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 | 811-05845 | |
Invesco Senior Loan Fund | ||
(Exact name of registrant as specified in charter) | ||
1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309 | ||
(Address of principal executive offices) (Zip code) | ||
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
Date of fiscal year end: | 02/28 | |
Date of reporting period: | 08/31/19 |
Item 1. Reports to Stockholders.
Semiannual Report to Shareholders | August 31, 2019 |
Bruce Crockett |
Andrew Schlossberg |
2 | Invesco Senior Loan Fund |
Class A Shares | 0.80% |
Class C Shares | 0.28 |
Class Y Shares | 0.93 |
Class IB Shares | 0.78 |
Class IC Shares | 0.85 |
Credit Suisse Leveraged Loan Index▼ (Style-Specific Index) | 1.96 |
Source(s):▼Bloomberg L.P. |
3 | Invesco Senior Loan Fund |
Average Annual Total Returns | |
As of 8/31/19, including maximum applicable sales charges | |
Class A Shares | |
Inception (2/18/05) | 3.30% |
10 Years | 6.41 |
5 Years | 2.90 |
1 Year | –2.26 |
Class C Shares | |
Inception (2/18/05) | 2.77% |
10 Years | 5.96 |
5 Years | 2.81 |
1 Year | –0.72 |
Class Y Shares | |
Inception (11/08/13) | 4.21% |
5 Years | 3.86 |
1 Year | 1.33 |
Class IB Shares | |
Inception (10/4/89) | 4.88% |
10 Years | 6.94 |
5 Years | 3.86 |
1 Year | 1.33 |
Class IC Shares | |
Inception (6/13/03) | 4.27% |
10 Years | 6.84 |
5 Years | 3.71 |
1 Year | 1.17 |
Average Annual Total Returns | |
As of 6/30/19, the most recent calendar quarter end, including maximum applicable sales charges | |
Class A Shares | |
Inception (2/18/05) | 3.34% |
10 Years | 7.26 |
5 Years | 3.00 |
1 Year | –0.91 |
Class C Shares | |
Inception (2/18/05) | 2.82% |
10 Years | 6.82 |
5 Years | 2.94 |
1 Year | 0.82 |
Class Y Shares | |
Inception (11/08/13) | 4.33% |
5 Years | 3.97 |
1 Year | 2.76 |
Class IB Shares | |
Inception (10/4/89) | 4.91% |
10 Years | 7.78 |
5 Years | 3.97 |
1 Year | 2.75 |
Class IC Shares | |
Inception (6/13/03) | 4.31% |
10 Years | 7.67 |
5 Years | 3.81 |
1 Year | 2.59 |
4 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Variable Rate Senior Loan Interests–103.59%(b)(c) | |||||
Aerospace & Defense–3.82% | |||||
Consolidated Aerospace Manufacturing, LLC, Term Loan (1 mo. USD LIBOR + 3.75%) (Acquired 08/19/2015-03/29/2019; Cost $758,623)(d) | 5.86% | 08/11/2022 | $ 762 | $ 761,474 | |
Greenrock Finance, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%) | 6.15% | 06/28/2024 | 1,337 | 1,339,738 | |
IAP Worldwide Services, Inc. | |||||
Revolver Loan (Acquired 08/05/2014-02/08/2019; Cost $1,946,523)(d)(e) | 0.00% | 07/18/2021 | 1,947 | 1,946,523 | |
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) (Acquired 07/18/2014-02/08/2019; Cost $2,010,614)(d) | 8.83% | 07/18/2021 | 2,171 | 2,170,773 | |
Maxar Technologies Ltd. (Canada), Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.87% | 10/04/2024 | 3,017 | 2,652,467 | |
Peraton Corp., Term Loan (1 mo. USD LIBOR + 5.25%)(d) | 7.37% | 04/29/2024 | 861 | 853,826 | |
Perspecta, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.36% | 05/31/2025 | 660 | 661,776 | |
Space Exploration Technologies Corp., Term Loan (1 mo. USD LIBOR + 4.25%) (Acquired 11/20/2018-06/06/2019; Cost $2,050,652)(d) | 6.37% | 11/21/2025 | 2,061 | 2,066,280 | |
TransDigm, Inc. | |||||
Term Loan E (3 mo. USD LIBOR + 2.50%) | 4.83% | 05/30/2025 | 6,266 | 6,213,279 | |
Term Loan F (3 mo. USD LIBOR + 2.50%) | 4.83% | 06/09/2023 | 1,323 | 1,315,657 | |
Term Loan G (3 mo. USD LIBOR + 2.50%) | 4.83% | 08/22/2024 | 139 | 137,724 | |
Vectra Co., First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 03/08/2025 | 587 | 566,131 | |
Wesco Aircraft Hardware Corp., Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.62% | 02/28/2021 | 1,217 | 1,217,587 | |
Xebec Global Holdings, LLC, Term Loan (1 wk. USD LIBOR + 5.25%) (Acquired 02/12/2018-04/04/2019; Cost $835,653)(d) | 7.93% | 02/12/2024 | 840 | 844,443 | |
22,747,678 | |||||
Air Transport–1.80% | |||||
American Airlines, Inc. | |||||
Term Loan (1 mo. USD LIBOR + 1.75%) | 4.06% | 06/27/2025 | 74 | 72,336 | |
Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.20% | 12/14/2023 | 729 | 727,296 | |
Avolon TLB Borrower 1 (US) LLC (Ireland), Term Loan B-3 (1 mo. USD LIBOR + 1.75%) | 3.92% | 01/15/2025 | 2,992 | 3,001,971 | |
Etraveli Group Holding AB (Sweden), Term Loan B-1 (3 mo. EURIBOR + 4.25%) | 4.25% | 08/02/2024 | EUR | 329 | 364,308 |
Gol LuxCo S.A. (Brazil), Term Loan (6 mo. USD LIBOR + 6.50%) | 6.50% | 08/31/2020 | 2,998 | 3,042,934 | |
WestJet Airlines Ltd. (Canada), Term Loan B(f) | — | 08/07/2026 | 3,509 | 3,522,384 | |
10,731,229 | |||||
Automotive–3.01% | |||||
Allison Transmission, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) | 4.17% | 03/29/2026 | 11 | 11,585 | |
American Axle & Manufacturing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.43% | 04/06/2024 | 996 | 977,807 | |
Dayco Products, LLC, Term Loan (3 mo. USD LIBOR + 4.25%) | 6.38% | 05/19/2023 | 680 | 640,426 | |
Garrett Borrowing LLC (Switzerland) | |||||
Term Loan B (3 mo. EURIBOR + 2.75%) | 2.75% | 09/27/2025 | EUR | 123 | 134,744 |
Term Loan B (3 mo. USD LIBOR + 2.50%) | 4.82% | 09/27/2025 | 418 | 415,004 | |
IAA Spinco Inc., Term Loan(f) | — | 06/29/2026 | 776 | 781,092 | |
Mavis Tire Express Services Corp. | |||||
Delayed Draw Term Loan(e) | 3.53% | 03/20/2025 | 151 | 148,561 | |
Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 03/20/2025 | 1,190 | 1,170,222 | |
Navistar, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%) | 5.70% | 11/06/2024 | 0 | 267 | |
Panther BF Aggregator 2 L.P. (Canada) | |||||
Term Loan (1 mo. EURIBOR + 3.75%) | 3.75% | 04/30/2026 | EUR | 773 | 851,147 |
Term Loan B (1 mo. USD LIBOR + 3.50%) | 5.61% | 04/30/2026 | 2,461 | 2,429,750 | |
Project Boost Purchaser, LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 06/01/2026 | 413 | 410,075 | |
Superior Industries International, Inc., Term Loan (1 mo. USD LIBOR + 4.00%) | 6.11% | 05/22/2024 | 1,003 | 965,405 |
5 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Automotive–(continued) | |||||
Tenneco, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%) | 5.11% | 10/01/2025 | $ 2,685 | $ 2,508,955 | |
ThermaSys Corp. | |||||
Term Loan (3 mo. USD LIBOR + 6.00%) (Acquired 12/31/2018; Cost $115,442)(d) | 8.33% | 10/02/2023 | 115 | 105,052 | |
Term Loan (3 mo. USD LIBOR + 6.00%) | 8.33% | 01/01/2024 | 631 | 573,505 | |
TI Group Automotive Systems, L.L.C. (United Kingdom), Term Loan (1 mo. USD LIBOR + 2.50%) | 4.61% | 06/30/2022 | 295 | 293,544 | |
Tower Automotive Holdings USA, LLC, Term Loan (1 mo. USD LIBOR + 2.75%) | 5.00% | 03/07/2024 | 1,165 | 1,166,683 | |
Transtar Holding Co. | |||||
Delayed Draw Term Loan (Acquired 04/11/2017-07/06/2017; Cost $170,015)(d)(e) | 0.00% | 04/11/2022 | 170 | 169,960 | |
First Lien Term Loan (2 mo. USD LIBOR + 4.25%) (Acquired 10/03/2012-06/13/2016; Cost $2,130,521)(d) | 6.43% | 04/11/2022 | 2,134 | 2,117,745 | |
PIK Term Loan, 7.75% PIK Rate, 1.00% Cash Rate (Acquired 04/11/2017-04/11/2019; Cost $710,865)(d)(g) | 7.75% | 04/11/2022 | 754 | 753,756 | |
Wand NewCo 3, Inc., Term Loan (1 mo. USD LIBOR + 3.50%) | 5.71% | 02/05/2026 | 541 | 543,807 | |
Winter Park Intermediate, Inc., Term Loan (1 mo. USD LIBOR + 4.75%) | 6.86% | 04/04/2025 | 742 | 736,571 | |
17,905,663 | |||||
Beverage & Tobacco–0.46% | |||||
AI Aqua Merger Sub, Inc. | |||||
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 12/13/2023 | 551 | 526,461 | |
First Lien Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | 5.36% | 12/13/2023 | 2,093 | 2,005,034 | |
Incremental Term Loan (1 mo. USD LIBOR + 4.25%) | 6.37% | 12/13/2023 | 203 | 199,298 | |
2,730,793 | |||||
Building & Development–2.15% | |||||
American Builders & Contractors Supply Co., Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.00%) | 4.11% | 10/31/2023 | 2,009 | 1,993,956 | |
Beacon Roofing Supply, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.36% | 01/02/2025 | 12 | 11,478 | |
Capital Automotive L.P., Second Lien Term Loan B (1 mo. USD LIBOR + 6.00%) | 8.12% | 03/24/2025 | 834 | 838,894 | |
DiversiTech Holdings, Inc. | |||||
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%) | 9.83% | 06/02/2025 | 51 | 50,314 | |
Term Loan B-1 (3 mo. USD LIBOR + 3.00%) | 5.33% | 06/03/2024 | 545 | 533,190 | |
Financiere Persea (Proxiserve) (France), Term Loan B (6 mo. EURIBOR + 3.75%) | 3.75% | 03/26/2026 | EUR | 170 | 188,066 |
Foncia Groupe S.A.S. (France), Term Loan B-3 (3 mo. EURIBOR + 3.00%) | 3.00% | 09/07/2023 | EUR | 377 | 414,586 |
Forterra Finance, LLC, Second Lien Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 10/25/2023 | 891 | 835,232 | |
HD Supply, Inc., Term Loan B-5 (1 mo. USD LIBOR + 1.75%) | 3.86% | 10/17/2023 | 1,797 | 1,805,870 | |
LSF10 Wolverine Investments S.C.A. (Luxembourg), Term Loan B(f) | — | 07/04/2024 | EUR | 317 | 347,176 |
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 11/15/2023 | 404 | 400,608 | |
Quimper AB (Sweden) | |||||
First Lien Term Loan B-1 (2 mo. EURIBOR + 4.25%) | 4.25% | 02/15/2026 | EUR | 746 | 825,224 |
First Lien Term Loan B-2 (2 mo. EURIBOR + 4.25%) | 4.25% | 02/15/2026 | EUR | 36 | 39,956 |
Second Lien Term Loan (6 mo. EURIBOR + 8.25%) (Acquired 03/01/2019-03/07/2019; Cost $344,775)(d) | 8.25% | 02/13/2027 | EUR | 309 | 342,512 |
Re/Max, LLC, Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 12/15/2023 | 2,304 | 2,277,753 | |
Realogy Group LLC, Term Loan (1 mo. USD LIBOR + 2.25%) | 4.42% | 02/08/2025 | 245 | 236,790 | |
SRS Distribution, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.37% | 05/23/2025 | 0 | 167 | |
TAMKO Building Products, LLC, Term Loan (3 mo. USD LIBOR + 3.25%) | 5.55% | 05/29/2026 | 628 | 629,940 | |
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%) | 6.33% | 07/24/2024 | 1,051 | 1,027,513 | |
12,799,225 | |||||
Business Equipment & Services–9.56% | |||||
Allied Universal Holdco LLC, Delayed Draw Term Loan(e) | 0.00% | 06/27/2026 | 229 | 228,871 | |
Alorica, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%) | 5.86% | 06/30/2022 | 1,115 | 1,044,801 |
6 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Business Equipment & Services–(continued) | |||||
Altran Technologies (France), Term Loan B (3 mo. USD LIBOR + 2.50%) | 4.89% | 03/20/2025 | $ 353 | $ 353,188 | |
Asurion LLC | |||||
Second Lien Term Loan B-2 (1 mo. USD LIBOR + 6.50%) | 8.61% | 08/04/2025 | 4,036 | 4,102,383 | |
Term Loan B-4 (1 mo. USD LIBOR + 3.00%) | 5.11% | 08/04/2022 | 16 | 15,645 | |
Term Loan B-6 (1 mo. USD LIBOR + 3.00%) | 5.11% | 11/03/2023 | 7,193 | 7,205,502 | |
Term Loan B-7 (1 mo. USD LIBOR + 3.00%) | 5.11% | 11/03/2024 | 71 | 71,332 | |
Blackhawk Network Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.25% | 06/15/2026 | 373 | 373,625 | |
Blucora, Inc., Term Loan (2 mo. USD LIBOR + 3.00%) | 5.26% | 05/22/2024 | 715 | 717,540 | |
Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%) | 6.52% | 06/21/2024 | 1,324 | 1,260,236 | |
Brightview Landscapes, LLC, Term Loan (1 mo. USD LIBOR + 2.50%) | 4.66% | 08/15/2025 | 710 | 711,043 | |
Cast & Crew Payroll, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%) | 6.12% | 02/09/2026 | 71 | 71,507 | |
Checkout Holding Corp. | |||||
PIK Term Loan, 9.50% PIK Rate, 3.18% Cash Rate(g) | 9.50% | 08/15/2023 | 433 | 205,771 | |
Term Loan (1 mo. USD LIBOR + 7.50%) | 9.68% | 02/15/2023 | 341 | 283,198 | |
CRCI Longhorn Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)(d) | 9.46% | 08/08/2026 | 72 | 71,131 | |
Crossmark Holdings, Inc., Exit Term Loan (1 mo. USD LIBOR + 10.00%) | 12.15% | 07/26/2023 | 304 | 306,697 | |
Dream Secured Bondco AB (Sweden), Term Loan B1F (3 mo. EURIBOR + 3.50%) | 3.50% | 10/21/2022 | EUR | 277 | 306,277 |
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.75%) | 7.15% | 02/06/2026 | 1,716 | 1,722,303 | |
FleetCor Technologies Operating Co., LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.00%) | 4.11% | 08/02/2024 | 227 | 227,939 | |
GI Revelation Acquisition LLC | |||||
First Lien Term Loan (1 mo. USD LIBOR + 5.00%) | 7.11% | 04/16/2025 | 963 | 943,388 | |
Second Lien Term Loan (1 mo. USD LIBOR + 9.00%) | 11.11% | 04/16/2026 | 375 | 358,710 | |
Global Payments, Inc. | |||||
Term Loan B-3 (1 mo. USD LIBOR + 1.75%) | 3.86% | 04/21/2023 | 33 | 32,941 | |
Term Loan B-4 (1 mo. USD LIBOR + 1.75%) | 3.86% | 10/17/2025 | 656 | 656,287 | |
Holding Socotec (France), Term Loan B-4(f) | — | 07/27/2024 | EUR | 346 | 380,912 |
I-Logic Technologies Bidco Ltd. (United Kingdom), Term Loan (3 mo. EURIBOR + 3.00%) | 4.00% | 12/21/2024 | EUR | 169 | 187,195 |
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)(d) | 5.51% | 06/23/2024 | GBP | 609 | 741,425 |
Institutional Shareholder Services, Inc. | |||||
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)(d) | 6.83% | 03/05/2026 | 1,034 | 1,023,773 | |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) (Acquired 03/05/2019; Cost $679,966)(d) | 10.83% | 03/05/2027 | 701 | 699,243 | |
ION Trading Technologies S.a.r.l. (Ireland), Term Loan (6 mo. USD LIBOR + 4.00%) | 6.65% | 11/21/2024 | 599 | 577,724 | |
Iron Mountain, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%) | 3.86% | 01/02/2026 | 1,112 | 1,100,813 | |
KAR Auction Services, Inc., Term Loan B-5 (3 mo. USD LIBOR + 2.50%) | 4.88% | 03/09/2023 | 592 | 592,466 | |
Karman Buyer Corp. | |||||
First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | 5.58% | 07/23/2021 | 326 | 305,647 | |
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.25%) | 5.58% | 07/23/2021 | 1,723 | 1,597,184 | |
KBR, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%) | 5.86% | 04/25/2025 | 1,987 | 1,999,319 | |
Monitronics International, Inc. | |||||
DIP Loan (1 mo. USD LIBOR + 5.00%) (Acquired 06/27/2019-07/03/2019; Cost $1,331,679)(d)(e) | 6.06% | 07/03/2020 | 1,332 | 1,331,679 | |
Term Loan (1 mo. USD LIBOR + 5.00%) | 7.11% | 07/01/2024 | 1,564 | 1,563,802 | |
Term Loan B-2 (1 mo. USD LIBOR + 4.50%) | 8.61% | 09/30/2022 | 3,210 | 3,030,945 | |
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 2.00%) | 4.22% | 03/18/2024 | 25 | 25,532 | |
Prometric Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) | 5.12% | 01/29/2025 | 196 | 192,223 | |
Red Ventures, LLC (New Imagitas, Inc.), Term Loan B-1 (1 mo. USD LIBOR + 3.00%) | 5.11% | 11/08/2024 | 222 | 222,223 | |
Refinitiv US Holdings, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%) | 5.86% | 10/01/2025 | 3,928 | 3,951,444 | |
Sector Alarm Holding A.S. (Norway), Term Loan B (3 mo. EURIBOR + 3.50%) | 3.50% | 06/04/2026 | EUR | 320 | 354,378 |
ServPro Borrower, LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 03/26/2026 | 159 | 159,363 | |
SMS Systems Maintenance Services, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.00%) | 7.11% | 10/30/2023 | 1,359 | 1,117,620 | |
Spin Holdco, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.25%) | 5.58% | 11/14/2022 | 5,353 | 5,244,196 |
7 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Business Equipment & Services–(continued) | |||||
Techem Verwaltungsgesellschaft Gmbh (Germany), Term Loan B-3 (3 mo. EURIBOR + 3.50%) | 3.50% | 07/31/2025 | EUR | 212 | $ 234,223 |
Trans Union LLC, Incremental Term Loan B-4 (1 mo. USD LIBOR + 2.00%) | 4.11% | 06/19/2025 | $ 381 | 381,890 | |
Travelport Finance (Luxembourg) S.a.r.l. (Luxembourg), Term Loan (1 mo. USD LIBOR + 5.00%) | 7.54% | 03/20/2026 | 808 | 746,144 | |
Ventia Deco LLC (Australia), Term Loan B (3 mo. USD LIBOR + 3.50%)(d) | 5.85% | 06/25/2026 | 1,264 | 1,265,867 | |
Wash MultiFamily Acquisition, Inc. | |||||
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 05/16/2022 | 1,094 | 1,077,511 | |
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 05/16/2022 | 153 | 150,710 | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.11% | 05/12/2023 | 121 | 118,033 | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.11% | 05/14/2023 | 21 | 20,673 | |
West Corp. | |||||
Term Loan B (1 mo. USD LIBOR + 4.00%) | 6.11% | 10/10/2024 | 2,072 | 1,861,837 | |
Term Loan B-1 (1 mo. USD LIBOR + 3.50%) | 5.61% | 10/10/2024 | 959 | 855,635 | |
WEX, Inc., Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | 4.36% | 05/17/2026 | 1,866 | 1,873,508 | |
WowMidco SAS (France), Term Loan B(f) | — | 08/02/2026 | EUR | 604 | 666,545 |
56,921,997 | |||||
Cable & Satellite Television–5.89% | |||||
Altice Financing S.A. (France) | |||||
Incremental Term Loan B-13 (1 mo. USD LIBOR + 4.00%) | 6.20% | 08/14/2026 | 1,483 | 1,472,736 | |
Term Loan (1 mo. USD LIBOR + 2.75%) | 4.94% | 07/15/2025 | 619 | 601,847 | |
Term Loan (1 mo. USD LIBOR + 2.75%) | 4.95% | 01/31/2026 | 574 | 556,573 | |
Term Loan B-12 (1 mo. USD LIBOR + 3.69%) | 5.88% | 01/31/2026 | 4,608 | 4,537,526 | |
Atlantic Broadband Finance, LLC, Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.36% | 01/03/2025 | 3,087 | 3,079,094 | |
Charter Communications Operating, LLC, Term Loan B (3 mo. USD LIBOR + 2.00%) | 4.33% | 04/30/2025 | 78 | 78,473 | |
CSC Holdings, LLC | |||||
Incremental Term Loan (1 mo. USD LIBOR + 2.25%) | 4.45% | 01/15/2026 | 1,673 | 1,668,193 | |
Term Loan (1 mo. USD LIBOR + 2.25%) | 4.45% | 07/17/2025 | 6,303 | 6,286,737 | |
Term Loan (1 mo. USD LIBOR + 2.50%) | 4.70% | 01/25/2026 | 1,406 | 1,407,347 | |
Ion Media Networks, Inc., Term Loan B-4 (1 mo. USD LIBOR + 3.00%) | 5.12% | 12/18/2024 | 1,720 | 1,719,980 | |
Telenet Financing USD LLC (Belgium), Term Loan AN (1 mo. USD LIBOR + 2.25%) | 4.45% | 08/15/2026 | 3,023 | 3,020,027 | |
Virgin Media Bristol LLC, Term Loan K (1 mo. USD LIBOR + 2.50%) | 4.69% | 01/15/2026 | 6,920 | 6,927,388 | |
Ziggo Secured Finance Partnership (Netherlands) | |||||
Term Loan E (1 mo. USD LIBOR + 2.50%) | 4.69% | 04/15/2025 | 3,625 | 3,605,474 | |
Term Loan F (6 mo. EURIBOR + 3.00%) | 3.00% | 04/15/2025 | EUR | 91 | 100,511 |
35,061,906 | |||||
Chemicals & Plastics–3.60% | |||||
Alpha US Bidco, Inc. (United Kingdom), Term Loan B-1 (3 mo. USD LIBOR + 3.00%) | 5.33% | 01/31/2024 | 1,048 | 1,020,467 | |
Ascend Performance Materials Operations LLC, Term Loan B(f) | — | 08/15/2026 | 2,442 | 2,448,053 | |
Avantor, Inc., Term Loan B-1 (1 mo. EURIBOR + 3.25%) | 3.25% | 11/21/2024 | EUR | 611 | 679,542 |
Cabot Microelectronics Corp., Term Loan (1 mo. USD LIBOR + 2.25%) | 4.38% | 11/14/2025 | 1,138 | 1,141,330 | |
Charter NEX US, Inc. | |||||
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 05/16/2024 | 330 | 329,770 | |
First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 05/16/2024 | 80 | 78,689 | |
Chemours Co. (The), Term Loan B-2 (1 mo. USD LIBOR + 1.75%) | 3.87% | 04/03/2025 | 51 | 49,496 | |
Encapsys, LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 11/07/2024 | 6 | 5,700 | |
Ferro Corp. | |||||
Term Loan B-2 (3 mo. USD LIBOR + 2.25%) | 4.58% | 02/14/2024 | 122 | 122,074 | |
Term Loan B-3 (3 mo. USD LIBOR + 2.25%) | 4.58% | 02/14/2024 | 120 | 119,476 | |
H.B. Fuller Co., Term Loan (1 mo. USD LIBOR + 2.00%) | 4.17% | 10/20/2024 | 99 | 98,861 |
8 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Chemicals & Plastics–(continued) | |||||
Hexion International Holdings B.V. (Netherlands) | |||||
Term Loan B (3 mo. EURIBOR + 4.00%) | 4.00% | 06/26/2026 | EUR | 245 | $269,714 |
Term Loan B (3 mo. USD LIBOR + 3.50%)(d) | 5.82% | 06/26/2026 | $818 | 818,564 | |
Ineos US Finance LLC (Luxembourg), Term Loan (2 mo. USD LIBOR + 2.00%) | 4.26% | 03/31/2024 | 84 | 82,287 | |
Invictus US NewCo LLC | |||||
First Lien Term Loan (2 mo. USD LIBOR + 3.00%) | 5.15% | 03/28/2025 | 589 | 584,492 | |
Second Lien Term Loan (2 mo. USD LIBOR + 6.75%) | 8.90% | 03/30/2026 | 379 | 377,554 | |
KPEX Holdings, Inc. | |||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) (Acquired 01/26/2018; Cost $148,008) | 9.11% | 01/31/2026 | 149 | 136,852 | |
Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 01/31/2025 | 344 | 321,542 | |
Messer Industries USA, Inc., Term Loan B-1 (3 mo. USD LIBOR + 2.50%) | 4.83% | 03/01/2026 | 4,285 | 4,264,684 | |
Natgasoline LLC, Term Loan (3 mo. USD LIBOR + 3.50%)(d) | 5.81% | 11/14/2025 | 653 | 653,843 | |
Oxea Corp., Term Loan B-2 (1 mo. USD LIBOR + 3.50%) | 5.75% | 10/14/2024 | 1,141 | 1,137,423 | |
Perstorp Holding AB (Sweden) | |||||
Term Loan B (3 mo. EURIBOR + 4.75%) | 4.75% | 02/26/2026 | EUR | 147 | 155,501 |
Term Loan B (1 mo. USD LIBOR + 4.75%) | 6.89% | 02/27/2026 | 412 | 394,641 | |
PQ Corp., Term Loan B-1 (3 mo. USD LIBOR + 2.50%) | 4.76% | 02/05/2025 | 334 | 333,984 | |
Starfruit US Holdco LLC (Netherlands), Term Loan (1 mo. USD LIBOR + 3.25%) | 5.46% | 10/01/2025 | 4,795 | 4,646,445 | |
Tata Chemicals North America, Inc. (India), Term Loan (3 mo. USD LIBOR + 2.75%) | 5.12% | 08/07/2020 | 902 | 903,392 | |
Trinseo Materials Finance, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) | 4.11% | 09/06/2024 | 167 | 164,967 | |
Tronox Finance LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 4.95% | 09/23/2024 | 75 | 74,974 | |
Univar, Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.50%) | 4.61% | 07/01/2024 | 0 | 77 | |
21,414,394 | |||||
Clothing & Textiles–0.56% | |||||
ABG Intermediate Holdings 2 LLC | |||||
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 09/27/2024 | 353 | 351,985 | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 9.87% | 09/29/2025 | 1,158 | 1,163,915 | |
International Textile Group, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.00%) | 7.23% | 05/01/2024 | 635 | 571,674 | |
Kontoor Brands, Inc., Term Loan B (3 mo. USD LIBOR + 4.25%) | 6.80% | 05/17/2026 | 476 | 479,155 | |
Mascot Bidco Oy (Finland), Term Loan B (6 mo. EURIBOR + 4.50%) | 4.50% | 03/20/2026 | EUR | 649 | 717,312 |
Tumi, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%) | 3.86% | 04/25/2025 | 34 | 33,199 | |
3,317,240 | |||||
Conglomerates–0.38% | |||||
CTC AcquiCo GmbH (Germany) | |||||
Term Loan B-1 (3 mo. EURIBOR + 2.50%) | 2.50% | 03/07/2025 | EUR | 415 | 451,278 |
Term Loan B-2 (3 mo. USD LIBOR + 3.00%) | 4.87% | 03/07/2025 | 545 | 537,315 | |
Penn Engineering & Manufacturing Corp., Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.87% | 06/27/2024 | 441 | 436,756 | |
Safe Fleet Holdings LLC | |||||
First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | 5.21% | 02/03/2025 | 384 | 369,566 | |
First Lien Term Loan B-1 (1 mo. USD LIBOR + 3.75%) | 5.96% | 02/03/2025 | 263 | 255,786 | |
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) | 8.96% | 02/02/2026 | 192 | 187,604 | |
2,238,305 | |||||
Containers & Glass Products–3.20% | |||||
Berlin Packaging, LLC | |||||
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.22% | 11/07/2025 | 868 | 851,428 | |
Term Loan B-1 (3 mo. USD LIBOR + 3.00%) | 5.33% | 11/07/2025 | 655 | 640,079 | |
Berry Global, Inc. | |||||
Term Loan T (1 mo. USD LIBOR + 2.00%) | 4.20% | 01/06/2021 | 57 | 56,756 | |
Term Loan U (1 mo. USD LIBOR + 2.50%) | 4.70% | 07/01/2026 | 8,086 | 8,094,280 | |
Term Loan V (1 mo. EURIBOR + 2.50%) | 2.50% | 05/17/2026 | EUR | 179 | 197,696 |
9 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Containers & Glass Products–(continued) | |||||
BWAY Holding Co., Term Loan (3 mo. USD LIBOR + 3.25%) | 5.59% | 04/03/2024 | $ 196 | $ 190,937 | |
Consolidated Container Co. LLC | |||||
First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 05/22/2024 | 79 | 77,968 | |
Incremental Term Loan (3 mo. USD LIBOR + 3.50%) | 5.61% | 06/26/2026 | 825 | 822,819 | |
Duran Group (Germany), Term Loan B-2 (3 mo. USD LIBOR + 4.00%) (Acquired 03/24/2017; Cost $2,483,464)(d) | 6.34% | 03/21/2024 | 2,515 | 2,464,602 | |
Flex Acquisition Co., Inc. | |||||
Incremental Term Loan B (3 mo. USD LIBOR + 3.25%) | 5.57% | 06/29/2025 | 2,737 | 2,616,163 | |
Term Loan (3 mo. USD LIBOR + 3.25%) | 5.32% | 12/29/2023 | 23 | 21,808 | |
Fort Dearborn Holding Co., Inc. | |||||
First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | 6.31% | 10/19/2023 | 868 | 854,214 | |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) | 10.81% | 10/21/2024 | 166 | 157,916 | |
Hoffmaster Group, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 4.00%) | 6.33% | 11/21/2023 | 660 | 656,756 | |
Klockner Pentaplast of America, Inc. (Luxembourg) | |||||
Term Loan (3 mo. EURIBOR + 4.75%) | 4.75% | 06/30/2022 | EUR | 302 | 296,376 |
Term Loan (1 mo. USD LIBOR + 4.25%) | 6.36% | 06/30/2022 | 305 | 274,163 | |
Refresco Group, N.V. (Netherlands) | |||||
Term Loan(f) | — | 03/28/2025 | EUR | 145 | 160,386 |
Term Loan B-1 (3 mo. EURIBOR + 3.25%) | 3.25% | 03/28/2025 | EUR | 145 | 160,107 |
Trident TPI Holdings, Inc. | |||||
Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | 5.36% | 10/17/2024 | 324 | 310,386 | |
Term Loan B-2 (3 mo. EURIBOR + 3.50%) | 3.50% | 10/17/2024 | EUR | 156 | 164,647 |
19,069,487 | |||||
Cosmetics & Toiletries–1.14% | |||||
Alphabet Holding Co., Inc. | |||||
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 09/26/2024 | 2,254 | 2,103,992 | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 9.86% | 09/26/2025 | 812 | 715,158 | |
Anastasia Parent, LLC, Term Loan (1 mo. USD LIBOR + 3.75%) | 5.86% | 08/11/2025 | 473 | 371,338 | |
Coty, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.47% | 04/05/2025 | 3,487 | 3,385,022 | |
Rodenstock Holding GmbH (Germany), Term Loan B (3 mo. EURIBOR + 5.25%) | 5.25% | 06/05/2026 | EUR | 178 | 188,789 |
6,764,299 | |||||
Drugs–1.91% | |||||
Catalent Pharma Solutions, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.25%) | 4.36% | 05/17/2026 | 1,267 | 1,273,341 | |
Endo LLC, Term Loan (1 mo. USD LIBOR + 4.25%) | 6.37% | 04/29/2024 | 3,305 | 3,027,987 | |
Grifols Worldwide Operations USA, Inc. (Spain), Term Loan B (1 wk. USD LIBOR + 2.25%) | 4.39% | 01/31/2025 | 519 | 520,050 | |
Valeant Pharmaceuticals International, Inc. (Canada) | |||||
Incremental Term Loan (1 mo. USD LIBOR + 2.75%) | 4.95% | 11/27/2025 | 2,975 | 2,977,999 | |
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.20% | 06/02/2025 | 3,553 | 3,563,661 | |
11,363,038 | |||||
Ecological Services & Equipment–0.84% | |||||
Advanced Disposal Services, Inc., Term Loan (1 wk. USD LIBOR + 2.25%) | 4.39% | 11/10/2023 | 487 | 488,358 | |
EnergySolutions, LLC, Term Loan (3 mo. USD LIBOR + 3.75%) | 6.08% | 05/11/2025 | 700 | 664,170 | |
GFL Environmental, Inc. (Canada), Incremental Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 05/30/2025 | 2,648 | 2,627,593 | |
Patriot Container Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) (Acquired 03/29/2018; Cost $293,509)(d) | 9.86% | 03/20/2026 | 300 | 286,021 | |
Tunnel Hill Partners, L.P., Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 02/06/2026 | 625 | 623,039 | |
US Ecology, Inc., Term Loan(f) | — | 08/14/2026 | 293 | 294,138 | |
4,983,319 | |||||
Electronics & Electrical–10.25% | |||||
Applied Systems, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%) | 9.33% | 09/19/2025 | 58 | 58,628 |
10 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Electronics & Electrical–(continued) | |||||
Blackboard, Inc., Term Loan B-4 (3 mo. USD LIBOR + 5.00%) | 7.30% | 06/30/2021 | $ 8 | $ 8,406 | |
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | 6.26% | 04/18/2025 | 730 | 695,687 | |
Canyon Valor Cos., Inc., First Lien Term Loan (3 mo. USD LIBOR + 2.75%) | 5.08% | 06/16/2023 | 1,925 | 1,915,366 | |
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 04/06/2026 | 4,001 | 3,989,491 | |
Diebold Nixdorf, Inc. | |||||
Term Loan A (1 mo. USD LIBOR + 4.75%) | 7.00% | 04/30/2022 | 348 | 343,384 | |
Term Loan A-1 (1 mo. USD LIBOR + 9.25%) | 11.38% | 08/31/2022 | 1,956 | 2,073,791 | |
Term Loan B (1 mo. EURIBOR + 3.00%) | 3.00% | 11/06/2023 | EUR | 446 | 462,361 |
Term Loan B (1 mo. USD LIBOR + 2.75%) | 5.00% | 11/06/2023 | 1,604 | 1,519,775 | |
DigiCert Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) | 10.12% | 10/31/2025 | 234 | 234,776 | |
Energizer Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.50% | 12/17/2025 | 2,509 | 2,505,739 | |
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (1 mo. USD LIBOR + 4.00%) | 6.11% | 05/06/2026 | 924 | 925,444 | |
Finastra USA, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.70% | 06/13/2024 | 62 | 59,988 | |
Go Daddy Operating Company, LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.00%) | 4.11% | 02/15/2024 | 979 | 981,620 | |
Hyland Software, Inc. | |||||
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 07/01/2024 | 120 | 119,302 | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.11% | 07/07/2025 | 234 | 234,969 | |
IGT Holding IV AB (Sweden), Term Loan B (3 mo. USD LIBOR + 3.50%) (Acquired 07/25/2017; Cost $1,039,864) | 6.08% | 07/26/2024 | 1,040 | 1,037,265 | |
Imperva, Inc. | |||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 9.93% | 01/11/2027 | 562 | 554,674 | |
Term Loan (1 mo. USD LIBOR + 4.00%) | 6.31% | 01/10/2026 | 49 | 48,518 | |
MA Finance Co., LLC (United Kingdom), Term Loan B-2 (1 mo. USD LIBOR + 2.25%) | 4.36% | 11/19/2021 | 45 | 44,520 | |
Marcel Bidco LLC | |||||
Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | 5.36% | 03/11/2025 | 242 | 238,321 | |
Term Loan B-2 (3 mo. EURIBOR + 3.50%) | 3.50% | 03/11/2025 | EUR | 90 | 99,042 |
Mavenir Systems, Inc., Term Loan (3 mo. USD LIBOR + 6.00%) | 8.34% | 05/08/2025 | 1,605 | 1,608,924 | |
McAfee, LLC, Term Loan B-1 (3 mo. EURIBOR + 3.50%) | 3.50% | 09/30/2024 | EUR | 892 | 984,293 |
Mediaocean LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%) | 6.37% | 08/15/2022 | 1,348 | 1,356,831 | |
Mirion Technologies, Inc., Term Loan B-1 (3 mo. USD LIBOR + 4.00%) | 6.33% | 03/06/2026 | 824 | 827,261 | |
MKS Instruments, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.25%) | 4.36% | 01/30/2026 | 408 | 409,754 | |
MTS Systems, Term Loan B (1 mo. USD LIBOR + 3.25%)(d) | 5.40% | 07/05/2023 | 251 | 251,135 | |
Natel Engineering Co., Inc., Term Loan (1 mo. USD LIBOR + 5.00%) | 7.12% | 04/29/2026 | 1,425 | 1,428,940 | |
NCR Corp. | |||||
Delayed Draw Term Loan(f) | — | 08/08/2026 | 689 | 688,559 | |
Term Loan(f) | — | 08/28/2026 | 787 | 786,925 | |
Neustar, Inc. | |||||
Term Loan B-4 (1 mo. USD LIBOR + 3.50%) | 5.61% | 08/08/2024 | 1,129 | 1,098,278 | |
Term Loan B-5 (1 mo. USD LIBOR + 4.50%) | 6.61% | 08/08/2024 | 637 | 626,518 | |
OEConnection LLC | |||||
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)(d) | 6.12% | 11/22/2024 | 756 | 756,319 | |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 11/22/2017; Cost $145,104)(d) | 10.12% | 11/22/2025 | 147 | 147,582 | |
Omnitracs, Inc., Term Loan (3 mo. USD LIBOR + 2.75%) | 5.10% | 03/23/2025 | 1,306 | 1,293,899 | |
ON Semiconductor Corp., Term Loan B-3(f) | — | 03/31/2023 | 232 | 231,523 | |
Open Text Corp. (Canada), Term Loan (1 mo. USD LIBOR + 1.75%) | 3.86% | 05/30/2025 | 48 | 48,648 | |
Optiv, Inc. | |||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) | 9.36% | 01/31/2025 | 417 | 276,142 | |
Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 02/01/2024 | 1,819 | 1,509,907 | |
Plantronics, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.61% | 07/02/2025 | 1,978 | 1,973,102 | |
Project Accelerate Parent, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%)(d) | 6.45% | 01/02/2025 | 1,232 | 1,228,884 |
11 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Electronics & Electrical–(continued) | |||||
Project Leopard Holdings, Inc. | |||||
Incremental Term Loan (6 mo. USD LIBOR + 4.25%) | 6.45% | 07/07/2023 | $736 | $735,362 | |
Term Loan (6 mo. USD LIBOR + 4.50%) | 6.70% | 07/07/2023 | 759 | 759,953 | |
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%) | 6.51% | 05/16/2025 | 3,939 | 3,846,860 | |
Renaissance Holding Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.11% | 05/29/2026 | 242 | 233,087 | |
Resideo Funding, Inc, Term Loan B (3 mo. USD LIBOR + 2.00%) | 4.33% | 10/25/2025 | 435 | 436,020 | |
Riverbed Technology, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.37% | 04/24/2022 | 3,429 | 2,883,995 | |
Sandvine Corp. | |||||
First Lien Term Loan (1 mo. USD LIBOR + 4.50%)(d) | 6.61% | 10/31/2025 | 1,230 | 1,226,913 | |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)(d) | 10.11% | 11/02/2026 | 180 | 177,076 | |
Science Applications International Corp., Term Loan B (1 mo. USD LIBOR + 1.75%) | 3.86% | 10/31/2025 | 1,419 | 1,417,067 | |
SS&C Technologies, Inc. | |||||
Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | 4.36% | 04/16/2025 | 2,020 | 2,024,778 | |
Term Loan B-4 (1 mo. USD LIBOR + 2.25%) | 4.36% | 04/16/2025 | 1,365 | 1,368,239 | |
Term Loan B-5 (1 mo. USD LIBOR + 2.25%) | 4.36% | 04/16/2025 | 2,907 | 2,911,628 | |
Sybil Software LLC | |||||
Term Loan (3 mo. USD LIBOR + 2.25%) | 4.58% | 09/29/2023 | 1,523 | 1,529,435 | |
Term Loan (3 mo. EURIBOR + 2.50%) | 2.50% | 09/30/2023 | EUR | 7 | 7,484 |
TTM Technologies, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.73% | 09/28/2024 | 2,014 | 2,013,133 | |
Ultimate Software Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.75%) | 6.08% | 05/04/2026 | 2,518 | 2,527,676 | |
Western Digital Corp., Term Loan B-4 (1 mo. USD LIBOR + 1.75%) | 3.86% | 04/29/2023 | 65 | 64,700 | |
Xperi Corp., Term Loan B-1 (1 mo. USD LIBOR + 2.50%) | 4.61% | 12/01/2023 | 1,178 | 1,166,662 | |
61,014,559 | |||||
Equipment Leasing–0.02% | |||||
United Rentals (North America), Inc., Term Loan (1 mo. USD LIBOR + 1.75%) | 3.86% | 10/31/2025 | 122 | 122,156 | |
Financial Intermediaries–0.63% | |||||
Evergood 4 APS (Denmark) | |||||
Term Loan B-1E (2 mo. EURIBOR + 3.25%)(e) | 3.00% | 02/06/2025 | EUR | 231 | 254,814 |
Term Loan B-2 (3 mo. EURIBOR + 3.75%) | 3.75% | 02/06/2025 | EUR | 63 | 69,324 |
Term Loan B-2(f) | — | 02/06/2025 | EUR | 77 | 84,558 |
LPL Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.40% | 09/23/2024 | 197 | 198,254 | |
MoneyGram International, Inc., Term Loan (3 mo. USD LIBOR + 6.00%) | 8.33% | 05/31/2023 | 2,746 | 2,669,081 | |
SGG Holdings S.A. (Luxembourg), Term Loan B (6 mo. EURIBOR + 3.75%) | 3.75% | 07/11/2025 | EUR | 403 | 434,665 |
Stiphout Finance LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) | 9.36% | 10/26/2023 | 22 | 21,309 | |
3,732,005 | |||||
Food & Drug Retailers–0.12% | |||||
Albertsons Co., Inc., Term Loan B-8 (1 mo. USD LIBOR + 2.75%) | 4.86% | 08/17/2026 | 146 | 146,456 | |
Carrols Restaurant Group, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.40% | 04/30/2026 | 592 | 575,157 | |
721,613 | |||||
Food Products–4.09% | |||||
8th Avenue Food & Provisions, Inc. | |||||
First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | 5.97% | 10/01/2025 | 4 | 3,794 | |
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) | 9.97% | 10/01/2026 | 435 | 431,729 | |
CHG PPC Parent LLC | |||||
Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 03/31/2025 | 344 | 342,159 | |
Term Loan B (1 mo. EURIBOR + 4.00%) | 4.00% | 03/31/2025 | EUR | 118 | 130,543 |
CSM Bakery Supplies LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | 6.29% | 07/03/2020 | 1,877 | 1,802,132 | |
Dole Food Co., Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.90% | 04/06/2024 | 2,794 | 2,764,206 |
12 | Invesco Senior Loan Fund |
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 | $89 | $87,076 | |
Term Loan (1 mo. USD LIBOR + 3.69%) | 5.80% | 05/23/2025 | 2,826 | 2,755,365 | |
Jacobs Douwe Egberts International B.V. (Netherlands), Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.25% | 11/01/2025 | 728 | 729,688 | |
JBS USA Lux S.A., Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.61% | 05/01/2026 | 6,594 | 6,616,243 | |
Manna Pro Products, LLC | |||||
Delayed Draw Loan (Acquired 05/30/2019; Cost $269,502)(d)(e) | 0.00% | 12/08/2023 | 272 | 269,502 | |
Incremental Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 05/30/2019; Cost $911,557)(d) | 8.11% | 12/08/2023 | 921 | 911,557 | |
Mastronardi Produce-USA, Inc. (Canada), Term Loan B (1 mo. USD LIBOR + 3.25%) | 5.36% | 05/01/2025 | 487 | 486,768 | |
Nomad Foods US LLC (United Kingdom), Term Loan B-4 (1 mo. USD LIBOR + 2.25%) | 4.45% | 05/15/2024 | 1,164 | 1,159,830 | |
Shearer’s Foods, LLC | |||||
First Lien Term Loan (1 mo. USD LIBOR + 4.25%) | 6.36% | 06/30/2021 | 1,073 | 1,073,310 | |
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) | 8.86% | 06/30/2022 | 246 | 244,488 | |
United Natural Foods, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%) | 6.36% | 10/22/2025 | 5,464 | 4,540,159 | |
24,348,549 | |||||
Food Service–2.24% | |||||
Carlisle FoodService Products, Inc. | |||||
Delayed Draw Term Loan(f) | — | 03/20/2025 | 37 | 35,500 | |
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 03/20/2025 | 407 | 387,897 | |
EG Finco Ltd. (Netherlands) | |||||
Term Loan (3 mo. USD LIBOR + 4.00%) | 6.33% | 02/06/2025 | 688 | 680,181 | |
Term Loan B (3 mo. USD LIBOR + 4.00%) | 6.33% | 02/06/2025 | 383 | 378,099 | |
Term Loan B (3 mo. EURIBOR + 4.00%) | 4.00% | 02/07/2025 | EUR | 676 | 727,705 |
Houston Foods, Inc., Term Loan (1 mo. USD LIBOR + 3.75%) | 5.86% | 07/20/2025 | 1,133 | 1,076,778 | |
New Red Finance, Inc. (Canada), Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | 4.36% | 02/16/2024 | 1,891 | 1,891,089 | |
NPC International, Inc. | |||||
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.70% | 04/19/2024 | 855 | 623,671 | |
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%) | 9.82% | 04/18/2025 | 239 | 99,110 | |
Restaurant Technologies, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.50%) | 8.61% | 10/01/2026 | 442 | 442,928 | |
Tacala Investment Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) | 9.11% | 02/01/2026 | 310 | 309,974 | |
US Foods, Inc. | |||||
Incremental Term Loan B(f) | — | 08/15/2026 | 1,266 | 1,269,980 | |
Term Loan (1 mo. USD LIBOR + 2.00%) | 4.11% | 06/27/2023 | 4,277 | 4,287,160 | |
Weight Watchers International, Inc., Term Loan (3 mo. USD LIBOR + 4.75%) | 7.05% | 11/29/2024 | 1,146 | 1,147,720 | |
13,357,792 | |||||
Health Care–4.86% | |||||
Acadia Healthcare Co., Inc. | |||||
Term Loan B-3 (1 mo. USD LIBOR + 2.50%) | 4.61% | 02/11/2022 | 670 | 670,890 | |
Term Loan B-4 (1 mo. USD LIBOR + 2.50%) | 4.61% | 02/16/2023 | 1,620 | 1,623,117 | |
Argon Medical Devices Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) | 10.11% | 01/23/2026 | 76 | 75,214 | |
athenahealth, Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.50%) | 6.68% | 02/11/2026 | 2,306 | 2,299,926 | |
Biogroup-LCD (France), Term Loan B (3 mo. EURIBOR + 3.75%)(d) | 3.75% | 06/14/2025 | EUR | 197 | 217,126 |
BVI Medical, Inc., Term Loan (3 mo. EURIBOR + 4.25%) | 4.25% | 03/02/2026 | EUR | 171 | 190,286 |
Convatec, Inc. (United Kingdom), Term Loan B (3 mo. USD LIBOR + 2.25%) | 4.58% | 10/31/2023 | 144 | 144,057 | |
Curium BidCo S.a.r.l. (Luxembourg), Term Loan B (3 mo. USD LIBOR + 4.00%) | 6.22% | 06/27/2026 | 991 | 995,130 | |
DaVita HealthCare Partners, Inc. , Term Loan B(f) | — | 08/12/2026 | 1,794 | 1,798,683 | |
Dentalcorp Perfect Smile ULC (Canada), Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) | 9.61% | 06/08/2026 | 655 | 648,745 | |
Financiere Mendel (France), Term Loan B (3 mo. EURIBOR + 4.75%) | 4.75% | 04/12/2026 | EUR | 1,257 | 1,394,377 |
Global Healthcare Exchange, LLC, Term Loan (3 mo. USD LIBOR + 3.25%) | 5.58% | 06/28/2024 | 63 | 62,171 |
13 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Health Care–(continued) | |||||
Greatbatch, Ltd., Term Loan B (1 mo. USD LIBOR + 3.00%) | 5.22% | 10/27/2022 | $ 127 | $ 128,000 | |
HC Group Holdings III, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%) | 6.61% | 08/15/2026 | 1,614 | 1,612,349 | |
IQVIA, Inc. | |||||
Term Loan B-1(f) | — | 03/07/2024 | EUR | 414 | 455,736 |
Term Loan B-2 (3 mo. USD LIBOR + 2.00%) | 4.33% | 01/17/2025 | 29 | 29,424 | |
IWH UK Midco Ltd. (United Kingdom), Term Loan B (3 mo. EURIBOR + 4.00%) | 4.00% | 01/31/2025 | EUR | 918 | 1,010,001 |
MED ParentCo., L.P. | |||||
First Lien Term Loan(f) | — | 08/02/2026 | 816 | 808,925 | |
Second Lien Term Loan(f) | — | 08/02/2027 | 337 | 338,533 | |
Nidda Healthcare Holding AG (Germany), Term Loan C (3 mo. GBP LIBOR + 4.50%) | 5.27% | 08/21/2024 | GBP | 172 | 210,407 |
Ortho-Clinical Diagnostics, Inc. (Luxembourg), Term Loan (3 mo. USD LIBOR + 3.25%) | 5.57% | 06/30/2025 | 1,550 | 1,466,120 | |
Prophylaxis B.V. (Netherlands), Term Loan B (6 mo. EURIBOR + 4.00%) | 4.00% | 06/05/2025 | EUR | 1,729 | 1,690,895 |
Sunshine Luxembourg VII S.a.r.l. (Luxembourg) | |||||
Term Loan(f) | — | 07/17/2026 | EUR | 507 | 560,092 |
Term Loan (3 mo. USD LIBOR + 4.25%)(f) | — | 07/23/2026 | 3,160 | 3,163,375 | |
Surgery Center Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.37% | 09/02/2024 | 7 | 6,895 | |
Synlab Bondco PLC (United Kingdom), First Lien Term Loan(f) | — | 07/01/2026 | EUR | 1,011 | 1,116,301 |
Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 02/06/2024 | 1,202 | 971,903 | |
Terveys-ja hoivapalvelut Suomi Oy (Finland) | |||||
First Lien Term Loan B (3 mo. EURIBOR + 4.25%) | 4.25% | 08/11/2025 | EUR | 609 | 676,396 |
Second Lien Term Loan (3 mo. EURIBOR + 7.50%) | 7.50% | 07/19/2026 | EUR | 333 | 367,683 |
Unilabs Diagnostics AB (Sweden), Revolver Loan(d)(e) | 0.00% | 04/01/2021 | EUR | 769 | 838,775 |
Verscend Holding Corp., Term Loan B (1 mo. USD LIBOR + 4.50%) | 6.61% | 08/27/2025 | 1,943 | 1,950,779 | |
WP CityMD Bidco LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.50%) | 6.71% | 08/13/2026 | 1,395 | 1,382,407 | |
28,904,718 | |||||
Home Furnishings–1.07% | |||||
Comfort Holding, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.75%) | 6.86% | 02/05/2024 | 1,028 | 1,020,412 | |
Global Appliance, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%) | 6.12% | 09/29/2024 | 1,002 | 999,040 | |
Hayward Industries, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 08/05/2024 | 518 | 499,556 | |
Hilding Anders AB (Sweden), Term Loan B (3 mo. EURIBOR + 4.50%) | 4.50% | 11/29/2024 | EUR | 386 | 327,270 |
PGT Innovations Inc., Term Loan (3 mo. USD LIBOR + 3.50%) | 5.68% | 02/16/2022 | 47 | 46,841 | |
Serta Simmons Bedding, LLC | |||||
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 5.70% | 11/08/2023 | 1,670 | 1,121,550 | |
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) | 10.18% | 11/08/2024 | 236 | 106,698 | |
SIWF Holdings, Inc., Term Loan (1 mo. USD LIBOR + 4.25%) | 6.40% | 06/15/2025 | 869 | 860,403 | |
TGP Holdings III, LLC | |||||
First Lien Term Loan (3 mo. USD LIBOR + 4.25%) | 6.58% | 09/25/2024 | 1,134 | 1,074,697 | |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) | 10.83% | 09/25/2025 | 330 | 310,146 | |
6,366,613 | |||||
Industrial Equipment–1.60% | |||||
Airxcel, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%) | 6.61% | 04/28/2025 | 239 | 230,847 | |
Alpha AB Bidco B.V. (Netherlands), Term Loan B (3 mo. EURIBOR + 3.75%) | 3.75% | 07/30/2025 | EUR | 230 | 248,382 |
Clark Equipment Co. (South Korea), Term Loan B (3 mo. USD LIBOR + 2.00%) | 4.33% | 05/18/2024 | 1,371 | 1,372,525 | |
Columbus McKinnon Corp., Term Loan (3 mo. USD LIBOR + 2.50%) | 4.83% | 01/31/2024 | 20 | 19,882 | |
Crosby US Acquisition Corp., Term Loan B (1 mo. USD LIBOR + 4.75%) | 6.92% | 06/20/2026 | 597 | 589,100 | |
Delachaux Group S.A. (France), Term Loan B-2 (3 mo. USD LIBOR + 4.50%) | 6.83% | 04/16/2026 | 343 | 341,748 | |
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%) | 6.86% | 08/29/2023 | 98 | 98,832 | |
Engineered Machinery Holdings, Inc. | |||||
First Lien Incremental Term Loan (3 mo. USD LIBOR + 4.25%) | 6.58% | 07/19/2024 | 413 | 412,742 | |
First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | 5.58% | 07/19/2024 | 459 | 445,919 | |
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%) | 9.58% | 07/18/2025 | 577 | 571,308 |
14 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Industrial Equipment–(continued) | |||||
Gardner Denver, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.75%) | 4.86% | 07/30/2024 | $ 1,219 | $ 1,223,876 | |
Generac Power Systems, Inc., Term Loan (1 mo. USD LIBOR + 1.75%) | 3.98% | 05/31/2023 | 333 | 333,399 | |
Hamilton Holdco LLC (Australia), Term Loan (3 mo. USD LIBOR + 2.00%)(d) | 4.33% | 07/02/2025 | 1,361 | 1,364,516 | |
MX Holdings US, Inc., Term Loan B-1C (1 mo. USD LIBOR + 3.00%) | 5.11% | 07/31/2025 | 1,157 | 1,158,942 | |
New VAC US LLC (Germany), Term Loan B (3 mo. USD LIBOR + 4.00%)(d) | 6.33% | 03/08/2025 | 423 | 420,884 | |
Rexnord LLC/RBS Global, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.11% | 08/21/2024 | 49 | 48,803 | |
Robertshaw US Holding Corp., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) | 10.13% | 02/28/2026 | 388 | 341,118 | |
Terex Corp., Term Loan (1 mo. USD LIBOR + 2.75%) | 4.86% | 01/31/2024 | 303 | 303,674 | |
9,526,497 | |||||
Insurance–0.60% | |||||
Alliant Holdings Intermediate, LLC, Initial Term Loan (1 mo. USD LIBOR + 3.00%) | 5.15% | 05/09/2025 | 75 | 73,228 | |
FrontDoor, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.62% | 08/16/2025 | 310 | 311,282 | |
Hub International Ltd., Term Loan (3 mo. USD LIBOR + 3.00%) | 5.27% | 04/25/2025 | 238 | 233,687 | |
Sedgwick Claims Management Services, Inc., First Lien Term Loan(f) | — | 08/08/2026 | 467 | 465,432 | |
USI, Inc., Term Loan (3 mo. USD LIBOR + 3.00%) | 5.33% | 05/16/2024 | 2,568 | 2,511,497 | |
3,595,126 | |||||
Leisure Goods, Activities & Movies–3.63% | |||||
Alpha Topco Ltd. (United Kingdom), Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.61% | 02/01/2024 | 6,561 | 6,444,692 | |
AMC Entertainment, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.00%) | 5.23% | 04/22/2026 | 658 | 660,855 | |
Ancestry.com Operations, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | 5.87% | 10/19/2023 | 770 | 767,597 | |
Callaway Golf Co., Term Loan (1 mo. USD LIBOR + 4.50%) | 6.72% | 01/04/2026 | 364 | 369,779 | |
Cinemark USA, Inc., Term Loan (3 mo. USD LIBOR + 1.75%) | 3.87% | 03/31/2025 | 126 | 126,882 | |
Crown Finance US, Inc., Term Loan (1 mo. USD LIBOR + 2.25%) | 4.36% | 02/28/2025 | 4,847 | 4,818,568 | |
CWGS Group, LLC, Term Loan (1 mo. USD LIBOR + 2.75%) | 4.98% | 11/08/2023 | 1,105 | 958,237 | |
Dorna Sports, S.L. (Spain), Term Loan B-2 (6 mo. USD LIBOR + 3.00%) | 5.20% | 04/12/2024 | 724 | 706,879 | |
Fitness International, LLC, Term Loan B (1 mo. USD LIBOR + 3.25%) | 5.36% | 04/18/2025 | 1,354 | 1,355,235 | |
Invictus Media S.L.U. (Spain) | |||||
Term Loan B-1 (6 mo. EURIBOR + 4.50%) | 4.50% | 06/26/2025 | EUR | 475 | 524,449 |
Term Loan B-2 (6 mo. EURIBOR + 4.50%) | 4.50% | 06/26/2025 | EUR | 285 | 314,384 |
Lakeland Tours, LLC, Term Loan (3 mo. USD LIBOR + 4.00%) | 6.15% | 12/16/2024 | 750 | 753,731 | |
Nascar Holdings, Inc., Term Loan(f) | — | 07/27/2026 | 1,043 | 1,049,792 | |
Orbiter International S.a.r.l. (Luxembourg), Term Loan B-2 (3 mo. CHF LIBOR + 4.00%) (Acquired 07/07/2017; Cost $380,563)(d) | 4.00% | 07/11/2024 | CHF | 369 | 369,635 |
Sabre GLBL, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.11% | 02/22/2024 | 112 | 112,651 | |
Shutterfly, Inc. | |||||
Incremental Term Loan (1 mo. USD LIBOR + 2.50%) | 4.87% | 08/17/2024 | 812 | 812,985 | |
Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.69% | 08/19/2024 | 454 | 454,364 | |
SRAM, LLC, Delayed Draw Term Loan(d)(e) | 0.00% | 03/15/2024 | 392 | 392,513 | |
SSH Group Holdings, Inc. | |||||
First Lien Term Loan (2 mo. USD LIBOR + 4.25%) | 6.51% | 07/30/2025 | 148 | 146,920 | |
Second Lien Term Loan (2 mo. USD LIBOR + 8.25%) | 10.51% | 07/30/2026 | 215 | 215,539 | |
Vue International Bidco PLC (United Kingdom) | |||||
Delayed Draw Term Loan(e) | 0.00% | 06/21/2026 | EUR | 38 | 41,703 |
Term Loan B-1 (3 mo. EURIBOR + 4.75%) | 4.75% | 06/21/2026 | EUR | 209 | 231,927 |
21,629,317 | |||||
Lodging & Casinos–4.90% | |||||
AMCP Clean Acquisition Co., LLC | |||||
Delayed Draw Term Loan (3 mo. USD LIBOR + 4.25%) | 6.58% | 06/16/2025 | 133 | 132,344 | |
Term Loan (3 mo. USD LIBOR + 4.25%) | 6.58% | 06/16/2025 | 552 | 546,988 |
15 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Lodging & Casinos–(continued) | |||||
B&B Hotels SAS (France) | |||||
Second Lien Term Loan B(f) | — | 07/10/2027 | EUR | 264 | $289,419 |
Term Loan B-1A (3 mo. EURIBOR + 4.75%) | 4.75% | 07/10/2026 | EUR | 579 | 643,781 |
Boyd Gaming Corp., Term Loan B (1 wk. USD LIBOR + 2.25%) | 4.39% | 09/15/2023 | $ 95 | 94,898 | |
Caesars Entertainment Operating Co., LLC, Term Loan B (3 mo. USD LIBOR + 2.00%) | 4.11% | 10/06/2024 | 1,386 | 1,385,398 | |
Caesars Resort Collection, LLC, Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.86% | 12/23/2024 | 7,527 | 7,427,856 | |
CityCenter Holdings, LLC, Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.36% | 04/18/2024 | 1,108 | 1,109,535 | |
ESH Hospitality, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) | 4.11% | 08/30/2023 | 87 | 87,514 | |
Four Seasons Hotels Ltd. (Canada), First Lien Term Loan (1 mo USD LIBOR + 2.00%) | 4.11% | 11/30/2023 | 248 | 248,643 | |
Hilton Worldwide Finance, LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%) | 3.90% | 06/22/2026 | 1,134 | 1,137,907 | |
Markermeer Finance B.V. (Netherlands), Term Loan B-3(f) | — | 12/22/2024 | EUR | 415 | 458,106 |
PCI Gaming Authority, Term Loan B (1 mo. USD LIBOR + 3.00%) | 5.12% | 05/15/2026 | 1,005 | 1,011,289 | |
Penn National Gaming, Inc., Incremental Term Loan B-1 (1 mo. USD LIBOR + 2.25%) | 4.36% | 10/15/2025 | 932 | 936,218 | |
Scientific Games International, Inc., Term Loan B-5 (2 mo. USD LIBOR + 2.75%) | 4.89% | 08/14/2024 | 3,507 | 3,470,733 | |
Stars Group (US) Co-Borrower, LLC (Canada), Term Loan (3 mo. USD LIBOR + 3.50%) | 5.83% | 07/10/2025 | 5,021 | 5,042,679 | |
Station Casinos, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%) | 4.62% | 06/08/2023 | 2,543 | 2,550,988 | |
Tackle Group S.a.r.l. (Luxembourg), Term Loan B(f) | — | 08/02/2024 | EUR | 1,259 | 1,385,609 |
Twin River Management Group, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.86% | 05/10/2026 | 754 | 754,869 | |
VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.17% | 12/20/2024 | 367 | 368,287 | |
Wyndham Hotels & Resorts, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%) | 3.86% | 05/30/2025 | 70 | 70,559 | |
29,153,620 | |||||
Nonferrous Metals & Minerals–0.65% | |||||
American Rock Salt Co. LLC, Term Loan (1 mo. USD LIBOR + 3.75%) | 5.86% | 03/21/2025 | 590 | 590,189 | |
Covia Holdings Corp., Term Loan (3 mo. USD LIBOR + 4.00%) | 6.31% | 06/01/2025 | 1,979 | 1,640,819 | |
Form Technologies LLC | |||||
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.25%)(d) | 5.58% | 01/28/2022 | 431 | 414,902 | |
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) | 10.83% | 01/30/2023 | 15 | 15,016 | |
U.S. Silica Co., Term Loan (1 mo. USD LIBOR + 4.00%) | 6.13% | 05/01/2025 | 711 | 670,740 | |
US Salt, LLC, Term Loan (1 mo. USD LIBOR + 4.75%)(d) | 6.86% | 01/16/2026 | 534 | 535,513 | |
3,867,179 | |||||
Oil & Gas–6.81% | |||||
BCP Raptor, LLC, Term Loan (1 mo. USD LIBOR + 4.25%) | 6.36% | 06/24/2024 | 774 | 708,730 | |
Blackstone CQP Holdco, Term Loan (3 mo. USD LIBOR + 3.50%) | 5.89% | 09/30/2024 | 4,991 | 4,998,444 | |
Brazos Delaware II, LLC, Term Loan (1 mo. USD LIBOR + 4.00%) | 6.17% | 05/21/2025 | 1,199 | 1,083,371 | |
California Resources Corp. | |||||
Term Loan (1 mo. USD LIBOR + 10.38%) | 12.49% | 12/31/2021 | 1,137 | 1,014,409 | |
Term Loan (1 mo. USD LIBOR + 4.75%) | 6.87% | 12/31/2022 | 1,418 | 1,296,811 | |
Centurion Pipeline Co., LLC, Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 09/29/2025 | 526 | 526,808 | |
Crestwood Holdings LLC, Term Loan (1 mo. USD LIBOR + 7.50%) | 9.71% | 03/06/2023 | 2,016 | 1,936,210 | |
Delek US Holdings, Inc., Term Loan (3 mo. USD LIBOR + 2.25%) | 4.58% | 03/31/2025 | 2,154 | 2,146,022 | |
Encino Acquisition Partners Holdings, LLC, Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)(d) | 8.86% | 10/29/2025 | 1,136 | 852,120 | |
Fieldwood Energy LLC | |||||
First Lien Term Loan (3 mo. USD LIBOR + 5.25%) | 7.51% | 04/11/2022 | 2,418 | 2,142,795 | |
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%) | 9.51% | 04/11/2023 | 2,764 | 2,122,611 | |
Glass Mountain Pipeline Holdings, LLC, Term Loan (3 mo. USD LIBOR + 4.50%) | 7.12% | 12/23/2024 | 1,025 | 991,745 | |
Gulf Finance, LLC, Term Loan B (1 mo. USD LIBOR + 5.25%) | 7.52% | 08/25/2023 | 1,012 | 803,655 | |
HGIM Corp., Term Loan (3 mo. USD LIBOR + 6.00%) | 8.03% | 07/02/2023 | 1,194 | 1,083,087 | |
Lucid Energy Group II Borrower, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 02/17/2025 | 928 | 860,537 | |
McDermott Technology (Americas), Inc., Term Loan B (1 mo. USD LIBOR + 5.00%) | 7.11% | 05/12/2025 | 3,197 | 2,943,358 |
16 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Oil & Gas–(continued) | |||||
Moda Ingleside Energy Center LLC, Term Loan (1 mo. USD LIBOR + 3.25%) | 5.36% | 09/29/2025 | $ 372 | $ 372,274 | |
Navitas Midstream Midland Basin, LLC, Term Loan (1 mo. USD LIBOR + 4.50%) | 6.61% | 12/13/2024 | 1,421 | 1,336,231 | |
Oryx Midstream Services LLC, Term Loan (3 mo. USD LIBOR + 4.00%) | 6.15% | 05/22/2026 | 2,020 | 1,975,375 | |
Osum Production Corp. (Canada), Term Loan (3 mo. USD LIBOR + 9.50%)(d) | 11.83% | 06/27/2022 | 1,961 | 1,803,885 | |
Paragon Offshore Finance Co., Term Loan (Acquired 07/11/2014; Cost $9,572)(d)(h)(i) | 0.00% | 07/16/2021 | 10 | 0 | |
Petroleum GEO-Services ASA (Norway), Term Loan (3 mo. USD LIBOR + 2.50%) | 4.83% | 03/19/2021 | 3,110 | 2,950,463 | |
Prairie ECI Acquiror L.P., Term Loan B (3 mo. USD LIBOR + 4.75%) | 7.08% | 03/11/2026 | 1,210 | 1,184,925 | |
Seadrill Operating L.P. (United Kingdom), Term Loan (3 mo. USD LIBOR + 6.00%) | 8.33% | 02/21/2021 | 6,700 | 3,996,813 | |
Southcross Energy Partners, L.P. | |||||
DIP Term Loan (3 mo. Prime Rate + 5.25%)(h) | 10.50% | 10/01/2019 | 289 | 281,344 | |
PIK Term Loan(h)(i) | 0.00% | 08/04/2021 | 760 | 568,912 | |
Tribune Resources, Inc., Term Loan (1 mo. USD LIBOR + 6.50%)(d) | 8.69% | 03/30/2023 | 533 | 516,980 | |
40,497,915 | |||||
Publishing–1.66% | |||||
Adtalem Global Education, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%) | 5.11% | 04/11/2025 | 564 | 566,899 | |
Ascend Learning, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 07/12/2024 | 286 | 283,673 | |
Cengage Learning, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%) | 6.36% | 06/07/2023 | 2,466 | 2,370,249 | |
Clear Channel Outdoor Holdings, Inc., Term Loan B(f) | — | 08/15/2026 | 3,616 | 3,618,401 | |
Merrill Communications LLC, Term Loan (3 mo. USD LIBOR + 5.25%) | 7.51% | 06/01/2022 | 203 | 204,533 | |
Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%) | 4.21% | 10/04/2023 | 78 | 77,319 | |
Southern Graphics, Inc., First Lien Term Loan (2 mo. USD LIBOR + 3.25%) | 5.38% | 12/31/2022 | 1,703 | 1,378,682 | |
Tribune Media Co., Term Loan C (1 mo. USD LIBOR + 3.00%) | 5.11% | 01/27/2024 | 1,363 | 1,363,237 | |
9,862,993 | |||||
Radio & Television–2.77% | |||||
Diamond Sports Group LLC, Term Loan B (1 mo. USD LIBOR + 3.25%) | 5.39% | 08/24/2026 | 3,461 | 3,469,294 | |
Gray Television, Inc., Term Loan C (3 mo. USD LIBOR + 2.50%) | 4.83% | 01/02/2026 | 2,450 | 2,453,994 | |
iHeartCommunications, Inc., Term Loan (1 mo. USD LIBOR + 4.00%) | 6.23% | 05/01/2026 | 2,300 | 2,310,044 | |
Mission Broadcasting, Inc., Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | 4.48% | 01/17/2024 | 113 | 113,053 | |
Nexstar Broadcasting, Inc. | |||||
Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | 4.37% | 01/17/2024 | 569 | 567,514 | |
Term Loan B-4 (3 mo. USD LIBOR + 2.75%) | 4.89% | 06/20/2026 | 5,756 | 5,766,010 | |
Sinclair Television Group, Inc. | |||||
Term Loan B-2b (1 mo. USD LIBOR + 2.50%) | 4.54% | 09/30/2026 | 971 | 972,167 | |
Term Loan B-2b (1 mo. USD LIBOR + 2.50%) | 4.54% | 09/30/2026 | 832 | 833,018 | |
16,485,094 | |||||
Retailers (except Food & Drug)–1.42% | |||||
Bass Pro Group, LLC, Term Loan (1 mo. USD LIBOR + 5.00%) | 7.11% | 09/25/2024 | 2,999 | 2,860,601 | |
Claire’s Stores, Inc., First Lien Term Loan (6 mo. USD LIBOR + 7.25%) (Acquired 10/12/2018; Cost $70,518) | 9.94% | 09/15/2038 | 71 | 130,458 | |
Fossil Group, Inc., Term Loan (1 mo. USD LIBOR + 8.00%) | 10.09% | 12/31/2020 | 293 | 293,774 | |
Fullbeauty Brands Holdings Corp. | |||||
Term Loan (3 mo. USD LIBOR + 10.00%)(d) | 12.47% | 02/07/2022 | 284 | 277,359 | |
Term Loan B-1 (3 mo. USD LIBOR + 8.50%) | 11.47% | 02/07/2024 | 433 | 415,212 | |
Term Loan B-2(f) | — | 02/07/2022 | 18 | 17,703 | |
Party City Holdings Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.62% | 08/19/2022 | 427 | 423,087 | |
Payless, Inc. | |||||
Term Loan A-1(i) | 0.00% | 02/10/2022 | 873 | 458,366 | |
Term Loan A-2(i) | 0.00% | 08/10/2022 | 1,639 | 581,786 | |
Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) | 5.50% | 01/26/2023 | 3,437 | 2,480,239 |
17 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Retailers (except Food & Drug)–(continued) | |||||
Vivarte (France), PIK Term Loan, 7.00% PIK Rate, 4.00% Cash Rate(g) | 7.00% | 10/29/2019 | EUR | 1,156 | $ 492,315 |
8,430,900 | |||||
Surface Transport–1.10% | |||||
Commercial Barge Line Co., First Lien Term Loan (1 mo. USD LIBOR + 8.75%) | 10.87% | 11/12/2020 | $ 2,244 | 1,346,221 | |
Kenan Advantage Group, Inc. (The) | |||||
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 07/29/2022 | 538 | 520,362 | |
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 07/29/2022 | 2,187 | 2,115,953 | |
Odyssey Logistics & Technology Corp., First Lien Term Loan (1 mo. USD LIBOR + 4.00%) | 6.11% | 10/12/2024 | 11 | 10,727 | |
U.S. Shipping Corp., Term Loan B-2 (1 mo. USD LIBOR + 4.25%) | 6.36% | 06/26/2021 | 1,662 | 1,584,569 | |
XPO Logistics, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.50%) | 4.68% | 02/24/2025 | 954 | 959,236 | |
6,537,068 | |||||
Telecommunications–10.19% | |||||
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.86% | 01/31/2025 | 7,494 | 7,399,565 | |
Colorado Buyer, Inc. | |||||
First Lien Incremental Term Loan (1 mo. USD LIBOR + 4.00%) | 6.21% | 05/01/2024 | 4,011 | 3,885,449 | |
Term Loan (1 mo. USD LIBOR + 3.00%) | 5.21% | 05/01/2024 | 289 | 271,194 | |
Consolidated Communications, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) | 5.12% | 10/05/2023 | 3,945 | 3,788,186 | |
Eircom Finco S.a.r.l. (Ireland), Term Loan B-2 (1 mo. EURIBOR + 3.00%) | 3.00% | 04/26/2026 | EUR | 621 | 684,243 |
Hargray Communications Group, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 05/16/2024 | 442 | 439,883 | |
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B-5 (2 mo. USD LIBOR + 6.63%) | 6.63% | 01/02/2024 | 1,783 | 1,806,286 | |
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.36% | 02/22/2024 | 6,316 | 6,327,509 | |
Lumentum Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)(d) | 4.61% | 12/10/2025 | 776 | 779,874 | |
Midcontinent Communications, Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.28% | 07/29/2026 | 620 | 622,724 | |
MLN US Holdco LLC | |||||
First Term Loan B (1 mo. USD LIBOR + 4.50%) | 6.61% | 11/30/2025 | 1,237 | 1,189,564 | |
Second Lien Term Loan (3 mo. USD LIBOR + 8.75%) | 10.86% | 11/30/2026 | 724 | 632,196 | |
MTN Infrastructure TopCo, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 11/15/2024 | 1,642 | 1,616,602 | |
Odyssey Investissement S.A.S. (France), Term Loan B (3 mo. EURIBOR + 3.25%) | 3.25% | 04/25/2025 | EUR | 770 | 848,689 |
Radiate Holdco, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | 5.11% | 02/01/2024 | 389 | 385,974 | |
SBA Senior Finance II LLC, Term Loan (1 mo. USD LIBOR + 2.00%) | 4.12% | 04/11/2025 | 1,761 | 1,753,782 | |
Sprint Communications, Inc. | |||||
Incremental Term Loan (1 mo. USD LIBOR + 3.00%) | 5.13% | 02/02/2024 | 2,935 | 2,932,769 | |
Term Loan (1 mo. USD LIBOR + 2.50%) | 4.63% | 02/02/2024 | 7,859 | 7,820,116 | |
Syniverse Holdings, Inc., Term Loan C (1 mo. USD LIBOR + 5.00%) | 7.20% | 03/09/2023 | 1,446 | 1,354,588 | |
Telesat LLC (Canada), Term Loan B-4 (3 mo. USD LIBOR + 2.50%) | 4.83% | 11/17/2023 | 6,141 | 6,150,565 | |
U.S. TelePacific Corp., Term Loan (3 mo. USD LIBOR + 5.00%) | 7.33% | 05/02/2023 | 2,726 | 2,667,473 | |
Windstream Services, LLC | |||||
DIP Term Loan (1 mo. USD LIBOR + 2.50%)(h) | 4.62% | 02/26/2021 | 1,354 | 1,361,338 | |
Term Loan B-6 (3 mo. Prime Rate + 5.00%)(h)(i) | 10.25% | 03/29/2021 | 4,652 | 4,743,633 | |
Term Loan B-7 (3 mo. Prime Rate + 4.25%)(h) | 9.50% | 02/17/2024 | 1,115 | 1,124,790 | |
Zayo Group, LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.00%) | 4.11% | 01/19/2021 | 61 | 61,456 | |
60,648,448 | |||||
Utilities–6.66% | |||||
AES Corp. (The), Term Loan (3 mo. USD LIBOR + 1.75%) | 3.87% | 05/24/2022 | 81 | 81,327 | |
AI Alpine AT BidCo GmbH | |||||
Term Loan B (1 mo. USD LIBOR + 2.75%)(d) | 5.00% | 10/25/2025 | 11 | 10,784 | |
Term Loan B (1 mo. EURIBOR + 3.00%) | 3.00% | 10/31/2025 | EUR | 313 | 341,618 |
Aria Energy Operating LLC, Term Loan (1 mo. USD LIBOR + 4.50%) | 6.61% | 05/27/2022 | 666 | 666,798 | |
Brookfield WEC Holdings, Inc., Incremental Term Loan | 0.00% | 08/01/2025 | 496 | 497,252 | |
Calpine Construction Finance Co., L.P., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.61% | 01/15/2025 | 123 | 122,847 |
18 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Utilities–(continued) | |||||
Calpine Corp. | |||||
Term Loan B-10 (1 mo. USD LIBOR + 2.50%) | 4.61% | 08/12/2026 | $2,907 | $2,903,512 | |
Term Loan B-5 (3 mo. USD LIBOR + 2.50%) | 4.83% | 01/15/2024 | 3,371 | 3,372,531 | |
Term Loan B-9 (2 mo. USD LIBOR + 2.75%) | 5.08% | 04/05/2026 | 5,469 | 5,471,256 | |
Eastern Power, LLC, Term Loan (1 mo. USD LIBOR + 3.75%) | 5.86% | 10/02/2023 | 2,690 | 2,702,788 | |
Granite Acquisition, Inc. | |||||
First Lien Term Loan B (3 mo. USD LIBOR + 3.50%) | 5.82% | 12/17/2021 | 2,474 | 2,486,439 | |
First Lien Term Loan C (3 mo. USD LIBOR + 3.50%) | 5.83% | 12/17/2021 | 315 | 316,880 | |
Second Lien Term Loan B (3 mo. USD LIBOR + 7.25%) | 9.58% | 12/19/2022 | 556 | 556,393 | |
Heritage Power, LLC, Term Loan B (3 mo. USD LIBOR + 6.00%) | 8.21% | 07/01/2026 | 1,728 | 1,698,367 | |
Invenergy Thermal Operating I LLC, Term Loan (1 mo. USD LIBOR + 3.50%) | 5.61% | 08/28/2025 | 52 | 52,206 | |
KAMC Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%) | 6.18% | 08/14/2026 | 611 | 610,699 | |
Lightstone Holdco LLC | |||||
Term Loan B (1 mo. USD LIBOR + 3.75%) | 5.86% | 01/30/2024 | 2,720 | 2,627,701 | |
Term Loan C (1 mo. USD LIBOR + 3.75%) | 5.86% | 01/30/2024 | 153 | 148,207 | |
Nautilus Power, LLC, Term Loan (1 mo. USD LIBOR + 4.25%) | 6.36% | 05/16/2024 | 1,472 | 1,471,576 | |
Pacific Gas and Electric Co. | |||||
Delayed Draw Term Loan(e) | 0.00% | 01/29/2020 | 649 | 653,307 | |
DIP Term Loan (1 mo. USD LIBOR + 2.25%) | 4.50% | 12/31/2020 | 1,948 | 1,959,922 | |
PowerTeam Services, LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | 5.58% | 03/06/2025 | 567 | 512,920 | |
Revere Power, LLC | |||||
Term Loan B (3 mo. USD LIBOR + 4.25%) | 6.58% | 03/27/2026 | 768 | 764,411 | |
Term Loan C (3 mo. USD LIBOR + 4.25%) | 6.58% | 03/27/2026 | 134 | 133,016 | |
Southeast PowerGen LLC, Term Loan B (1 mo. USD LIBOR + 3.50%) | 5.62% | 12/02/2021 | 332 | 318,383 | |
Vistra Operations Co. LLC | |||||
Incremental Term Loan (1 mo. USD LIBOR + 2.00%) | 4.15% | 12/31/2025 | 5,244 | 5,256,545 | |
Term Loan (1 mo. USD LIBOR + 2.00%) | 4.11% | 08/04/2023 | 3,866 | 3,874,583 | |
39,612,268 | |||||
Total Variable Rate Senior Loan Interests (Cost $637,059,737) | 616,463,003 | ||||
U.S. Dollar Denominated Bonds & Notes–9.37% | |||||
Aerospace & Defense–1.00% | |||||
TransDigm, Inc.(j) | 6.25% | 03/15/2026 | 5,492 | 5,938,115 | |
Air Transport–0.32% | |||||
Mesa Airlines, Inc. Class B | 5.75% | 07/15/2025 | 1,931 | 1,920,210 | |
Automotive–0.32% | |||||
Allison Transmission, Inc.(j) | 5.87% | 06/01/2029 | 531 | 570,825 | |
IHO Verwaltungs GmbH (Germany)(j) | 4.75% | 09/15/2026 | 833 | 809,051 | |
Panther BF Aggregator 2 L.P. / Panther Finance Co., Inc.(j) | 6.25% | 05/15/2026 | 500 | 520,000 | |
1,899,876 | |||||
Business Equipment & Services–0.75% | |||||
Dun & Bradstreet Corp. (The)(j) | 6.87% | 08/15/2026 | 490 | 531,956 | |
Prime Security Services Borrower, LLC / Prime Finance, Inc.(j) | 5.25% | 04/15/2024 | 1,971 | 2,040,793 | |
Prime Security Services Borrower, LLC/Prime Finance, Inc.(j) | 5.75% | 04/15/2026 | 1,815 | 1,896,675 | |
4,469,424 |
19 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Cable & Satellite Television–0.99% | |||||
Altice Financing S.A. (Luxembourg)(j) | 6.63% | 02/15/2023 | $ 520 | $ 537,550 | |
Altice Financing S.A. (Luxembourg)(j) | 7.50% | 05/15/2026 | 966 | 1,031,205 | |
Altice France S.A. (France)(j) | 8.12% | 02/01/2027 | 832 | 919,360 | |
CSC Holdings, LLC(j) | 5.50% | 05/15/2026 | 2,666 | 2,825,960 | |
Virgin Media Secured Finance PLC (United Kingdom)(j) | 5.50% | 08/15/2026 | 554 | 581,008 | |
5,895,083 | |||||
Chemicals & Plastics–0.17% | |||||
Avantor, Inc.(j) | 6.00% | 10/01/2024 | 963 | 1,035,225 | |
Containers & Glass Products–0.88% | |||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (Ireland)(j) | 4.25% | 09/15/2022 | 504 | 512,190 | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)(j) | 4.63% | 05/15/2023 | 852 | 874,118 | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(j) | 4.13% | 08/15/2026 | 1,082 | 1,096,856 | |
Berry Global, Inc.(j) | 4.87% | 07/15/2026 | 779 | 819,897 | |
Reynolds Group Issuer, Inc./LLC | 5.75% | 10/15/2020 | 576 | 577,809 | |
Reynolds Group Issuer, Inc./LLC (3 mo. USD LIBOR + 3.50%)(j)(k) | 5.80% | 07/15/2021 | 969 | 970,211 | |
Trivium Packaging Finance B.V. (Netherlands)(j) | 5.50% | 08/15/2026 | 346 | 366,760 | |
5,217,841 | |||||
Drugs–0.02% | |||||
Catalent Pharma Solutions, Inc.(j) | 5.00% | 07/15/2027 | 103 | 108,161 | |
Electronics & Electrical–1.97% | |||||
CommScope, Inc.(j) | 8.25% | 03/01/2027 | 781 | 768,309 | |
CommScope, Inc.(j) | 6.00% | 03/01/2026 | 2,555 | 2,615,042 | |
Dell International LLC/EMC Corp.(j) | 5.45% | 06/15/2023 | 720 | 783,035 | |
Dell International LLC/EMC Corp.(j) | 4.90% | 10/01/2026 | 2,956 | 3,162,700 | |
Dell International LLC/EMC Corp.(j) | 5.30% | 10/01/2029 | 3,694 | 4,008,200 | |
Riverbed Technology, Inc.(j) | 8.87% | 03/01/2023 | 664 | 391,760 | |
11,729,046 | |||||
Food Service–0.07% | |||||
eG Global Finance PLC (United Kingdom)(j) | 6.75% | 02/07/2025 | 436 | 422,375 | |
Health Care–0.41% | |||||
CHS/Community Health Systems, Inc.(j) | 8.00% | 03/15/2026 | 2,059 | 1,981,788 | |
IQVIA, Inc.(j) | 5.00% | 05/15/2027 | 436 | 461,615 | |
2,443,403 | |||||
Industrial Equipment–0.51% | |||||
F-Brasile S.p.A / F-Brasile US LLC (Italy)(j) | 7.38% | 08/15/2026 | 2,987 | 3,046,740 | |
Lodging & Casinos–0.15% | |||||
ESH Hospitality, Inc.(j) | 5.25% | 05/01/2025 | 755 | 782,369 | |
VICI Properties 1 LLC / VICI FC, Inc. | 8.00% | 10/15/2023 | 86 | 94,787 | |
877,156 | |||||
Nonferrous Metals & Minerals–0.36% | |||||
TiZir Ltd. (United Kingdom)(j) | 9.50% | 07/19/2022 | 2,008 | 2,123,599 | |
Oil & Gas–0.01% | |||||
Pacific Drilling S.A.(j) | 8.38% | 10/01/2023 | 48 | 43,980 | |
Publishing–0.49% | |||||
Clear Channel Worldwide Holdings, Inc.(j) | 5.13% | 08/15/2027 | 2,569 | 2,694,239 | |
Clear Channel Worldwide Holdings, Inc.(j) | 9.25% | 02/15/2024 | 223 | 245,021 | |
2,939,260 |
20 | Invesco Senior Loan Fund |
Interest Rate | Maturity Date | Principal Amount (000)(a) | Value | ||
Radio & Television–0.75% | |||||
Clear Channel International B.V.(j) | 8.75% | 12/15/2020 | $ 2,436 | $ 2,489,275 | |
Diamond Sports Group LLC/Diamond Sports Finance Co.(j) | 5.38% | 08/15/2026 | 875 | 920,938 | |
iHeartCommunications, Inc.(j) | 5.25% | 08/15/2027 | 427 | 450,028 | |
iHeartCommunications, Inc. | 6.37% | 05/01/2026 | 527 | 571,795 | |
4,432,036 | |||||
Telecommunications–0.16% | |||||
Goodman Networks, Inc. | 8.00% | 05/11/2022 | 1,870 | 962,843 | |
Windstream Services, LLC / Windstream Finance Corp.(h)(j) | 9.00% | 06/30/2025 | 18 | 10,530 | |
973,373 | |||||
Utilities–0.04% | |||||
Calpine Corp.(j) | 5.25% | 06/01/2026 | 241 | 244,916 | |
Total U.S. Dollar Denominated Bonds & Notes (Cost $56,402,493) | 55,759,819 | ||||
Shares | |||||
Common Stocks & Other Equity Interests–6.77%(l) | |||||
Aerospace & Defense–0.96% | |||||
IAP Worldwide Services, Inc.(d)(m) | 342 | 5,727,212 | |||
Automotive–0.08% | |||||
ThermaSys Corp.(d)(m) | 676,996 | 214,946 | |||
Transtar Holding Co., Class A(d)(m) | 2,935,894 | 249,551 | |||
464,497 | |||||
Building & Development–0.12% | |||||
Five Point Holdings LLC, Class A(m) | 98,198 | 689,350 | |||
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 | |||
689,350 | |||||
Business Equipment & Services–0.06% | |||||
Checkout Holding Corp.(d)(k)(m) | 6,741 | 35,390 | |||
Crossmark Holdings, Inc., Wts. expiring 07/26/2024(d)(m) | 4,048 | 328,907 | |||
Crossmark Holdings, Inc., Wts. expiring 07/26/2024(d)(m) | 744 | 0 | |||
364,297 | |||||
Conglomerates–0.05% | |||||
Euramax International, Inc.(d)(m) | 3,272 | 278,137 | |||
Drugs–0.02% | |||||
Envigo RMS Holding Corp., Class A, Wts. expiring 04/29/2024(d)(m) | 7,160 | 40,955 | |||
Envigo RMS Holding Corp., Class B, Wts. expiring 04/29/2024(d)(m) | 11,479 | 65,660 | |||
106,615 | |||||
Financial Intermediaries–0.06% | |||||
RJO Holdings Corp.(d)(m) | 2,851 | 209,875 | |||
RJO Holdings Corp., Class A(d)(m) | 2,314 | 170,299 | |||
RJO Holdings Corp., Class B(d)(m) | 3,000 | 30 | |||
380,204 | |||||
Health Care–0.00% | |||||
Millennium International, Ltd. | 136,135 | 11,912 |
21 | Invesco Senior Loan Fund |
Shares | Value | ||||
Insurance–0.00% | |||||
Western and Southern Life Insurance Co. (The) | 17 | $ 472 | |||
Lodging & Casinos–1.12% | |||||
Caesars Entertainment Corp.(m) | 35,315 | 406,476 | |||
Twin River Worldwide Holdings, Inc. | 277,073 | 6,275,703 | |||
6,682,179 | |||||
Oil & Gas–0.99% | |||||
AF Global, Inc.(d)(m) | 498 | 27,888 | |||
C&J Energy Services, Inc.(m) | 27,250 | 260,510 | |||
Fieldwood Energy LLC(m) | 18,762 | 544,098 | |||
Fieldwood Energy LLC(m) | 5,065 | 146,885 | |||
HGIM Corp.(d)(m) | 2,553 | 31,913 | |||
HGIM Corp., Wts. expiring 07/02/2043(d)(m) | 11,411 | 142,637 | |||
Pacific Drilling S.A.(m) | 122,734 | 746,223 | |||
Paragon Offshore Finance Co., Class A (Cayman Islands)(h)(m) | 2,645 | 780 | |||
Paragon Offshore Finance Co., Class B (Cayman Islands)(d)(h)(m) | 1,323 | 37,375 | |||
Samson Investment Co., Class A(m) | 84,254 | 2,053,691 | |||
Transocean Ltd.(m) | 191,873 | 873,022 | |||
Tribune Resources, Inc., Wts., expiring 04/03/2023(d)(m) | 99,132 | 2,974 | |||
Tribune Resources, Inc.(m) | 382,888 | 1,038,584 | |||
5,906,580 | |||||
Publishing–1.45% | |||||
Affiliated Media, Inc., Class B(m) | 81,915 | 1,638,303 | |||
Clear Channel Outdoor Holdings, Inc.(m) | 219,129 | 569,735 | |||
Cygnus Business Media, Inc.(d)(m)(n) | 8,426 | 0 | |||
F&W Publications, Inc.(d)(m) | 18,385 | 0 | |||
MC Communications, LLC(d)(m) | 739,818 | 0 | |||
Merrill Communications LLC, Class A(d)(m) | 326,686 | 6,370,377 | |||
Tribune Publishing Co. | 4,756 | 36,383 | |||
8,614,798 | |||||
Radio & Television–0.21% | |||||
iHeartCommunications, Inc., Wts., expiring 05/01/2039(m) | 82,242 | 1,098,506 | |||
iHeartMedia, Inc.(m) | 10,945 | 151,041 | |||
1,249,547 | |||||
Retailers (except Food & Drug)–0.09% | |||||
Claire’s Stores, Inc.(m) | 780,446 | 278,750 | |||
Fullbeauty Brands Holdings Corp.(d)(m) | 2,311 | 190,658 | |||
Payless, Inc.(d)(m) | 83,461 | 0 | |||
Toys ’R’ Us-Delaware, Inc. | 17 | 79,472 | |||
548,880 | |||||
Telecommunications–0.00% | |||||
Goodman Networks, Inc.(d)(m) | 117,618 | 0 | |||
IDW Media Holdings, Inc.(m) | 1,270 | 23,990 | |||
23,990 | |||||
Utilities–1.56% | |||||
Vistra Energy Corp. | 357,798 | 8,927,060 | |||
Vistra Operations Co. LLC, Rts. expiring 12/31/2046(m) | 357,798 | 293,394 |
22 | Invesco Senior Loan Fund |
Shares | Value | ||||
Utilities–(continued) | |||||
Vistra Operations Co. LLC(d)(m) | 527,664 | $ 29,022 | |||
9,249,476 | |||||
Total Common Stocks & Other Equity Interests (Cost $55,587,367) | 40,298,146 | ||||
Interest Rate | Maturity Date | Principal Amount (000) | |||
Non-U.S. Dollar Denominated Bonds & Notes–1.42% | |||||
Automotive–0.24% | |||||
Federal-Mogul Holdings Corp. (3 mo. EURIBOR + 4.88%)(j)(k) | 4.88% | 04/15/2024 | EUR | 641 | 699,179 |
Superior Industries International, Inc.(j) | 6.00% | 06/15/2025 | EUR | 105 | 98,119 |
Tenneco, Inc.(j) | 5.00% | 07/15/2024 | EUR | 573 | 641,865 |
1,439,163 | |||||
Building & Development–0.02% | |||||
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–0.19% | |||||
Altice Finco S.A. (Luxembourg)(j) | 4.75% | 01/15/2028 | EUR | 542 | 576,014 |
Altice Luxembourg S.A. (Luxembourg)(j) | 8.00% | 05/15/2027 | EUR | 151 | 178,639 |
Altice Luxembourg S.A. REGS (Luxembourg)(j) | 8.00% | 05/15/2027 | EUR | 341 | 403,416 |
1,158,069 | |||||
Financial Intermediaries–0.35% | |||||
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 | 298 | 338,937 |
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 3.50%)(j)(k) | 3.50% | 09/01/2023 | EUR | 467 | 444,111 |
Newday Bondco Plc (Jersey)(j) | 7.37% | 02/01/2024 | GBP | 261 | 294,020 |
Newday Bondco Plc (Jersey) (3 mo. GBP LIBOR + 6.50%)(j)(k) | 7.27% | 02/01/2023 | GBP | 691 | 778,143 |
2,050,733 | |||||
Food Service–0.06% | |||||
eG Global Finance PLC REGS (United Kingdom)(j) | 3.63% | 02/07/2024 | EUR | 238 | 255,240 |
eG Global Finance PLC REGS (United Kingdom)(j) | 4.37% | 02/07/2025 | EUR | 102 | 109,300 |
364,540 | |||||
Health Care–0.14% | |||||
IDH Finance Plc (United Kingdom) (3 mo. GBP LIBOR + 6.00%)(j)(k) | 6.77% | 08/15/2022 | GBP | 750 | 809,883 |
Home Furnishings–0.30% | |||||
Shop Direct Funding PLC (United Kingdom)(j) | 7.75% | 11/15/2022 | GBP | 1,634 | 1,755,377 |
Lodging & Casinos–0.12% | |||||
TVL Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 5.38%)(j)(k) | 6.14% | 07/15/2025 | GBP | 628 | 741,226 |
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $9,329,102) | 8,410,818 | ||||
Structured Products–0.92% | |||||
Clontarf Park CLO, REGS, Series 2017-1A, Class D (3 mo. EURIBOR + 5.10%)(j)(k) | 5.10% | 08/05/2030 | EUR | 136 | 145,134 |
Diamond CLO Ltd., Series 2019-1A, Class C (3 mo. USD LIBOR + 3.60%)(j)(k) | 6.22% | 04/25/2029 | $ | 1,080 | 1,078,902 |
FS KKR Capital Corp., Series 2019-1A, Class A2 (3 mo. USD LIBOR + 3.00%)(j)(k) | 4.89% | 07/15/2030 | $ | 1,150 | 1,150,001 |
NewStar Berkeley Fund CLO LLC, Series 2016-1A, Class DR (3 mo. USD LIBOR + 4.75%)(j)(k) | 7.03% | 10/25/2028 | $ | 1,220 | 1,220,006 |
OCP Euro CLO, REGS, Series 2017-2, Class E (3 mo. EURIBOR + 5.00%)(j)(k) | 5.00% | 01/15/2032 | EUR | 153 | 163,039 |
Octagon Investment Partners XIX Ltd., Series 2014-1A, Class E (3 mo. USD LIBOR + 4.85%)(j)(k) | 7.15% | 04/15/2026 | $ | 1,741 | 1,704,411 |
Total Structured Products (Cost $5,443,311) | 5,461,493 |
23 | Invesco Senior Loan Fund |
Shares | Value | ||||
Preferred Stocks–0.08%(l) | |||||
Automotive–0.02% | |||||
ThermaSys Corp., Series A | 144,220 | $ 115,196 | |||
Financial Intermediaries–0.04% | |||||
RJO Holdings Corp., Series A-2(d) | 584 | 233,604 | |||
Retailers (except Food & Drug)–0.00% | |||||
Claire’s Stores, Inc., Series A(d) | 127 | 22,225 | |||
Vivarte, Class A (France)(d) | 7,780 | 0 | |||
Vivarte, Class A Preference Shares (France)(d) | 259 | 0 | |||
Vivarte, Class B Preference Shares (France)(d) | 259 | 0 | |||
22,225 | |||||
Telecommunications–0.01% | |||||
Goodman Networks, Inc., Series A-1(d) | 139,938 | 55,975 | |||
Utilities–0.01% | |||||
Genie Energy Ltd., Pfd. | 7,632 | 66,551 | |||
Total Preferred Stocks (Cost $388,060) | 493,551 | ||||
TOTAL INVESTMENTS IN SECURITIES(o)–122.15% (Cost $764,210,070) | 726,886,830 | ||||
BORROWINGS–(19.32)% | (115,000,000) | ||||
OTHER ASSETS LESS LIABILITIES–(2.83)% | (16,786,376) | ||||
NET ASSETS–100.00% | $595,100,454 |
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 |
24 | Invesco Senior Loan Fund |
(a) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(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) | 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 9. |
(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 partially or fully in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2019 was $6,352,697, which represented 1.07% of the Fund’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 $65,504,686, which represented 11.01% of the Fund’s Net Assets. |
(k) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(l) | Acquired as part of a bankruptcy restructuring. |
(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 Fund 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 Fund’s Net Assets. See Note 5. |
(o) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Fund’s use of leverage. |
as of August 31, 2019
AA | 0.16% |
A | 0.15 |
BBB- | 7.94 |
BB+ | 5.89 |
BB | 10.00 |
BB- | 13.35 |
B+ | 18.46 |
B | 17.32 |
B- | 8.51 |
CCC+ | 3.24 |
CCC | 0.96 |
CCC- | 0.12 |
CC | 0.07 |
D | 0.08 |
Non-Rated | 8.17 |
Equity | 5.58 |
25 | Invesco Senior Loan Fund |
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 | 372,901 | USD | 379,730 | $2,525 |
09/17/2019 | Bank of America Merrill Lynch | USD | 2,518,856 | GBP | 2,076,885 | 9,737 |
09/17/2019 | Barclays Bank PLC | EUR | 1,556,973 | USD | 1,754,613 | 41,696 |
09/17/2019 | Barclays Bank PLC | GBP | 2,030,057 | USD | 2,542,494 | 70,913 |
09/17/2019 | Barclays Bank PLC | USD | 2,532,949 | GBP | 2,088,240 | 9,470 |
10/15/2019 | Barclays Bank PLC | EUR | 6,594,108 | USD | 7,332,562 | 61,932 |
10/15/2019 | Canadian Imperial Bank of Commerce | EUR | 6,594,108 | USD | 7,353,617 | 82,987 |
09/17/2019 | Citibank, N.A. | EUR | 6,141,298 | USD | 6,927,844 | 171,443 |
09/17/2019 | Citibank, N.A. | GBP | 2,156,446 | USD | 2,696,278 | 70,820 |
10/15/2019 | Citibank, N.A. | EUR | 6,594,108 | USD | 7,337,007 | 66,376 |
10/15/2019 | Citibank, N.A. | GBP | 295,200 | USD | 362,469 | 2,637 |
09/17/2019 | Goldman Sachs International | EUR | 6,141,297 | USD | 6,925,940 | 169,540 |
10/15/2019 | Goldman Sachs International | EUR | 1,099,597 | USD | 1,223,118 | 10,708 |
09/17/2019 | J.P. Morgan Chase Bank, N.A. | GBP | 2,026,835 | USD | 2,538,431 | 70,772 |
10/15/2019 | Morgan Stanley Capital Services LLC | EUR | 484,772 | USD | 539,838 | 5,331 |
09/17/2019 | Royal Bank of Canada | EUR | 6,417,658 | USD | 7,242,090 | 181,649 |
10/15/2019 | Royal Bank of Canada | CHF | 374,108 | USD | 384,914 | 5,495 |
10/15/2019 | Royal Bank of Canada | EUR | 4,383 | USD | 4,886 | 54 |
09/17/2019 | Toronto Dominion Bank | EUR | 6,141,297 | USD | 6,926,524 | 170,123 |
09/17/2019 | Toronto Dominion Bank | USD | 2,519,191 | GBP | 2,076,885 | 9,403 |
10/15/2019 | Toronto Dominion Bank | EUR | 6,593,970 | USD | 7,356,272 | 85,794 |
Subtotal—Appreciation | 1,299,405 | |||||
Currency Risk | ||||||
09/17/2019 | Bank of America Merrill Lynch | GBP | 28,672 | USD | 34,663 | (245) |
10/15/2019 | Bank of America Merrill Lynch | GBP | 2,081,629 | USD | 2,527,424 | (9,963) |
09/17/2019 | Barclays Bank PLC | USD | 7,312,249 | EUR | 6,589,927 | (62,285) |
10/15/2019 | Barclays Bank PLC | GBP | 2,073,425 | USD | 2,517,804 | (9,582) |
09/17/2019 | Canadian Imperial Bank of Commerce | USD | 7,333,139 | EUR | 6,589,927 | (83,175) |
09/17/2019 | Citibank, N.A. | USD | 7,316,796 | EUR | 6,589,927 | (66,832) |
10/15/2019 | Goldman Sachs International | USD | 29,244 | EUR | 26,241 | (311) |
09/17/2019 | Royal Bank of Canada | USD | 382,666 | CHF | 372,901 | (5,460) |
09/17/2019 | Royal Bank of Canada | USD | 43,766 | EUR | 38,953 | (911) |
09/17/2019 | Toronto Dominion Bank | USD | 7,335,779 | EUR | 6,589,789 | (85,967) |
10/15/2019 | Toronto Dominion Bank | GBP | 2,081,629 | USD | 2,527,760 | (9,628) |
Subtotal—Depreciation | (334,359) | |||||
Total Forward Foreign Currency Contracts | $965,046 |
Abbreviations: | |
CHF | —Swiss Franc |
EUR | —Euro |
GBP | —British Pound Sterling |
USD | —U.S. Dollar |
26 | Invesco Senior Loan Fund |
Assets: | |
Investments in securities, at value (Cost $762,416,922) | $726,886,830 |
Investments in affiliates, at value (Cost $1,793,148) | 0 |
Other investments: | |
Unrealized appreciation on forward foreign currency contracts outstanding | 1,299,405 |
Cash | 8,077,258 |
Foreign currencies, at value (Cost $8,595,937) | 8,544,222 |
Receivable for: | |
Fund shares sold | 98,990 |
Investments matured, at value (Cost $26,620,817) | 430,569 |
Interest | 3,166,273 |
Investments sold | 29,461,733 |
Investment for trustee deferred compensation and retirement plans | 42,865 |
Other assets | 15,332 |
Total assets | 778,023,477 |
Liabilities: | |
Other investments: | |
Unrealized depreciation on forward foreign currency contracts outstanding | 334,359 |
Payable for: | |
Borrowings | 115,000,000 |
Investments purchased | 59,888,693 |
Dividends | 966,702 |
Accrued fees to affiliates | 205,000 |
Accrued interest expense | 295,535 |
Accrued trustees’ and officers’ fees and benefits | 3,311 |
Accrued other operating expenses | 1,098,100 |
Trustee deferred compensation and retirement plans | 94,499 |
Unfunded loan commitments | 5,036,824 |
Total liabilities | 182,923,023 |
Net assets applicable to common shares | $595,100,454 |
Net assets applicable to common shares consist of: | |
Shares of beneficial interest | $829,037,189 |
Distributable earnings | (233,936,735) |
$595,100,454 | |
Net Assets: | |
Class A | $88,115,641 |
Class C | $66,038,695 |
Class Y | $2,644,526 |
Class IB | $405,977,322 |
Class IC | $32,324,270 |
Shares outstanding, no par value, with an unlimited number of common shares authorized: | |
Class A | 13,537,244 |
Class C | 10,119,879 |
Class Y | 406,344 |
Class IB | 62,365,009 |
Class IC | 4,965,998 |
Class A: | |
Net asset value per share | $6.51 |
Maximum offering price per share (Net asset value of $6.51 ÷ 96.75%) | $6.73 |
Class C: | |
Net asset value and offering price per share | $6.53 |
Class Y: | |
Net asset value and offering price per share | $6.51 |
Class IB: | |
Net asset value and offering price per share | $6.51 |
Class IC: | |
Net asset value and offering price per share | $6.51 |
27 | Invesco Senior Loan Fund |
Investment income: | |
Interest | $17,959,827 |
Other income | 206,870 |
Dividends | 130,673 |
Total investment income | 18,297,370 |
Expenses: | |
Advisory fees | 2,780,131 |
Administrative services fees | 780,720 |
Custodian fees | 80,296 |
Distribution fees: | |
Class A | 114,835 |
Class C | 358,965 |
Class IC | 25,961 |
Interest, facilities and maintenance fees | 2,658,920 |
Transfer agent fees | 361,234 |
Trustees’ and officers’ fees and benefits | 15,328 |
Registration and filing fees | 31,241 |
Reports to shareholders | 283,799 |
Professional services fees | 68,929 |
Other | 17,145 |
Total expenses | 7,577,504 |
Less: Expense offset arrangement(s) | (1,737) |
Net expenses | 7,575,767 |
Net investment income | 10,721,603 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Investment securities | 12,098,911 |
Foreign currencies | (31,844) |
Forward foreign currency contracts | 1,129,115 |
13,196,182 | |
Change in net unrealized appreciation (depreciation) of: | |
Investment securities | (19,881,286) |
Foreign currencies | 86,242 |
Forward foreign currency contracts | 861,087 |
(18,933,957) | |
Net realized and unrealized gain (loss) | (5,737,775) |
Net increase (decrease) in net assets resulting from operations | $4,983,828 |
28 | Invesco Senior Loan Fund |
August 31, 2019 | February 28, 2019 | |
Operations: | ||
Net investment income | $10,721,603 | $30,069,240 |
Net realized gain (loss) | 13,196,182 | (475,294) |
Change in net unrealized appreciation (depreciation) | (18,933,957) | (7,502,174) |
Net increase in net assets resulting from operations | 4,983,828 | 22,091,772 |
Distributions to shareholders from distributable earnings: | ||
Class A | (2,123,393) | (4,804,669) |
Class C | (1,391,307) | (3,430,385) |
Class Y | (68,562) | (140,453) |
Class IB | (10,320,182) | (23,154,842) |
Class IC | (817,450) | (1,907,818) |
Total distributions from distributable earnings | (14,720,894) | (33,438,167) |
Share transactions–net: | ||
Class A | (1,172,954) | (16,314,659) |
Class C | (10,857,375) | (16,468,097) |
Class Y | (204,153) | 776,753 |
Class IB | (20,295,280) | (50,975,389) |
Class IC | (4,015,217) | (4,477,477) |
Net increase (decrease) in net assets resulting from share transactions | (36,544,979) | (87,458,869) |
Net increase (decrease) in net assets | (46,282,045) | (98,805,264) |
Net assets: | ||
Beginning of period | 641,382,499 | 740,187,763 |
End of period | $595,100,454 | $641,382,499 |
29 | Invesco Senior Loan Fund |
Cash provided by operating activities: | |
Net increase in net assets resulting from operations | $4,983,828 |
Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities: | |
Purchases of investments | (255,719,926) |
Proceeds from sales of investments | 321,335,239 |
Purchases of short-term investments, net | (687,895) |
Amortization of premium on investment securities | (2,551,058) |
Decrease in receivables and other assets | 1,399,950 |
Increase in accrued expenses and other payables | 149,647 |
Net realized gain from investment securities | (12,098,911) |
Net change in unrealized depreciation on investment securities | 19,881,286 |
Net change in unrealized appreciation of forward foreign currency contracts | (861,087) |
Net cash provided by operating activities | 75,831,073 |
Cash provided by (used in) financing activities: | |
Dividends paid to shareholders from distributable earnings | (5,846,676) |
Proceeds from shares of beneficial interest sold | 8,195,767 |
Repayment of borrowings | (45,000,000) |
Disbursements from shares of beneficial interest reacquired | (53,718,243) |
Net cash provided by (used in) financing activities | (96,369,152) |
Net decrease in cash and cash equivalents | (20,538,079) |
Cash and cash equivalents at beginning of period | 37,159,559 |
Cash and cash equivalents at end of period | $16,621,480 |
Non-cash financing activities: | |
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders | $8,878,507 |
Supplemental disclosure of cash flow information: | |
Cash paid during the period for interest, facilities and maintenance fees | $2,776,828 |
30 | Invesco Senior Loan Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Return of capital | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees) | Ratio of net investment income to average net assets | Portfolio turnover(c) | Total borrowings (000’s omitted) | Asset Coverage per $1,000 unit of senior indebtedness(d) | |
Class A | |||||||||||||||||
Six months ended 08/31/19 | $6.61 | $0.11 | $(0.06) | $0.05 | $(0.15) | $— | $(0.15) | $6.51 | 0.80%(e) | $88,116 | 2.52%(e)(f) | 2.52%(e)(f) | 1.67%(e)(f) | 3.34%(e)(f) | 30% | $115,000 | $6,175 |
Year ended 02/28/19 | 6.72 | 0.28 | (0.10) | 0.18 | (0.29) | — | (0.29) | 6.61 | 3.19(e) | 90,789 | 2.46(e) | 2.46(e) | 1.71(e) | 4.25(e) | 44 | 160,000 | 5,009 |
Year ended 02/28/18 | 6.68 | 0.26 | 0.05 | 0.31 | (0.26) | (0.01) | (0.27) | 6.72 | 4.79(e) | 108,897 | 2.24(e) | 2.24(e) | 1.73(e) | 3.88(e) | 53 | 170,000 | 5,354 |
Year ended 02/28/17 | 5.81 | 0.34 | 0.86 | 1.20 | (0.32) | (0.01) | (0.33) | 6.68 | 20.97(e) | 121,627 | 2.06(e) | 2.06(e) | 1.67(e) | 5.34(e) | 73 | 150,000 | 6,617 |
Year ended 02/29/16 | 6.76 | 0.38 | (0.94) | (0.56) | (0.39) | — | (0.39) | 5.81 | (8.65)(e) | 115,036 | 1.98(e) | 1.98(e) | 1.68(e) | 5.82(e) | 51 | 150,000 | 6,346 |
Year ended 02/28/15 | 6.99 | 0.36 | (0.23) | 0.13 | (0.36) | — | (0.36) | 6.76 | 1.88(e) | 182,673 | 1.90(e) | 1.90(e) | 1.66(e) | 5.16(e) | 59 | 224,000 | 5,949 |
Class C | |||||||||||||||||
Six months ended 08/31/19 | 6.63 | 0.09 | (0.06) | 0.03 | (0.13) | — | (0.13) | 6.53 | 0.43(e) | 66,039 | 3.27(e)(f) | 3.27(e)(f) | 2.42(e)(f) | 2.59(e)(f) | 30 | 115,000 | 6,175 |
Year ended 02/28/19 | 6.73 | 0.23 | (0.09) | 0.14 | (0.24) | — | (0.24) | 6.63 | 2.50(e) | 77,951 | 3.21(e) | 3.21(e) | 2.46(e) | 3.50(e) | 44 | 160,000 | 5,009 |
Year ended 02/28/18 | 6.70 | 0.21 | 0.04 | 0.25 | (0.21) | (0.01) | (0.22) | 6.73 | 3.86(e) | 95,894 | 2.99(e) | 2.99(e) | 2.48(e) | 3.13(e) | 53 | 170,000 | 5,354 |
Year ended 02/28/17 | 5.82 | 0.29 | 0.87 | 1.16 | (0.27) | (0.01) | (0.28) | 6.70 | 20.24(e) | 117,699 | 2.81(e) | 2.81(e) | 2.42(e) | 4.59(e) | 73 | 150,000 | 6,617 |
Year ended 02/29/16 | 6.77 | 0.33 | (0.94) | (0.61) | (0.34) | — | (0.34) | 5.82 | (9.38)(e) | 116,229 | 2.73(e) | 2.73(e) | 2.43(e) | 5.07(e) | 51 | 150,000 | 6,346 |
Year ended 02/28/15 | 7.00 | 0.31 | (0.24) | 0.07 | (0.30) | — | (0.30) | 6.77 | 1.06(e) | 178,395 | 2.65(e) | 2.65(e) | 2.41(e) | 4.41(e) | 59 | 224,000 | 5,949 |
Class Y | |||||||||||||||||
Six months ended 08/31/19 | 6.61 | 0.12 | (0.06) | 0.06 | (0.16) | — | (0.16) | 6.51 | 0.93 | 2,645 | 2.27(f) | 2.27(f) | 1.42(f) | 3.59(f) | 30 | 115,000 | 6,175 |
Year ended 02/28/19 | 6.72 | 0.30 | (0.10) | 0.20 | (0.31) | — | (0.31) | 6.61 | 3.47 | 2,894 | 2.21 | 2.21 | 1.46 | 4.50 | 44 | 160,000 | 5,009 |
Year ended 02/28/18 | 6.68 | 0.28 | 0.05 | 0.33 | (0.28) | (0.01) | (0.29) | 6.72 | 5.05 | 2,161 | 1.99 | 1.99 | 1.48 | 4.13 | 53 | 170,000 | 5,354 |
Year ended 02/28/17 | 5.81 | 0.36 | 0.85 | 1.21 | (0.33) | (0.01) | (0.34) | 6.68 | 21.27 | 2,037 | 1.81 | 1.81 | 1.42 | 5.59 | 73 | 150,000 | 6,617 |
Year ended 02/29/16 | 6.77 | 0.40 | (0.95) | (0.55) | (0.41) | — | (0.41) | 5.81 | (8.53) | 1,108 | 1.73 | 1.73 | 1.43 | 6.07 | 51 | 150,000 | 6,346 |
Year ended 02/28/15 | 7.00 | 0.38 | (0.23) | 0.15 | (0.38) | — | (0.38) | 6.77 | 2.16 | 2,433 | 1.65 | 1.65 | 1.41 | 5.41 | 59 | 224,000 | 5,949 |
Class IB | |||||||||||||||||
Six months ended 08/31/19 | 6.61 | 0.12 | (0.06) | 0.06 | (0.16) | — | (0.16) | 6.51 | 0.93 | 405,977 | 2.27(f) | 2.27(f) | 1.42(f) | 3.59(f) | 30 | 115,000 | 6,175 |
Year ended 02/28/19 | 6.72 | 0.30 | (0.10) | 0.20 | (0.31) | — | (0.31) | 6.61 | 3.46 | 432,894 | 2.21 | 2.21 | 1.46 | 4.50 | 44 | 160,000 | 5,009 |
Year ended 02/28/18 | 6.69 | 0.28 | 0.04 | 0.32 | (0.28) | (0.01) | (0.29) | 6.72 | 4.89 | 491,279 | 1.99 | 1.99 | 1.48 | 4.13 | 53 | 170,000 | 5,354 |
Year ended 02/28/17 | 5.81 | 0.36 | 0.86 | 1.22 | (0.33) | (0.01) | (0.34) | 6.69 | 21.45 | 552,939 | 1.81 | 1.81 | 1.42 | 5.59 | 73 | 150,000 | 6,617 |
Year ended 02/29/16 | 6.77 | 0.39 | (0.94) | (0.55) | (0.41) | — | (0.41) | 5.81 | (8.53) | 523,422 | 1.73 | 1.73 | 1.43 | 6.07 | 51 | 150,000 | 6,346 |
Year ended 02/28/15 | 7.00 | 0.37 | (0.22) | 0.15 | (0.38) | — | (0.38) | 6.77 | 2.16 | 682,816 | 1.65 | 1.65 | 1.41 | 5.41 | 59 | 224,000 | 5,949 |
Class IC | |||||||||||||||||
Six months ended 08/31/19 | 6.61 | 0.11 | (0.05) | 0.06 | (0.16) | — | (0.16) | 6.51 | 0.85(e) | 32,324 | 2.42(e)(f) | 2.42(e)(f) | 1.57(e)(f) | 3.44(e)(f) | 30 | 115,000 | 6,175 |
Year ended 02/28/19 | 6.72 | 0.29 | (0.10) | 0.19 | (0.30) | — | (0.30) | 6.61 | 3.30(e) | 36,854 | 2.36(e) | 2.36(e) | 1.61(e) | 4.35(e) | 44 | 160,000 | 5,009 |
Year ended 02/28/18 | 6.69 | 0.27 | 0.05 | 0.32 | (0.28) | (0.01) | (0.29) | 6.72 | 4.74(e) | 41,957 | 2.14(e) | 2.14(e) | 1.63(e) | 3.98(e) | 53 | 170,000 | 5,354 |
Year ended 02/28/17 | 5.81 | 0.35 | 0.86 | 1.21 | (0.32) | (0.01) | (0.33) | 6.69 | 21.28(e) | 46,648 | 1.96(e) | 1.96(e) | 1.57(e) | 5.44(e) | 73 | 150,000 | 6,617 |
Year ended 02/29/16 | 6.77 | 0.38 | (0.94) | (0.56) | (0.40) | — | (0.40) | 5.81 | (8.68)(e) | 43,660 | 1.88(e) | 1.88(e) | 1.58(e) | 5.92(e) | 51 | 150,000 | 6,346 |
Year ended 02/28/15 | 7.00 | 0.36 | (0.22) | 0.14 | (0.37) | — | (0.37) | 6.77 | 1.99(e) | 55,548 | 1.80(e) | 1.80(e) | 1.56(e) | 5.26(e) | 59 | 224,000 | 5,949 |
(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. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests. |
(d) | Calculated at the fund level by subtracting the Fund’s total liabilities (not including the Borrowings) from the Fund’s total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |
(e) | The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets of Class A shares reflect actual 12b-1 fees of 0.25% for each of the years ended February 28, 2019, February 28, 2018, February 28, 2017, February 29, 2016 and February 28, 2015. The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets of Class C shares reflect actual 12b-1 fees of 1.00% for each of the years ended February 28, 2019, February 28, 2018, February 28, 2017, February 29, 2016 and February 28, 2015. The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets of Class IC shares reflect actual 12b-1 fees of 0.15% for each of the years ended February 28, 2019, February 28, 2018, February 28, 2017, February 29, 2016 and February 28, 2015. |
(f) | Ratios are annualized and based on average daily net assets (000’s omitted) of $91,369, $71,403, $2,801, $421,183 and $34,426 for Class A, Class C, Class Y, Class IB and Class IC shares, respectively. |
31 | Invesco Senior Loan Fund |
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. |
32 | Invesco Senior Loan Fund |
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. |
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– Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes –The Fund 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 Fund’s taxable earnings to shareholders. As such, the Fund 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. |
F. | Interest, Facilities and Maintenance Fees— Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining the credit agreement. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund 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. |
33 | Invesco Senior Loan Fund |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Cash and Cash Equivalents – For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. |
J. | Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund 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 Fund on such interests or securities in connection with such transactions prior to the date the Fund 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 Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
K. | Foreign Currency Translations— Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the 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 Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’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. |
L. | Forward Foreign Currency Contracts— The Fund 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. |
M. | Industry Focus — To the extent that the Fund invests a greater amount of its assets in securities of issuers in the banking and financial services industries, the Fund’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 Fund’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 Fund. As a result, the Fund 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 Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund 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 Fund 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. |
34 | Invesco Senior Loan Fund |
P. | Leverage Risk — The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing. There are risks associated with borrowing 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 purchased with such leverage proceeds, the higher volatility of the NAV of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund’s leverage strategy will be successful. |
Average Daily Net Assets | Rate |
First $500 million | 0.90% |
Next $1 billion | 0.85% |
Next $1 billion | 0.825% |
Next $500 million | 0.80% |
Over $3 billion | 0.775% |
35 | Invesco Senior Loan Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Variable Rate Senior Loan Interests | $— | $581,126,119 | $35,336,884 | $616,463,003 |
U.S. Dollar Denominated Bonds & Notes | — | 55,759,819 | — | 55,759,819 |
Common Stocks & Other Equity Interests | 18,959,493 | 7,184,067 | 14,154,586 | 40,298,146 |
Non-U.S. Dollar Denominated Bonds & Notes | — | 8,410,818 | — | 8,410,818 |
Structured Products | — | 5,461,493 | — | 5,461,493 |
Preferred Stocks | 66,551 | 115,196 | 311,804 | 493,551 |
Investments Matured | — | — | 430,569 | 430,569 |
Total Investments in Securities | 19,026,044 | 658,057,512 | 50,233,843 | 727,317,399 |
Other Investments - Assets* | ||||
Forward Foreign Currency Contracts | — | 1,299,405 | — | 1,299,405 |
Other Investments - Liabilities* | ||||
Forward Foreign Currency Contracts | — | (334,359) | — | (334,359) |
Total Other Investments | — | 965,046 | — | 965,046 |
Total Investments | $19,026,044 | $659,022,558 | $50,233,843 | $728,282,445 |
* | Unrealized appreciation (depreciation). |
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 | $ 46,636,668 | $ 10,947,997 | $ (20,986,436) | $ 51,577 | $ 204,233 | $ 9,172 | $ 4,505,968 | $ (6,032,295) | $ 35,336,884 |
Common Stocks & Other Equity Interests | 6,395,434 | 1,084,938 | (58,205) | – | 30,848 | 293,039 | 6,408,532 | – | 14,154,586 |
Preferred Stocks | 226,891 | – | – | – | – | 177,884 | 22,225 | (115,196) | 311,804 |
Investments Matured | 413,292 | – | – | – | – | – | 17,277 | – | 430,569 |
Total | $ 53,672,285 | $ 12,032,935 | $ (21,044,641) | $ 51,577 | $ 235,081 | $ 480,095 | $ 10,954,002 | $ (6,147,491) | $ 50,233,843 |
36 | Invesco Senior Loan Fund |
Value | |
Derivative Assets | Currency Risk |
Unrealized appreciation on forward foreign currency contracts outstanding | $1,299,405 |
Derivatives not subject to master netting agreements | - |
Total Derivative Assets subject to master netting agreements | $1,299,405 |
Value | |
Derivative Liabilities | Currency Risk |
Unrealized depreciation on forward foreign currency contracts outstanding | $(334,359) |
Derivatives not subject to master netting agreements | - |
Total Derivative Liabilities subject to master netting agreements | $(334,359) |
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 | $12,262 | $(10,208) | $2,054 | $– | $– | $2,054 | |
Barclays Bank PLC | 184,011 | (71,867) | 112,144 | – | – | 112,144 | |
Canadian Imperial Bank of Commerce | 82,987 | (83,175) | (188) | – | – | (188) | |
Citibank, N.A. | 311,276 | (66,832) | 244,444 | – | – | 244,444 | |
Goldman Sachs International | 180,248 | (311) | 179,937 | – | – | 179,937 | |
J.P. Morgan Chase Bank, N.A. | 70,772 | – | 70,772 | – | – | 70,772 | |
Morgan Stanley Capital Services LLC | 5,331 | – | 5,331 | – | – | 5,331 | |
Royal Bank of Canada | 187,198 | (6,371) | 180,827 | – | – | 180,827 | |
Toronto Dominion Bank | 265,320 | (95,595) | 169,725 | – | – | 169,725 | |
Total | $1,299,405 | $(334,359) | $965,046 | $– | $– | $965,046 |
Location of Gain on Statement of Operations | |
Currency Risk | |
Realized Gain: | |
Forward foreign currency contracts | $1,129,115 |
Change in Net Unrealized Appreciation: | |
Forward foreign currency contracts | 861,087 |
Total | $1,990,202 |
Forward Foreign Currency Contracts | |
Average notional value | $103,718,641 |
37 | Invesco Senior Loan Fund |
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 | $– |
Borrower | Type | Principal Amount(a) | Value | |
Allied Universal Holdco, LLC | Delayed Draw Term Loan | $353,427 | $353,427 | |
Evergood 4 APS | Term Loan | EUR | 5,477 | 6,027 |
IAP Worldwide Services | Revolver Loan | 1,946,523 | 1,946,523 | |
Manna Pro Products, LLC | Delayed Draw Term Loan | 272,224 | 269,502 | |
Mavis Tire Express Services Corp. | Delayed Draw Term Loan | 117,031 | 115,057 | |
Monitronics International Inc. | DIP Loan | 250,030 | 250,030 | |
Pacific Gas and Electric Co. | Delayed Draw Term Loan | 653,307 | 653,307 | |
SRAM, LLC | Delayed Draw Term Loan | 392,513 | 392,513 | |
Transtar Holding Co. | Delayed Draw Term Loan | 169,960 | 169,960 | |
Unilabs Diagnostics AB | Revolver Loan | EUR | 768,492 | 838,775 |
Vue International Bidco PLC | Delayed Draw Term Loan | EUR | 37,666 | 41,703 |
$5,036,824 |
(a) | Principal amounts are denominated in U.S. Dollars unless otherwise noted. |
38 | Invesco Senior Loan Fund |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $794,308 | $178,561,306 | $179,355,614 |
* | Capital loss carryforwards 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. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $28,197,794 |
Aggregate unrealized (depreciation) of investments | (91,725,943) |
Net unrealized appreciation (depreciation) of investments | $(63,528,149) |
Share Class | Record Date | Amount Per Share |
Payable September 30, 2019 | ||
Class A | Daily | 0.0260 |
Class C | Daily | 0.0220 |
Class Y | Daily | 0.0274 |
Class IB | Daily | 0.0274 |
Class IC | Daily | 0.0266 |
Repurchase request deadlines | Percentage of outstanding shares the Fund offered to repurchase | Number of shares tendered (all classes) | Percentage of outstanding shares tendered (all classes) |
March 15, 2019 | 6.0% | 928,426 | 1.0% |
April 18, 2019 | 6.0 | 2,366,369 | 2.5 |
May 17, 2019 | 6.0 | 1,075,350 | 1.1 |
June 21, 2019 | 6.0 | 1,413,411 | 1.5 |
July 19, 2019 | 6.0 | 1,136,656 | 1.2 |
August 16, 2019 | 6.0 | 1,300,895 | 1.4 |
39 | Invesco Senior Loan Fund |
Summary of Share Activity | |||||
Six months ended August 31, 2019(a) | Year ended February 28, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Class A | 1,170,918 | $7,785,042 | 1,118,589 | $7,466,148 | |
Class C | 35,300 | 233,270 | 503,645 | 3,393,168 | |
Class Y | 30,436 | 201,779 | 185,623 | 1,242,282 | |
Class IB | 11,165 | 73,721 | 219,517 | 1,467,422 | |
Class IC | 143 | 945 | 17,335 | 116,010 | |
Issued as reinvestment of dividends: | |||||
Class A | 187,619 | 1,233,762 | 360,286 | 2,388,551 | |
Class C | 132,722 | 875,027 | 297,330 | 1,975,735 | |
Class Y | 6,304 | 41,454 | 13,564 | 89,940 | |
Class IB | 940,849 | 6,188,412 | 1,870,458 | 12,408,288 | |
Class IC | 82,093 | 539,852 | 171,272 | 1,135,689 | |
Reacquired: | |||||
Class A | (1,548,187) | (10,191,758) | (3,955,097) | (26,169,358) | |
Class C | (1,804,069) | (11,965,672) | (3,286,419) | (21,837,000) | |
Class Y | (68,003) | (447,386) | (83,123) | (555,469) | |
Class IB | (4,029,017) | (26,557,413) | (9,717,991) | (64,851,099) | |
Class IC | (688,112) | (4,556,014) | (857,992) | (5,729,176) | |
Net increase (decrease) in share activity | (5,539,839) | $(36,544,979) | (13,143,003) | $(87,458,869) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
40 | Invesco Senior Loan Fund |
Beginning Account Value (03/01/19) | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Expense Ratio | |||
Ending Account Value (08/31/19)1 | Expenses Paid During Period2 | Ending Account Value (08/31/19) | Expenses Paid During Period2 | |||
Class A | $1,000.00 | $1,008.00 | $12.72 | $1,012.47 | $12.75 | 2.52% |
Class C | 1,000.00 | 1,002.80 | 16.46 | 1,008.70 | 16.51 | 3.27 |
Class Y | 1,000.00 | 1,009.30 | 11.47 | 1,013.72 | 11.49 | 2.27 |
Class IB | 1,000.00 | 1,007.80 | 11.46 | 1,013.72 | 11.49 | 2.27 |
Class IC | 1,000.00 | 1,008.50 | 12.22 | 1,012.97 | 12.25 | 2.42 |
1 | The actual ending account value is based on the actual total return of the Fund for the period March 1, 2019 through August 31, 2019, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. |
41 | Invesco Senior Loan Fund |
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 Loan Fund (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 comprised of all retail and institutional loan participation funds, regardless of asset size or primary channel of distribution and against the Lipper Loan Participation Funds Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above 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 noted that the Fund’s use of leverage and overweight exposure to and security selection in certain sectors and securities detracted from the Fund’s performance. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year.
42 Invesco Senior Loan Fund
C. | Advisory andSub-Advisory Fees and Fund Expenses |
The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was the same as the median contractual management fee rate of funds in its expense group. The Board noted there were only two funds (including the Fund) in the expense group. The Board also 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 expenses were each ranked second out of two funds (including the Fund) in 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 considered the extent to which there may be economies of scale in the provision of
advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. 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, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.
43 Invesco Senior Loan Fund
Net Income | Gain from Sale of Securities | Return of Principal | Total Distribution | ||
06/30/2019 | Class A | $0.0217 | $0.000 | $0.0043 | $0.0260 |
06/30/2019 | Class C | $0.0176 | $0.000 | $0.0043 | $0.0219 |
06/30/2019 | Class Y | $0.0231 | $0.000 | $0.0043 | $0.0274 |
06/30/2019 | Class IB | $0.0231 | $0.000 | $0.0043 | $0.0274 |
06/30/2019 | Class IC | $0.0222 | $0.000 | $0.0043 | $0.0265 |
44 | Invesco Senior Loan Fund |
• | Fund reports and prospectuses |
• | Quarterly statements |
• | Daily confirmations |
• | Tax forms |
SEC file number: 811-05845 | Invesco Distributors, Inc. | VK-SLO-SAR-1 |
ITEM 2: | CODE OF ETHICS | |
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 LLC (“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 in Rule30a-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. | ||
ITEM 13. | EXHIBITS. | |
13(a) (1) | 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(a) (3) | Not applicable. | |
13(a) (4) | Not applicable. | |
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 Loan Fund
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 |