Consolidated Schedule of Investments
November 30, 2021
(Unaudited)
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | |||
Variable Rate Senior Loan Interests–114.15%(b)(c)(d) | ||||||
Aerospace & Defense–9.32% | ||||||
Aernnova Aerospace S.A.U. (Spain) | ||||||
Term Loan B-1 (3 mo. EURIBOR + 3.00%) | 3.00% | 02/26/2027 | EUR | 726 | $ 778,072 | |
Term Loan B-2 (3 mo. EURIBOR + 3.00%) | 3.00% | 02/26/2027 | EUR | 183 | 196,446 | |
Boeing Co., Revolver Loan(e) | 0.00% | 10/30/2022 | $ 17,326 | 17,189,563 | ||
Castlelake Aviation Ltd., Term Loan B (1 mo. USD LIBOR + 2.75%) | 3.25% | 10/25/2026 | 1,113 | 1,103,715 | ||
Dynasty Acquisition Co., Inc. | ||||||
Term Loan B-1 (1 mo. USD LIBOR + 3.50%) | 3.63% | 04/08/2026 | 498 | 485,014 | ||
Term Loan B-2 (1 mo. USD LIBOR + 3.50%) | 3.63% | 04/08/2026 | 266 | 259,252 | ||
FDH Group Acquisition, Inc. | ||||||
Delayed Draw Term Loan(e)(f) | 0.00% | 04/01/2024 | 9,488 | 9,298,163 | ||
Term Loan A(f) | 7.10% | 04/01/2024 | 19,055 | 18,673,895 | ||
IAP Worldwide Services, Inc. | ||||||
Revolver Loan (Acquired 07/22/2014; Cost $1,444,403)(e)(f)(g) | 0.00% | 07/18/2023 | 1,445 | 1,444,403 | ||
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) (Acquired 07/22/2014-08/18/2014; Cost $1,552,114)(f)(g) | 8.00% | 07/18/2023 | 1,581 | 1,580,907 | ||
KKR Apple Bidco LLC, Second Lien Term Loan (1 mo. USD LIBOR + 5.75%) | 6.25% | 09/21/2029 | 341 | 345,627 | ||
NAC Aviation 8 Ltd. (Ireland), Junior Loan Series 3(f) | 3.94% | 12/31/2021 | 3,246 | 2,310,842 | ||
PAE Holding Corp., Term Loan (1 mo. USD LIBOR + 4.50%) | 5.25% | 10/13/2027 | 758 | 759,448 | ||
Peraton Corp. | ||||||
First Lien Term Loan B (1 mo. USD LIBOR + 3.75%) | 4.50% | 02/01/2028 | 11 | 11,302 | ||
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 8.50% | 02/26/2029 | 2,064 | 2,096,887 | ||
Spirit AeroSystems, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%) | 4.25% | 01/15/2025 | 1,399 | 1,400,406 | ||
Vectra Co., First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | 3.34% | 03/08/2025 | 196 | 189,305 | ||
58,123,247 | ||||||
Air Transport–3.66% | ||||||
American Airlines, Inc., Term Loan (3 mo. USD LIBOR + 1.75%) | 1.84% | 06/27/2025 | 772 | 729,888 | ||
PrimeFlight Aviation Services, Inc. | ||||||
Delayed Draw Term Loan(f) | 7.25% | 05/09/2024 | 3,203 | 3,177,096 | ||
Incremental Delayed Draw Term Loan(f) | 7.25% | 05/09/2024 | 9,446 | 9,369,986 | ||
Term Loan(f) | 7.25% | 05/09/2024 | 9,608 | 9,531,287 | ||
22,808,257 | ||||||
Automotive–6.28% | ||||||
BCA Marketplace (United Kingdom) | ||||||
Second Lien Term Loan B | 7.55% | 06/30/2029 | GBP | 4,668 | 6,267,505 | |
Term Loan B(h) | – | 06/30/2028 | GBP | 1,054 | 1,402,309 | |
DexKo Global, Inc., Delayed Draw Term Loan(e) | 0.00% | 09/30/2028 | 19 | 18,684 | ||
Driven Holdings LLC, Term Loan B(f)(h) | – | 11/20/2028 | 592 | 588,555 | ||
Muth Mirror Systems LLC | �� | |||||
Revolver Loan(e)(f) | 0.00% | 04/23/2025 | 1,677 | 1,645,333 | ||
Term Loan(f) | 6.25% | 04/23/2025 | 19,421 | 19,051,926 | ||
Panther BF Aggregator 2 L.P. (Canada), Term Loan(h) | – | 04/30/2026 | 29 | 29,010 | ||
ThermaSys Corp. | ||||||
Term Loan(f) | 7.00% | 10/02/2023 | 0 | 87 | ||
Term Loan(f)(h) | – | 12/29/2023 | 33 | 12,190 | ||
Transtar Industries, Inc. | ||||||
Delayed Draw Term Loan (Acquired 01/22/2021; Cost $1,196,052)(e)(f)(g) | 0.00% | 01/22/2027 | 1,218 | 1,229,704 | ||
Term Loan A (Acquired 01/22/2021; Cost $8,648,183)(f)(g)(h) | – | 01/22/2027 | 8,804 | 8,892,076 | ||
39,137,379 | ||||||
Beverage & Tobacco–0.33% | ||||||
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%) | 4.50% | 03/20/2024 | 517 | 489,512 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | |||
Beverage & Tobacco–(continued) | ||||||
Waterlogic Holdings Ltd. (United Kingdom) | ||||||
Term Loan B (3 mo. EURIBOR + 4.25%) | 4.25% | 08/04/2028 | EUR | 249 | $ 282,319 | |
Term Loan B (1 mo. USD LIBOR + 4.75%) | 4.89% | 08/04/2028 | $ 1,311 | 1,313,166 | ||
2,084,997 | ||||||
Brokers, Dealers & Investment Houses–0.19% | ||||||
AqGen Island Intermediate Holdings, Inc. | ||||||
First Lien Term Loan B(h) | – | 12/03/2026 | 938 | 932,430 | ||
Second Lien Term Loan B(h) | – | 08/05/2029 | 32 | 32,544 | ||
Zebra Buyer LLC, First Lien Term Loan(h) | – | 04/22/2028 | 210 | 209,248 | ||
1,174,222 | ||||||
Building & Development–0.72% | ||||||
CRH Europe Distribution (Netherlands), Term Loan A (3 mo. EURIBOR + 4.50%)(f) | 4.00% | 11/29/2025 | EUR | 773 | 871,884 | |
Mayfair Mall LLC, Term Loan(f)(h) | – | 04/20/2023 | 1,258 | 1,150,974 | ||
Modulaire (United Kingdom), Term Loan B(h) | – | 10/08/2028 | EUR | 1,294 | 1,467,102 | |
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%) | 5.00% | 07/24/2024 | 974 | 974,386 | ||
4,464,346 | ||||||
Business Equipment & Services–14.03% | ||||||
Aegion Corp., Term Loan B (1 mo. USD LIBOR + 4.75%) | 5.50% | 03/31/2028 | 924 | 925,387 | ||
Allied Universal Holdco LLC, Term Loan(h) | – | 05/12/2028 | 2,403 | 2,385,838 | ||
AutoScout24 (Speedster Bidco GmbH) (Germany), Second Lien Term Loan (3 mo. EURIBOR + 6.00%) | 6.00% | 03/31/2028 | EUR | 3,053 | 3,485,378 | |
Blackhawk Network Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%) | 7.13% | 06/15/2026 | 384 | 382,776 | ||
Blucora, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)(f) | 5.00% | 05/22/2024 | 719 | 719,664 | ||
Checkout Holding Corp. | ||||||
First Lien Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 02/15/2019-11/12/2020; Cost $439,694)(g) | 8.50% | 02/15/2023 | 463 | 445,319 | ||
PIK Term Loan, 9.50% PIK Rate, 2.00% Cash Rate (Acquired 02/15/2019-11/29/2021; Cost $684,497)(g)(i) | 2.00% | 08/15/2023 | 686 | 355,477 | ||
Constant Contact, Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(f) | 8.25% | 02/15/2029 | 1,513 | 1,498,319 | ||
CRCI Longhorn Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.25%) | 7.34% | 08/08/2026 | 86 | 85,919 | ||
Creation Technologies, Inc., Term Loan B (1 mo. USD LIBOR + 5.50%)(f) | 6.00% | 09/28/2028 | 1,543 | 1,544,510 | ||
CV Intermediate Holdco Corp. | ||||||
Delayed Draw Term Loan(f) | 6.75% | 03/31/2026 | 7,134 | 7,084,658 | ||
Revolver Loan(f) | 0.50% | 03/31/2026 | 1,136 | 1,127,701 | ||
Revolver Loan(e)(f) | 0.00% | 03/31/2026 | 126 | 125,300 | ||
Term Loan B(f) | 6.75% | 03/31/2026 | 8,474 | 8,415,472 | ||
Dakota Holding Corp., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)(f) | 7.50% | 04/07/2028 | 1,249 | 1,274,197 | ||
EP Purchaser LLC, Term Loan B(h) | – | 10/31/2028 | 738 | 734,717 | ||
Garda World Security Corp. (Canada), Term Loan(h) | – | 10/30/2026 | 1,014 | 1,014,396 | ||
GI Revelation Acquisition LLC, First Lien Term Loan(h) | – | 05/12/2028 | 2,163 | 2,143,076 | ||
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%) | 4.84% | 06/23/2024 | GBP | 7,860 | 10,220,882 | |
Karman Buyer Corp., First Lien Term Loan(h) | – | 10/28/2027 | 2,255 | 2,262,693 | ||
Lamark Media Group LLC | ||||||
Delayed Draw Term Loan(e)(f) | 0.00% | 10/14/2027 | 1,528 | 1,527,935 | ||
Revolver Loan(f) | 6.75% | 10/14/2027 | 458 | 453,797 | ||
Revolver Loan(e)(f) | 0.00% | 10/14/2027 | 560 | 554,640 | ||
Term Loan B(f) | 6.75% | 10/14/2027 | 7,130 | 7,059,061 | ||
Monitronics International, Inc. | ||||||
First Lien Term Loan (1 mo. USD LIBOR + 6.50%) | 7.75% | 03/29/2024 | 7,961 | 7,497,005 | ||
Term Loan (1 mo. USD LIBOR + 5.00%) | 6.50% | 08/30/2024 | 5,859 | 5,884,829 | ||
NAS LLC | ||||||
Revolver Loan(e)(f) | 0.00% | 06/01/2024 | 920 | 924,113 | ||
Term Loan(f) | 7.50% | 06/03/2024 | 9,011 | 9,055,787 | ||
Protect America | ||||||
Revolver Loan (1 mo. USD LIBOR + 3.00%)(f) | 3.14% | 09/01/2024 | 3,531 | 3,248,933 | ||
Revolver Loan(e)(f) | 0.00% | 09/01/2024 | 660 | 607,171 | ||
Solera, Term Loan B | 5.30% | 06/05/2028 | GBP | 1,397 | 1,859,084 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | |||
Business Equipment & Services–(continued) | ||||||
Spin Holdco, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%) | 4.75% | 03/04/2028 | $ 13 | $ 13,012 | ||
Trans Union LLC, Second Lien Term Loan(f)(h) | – | 12/31/2029 | 568 | 567,958 | ||
UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 5.75%)(f) | 5.88% | 03/20/2027 | 952 | 956,352 | ||
Verra Mobility Corp., Term Loan B(h) | – | 03/19/2028 | 1,006 | 1,001,664 | ||
87,443,020 | ||||||
Cable & Satellite Television–3.35% | ||||||
CSC Holdings LLC | ||||||
Incremental Term Loan (3 mo. USD LIBOR + 2.25%) | 2.34% | 01/15/2026 | 0 | 348 | ||
Term Loan (3 mo. USD LIBOR + 2.25%) | 2.34% | 07/17/2025 | 3 | 2,658 | ||
Lightning Finco Ltd. (United Kingdom) | ||||||
Term Loan B-1(f)(h) | – | 09/01/2028 | 18,375 | 18,007,643 | ||
Term Loan B-2(f)(h) | – | 09/01/2028 | 2,227 | 2,182,745 | ||
ORBCOMM, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%) | 5.00% | 06/26/2028 | 686 | 685,877 | ||
20,879,271 | ||||||
Chemicals & Plastics–2.04% | ||||||
Aruba Investments, Inc. | ||||||
First Lien Term Loan (1 mo. USD LIBOR + 4.00%) | 4.75% | 11/24/2027 | 220 | 220,396 | ||
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 8.50% | 11/24/2028 | 1,459 | 1,473,400 | ||
Colouroz Investment LLC (Germany) | ||||||
First Lien Term Loan B-4 (3 mo. EURIBOR + 4.25%) | 5.00% | 09/21/2023 | EUR | 0 | 375 | |
First Lien Term Loan B-5 (3 mo. EURIBOR + 4.25%) | 0.75% | 09/21/2023 | EUR | 372 | 419,976 | |
First Lien Term Loan B-7 (3 mo. EURIBOR + 4.25%) | 5.00% | 09/21/2023 | EUR | 0 | 189 | |
PIK First Lien Term Loan B-2, 0.75% PIK Rate, 5.25% Cash Rate (3 mo. USD LIBOR + 4.25%)(i) | 0.75% | 09/21/2023 | 3,582 | 3,568,947 | ||
PIK First Lien Term Loan B-6, 0.75% PIK Rate, 5.00% Cash Rate (3 mo. EURIBOR + 4.25%)(i) | 5.00% | 09/21/2023 | EUR | 0 | 105 | |
PIK First Lien Term Loan C, 0.75% PIK Rate, 5.25% Cash Rate (3 mo. USD LIBOR + 4.25%)(i) | 0.75% | 09/21/2023 | 563 | 561,480 | ||
PIK First Lien Term Loan, 0.75% PIK Rate, 5.00% Cash Rate (3 mo. EURIBOR + 4.25%)(i) | 5.00% | 09/21/2023 | EUR | 1,393 | 1,573,489 | |
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 5.25% Cash Rate (3 mo. USD LIBOR + 4.25%)(i) | 5.25% | 09/05/2022 | 29 | 29,466 | ||
Term Loan B-3 (3 mo. EURIBOR + 4.25%) | 0.75% | 09/21/2023 | EUR | 0 | 5 | |
Eastman Tire Additives, Term Loan B (1 mo. USD LIBOR + 5.25%)(f) | 6.00% | 08/12/2028 | 1,293 | 1,295,815 | ||
Fusion, Term Loan(f) | 7.50% | 04/30/2026 | 1,184 | 1,213,205 | ||
ICP Group Holdings LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 8.50% | 01/14/2029 | 304 | 304,372 | ||
KPEX Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%) | 8.00% | 01/31/2026 | 230 | 215,050 | ||
Kraton Corp., Term Loan(h) | – | 11/18/2028 | 723 | 718,643 | ||
Perstorp Holding AB (Sweden), Term Loan B (3 mo. USD LIBOR + 4.75%) | 4.91% | 02/27/2026 | 668 | 665,914 | ||
Proampac PG Borrower LLC, First Lien Term Loan(h) | – | 11/03/2025 | 450 | 448,839 | ||
12,709,666 | ||||||
Clothing & Textiles–0.03% | ||||||
International Textile Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 5.00%) | 5.17% | 05/01/2024 | 192 | 177,885 | ||
Conglomerates–0.12% | ||||||
Safe Fleet Holdings LLC | ||||||
First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.75%)(f) | 4.75% | 02/03/2025 | 428 | 428,735 | ||
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%) | 7.75% | 02/02/2026 | 298 | 296,058 | ||
724,793 | ||||||
Containers & Glass Products–8.78% | ||||||
Brook & Whittle Holding Corp., Term Loan (f) | 6.75% | 10/17/2024 | 9,596 | 9,643,995 | ||
Hoffmaster Group, Inc., First Lien Term Loan B-1 (1 mo. USD LIBOR + 4.00%) | 5.00% | 11/21/2023 | 3,746 | 3,452,980 | ||
Keg Logistics LLC | ||||||
Revolver Loan(e)(f) | 0.00% | 11/23/2027 | 1,862 | 1,834,042 | ||
Term Loan A(f) | 7.00% | 11/23/2027 | 29,249 | 28,809,952 | ||
Klockner Pentaplast of America, Inc. | ||||||
Term Loan B (1 mo. USD LIBOR + 4.75%) | 5.25% | 02/12/2026 | 414 | 401,675 | ||
Term Loan B (3 mo. EURIBOR + 4.75%) | 4.75% | 03/01/2026 | EUR | 2,070 | 2,263,520 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | |||
Containers & Glass Products–(continued) | ||||||
LABL, Inc. | ||||||
Term Loan B(h) | – | 10/31/2028 | EUR | 2,621 | $ 2,972,950 | |
Term Loan B (1 mo. USD LIBOR + 5.00%) | 5.50% | 10/31/2028 | $ 3,258 | 3,247,093 | ||
Libbey Glass, Inc., PIK Term Loan, 6.00% PIK Rate, 5.00% Cash Rate (1 mo. USD LIBOR + 5.00%) (Acquired 11/13/2020-11/12/2021; Cost $1,185,853)(g)(i) | 5.00% | 11/12/2025 | 1,288 | 1,339,347 | ||
Mold-Rite Plastics LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(f) | 7.50% | 10/04/2029 | 405 | 406,832 | ||
Pretium Packaging, Second Lien Term Loan B (1 mo. USD LIBOR + 6.75%) | 7.25% | 09/30/2029 | 345 | 348,837 | ||
54,721,223 | ||||||
Cosmetics & Toiletries–0.68% | ||||||
Anastasia Parent LLC, Term Loan (3 mo. USD LIBOR + 3.75%) | 3.88% | 08/11/2025 | 556 | 482,902 | ||
IRIS Bidco GmbH (Germany), Term Loan B (3 mo. EURIBOR + 5.00%) | 5.00% | 05/25/2028 | EUR | 2,600 | 2,959,738 | |
KDC/One (Canada), Term Loan (3 mo. EURIBOR + 5.00%) | 5.00% | 12/22/2025 | EUR | 694 | 789,671 | |
4,232,311 | ||||||
Drugs–0.55% | ||||||
Endo LLC, Term Loan (1 mo. USD LIBOR + 5.00%) | 5.75% | 03/10/2028 | 3,513 | 3,427,431 | ||
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) | 2.08% | 11/15/2027 | 5 | 5,024 | ||
3,432,455 | ||||||
Ecological Services & Equipment–4.05% | ||||||
Groundworks LLC | ||||||
Delayed Draw Term Loan(f) | 5.75% | 01/17/2026 | 2,848 | 2,824,748 | ||
Delayed Draw Term Loan(f) | 5.75% | 01/17/2026 | 5,811 | 5,764,802 | ||
Delayed Draw Term Loan(e)(f) | 0.00% | 01/17/2026 | 1,563 | 1,550,010 | ||
First Lien Incremental Revover Loan(e)(f) | 0.00% | 01/17/2026 | 520 | 515,530 | ||
First Lien Incremental Term Loan(f) | 5.75% | 01/17/2026 | 13,193 | 13,087,638 | ||
Patriot Container Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)(f) | 4.75% | 03/20/2025 | 1 | 1,274 | ||
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) | 9.50% | 11/02/2028 | 1,509 | 1,531,858 | ||
25,275,860 | ||||||
Electronics & Electrical–8.79% | ||||||
Altar BidCo, Inc., First Lien Term Loan (h) | – | 11/17/2028 | 708 | 704,366 | ||
Barracuda Networks, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) | 7.50% | 10/30/2028 | 200 | 202,340 | ||
Boxer Parent Co., Inc., Term Loan B (3 mo. EURIBOR + 4.00%) | 4.00% | 10/02/2025 | EUR | 133 | 150,639 | |
Civica (United Kingdom), Term Loan B-1 (3 mo. GBP LIBOR + 4.75%) | 4.83% | 10/14/2024 | GBP | 2,188 | 2,890,532 | |
Delta Topco, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) | 8.00% | 12/01/2028 | 637 | 643,741 | ||
Devoteam (Castillon S.A.S. - Bidco) (France), Term Loan B (3 mo. EURIBOR + 4.50%) | 4.50% | 12/09/2027 | EUR | 1,113 | 1,267,764 | |
E2Open LLC, Term Loan (1 mo. USD LIBOR + 3.50%) | 4.00% | 02/04/2028 | 61 | 60,976 | ||
Hyland Software, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.25%) | 7.00% | 07/07/2025 | 372 | 378,006 | ||
Imperva, Inc. | ||||||
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%) | 8.75% | 01/11/2027 | 1,767 | 1,776,326 | ||
Term Loan (3 mo. USD LIBOR + 4.00%) | 5.00% | 01/10/2026 | 29 | 29,291 | ||
Infinite Electronics, Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 7.50% | 03/02/2029 | 552 | 555,730 | ||
LogMeIn, Term Loan B (1 mo. USD LIBOR + 4.75%) | 4.84% | 08/28/2027 | 4,156 | 4,136,038 | ||
Mavenir Systems, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%) | 5.25% | 08/13/2028 | 2,229 | 2,234,855 | ||
Maverick Bidco, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)(f) | 7.50% | 04/28/2029 | 92 | 92,877 | ||
McAfee Enterprise | ||||||
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%) | 9.00% | 05/03/2029 | 1,138 | 1,129,000 | ||
Term Loan B (1 mo. USD LIBOR + 5.00%) | 5.75% | 05/03/2028 | 3,008 | 2,968,091 | ||
Micro Holding L.P., Term Loan(h) | – | 09/13/2024 | 3,214 | 3,207,093 | ||
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 6.25%) | 7.25% | 04/29/2026 | 3,768 | 3,694,118 | ||
Oberthur Tech, Term Loan B-4 | 3.96% | 01/10/2026 | EUR | 956 | 1,089,435 | |
Oberthur Technologies of America Corp. | ||||||
Term Loan B (3 mo. EURIBOR + 4.50%) (Acquired 04/01/2021; Cost $3,398,674)(g) | 4.50% | 01/09/2026 | EUR | 2,899 | 3,305,293 | |
Term Loan B (1 mo. USD LIBOR + 4.50%) (Acquired 04/01/2021; Cost $1,073,238)(g) | 5.25% | 01/09/2026 | 1,084 | 1,083,175 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | |||
Electronics & Electrical–(continued) | ||||||
Optiv, Inc. | ||||||
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%) | 8.25% | 01/31/2025 | $ 632 | $ 631,896 | ||
Term Loan (3 mo. USD LIBOR + 3.25%) | 4.25% | 02/01/2024 | 6,473 | 6,415,222 | ||
Project Leopard Holdings, Inc. | ||||||
Incremental Term Loan (3 mo. USD LIBOR + 4.75%) | 5.75% | 07/05/2024 | 2,856 | 2,865,869 | ||
Term Loan (3 mo. USD LIBOR + 4.75%) | 5.75% | 07/05/2024 | 914 | 916,632 | ||
Quest Software US Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 8.25%) | 8.38% | 05/16/2026 | 824 | 825,075 | ||
Renaissance Holding Corp., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%) | 7.09% | 05/29/2026 | 632 | 635,774 | ||
Riverbed Technology, Inc. | ||||||
First Lien Term Loan(j)(k) | 0.00% | 12/31/2025 | 6,479 | 5,893,131 | ||
Second Lien Term Loan(i)(j)(k) | 4.50% | 12/31/2026 | 2,358 | 667,420 | ||
Term Loan(j)(k) | 0.00% | 04/24/2022 | 735 | 665,141 | ||
Sandvine Corp., Second Lien Term Loan(f) | 8.09% | 11/02/2026 | 322 | 320,479 | ||
UST Holdings Ltd., Term Loan B(h) | – | 10/15/2028 | 1,084 | 1,082,517 | ||
Veritas US, Inc., Term Loan B(h) | – | 09/01/2025 | 708 | 705,562 | ||
WebPros, Term Loan (1 mo. USD LIBOR + 5.25%) | 5.75% | 02/18/2027 | 1,587 | 1,588,668 | ||
54,813,072 | ||||||
Financial Intermediaries–0.51% | ||||||
Edelman Financial Center LLC (The), Second Lien Term Loan (3 mo. USD LIBOR + 6.75%) | 6.84% | 07/20/2026 | 207 | 207,658 | ||
GEO Group, Inc. (The), Term Loan (3 mo. USD LIBOR + 2.00%) (Acquired 09/11/2018; Cost $108,258)(g) | 2.75% | 03/22/2024 | 109 | 101,820 | ||
TMF Group Holdco B.V. (Netherlands), Incremental Second Lien Term Loan (3 mo. EURIBOR + 6.88%) | 6.88% | 06/08/2026 | EUR | 2,518 | 2,863,337 | |
3,172,815 | ||||||
Food Products–6.26% | ||||||
Biscuit Intl (Cookie Acq S.A.S, De Banketgroep Holding) (France), First Lien Term Loan (3 mo. EURIBOR + 4.00%) | 4.00% | 02/07/2027 | EUR | 2,610 | 2,890,126 | |
BrightPet | ||||||
Delayed Draw Term Loan(e)(f) | 0.00% | 10/05/2026 | 1,202 | 1,188,837 | ||
Incremental Term Loan B(f)(h) | – | 10/05/2026 | 4,292 | 4,245,760 | ||
Revolver Loan(f) | 7.25% | 10/05/2026 | 346 | 342,228 | ||
Revolver Loan(e) | 0.00% | 10/05/2026 | 104 | 102,903 | ||
Revolver Loan(f) | 7.25% | 10/05/2026 | 497 | 491,516 | ||
Revolver Loan(e)(f) | 0.00% | 10/05/2026 | 519 | 513,341 | ||
Term Loan B(f) | 7.25% | 10/05/2026 | 4,175 | 4,129,724 | ||
Florida Food Products LLC | ||||||
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) | 8.75% | 10/15/2029 | 827 | 811,613 | ||
Term Loan (1 mo. USD LIBOR + 5.00%) | 5.75% | 10/18/2028 | 4,450 | 4,400,395 | ||
H-Food Holdings LLC, Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%) | 6.00% | 05/23/2025 | 294 | 294,050 | ||
Shearer’s Foods LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 8.75% | 09/15/2028 | 223 | 223,487 | ||
Teasdale Foods, Inc., Term Loan B(f) | 7.00% | 12/18/2025 | 16,480 | 15,641,018 | ||
Valeo Foods (Jersey) Ltd. (United Kingdom), First Lien Term Loan B | 5.05% | 06/28/2028 | GBP | 2,805 | 3,719,263 | |
38,994,261 | ||||||
Food Service–0.33% | ||||||
Financiere Pax S.A.S., Term Loan B (3 mo. EURIBOR + 4.75%) | 4.75% | 07/01/2026 | EUR | 2,012 | 2,061,462 | |
NPC International, Inc., Second Lien Term Loan(j)(k) | 0.00% | 04/18/2025 | 344 | 6,879 | ||
2,068,341 | ||||||
Health Care–5.83% | ||||||
Acacium Group (United Kingdom), Term Loan | 5.30% | 05/19/2028 | GBP | 3,084 | 4,093,192 | |
Ascend Learning LLC, First Lien Term Loan(h) | – | 11/18/2028 | 3,123 | 3,109,175 | ||
Curium BidCo S.a.r.l. (Luxembourg), Term Loan (1 mo. USD LIBOR + 4.25%) | 5.00% | 12/02/2027 | 315 | 316,093 | ||
Ethypharm (France), Term Loan B | 4.50% | 04/30/2029 | GBP | 2,270 | 3,002,758 | |
Global Medical Response, Inc. | ||||||
Term Loan (3 mo. USD LIBOR + 4.25%) | 5.25% | 03/14/2025 | 1,137 | 1,130,402 | ||
Term Loan (1 mo. USD LIBOR + 4.25%) | 5.25% | 10/02/2025 | 740 | 736,094 | ||
HC Group Holdings III, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | 3.25% | 10/25/2028 | 496 | 494,551 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | |||
Health Care–(continued) | ||||||
ImageFirst, Term Loan B (1 mo. USD LIBOR + 4.50%) | 5.25% | 04/27/2028 | $ 1 | $ 986 | ||
MB2 Dental Solutions LLC | ||||||
Delayed Draw Term Loan(f) | 7.00% | 01/29/2027 | 2,899 | 2,916,423 | ||
Delayed Draw Term Loan(e)(f) | 0.00% | 01/29/2027 | 259 | 260,973 | ||
Term Loan B(f) | 7.00% | 01/29/2027 | 8,783 | 8,835,222 | ||
MedAssets Software Intermediate Holdings, Inc. | ||||||
First Lien Term Loan(h) | – | 11/19/2028 | 1,200 | 1,194,016 | ||
Second Lien Term Loan(h) | – | 11/22/2029 | 482 | 482,175 | ||
Nidda Healthcare Holding AG (Germany), Term Loan F(h) | – | 08/21/2026 | GBP | 2,088 | 2,764,820 | |
Revint Intermediate II LLC, Term Loan (1 mo. USD LIBOR + 4.25%) | 4.75% | 10/15/2027 | 1,257 | 1,258,789 | ||
Stamina BidCo B.V. (Netherlands), Term Loan B(h) | – | 11/02/2028 | EUR | 631 | 717,061 | |
Summit Behavioral Healthcare LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.75%)(f) | 5.50% | 11/08/2028 | 1,584 | 1,551,818 | ||
TTF Holdings LLC, Term Loan B(f)(h) | – | 03/25/2028 | 412 | 411,358 | ||
Unified Womens Healthcare L.P., Term Loan B (1 mo. USD LIBOR + 4.25%) | 5.00% | 12/17/2027 | 584 | 583,419 | ||
Women’s Care Holdings, Inc. LLC, Second Lien Term Loan (1 mo. USD LIBOR + 8.25%) | 9.00% | 01/15/2029 | 431 | 431,509 | ||
WP CityMD Bidco LLC, First Lien Incremental Term Loan(h) | – | 11/18/2028 | 2,057 | 2,050,991 | ||
36,341,825 | ||||||
Home Furnishings–2.19% | ||||||
Hilding Anders AB (Sweden) | ||||||
Term Loan(f)(j)(k) | – | 06/30/2025 | EUR | 5,440 | 61,696 | |
Term Loan B(i)(j) | 0.75% | 11/29/2024 | EUR | 9,013 | 8,685,072 | |
Serta Simmons Bedding LLC | ||||||
First Lien Term Loan (1 mo. USD LIBOR + 7.50%) | 8.50% | 08/10/2023 | 1,285 | 1,300,015 | ||
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) | 8.50% | 08/10/2023 | 3,208 | 3,014,641 | ||
VC GB Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) | 7.25% | 07/01/2029 | 566 | 563,222 | ||
13,624,646 | ||||||
Industrial Equipment–3.33% | ||||||
Alliance Laundry Systems LLC, Term Loan B (1 mo. USD LIBOR + 3.50%) | 3.62% | 09/30/2027 | 0 | 8 | ||
Brush (United Kingdom) | ||||||
Term Loan(f) | 7.00% | 06/09/2028 | EUR | 4,209 | 4,652,958 | |
Term Loan A(f)(h) | – | 06/09/2028 | GBP | 3,621 | 4,694,871 | |
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%) | 5.75% | 12/16/2027 | 618 | 617,480 | ||
Engineered Machinery Holdings, Inc., Second Lien Incremental Term Loan (1 mo. USD LIBOR + 6.00%) | 6.75% | 05/21/2029 | 207 | 208,404 | ||
Kantar (United Kingdom) | ||||||
Revolver Loan (1 mo. USD LIBOR + 3.50%)(f) | 3.60% | 06/04/2026 | 102 | 101,609 | ||
Revolver Loan(e)(f) | 0.00% | 06/04/2026 | 2,398 | 2,384,028 | ||
Term Loan B (1 mo. USD LIBOR + 5.00%) | 5.12% | 12/04/2026 | 1,478 | 1,477,215 | ||
Term Loan B-2 (1 mo. USD LIBOR + 4.50%) | 5.25% | 12/04/2026 | 1,384 | 1,382,486 | ||
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%) | 5.00% | 03/08/2025 | 652 | 638,360 | ||
Robertshaw US Holding Corp., Second Lien Term Loan (3 mo. USD LIBOR + 8.00%) | 9.00% | 02/28/2026 | 613 | 511,878 | ||
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (1 mo. USD LIBOR + 3.50%) | 4.00% | 07/31/2027 | 3,356 | 3,350,825 | ||
Victory Buyer LLC, Term Loan B(f)(h) | – | 11/15/2028 | 720 | 718,987 | ||
20,739,109 | ||||||
Insurance–0.48% | ||||||
HUB International Ltd., Incremental Term Loan B-3 (1 mo. USD LIBOR + 3.25%) | 0.00% | 04/25/2025 | 2,987 | 2,978,828 | ||
Leisure Goods, Activities & Movies–10.60% | ||||||
AMC Entertainment, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%) | 3.09% | 04/22/2026 | 4,707 | 4,252,434 | ||
Carnival Corp., Incremental Term Loan (1 mo. USD LIBOR + 3.25%) | 4.00% | 10/31/2028 | 4,760 | 4,694,337 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | |||
Leisure Goods, Activities & Movies–(continued) | ||||||
Crown Finance US, Inc. | ||||||
Incremental Term Loan (1 mo. USD LIBOR + 8.25%) | 9.25% | 05/23/2024 | $ 376 | $ 400,871 | ||
Incremental Term Loan B-2(h) | – | 05/23/2024 | 564 | 557,962 | ||
Term Loan | 7.00% | 05/23/2024 | 2,042 | 2,440,636 | ||
Term Loan(h) | – | 02/28/2025 | EUR | 59 | 54,765 | |
Term Loan (1 mo. USD LIBOR + 2.50%) | 2.63% | 02/28/2025 | 2,158 | 1,753,788 | ||
Term Loan (1 mo. USD LIBOR + 2.75%) | 2.88% | 09/20/2026 | 2,789 | 2,236,274 | ||
Dorna Sports S.L. (Spain), Term Loan B-2 (3 mo. USD LIBOR + 3.00%) | 3.51% | 04/12/2024 | 890 | 878,631 | ||
Fender Musical Instruments Corp., Term Loan B(f)(h) | – | 11/17/2028 | 539 | 538,659 | ||
Fitness International LLC, Term Loan B(h) | – | 04/18/2025 | 892 | 831,154 | ||
Invictus Media S.L.U. (Spain) | ||||||
Revolver Loan (3 mo. EURIBOR + 5.00%) (Acquired 04/30/2021; Cost $1,127,726)(f)(g)(k) | 4.00% | 06/28/2024 | EUR | 1,079 | 1,162,758 | |
Second Lien Term Loan (3 mo. EURIBOR + 7.50%) (Acquired 05/17/2021-06/28/2021; Cost $2,642,850)(g)(k) | 7.50% | 12/26/2025 | EUR | 3,197 | 2,335,965 | |
Term Loan A-1 (3 mo. EURIBOR + 4.25%) (Acquired 07/24/2019-06/28/2021; Cost $2,667,494)(g)(k) | 5.25% | 06/26/2024 | EUR | 2,386 | 2,606,947 | |
Term Loan A-2 (3 mo. EURIBOR + 4.25%) (Acquired 07/24/2019-06/28/2021; Cost $649,817)(g)(k) | 5.25% | 06/26/2024 | EUR | 582 | 635,842 | |
Term Loan B-1 (3 mo. EURIBOR + 5.75%) (Acquired 05/31/2018-07/28/2021; Cost $3,033,921)(g)(k) | 5.75% | 06/26/2025 | EUR | 2,676 | 2,941,541 | |
Term Loan B-2 (3 mo. EURIBOR + 5.75%) (Acquired 05/31/2018-07/28/2021; Cost $1,821,938)(g)(k) | 4.75% | 06/26/2025 | EUR | 1,603 | 1,761,867 | |
Merlin (Motion Finco S.a.r.l. and LLC) (United Kingdom) | ||||||
Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | 3.38% | 11/04/2026 | 349 | 337,169 | ||
Term Loan B-2 (1 mo. USD LIBOR + 3.25%) | 3.38% | 11/12/2026 | 46 | 44,314 | ||
Parques Reunidos (Spain) | ||||||
Incremental Term Loan B-2 (3 mo. EURIBOR + 7.50%) | 7.50% | 09/16/2026 | EUR | 9,376 | 10,696,909 | |
Term Loan B (3 mo. EURIBOR + 3.75%) | 3.75% | 09/16/2026 | EUR | 1,442 | 1,574,573 | |
Royal Caribbean Cruises | ||||||
Revolver Loan(e) | 0.00% | 10/12/2022 | 1,886 | 1,827,740 | ||
Revolver Loan(e) | 0.00% | 04/05/2024 | 3,562 | 3,304,014 | ||
Revolver Loan(e) | 0.00% | 04/12/2024 | 1,213 | 1,141,780 | ||
Term Loan(h) | – | 04/05/2022 | 1,136 | 1,112,737 | ||
Shutterfly, Inc., Term Loan B(h) | – | 09/25/2026 | 161 | 156,633 | ||
USF S&H Holdco LLC | ||||||
Delayed Draw Term Loan(e)(f) | 0.00% | 06/30/2025 | 1,000 | 1,000,278 | ||
Term Loan A(f)(h) | – | 06/30/2025 | 667 | 666,853 | ||
Term Loan B(f)(h) | – | 06/30/2025 | 11,173 | 11,173,102 | ||
Vue International Bidco PLC (United Kingdom), Term Loan B-1 (3 mo. EURIBOR + 4.75%) | 4.75% | 07/03/2026 | EUR | 2,791 | 2,945,139 | |
66,065,672 | ||||||
Lodging & Casinos–3.80% | ||||||
Aimbridge Acquisition Co., Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.75%) (Acquired 09/22/2020-06/02/2021; Cost $1,796,776)(f)(g) | 5.50% | 02/02/2026 | 1,824 | 1,810,596 | ||
B&B Hotels S.A.S. (France) | ||||||
Incremental Term Loan | 5.50% | 06/30/2026 | EUR | 2,619 | 2,946,956 | |
Second Lien Term Loan A-1 (3 mo. EURIBOR + 8.50%) | 8.50% | 07/31/2027 | EUR | 2,217 | 2,404,503 | |
Term Loan B-3-A (3 mo. EURIBOR + 3.88%) | 3.88% | 07/31/2026 | EUR | 2,821 | 3,056,691 | |
Everi Payments, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 3.00% | 07/31/2028 | 180 | 179,708 | ||
HotelBeds (United Kingdom) | ||||||
Term Loan B (3 mo. EURIBOR + 4.25%) | 4.25% | 09/12/2025 | EUR | 6,321 | 6,402,653 | |
Term Loan C | 4.50% | 09/12/2027 | EUR | 937 | 949,364 | |
Term Loan D (3 mo. EURIBOR + 5.50%) | 5.50% | 09/12/2027 | EUR | 5,774 | 5,912,264 | |
Station Casinos LLC, Term Loan B-1(h) | – | 02/08/2027 | 18 | 17,334 | ||
23,680,069 | ||||||
Nonferrous Metals & Minerals–0.76% | ||||||
American Rock Salt Co. LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)(f) | 8.00% | 05/25/2029 | 96 | 97,271 | ||
Corialis Group Ltd. (United Kingdom), Term Loan B | 4.55% | 05/24/2028 | GBP | 677 | 901,177 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | |||
Nonferrous Metals & Minerals–(continued) | ||||||
Form Technologies LLC | ||||||
Term Loan (1 mo. USD LIBOR + 4.75%) | 5.75% | 07/19/2025 | $ 2,591 | $ 2,586,916 | ||
Term Loan (1 mo. USD LIBOR + 9.25%)(f) | 10.25% | 10/22/2025 | 1,140 | 1,156,598 | ||
4,741,962 | ||||||
Oil & Gas–3.20% | ||||||
Glass Mountain Pipeline Holdings LLC, Term Loan (h) | – | 10/28/2027 | 982 | 340,159 | ||
Gulf Finance LLC, Term Loan B(h) | – | 08/25/2026 | 765 | 732,884 | ||
HGIM Corp., Term Loan (3 mo. USD LIBOR + 6.00%)(f) | 7.00% | 07/02/2023 | 1,475 | 1,179,582 | ||
McDermott International Ltd. | ||||||
LOC(e) | 0.00% | 06/30/2024 | 4,083 | 3,256,426 | ||
LOC(f) | 4.09% | 06/30/2024 | 1,801 | 1,486,060 | ||
PIK Term Loan, 3.00% PIK Rate, 1.00% Cash Rate (1 mo. USD LIBOR + 1.00%)(i) | 3.00% | 06/30/2025 | 918 | 410,555 | ||
Term Loan (1 mo. USD LIBOR + 3.00%)(f) | 3.09% | 06/30/2024 | 180 | 99,087 | ||
Petroleum GEO-Services ASA, Term Loan (1 mo. USD LIBOR + 7.50%) | 7.64% | 03/19/2024 | 7,509 | 6,805,272 | ||
QuarterNorth Energy Holding, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 08/03/2021; Cost $5,445,267)(g) | 9.00% | 08/27/2026 | 5,552 | 5,586,339 | ||
Southcross Energy Partners L.P., Revolver Loan(e)(f) | 0.00% | 01/31/2025 | 78 | 76,661 | ||
19,973,025 | ||||||
Publishing–1.44% | ||||||
Adtalem Global Education, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%) | 5.25% | 02/12/2028 | 1,812 | 1,812,377 | ||
Cengage Learning, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%) | 5.75% | 06/29/2026 | 3,573 | 3,565,790 | ||
McGraw-Hill Education, Inc., Term Loan B(h) | – | 07/30/2028 | 3,613 | 3,576,704 | ||
8,954,871 | ||||||
Radio & Television–0.20% | ||||||
Diamond Sports Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.25%) (Acquired 06/23/2021-10/14/2021; Cost $1,336,499)(g) | 3.35% | 08/24/2026 | 2,468 | 1,052,754 | ||
Gray Television, Inc. | ||||||
Term Loan C (3 mo. USD LIBOR + 2.50%) | 2.59% | 01/02/2026 | 17 | 17,261 | ||
Term Loan D(h) | – | 10/27/2028 | 172 | 171,574 | ||
Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.50%) | 2.59% | 09/18/2026 | 1 | 599 | ||
Sinclair Television Group, Inc., Term Loan B-2-B(h) | – | 09/30/2026 | 29 | 28,668 | ||
1,270,856 | ||||||
Retailers (except Food & Drug)–1.84% | ||||||
Bass Pro Group LLC, Term Loan B-2 (h) | – | 03/06/2028 | 300 | 300,375 | ||
Claire’s Stores, Inc., Term Loan (1 mo. USD LIBOR + 6.50%) | 6.59% | 12/18/2026 | 320 | 318,638 | ||
CNT Holdings I Corp. (1-800 Contacts), Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) | 7.50% | 10/16/2028 | 712 | 717,530 | ||
Kirk Beauty One GmbH (Germany) | ||||||
Term Loan B-1 (3 mo. EURIBOR + 5.50%) | 5.50% | 04/08/2026 | EUR | 1,621 | 1,805,459 | |
Term Loan B-2 | 5.50% | 04/08/2026 | EUR | 933 | 1,039,494 | |
Term Loan B-3 | 5.50% | 04/08/2026 | EUR | 1,351 | 1,504,305 | |
Term Loan B-4 | 5.50% | 04/08/2026 | EUR | 2,863 | 3,189,268 | |
Term Loan B-5 | 5.50% | 04/08/2026 | EUR | 637 | 709,471 | |
Savers, Inc., Term Loan B (1 mo. USD LIBOR + 5.75%) | 6.50% | 04/21/2028 | 1,889 | 1,878,304 | ||
11,462,844 | ||||||
Surface Transport–2.67% | ||||||
ASP LS Acquisition Corp., Incremental Term Loan B (1 mo. USD LIBOR + 4.50%) | 5.25% | 05/15/2028 | 492 | 493,557 | ||
Hertz Corp. (The), Revolver Loan(e) | 0.00% | 06/30/2022 | 779 | 778,901 | ||
Hurtigruten (Norway), Term Loan B (3 mo. EURIBOR + 3.50%) | 4.00% | 02/24/2025 | EUR | 2,370 | 2,523,260 | |
Zeus Bidco Ltd. (United Kingdom), Term Loan B(f) | 7.31% | 03/29/2024 | GBP | 10,551 | 12,840,247 | |
16,635,965 | ||||||
Telecommunications–5.52% | ||||||
Cablevision Lightpath LLC, Term Loan (1 mo. USD LIBOR + 3.25%) | 3.75% | 11/30/2027 | 93 | 92,962 | ||
Cincinnati Bell, Inc., Term Loan B-2(h) | – | 11/17/2028 | 29 | 28,839 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | |||
Telecommunications–(continued) | ||||||
Colorado Buyer, Inc. | ||||||
First Lien Incremental Term Loan | 5.00% | 05/01/2024 | $ 2,482 | $ 2,477,063 | ||
Term Loan (3 mo. USD LIBOR + 3.00%) | 4.00% | 05/01/2024 | 7 | 7,375 | ||
Crown Subsea Communications Holding, Inc., Term Loan B (1 mo. USD LIBOR + 5.00%) | 5.75% | 04/20/2027 | 721 | 726,290 | ||
Intelsat Jackson Holdings S.A. (Luxembourg) | ||||||
DIP Term Loan(j) | 3.60% | 10/13/2022 | 1,676 | 1,683,583 | ||
DIP Term Loan(e)(j) | 0.00% | 10/13/2022 | 335 | 336,717 | ||
Term Loan B-3 (1 mo. USD LIBOR + 5.75%)(j) | 5.75% | 11/27/2023 | 10,569 | 10,619,296 | ||
Term Loan B-4 (3 mo. USD LIBOR + 6.50%)(j) | 8.75% | 01/02/2024 | 1,177 | 1,182,013 | ||
Term Loan B-5(j) | 8.63% | 01/02/2024 | 2,181 | 2,193,557 | ||
MLN US HoldCo LLC | ||||||
First Lien Term Loan B (3 mo. USD LIBOR + 4.50%) | 4.59% | 11/30/2025 | 3,271 | 3,145,387 | ||
Second Lien Term Loan B (3 mo. USD LIBOR + 8.75%) | 8.84% | 11/30/2026 | 1,959 | 1,780,298 | ||
Radiate Holdco LLC, Term Loan B(h) | – | 09/25/2026 | 3,986 | 3,958,273 | ||
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%) | 2.90% | 12/07/2026 | 2,339 | 2,143,374 | ||
U.S. TelePacific Corp., Term Loan (3 mo. USD LIBOR + 5.50%) | 6.50% | 05/02/2023 | 1,801 | 1,363,822 | ||
Windstream Services LLC, Term Loan B (1 mo. USD LIBOR + 6.25%) | 7.25% | 09/21/2027 | 2,657 | 2,670,689 | ||
34,409,538 | ||||||
Utilities–2.27% | ||||||
Eastern Power LLC, Term Loan (1 mo. USD LIBOR + 3.75%) | 4.75% | 10/02/2025 | 3,656 | 3,102,418 | ||
Generation Bridge LLC | ||||||
Term Loan B(f)(h) | – | 09/01/2028 | 1,404 | 1,410,978 | ||
Term Loan C(f)(h) | – | 09/01/2028 | 29 | 29,395 | ||
Heritage Power LLC, Term Loan (1 mo. USD LIBOR + 6.00%) | 7.00% | 07/30/2026 | 2,950 | 2,478,166 | ||
Lightstone Holdco LLC | ||||||
Term Loan B (3 mo. USD LIBOR + 3.75%) | 4.75% | 01/30/2024 | 4,311 | 3,763,169 | ||
Term Loan C (3 mo. USD LIBOR + 3.75%) | 4.75% | 01/30/2024 | 243 | 212,249 | ||
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%) | 5.25% | 05/16/2024 | 2,422 | 2,080,405 | ||
Revere Power LLC | ��� | |||||
Term Loan B (3 mo. USD LIBOR + 4.25%) | 4.34% | 03/27/2026 | 741 | 692,298 | ||
Term Loan C (3 mo. USD LIBOR + 4.25%) | 4.34% | 03/27/2026 | 81 | 75,377 | ||
USIC Holding, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.50%) | 7.25% | 05/07/2029 | 325 | 328,707 | ||
14,173,162 | ||||||
Total Variable Rate Senior Loan Interests (Cost $733,418,974) | 711,489,793 | |||||
Shares | ||||||
Common Stocks & Other Equity Interests–11.37%(l) | ||||||
Aerospace & Defense–0.70% | ||||||
IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; Cost $239,759)(f)(g) | 220 | 4,386,044 | ||||
Automotive–0.01% | ||||||
ThermaSys Corp.(f) | 980,474 | 29,414 | ||||
Building & Development–0.00% | ||||||
Lake at Las Vegas Joint Venture LLC, Class A(f) | 2,338 | 0 | ||||
Lake at Las Vegas Joint Venture LLC, Class B(f) | 28 | 0 | ||||
0 | ||||||
Business Equipment & Services–0.68% | ||||||
Checkout Holding Corp. (Acquired 02/15/2019; Cost $2,863,607)(g) | 8,573 | 26,362 | ||||
My Alarm Center LLC, Class A (Acquired 03/09/2021-03/19/2021; Cost $4,038,345)(f)(g) | 30,583 | 4,235,697 | ||||
4,262,059 | ||||||
Containers & Glass Products–0.02% | ||||||
Libbey Glass, Inc. (Acquired 11/13/2020-10/20/2021; Cost $54,917)(f)(g) | 13,626 | 106,453 | ||||
Drugs–0.05% | ||||||
Envigo RMS Holding Corp., Class B(f) | 12,126 | 292,964 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Shares | Value | ||||
Financial Intermediaries–0.00% | |||||
RJO Holdings Corp.(f) | 2,144 | $ 2,144 | |||
RJO Holdings Corp., Class A(f) | 1,142 | 1,142 | |||
RJO Holdings Corp., Class B(f) | 3,334 | 34 | |||
3,320 | |||||
Industrial Equipment–0.19% | |||||
North American Lifting Holdings, Inc. | 62,889 | 1,176,527 | |||
Leisure Goods, Activities & Movies–1.63% | |||||
Crown Finance US, Inc. | 173,934 | 85,358 | |||
USF S&H Holdco LLC(f)(m) | 11,114 | 10,061,129 | |||
10,146,487 | |||||
Lodging & Casinos–0.94% | |||||
Bally’s Corp.(n) | 134,154 | 5,143,464 | |||
Caesars Entertainment, Inc.(n) | 7,897 | 711,283 | |||
5,854,747 | |||||
Oil & Gas–3.93% | |||||
Aquadrill LLC(f) | 94,427 | 3,399,372 | |||
HGIM Corp. | 11,834 | 47,336 | |||
HGIM Corp., Wts., expiring 07/02/2043 | 7,505 | 30,020 | |||
McDermott International Ltd.(n) | 392,579 | 219,844 | |||
McDermott International Ltd.(f) | 1,185,624 | 630,752 | |||
NexTier Oilfield Solutions, Inc.(n) | 46,442 | 167,191 | |||
Noble Corp.(n) | 1,528 | 35,694 | |||
Paragon Offshore Finance Co., Class B(f) | 1,280 | 9,997 | |||
PGS ASA(n) | 180,326 | 65,718 | |||
QuarterNorth Energy, Inc. (Acquired 06/02/2021-08/27/2021; Cost $6,786,339)(g) | 104,769 | 11,000,745 | |||
QuarterNorth Energy, Inc., Wts. (Acquired 08/27/2021; Cost $3,872,447)(g) | 58,854 | 6,179,670 | |||
QuarterNorth Energy, Inc., Wts. (Acquired 08/27/2021; Cost $306,696)(g) | 51,116 | 306,696 | |||
QuarterNorth Energy, Inc., Wts., expiring 08/27/2028 | 26,541 | 268,728 | |||
Samson Investment Co., Class A(f) | 163,748 | 982,488 | |||
Southcross Energy Partners L.P.(f) | 72,413 | 4,707 | |||
Transocean Ltd.(n) | 232,965 | 703,554 | |||
Tribune Resources, Inc.(f) | 376,237 | 470,296 | |||
Tribune Resources, Inc., Wts., expiring 04/03/2023(f) | 97,410 | 2,435 | |||
24,525,243 | |||||
Publishing–0.18% | |||||
Clear Channel Outdoor Holdings, Inc.(n) | 364,436 | 1,118,819 | |||
Radio & Television–0.55% | |||||
iHeartMedia, Inc., Class A(n) | 175,479 | 3,441,143 | |||
iHeartMedia, Inc., Class B(f) | 42 | 788 | |||
3,441,931 | |||||
Retailers (except Food & Drug)–0.15% | |||||
Claire’s Stores, Inc. | 420 | 137,550 | |||
Toys ’R’ Us-Delaware, Inc.(f) | 14 | 34,373 | |||
Vivarte S.A.S.(f) | 1,181,133 | 744,105 | |||
916,028 | |||||
Surface Transport–1.41% | |||||
Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $743,133)(g) | 8,956 | 248,529 | |||
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/15/2018-11/12/2021; Cost $0)(g) | 210,180 | 66,776 | |||
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-07/30/2021; Cost $0)(g) | 177,216 | 75,071 | |||
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $781,183)(g) | 9,414 | 261,238 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Shares | Value | ||||
Surface Transport–(continued) | |||||
Nobina AB(o) | 932,135 | $ 8,152,829 | |||
8,804,443 | |||||
Utilities–0.93% | |||||
Bicent Power LLC, Series A, Wts., expiring 08/22/2022(f) | 2,024 | 0 | |||
Bicent Power LLC, Series B, Wts., expiring 08/22/2022(f) | 3,283 | 0 | |||
Vistra Corp. | 262,754 | 5,223,550 | |||
Vistra Operations Co. LLC, Rts., expiring 12/31/2046 | 422,054 | 579,269 | |||
5,802,819 | |||||
Total Common Stocks & Other Equity Interests (Cost $93,069,919) | 70,867,298 | ||||
Interest Rate | Maturity Date | Principal Amount (000)(a) | |||
Non-U.S. Dollar Denominated Bonds & Notes–9.26%(p) | |||||
Automotive–0.24% | |||||
Leather 2 S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)(o)(q) | 3.96% | 09/30/2028 | EUR | 1,346 | 1,520,874 |
Building & Development–1.13% | |||||
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)(o)(q) | 5.00% | 01/15/2027 | EUR | 1,690 | 1,911,915 |
Haya Real Estate S.A. (Spain)(o) | 5.25% | 11/15/2022 | EUR | 1,336 | 1,265,915 |
Haya Real Estate S.A. (Spain) (3 mo. EURIBOR + 5.13%)(o)(q) | 5.13% | 11/15/2022 | EUR | 4,086 | 3,885,554 |
7,063,384 | |||||
Business Equipment & Services–0.10% | |||||
Bach Bidco S.p.A. (Italy) (3 mo. EURIBOR + 4.25%)(o)(q) | 3.70% | 10/15/2028 | EUR | 522 | 598,089 |
Cable & Satellite Television–0.50% | |||||
Altice Finco S.A. (Luxembourg)(o) | 4.75% | 01/15/2028 | EUR | 2,932 | 3,086,415 |
Chemicals & Plastics–0.57% | |||||
Herens Midco S.a.r.l. (Luxembourg)(o) | 5.25% | 05/15/2029 | EUR | 3,345 | 3,544,614 |
Financial Intermediaries–3.88% | |||||
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%)(o)(q) | 5.00% | 08/01/2024 | EUR | 8,976 | 9,964,570 |
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(o)(q) | 6.25% | 05/01/2026 | EUR | 4,278 | 4,893,528 |
Newday Bondco PLC (United Kingdom)(o) | 7.38% | 02/01/2024 | GBP | 5,895 | 7,918,455 |
Sherwood Financing PLC (United Kingdom)(o) | 6.00% | 11/15/2026 | GBP | 1,082 | 1,431,307 |
24,207,860 | |||||
Home Furnishings–1.48% | |||||
Ideal Standard International S.A. (Belgium)(o) | 6.38% | 07/30/2026 | EUR | 1,828 | 1,959,425 |
Very Group Funding PLC (The) (United Kingdom)(o) | 6.50% | 08/01/2026 | GBP | 5,493 | 7,278,202 |
9,237,627 | |||||
Lodging & Casinos–0.97% | |||||
TVL Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 5.38%)(o)(q) | 5.51% | 07/15/2025 | GBP | 4,783 | 6,057,088 |
Retailers (except Food & Drug)–0.39% | |||||
Kirk Beauty One GmbH (Germany)(i)(o) | 8.25% | 10/01/2026 | EUR | 2,251 | 2,418,438 |
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $61,220,825) | 57,734,389 | ||||
U.S. Dollar Denominated Bonds & Notes–2.51% | |||||
Air Transport–0.22% | |||||
Mesa Airlines, Inc., Class B (f) | 5.75% | 07/15/2025 | $ 1,245 | 1,393,312 | |
Containers & Glass Products–0.03% | |||||
LABL, Inc. (o) | 5.88% | 11/01/2028 | 200 | 198,000 | |
Electronics & Electrical–0.24% | |||||
Diebold Nixdorf, Inc. (o) | 9.38% | 07/15/2025 | 1,380 | 1,467,634 | |
Food Products–0.22% | |||||
Teasdale Foods, Inc. (f) | 16.25% | 06/18/2026 | 1,557 | 1,395,228 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | |||
Industrial Equipment–0.71% | ||||||
F-Brasile S.p.A./F-Brasile US LLC, Series XR (Italy) (o) | 7.38% | 08/15/2026 | $ 3,835 | $ 3,766,776 | ||
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany)(o) | 7.63% | 07/15/2028 | 622 | 650,559 | ||
4,417,335 | ||||||
Leisure Goods, Activities & Movies–0.12% | ||||||
AMC Entertainment Holdings, Inc. (o) | 10.50% | 04/15/2025 | 703 | 739,908 | ||
Publishing–0.55% | ||||||
McGraw-Hill Education, Inc. (o) | 5.75% | 08/01/2028 | 3,536 | 3,418,516 | ||
Radio & Television–0.13% | ||||||
Diamond Sports Group LLC/Diamond Sports Finance Co. (Acquired 11/05/2020; Cost $1,276,637)(g)(o) | 5.38% | 08/15/2026 | 1,778 | 791,094 | ||
Telecommunications–0.29% | ||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp. (o) | 7.75% | 08/15/2028 | 1,758 | 1,834,473 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $13,288,765) | 15,655,500 | |||||
Shares | ||||||
Preferred Stocks–0.87%(l) | ||||||
Automotive–0.00% | ||||||
ThermaSys Corp., Series A, Pfd.(f) | 208,860 | 6,266 | ||||
Containers & Glass Products–0.07% | ||||||
Libbey Glass, Inc., Pfd. (Acquired 11/13/2020; Cost $322,313)(f)(g) | 3,955 | 468,639 | ||||
Financial Intermediaries–0.00% | ||||||
RJO Holdings Corp., Series A-2, Pfd.(f) | 649 | 3,244 | ||||
Oil & Gas–0.16% | ||||||
McDermott International Ltd., Pfd.(f) | 1,017,283 | 661,234 | ||||
Southcross Energy Partners L.P., Series A, Pfd.(f) | 288,393 | 157,174 | ||||
Southcross Energy Partners L.P., Series B, Pfd.(f) | 76,114 | 157,937 | ||||
976,345 | ||||||
Surface Transport–0.64% | ||||||
Commercial Barge Line Co., Series A, Pfd. (Acquired 02/15/2018-02/06/2020; Cost $1,659,232)(g) | 33,324 | 883,086 | ||||
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $1,744,101)(g) | 35,030 | 928,295 | ||||
Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $978,436)(g) | 42,058 | 1,282,769 | ||||
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $687,140)(g) | 29,536 | 900,848 | ||||
3,994,998 | ||||||
Total Preferred Stocks (Cost $5,895,171) | 5,449,492 | |||||
Interest Rate | Maturity Date | Principal Amount (000)(a) | ||||
Asset-Backed Securities–0.59% | ||||||
Structured Products–0.59% | ||||||
Adagio V CLO DAC, Series V-X, Class E-R (Ireland) (3 mo. EURIBOR + 5.15%) (o)(q) | 5.15% | 10/15/2031 | EUR | 263 | 283,706 | |
Babson Euro CLO B.V., Series 2021-1A, Class E (Ireland) (3 mo. EURIBOR + 7.05%)(o)(q) | 7.05% | 04/24/2034 | EUR | 1,023 | 1,145,200 | |
Jubilee CLO, Series 2018-21A, Class E-R (Netherlands) (3 mo. EURIBOR + 6.07%)(o)(q) | 6.07% | 04/15/2035 | EUR | 2,041 | 2,227,012 | |
Total Asset-Backed Securities (Cost $3,876,166) | 3,655,918 | |||||
TOTAL INVESTMENTS IN SECURITIES–138.75% (Cost $910,769,820) | 864,852,390 | |||||
BORROWINGS–(41.23)% | (257,000,000) | |||||
OTHER ASSETS LESS LIABILITIES–2.48% | 15,457,456 | |||||
NET ASSETS–100.00% | $623,309,846 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Investment Abbreviations:
CLO | – Collateralized Loan Obligation |
DAC | – Designated Activity Co. |
DIP | – Debtor-in-Possession |
EUR | – Euro |
EURIBOR | – Euro Interbank Offered Rate |
GBP | – British Pound Sterling |
LIBOR | – London Interbank Offered Rate |
LOC | – Letter of Credit |
Pfd. | – Preferred |
PIK | – Pay-in-Kind |
Rts. | – Rights |
USD | – U.S. Dollar |
Wts. | – Warrants |
Notes to Consolidated Schedule of Investments:
(a) | Principal amounts are denominated in U.S. dollars unless otherwise noted. |
(b) | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. |
(c) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
(d) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Fund’s use of leverage. |
(e) | All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. |
(f) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(g) | Restricted security. The aggregate value of these securities at November 30, 2021 was $71,820,142, which represented 11.52% of the Fund’s Net Assets. |
(h) | This variable rate interest will settle after November 30, 2021, at which time the interest rate will be determined. |
(i) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(j) | The borrower has filed for protection in federal bankruptcy court. |
(k) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at November 30, 2021 was $18,739,187, which represented 3.01% of the Fund’s Net Assets. |
(l) | Securities acquired through the restructuring of senior loans. |
(m) | Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended November 30, 2021. |
Value February 28, 2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value November 30, 2021 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $8,449,079 | $228,501,687 | $(236,950,766) | $- | $- | $- | $1,874 |
Invesco Treasury Portfolio, Institutional Class | 5,632,719 | 152,334,459 | (157,967,178) | - | - | - | 452 |
Investments in Other Affiliates: | |||||||
Nobina AB* | 26,474,819 | - | (23,797,644) | (18,321,990) | 23,797,643 | 8,152,829 | 1,330,802 |
USF S&H Holdco LLC | 6,550,710 | - | - | 3,510,419 | - | 10,061,129 | - |
Total | $47,107,327 | $380,836,146 | $(418,715,588) | $(14,811,571) | $23,797,643 | $18,213,958 | $1,333,128 |
* | At November 30, 2021, this security was no longer an affiliate of the Fund. |
(n) | Non-income producing security. |
(o) | Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2021 was $82,410,096, which represented 13.22% of the Fund’s Net Assets. |
(p) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(q) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2021. |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
Currency Risk | ||||||
12/15/2021 | Bank of America, N.A. | SEK | 119,974,883 | USD | 13,738,652 | $425,410 |
01/14/2022 | Bank of America, N.A. | NOK | 636,895 | USD | 74,554 | 4,158 |
01/14/2022 | Bank of America, N.A. | SEK | 144,625,309 | USD | 16,842,001 | 772,895 |
12/15/2021 | Barclays Bank PLC | NOK | 8,212 | USD | 960 | 53 |
12/15/2021 | Barclays Bank PLC | SEK | 4,722,819 | USD | 549,302 | 25,225 |
01/14/2022 | Barclays Bank PLC | GBP | 22,320,983 | USD | 30,307,315 | 596,098 |
01/14/2022 | Barclays Bank PLC | NOK | 36,062 | USD | 4,192 | 206 |
01/14/2022 | Barclays Bank PLC | SEK | 1,902,580 | USD | 214,889 | 3,496 |
01/14/2022 | Barclays Bank PLC | USD | 2,203 | NOK | 19,995 | 7 |
12/15/2021 | BNP Paribas S.A. | EUR | 74,773,901 | USD | 86,557,759 | 1,718,957 |
12/15/2021 | BNP Paribas S.A. | GBP | 5,000,000 | USD | 6,800,273 | 149,176 |
01/14/2022 | BNP Paribas S.A. | NOK | 10,712 | USD | 1,199 | 15 |
01/14/2022 | Canadian Imperial Bank of Commerce | EUR | 55,659,642 | USD | 64,560,732 | 1,330,300 |
01/14/2022 | Canadian Imperial Bank of Commerce | USD | 79,384 | SEK | 715,095 | 69 |
12/15/2021 | Citibank N.A. | EUR | 509,364 | USD | 589,623 | 11,696 |
12/15/2021 | Citibank N.A. | NOK | 784,669 | USD | 93,113 | 6,363 |
12/15/2021 | Goldman Sachs & Co. | GBP | 21,042,487 | USD | 28,657,909 | 666,785 |
01/14/2022 | Goldman Sachs & Co. | USD | 3,401,367 | EUR | 3,000,000 | 6,691 |
12/15/2021 | JP Morgan Chase Bank N.A. | NOK | 13,925 | USD | 1,621 | 81 |
12/15/2021 | JP Morgan Chase Bank N.A. | SEK | 8,634,845 | USD | 1,003,262 | 45,079 |
12/15/2021 | Morgan Stanley & Co. | EUR | 67,960,801 | USD | 78,706,658 | 1,598,030 |
12/15/2021 | Morgan Stanley & Co. | GBP | 19,403,409 | USD | 26,413,518 | 602,728 |
12/15/2021 | Morgan Stanley & Co. | SEK | 104,127,178 | USD | 11,931,071 | 376,400 |
01/14/2022 | Morgan Stanley & Co. | EUR | 6,200,000 | USD | 7,186,916 | 143,596 |
01/14/2022 | Morgan Stanley & Co. | GBP | 1,200,000 | USD | 1,607,092 | 9,785 |
01/14/2022 | Morgan Stanley & Co. | NOK | 18,566 | USD | 2,175 | 123 |
01/14/2022 | Royal Bank of Canada | GBP | 21,602,185 | USD | 29,332,031 | 577,598 |
01/14/2022 | Royal Bank of Canada | USD | 3,395,037 | EUR | 3,000,000 | 13,021 |
12/15/2021 | State Street Bank & Trust Co. | GBP | 19,399,891 | USD | 26,419,720 | 613,609 |
01/14/2022 | State Street Bank & Trust Co. | EUR | 55,659,642 | USD | 64,571,697 | 1,341,265 |
01/14/2022 | State Street Bank & Trust Co. | GBP | 1,000,000 | USD | 1,356,663 | 25,574 |
12/15/2021 | Toronto Dominion Bank | EUR | 67,138,901 | USD | 77,747,183 | 1,571,086 |
01/14/2022 | Toronto Dominion Bank | EUR | 55,681,673 | USD | 64,632,836 | 1,377,377 |
01/14/2022 | Toronto Dominion Bank | GBP | 21,602,185 | USD | 29,330,108 | 575,675 |
12/15/2021 | UBS AG | NOK | 18,209 | USD | 2,149 | 136 |
12/15/2021 | UBS AG | SEK | 18,424,900 | USD | 2,119,197 | 74,642 |
01/14/2022 | UBS AG | NOK | 12,497 | USD | 1,436 | 55 |
Subtotal—Appreciation | 14,663,460 | |||||
Currency Risk | ||||||
12/15/2021 | Bank of America, N.A. | USD | 74,586 | NOK | 636,895 | (4,174) |
12/15/2021 | Bank of America, N.A. | USD | 16,826,785 | SEK | 144,625,309 | (778,161) |
12/15/2021 | Barclays Bank PLC | USD | 29,355,036 | GBP | 21,620,984 | (594,385) |
12/15/2021 | Barclays Bank PLC | USD | 3,337 | NOK | 28,206 | (218) |
12/15/2021 | Barclays Bank PLC | USD | 1,745,151 | SEK | 15,000,000 | (80,647) |
01/14/2022 | Barclays Bank PLC | USD | 5,355 | NOK | 46,774 | (185) |
12/15/2021 | BNP Paribas S.A. | USD | 685 | NOK | 5,713 | (53) |
12/15/2021 | BNP Paribas S.A. | USD | 136,789 | SEK | 1,173,071 | (6,617) |
01/14/2022 | BNP Paribas S.A. | USD | 3,487,382 | SEK | 30,968,015 | (46,572) |
12/15/2021 | Canadian Imperial Bank of Commerce | USD | 64,487,261 | EUR | 55,659,642 | (1,335,583) |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Open Forward Foreign Currency Contracts—(continued) | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
12/15/2021 | Citibank N.A. | USD | 2,054 | NOK | 17,138 | $(159) |
12/15/2021 | Goldman Sachs & Co. | USD | 1,068 | NOK | 8,926 | (81) |
12/15/2021 | JP Morgan Chase Bank N.A. | USD | 5,446 | NOK | 45,659 | (398) |
12/15/2021 | JP Morgan Chase Bank N.A. | USD | 8,170,916 | SEK | 70,000,000 | (403,232) |
01/14/2022 | JP Morgan Chase Bank N.A. | USD | 3,999,898 | GBP | 3,000,000 | (6,630) |
12/15/2021 | Morgan Stanley & Co. | USD | 6,992,196 | EUR | 6,000,000 | (184,569) |
12/15/2021 | Morgan Stanley & Co. | USD | 4,846 | NOK | 40,703 | (346) |
01/14/2022 | Morgan Stanley & Co. | USD | 603 | NOK | 5,356 | (11) |
12/15/2021 | Royal Bank of Canada | USD | 29,320,430 | GBP | 21,602,185 | (584,784) |
12/15/2021 | State Street Bank & Trust Co. | USD | 64,498,393 | EUR | 55,659,642 | (1,346,715) |
12/15/2021 | State Street Bank & Trust Co. | USD | 4,952 | NOK | 41,775 | (334) |
01/14/2022 | State Street Bank & Trust Co. | USD | 2,281,912 | SEK | 20,000,000 | (59,741) |
12/15/2021 | Toronto Dominion Bank | USD | 64,560,115 | EUR | 55,681,673 | (1,383,441) |
12/15/2021 | Toronto Dominion Bank | USD | 29,346,442 | GBP | 21,622,617 | (583,617) |
12/15/2021 | UBS AG | USD | 43,417,958 | EUR | 37,382,010 | (1,004,162) |
12/15/2021 | UBS AG | USD | 2,945,661 | SEK | 25,086,245 | (161,918) |
01/14/2022 | UBS AG | EUR | 1,000,000 | USD | 1,135,285 | (734) |
01/14/2022 | UBS AG | USD | 3,410,904 | EUR | 3,000,000 | (2,846) |
01/14/2022 | UBS AG | USD | 3,207 | NOK | 28,563 | (49) |
Subtotal—Depreciation | (8,570,362) | |||||
Total Forward Foreign Currency Contracts | $6,093,098 |
Abbreviations: | |
EUR | – Euro |
GBP | – British Pound Sterling |
NOK | – Norwegian Krone |
SEK | – Swedish Krona |
USD | – U.S. Dollar |
The aggregate value of securities considered illiquid at November 30, 2021 was $315,948,621, which represented 50.69% of the Fund’s Net Assets.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
Notes to Quarterly Consolidated Schedule of Portfolio Holdings
November 30, 2021
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 Fund’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 November 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Variable Rate Senior Loan Interests | $— | $399,961,200 | $311,528,593 | $711,489,793 |
Common Stocks & Other Equity Interests | 16,764,542 | 28,708,422 | 25,394,334 | 70,867,298 |
Non-U.S. Dollar Denominated Bonds & Notes | — | 57,734,389 | — | 57,734,389 |
U.S. Dollar Denominated Bonds & Notes | — | 12,866,960 | 2,788,540 | 15,655,500 |
Preferred Stocks | — | 3,994,998 | 1,454,494 | 5,449,492 |
Asset-Backed Securities | — | 3,655,918 | — | 3,655,918 |
Total Investments in Securities | 16,764,542 | 506,921,887 | 341,165,961 | 864,852,390 |
Other Investments - Assets* | ||||
Investments Matured | — | 1,088,737 | 455,931 | 1,544,668 |
Forward Foreign Currency Contracts | — | 14,663,460 | — | 14,663,460 |
— | 15,752,197 | 455,931 | 16,208,128 | |
Other Investments - Liabilities* | ||||
Forward Foreign Currency Contracts | — | (8,570,362) | — | (8,570,362) |
Total Other Investments | — | 7,181,835 | 455,931 | 7,637,766 |
Total Investments | $16,764,542 | $514,103,722 | $341,621,892 | $872,490,156 |
* | Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value. |
A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the nine months ended November 30, 2021:
Value 02/28/21 | 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 11/30/21 | |
Variable Rate Senior Loan Interests | $208,090,001 | $135,031,438 | $(42,610,852) | $1,110,462 | $128,974 | $(114,262) | $21,238,461 | $(11,345,629) | $311,528,593 |
Common Stocks & Other Equity Interests | 13,193,366 | 7,560,459 | (2,440,607) | — | (503,354) | 6,475,208 | 1,109,270 | — | 25,394,334 |
U.S. Dollar Denominated Bonds & Notes | 3,182,330 | — | (276,600) | — | — | (117,190) | — | — | 2,788,540 |
Preferred Stocks | 258,788 | — | — | — | (1,203) | 185,893 | 1,011,016 | — | 1,454,494 |
Investments Matured | 450,576 | (90,937) | 96,292 | (4,818) | — | 4,818 | — | — | 455,931 |
Total | $225,175,061 | $142,500,960 | $(45,231,767) | $1,105,644 | $(375,583) | $6,434,467 | $23,358,747 | $(11,345,629) | $341,621,892 |
*Transfers into and out of level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price.
Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing 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.
Invesco Dynamic Credit Opportunity Fund
The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:
Fair Value at 11/30/21 | Valuation Technique | Unobservable Inputs | Range of Unobservable Inputs | Unobservable Input Used | ||
Keg Logistics LLC, Term Loan A | $28,809,952 | Loan Origination Value | Original Cost | N/A | 98.5% of par | (a) |
Muth Mirror Systems, LLC, Term Loan | 19,051,926 | Valuation Service | N/A | N/A | N/A | (b) |
FDH Group Acquisition, Inc., Term Loan A | 18,673,895 | Loan Origination Value | Original Cost | N/A | 98% of par | (a) |
Lightning Finco Ltd., Term Loan B-1 | 18,007,643 | Loan Origination Value | Original Cost | N/A | 98% of par | (a) |
Teasdale Foods, Inc., Term Loan B | 15,641,018 | Valuation Service | N/A | N/A | N/A | (b) |
Groundworks LLC, First Lien Incremental Term Loan | 13,087,638 | Valuation Service | N/A | N/A | N/A | (b) |
Zeus Bidco Ltd., Term Loan B | 12,840,247 | Valuation Service | N/A | N/A | N/A | (c) |
USF S&H Holdco LLC, Term Loan B | 11,173,102 | Valuation Service | N/A | N/A | N/A | (b) |
USF S&H Holdco LLC | 10,061,129 | Valuation Service | N/A | N/A | N/A | (b) |
Brook & Whittle Holding Corp., Term Loan | 9,643,995 | Valuation Service | N/A | N/A | N/A | (b) |
PrimeFlight Aviation Services, Inc., Term Loan | 9,531,287 | Valuation Service | N/A | N/A | N/A | (b) |
PrimeFlight Aviation Services, Inc., Incremental Delayed Draw Term Loan | 9,369,986 | Valuation Service | N/A | N/A | N/A | (b) |
FDH Group Acquisition, Inc., Delayed Draw Term Loan | 9,298,163 | Loan Origination Value | Original Cost | N/A | 98% of par | (a) |
NAS LLC, Term Loan | 9,055,787 | Valuation Service | N/A | N/A | N/A | (b) |
Transtar Industries, Inc., Term Loan A | 8,892,076 | Valuation Service | N/A | N/A | N/A | (b) |
MB2 Dental Solutions LLC, Term Loan B | 8,835,222 | Valuation Service | N/A | N/A | N/A | (b) |
(a) | The Fund fair values certain investments in direct loan financings at the loan origination price. The Adviser periodically reviews the consolidated financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. |
(b) Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The valuations are based on certain methods used to determine market yields in order to establish a discount rate of return given market conditions and prevailing lending standards. Future expected cash flows are discounted back to the present value using these discount rates in the discounted cash flow analysis. The Adviser reviews the valuation reports provided by the valuation service on an on-going basis and monitors such investments for additional information or the occurrence of a market event which would warrant a re-evaluation of the security’s fair valuation.
(c) | Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service. |
Invesco Dynamic Credit Opportunity Fund