/2025 | | 993 | 970,593 |
Berry Global, Inc. | | | | | |
Term Loan U (1 mo. USD LIBOR + 2.50%)(f) | — | 07/01/2026 | | 13,471 | 13,485,563 |
Term Loan V (1 mo. EURIBOR + 2.50%)(f) | — | 05/17/2026 | EUR | 286 | 315,649 |
BWAY Holding Co., Term Loan (3 mo. USD LIBOR + 3.25%) | 5.59% | 04/03/2024 | | 324 | 315,612 |
Consolidated Container Co. LLC | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 05/22/2024 | | 1,311 | 1,293,317 |
Incremental Term Loan (3 mo. USD LIBOR + 3.50%) | 5.61% | 06/26/2026 | | 959 | 956,975 |
Duran Group (Germany), Term Loan B-2 (3 mo. USD LIBOR + 4.00%) (Acquired 03/24/2017; Cost $3,098,684)(d) | 6.34% | 03/21/2024 | | 3,138 | 3,075,149 |
Flex Acquisition Co., Inc. | | | | | |
Incremental Term Loan B (3 mo. USD LIBOR + 3.25%) | 5.57% | 06/29/2025 | | 4,498 | 4,299,672 |
Term Loan (3 mo. USD LIBOR + 3.25%) | 5.32% | 12/29/2023 | | 36 | 34,234 |
Fort Dearborn Holding Co., Inc. | | | | | |
First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | 6.31% | 10/19/2023 | | 2,428 | 2,388,877 |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) | 10.81% | 10/21/2024 | | 203 | 193,382 |
Hoffmaster Group, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 4.00%) | 6.33% | 11/21/2023 | | 2,036 | 2,024,421 |
Klockner Pentaplast of America, Inc. (Luxembourg) | | | | | |
Term Loan (3 mo. EURIBOR + 4.75%) | 4.75% | 06/30/2022 | EUR | 390 | 382,775 |
Term Loan (1 mo. USD LIBOR + 4.25%) | 6.36% | 06/30/2022 | | 394 | 354,087 |
Refresco Group, N.V. (Netherlands) | | | | | |
Term Loan | 4.78% | 03/28/2025 | EUR | 247 | 272,517 |
Term Loan B-1 (3 mo. EURIBOR + 3.25%) | 3.25% | 03/28/2025 | EUR | 247 | 272,517 |
Term Loan B-3 (3 mo. USD LIBOR + 3.25%) | 5.41% | 03/28/2025 | | 338 | 338,826 |
TricorBraun, Inc., Term Loan (2 mo. USD LIBOR + 3.75%) | 6.02% | 11/30/2023 | | 131 | 127,664 |
Trident TPI Holdings, Inc. | | | | | |
Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | 5.36% | 10/17/2024 | | 444 | 425,811 |
Term Loan B-2 (3 mo. EURIBOR + 3.50%) | 3.50% | 10/17/2024 | EUR | 207 | 219,455 |
| | | | | 33,258,831 |
See accompanying Notes to Consolidated 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 |
Cosmetics & Toiletries–1.21% | | |
Alphabet Holding Co., Inc. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 09/26/2024 | | $ 3,209 | $ 2,995,428 |
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 9.86% | 09/26/2025 | | 1,336 | 1,176,380 |
Anastasia Parent, LLC, Term Loan (1 mo. USD LIBOR + 3.75%) | 5.86% | 08/11/2025 | | 696 | 546,775 |
Coty, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.46% | 04/05/2025 | | 5,134 | 4,984,131 |
Parfums Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%) | 6.38% | 06/30/2024 | | 218 | 216,994 |
Prestige Brands, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.00%) | 4.11% | 01/26/2024 | | 81 | 80,836 |
Rodenstock Holding GmbH (Germany), Term Loan B (3 mo. EURIBOR + 5.25%) | 5.25% | 06/05/2026 | EUR | 287 | 304,290 |
| | | | | 10,304,834 |
Drugs–1.86% | | |
Catalent Pharma Solutions, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.25%) | 4.36% | 05/17/2026 | | 2,024 | 2,035,101 |
Endo LLC, Term Loan (1 mo. USD LIBOR + 4.25%) | 6.37% | 04/29/2024 | | 4,132 | 3,784,878 |
Grifols Worldwide Operations USA, Inc. (Spain), Term Loan B (1 wk. USD LIBOR + 2.25%) | 4.39% | 01/31/2025 | | 878 | 879,600 |
Valeant Pharmaceuticals International, Inc. (Canada) | | | | | |
Incremental Term Loan (1 mo. USD LIBOR + 2.75%) | 4.95% | 11/27/2025 | | 4,135 | 4,138,326 |
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.20% | 06/02/2025 | | 4,980 | 4,995,542 |
| | | | | 15,833,447 |
Ecological Services & Equipment–1.63% | | |
Advanced Disposal Services, Inc., Term Loan (1 wk. USD LIBOR + 2.25%) | 4.39% | 11/10/2023 | | 2,158 | 2,162,539 |
EnergySolutions, LLC, Term Loan (3 mo. USD LIBOR + 3.75%) | 6.08% | 05/11/2025 | | 1,167 | 1,107,569 |
GFL Environmental, Inc. (Canada), Incremental Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 05/30/2025 | | 7,150 | 7,094,314 |
Patriot Container Corp. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) (Acquired 03/16/2018; Cost $484,343) | 5.61% | 03/20/2025 | | 487 | 485,256 |
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) (Acquired 03/16/2018; Cost $407,540)(d) | 9.87% | 03/20/2026 | | 416 | 397,143 |
Tunnel Hill Partners, L.P., Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 02/06/2026 | | 937 | 933,121 |
US Ecology, Inc., Term Loan | 4.79% | 08/14/2026 | | 497 | 499,578 |
WCA Waste Systems, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.61% | 08/11/2023 | | 1,224 | 1,219,451 |
| | | | | 13,898,971 |
Electronics & Electrical–13.20% | | |
Applied Systems, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%) | 9.33% | 09/19/2025 | | 77 | 77,517 |
Barracuda Networks, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | 5.40% | 02/12/2025 | | 141 | 141,470 |
Blackboard, Inc., Term Loan B-4 (3 mo. USD LIBOR + 5.00%) | 7.30% | 06/30/2021 | | 11 | 10,703 |
Boxer Parent Co., Inc., Term Loan (1 mo. USD LIBOR + 4.25%) | 6.58% | 10/02/2025 | | 1,082 | 1,024,518 |
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | 6.26% | 04/18/2025 | | 1,257 | 1,198,232 |
Canyon Valor Cos., Inc., First Lien Term Loan (3 mo. USD LIBOR + 2.75%) | 5.08% | 06/16/2023 | | 5,585 | 5,557,053 |
Carbonite, Inc., Term Loan (3 mo. USD LIBOR + 3.75%) | 6.01% | 03/26/2026 | | 1,220 | 1,217,831 |
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 04/06/2026 | | 6,868 | 6,847,774 |
Dell International LLC | | | | | |
Term Loan A-6 (1 mo. USD LIBOR + 1.75%) | 3.94% | 03/13/2024 | | 359 | 358,207 |
Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.12% | 09/07/2023 | | 382 | 383,463 |
Diebold Nixdorf, Inc. | | | | | |
Term Loan A (1 mo. USD LIBOR + 4.75%) | 7.00% | 04/30/2022 | | 596 | 588,807 |
Term Loan A-1 (1 mo. USD LIBOR + 9.25%) | 11.38% | 08/31/2022 | | 2,728 | 2,892,003 |
Term Loan B (1 mo. EURIBOR + 3.00%) | 3.00% | 11/06/2023 | EUR | 752 | 780,204 |
Term Loan B (1 mo. USD LIBOR + 2.75%) | 5.00% | 11/06/2023 | | 1,952 | 1,849,301 |
DigiCert Holdings, Inc. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 4.00%) | 6.11% | 10/31/2024 | | 149 | 148,964 |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) | 10.11% | 10/31/2025 | | 313 | 312,883 |
See accompanying Notes to Consolidated 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 |
Electronics & Electrical–(continued) |
Dynatrace LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 4.86% | 08/22/2025 | | $ 852 | $ 853,349 |
Energizer Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.50% | 12/17/2025 | | 4,251 | 4,245,732 |
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (1 mo. USD LIBOR + 4.00%) | 6.11% | 05/06/2026 | | 1,454 | 1,456,770 |
Everest Bidco S.A.S. (France), First Lien Term Loan B (3 mo. EURIBOR + 4.00%) | 4.00% | 07/04/2025 | EUR | 2,248 | 2,454,039 |
Finastra USA, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.70% | 06/13/2024 | | 1,687 | 1,631,343 |
Go Daddy Operating Company, LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.00%) | 4.11% | 02/15/2024 | | 2,359 | 2,366,552 |
Hyland Software, Inc. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 07/01/2024 | | 1,236 | 1,233,236 |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.11% | 07/07/2025 | | 369 | 371,303 |
IGT Holding IV AB (Sweden), Term Loan B (3 mo. USD LIBOR + 3.50%) | 6.08% | 07/26/2024 | | 1,368 | 1,364,248 |
Imperva, Inc. | | | | | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 9.93% | 01/11/2027 | | 841 | 830,272 |
Term Loan (1 mo. USD LIBOR + 4.00%) | 6.31% | 01/10/2026 | | 293 | 291,548 |
MA Finance Co., LLC (United Kingdom), Term Loan B-2 (1 mo. USD LIBOR + 2.25%) | 4.36% | 11/19/2021 | | 287 | 285,052 |
Marcel Bidco LLC | | | | | |
Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | 5.36% | 03/11/2025 | | 362 | 357,148 |
Term Loan B-2 (3 mo. EURIBOR + 3.50%) | 3.50% | 03/11/2025 | EUR | 135 | 148,424 |
Mavenir Systems, Inc., Term Loan (3 mo. USD LIBOR + 6.00%) | 8.34% | 05/08/2025 | | 3,052 | 3,059,330 |
McAfee, LLC, Term Loan B-1 (3 mo. EURIBOR + 3.50%) | 3.50% | 09/30/2024 | EUR | 1,509 | 1,664,116 |
Mediaocean LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%) | 6.37% | 08/15/2022 | | 1,762 | 1,773,285 |
Microchip Technology, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) | 4.12% | 05/29/2025 | | 1,675 | 1,678,411 |
Mirion Technologies, Inc., Term Loan B-1 (3 mo. USD LIBOR + 4.00%) | 6.33% | 03/06/2026 | | 465 | 466,882 |
MKS Instruments, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.25%) | 4.36% | 01/30/2026 | | 684 | 687,134 |
MTS Systems, Term Loan B (1 mo. USD LIBOR + 3.25%)(d) | 5.40% | 07/05/2023 | | 806 | 807,894 |
Natel Engineering Co., Inc., Term Loan (1 mo. USD LIBOR + 5.00%)(f) | — | 04/29/2026 | | 2,287 | 2,292,331 |
NCR Corp. | | | | | |
Delayed Draw Term Loan(f) | — | 08/08/2026 | | 1,183 | 1,182,236 |
Term Loan(f) | — | 08/28/2026 | | 1,352 | 1,351,127 |
Neustar, Inc. | | | | | |
Term Loan B-4 (1 mo. USD LIBOR + 3.50%) | 5.61% | 08/08/2024 | | 2,878 | 2,799,062 |
Term Loan B-5 (1 mo. USD LIBOR + 4.50%) | 6.61% | 08/08/2024 | | 1,003 | 986,184 |
OEConnection LLC | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 4.00%) (Acquired 11/22/2017; Cost $992,938)(d) | 6.12% | 11/22/2024 | | 998 | 997,928 |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 11/22/2017; Cost $191,346)(d) | 10.12% | 11/22/2025 | | 193 | 194,728 |
Omnitracs, Inc., Term Loan (3 mo. USD LIBOR + 2.75%) | 5.10% | 03/23/2025 | | 515 | 510,203 |
ON Semiconductor Corp., Term Loan B-3 | 3.89% | 03/31/2023 | | 398 | 397,527 |
Optiv, Inc. | | | | | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) | 9.36% | 01/31/2025 | | 548 | 362,903 |
Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 02/01/2024 | | 2,378 | 1,973,544 |
Plantronics, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.61% | 07/02/2025 | | 3,662 | 3,652,639 |
Project Accelerate Parent, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%)(d) | 6.45% | 01/02/2025 | | 1,956 | 1,951,410 |
Project Leopard Holdings, Inc. | | | | | |
Incremental Term Loan (6 mo. USD LIBOR + 4.25%) | 6.45% | 07/07/2023 | | 1,152 | 1,150,567 |
Term Loan (6 mo. USD LIBOR + 4.50%) | 6.70% | 07/07/2023 | | 1,086 | 1,088,033 |
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%) | 6.51% | 05/16/2025 | | 5,794 | 5,658,651 |
Renaissance Holding Corp. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 05/30/2025 | | 1,034 | 1,015,747 |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.11% | 05/29/2026 | | 349 | 335,910 |
Resideo Funding, Inc, Term Loan B (3 mo. USD LIBOR + 2.00%) | 4.33% | 10/25/2025 | | 650 | 652,315 |
Riverbed Technology, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.37% | 04/24/2022 | | 5,683 | 4,779,709 |
See accompanying Notes to Consolidated 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 |
Electronics & Electrical–(continued) | |
RP Crown Parent, LLC, Term Loan (3 mo. USD LIBOR + 2.75%) | 4.86% | 10/12/2023 | | $ 639 | $ 638,821 |
Sandvine Corp. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 4.50%)(d) | 6.61% | 10/31/2025 | | 1,854 | 1,849,257 |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)(d) | 10.11% | 11/02/2026 | | 271 | 266,897 |
Science Applications International Corp., Term Loan B (1 mo. USD LIBOR + 1.75%) | 3.86% | 10/31/2025 | | 2,120 | 2,116,766 |
Severin Acquisition, LLC, Term Loan (3 mo. USD LIBOR + 3.25%) | 5.46% | 08/01/2025 | | 39 | 38,479 |
SonicWall U.S. Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.50%)(d) | 5.64% | 05/16/2025 | | 371 | 346,014 |
SS&C Technologies, Inc. | | | | | |
Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | 4.36% | 04/16/2025 | | 2,690 | 2,696,489 |
Term Loan B-4 (1 mo. USD LIBOR + 2.25%) | 4.36% | 04/16/2025 | | 1,818 | 1,822,145 |
Term Loan B-5 (1 mo. USD LIBOR + 2.25%) | 4.36% | 04/16/2025 | | 4,738 | 4,745,561 |
Sybil Software LLC | | | | | |
Term Loan (3 mo. USD LIBOR + 2.25%) | 4.58% | 09/29/2023 | | 2,032 | 2,040,186 |
Term Loan (3 mo. EURIBOR + 2.50%) | 2.50% | 09/30/2023 | EUR | 11 | 12,107 |
TTM Technologies, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.73% | 09/28/2024 | | 3,287 | 3,285,943 |
Ultimate Software Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.75%) | 6.08% | 05/04/2026 | | 4,195 | 4,210,928 |
Verint Systems, Inc., Term Loan (2 mo. USD LIBOR + 2.00%) | 4.23% | 06/29/2024 | | 856 | 860,760 |
Wall Street Systems Delaware, Inc., Term Loan (3 mo. USD LIBOR + 3.00%) | 5.65% | 11/21/2024 | | 805 | 783,058 |
Western Digital Corp., Term Loan B-4 (1 mo. USD LIBOR + 1.75%) | 3.86% | 04/29/2023 | | 648 | 647,461 |
Xperi Corp., Term Loan B-1 (1 mo. USD LIBOR + 2.50%) | 4.61% | 12/01/2023 | | 1,450 | 1,435,880 |
| | | | | 112,544,504 |
Equipment Leasing–0.02% | | |
United Rentals (North America), Inc., Term Loan (1 mo. USD LIBOR + 1.75%) | 3.86% | 10/31/2025 | | 182 | 182,799 |
Financial Intermediaries–1.08% | | |
Edelman Financial Center, LLC (The), First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.43% | 07/19/2025 | | 214 | 214,111 |
Evergood 4 APS (Denmark) | | | | | |
Term Loan B-1E (2 mo. EURIBOR + 3.25%) | 3.00% | 02/06/2025 | EUR | 398 | 437,508 |
Term Loan B-2 (3 mo. EURIBOR + 3.75%) | 3.75% | 02/06/2025 | EUR | 98 | 108,467 |
Term Loan B-2 | 3.75% | 02/06/2025 | EUR | 132 | 145,498 |
GEO Group, Inc. (The), Term Loan (1 mo. USD LIBOR + 2.00%) | 4.12% | 03/22/2024 | | 1,270 | 1,188,193 |
LPL Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.40% | 09/23/2024 | | 1,974 | 1,981,521 |
MoneyGram International, Inc., Term Loan (3 mo. USD LIBOR + 6.00%) | 8.33% | 05/31/2023 | | 3,489 | 3,391,086 |
SGG Holdings S.A. (Luxembourg), Term Loan B (6 mo. EURIBOR + 3.75%) | 3.75% | 07/11/2025 | EUR | 552 | 595,836 |
Stiphout Finance LLC | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 10/26/2022 | | 1,096 | 1,082,243 |
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) | 9.36% | 10/26/2023 | | 22 | 21,918 |
| | | | | 9,166,381 |
Food & Drug Retailers–0.14% | | |
Albertsons Co., Inc., Term Loan B-8 (1 mo. USD LIBOR + 2.75%) | 4.86% | 08/17/2026 | | 250 | 251,461 |
Carrols Restaurant Group, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.40% | 04/30/2026 | | 1,006 | 976,581 |
| | | | | 1,228,042 |
Food Products–4.23% | | |
8th Avenue Food & Provisions, Inc. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | 5.96% | 10/01/2025 | | 694 | 696,461 |
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 9.97% | 10/01/2026 | | 656 | 651,408 |
CHG PPC Parent LLC | | | | | |
Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 03/31/2025 | | 895 | 889,501 |
Term Loan B (1 mo. EURIBOR + 4.00%) | 4.00% | 03/31/2025 | EUR | 186 | 206,670 |
CSM Bakery Supplies LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | 6.29% | 07/03/2020 | | 2,810 | 2,697,342 |
Dole Food Co., Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.90% | 04/06/2024 | | 4,342 | 4,296,161 |
See accompanying Notes to Consolidated 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 |
Food Products–(continued) | |
H-Food Holdings, LLC | | | | | |
Incremental Term Loan B-2 (1 mo. USD LIBOR + 4.00%) | 6.11% | 05/23/2025 | | $133 | $130,341 |
Term Loan (1 mo. USD LIBOR + 3.69%) | 5.80% | 05/23/2025 | | 4,087 | 3,984,704 |
Hostess Brands, LLC, Term Loan B (3 mo. USD LIBOR + 2.25%) | 4.45% | 08/03/2022 | | 9 | 9,397 |
Jacobs Douwe Egberts International B.V. (Netherlands), Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.25% | 11/01/2025 | | 1,287 | 1,289,862 |
JBS USA Lux S.A., Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.61% | 05/01/2026 | | 8,008 | 8,034,510 |
Manna Pro Products, LLC | | | | | |
Delayed Draw Loan (Acquired 05/30/2019; Cost $434,747)(d)(e) | 0.00% | 12/08/2023 | | 439 | 434,746 |
Incremental Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 05/30/2019; Cost $1,471,477)(d) | 8.11% | 12/08/2023 | | 1,485 | 1,470,477 |
Mastronardi Produce-USA, Inc. (Canada), Term Loan B (1 mo. USD LIBOR + 3.25%) (Acquired 04/19/2018; Cost $681,250) | 5.36% | 05/01/2025 | | 683 | 682,957 |
Nomad Foods US LLC (United Kingdom), Term Loan B-4 (1 mo. USD LIBOR + 2.25%) | 4.45% | 05/15/2024 | | 1,597 | 1,591,053 |
Shearer’s Foods, LLC | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 4.25%) | 6.36% | 06/30/2021 | | 1,775 | 1,775,254 |
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) | 8.86% | 06/30/2022 | | 210 | 208,811 |
United Natural Foods, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%) | 6.36% | 10/22/2025 | | 8,472 | 7,038,437 |
| | | | | 36,088,092 |
Food Service–3.29% | | |
Aramark Services, Inc., Term Loan B-3 (3 mo. USD LIBOR + 1.75%) | 4.08% | 03/11/2025 | | 8 | 7,964 |
Carlisle FoodService Products, Inc. | | | | | |
Delayed Draw Term Loan(f) | — | 03/20/2025 | | 69 | 65,636 |
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 03/20/2025 | | 674 | 642,757 |
EG Finco Ltd. (Netherlands) | | | | | |
Term Loan (3 mo. USD LIBOR + 4.00%) | 6.33% | 02/06/2025 | | 778 | 768,797 |
Term Loan B (3 mo. USD LIBOR + 4.00%) | 6.33% | 02/06/2025 | | 612 | 604,265 |
Term Loan B (3 mo. EURIBOR + 4.00%) | 4.00% | 02/07/2025 | EUR | 1,079 | 1,161,669 |
Houston Foods, Inc., Term Loan (1 mo. USD LIBOR + 3.75%) | 5.86% | 07/20/2025 | | 1,734 | 1,647,582 |
IRB Holding Corp., Term Loan B (3 mo. USD LIBOR + 3.25%) | 5.55% | 02/05/2025 | | 1,189 | 1,182,645 |
New Red Finance, Inc. (Canada), Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | 4.36% | 02/16/2024 | | 8,130 | 8,129,607 |
NPC International, Inc. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.70% | 04/19/2024 | | 1,140 | 831,675 |
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%) | 9.82% | 04/18/2025 | | 300 | 124,228 |
Restaurant Technologies, Inc. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 10/01/2025 | | 599 | 599,671 |
Second Lien Term Loan (1 mo. USD LIBOR + 6.50%) | 8.61% | 10/01/2026 | | 660 | 660,376 |
Tacala Investment Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.12% | 02/01/2026 | | 422 | 422,726 |
TMK Hawk Parent, Corp., Term Loan (1 mo. USD LIBOR + 3.50%) | 5.63% | 09/26/2024 | | 1,392 | 1,177,552 |
US Foods, Inc. | | | | | |
Incremental Term Loan B(f) | — | 08/15/2026 | | 2,875 | 2,884,910 |
Term Loan (1 mo. USD LIBOR + 2.00%) | 4.11% | 06/27/2023 | | 5,567 | 5,579,843 |
Weight Watchers International, Inc., Term Loan (3 mo. USD LIBOR + 4.75%) | 7.05% | 11/29/2024 | | 1,508 | 1,510,532 |
| | | | | 28,002,435 |
Forest Products–0.00% | | |
American Greetings Corp., Term Loan (1 mo. USD LIBOR + 4.50%) | 6.61% | 04/06/2024 | | 9 | 9,279 |
Health Care–6.27% | | |
Acadia Healthcare Co., Inc. | | | | | |
Term Loan B-3 (1 mo. USD LIBOR + 2.50%) | 4.61% | 02/11/2022 | | 864 | 866,025 |
Term Loan B-4 (1 mo. USD LIBOR + 2.50%) | 4.61% | 02/16/2023 | | 2,721 | 2,726,388 |
See accompanying Notes to Consolidated 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 |
Health Care–(continued) | |
Argon Medical Devices Holdings, Inc. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | 5.86% | 01/23/2025 | | $30 | $29,643 |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) | 10.12% | 01/23/2026 | | 100 | 99,195 |
athenahealth, Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.50%) | 6.68% | 02/11/2026 | | 3,138 | 3,129,238 |
Biogroup-LCD (France), Term Loan B (3 mo. EURIBOR + 3.75%)(d) | 3.75% | 06/14/2025 | EUR | 321 | 354,119 |
BVI Medical, Inc., Term Loan (3 mo. EURIBOR + 4.25%) | 4.25% | 03/02/2026 | EUR | 266 | 296,641 |
Convatec, Inc. (United Kingdom), Term Loan B (3 mo. USD LIBOR + 2.25%) | 4.58% | 10/31/2023 | | 327 | 327,162 |
Curium BidCo S.a.r.l. (Luxembourg), Term Loan B (3 mo. USD LIBOR + 4.00%) | 6.22% | 06/27/2026 | | 1,689 | 1,695,741 |
DaVita HealthCare Partners, Inc. , Term Loan B(f) | — | 08/12/2026 | | 3,081 | 3,088,709 |
Dentalcorp Perfect Smile ULC (Canada), Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) | 9.61% | 06/08/2026 | | 936 | 927,154 |
Emerald TopCo, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%) | 5.77% | 07/25/2026 | | 1,715 | 1,708,589 |
Explorer Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.75%) | 6.08% | 05/02/2023 | | 1,305 | 1,305,760 |
Femur Buyer, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.50%) | 6.98% | 03/05/2026 | | 70 | 70,639 |
Financiere Mendel (France), Term Loan B (3 mo. EURIBOR + 4.75%) | 4.75% | 04/12/2026 | EUR | 1,990 | 2,207,692 |
Global Healthcare Exchange, LLC, Term Loan (3 mo. USD LIBOR + 3.25%) | 5.58% | 06/28/2024 | | 343 | 338,713 |
GoodRx, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | 4.93% | 10/10/2025 | | 808 | 802,917 |
Greatbatch, Ltd., Term Loan B (1 mo. USD LIBOR + 3.00%) | 5.22% | 10/27/2022 | | 1,010 | 1,016,251 |
HC Group Holdings III, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%) | 6.61% | 08/15/2026 | | 2,601 | 2,597,379 |
Heartland Dental, LLC | | | | | |
Delayed Draw Term Loan (3 mo. USD LIBOR + 3.75%)(e) | 0.00% | 04/30/2025 | | 3 | 3,129 |
Term Loan (1 mo. USD LIBOR + 3.75%) | 5.86% | 04/30/2025 | | 147 | 142,541 |
IQVIA, Inc. | | | | | |
Term Loan B-1 | 2.75% | 03/07/2024 | EUR | 710 | 781,890 |
Term Loan B-2 (3 mo. USD LIBOR + 2.00%) | 4.33% | 01/17/2025 | | 345 | 346,526 |
IWH UK Midco Ltd. (United Kingdom), Term Loan B (3 mo. EURIBOR + 4.00%) | 4.00% | 01/31/2025 | EUR | 1,535 | 1,688,989 |
Kinetic Concepts, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) | 5.58% | 02/03/2024 | | 2,555 | 2,561,066 |
MED ParentCo., L.P. | | | | | |
First Lien Term Loan(f) | — | 08/02/2026 | | 1,399 | 1,387,077 |
Second Lien Term Loan(f) | — | 08/02/2027 | | 578 | 580,488 |
Nidda Healthcare Holding AG (Germany), Term Loan C (3 mo. GBP LIBOR + 4.50%) | 5.27% | 08/21/2024 | GBP | 229 | 280,393 |
Ortho-Clinical Diagnostics, Inc. (Luxembourg), Term Loan (3 mo. USD LIBOR + 3.25%) | 5.57% | 06/30/2025 | | 2,513 | 2,377,146 |
PAREXEL International Corp., Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 09/27/2024 | | 1,071 | 1,011,597 |
Prophylaxis B.V. (Netherlands), Term Loan B (6 mo. EURIBOR + 4.00%) | 4.00% | 06/05/2025 | EUR | 2,491 | 2,436,808 |
Sunshine Luxembourg VII S.a.r.l. (Luxembourg) | | | | | |
Term Loan(f) | — | 07/17/2026 | EUR | 864 | 954,098 |
Term Loan (3 mo. USD LIBOR + 4.25%) | 4.25% | 07/23/2026 | | 5,383 | 5,388,704 |
Surgery Center Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.37% | 09/02/2024 | | 28 | 26,506 |
Syneos Health, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.11% | 08/01/2024 | | 121 | 121,229 |
Synlab Bondco PLC (United Kingdom), First Lien Term Loan(f) | — | 07/01/2026 | EUR | 1,681 | 1,854,884 |
Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 02/06/2024 | | 1,583 | 1,280,125 |
Terveys-ja hoivapalvelut Suomi Oy (Finland) | | | | | |
First Lien Term Loan B (3 mo. EURIBOR + 4.25%) | 4.25% | 08/11/2025 | EUR | 890 | 987,882 |
Second Lien Term Loan (3 mo. EURIBOR + 7.50%) | 7.50% | 07/19/2026 | EUR | 487 | 537,003 |
Unilabs Diagnostics AB (Sweden), Revolver Loan(d)(e) | 0.00% | 04/01/2021 | EUR | 943 | 1,028,922 |
Verscend Holding Corp., Term Loan B (1 mo. USD LIBOR + 4.50%) | 6.61% | 08/27/2025 | | 1,703 | 1,710,202 |
WP CityMD Bidco LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.50%) | 6.71% | 08/13/2026 | | 2,394 | 2,373,554 |
| | | | | 53,448,714 |
Home Furnishings–1.16% | | |
Comfort Holding, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.75%) | 6.86% | 02/05/2024 | | 1,151 | 1,142,433 |
Global Appliance, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%) | 6.12% | 09/29/2024 | | 1,336 | 1,331,542 |
Hayward Industries, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 08/05/2024 | | 1,164 | 1,122,229 |
See accompanying Notes to Consolidated 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 |
Home Furnishings–(continued) | |
Hilding Anders AB (Sweden), Term Loan B (3 mo. EURIBOR + 4.50%) | 4.50% | 11/29/2024 | EUR | 509 | $ 430,850 |
Lifetime Brands, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%) | 5.61% | 02/28/2025 | | $ 698 | 677,489 |
PGT Innovations Inc., Term Loan (3 mo. USD LIBOR + 3.50%) | 5.68% | 02/16/2022 | | 64 | 64,395 |
Serta Simmons Bedding, LLC | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.70% | 11/08/2023 | | 2,511 | 1,686,837 |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) | 10.18% | 11/08/2024 | | 381 | 172,060 |
SIWF Holdings, Inc., Term Loan (1 mo. USD LIBOR + 4.25%) | 6.40% | 06/15/2025 | | 1,374 | 1,361,327 |
TGP Holdings III, LLC | | | | | |
First Lien Term Loan (3 mo. USD LIBOR + 4.25%) | 6.58% | 09/25/2024 | | 1,575 | 1,491,787 |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) | 10.83% | 09/25/2025 | | 464 | 435,996 |
| | | | | 9,916,945 |
Industrial Equipment–2.85% | | |
Airxcel, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%) | 6.61% | 04/28/2025 | | 334 | 323,431 |
Alpha AB Bidco B.V. (Netherlands), Term Loan B (3 mo. EURIBOR + 3.75%) | 3.75% | 07/30/2025 | EUR | 344 | 372,198 |
Altra Industrial Motion Corp., Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.11% | 10/01/2025 | | 2,122 | 2,117,191 |
CIRCOR International, Inc., Term Loan (1 mo. USD LIBOR + 3.50%) | 5.70% | 12/11/2024 | | 1,802 | 1,795,816 |
Clark Equipment Co. (South Korea), Term Loan B (3 mo. USD LIBOR + 2.00%) | 4.33% | 05/18/2024 | | 2,674 | 2,675,876 |
Columbus McKinnon Corp., Term Loan (3 mo. USD LIBOR + 2.50%) | 4.83% | 01/31/2024 | | 537 | 538,133 |
Crosby US Acquisition Corp., Term Loan B (1 mo. USD LIBOR + 4.75%) | 6.92% | 06/20/2026 | | 993 | 979,420 |
Delachaux Group S.A. (France), Term Loan B-2 (3 mo. USD LIBOR + 4.50%) | 6.83% | 04/16/2026 | | 543 | 541,275 |
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%) | 6.86% | 08/29/2023 | | 129 | 129,513 |
Engineered Machinery Holdings, Inc. | | | | | |
First Lien Incremental Term Loan (3 mo. USD LIBOR + 4.25%) | 6.58% | 07/19/2024 | | 641 | 640,740 |
First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | 5.58% | 07/19/2024 | | 1,886 | 1,831,062 |
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%) | 9.58% | 07/18/2025 | | 1,155 | 1,143,987 |
Gardner Denver, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.75%) | 4.86% | 07/30/2024 | | 1,581 | 1,586,926 |
Generac Power Systems, Inc., Term Loan (1 mo. USD LIBOR + 1.75%) | 3.98% | 05/31/2023 | | 410 | 411,158 |
Hamilton Holdco LLC (Australia), Term Loan (3 mo. USD LIBOR + 2.00%)(d) | 4.33% | 07/02/2025 | | 1,985 | 1,989,935 |
Milacron LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)(d) | 4.61% | 09/28/2023 | | 1,069 | 1,069,624 |
MX Holdings US, Inc., Term Loan B-1C (1 mo. USD LIBOR + 3.00%) | 5.11% | 07/31/2025 | | 1,596 | 1,598,144 |
New VAC US LLC (Germany), Term Loan B (3 mo. USD LIBOR + 4.00%)(d) | 6.33% | 03/08/2025 | | 582 | 579,139 |
North American Lifting Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.50%) | 6.83% | 11/27/2020 | | 1,569 | 1,463,530 |
Rexnord LLC/RBS Global, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.11% | 08/21/2024 | | 33 | 33,132 |
Robertshaw US Holding Corp. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.38% | 02/28/2025 | | 951 | 892,988 |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) | 10.13% | 02/28/2026 | | 535 | 469,551 |
Terex Corp. | | | | | |
Term Loan (2 mo. USD LIBOR + 2.00%) | 4.11% | 01/31/2024 | | 633 | 632,650 |
Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 01/31/2024 | | 476 | 477,885 |
| | | | | 24,293,304 |
Insurance–1.06% | | |
Alliant Holdings Intermediate, LLC, Initial Term Loan (1 mo. USD LIBOR + 3.00%) | 5.15% | 05/09/2025 | | 1,643 | 1,601,184 |
FrontDoor, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.62% | 08/16/2025 | | 457 | 458,668 |
Hub International Ltd., Term Loan (3 mo. USD LIBOR + 3.00%) | 5.27% | 04/25/2025 | | 2,714 | 2,664,756 |
Sedgwick Claims Management Services, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 12/31/2025 | | 991 | 962,858 |
USI, Inc., Term Loan (3 mo. USD LIBOR + 3.00%) | 5.33% | 05/16/2024 | | 3,397 | 3,322,360 |
| | | | | 9,009,826 |
Leisure Goods, Activities & Movies–4.83% | | |
Alpha Topco Ltd. (United Kingdom), Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.61% | 02/01/2024 | | 10,474 | 10,289,128 |
AMC Entertainment, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.00%) | 5.23% | 04/22/2026 | | 709 | 712,514 |
See accompanying Notes to Consolidated 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 |
Leisure Goods, Activities & Movies–(continued) |
Ancestry.com Operations, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | 5.87% | 10/19/2023 | | $ 3,272 | $ 3,262,626 |
Callaway Golf Co., Term Loan (1 mo. USD LIBOR + 4.50%) | 6.71% | 01/04/2026 | | 1,138 | 1,154,712 |
Crown Finance US, Inc., Term Loan (1 mo. USD LIBOR + 2.25%) | 4.36% | 02/28/2025 | | 6,804 | 6,764,609 |
CWGS Group, LLC, Term Loan (1 mo. USD LIBOR + 2.75%) | 4.98% | 11/08/2023 | | 1,630 | 1,412,913 |
Dorna Sports, S.L. (Spain), Term Loan B-2 (6 mo. USD LIBOR + 3.00%) | 5.20% | 04/12/2024 | | 949 | 926,486 |
Equinox Holdings, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.00%) | 5.11% | 03/08/2024 | | 437 | 434,984 |
Fitness International, LLC, Term Loan B (1 mo. USD LIBOR + 3.25%) | 5.36% | 04/18/2025 | | 2,170 | 2,171,360 |
Invictus Media S.L.U. (Spain) | | | | | |
Term Loan B-1 (6 mo. EURIBOR + 4.50%) | 4.50% | 06/26/2025 | EUR | 684 | 755,778 |
Term Loan B-2 (6 mo. EURIBOR + 4.50%) | 4.50% | 06/26/2025 | EUR | 410 | 453,056 |
Lakeland Tours, LLC, Term Loan (3 mo. USD LIBOR + 4.00%) | 6.15% | 12/16/2024 | | 1,007 | 1,011,891 |
Life Time Fitness, Inc., Term Loan (3 mo. USD LIBOR + 2.75%) | 4.88% | 06/10/2022 | | 1,076 | 1,072,773 |
Orbiter International S.a.r.l. (Luxembourg), Term Loan B-2 (3 mo. CHF LIBOR + 4.00%) (Acquired 07/07/2017; Cost $491,425)(d) | 4.00% | 07/11/2024 | CHF | 476 | 477,313 |
Sabre GLBL, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.11% | 02/22/2024 | | 426 | 427,550 |
Shutterfly, Inc. | | | | | |
Incremental Term Loan (1 mo. USD LIBOR + 2.50%) | 4.87% | 08/17/2024 | | 1,118 | 1,118,694 |
Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.69% | 08/19/2024 | | 595 | 595,392 |
SRAM, LLC, Delayed Draw Term Loan(d)(e) | 0.00% | 03/15/2024 | | 666 | 666,930 |
SSH Group Holdings, Inc. | | | | | |
First Lien Term Loan (2 mo. USD LIBOR + 4.25%) | 6.51% | 07/30/2025 | | 318 | 315,812 |
Second Lien Term Loan (2 mo. USD LIBOR + 8.25%) | 10.51% | 07/30/2026 | | 315 | 315,162 |
UFC Holdings, LLC, Term Loan (1 mo. USD LIBOR + 3.25%) | 5.37% | 04/29/2026 | | 6,376 | 6,387,593 |
Vue International Bidco PLC (United Kingdom) | | | | | |
Delayed Draw Term Loan(e) | 0.00% | 06/21/2026 | EUR | 63 | 69,334 |
Term Loan B-1 (3 mo. EURIBOR + 4.75%) | 4.75% | 06/21/2026 | EUR | 348 | 385,595 |
| | | | | 41,182,205 |
Lodging & Casinos–6.14% | | |
AMCP Clean Acquisition Co., LLC | | | | | |
Delayed Draw Term Loan (3 mo. USD LIBOR + 4.25%) | 6.58% | 06/16/2025 | | 190 | 188,035 |
Term Loan (3 mo. USD LIBOR + 4.25%) | 6.58% | 06/16/2025 | | 783 | 777,163 |
B&B Hotels SAS (France) | | | | | |
Second Lien Term Loan B(f) | — | 07/10/2027 | EUR | 449 | 492,593 |
Term Loan B-1A (3 mo. EURIBOR + 4.75%) | 4.75% | 07/10/2026 | EUR | 986 | 1,095,720 |
Boyd Gaming Corp., Term Loan B (1 wk. USD LIBOR + 2.25%) | 4.39% | 09/15/2023 | | 3,641 | 3,647,387 |
Caesars Entertainment Operating Co., LLC, Term Loan B (3 mo. USD LIBOR + 2.00%) | 4.11% | 10/06/2024 | | 2,381 | 2,380,420 |
Caesars Resort Collection, LLC, Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.86% | 12/23/2024 | | 10,703 | 10,561,879 |
CityCenter Holdings, LLC, Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.36% | 04/18/2024 | | 1,714 | 1,716,339 |
ESH Hospitality, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) | 4.11% | 08/30/2023 | | 150 | 150,207 |
Four Seasons Hotels Ltd. (Canada), First Lien Term Loan (1 mo USD LIBOR + 2.00%) | 4.11% | 11/30/2023 | | 495 | 496,072 |
Hilton Worldwide Finance, LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%) | 3.90% | 06/22/2026 | | 1,884 | 1,890,786 |
PCI Gaming Authority, Term Loan B (1 mo. USD LIBOR + 3.00%) | 5.12% | 05/15/2026 | | 1,607 | 1,617,724 |
Penn National Gaming, Inc., Incremental Term Loan B-1 (1 mo. USD LIBOR + 2.25%) | 4.36% | 10/15/2025 | | 1,450 | 1,456,341 |
Scientific Games International, Inc., Term Loan B-5 (2 mo. USD LIBOR + 2.75%) | 4.89% | 08/14/2024 | | 8,334 | 8,248,815 |
Stars Group (US) Co-Borrower, LLC (Canada), Term Loan (3 mo. USD LIBOR + 3.50%) | 5.83% | 07/10/2025 | | 6,779 | 6,807,897 |
Station Casinos, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.62% | 06/08/2023 | | 3,419 | 3,430,557 |
Tackle Group S.a.r.l. (Luxembourg), Term Loan B(f) | — | 08/02/2024 | EUR | 2,159 | 2,375,927 |
Twin River Management Group, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)(f) | — | 05/10/2026 | | 1,204 | 1,205,025 |
VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.17% | 12/20/2024 | | 2,377 | 2,384,063 |
Wyndham Hotels & Resorts, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%) | 3.86% | 05/30/2025 | | 115 | 115,230 |
See accompanying Notes to Consolidated 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 |
Lodging & Casinos–(continued) | |
Wynn Resorts, Ltd., Term Loan (1 mo. USD LIBOR + 2.25%) | 4.37% | 10/30/2024 | | $ 1,301 | $ 1,303,532 |
| | | | | 52,341,712 |
Nonferrous Metals & Minerals–0.99% | | |
American Rock Salt Co. LLC, Term Loan (1 mo. USD LIBOR + 3.75%) | 5.86% | 03/21/2025 | | 1,366 | 1,366,460 |
Covia Holdings Corp., Term Loan (3 mo. USD LIBOR + 4.00%) | 6.31% | 06/01/2025 | | 2,939 | 2,437,026 |
Form Technologies LLC | | | | | |
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.25%)(d) | 5.58% | 01/28/2022 | | 2,567 | 2,471,259 |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) | 10.83% | 01/30/2023 | | 15 | 14,494 |
U.S. Silica Co., Term Loan (1 mo. USD LIBOR + 4.00%) | 6.13% | 05/01/2025 | | 998 | 941,112 |
US Salt, LLC, Term Loan (1 mo. USD LIBOR + 4.75%)(d) | 6.86% | 01/16/2026 | | 1,219 | 1,223,292 |
| | | | | 8,453,643 |
Oil & Gas–7.13% | | |
BCP Raptor, LLC, Term Loan (1 mo. USD LIBOR + 4.25%) | 6.36% | 06/24/2024 | | 1,261 | 1,154,619 |
Blackstone CQP Holdco, Term Loan (3 mo. USD LIBOR + 3.50%) | 5.89% | 09/30/2024 | | 8,138 | 8,151,125 |
Brazos Delaware II, LLC, Term Loan (1 mo. USD LIBOR + 4.00%) | 6.17% | 05/21/2025 | | 1,728 | 1,561,144 |
California Resources Corp. | | | | | |
Term Loan (1 mo. USD LIBOR + 10.38%) | 12.49% | 12/31/2021 | | 2,083 | 1,858,844 |
Term Loan (1 mo. USD LIBOR + 4.75%) | 6.87% | 12/31/2022 | | 2,433 | 2,225,510 |
Centurion Pipeline Co., LLC, Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 09/29/2025 | | 853 | 853,293 |
Crestwood Holdings LLC, Term Loan (1 mo. USD LIBOR + 7.50%) | 9.71% | 03/06/2023 | | 2,852 | 2,739,440 |
Delek US Holdings, Inc., Term Loan (3 mo. USD LIBOR + 2.25%) | 4.58% | 03/31/2025 | | 3,584 | 3,571,283 |
Encino Acquisition Partners Holdings, LLC, Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)(d) | 8.86% | 10/29/2025 | | 1,861 | 1,395,359 |
Fieldwood Energy LLC | | | | | |
First Lien Term Loan (3 mo. USD LIBOR + 5.25%) | 7.51% | 04/11/2022 | | 4,052 | 3,590,628 |
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%) | 9.51% | 04/11/2023 | | 4,200 | 3,225,031 |
Glass Mountain Pipeline Holdings, LLC, Term Loan (3 mo. USD LIBOR + 4.50%) | 7.12% | 12/23/2024 | | 1,170 | 1,132,016 |
Gulf Finance, LLC, Term Loan B (1 mo. USD LIBOR + 5.25%) | 7.52% | 08/25/2023 | | 1,502 | 1,192,420 |
HGIM Corp., Term Loan (3 mo. USD LIBOR + 6.00%) | 8.03% | 07/02/2023 | | 1,644 | 1,492,111 |
Lucid Energy Group II Borrower, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 02/17/2025 | | 1,267 | 1,174,005 |
McDermott Technology (Americas), Inc., Term Loan B (1 mo. USD LIBOR + 5.00%) | 7.11% | 05/12/2025 | | 5,362 | 4,936,379 |
Moda Ingleside Energy Center LLC, Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 09/29/2025 | | 551 | 550,824 |
Navitas Midstream Midland Basin, LLC, Term Loan (1 mo. USD LIBOR + 4.50%) | 6.61% | 12/13/2024 | | 2,141 | 2,014,150 |
Oryx Midstream Services LLC, Term Loan (3 mo. USD LIBOR + 4.00%) | 6.15% | 05/22/2026 | | 2,742 | 2,680,819 |
Osum Production Corp. (Canada), Term Loan (3 mo. USD LIBOR + 9.50%)(d) | 11.83% | 06/27/2022 | | 2,182 | 2,007,431 |
Paragon Offshore Finance Co., Term Loan (Acquired 07/11/2014; Cost $8,352)(d)(h)(i) | 0.00% | 07/16/2021 | | 8 | 0 |
Petroleum GEO-Services ASA (Norway), Term Loan (3 mo. USD LIBOR + 2.50%) | 4.83% | 03/19/2021 | | 3,796 | 3,601,305 |
Prairie ECI Acquiror L.P., Term Loan B (3 mo. USD LIBOR + 4.75%) | 7.08% | 03/11/2026 | | 1,949 | 1,908,570 |
Seadrill Operating L.P. (United Kingdom), Term Loan (3 mo. USD LIBOR + 6.00%) | 8.33% | 02/21/2021 | | 10,901 | 6,502,575 |
Southcross Energy Partners, L.P. | | | | | |
DIP Term Loan (3 mo. Prime Rate + 5.25%) | 10.50% | 10/01/2019 | | 256 | 249,104 |
PIK Term Loan(g)(h) | 0.00% | 08/04/2021 | | 673 | 503,717 |
Tribune Resources, Inc., Term Loan (1 mo. USD LIBOR + 6.50%)(d) | 8.69% | 03/30/2023 | | 470 | 456,164 |
| | | | | 60,727,866 |
Publishing–2.22% | | |
Adtalem Global Education, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%) | 5.11% | 04/11/2025 | | 784 | 786,895 |
Ascend Learning, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 07/12/2024 | | 99 | 98,299 |
Cengage Learning, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%) | 6.37% | 06/07/2023 | | 3,806 | 3,657,927 |
Clear Channel Outdoor Holdings, Inc., Term Loan B(f) | — | 08/15/2026 | | 6,209 | 6,213,046 |
See accompanying Notes to Consolidated 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 |
Publishing–(continued) | |
Merrill Communications LLC, Term Loan (3 mo. USD LIBOR + 5.25%) | 7.51% | 06/01/2022 | | $ 345 | $ 346,461 |
Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%) | 4.21% | 10/04/2023 | | 71 | 71,173 |
ProQuest LLC, Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 10/24/2021 | | 2,896 | 2,898,693 |
Southern Graphics, Inc., First Lien Term Loan (2 mo. USD LIBOR + 3.25%) | 5.38% | 12/31/2022 | | 2,547 | 2,062,402 |
Tribune Media Co., Term Loan C (1 mo. USD LIBOR + 3.00%) | 5.11% | 01/27/2024 | | 2,764 | 2,764,633 |
| | | | | 18,899,529 |
Radio & Television–3.43% | | |
Diamond Sports Group LLC, Term Loan B (1 mo. USD LIBOR + 3.25%) | 5.39% | 08/24/2026 | | 5,942 | 5,955,238 |
Gray Television, Inc., Term Loan C (3 mo. USD LIBOR + 2.50%) | 4.83% | 01/02/2026 | | 4,903 | 4,910,788 |
iHeartCommunications, Inc., Term Loan (1 mo. USD LIBOR + 4.00%) | 6.23% | 05/01/2026 | | 3,776 | 3,793,782 |
Mission Broadcasting, Inc., Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | 4.48% | 01/17/2024 | | 235 | 234,680 |
Nexstar Broadcasting, Inc. | | | | | |
Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | 4.37% | 01/17/2024 | | 1,181 | 1,178,068 |
Term Loan B-4 (3 mo. USD LIBOR + 2.75%) | 4.89% | 06/20/2026 | | 9,569 | 9,586,397 |
Sinclair Television Group, Inc. | | | | | |
Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.37% | 01/03/2024 | | 515 | 514,533 |
Term Loan B-2b (1 mo. USD LIBOR + 2.50%) | 4.54% | 09/30/2026 | | 1,659 | 1,660,292 |
Term Loan B-2b (1 mo. USD LIBOR + 2.50%) | 4.54% | 09/30/2026 | | 1,421 | 1,422,960 |
| | | | | 29,256,738 |
Retailers (except Food & Drug)–1.40% | | |
Bass Pro Group, LLC, Term Loan (1 mo. USD LIBOR + 5.00%) | 7.11% | 09/25/2024 | | 4,468 | 4,261,735 |
Claire’s Stores, Inc., First Lien Term Loan (6 mo. USD LIBOR + 7.25%) | 9.94% | 09/15/2038 | | 62 | 114,067 |
Fossil Group, Inc., Term Loan (1 mo. USD LIBOR + 8.00%) | 10.09% | 12/31/2020 | | 435 | 436,288 |
Fullbeauty Brands Holdings Corp. | | | | | |
Term Loan (3 mo. USD LIBOR + 10.00%) (Acquired 02/07/2019; Cost $485,427)(d) | 12.47% | 02/07/2022 | | 485 | 473,292 |
Term Loan B-1 (3 mo. USD LIBOR + 8.50%) (Acquired 02/07/2019; Cost $2,083,744) | 11.47% | 02/07/2024 | | 738 | 708,528 |
Term Loan B-2 | 10.77% | 02/07/2022 | | 30 | 30,210 |
Party City Holdings Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.62% | 08/19/2022 | | 734 | 726,698 |
Payless, Inc. | | | | | |
Term Loan A-1(i) | 0.00% | 02/10/2022 | | 768 | 403,189 |
Term Loan A-2(i) | 0.00% | 08/10/2022 | | 1,442 | 511,751 |
Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) | 5.50% | 01/26/2023 | | 5,186 | 3,742,509 |
Vivarte (France), PIK Term Loan, 7.00% PIK Rate, 4.00% Cash Rate(g) | 7.00% | 10/29/2019 | EUR | 1,156 | 492,315 |
| | | | | 11,900,582 |
Surface Transport–1.64% | | |
Commercial Barge Line Co., First Lien Term Loan (1 mo. USD LIBOR + 8.75%) | 10.86% | 11/12/2020 | | 3,507 | 2,104,283 |
Kenan Advantage Group, Inc. (The) | | | | | |
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 07/29/2022 | | 800 | 773,584 |
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 07/29/2022 | | 4,091 | 3,957,867 |
Odyssey Logistics & Technology Corp., First Lien Term Loan (1 mo. USD LIBOR + 4.00%) | 6.11% | 10/12/2024 | | 16 | 15,351 |
PODS LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.75%) | 5.06% | 12/06/2024 | | 2,393 | 2,376,241 |
U.S. Shipping Corp., Term Loan B-2 (1 mo. USD LIBOR + 4.25%) | 6.36% | 06/26/2021 | | 1,673 | 1,594,761 |
XPO Logistics, Inc. | | | | | |
Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.11% | 02/24/2025 | | 787 | 789,073 |
Term Loan B-1 (1 mo. USD LIBOR + 2.50%) | 4.68% | 02/24/2025 | | 1,497 | 1,505,577 |
Zeus Bidco Ltd. (United Kingdom), Term Loan (3 mo. GBP LIBOR + 7.25%) (Acquired 03/24/2017; Cost $957,164)(d) | 8.03% | 03/29/2024 | GBP | 778 | 887,627 |
| | | | | 14,004,364 |
See accompanying Notes to Consolidated 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 |
Telecommunications–11.18% | | |
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.86% | 01/31/2025 | | $ 9,871 | $ 9,746,234 |
Colorado Buyer, Inc. | | | | | |
First Lien Incremental Term Loan (1 mo. USD LIBOR + 4.00%) | 6.21% | 05/01/2024 | | 6,400 | 6,200,442 |
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.21% | 05/01/2024 | | 269 | 252,695 |
Consolidated Communications, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) | 5.12% | 10/05/2023 | | 5,582 | 5,360,253 |
Eircom Finco S.a.r.l. (Ireland), Term Loan B-2 (1 mo. EURIBOR + 3.00%)(f) | — | 04/26/2026 | EUR | 1,008 | 1,110,750 |
Frontier Communications Corp., Term Loan B-1 (1 mo. USD LIBOR + 3.75%) | 5.87% | 06/15/2024 | | 382 | 377,980 |
GCI Holdings, Term Loan B(f) | — | 02/02/2022 | | 1,033 | 1,017,860 |
Hargray Communications Group, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 05/16/2024 | | 613 | 610,167 |
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B-5 (2 mo. USD LIBOR + 6.63%) | 6.63% | 01/02/2024 | | 2,347 | 2,377,863 |
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.36% | 02/22/2024 | | 9,743 | 9,761,784 |
Lumentum Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) (Acquired 08/08/2018-07/30/2019; Cost $1,216,969)(d) | 4.61% | 12/10/2025 | | 1,218 | 1,224,207 |
Midcontinent Communications, Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.28% | 07/29/2026 | | 1,064 | 1,069,187 |
MLN US Holdco LLC | | | | | |
First Term Loan B (1 mo. USD LIBOR + 4.50%) | 6.61% | 11/30/2025 | | 2,627 | 2,526,705 |
Second Lien Term Loan (3 mo. USD LIBOR + 8.75%) | 10.86% | 11/30/2026 | | 1,205 | 1,051,573 |
MTN Infrastructure TopCo, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 11/15/2024 | | 2,521 | 2,482,396 |
Odyssey Investissement S.A.S. (France), Term Loan B (3 mo. EURIBOR + 3.25%) | 3.25% | 04/25/2025 | EUR | 1,068 | 1,177,749 |
Radiate Holdco, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 02/01/2024 | | 1,525 | 1,513,382 |
SBA Senior Finance II LLC, Term Loan (1 mo. USD LIBOR + 2.00%) | 4.12% | 04/11/2025 | | 5,806 | 5,780,758 |
Sprint Communications, Inc. | | | | | |
Incremental Term Loan (1 mo. USD LIBOR + 3.00%) | 5.13% | 02/02/2024 | | 4,891 | 4,886,746 |
Term Loan (1 mo. USD LIBOR + 2.50%) | 4.63% | 02/02/2024 | | 12,348 | 12,285,876 |
Syniverse Holdings, Inc., Term Loan C (1 mo. USD LIBOR + 5.00%) | 7.20% | 03/09/2023 | | 2,142 | 2,005,713 |
Telesat LLC (Canada), Term Loan B-4 (3 mo. USD LIBOR + 2.50%) | 4.83% | 11/17/2023 | | 8,390 | 8,403,677 |
U.S. TelePacific Corp., Term Loan (3 mo. USD LIBOR + 5.00%) | 7.33% | 05/02/2023 | | 3,023 | 2,957,557 |
Windstream Services, LLC | | | | | |
DIP Term Loan (1 mo. USD LIBOR + 2.50%) | 4.62% | 02/26/2021 | | 2,131 | 2,142,924 |
Term Loan B-6 (3 mo. Prime Rate + 5.00%)(h) | 10.25% | 03/29/2021 | | 6,044 | 6,162,880 |
Term Loan B-7 (3 mo. Prime Rate + 4.25%)(h) | 9.50% | 02/17/2024 | | 2,358 | 2,377,565 |
Zayo Group, LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.00%) | 4.11% | 01/19/2021 | | 416 | 417,097 |
| | | | | 95,282,020 |
Utilities–7.98% | | |
AES Corp. (The), Term Loan (3 mo. USD LIBOR + 1.75%) | 3.88% | 05/24/2022 | | 1,088 | 1,090,351 |
AI Alpine AT BidCo GmbH | | | | | |
Term Loan B (1 mo. USD LIBOR + 2.75%)(d) | 5.00% | 10/25/2025 | | 578 | 565,103 |
Term Loan B (1 mo. EURIBOR + 3.00%) | 3.00% | 10/31/2025 | EUR | 468 | 511,083 |
Aria Energy Operating LLC, Term Loan (1 mo. USD LIBOR + 4.50%) | 6.61% | 05/27/2022 | | 661 | 661,620 |
Brookfield WEC Holdings, Inc. | | | | | |
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 08/01/2025 | | 3,720 | 3,729,060 |
Incremental Term Loan(f) | — | 08/01/2025 | | 499 | 499,900 |
Calpine Construction Finance Co., L.P., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.61% | 01/15/2025 | | 4,137 | 4,132,191 |
Calpine Corp. | | | | | |
Term Loan B-10 (1 mo. USD LIBOR + 2.50%) | 4.61% | 08/12/2026 | | 3,942 | 3,936,807 |
Term Loan B-5 (3 mo. USD LIBOR + 2.50%) | 4.83% | 01/15/2024 | | 3,381 | 3,382,410 |
Term Loan B-9 (2 mo. USD LIBOR + 2.75%) | 5.08% | 04/05/2026 | | 8,272 | 8,275,879 |
Eastern Power, LLC, Term Loan (1 mo. USD LIBOR + 3.75%) | 5.86% | 10/02/2023 | | 4,433 | 4,454,527 |
Granite Acquisition, Inc. | | | | | |
First Lien Term Loan B (3 mo. USD LIBOR + 3.50%) | 5.82% | 12/17/2021 | | 4,053 | 4,072,920 |
First Lien Term Loan C (3 mo. USD LIBOR + 3.50%) | 5.83% | 12/17/2021 | | 445 | 447,000 |
Second Lien Term Loan B (3 mo. USD LIBOR + 7.25%) | 9.58% | 12/19/2022 | | 506 | 506,519 |
See accompanying Notes to Consolidated 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 |
Utilities–(continued) | |
Heritage Power, LLC, Term Loan B (3 mo. USD LIBOR + 6.00%) | 8.21% | 07/01/2026 | | $ 2,940 | $ 2,890,042 |
Invenergy Thermal Operating I LLC, Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 08/28/2025 | | 89 | 89,702 |
KAMC Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | 6.18% | 08/14/2026 | | 1,037 | 1,037,239 |
Lightstone Holdco LLC | | | | | |
Term Loan B (1 mo. USD LIBOR + 3.75%) | 5.86% | 01/30/2024 | | 3,550 | 3,429,511 |
Term Loan C (1 mo. USD LIBOR + 3.75%) | 5.86% | 01/30/2024 | | 200 | 193,430 |
Nautilus Power, LLC, Term Loan (1 mo. USD LIBOR + 4.25%) | 6.36% | 05/16/2024 | | 2,497 | 2,495,863 |
Pacific Gas and Electric Co. | | | | | |
Delayed Draw Term Loan(e) | 0.00% | 01/29/2020 | | 1,016 | 1,022,182 |
DIP Term Loan (1 mo. USD LIBOR + 2.25%) | 4.50% | 12/31/2020 | | 3,047 | 3,066,547 |
PowerTeam Services, LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | 5.58% | 03/06/2025 | | 1,806 | 1,634,114 |
Revere Power, LLC | | | | | |
Term Loan B (3 mo. USD LIBOR + 4.25%) | 6.58% | 03/27/2026 | | 1,201 | 1,195,230 |
Term Loan C (3 mo. USD LIBOR + 4.25%) | 6.58% | 03/27/2026 | | 187 | 185,792 |
Southeast PowerGen LLC, Term Loan B (1 mo. USD LIBOR + 3.50%) | 5.62% | 12/02/2021 | | 308 | 294,843 |
USIC Holding, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 12/08/2023 | | 3,073 | 3,040,934 |
Vistra Operations Co. LLC | | | | | |
Incremental Term Loan (1 mo. USD LIBOR + 2.00%) | 4.15% | 12/31/2025 | | 6,971 | 6,987,731 |
Term Loan (1 mo. USD LIBOR + 2.00%) | 4.11% | 08/04/2023 | | 4,196 | 4,205,206 |
| | | | | 68,033,736 |
Total Variable Rate Senior Loan Interests (Cost $1,138,285,045) | 1,109,882,970 |
U.S. Dollar Denominated Bonds & Notes–10.76% |
Aerospace & Defense–1.09% | | |
TransDigm, Inc.(j) | 6.25% | 03/15/2026 | | 8,589 | 9,286,684 |
Air Transport–0.25% | | |
Mesa Airlines, Inc. Class B | 5.75% | 07/15/2025 | | 2,117 | 2,105,073 |
Automotive–0.32% | | |
Allison Transmission, Inc.(j) | 5.88% | 06/01/2029 | | 841 | 904,075 |
IHO Verwaltungs GmbH (Germany)(j) | 4.75% | 09/15/2026 | | 1,015 | 985,819 |
Panther BF Aggregator 2 L.P. / Panther Finance Co., Inc.(j) | 6.25% | 05/15/2026 | | 785 | 816,400 |
| | | | | 2,706,294 |
Business Equipment & Services–0.83% | | |
Dun & Bradstreet Corp. (The)(j) | 6.87% | 08/15/2026 | | 766 | 831,589 |
Prime Security Services Borrower, LLC / Prime Finance, Inc.(j) | 5.25% | 04/15/2024 | | 3,119 | 3,229,444 |
Prime Security Services Borrower, LLC/Prime Finance, Inc.(j) | 5.75% | 04/15/2026 | | 2,873 | 3,002,285 |
| | | | | 7,063,318 |
Cable & Satellite Television–2.02% | | |
Altice Financing S.A. (Luxembourg)(j) | 6.63% | 02/15/2023 | | 490 | 506,538 |
Altice Financing S.A. (Luxembourg)(j) | 7.50% | 05/15/2026 | | 4,930 | 5,262,775 |
Altice France S.A. (France)(j) | 8.12% | 02/01/2027 | | 1,225 | 1,353,625 |
Altice France S.A. (France)(j) | 7.37% | 05/01/2026 | | 2,104 | 2,251,280 |
CSC Holdings, LLC(j) | 5.50% | 05/15/2026 | | 6,796 | 7,203,760 |
Virgin Media Secured Finance PLC (United Kingdom)(j) | 5.50% | 08/15/2026 | | 656 | 687,980 |
| | | | | 17,265,958 |
Chemicals & Plastics–0.16% | | |
Avantor, Inc.(j) | 6.00% | 10/01/2024 | | 1,263 | 1,357,725 |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
22 | Invesco Senior Income Trust |
| Interest Rate | Maturity Date | Principal Amount (000)(a) | Value |
Containers & Glass Products–0.85% | | |
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (Ireland)(j) | 4.25% | 09/15/2022 | | $ 657 | $ 667,676 |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)(j) | 4.63% | 05/15/2023 | | 1,021 | 1,047,505 |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(j) | 4.13% | 08/15/2026 | | 1,856 | 1,881,483 |
Berry Global, Inc.(j) | 4.87% | 07/15/2026 | | 1,321 | 1,390,353 |
Reynolds Group Issuer, Inc./LLC | 5.75% | 10/15/2020 | | 437 | 438,707 |
Reynolds Group Issuer, Inc./LLC (3 mo. USD LIBOR + 3.50%)(j)(k) | 5.80% | 07/15/2021 | | 1,157 | 1,158,446 |
Trivium Packaging Finance B.V. (Netherlands)(j) | 5.50% | 08/15/2026 | | 593 | 628,580 |
| | | | | 7,212,750 |
Drugs–0.02% | | |
Catalent Pharma Solutions, Inc.(j) | 5.00% | 07/15/2027 | | 176 | 184,819 |
Electronics & Electrical–2.13% | | |
CommScope, Inc.(j) | 8.25% | 03/01/2027 | | 1,220 | 1,200,175 |
CommScope, Inc.(j) | 6.00% | 03/01/2026 | | 3,990 | 4,083,765 |
Dell International LLC/EMC Corp.(j) | 5.45% | 06/15/2023 | | 858 | 933,116 |
Dell International LLC/EMC Corp.(j) | 4.90% | 10/01/2026 | | 4,653 | 4,978,365 |
Dell International LLC/EMC Corp.(j) | 5.30% | 10/01/2029 | | 5,817 | 6,311,775 |
Riverbed Technology, Inc.(j) | 8.87% | 03/01/2023 | | 1,037 | 611,830 |
| | | | | 18,119,026 |
Food Service–0.08% | | |
eG Global Finance PLC (United Kingdom)(j) | 6.75% | 02/07/2025 | | 697 | 675,219 |
Health Care–0.45% | | |
CHS/Community Health Systems, Inc.(j) | 8.00% | 03/15/2026 | | 3,241 | 3,119,462 |
IQVIA, Inc.(j) | 5.00% | 05/15/2027 | | 698 | 739,008 |
| | | | | 3,858,470 |
Industrial Equipment–0.61% | | |
F-Brasile S.p.A / F-Brasile US LLC (Italy)(j) | 7.38% | 08/15/2026 | | 5,122 | 5,224,440 |
Lodging & Casinos–0.10% | | |
ESH Hospitality, Inc.(j) | 5.25% | 05/01/2025 | | 740 | 766,825 |
VICI Properties 1 LLC / VICI FC, Inc. | 8.00% | 10/15/2023 | | 73 | 80,105 |
| | | | | 846,930 |
Nonferrous Metals & Minerals–0.23% | | |
TiZir Ltd. (United Kingdom)(j) | 9.50% | 07/19/2022 | | 1,889 | 1,998,031 |
Oil & Gas–0.01% | | |
Pacific Drilling S.A.(j) | 8.38% | 10/01/2023 | | 71 | 65,054 |
Publishing–0.59% | | |
Clear Channel Worldwide Holdings, Inc.(j) | 5.13% | 08/15/2027 | | 4,410 | 4,624,988 |
Clear Channel Worldwide Holdings, Inc.(j) | 9.25% | 02/15/2024 | | 348 | 382,365 |
| | | | | 5,007,353 |
Radio & Television–0.88% | | |
Clear Channel International B.V.(j) | 8.75% | 12/15/2020 | | 2,789 | 2,849,995 |
Diamond Sports Group LLC/Diamond Sports Finance Co.(j) | 5.38% | 08/15/2026 | | 1,502 | 1,580,855 |
iHeartCommunications, Inc.(j) | 5.25% | 08/15/2027 | | 733 | 772,531 |
iHeartCommunications, Inc. | 6.37% | 05/01/2026 | | 759 | 822,928 |
iHeartCommunications, Inc. | 8.37% | 05/01/2027 | | 1,356 | 1,469,758 |
| | | | | 7,496,067 |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
23 | Invesco Senior Income Trust |
| Interest Rate | Maturity Date | Principal Amount (000)(a) | Value |
Telecommunications–0.10% | | |
Goodman Networks, Inc. | 8.00% | 05/11/2022 | | $ 1,674 | $ 861,900 |
Windstream Services, LLC / Windstream Finance Corp.(h)(j) | 9.00% | 06/30/2025 | | 16 | 9,360 |
| | | | | 871,260 |
Utilities–0.04% | | |
Calpine Corp.(j) | 5.25% | 06/01/2026 | | 328 | 333,330 |
Total U.S. Dollar Denominated Bonds & Notes (Cost $92,064,163) | 91,677,801 |
| | | Shares | |
Common Stocks & Other Equity Interests–4.58%(l) |
Aerospace & Defense–0.63% | | |
IAP Worldwide Services, Inc.(d)(m) | | | | 320 | 5,361,189 |
Automotive–0.06% | | |
ThermaSys Corp.(d)(m) | | | | 881,784 | 279,967 |
Transtar Holding Co., Class A(d)(m) | | | | 2,509,496 | 213,307 |
| | | | | 493,274 |
Building & Development–0.05% | | |
Five Point Holdings LLC, Class A(m) | | | | 54,770 | 384,485 |
Lake at Las Vegas Joint Venture, LLC, Class A(d)(m) | | | | 780 | 0 |
Lake at Las Vegas Joint Venture, LLC, Class B(d)(m) | | | | 9 | 0 |
| | | | | 384,485 |
Business Equipment & Services–0.05% | | |
Checkout Holding Corp.(d)(m) | | | | 7,731 | 40,588 |
Crossmark Holdings, Inc., Wts. expiring 07/26/2024(d)(m) | | | | 5,085 | 411,891 |
Crossmark Holdings, Inc., Wts. expiring 07/26/2024(d)(m) | | | | 659 | 0 |
| | | | | 452,479 |
Conglomerates–0.04% | | |
Euramax International, Inc.(d)(m) | | | | 4,207 | 357,603 |
Drugs–0.01% | | |
Envigo RMS Holding Corp., Class A, Wts. expiring 04/29/2024(d)(m) | | | | 5,562 | 31,815 |
Envigo RMS Holding Corp., Class B, Wts. expiring 04/29/2024(d)(m) | | | | 8,918 | 51,011 |
| | | | | 82,826 |
Financial Intermediaries–0.02% | | |
RJO Holdings Corp.(d)(m) | | | | 1,481 | 109,041 |
RJO Holdings Corp., Class A(d)(m) | | | | 1,142 | 84,072 |
RJO Holdings Corp., Class B(d)(m) | | | | 1,667 | 17 |
| | | | | 193,130 |
Health Care–0.00% | | |
Millennium International, Ltd. | | | | 134,992 | 11,812 |
Insurance–0.00% | | |
Western and Southern Life Insurance Co. (The) | | | | 15 | 409 |
Lodging & Casinos–0.67% | | |
Caesars Entertainment Corp.(m) | | | | 29,845 | 343,516 |
Twin River Worldwide Holdings, Inc. | | | | 237,821 | 5,386,646 |
| | | | | 5,730,162 |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
24 | Invesco Senior Income Trust |
| | | Shares | Value |
Oil & Gas–0.84% | | |
AF Global, Inc.(d)(m) | | | | 441 | $ 24,696 |
C&J Energy Services, Inc.(m) | | | | 26,015 | 248,703 |
Fieldwood Energy LLC(m) | | | | 25,806 | 748,374 |
Fieldwood Energy LLC(m) | | | | 6,967 | 202,043 |
HGIM Corp.(d)(m) | | | | 3,232 | 40,400 |
HGIM Corp., Wts. expiring 07/02/2043(d)(m) | | | | 14,442 | 180,525 |
Pacific Drilling S.A.(m) | | | | 97,940 | 595,475 |
Paragon Offshore Finance Co., Class A (Cayman Islands)(m) | | | | 2,308 | 681 |
Paragon Offshore Finance Co., Class B (Cayman Islands)(d)(m) | | | | 1,154 | 32,601 |
Samson Investment Co., Class A(m) | | | | 132,022 | 3,218,036 |
Transocean Ltd.(m) | | | | 208,610 | 949,176 |
Tribune Resources, Inc., Wts., expiring 04/03/2023(d)(m) | | | | 87,471 | 2,624 |
Tribune Resources, Inc.(m) | | | | 337,847 | 916,410 |
| | | | | 7,159,744 |
Publishing–1.12% | | |
Affiliated Media, Inc., Class B(m) | | | | 46,746 | 934,912 |
Clear Channel Outdoor Holdings, Inc.(m) | | | | 315,371 | 819,965 |
Cygnus Business Media, Inc.(d)(m)(n) | | | | 5,882 | 0 |
F&W Publications, Inc.(d)(m) | | | | 15,519 | 0 |
MC Communications, LLC(d)(m) | | | | 333,084 | 0 |
Merrill Communications LLC, Class A(d)(m) | | | | 399,283 | 7,786,018 |
Tribune Publishing Co. | | | | 4,118 | 31,503 |
| | | | | 9,572,398 |
Radio & Television–0.21% | | |
iHeartCommunications, Inc., Wts., expiring 05/01/2039(m) | | | | 118,363 | 1,580,974 |
iHeartMedia, Inc.(m) | | | | 15,752 | 217,378 |
| | | | | 1,798,352 |
Retailers (except Food & Drug)–0.08% | | |
Claire’s Stores, Inc.(m) | | | | 682,390 | 243,750 |
Fullbeauty Brands Holdings Corp.(d)(m) | | | | 3,944 | 325,380 |
Payless, Inc.(d)(m) | | | | 73,380 | 0 |
Toys ’R’ Us-Delaware, Inc. | | | | 14 | 68,965 |
| | | | | 638,095 |
Telecommunications–0.00% | | |
Goodman Networks, Inc.(d)(m) | | | | 105,288 | 0 |
IDW Media Holdings, Inc.(m) | | | | 1,270 | 23,990 |
| | | | | 23,990 |
Utilities–0.80% | | |
Vistra Energy Corp. | | | | 257,472 | 6,423,927 |
Vistra Operations Co. LLC, Rts. expiring 12/31/2046(m) | | | | 377,472 | 309,527 |
Vistra Operations Co. LLC(d)(m) | | | | 556,678 | 30,617 |
| | | | | 6,764,071 |
Total Common Stocks & Other Equity Interests (Cost $53,400,453) | 39,024,019 |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
25 | Invesco Senior Income Trust |
| Interest Rate | Maturity Date | Principal Amount (000) | Value |
Non-U.S. Dollar Denominated Bonds & Notes–1.42% |
Automotive–0.28% | | |
Federal-Mogul Holdings Corp. (3 mo. EURIBOR + 4.88%)(j)(k) | 4.88% | 04/15/2024 | EUR | 1,000 | $1,090,763 |
Superior Industries International, Inc.(j) | 6.00% | 06/15/2025 | EUR | 286 | 267,257 |
Tenneco, Inc.(j) | 5.00% | 07/15/2024 | EUR | 912 | 1,021,608 |
| | | | | 2,379,628 |
Building & Development–0.01% | | |
Haya Finance 2017 S.A. (Spain) (3 mo. EURIBOR + 5.13%)(j)(k) | 5.12% | 11/15/2022 | EUR | 100 | 91,827 |
Cable & Satellite Television–0.23% | | |
Altice Finco S.A. (Luxembourg)(j) | 4.75% | 01/15/2028 | EUR | 940 | 998,992 |
Altice Luxembourg S.A. (Luxembourg)(j) | 8.00% | 05/15/2027 | EUR | 267 | 315,871 |
Altice Luxembourg S.A. REGS (Luxembourg)(j) | 8.00% | 05/15/2027 | EUR | 545 | 644,756 |
| | | | | 1,959,619 |
Financial Intermediaries–0.34% | | |
AnaCap Financial Europe S.A. SICAV-RAIF (Luxembourg) (3 mo. EURIBOR + 5.00%)(j)(k) | 5.00% | 08/01/2024 | EUR | 200 | 195,522 |
Cabot Financial Luxembourg II S.A. (United Kingdom) (3 mo. EURIBOR + 6.38%)(j)(k) | 6.38% | 06/14/2024 | EUR | 480 | 545,939 |
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 3.50%)(j)(k) | 3.50% | 09/01/2023 | EUR | 619 | 588,660 |
Newday Bondco Plc (Jersey)(j) | 7.37% | 02/01/2024 | GBP | 572 | 644,366 |
Newday Bondco Plc (Jersey) (3 mo. GBP LIBOR + 6.50%)(j)(k) | 7.27% | 02/01/2023 | GBP | 795 | 895,259 |
| | | | | 2,869,746 |
Food Service–0.01% | | |
eG Global Finance PLC REGS (United Kingdom)(j) | 4.37% | 02/07/2025 | EUR | 128 | 137,161 |
Health Care–0.13% | | |
IDH Finance Plc (United Kingdom) (3 mo. GBP LIBOR + 6.00%)(j)(k) | 6.77% | 08/15/2022 | GBP | 1,000 | 1,079,844 |
Home Furnishings–0.27% | | |
Shop Direct Funding PLC (United Kingdom)(j) | 7.75% | 11/15/2022 | GBP | 2,156 | 2,316,152 |
Lodging & Casinos–0.15% | | |
TVL Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 5.38%)(j)(k) | 6.14% | 07/15/2025 | GBP | 1,071 | 1,264,097 |
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $13,322,821) | 12,098,074 |
|
Structured Products–0.64% |
Clontarf Park CLO, REGS, Series 2017-1A, Class D (3 mo. EURIBOR + 5.10%)(j)(k) | 5.10% | 08/05/2030 | EUR | 174 | 185,685 |
Diamond CLO Ltd., Series 2019-1A, Class C (3 mo. USD LIBOR + 3.60%)(j)(k) | 6.22% | 04/25/2029 | $ | 1,733 | 1,731,238 |
FS KKR Capital Corp., Series 2019-1A, Class A2 (3 mo. USD LIBOR + 3.00%)(j)(k) | 4.89% | 07/15/2030 | $ | 1,855 | 1,855,002 |
NewStar Berkeley Fund CLO LLC, Series 2016-1A, Class DR (3 mo. USD LIBOR + 4.75%)(j)(k) | 7.02% | 10/25/2028 | $ | 1,489 | 1,489,008 |
OCP Euro CLO, REGS, Series 2017-2, Class E (3 mo. EURIBOR + 5.00%)(j)(k) | 5.00% | 01/15/2032 | EUR | 201 | 214,188 |
Total Structured Products (Cost $5,494,088) | 5,475,121 |
| | | Shares | |
Preferred Stocks–0.05%(l) |
Automotive–0.02% | | |
ThermaSys Corp., Series A | | | | 187,840 | 150,038 |
Financial Intermediaries–0.01% | | |
RJO Holdings Corp., Series A-2(d) | | | | 324 | 129,780 |
Retailers (except Food & Drug)–0.00% | | |
Claire’s Stores, Inc., Series A(d) | | | | 111 | 19,425 |
Vivarte, Class A (France)(d) | | | | 7,780 | 0 |
Vivarte, Class A Preference Shares (France)(d) | | | | 259 | 0 |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
26 | Invesco Senior Income Trust |
| | | Shares | Value |
Retailers (except Food & Drug)–(continued) |
Vivarte, Class B Preference Shares (France)(d) | | | | 259 | $ 0 |
| | | | | 19,425 |
Telecommunications–0.01% | | |
Goodman Networks, Inc., Series A-1(d) | | | | 125,268 | 50,107 |
Utilities–0.01% | | |
Genie Energy Ltd., Pfd. | | | | 7,632 | 66,551 |
Total Preferred Stocks (Cost $424,749) | 415,901 |
|
Money Market Funds–0.87% |
Invesco Government & Agency Portfolio,Institutional Class, 2.02%(o) | | 2,607,529 | 2,607,529 |
Invesco Liquid Assets Portfolio,Institutional Class, 2.14%(o) | | 1,862,172 | 1,862,917 |
Invesco Treasury Portfolio,Institutional Class, 1.98%(o) | | 2,980,033 | 2,980,033 |
Total Money Market Funds (Cost $7,450,479) | 7,450,479 |
TOTAL INVESTMENTS IN SECURITIES(p)–148.54% (Cost $1,310,441,798) | 1,266,024,365 |
BORROWINGS–(27.95)% | (238,250,000) |
VARIABLE RATE DEMAND PREFERRED SHARES–(14.62)% | (124,624,243) |
OTHER ASSETS LESS LIABILITIES–(5.97)% | (50,829,788) |
NET ASSETS APPLICABLE TO COMMON SHARES–100.00% | $852,320,334 |
Investment Abbreviations:
CHF | – Swiss Franc |
CLO | – Collateralized Loan Obligation |
DIP | – Debtor-in-Possession |
EUR | – Euro |
EURIBOR | – Euro Interbank Offered Rate |
GBP | – British Pound Sterling |
LIBOR | – London Interbank Offered Rate |
Pfd. | – Preferred |
PIK | – Pay-in-Kind |
REGS | – Regulation S |
Rts. | – Rights |
USD | – U.S. Dollar |
Wts. | – Warrants |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
27 | Invesco Senior Income Trust |
Notes to Consolidated Schedule of Investments:
(a) | Principal amounts are denominated in U.S. dollars unless otherwise noted. |
(b) | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. |
(c) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the "1933 Act") and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Trust’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(e) | All or a portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 8. |
(f) | This variable rate interest will settle after August 31, 2019, at which time the interest rate will be determined. |
(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) | The borrower has filed for protection in federal bankruptcy court. |
(i) | 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, 2019 was $914,940, which represented less than 1% of the Trust’s Net Assets. |
(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, 2019 was $103,472,525, which represented 12.14% of the Trust’s Net Assets. |
(k) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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 value of this security as of August 31, 2019 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, 2019. |
(p) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
Portfolio Composition†*
By credit quality, based on total investments
as of August 31, 2019
AA | 0.15% |
A | 0.14 |
BBB- | 7.18 |
BB+ | 6.04 |
BB | 10.09 |
BB- | 13.25 |
B+ | 18.79 |
B | 19.75 |
B- | 8.76 |
CCC+ | 3.02 |
CCC | 0.84 |
CCC- | 0.10 |
CC | 0.04 |
D | 0.06 |
Non-Rated | 8.68 |
Equity | 3.11 |
† 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. |
| |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
28 | Invesco Senior Income Trust |
Open Forward Foreign Currency Contracts |
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) |
Deliver | Receive |
Currency Risk | | | | | | |
09/17/2019 | Bank of America Merrill Lynch | CHF | 479,067 | USD | 487,840 | $3,244 |
09/17/2019 | Bank of America Merrill Lynch | USD | 3,843,383 | GBP | 3,169,023 | 14,881 |
09/17/2019 | Barclays Bank PLC | EUR | 1,287,967 | USD | 1,451,459 | 34,492 |
09/17/2019 | Barclays Bank PLC | GBP | 3,117,167 | USD | 3,904,017 | 108,887 |
09/17/2019 | Barclays Bank PLC | USD | 3,857,397 | GBP | 3,180,156 | 14,422 |
10/15/2019 | Barclays Bank PLC | EUR | 10,231,766 | USD | 11,377,591 | 96,097 |
10/15/2019 | Canadian Imperial Bank of Commerce | EUR | 10,231,766 | USD | 11,410,261 | 128,767 |
09/17/2019 | Citibank, N.A. | EUR | 9,855,998 | USD | 11,118,305 | 275,145 |
09/17/2019 | Citibank, N.A. | GBP | 3,282,655 | USD | 4,105,322 | 108,712 |
10/15/2019 | Citibank, N.A. | EUR | 10,231,766 | USD | 11,384,487 | 102,993 |
10/15/2019 | Citibank, N.A. | GBP | 406,921 | USD | 499,648 | 3,635 |
09/17/2019 | Goldman Sachs International | EUR | 9,855,998 | USD | 11,115,250 | 272,090 |
10/15/2019 | Goldman Sachs International | EUR | 1,996,672 | USD | 2,222,027 | 20,506 |
09/17/2019 | J.P. Morgan Chase Bank, N.A. | GBP | 3,112,220 | USD | 3,897,778 | 108,671 |
10/15/2019 | Morgan Stanley Bank,N.A | EUR | 115,887 | USD | 129,051 | 1,274 |
09/17/2019 | Royal Bank of Canada | EUR | 10,299,522 | USD | 11,622,629 | 291,523 |
10/15/2019 | Royal Bank of Canada | CHF | 480,624 | USD | 494,507 | 7,060 |
10/15/2019 | Royal Bank of Canada | EUR | 6,801 | USD | 7,582 | 83 |
09/17/2019 | Toronto Dominion Bank | EUR | 9,855,998 | USD | 11,116,186 | 273,026 |
09/17/2019 | Toronto Dominion Bank | USD | 3,836,445 | GBP | 3,162,863 | 14,319 |
10/15/2019 | Toronto Dominion Bank | EUR | 10,231,552 | USD | 11,414,381 | 133,123 |
Subtotal—Appreciation | 2,012,950 |
Currency Risk | | | | | | |
10/15/2019 | Bank of America Merrill Lynch | GBP | 3,170,746 | USD | 3,849,783 | (15,175) |
09/17/2019 | Barclays Bank PLC | USD | 11,342,135 | EUR | 10,221,731 | (96,611) |
10/15/2019 | Barclays Bank PLC | GBP | 3,158,248 | USD | 3,835,130 | (14,596) |
09/17/2019 | Canadian Imperial Bank of Commerce | USD | 11,374,538 | EUR | 10,221,731 | (129,014) |
09/17/2019 | Citibank, N.A. | USD | 11,349,188 | EUR | 10,221,731 | (103,664) |
09/17/2019 | Royal Bank of Canada | USD | 491,612 | CHF | 479,067 | (7,015) |
09/17/2019 | Royal Bank of Canada | USD | 301,979 | EUR | 268,772 | (6,287) |
09/17/2019 | Toronto Dominion Bank | USD | 11,378,634 | EUR | 10,221,517 | (133,345) |
10/15/2019 | Toronto Dominion Bank | GBP | 3,170,746 | USD | 3,850,294 | (14,665) |
Subtotal—Depreciation | (520,372) |
Total Forward Foreign Currency Contracts | $1,492,578 |
Abbreviations: |
CHF | – Swiss Franc |
EUR | – Euro |
GBP | – British Pound Sterling |
USD | – U.S. Dollar |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
29 | Invesco Senior Income Trust |
Consolidated Statement of Assets and Liabilities
August 31, 2019
(Unaudited)
Assets: | |
Investments in securities, at value (Cost $1,301,739,498) | $1,258,573,886 |
Investments in affiliates, at value (Cost $8,702,300) | 7,450,479 |
Other investments: | |
Unrealized appreciation on forward foreign currency contracts outstanding | 2,012,950 |
Cash | 13,024,086 |
Foreign currencies, at value (Cost $9,859,816) | 9,808,936 |
Receivable for: | |
Dividends | 58,365 |
Investments matured, at value (Cost $23,901,657) | 443,019 |
Interest | 6,039,670 |
Investments sold | 37,394,559 |
Investment for trustee deferred compensation and retirement plans | 18,467 |
Other assets | 392,611 |
Total assets | 1,335,217,028 |
Liabilities: | |
Variable rate demand preferred shares, at liquidation preference ($0.01 par value, 1,250 shares issued with liquidation preference of $100,000 per share) | 124,624,243 |
Other investments: | |
Unrealized depreciation on forward foreign currency contracts outstanding | 520,372 |
Payable for: | |
Borrowings | 238,250,000 |
Investments purchased | 111,792,313 |
Dividends | 302,258 |
Accrued fees to affiliates | 207,625 |
Accrued interest expense | 1,074,492 |
Accrued trustees’ and officers’ fees and benefits | 3,760 |
Accrued other operating expenses | 278,289 |
Trustee deferred compensation and retirement plans | 18,467 |
Unfunded loan commitments | 5,824,875 |
Total liabilities | 482,896,694 |
Net assets applicable to common shares | $852,320,334 |
Net assets applicable to common shares consist of: | |
Shares of beneficial interest — common shares | $1,011,829,428 |
Distributable earnings | (159,509,094) |
| $852,320,334 |
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 | $4.73 |
Market value per common share | $4.14 |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
30 | Invesco Senior Income Trust |
Consolidated Statement of Operations
For the six months ended August 31, 2019
(Unaudited)
Investment income: | |
Interest | $35,647,534 |
Dividends from affiliated money market funds | 230,582 |
Other income | 216,817 |
Dividends | 100,720 |
Total investment income | 36,195,653 |
Expenses: | |
Advisory fees | 5,339,739 |
Administrative services fees | 1,256,409 |
Custodian fees | 102,262 |
Interest, facilities and maintenance fees | 7,014,739 |
Transfer agent fees | 7,427 |
Trustees’ and officers’ fees and benefits | 17,587 |
Registration and filing fees | 77,852 |
Reports to shareholders | 36,270 |
Professional services fees | 203,784 |
Other | 44,998 |
Total expenses | 14,101,067 |
Less: Fees waived | (8,645) |
Net expenses | 14,092,422 |
Net investment income | 22,103,231 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Investment securities | 5,850,748 |
Foreign currencies | (111,132) |
Forward foreign currency contracts | 1,887,978 |
| 7,627,594 |
Change in net unrealized appreciation (depreciation) of: | |
Investment securities | (17,777,011) |
Foreign currencies | 206,934 |
Forward foreign currency contracts | 1,333,465 |
| (16,236,612) |
Net realized and unrealized gain (loss) | (8,609,018) |
Net increase (decrease) in net assets resulting from operations applicable to common shares | $13,494,213 |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
31 | Invesco Senior Income Trust |
Consolidated Statement of Changes in Net Assets
For the six months ended August 31, 2019 and the year ended February 28, 2019
(Unaudited)
| August 31, 2019 | February 28, 2019 |
Operations: | | |
Net investment income | $22,103,231 | $42,294,609 |
Net realized gain (loss) | 7,627,594 | (5,244,766) |
Change in net unrealized appreciation (depreciation) | (16,236,612) | (11,524,256) |
Net increase in net assets resulting from operations applicable to common shares | 13,494,213 | 25,525,587 |
Distributions to common shareholders from distributable earnings | (23,404,701) | (46,539,350) |
Net increase (decrease) in net assets applicable to common shares | (9,910,488) | (21,013,763) |
Net assets applicable to common shares: | | |
Beginning of period | 862,230,822 | 883,244,585 |
End of period | $852,320,334 | $862,230,822 |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
32 | Invesco Senior Income Trust |
Consolidated Statement of Cash Flows
For the six months ended August 31, 2019
(Unaudited)
Cash provided by operating activities: | |
Net increase in net assets resulting from operations applicable to common shares | $13,494,213 |
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities: | |
Purchases of investments | (459,689,186) |
Proceeds from sales of investments | 482,857,028 |
Proceeds from sales of short-term investments, net | 9,392,662 |
Amortization of premium on investment securities | 370,544 |
Increase in receivables and other assets | (335,046) |
Decrease in accrued expenses and other payables | (245,575) |
Net realized gain from investment securities | (5,850,748) |
Net change in unrealized depreciation on investment securities | 17,777,011 |
Net change in unrealized appreciation of forward foreign currency contracts | (1,333,465) |
Net cash provided by operating activities | 56,437,438 |
Cash provided by (used in) financing activities: | |
Dividends paid to common shareholders from distributable earnings | (23,570,076) |
Repayment of borrowings | (35,000,000) |
Net cash provided by (used in) financing activities | (58,570,076) |
Net decrease in cash and cash equivalents | (2,132,638) |
Cash and cash equivalents at beginning of period | 32,416,139 |
Cash and cash equivalents at end of period | $30,283,501 |
Supplemental disclosure of cash flow information: | |
Cash paid during the period for interest, facilities and maintenance fees | $7,164,882 |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
33 | Invesco Senior Income Trust |
Consolidated Financial Highlights
August 31, 2019
(Unaudited)
The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.
| Six Months Ended August 31, 2019 | Years Ended February 28, | Year Ended February 29, 2016 | Year Ended February 28, 2015 |
| 2019 | 2018 | 2017 |
Net asset value per common share, beginning of period | $4.79 | $4.91 | $4.93 | $4.30 | $5.05 | $5.25 |
Net investment income(a) | 0.12 | 0.23 | 0.23 | 0.29 | 0.31 | 0.32 |
Net gains (losses) on securities (both realized and unrealized) | (0.05) | (0.09) | 0.00 | 0.63 | (0.74) | (0.20) |
Total from investment operations | 0.07 | 0.14 | 0.23 | 0.92 | (0.43) | 0.12 |
Less: | | | | | | |
Dividends paid to common shareholders from net investment income | (0.13) | (0.26) | (0.22) | (0.26) | (0.32) | (0.32) |
Return of capital | — | — | (0.03) | (0.03) | — | — |
Total distributions | (0.13) | (0.26) | (0.25) | (0.29) | (0.32) | (0.32) |
Net asset value per common share, end of period | $4.73 | $4.79 | $4.91 | $4.93 | $4.30 | $5.05 |
Market value per common share, end of period | $4.14 | $4.24 | $4.40 | $4.72 | $3.76 | $4.68 |
Total return at net asset value(b) | 1.82% | 3.83% | 5.32% | 22.59% | (8.31)% | 2.90% |
Total return at market value(c) | 0.68% | 2.57% | (1.42)% | 34.22% | (13.48)% | (0.46)% |
Net assets applicable to common shares, end of period (000’s omitted) | $852,320 | $862,231 | $883,245 | $888,270 | $773,748 | $908,720 |
Portfolio turnover rate(d) | 35% | 45% | 60% | 69% | 55% | 63% |
Ratios/supplemental data based on average net assets applicable to common shares outstanding: | | | | | | |
Ratio of expenses: | | | | | | |
With fee waivers and/or expense reimbursements | 3.26%(e) | 3.08% | 2.64% | 2.37% | 2.34% | 2.20% |
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | 1.64%(e) | 1.62% | 1.61% | 1.58% | 1.69% | 1.65% |
Without fee waivers and/or expense reimbursements | 3.26%(e) | 3.08% | 2.64% | 2.38% | 2.34% | 2.20% |
Ratio of net investment income to average net assets | 5.12%(e) | 4.84% | 4.66% | 6.15% | 6.57% | 6.22% |
Senior securities: | | | | | | |
Total amount of preferred shares outstanding (000’s omitted) | $125,000 | $125,000 | $75,000 | $125,000 | $125,000 | $125,000 |
Asset coverage per $1,000 unit of senior indebtedness(f) | $5,101 | $4,611 | $4,275 | $5,503 | $4,994 | $4,640 |
Total borrowings (000’s omitted) | $238,250 | $273,250 | $292,500 | $225,000 | $225,000 | $284,000 |
Asset coverage per preferred share(g) | $781,856 | $789,785 | $1,277,659 | $810,616 | $718,998 | $826,976 |
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 $859,537. |
(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. |
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
34 | Invesco Senior Income Trust |
Notes to Consolidated Financial Statements
August 31, 2019
(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 may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC (the “LLC”), a Delaware limited liability company. The Trust owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust (the “Loan Origination Trust”), which in turn owns all beneficial and economic interests in the LLC. The Trust may invest up to 25% of its total net assets in the Loan Origination Trust.
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 consolidated 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 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.
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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 consolidated 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Facility fees received may be amortized over the life of the loan. 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 Consolidated 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 Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated 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 Consolidated Statement of Operations and the Consolidated 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 Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
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. | Cash and Cash Equivalents – For the purposes of the Consolidated 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. |
F. | 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. |
G. | 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.
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H. | 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 Demand Preferred Shares (“VRDP Shares”). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included. |
I. | 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. |
J. | 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. |
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 Consolidated 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 Consolidated 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.
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 Consolidated 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 Consolidated 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 that 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”),
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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, 2021, 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, 2019, the Adviser waived advisory fees of $8,645.
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, 2019, expenses incurred under this agreement are shown in the Consolidated Statement of Operations asAdministrative services fees. Also, Invesco has entered into a sub-administration agreement 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.
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, 2019. 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.
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During the six-month period ended August 31, 2019, there were transfers from Level 2 to Level 3 of $17,601,404 due to third-party vendor quotations utilizing single market quotes and from Level 3 to Level 2 of $9,684,880, due to third-party vendor quotations utilizing more than one market quote.
| Level 1 | Level 2 | Level 3 | Total |
Investments in Securities | | | | |
Variable Rate Senior Loan Interests | $— | $1,021,131,076 | $88,751,894 | $1,109,882,970 |
U.S. Dollar Denominated Bonds & Notes | — | 91,677,801 | — | 91,677,801 |
Common Stocks & Other Equity Interests | 15,424,764 | 8,235,212 | 15,364,043 | 39,024,019 |
Non-U.S. Dollar Denominated Bonds & Notes | — | 12,098,074 | — | 12,098,074 |
Structured Products | — | 5,475,121 | — | 5,475,121 |
Preferred Stocks | 66,551 | 150,038 | 199,312 | 415,901 |
Money Market Funds | 7,450,479 | — | — | 7,450,479 |
Investments Matured | — | — | 443,019 | 443,019 |
Total Investments in Securities | 22,941,794 | 1,138,767,322 | 104,758,268 | 1,266,467,384 |
Other Investments - Assets* | | | | |
Forward Foreign Currency Contracts | — | 2,012,950 | — | 2,012,950 |
Other Investments - Liabilities* | | | | |
Forward Foreign Currency Contracts | — | (520,372) | — | (520,372) |
Total Other Investments | — | 1,492,578 | — | 1,492,578 |
Total Investments | $22,941,794 | $1,140,259,900 | $104,758,268 | $1,267,959,962 |
* | 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, 2019:
| Value 02/28/19 | Purchases at Cost | Proceeds from Sales | Accrued Discounts/ Premiums | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Value 08/31/19 |
Variable Rate Senior Loan Interests | $ 65,361,351 | $ 48,685,068 | $ (25,523,735) | $ 87,800 | $ 226,738 | $ (291,657) | $ 9,741,172 | $ (9,534,843) | $ 88,751,894 |
Common Stocks & Other Equity Interests | 5,869,027 | 1,674,032 | (61,406) | – | 32,545 | 30,545 | 7,819,300 | – | 15,364,043 |
Preferred Stocks | 248,407 | – | – | – | – | 81,517 | 19,425 | (150,037) | 199,312 |
Investments Matured | 421,512 | – | – | – | – | – | 21,507 | – | 443,019 |
Total | $ 71,900,297 | $ 50,359,100 | $ (25,585,141) | $ 87,800 | $ 259,283 | $ (179,595) | $ 17,601,404 | $ (9,684,880) | $ 104,758,268 |
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.
For financial reporting purposes, the Trust does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.
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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, 2019:
| Value |
Derivative Assets | Currency Risk |
Unrealized appreciation on forward foreign currency contracts outstanding | $2,012,950 |
Derivatives not subject to master netting agreements | - |
Total Derivative Assets subject to master netting agreements | $2,012,950 |
| Value |
Derivative Liabilities | Currency Risk |
Unrealized depreciation on forward foreign currency contracts outstanding | $(520,372) |
Derivatives not subject to master netting agreements | - |
Total Derivative Liabilities subject to master netting agreements | $(520,372) |
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, 2019.
| 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 |
Bank of America Merrill Lynch | $18,125 | | $(15,175) | $2,950 | $– | $– | $2,950 |
Barclays Bank PLC | 253,898 | | (111,207) | 142,691 | – | – | 142,691 |
Canadian Imperial Bank of Commerce | 128,767 | | (129,014) | (247) | – | – | (247) |
Citibank, N.A. | 490,485 | | (103,664) | 386,821 | – | – | 386,821 |
Goldman Sachs International | 292,596 | | – | 292,596 | – | – | 292,596 |
J.P. Morgan Chase Bank, N.A. | 108,671 | | – | 108,671 | – | – | 108,671 |
Morgan Stanley Capital Service | 1,274 | | – | 1,274 | – | – | 1,274 |
Royal Bank of Canada | 298,666 | | (13,302) | 285,364 | – | – | 285,364 |
Toronto Dominion Bank | 420,468 | | (148,010) | 272,458 | – | – | 272,458 |
Total | $2,012,950 | | $(520,372) | $1,492,578 | $– | $– | $1,492,578 |
Effect of Derivative Investments for the six months ended August 31, 2019
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
| Location of Gain on Consolidated Statement of Operations |
| Currency Risk |
Realized Gain: | |
Forward foreign currency contracts | $1,887,978 |
Change in Net Unrealized Appreciation: | |
Forward foreign currency contracts | 1,333,465 |
Total | $3,221,443 |
The table below summarizes the average notional value of derivatives held during the period.
| Forward Foreign Currency Contracts |
Average notional value | $167,239,641 |
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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, 2019.
| Value 02/28/19 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value 08/31/19 | Dividend Income |
Cygnus Business Media, Inc., Common Shares | $0 | $– | $– | $– | $– | $0 | $– |
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 5, 2019. The revolving credit and security agreement is secured by the assets of the Trust.
During the six months ended August 31, 2019, the average daily balance of borrowings under the revolving credit and security agreement was $263,141,304 with a weighted interest rate of 1.76%. The carrying amount of the Trust’s payable for borrowings as reported on the Consolidated Statement of Assets and Liabilities approximates its fair value. Expenses under the credit and security agreement are shown in the Consolidated Statement of Operations asInterest, 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 Consolidated Statement of Assets and Liabilities under the payable captionAmount 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. The Trust may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding
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, 2019. 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 |
Heartland Dental, LLC | Delayed Draw Term Loan | | $ 3,224 | $ 3,129 |
IAP Worldwide Services | Revolver Loan | | 1,794,337 | 1,794,337 |
Manna Pro Products, LLC | Delayed Draw Term Loan | | 439,138 | 434,746 |
Mavis Tire Express Services Corp. | Delayed Draw Term Loan | | 209,508 | 205,974 |
Monitronics International Inc. | Revolver Loan | | 426,266 | 426,266 |
Pacific Gas and Electric Co. | Delayed Draw Term Loan | | 1,022,182 | 1,022,182 |
Spectrum Holdings III Corp. | Delayed Draw Term Loan | | 13,795 | 12,778 |
SRAM, LLC | Delayed Draw Term Loan | | 666,930 | 666,930 |
Transtar Holding Co. | Delayed Draw Term Loan | | 160,277 | 160,277 |
Unilabs Diagnostics AB | Revolver Loan | EUR | 942,706 | 1,028,922 |
Vue International Bidco PLC | Delayed Draw Term Loan | EUR | 62,622 | 69,334 |
| | | | $ 5,824,875 |
(a) | Principal amounts are denominated in U.S. Dollars unless otherwise noted. |
Currency Abbreviations:
EUR – Euro
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
41 | Invesco Senior Income Trust |
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, 2019, as follows:
Capital Loss Carryforward* |
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $1,181,480 | $97,528,247 | $98,709,727 |
* | 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, 2019 was $435,232,637 and $439,622,010, 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 | $29,473,139 |
Aggregate unrealized (depreciation) of investments | (97,370,748) |
Net unrealized appreciation (depreciation) of investments | $(67,897,609) |
Cost of investments for tax purposes is $1,335,857,571.
NOTE 11—Common Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as follows:
| Six Months Ended August 31, 2019 | Year Ended February 28, 2019 |
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 Demand Preferred Shares
On June 14, 2018, the Trust issued 1,250 Series W-7 VRDP Shares with a liquidation preference of $100,000 per share to Barclays Bank PLC, pursuant to an offering exempt from registration under the 1933 Act. Proceeds from the issuance of the VRDP Shares were used to redeem all of the Trust’s outstanding Variable Rate Term Preferred Shares. VRDP 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 VRDP Shares on June 1, 2028, unless earlier redeemed or repurchased. VRDP Shares are subject to an 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.
The Trust incurred costs in connection with the transfer of the VRDP Shares that are recorded as a deferred charge and are being amortized over a period of ten years to June 1, 2028. Amortization of these costs is included inInterest, facilities and maintenance fees on the Consolidated Statement of Operations, and the unamortized balance is included in the value ofVariable rate demand preferred shares on the Consolidated Statement of Assets and Liabilities.
Dividends paid on the VRDP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. As of August 31, 2019, the dividend rate is equal to the USD LIBOR interest rate plus a spread of 0.15%, which is based on the short-term credit rating assigned to the VRDP Shares by Moody’s Investors Service, Inc. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VRDP Shares during the six-month period ended August 31, 2019 were $125,000,000 and 2.50%, respectively.
The Trust is subject to certain restrictions relating to the VRDP 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 an increased rate which, if not cured, could cause the mandatory redemption of VRDP Shares at the maximum liquidation preference plus any accumulated but unpaid dividends.
The liquidation preference of VRDP Shares, which approximates fair value, is recorded as a liability under the captionVariable rate demand preferred shares on the Consolidated Statement of Assets and Liabilities. The fair value of VRDP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VRDP Shares, and therefore the “spread” on the VRDP Shares (determined in accordance with the VRDP Shares’ governing document) remains unchanged. At period-end, the Trust’s Adviser has determined that fair value of VRDP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially and/or the credit rating assigned to the VRDP Shares is
42 | Invesco Senior Income Trust |
downgraded. Unpaid dividends on VRDP Shares are recognized asAccrued interest expense on the Consolidated Statement of Assets and Liabilities. Dividends paid on VRDP Shares are recognized as a component ofInterest, facilities and maintenance fees on the Consolidated Statement of Operations.
NOTE 13—Dividends
The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2019:
Declaration Date | Amount per Share | Record Date | Payable Date |
September 3, 2019 | $0.0230 | September 18, 2019 | September 30, 2019 |
October 1, 2019 | $0.0240 | October 16, 2019 | October 31, 2019 |
43 | Invesco Senior Income Trust |
Approval of Investment Advisory andSub-Advisory Contracts
At meetings held on June 10, 2019, the Board of Trustees (the Board or the Trustees) of Invesco Senior Income Trust (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master IntergroupSub-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 AffiliatedSub-Advisers and thesub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established threeSub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). As part of a regularly scheduled basis ofin-person Board meetings, theSub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee andSub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement andsub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. 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 throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement andsub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
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 andsub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years 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. This information is current as of June 10, 2019.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the AffiliatedSub-Advisers |
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis and investment risk management. The Board also considerednon-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds following Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries. 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 AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-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 thesub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-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 thesub-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, 2018 to the performance of funds in the Broadridge performance universe and against the LipperClosed-End Loan Participation Funds Index. The Board noted that the Fund’s performance was in the third quintile of its performance universe for the one and five year periods and the second 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 below the performance of the Index for the one year period and reasonably comparable to 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. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year, as well as initiatives taken to enhance shareholder value including the implementation of a loan origination strategy for the Fund.
C. | Advisory andSub-Advisory Fees and Fund Expenses |
The Board compared the Fund’s contractual management fee rate to the contractual
44 Invesco Senior Income Trust
management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for shares of the Fund was above the median contractual management fee 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. 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 considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees and total expense ratio were each in the fifth quintile of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to,sub-advised Invesco Funds, including oversight of the AffiliatedSub-Advisers as well as the additional services described herein other thanday-to-day portfolio management.
D. | Economies of Scale and Breakpoints |
The Board noted that mostclosed-end funds do not have fund level breakpoints becauseclosed-end funds generally do not experience substantial asset growth after the initial public offering. 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. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
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 considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-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 considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. 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.
45 Invesco Senior Income Trust
Distribution Information
Correction notice
The following table sets forth on a per share basis the distribution that was paid in August 2019. Included in the table is a written statement of the sources of the distribution on a generally accepted accounting principles (“GAAP”) basis.
| | Net Income | Gain from Sale of Securities | Return of Principal | Total Distribution |
8/30/2019 | VVR | $0.0205 | $0.000 | $0.0025 | $0.0230 |
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 federal income tax purposes. This Notice is sent to comply with certain Securities and Exchange Commission requirements.
46 | Invesco Senior Income Trust |
Proxy Results
A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Senior Income Trust (the “Fund”) was held on August 9, 2019 and was adjourned until August 23, 2019. The Meeting on August 23, 2019 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). | | Cynthia Hostetler | | | 155,631,604.52 | | | | 3,387,866.77 | |
| | Eli Jones | | | 155,719,899.55 | | | | 3,299,571.73 | |
| | Ann Barnett Stern | | | 155,673,512.51 | | | | 3,345,958.77 | |
| | Raymond Stickel, Jr. | | | 155,646,606.77 | | | | 3,372,864.52 | |
(2). | | Prema Mathai-Davis | | | 550.00 | | | | 0.00 | |
47 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust’s Form N-PORT filings on the SEC website at sec.gov. The SEC file number for the Trust is shown below.
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. The information is also available on the SEC website, sec.gov.
SEC file number: 811-08743 | VK-CE-SINC-SAR-1 |
Not applicable for a semi-annual report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
During the reporting period, PricewaterhouseCoopers (“PwC”) advised the Audit Committee of the following matters for consideration under the SEC’s auditor independence rules. PwC advised the Audit Committee that a PwC Manager and a PwC Senior Associate each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule2-01(c)(1) of RegulationS-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, (or with respect to the PwC Senior Associate was not aware until after the investments were confirmed as SEC exceptions), the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates (or with respect to the PwC Senior Associate, the services were performed by an individual who did not have decision-making responsibility for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Senior Associate), and the investments were not material to the net worth of each individual or their respective immediate family members which they considered in reaching their conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant.
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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BYCLOSED-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 October 16, 2019, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule30a-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 October 16, 2019, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on FormN-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 inRule 30a-3(d) under the Act) that occurred during 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. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
13(a) (2) | Certifications of principal executive officer and principal financial officer as required by Rule30a-2(a) under the Investment Company Act of 1940. |
13(b) | Certifications of principal executive officer and principal financial officer as required by Rule30a-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
| | |
By: | | /s/ Sheri Morris |
| | Sheri Morris |
| | Principal Executive Officer |
| |
Date: | | November 7, 2019 |
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 7, 2019 |
| | |
By: | | /s/ Kelli Gallegos |
| | Kelli Gallegos |
| | Principal Financial Officer |
| |
Date: | | November 7, 2019 |