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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number | 811-22043 |
Invesco Dynamic Credit Opportunities Fund
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrants telephone number, including area code: | (713) 626-1919 |
Date of fiscal year end: | 2/28 | |||
Date of reporting period: | 11/30/12 |
2410922
012213 (1) BO
Item 1. Schedule of Investments.
Invesco Dynamic Credit Opportunities Fund
Effective December 3, 2012, Invesco Van Kampen Dynamic Credit Opportunities Fund was renamed Invesco Dynamic Credit Opportunities Fund.
Quarterly Schedule of Portfolio Holdings November 30, 2012 | ||||||
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invesco.com/us VK-CE-DCO-QTR-1 11/12 | Invesco Advisers, Inc. |
Schedule of Investments
November 30, 2012
(Unaudited)
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Variable Rate Senior Loan Interests96.08%(a)(b) |
||||||||||||||||
Aerospace & Defense3.11% |
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ARINC Inc., Second Lien Term Loan |
7.62 | % | 10/25/15 | $ | 2,268 | $ | 2,242,579 | |||||||||
AVIO S.p.A., (Italy) Term Loan (c) |
| % | 12/13/16 | EUR | 3,000 | 3,940,669 | ||||||||||
Camp International Holding Co., First Lien Term Loan |
5.25 | % | 05/31/19 | 1,896 | 1,910,579 | |||||||||||
DAE Aviation Holdings, Inc., |
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Term Loan B1 |
6.25 | % | 10/29/18 | 2,219 | 2,220,295 | |||||||||||
Term Loan B2 |
6.25 | % | 11/02/18 | 1,006 | 1,006,534 | |||||||||||
DynCorp International LLC, Term Loan B |
6.25 | % | 07/07/16 | 2,590 | 2,606,468 | |||||||||||
IAP Worldwide Services, Inc., Term Loan |
10.00 | % | 12/31/15 | 6,820 | 5,396,223 | |||||||||||
Landmark Aviation, |
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Canadian Term Loan |
5.75 | % | 10/25/19 | 229 | 229,759 | |||||||||||
First Lien Term Loan |
5.75 | % | 10/25/19 | 2,156 | 2,159,740 | |||||||||||
PRV Aerospace LLC, Term Loan B (Acquired 05/11/12; Cost $2,242,976) |
6.50 | % | 05/09/18 | 2,253 | 2,256,307 | |||||||||||
Sequa Corp., Term Loan |
6.25 | % | 12/03/14 | 3,337 | 3,343,849 | |||||||||||
SI Organization, Inc., Term Loan B |
4.50 | % | 11/22/16 | 341 | 340,540 | |||||||||||
TASC, Inc., Term Loan B |
4.50 | % | 12/18/15 | 640 | 640,950 | |||||||||||
Wyle Services Corp., Term Loan B |
5.00 | % | 03/27/17 | 1,308 | 1,314,019 | |||||||||||
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29,608,511 | ||||||||||||||||
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|
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Air Transport1.08% |
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Delta Air Lines, Inc., |
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Revolver Loan (d) |
0.00 | % | 04/20/16 | 5,213 | 4,700,110 | |||||||||||
Term Loan B1 |
5.25 | % | 10/18/18 | 5,373 | 5,409,339 | |||||||||||
Term Loan B2 |
4.25 | % | 04/16/16 | 219 | 219,674 | |||||||||||
|
|
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10,329,123 | ||||||||||||||||
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|
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Automotive4.78% |
||||||||||||||||
August Lux U.K. Holding Co., Term Loan |
6.25 | % | 04/27/18 | 1,591 | 1,613,346 | |||||||||||
August U.S. Holding Co., Inc., Term Loan B |
6.25 | % | 04/27/18 | 1,224 | 1,241,058 | |||||||||||
Federal-Mogul Corp., |
||||||||||||||||
Term Loan B |
2.15 | % | 12/29/14 | 7,317 | 6,824,777 | |||||||||||
Term Loan C |
2.15 | % | 12/28/15 | 4,396 | 4,100,304 | |||||||||||
Key Safety Systems, Inc., First Lien Term Loan |
2.51 | % | 03/08/14 | 3,095 | 3,080,829 | |||||||||||
Metaldyne Co., LLC, Term Loan B |
5.25 | % | 05/18/17 | 752 | 756,227 | |||||||||||
RAC Ltd., (United Kingdom) Term Loan C |
5.63 | % | 10/30/19 | GBP | 2,000 | 3,222,726 | ||||||||||
Schaeffler AG (Germany), |
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Term Loan C1 |
4.86 | % | 01/27/17 | EUR | 10,000 | 12,802,865 | ||||||||||
Term Loan C2 |
6.00 | % | 01/27/17 | 1,026 | 1,040,663 | |||||||||||
TI Group Automotive Systems, LLC, Term Loan |
6.75 | % | 03/14/18 | 5,334 | 5,387,269 | |||||||||||
Tomkins LLC, Term Loan B |
5.25 | % | 11/09/18 | 1,670 | 1,680,646 | |||||||||||
Transtar Holding Co., |
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First Lien Term Loan |
5.50 | % | 10/09/18 | 2,917 | 2,938,682 | |||||||||||
Second Lien Term Loan |
9.75 | % | 10/11/19 | 671 | 673,847 | |||||||||||
Veyance Technologies, Inc., |
||||||||||||||||
Delayed Draw Term Loan |
2.46 | % | 07/31/14 | 33 | 32,818 | |||||||||||
Term Loan |
2.46 | % | 07/31/14 | 231 | 229,126 | |||||||||||
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45,625,183 | ||||||||||||||||
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Beverage and Tobacco0.24% |
||||||||||||||||
DS Waters Enterprises, L.P., First Lien Term Loan |
10.50 | % | 08/29/17 | 2,220 | 2,291,976 | |||||||||||
|
|
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Building & Development3.12% |
||||||||||||||||
Axia Acquisition Corp., |
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PIK Second Lien Term Loan A (e) |
11.00 | % | 03/11/16 | $ | 192 | $ | 162,441 | |||||||||
Revolver Loan (d) |
0.00 | % | 03/11/16 | 348 | 294,251 | |||||||||||
Second Lien Term Loan B |
5.00 | % | 03/12/16 | 324 | 273,675 | |||||||||||
Building Materials Holding Corp., PIK Second Lien Term Loan (e) |
8.00 | % | 01/05/15 | 904 | 802,560 | |||||||||||
Capital Automotive L.P., Term Loan B |
5.25 | % | 03/10/17 | 7,281 | 7,338,361 | |||||||||||
Champion OPCO, LLC, PIK Term Loan (e) |
7.50 | % | 12/31/13 | 801 | 572,581 | |||||||||||
CPG International Inc., Term Loan |
5.75 | % | 09/18/19 | 562 | 566,253 | |||||||||||
Custom Building Products, Inc., Term Loan B |
5.75 | % | 03/19/15 | 321 | 320,941 | |||||||||||
HD Supply, Inc., Term Loan B |
7.25 | % | 10/12/17 | 5,460 | 5,621,347 | |||||||||||
Lake at Las Vegas Joint Venture, LLC, |
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PIK Exit Revolver Loan (Acquired 07/16/12; Cost $76,056) (d)(e) |
0.00 | % | 02/28/17 | 76 | 70,352 | |||||||||||
PIK Exit Revolver Loan (Acquired 07/15/10-10/24/12; Cost $574,063) (e) |
4.42 | % | 02/28/17 | 574 | 531,009 | |||||||||||
Nortek, Inc., Term Loan |
5.25 | % | 04/26/17 | 253 | 255,313 | |||||||||||
Realogy Corp., |
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Extended LOC (d) |
0.00 | % | 04/08/16 | 4,562 | 4,342,815 | |||||||||||
Extended Term Loan |
4.46 | % | 10/10/16 | 3,940 | 3,942,399 | |||||||||||
LOC |
3.42 | % | 10/10/13 | 760 | 742,024 | |||||||||||
Revolver Loan |
1.44 | % | 04/08/16 | 2,120 | 2,018,405 | |||||||||||
Rhodes Homes, PIK Term Loan (Acquired 07/09/07-09/30/11; Cost $1,277,798) (e) |
2.36 | % | 03/31/16 | 315 | 275,629 | |||||||||||
WireCo WorldGroup, Inc., Term Loan |
6.00 | % | 02/15/17 | 1,619 | 1,643,042 | |||||||||||
|
|
|||||||||||||||
29,773,398 | ||||||||||||||||
|
|
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Business Equipment & Services6.96% |
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Advantage Sales & Marketing, Inc., Second Lien Term Loan |
9.25 | % | 06/18/18 | 514 | 517,247 | |||||||||||
Affinion Group, Inc., Term Loan B |
6.50 | % | 07/16/15 | 1,035 | 958,676 | |||||||||||
Asurion LLC, |
||||||||||||||||
First Lien Term Loan |
5.50 | % | 05/24/18 | 6,984 | 7,055,378 | |||||||||||
Second Lien Term Loan |
9.00 | % | 05/24/19 | 3,480 | 3,591,108 | |||||||||||
Audio Visual Services Group, Inc., Term Loan |
6.75 | % | 11/09/18 | 2,826 | 2,769,589 | |||||||||||
Brock Holdings III, Inc., Term Loan B |
6.01 | % | 03/16/17 | 231 | 232,579 | |||||||||||
Connolly Holdings, Inc., First Lien Term Loan |
6.50 | % | 07/13/18 | 2,888 | 2,920,015 | |||||||||||
Expert Global Solutions, Inc., Term Loan B |
8.00 | % | 04/03/18 | 3,885 | 3,927,068 | |||||||||||
First Data Corp., |
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Extended Term Loan B |
5.21 | % | 03/24/17 | 1,316 | 1,296,187 | |||||||||||
Extended Term Loan B |
4.21 | % | 03/23/18 | 11,235 | 10,736,032 | |||||||||||
Term Loan |
5.21 | % | 09/24/18 | 49 | 48,271 | |||||||||||
Term Loan B |
5.21 | % | 03/24/17 | 2,115 | 2,070,302 | |||||||||||
Term Loan B3 |
2.96 | % | 09/24/14 | 11 | 11,037 | |||||||||||
Garda World Security Corp., Term Loan B |
4.50 | % | 11/13/19 | 599 | 606,516 | |||||||||||
H&F Nugent 3 Ltd., (United Kingdom) Term Loan B |
6.75 | % | 08/02/19 | GBP | 750 | 1,216,128 | ||||||||||
Hillman Group, Inc., |
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Delayed Draw Term Loan (d) |
0.00 | % | 05/31/16 | 994 | 996,748 | |||||||||||
Term Loan B |
5.00 | % | 05/31/16 | 104 | 105,046 | |||||||||||
iPayment, Inc., Term Loan B |
5.75 | % | 05/08/17 | 1,635 | 1,632,870 | |||||||||||
Kronos Inc., |
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First Lien Term Loan |
5.50 | % | 10/30/19 | 5,252 | 5,299,529 | |||||||||||
Second Lien Term Loan |
9.75 | % | 04/30/20 | 1,034 | 1,037,431 | |||||||||||
Lonestar Intermediate Super Holdings, LLC, Term Loan B |
11.00 | % | 09/02/19 | 6,018 | 6,406,218 | |||||||||||
Mitchell International, Inc., Second Lien Term Loan |
5.63 | % | 03/30/15 | 3,654 | 3,604,829 | |||||||||||
Sabre, Inc., |
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Extended Term Loan |
5.96 | % | 12/29/17 | 3,321 | 3,337,945 | |||||||||||
Incremental Term Loan |
7.25 | % | 12/29/17 | 853 | 864,168 | |||||||||||
SkillSoft Corp., New Term Loan B |
5.00 | % | 05/26/17 | 1,237 | 1,250,423 | |||||||||||
Sungard Data Systems, Inc., Term Loan C |
3.96 | % | 02/28/17 | 295 | 295,676 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Business Equipment & Services(continued) |
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West Corp., |
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Revolver Loan (d) |
0.00 | % | 01/15/16 | $ | 2,427 | $ | 2,202,462 | |||||||||
Term Loan B5 |
5.50 | % | 07/15/16 | 140 | 141,867 | |||||||||||
Term Loan B6 |
5.75 | % | 06/29/18 | 1,194 | 1,214,401 | |||||||||||
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66,345,746 | ||||||||||||||||
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|
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Cable & Satellite Television4.41% |
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Charter Communications Operating, LLC, Extended Term Loan |
3.46 | % | 09/06/16 | 2 | 2,175 | |||||||||||
Completel Europe N.V., (Netherlands) PIK Term Loan B (Acquired 12/07/10-06/29/12; Cost $12,257,957) (e) |
3.61 | % | 08/28/15 | EUR | 9,637 | 12,032,147 | ||||||||||
Harron Communications Corp., Term Loan B |
5.00 | % | 10/06/17 | 1,146 | 1,151,713 | |||||||||||
MCC Illinois, LLC, Term Loan E |
4.50 | % | 10/23/17 | 481 | 479,478 | |||||||||||
MCC Iowa LLC, Term Loan F |
4.50 | % | 10/23/17 | 878 | 875,820 | |||||||||||
Omega I S.à.r.l., (Germany) Term Loan B |
4.61 | % | 03/31/17 | EUR | 12,770 | 12,815,608 | ||||||||||
WaveDivision Holdings, LLC, Term Loan B |
5.50 | % | 10/12/19 | 1,994 | 2,024,094 | |||||||||||
WideOpenWest Finance LLC, First Lien Term Loan |
6.25 | % | 07/17/18 | 5,566 | 5,639,503 | |||||||||||
Yankee Cable Acquisition, LLC, Term Loan B |
5.25 | % | 08/26/16 | 3,330 | 3,368,678 | |||||||||||
YPSO Holding SA, (France) PIK Extended Term Loan C (e) |
5.61 | % | 12/29/17 | EUR | 2,926 | 3,631,027 | ||||||||||
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42,020,243 | ||||||||||||||||
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Chemicals & Plastics5.24% |
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Ascend Performance Materials LLC, Term Loan B |
6.75 | % | 04/10/18 | 5,008 | 4,932,968 | |||||||||||
Aster Zweite Beteiligungs GmbH (Germany), |
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Extended Term Loan B5 |
5.97 | % | 12/31/14 | 1,366 | 1,338,170 | |||||||||||
Extended Term Loan C7 |
5.97 | % | 12/31/14 | 772 | 755,941 | |||||||||||
Emerald Performance Materials, LLC, Term Loan B |
6.75 | % | 05/18/18 | 1,634 | 1,642,399 | |||||||||||
Houghton International, Inc., Term Loan B |
6.75 | % | 01/29/16 | 2,619 | 2,631,960 | |||||||||||
INEOS Finance PLC, Term Loan |
6.75 | % | 05/04/18 | EUR | 1,868 | 2,449,071 | ||||||||||
Ineos Holdings Ltd., Term Loan |
6.50 | % | 05/04/18 | 8,222 | 8,333,347 | |||||||||||
Kronos Inc., Term Loan B |
5.75 | % | 06/13/18 | 4,124 | 4,158,560 | |||||||||||
Momentive Specialty Chemicals, Inc., |
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Extended Term Loan C4 |
4.12 | % | 05/05/15 | 1,357 | 1,336,713 | |||||||||||
Extended Term Loan C5 |
4.13 | % | 05/05/15 | 4,752 | 4,656,784 | |||||||||||
OM Group, Inc., Term Loan B |
5.75 | % | 08/02/17 | 751 | 757,873 | |||||||||||
Phillips Plastics Corp., Term Loan |
6.50 | % | 02/10/17 | 716 | 714,085 | |||||||||||
PolyOne Corp., Term Loan |
5.00 | % | 12/20/17 | 1,135 | 1,144,647 | |||||||||||
PQ Corp., First Lien Term Loan |
5.25 | % | 05/08/17 | 5,704 | 5,741,490 | |||||||||||
Taminco Global Chemical Corp., |
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Term Loan B1 |
5.25 | % | 02/15/19 | 1,069 | 1,079,063 | |||||||||||
Term Loan B1 (Acquired 05/14/12; Cost $410,997) |
5.50 | % | 02/15/19 | EUR | 318 | 426,518 | ||||||||||
TricorBraun, Inc., Term Loan B |
5.50 | % | 05/03/18 | 2,711 | 2,723,826 | |||||||||||
Univar Inc., Term Loan B |
5.00 | % | 06/30/17 | 5,127 | 5,106,408 | |||||||||||
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49,929,823 | ||||||||||||||||
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Clothing & Textiles0.22% |
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Ascena Retail Group, Inc., Term Loan B |
4.75 | % | 06/14/18 | 1,069 | 1,078,853 | |||||||||||
Wolverine Worldwide, Inc., Term Loan B |
4.00 | % | 07/31/19 | 1,036 | 1,045,614 | |||||||||||
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2,124,467 | ||||||||||||||||
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Conglomerates0.18% |
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RGIS Services, LLC, Term Loan C |
5.50 | % | 10/18/17 | 1,669 | 1,678,432 | |||||||||||
|
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Containers & Glass Products2.83% |
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Berlin Packaging, LLC, |
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Second Lien Term Loan (Acquired 08/24/07; Cost $2,969,465) |
6.71 | % | 08/17/15 | 3,000 | 2,925,000 | |||||||||||
Term Loan (Acquired 10/26/07-05/05/12; Cost $7,442,285) |
3.21 | % | 08/17/14 | 7,524 | 7,373,959 | |||||||||||
BWAY Corp. Term Loan B |
4.50 | % | 08/07/17 | 2,624 | 2,649,692 | |||||||||||
Consolidated Container Co. LLC, Term Loan |
5.00 | % | 07/03/19 | 1,232 | 1,231,979 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Containers & Glass Products(continued) |
||||||||||||||||
Exopack, LLC, Term Loan |
6.50 | % | 05/31/17 | $ | 4,391 | $ | 4,412,667 | |||||||||
Hoffmaster Group, Inc., First Lien Term Loan |
6.50 | % | 01/03/18 | 1,869 | 1,865,945 | |||||||||||
Ranpak Corp., Term Loan |
4.75 | % | 04/20/17 | 376 | 373,982 | |||||||||||
Reynolds Group Holdings Inc., |
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Revolver Loan (d) |
0.00 | % | 11/05/14 | 5,104 | 5,101,025 | |||||||||||
Term Loan |
4.75 | % | 09/28/18 | 1,036 | 1,046,584 | |||||||||||
|
|
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26,980,833 | ||||||||||||||||
|
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Cosmetics & Toiletries2.19% |
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Bausch & Lomb, Inc., Term Loan B |
5.25 | % | 05/17/19 | 6,867 | 6,969,140 | |||||||||||
Huish Detergents, Inc., |
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Incremental Term Loan B |
2.21 | % | 04/25/14 | 4,138 | 4,038,215 | |||||||||||
Second Lien Term Loan |
4.46 | % | 10/26/14 | 1,250 | 1,178,125 | |||||||||||
KIK Custom Products, Inc., |
||||||||||||||||
Canadian Term Loan |
2.57 | % | 06/02/14 | 193 | 181,926 | |||||||||||
First Lien Term Loan |
2.57 | % | 06/02/14 | 1,127 | 1,061,234 | |||||||||||
Second Lien Term Loan |
5.31 | % | 11/28/14 | 7,000 | 5,553,310 | |||||||||||
Marietta Intermediate Holding Corp., PIK Term Loan B (Acquired 07/13/07-02/07/11; Cost $5,222,528) (e) |
7.00 | % | 02/19/15 | 1,194 | 1,086,178 | |||||||||||
Revlon Consumer Products Corp., Term Loan B |
4.75 | % | 11/17/17 | 816 | 821,503 | |||||||||||
|
|
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20,889,631 | ||||||||||||||||
|
|
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Drugs1.10% |
||||||||||||||||
Catalent Pharma Solutions, Inc., Incremental Term Loan |
5.25 | % | 09/15/17 | 2,840 | 2,876,996 | |||||||||||
Harlan Sprague Dawley, Inc., Term Loan B |
3.76 | % | 07/11/14 | 3,053 | 2,915,343 | |||||||||||
IMS Health, Inc., Term Loan B |
4.50 | % | 08/25/17 | 482 | 486,855 | |||||||||||
Medpace, Inc., Term Loan |
6.50 | % | 06/16/17 | 3,426 | 3,289,377 | |||||||||||
Warner Chilcott PLC, |
||||||||||||||||
Term Loan B1 |
4.25 | % | 03/15/18 | 133 | 134,333 | |||||||||||
Term Loan B1 |
4.25 | % | 03/15/18 | 351 | 353,731 | |||||||||||
Term Loan B2 |
4.25 | % | 03/15/18 | 176 | 176,866 | |||||||||||
Term Loan B3 |
4.25 | % | 03/15/18 | 241 | 243,190 | |||||||||||
|
|
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10,476,691 | ||||||||||||||||
|
|
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Ecological Services & Equipment1.33% |
||||||||||||||||
ADS Waste Holdings, Inc., Term Loan B |
5.25 | % | 10/09/19 | 7,426 | 7,531,874 | |||||||||||
Safety-Kleen Systems, Inc., Term Loan B |
5.00 | % | 02/21/17 | 302 | 302,549 | |||||||||||
ServiceMaster Co. (The), |
||||||||||||||||
Extended Synthetic LOC (Acquired 08/22/12; Cost $2,061,324) |
4.50 | % | 01/31/17 | 2,101 | 2,064,679 | |||||||||||
Extended Term Loan |
4.46 | % | 01/31/17 | 1,956 | 1,957,135 | |||||||||||
WCA Waste Systems, Inc., Term Loan B |
5.50 | % | 03/22/18 | 777 | 782,741 | |||||||||||
|
|
|||||||||||||||
12,638,978 | ||||||||||||||||
|
|
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Electronics & Electrical4.70% |
||||||||||||||||
Blackboard, Inc., |
||||||||||||||||
First Lien Term Loan |
7.50 | % | 10/04/18 | 1,150 | 1,159,783 | |||||||||||
Incremental Term Loan |
7.50 | % | 10/04/18 | 602 | 607,370 | |||||||||||
Second Lien Term Loan |
11.50 | % | 04/04/19 | 3,145 | 3,014,712 | |||||||||||
Term Loan B2 |
6.25 | % | 10/04/18 | 4,458 | 4,462,928 | |||||||||||
DEI Sales, Inc., Term Loan B |
7.00 | % | 07/13/17 | 1,295 | 1,290,901 | |||||||||||
Deltek, Inc., First Lien Term Loan |
6.00 | % | 10/10/18 | 1,983 | 2,002,271 | |||||||||||
DG FastChannel, Inc., Term Loan B |
5.75 | % | 07/26/18 | 3,278 | 3,176,043 | |||||||||||
Freescale Semiconductor, Inc., |
||||||||||||||||
Extended Term Loan B |
4.46 | % | 12/01/16 | 6,846 | 6,655,986 | |||||||||||
Incremental Term Loan |
6.00 | % | 02/28/19 | 1,688 | 1,672,975 | |||||||||||
Infor Global Solutions Term Loan B2 |
5.25 | % | 04/05/18 | 3,383 | 3,422,498 | |||||||||||
Mirion Technologies, Inc., First Lien Term Loan (Acquired 03/28/12-04/10/12; Cost $2,317,415) |
6.25 | % | 03/30/18 | 2,342 | 2,354,158 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Electronics & Electrical(continued) |
||||||||||||||||
NeuStar, Inc., Term Loan B |
5.00 | % | 11/08/18 | $ | 2,621 | $ | 2,643,609 | |||||||||
Open Solutions, Inc., Term Loan B |
2.44 | % | 01/23/14 | 5,640 | 5,341,277 | |||||||||||
Sophia, L.P., Term Loan B |
6.25 | % | 07/19/18 | 3,926 | 3,983,864 | |||||||||||
SS&C Technologies Inc., |
||||||||||||||||
Term Loan B-1 |
5.00 | % | 06/07/19 | 2,697 | 2,734,374 | |||||||||||
Term Loan B-2 |
5.00 | % | 06/07/19 | 279 | 282,866 | |||||||||||
|
|
|||||||||||||||
44,805,615 | ||||||||||||||||
|
|
|||||||||||||||
Equipment Leasing0.36% |
||||||||||||||||
Delos Aircraft Inc., Term Loan 2 |
4.75 | % | 04/12/16 | 534 | 540,752 | |||||||||||
Flying Fortress Inc., First Lien Term Loan |
5.00 | % | 06/30/17 | 2,884 | 2,922,007 | |||||||||||
|
|
|||||||||||||||
3,462,759 | ||||||||||||||||
|
|
|||||||||||||||
Financial Intermediaries2.39% |
||||||||||||||||
Nuveen Investments, Inc., |
||||||||||||||||
Extended Term Loan |
5.84 | % | 05/12/17 | 2,407 | 2,413,333 | |||||||||||
First Lien Term Loan |
5.84 | % | 05/13/17 | 10,185 | 10,212,966 | |||||||||||
Residential Capital, LLC, |
||||||||||||||||
DIP Term Loan A1 |
5.00 | % | 11/18/13 | 2,822 | 2,830,703 | |||||||||||
DIP Term Loan A2 |
6.75 | % | 11/18/13 | 475 | 479,351 | |||||||||||
RJO Holdings Corp., |
||||||||||||||||
FCM Term Loan |
6.21 | % | 12/10/15 | 74 | 55,664 | |||||||||||
HoldCo Term Loan B |
6.96 | % | 12/10/15 | 3,446 | 2,446,539 | |||||||||||
Transfirst Holdings, Inc., |
||||||||||||||||
PIK Second Lien Term Loan (e) |
6.21 | % | 06/15/15 | 1,532 | 1,505,362 | |||||||||||
Term Loan B |
2.96 | % | 06/15/14 | 2,842 | 2,829,709 | |||||||||||
|
|
|||||||||||||||
22,773,627 | ||||||||||||||||
|
|
|||||||||||||||
Food & Drug Retailers2.09% |
||||||||||||||||
Alliance Boots Holdings Ltd. (United Kingdom), |
||||||||||||||||
Second Lien Term Loan |
4.74 | % | 07/05/16 | GBP | 4,800 | 7,578,814 | ||||||||||
Second Lien Term Loan |
4.33 | % | 07/11/16 | EUR | 1,668 | 2,169,091 | ||||||||||
Pantry, Inc. (The), Term Loan B |
5.75 | % | 08/02/19 | 1,780 | 1,806,910 | |||||||||||
Rite Aid Corp., |
||||||||||||||||
Term Loan 2 |
1.96 | % | 06/04/14 | 2,745 | 2,727,176 | |||||||||||
Term Loan 5 |
4.50 | % | 03/02/18 | 5,010 | 5,007,474 | |||||||||||
Sprouts Farmers Markets Holdings, LLC, Incremental Term Loan |
6.00 | % | 04/18/18 | 620 | 628,512 | |||||||||||
|
|
|||||||||||||||
19,917,977 | ||||||||||||||||
|
|
|||||||||||||||
Food Products2.39% |
||||||||||||||||
Advance Pierre Foods, |
||||||||||||||||
Second Lien Term Loan |
9.50 | % | 10/10/17 | 671 | 688,113 | |||||||||||
Term Loan |
5.75 | % | 07/10/17 | 6,067 | 6,138,243 | |||||||||||
Candy Intermediate Holdings, Inc., Term Loan |
7.51 | % | 06/18/18 | 2,815 | 2,848,833 | |||||||||||
Del Monte Foods Co., Term Loan |
4.50 | % | 03/08/18 | 2,415 | 2,421,266 | |||||||||||
Foodvest Ltd. (United Kingdom), |
||||||||||||||||
Term Loan B1 |
5.46 | % | 09/23/15 | EUR | 406 | 476,294 | ||||||||||
Term Loan C2 |
6.21 | % | 09/23/16 | EUR | 2,456 | 2,895,138 | ||||||||||
Iglo Foods Midco Ltd., (United Kingdom) Term Loan I |
5.11 | % | 01/31/18 | EUR | 2,000 | 2,620,610 | ||||||||||
Pinnacle Foods Finance LLC, |
||||||||||||||||
Term Loan E |
4.75 | % | 10/17/18 | 475 | 478,647 | |||||||||||
Term Loan F |
4.75 | % | 10/17/18 | 1,352 | 1,365,011 | |||||||||||
Smart Balance, Inc., Term Loan |
7.00 | % | 07/02/18 | 2,783 | 2,821,115 | |||||||||||
|
|
|||||||||||||||
22,753,270 | ||||||||||||||||
|
|
|||||||||||||||
Food Service0.87% |
||||||||||||||||
Focus Brands, Inc., Term Loan B (Acquired 02/22/12; Cost $1,002,673) |
6.30 | % | 02/21/18 | 1,012 | 1,024,177 | |||||||||||
Landrys, Inc., Term Loan B |
6.50 | % | 04/24/18 | 2,050 | 2,072,176 | |||||||||||
OSI Restaurant Partners, LLC, Term Loan B |
4.75 | % | 10/28/19 | 3,992 | 4,036,405 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Food Service(continued) |
||||||||||||||||
Restaurant Holding Co., LLC, Term Loan B |
9.00 | % | 02/17/17 | $ | 1,115 | $ | 1,125,729 | |||||||||
|
|
|||||||||||||||
8,258,487 | ||||||||||||||||
|
|
|||||||||||||||
Forest Products0.10% |
||||||||||||||||
Verso Paper Holdings LLC, PIK Term Loan (Acquired 06/13/08-11/05/12; Cost $495,249) (e) |
6.75 | % | 02/01/13 | 499 | 496,195 | |||||||||||
Xerium Technologies, Inc., Term Loan B |
6.25 | % | 05/22/17 | 470 | 469,870 | |||||||||||
|
|
|||||||||||||||
966,065 | ||||||||||||||||
|
|
|||||||||||||||
Healthcare6.65% |
||||||||||||||||
AMN Healthcare, Inc., Term Loan B (Acquired 04/12/12; Cost $1,222,856) |
5.75 | % | 04/05/18 | 1,234 | 1,252,448 | |||||||||||
BSN Medical Acquisition Holding GmbH, (Luxembourg) Term Loan B2A |
5.25 | % | 08/28/19 | EUR | 1,250 | 1,638,028 | ||||||||||
CareStream Health, Inc., Term Loan B |
5.00 | % | 02/25/17 | 3,884 | 3,867,573 | |||||||||||
DJO Finance LLC, |
||||||||||||||||
Extended Term Loan B2 |
5.21 | % | 11/01/16 | 1,254 | 1,260,287 | |||||||||||
Term Loan B3 |
6.25 | % | 09/15/17 | 4,746 | 4,783,948 | |||||||||||
Drumm Investors, LLC, Term Loan |
5.00 | % | 05/04/18 | 4,696 | 4,526,060 | |||||||||||
Genoa Healthcare Group, LLC, PIK Second Lien Term Loan (Acquired 06/08/11-10/31/12; Cost $970,303) (e) |
14.00 | % | 02/10/15 | 994 | 721,001 | |||||||||||
HCA, Inc., |
||||||||||||||||
Extended Term Loan B2 |
3.61 | % | 03/31/17 | 27 | 27,238 | |||||||||||
Extended Term Loan B3 |
3.46 | % | 05/01/18 | 3,510 | 3,519,238 | |||||||||||
HCR Healthcare, LLC, Term Loan |
5.00 | % | 04/06/18 | 332 | 321,233 | |||||||||||
Hologic Inc., Term Loan B |
4.50 | % | 08/01/19 | 912 | 922,976 | |||||||||||
Kindred Healthcare, Inc., |
||||||||||||||||
Term Loan |
5.25 | % | 06/01/18 | 4,005 | 3,946,449 | |||||||||||
Term Loan B |
6.00 | % | 06/01/18 | 1,179 | 1,161,568 | |||||||||||
Kinetic Concepts, Inc., |
||||||||||||||||
Term Loan C1 |
5.50 | % | 05/04/18 | 9,264 | 9,354,907 | |||||||||||
Term Loan C1 |
5.75 | % | 05/04/18 | EUR | 4,963 | 6,497,031 | ||||||||||
Premier Dental Services, Inc., Term Loan B |
8.25 | % | 11/01/18 | 1,786 | 1,750,642 | |||||||||||
Sun Healthcare Group Inc., Term Loan B |
8.75 | % | 10/15/16 | 998 | 994,692 | |||||||||||
Surgery Center Holdings, Inc., Term Loan B |
6.50 | % | 02/06/17 | 1,150 | 1,144,293 | |||||||||||
Surgical Care Affiliates, Inc., |
||||||||||||||||
Extended Revolver Loan (d) |
0.00 | % | 06/30/16 | 6,250 | 5,875,000 | |||||||||||
Extended Term Loan |
4.36 | % | 12/29/17 | 3,495 | 3,477,952 | |||||||||||
TriZetto Group, Inc., |
||||||||||||||||
Second Lien Term Loan D |
8.50 | % | 03/27/19 | 2,510 | 2,500,791 | |||||||||||
Term Loan B |
4.75 | % | 05/02/18 | 1,995 | 1,976,995 | |||||||||||
Vitalia Holdco S.à.r.l., (Switzerland) Second Lien Term Loan (Acquired 11/08/11-03/07/12; Cost $1,983,185) |
9.11 | % | 01/28/19 | EUR | 1,500 | 1,902,055 | ||||||||||
|
|
|||||||||||||||
63,422,405 | ||||||||||||||||
|
|
|||||||||||||||
Home Furnishings1.89% |
||||||||||||||||
Hunter Fan Co., |
||||||||||||||||
Second Lien Term Loan |
6.96 | % | 10/16/14 | 6,789 | 6,382,105 | |||||||||||
Term Loan |
2.73 | % | 04/16/14 | 1,217 | 1,174,067 | |||||||||||
Serta Simmons Holdings, LLC, Term Loan |
6.00 | % | 10/01/19 | 5,834 | 5,840,087 | |||||||||||
Springs Windows Fashions, LLC, Term Loan B |
6.00 | % | 05/31/17 | 1,203 | 1,204,900 | |||||||||||
Yankee Candle Co., Inc. (The), Term Loan B |
5.25 | % | 04/02/19 | 3,425 | 3,467,024 | |||||||||||
|
|
|||||||||||||||
18,068,183 | ||||||||||||||||
|
|
|||||||||||||||
Industrial Equipment2.00% |
||||||||||||||||
Generac Power Systems, Inc., Term Loan B |
6.25 | % | 05/30/18 | 1,798 | 1,841,468 | |||||||||||
Grede LLC, Term Loan B |
7.00 | % | 04/03/17 | 2,733 | 2,743,207 | |||||||||||
KION Group GmbH (Germany), |
||||||||||||||||
Extended Term Loan B2 |
4.86 | % | 12/28/17 | EUR | 1,002 | 1,279,853 | ||||||||||
Extended Term Loan C2 |
4.86 | % | 12/28/17 | EUR | 1,002 | 1,279,853 | ||||||||||
Mannesmann Plastics Machinery GmbH (Germany) PIK Term Loan (e) |
4.59 | % | 12/29/14 | EUR | 2,510 | 3,101,550 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Industrial Equipment(continued) |
||||||||||||||||
Tank Holding Corp., Term Loan B |
5.50 | % | 07/09/19 | $ | 4,069 | $ | 4,086,315 | |||||||||
Terex Corp., Term Loan B |
4.50 | % | 04/28/17 | 118 | 119,080 | |||||||||||
Unifrax Corp., |
||||||||||||||||
Term Loan |
6.50 | % | 11/28/18 | 2,175 | 2,200,162 | |||||||||||
Term Loan (Acquired 12/06/11; Cost $2,460,255) |
7.50 | % | 11/28/18 | EUR | 1,868 | 2,454,032 | ||||||||||
|
|
|||||||||||||||
19,105,520 | ||||||||||||||||
|
|
|||||||||||||||
Insurance0.75% |
||||||||||||||||
CNO Financial Group, Inc., Term Loan B1 |
4.25 | % | 09/28/16 | 507 | 510,259 | |||||||||||
HMSC Corp., Second Lien Term Loan |
5.71 | % | 10/03/14 | 1,750 | 1,400,000 | |||||||||||
Sedgwick CMS Holdings, Inc., |
||||||||||||||||
Second Lien Term Loan |
9.00 | % | 05/30/17 | 1,600 | 1,624,000 | |||||||||||
Term Loan |
5.00 | % | 12/30/16 | 1,633 | 1,642,187 | |||||||||||
USI Holdings Corp., Incremental Term Loan |
7.00 | % | 05/05/14 | 1,940 | 1,949,098 | |||||||||||
|
|
|||||||||||||||
7,125,544 | ||||||||||||||||
|
|
|||||||||||||||
Leisure Goods, Activities & Movies1.85% |
||||||||||||||||
24 Hour Fitness Worldwide, Inc., Term Loan |
7.50 | % | 04/22/16 | 3,762 | 3,799,101 | |||||||||||
Alpha D2 Ltd., (United Kingdom) Extended Term Loan B2 |
6.00 | % | 04/30/19 | 4,786 | 4,855,675 | |||||||||||
Bright Horizons Family Solutions, Inc., |
||||||||||||||||
Revolver Loan (d) |
0.00 | % | 05/28/14 | 3,000 | 2,991,450 | |||||||||||
Term Loan B |
6.25 | % | 05/28/15 | 1,625 | 1,631,221 | |||||||||||
IMG Worldwide, Inc., Term Loan B |
5.50 | % | 06/16/16 | 549 | 550,933 | |||||||||||
Vue Entertainment Investment Ltd., (United Kingdom) Term Loan B |
5.53 | % | 12/21/17 | GBP | 1,375 | 2,204,334 | ||||||||||
Zuffa LLC, Incremental Term Loan |
7.50 | % | 06/19/15 | 1,617 | 1,629,758 | |||||||||||
|
|
|||||||||||||||
17,662,472 | ||||||||||||||||
|
|
|||||||||||||||
Lodging & Casinos4.36% |
||||||||||||||||
Boyd Gaming Corp., |
||||||||||||||||
Class A Revolver Loan (d) |
0.00 | % | 12/17/15 | 672 | 641,441 | |||||||||||
Term Loan |
2.66 | % | 12/17/15 | 1,408 | 1,344,956 | |||||||||||
Caesars Entertainment Operating Co., |
||||||||||||||||
Extended Term Loan B5 |
4.46 | % | 01/26/18 | 2,948 | 2,561,484 | |||||||||||
Extended Term Loan B6 |
5.46 | % | 01/26/18 | 24,905 | 22,414,091 | |||||||||||
Incremental Term Loan B4 |
9.50 | % | 10/31/16 | 486 | 497,798 | |||||||||||
Cannery Casino Resorts, LLC, |
||||||||||||||||
Second Lien Term Loan |
10.00 | % | 10/02/19 | 659 | 633,041 | |||||||||||
Term Loan B |
6.00 | % | 10/02/18 | 3,559 | 3,563,813 | |||||||||||
Golden Nugget, Inc., |
||||||||||||||||
PIK Delayed Draw Term Loan (e) |
3.27 | % | 06/30/14 | 230 | 221,446 | |||||||||||
PIK Term Loan B (e) |
3.27 | % | 06/30/14 | 400 | 384,503 | |||||||||||
Peninsula Gaming LLC Term Loan B |
5.75 | % | 11/20/17 | 217 | 220,670 | |||||||||||
Station Casinos, Inc., Term Loan B |
5.50 | % | 09/27/19 | 1,595 | 1,603,236 | |||||||||||
Tropicana Entertainment Inc., Term Loan B |
7.50 | % | 03/16/18 | 2,719 | 2,753,689 | |||||||||||
Twin River Worldwide Holdings, Inc., Term Loan |
8.50 | % | 11/05/15 | 4,725 | 4,762,414 | |||||||||||
|
|
|||||||||||||||
41,602,582 | ||||||||||||||||
|
|
|||||||||||||||
Nonferrous Metals & Minerals0.89% |
||||||||||||||||
Arch Coal Inc., Term Loan B |
5.75 | % | 05/16/18 | 6,137 | 6,204,123 | |||||||||||
Noranda Aluminum Acquisition Corp., Term Loan B |
5.75 | % | 02/28/19 | 2,042 | 2,056,476 | |||||||||||
Novelis, Inc., Term Loan B |
4.00 | % | 03/10/17 | 262 | 263,825 | |||||||||||
|
|
|||||||||||||||
8,524,424 | ||||||||||||||||
|
|
|||||||||||||||
Oil & Gas3.98% |
||||||||||||||||
Buffalo Gulf Coast Terminals LLC, Term Loan |
5.25 | % | 10/31/17 | 6,299 | 6,393,748 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Oil & Gas(continued) |
||||||||||||||||
Chesapeake Energy Corp., Term Loan |
5.75 | % | 12/01/17 | $ | 4,434 | $ | 4,366,841 | |||||||||
Citgo Petroleum Corp., Term Loan B |
8.00 | % | 06/24/15 | 608 | 612,879 | |||||||||||
Crestwood Holdings LLC, Term Loan B |
9.75 | % | 03/26/18 | 2,772 | 2,829,154 | |||||||||||
NGPL PipeCo LLC, Term Loan B |
6.75 | % | 09/15/17 | 5,315 | 5,436,790 | |||||||||||
Obsidian Natural Gas Trust, (United Kingdom) Term Loan (Acquired 12/09/10-05/05/11; Cost $1,337,783) |
7.00 | % | 11/02/15 | 1,320 | 1,326,951 | |||||||||||
Samson Investment Co., Second Lien Term Loan |
6.00 | % | 09/25/18 | 3,799 | 3,831,857 | |||||||||||
Tallgrass Operations, LLC, Term Loan |
5.25 | % | 11/13/18 | 4,068 | 4,086,533 | |||||||||||
Tervita Corp., (Canada) Term Loan B |
3.21 | % | 11/14/14 | 5,962 | 5,870,269 | |||||||||||
Willbros United States Holdings, Inc., Term Loan B |
9.50 | % | 06/30/14 | 3,150 | 3,149,670 | |||||||||||
|
|
|||||||||||||||
37,904,692 | ||||||||||||||||
|
|
|||||||||||||||
Publishing4.24% |
||||||||||||||||
Affiliated Media, Inc., Term Loan |
8.50 | % | 03/19/14 | 852 | 835,384 | |||||||||||
Cenveo Corp., Term Loan B |
6.63 | % | 12/21/16 | 4,739 | 4,786,858 | |||||||||||
EMI Music Publishing Ltd., Term Loan B |
5.50 | % | 06/29/18 | 2,361 | 2,392,182 | |||||||||||
GateHouse Media, Inc., |
||||||||||||||||
Delayed Draw Term Loan |
2.21 | % | 08/28/14 | 300 | 109,075 | |||||||||||
Term Loan B |
2.21 | % | 08/28/14 | 805 | 292,454 | |||||||||||
Getty Images, Inc., Term Loan B |
4.75 | % | 10/18/19 | 9,042 | 9,090,428 | |||||||||||
Harland Clarke Holdings Corp., |
||||||||||||||||
Extended Term Loan B2 |
5.46 | % | 06/30/17 | 1,275 | 1,181,795 | |||||||||||
Revolver Loan (d) |
0.00 | % | 06/28/13 | 1,878 | 1,784,465 | |||||||||||
Knowledgepoint360 Group, LLC, |
||||||||||||||||
First Lien Term Loan (Acquired 01/17/08; Cost $900,970) |
3.57 | % | 04/14/14 | 910 | 796,371 | |||||||||||
Second Lien Term Loan (Acquired 10/01/07-01/17/08; Cost $1,966,329) |
7.31 | % | 04/13/15 | 2,000 | 1,450,000 | |||||||||||
Merrill Communications, LLC, |
||||||||||||||||
PIK Second Lien Term Loan (e) |
16.00 | % | 11/15/13 | 5,324 | 5,190,696 | |||||||||||
Term Loan |
9.75 | % | 12/24/12 | 4,270 | 4,248,623 | |||||||||||
ProQuest LLC, Term Loan B |
6.00 | % | 04/13/18 | 2,434 | 2,448,554 | |||||||||||
Southern Graphics, Inc., Term Loan |
5.00 | % | 10/17/19 | 3,040 | 3,043,383 | |||||||||||
Tribune Co., Term Loan B (f)(g) |
0.00 | % | 06/04/14 | 2,101 | 1,688,109 | |||||||||||
Yell Group PLC, (United Kingdom) Term Loan B1 (f) |
0.00 | % | 07/31/14 | 5,235 | 1,070,627 | |||||||||||
|
|
|||||||||||||||
40,409,004 | ||||||||||||||||
|
|
|||||||||||||||
Radio & Television6.48% |
||||||||||||||||
AR Broadcasting, LLC, Term Loan (Acquired 02/17/12-11/26/12; Cost $373,173) |
5.25 | % | 02/15/18 | 373 | 333,989 | |||||||||||
Barrington Broadcasting Group LLC, Term Loan B |
7.50 | % | 06/14/17 | 428 | 431,329 | |||||||||||
Clear Channel Communications, Inc., |
||||||||||||||||
Term Loan A |
3.61 | % | 07/30/14 | 3,938 | 3,857,628 | |||||||||||
Term Loan B |
3.86 | % | 01/29/16 | 17,811 | 14,521,768 | |||||||||||
Foxco Acquisition Sub, LLC, Term Loan B |
5.50 | % | 07/14/17 | 2,567 | 2,602,082 | |||||||||||
Granite Broadcasting Corp., Term Loan B |
8.50 | % | 05/23/18 | 2,575 | 2,581,176 | |||||||||||
Gray Television, Inc., Term Loan B |
4.75 | % | 10/15/19 | 2,290 | 2,300,226 | |||||||||||
High Plains Broadcasting Operating Co. LLC, Term Loan |
9.00 | % | 09/14/16 | 561 | 566,490 | |||||||||||
Intelsat Jackson Holdings Ltd., Term Loan B1 |
4.50 | % | 04/02/18 | 3,267 | 3,284,909 | |||||||||||
Lavena Holding 4 GmbH (Holdco) (Germany), |
||||||||||||||||
Revolver Loan (d) |
0.00 | % | 03/06/15 | EUR | 2,327 | 2,775,189 | ||||||||||
Revolver Loan |
2.04 | % | 03/06/15 | EUR | 3,923 | 4,677,577 | ||||||||||
Multicultural Radio Broadcasting, Inc., Term Loan |
5.00 | % | 12/18/12 | 1,247 | 1,183,553 | |||||||||||
Newport Television LLC, Term Loan B |
9.00 | % | 09/14/16 | 2,030 | 2,049,292 | |||||||||||
Raycom TV Broadcasting, Inc., Term Loan B (Acquired 06/01/11-08/16/11; Cost $3,016,589) |
4.25 | % | 05/31/17 | 3,071 | 3,067,411 | |||||||||||
Tyrol Acquisitions 2 SAS (France), |
||||||||||||||||
Extended Term Loan B2 |
4.11 | % | 01/29/16 | EUR | 1,500 | 1,767,419 | ||||||||||
Extended Term Loan B2 |
4.11 | % | 01/29/16 | EUR | 1,500 | 1,767,419 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Radio & Television(continued) |
||||||||||||||||
Tyrol Acquisitions (France), |
||||||||||||||||
Revolver Loan (Acquired 05/31/12; Cost $1,545,626) (d) |
0.00 | % | 01/31/14 | EUR | 1,250 | $ | 1,389,964 | |||||||||
Revolver Loan (Acquired 03/03/11-09/28/12; Cost $964,589) |
1.35 | % | 01/31/14 | EUR | 750 | 833,978 | ||||||||||
Second Lien Term Loan |
3.36 | % | 07/29/16 | EUR | 2,193 | 2,452,986 | ||||||||||
Term Loan C |
2.36 | % | 01/29/16 | EUR | 1,500 | 1,768,756 | ||||||||||
Univision Communications Inc., Extended Term Loan |
4.46 | % | 03/31/17 | $ | 7,735 | 7,571,556 | ||||||||||
|
|
|||||||||||||||
61,784,697 | ||||||||||||||||
|
|
|||||||||||||||
Retailers (except Food & Drug)3.37% |
||||||||||||||||
Academy, Ltd., Term Loan |
4.75 | % | 08/03/18 | 649 | 652,203 | |||||||||||
Collective Brands Finance, Inc., Term Loan |
7.25 | % | 10/09/19 | 1,482 | 1,500,766 | |||||||||||
Davids Bridal, Inc., Term Loan B |
5.00 | % | 10/11/19 | 1,574 | 1,571,368 | |||||||||||
Educate, Inc., Term Loan (Acquired 06/29/07; Cost $480,392) |
8.51 | % | 06/16/14 | 480 | 481,593 | |||||||||||
Guitar Center Inc., Extended Term Loan |
5.62 | % | 04/10/17 | 4,937 | 4,742,807 | |||||||||||
National Vision, Inc., Term Loan B |
7.00 | % | 08/02/18 | 1,767 | 1,793,358 | |||||||||||
Party City Holdings, Inc., Term Loan B |
5.75 | % | 07/26/19 | 2,985 | 3,017,841 | |||||||||||
Pep Boys-Manny, Moe & Jack (The), Term Loan B |
5.00 | % | 10/11/18 | 1,901 | 1,916,415 | |||||||||||
Pilot Travel Centers LLC, Term Loan B2 |
4.25 | % | 08/07/19 | 2,119 | 2,134,264 | |||||||||||
Salsa Retail Holding Debtco 1 S.à.r.l., (Germany) PIK Term Loan B (e) |
7.00 | % | 02/08/18 | EUR | 3,567 | 4,258,663 | ||||||||||
Savers, Inc., Term Loan |
5.00 | % | 07/09/19 | 4,922 | 4,939,586 | |||||||||||
Toys R Us-Delaware, Inc., |
||||||||||||||||
Term Loan |
6.00 | % | 09/01/16 | 1,204 | 1,190,793 | |||||||||||
Term Loan B2 |
5.25 | % | 05/25/18 | 404 | 396,020 | |||||||||||
Term Loan B3 |
5.25 | % | 05/25/18 | 267 | 261,790 | |||||||||||
Wilton Brands LLC, Term Loan (Acquired 09/04/12; Cost $3,157,972) |
7.50 | % | 08/30/18 | 3,220 | 3,276,287 | |||||||||||
|
|
|||||||||||||||
32,133,754 | ||||||||||||||||
|
|
|||||||||||||||
Steel0.14% |
||||||||||||||||
Tube City IMS Corp., Term Loan |
5.75 | % | 03/20/19 | 1,346 | 1,361,281 | |||||||||||
|
|
|||||||||||||||
Surface Transport0.64% |
||||||||||||||||
Hertz Corp., |
||||||||||||||||
LOC |
3.75 | % | 03/09/18 | 849 | 834,795 | |||||||||||
Term Loan B |
3.75 | % | 03/11/18 | 2,333 | 2,337,096 | |||||||||||
JHCI Acquisition, Inc., First Lien Term Loan |
2.71 | % | 06/19/14 | 3,139 | 2,935,366 | |||||||||||
|
|
|||||||||||||||
6,107,257 | ||||||||||||||||
|
|
|||||||||||||||
Telecommunications5.50% |
||||||||||||||||
Avaya, Inc., |
||||||||||||||||
Extended Term Loan B3 |
3.06 | % | 10/24/14 | 3,113 | 2,949,736 | |||||||||||
Extended Term Loan B3 |
4.81 | % | 10/26/17 | 9,638 | 8,469,267 | |||||||||||
Consolidated Communications, Inc., Extended Term Loan B |
3.96 | % | 12/31/17 | 1,197 | 1,182,770 | |||||||||||
Cricket Communications, Inc., Term Loan |
4.75 | % | 10/10/19 | 1,400 | 1,409,699 | |||||||||||
Fairpoint Communications, Inc., Term Loan B |
6.50 | % | 01/22/16 | 4,094 | 3,937,108 | |||||||||||
Fibernet (Netherlands), |
||||||||||||||||
Term Loan B (Acquired 08/29/07; Cost $1,331,157) (f)(g) |
0.00 | % | 12/20/14 | EUR | 980 | 0 | ||||||||||
Term Loan C (Acquired 08/29/07; Cost $1,330,379) (f)(g) |
0.00 | % | 12/20/15 | EUR | 980 | 0 | ||||||||||
Genesys Telecom Holdings, U.S., Inc., Term Loan B |
6.75 | % | 01/31/19 | 4,124 | 4,175,966 | |||||||||||
Global Tel*Link Corp., Term Loan B |
6.00 | % | 12/14/17 | 3,084 | 3,103,039 | |||||||||||
Level 3 Financing Inc., Term Loan |
4.75 | % | 08/01/19 | 11,693 | 11,777,559 | |||||||||||
MetroPCS Wireless, Inc., Term Loan B |
4.00 | % | 03/16/18 | 2,865 | 2,878,664 | |||||||||||
NTELOS Inc., Term Loan B |
5.75 | % | 11/07/19 | 5,403 | 5,351,102 | |||||||||||
Securus Technologies Holdings, Inc., |
||||||||||||||||
Add on Term Loan |
6.50 | % | 05/31/17 | 581 | 584,506 | |||||||||||
Term Loan |
6.50 | % | 05/31/17 | 1,755 | 1,763,546 | |||||||||||
Syniverse Technologies, Inc., Term Loan |
5.00 | % | 04/23/19 | 1,894 | 1,909,240 | |||||||||||
U.S. TelePacific Corp., Term Loan B |
5.75 | % | 02/23/17 | 3,023 | 2,998,149 | |||||||||||
|
|
|||||||||||||||
52,490,351 | ||||||||||||||||
|
|
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Utilities3.65% |
||||||||||||||||
Calpine Corp., Term Loan B3 |
4.50 | % | 10/09/19 | $ | 8,315 | $ | 8,382,282 | |||||||||
LSP Madison Funding Corp., Term Loan |
5.50 | % | 06/28/19 | 2,783 | 2,821,115 | |||||||||||
Star West Generation LLC, Term Loan B |
6.00 | % | 05/17/18 | 4,389 | 4,403,634 | |||||||||||
Texas Competitive Electric Holdings Co., LLC, |
||||||||||||||||
Extended Term Loan |
4.74 | % | 10/10/17 | 9,193 | 6,015,110 | |||||||||||
Term Loan |
3.74 | % | 10/10/14 | 14,367 | 9,877,276 | |||||||||||
TPF Generation Holdings LLC, Second Lien Term Loan C |
4.61 | % | 12/15/14 | 3,330 | 3,326,045 | |||||||||||
|
|
|||||||||||||||
34,825,462 | ||||||||||||||||
|
|
|||||||||||||||
Total Variable Rate Senior Loan Interests |
916,178,463 | |||||||||||||||
|
|
|||||||||||||||
Notes21.70% |
||||||||||||||||
Air Transport0.67% |
||||||||||||||||
Air Lease Corp. |
7.38 | % | 01/30/19 | 5,504 | 5,737,920 | |||||||||||
Continental Airlines, Inc. (h) |
6.75 | % | 09/15/15 | 650 | 683,312 | |||||||||||
|
|
|||||||||||||||
6,421,232 | ||||||||||||||||
|
|
|||||||||||||||
Automotive0.74% |
||||||||||||||||
Goodyear Tire & Rubber Co. (The) |
7.00 | % | 05/15/22 | 1,074 | 1,154,550 | |||||||||||
HDTFS Inc. (h) |
5.88 | % | 10/15/20 | 855 | 882,787 | |||||||||||
Schaeffler Finance B.V. (Netherlands) (h) |
8.50 | % | 02/15/19 | 754 | 840,710 | |||||||||||
Schaeffler Finance B.V. (Netherlands) (h) |
8.75 | % | 02/15/19 | EUR | 2,800 | 4,133,260 | ||||||||||
|
|
|||||||||||||||
7,011,307 | ||||||||||||||||
|
|
|||||||||||||||
Business Equipment & Services0.45% |
||||||||||||||||
First Data Corp. (h) |
6.75 | % | 11/01/20 | 4,216 | 4,279,240 | |||||||||||
|
|
|||||||||||||||
Cable & Satellite Television3.14% |
||||||||||||||||
Charter Communications Operating LLC |
7.00 | % | 01/15/19 | | 465 | |||||||||||
Kabel Deutschland GMBH (Germany) |
6.50 | % | 06/29/18 | EUR | 1,500 | 2,106,892 | ||||||||||
Telenet BidCo N.V. (Belgium) (h) |
6.38 | % | 11/15/20 | EUR | 3,800 | 5,216,379 | ||||||||||
Telenet BidCo N.V. (Belgium) (h) |
6.75 | % | 08/15/24 | EUR | 750 | 1,035,157 | ||||||||||
UnityMedia Hessen GmbH (Germany) (h) |
5.50 | % | 09/15/22 | EUR | 2,500 | 3,251,377 | ||||||||||
UPC Broadband Holdings, B.V. (Netherlands) (h) |
9.75 | % | 04/15/18 | EUR | 1,500 | 2,090,213 | ||||||||||
UPC Broadband Holdings, B.V. (Netherlands) (h) |
8.38 | % | 08/15/20 | EUR | 4,000 | 5,743,232 | ||||||||||
UPC Broadband Holdings, B.V. (Netherlands) (h) |
7.25 | % | 11/15/21 | 2,941 | 3,235,100 | |||||||||||
UPC Broadband Holdings, B.V. (Netherlands) (h) |
6.88 | % | 01/15/22 | 236 | 253,244 | |||||||||||
YPSO Holding SA, (France) (h)(i) |
8.08 | % | 10/15/18 | EUR | 3,750 | 4,974,607 | ||||||||||
YPSO Holding SA, (France) (h) |
8.75 | % | 02/15/19 | EUR | 1,480 | 2,030,680 | ||||||||||
|
|
|||||||||||||||
29,937,346 | ||||||||||||||||
|
|
|||||||||||||||
Chemicals & Plastics0.15% |
||||||||||||||||
Ineos Holdings Ltd. (United Kingdom) (h) |
8.38 | % | 02/15/19 | 328 | 352,600 | |||||||||||
Ineos Holdings Ltd. (United Kingdom) (h) |
7.50 | % | 05/01/20 | 211 | 218,913 | |||||||||||
Taminco Global Chemical Corp. (h) |
9.75 | % | 03/31/20 | 761 | 827,587 | |||||||||||
|
|
|||||||||||||||
1,399,100 | ||||||||||||||||
|
|
|||||||||||||||
Containers & Glass Products3.39% |
||||||||||||||||
Ardagh Glass Finance (Ireland) (h) |
7.13 | % | 06/15/17 | EUR | 3,000 | 3,989,439 | ||||||||||
Ardagh Glass Finance (Ireland) (h) |
7.38 | % | 10/15/17 | EUR | 1,150 | 1,604,815 | ||||||||||
Ardagh Glass Finance (Ireland) (h) |
8.75 | % | 02/01/20 | EUR | 4,000 | 5,397,286 | ||||||||||
Berry Plastics Holding Inc. (i) |
5.09 | % | 02/15/15 | 6,456 | 6,457,614 | |||||||||||
Reynolds Group Holdings Inc. (i) |
7.75 | % | 10/15/16 | EUR | 2,000 | 2,701,894 | ||||||||||
Reynolds Group Holdings Inc. |
7.88 | % | 08/15/19 | 1,476 | 1,627,290 | |||||||||||
Reynolds Group Holdings Inc. |
9.88 | % | 08/15/19 | 4,453 | 4,720,180 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Containers & Glass Products(continued) |
||||||||||||||||
Reynolds Group Holdings Inc. |
6.88 | % | 02/15/21 | $ | 1,043 | $ | 1,121,225 | |||||||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC (h) |
5.75 | % | 10/15/20 | 4,619 | 4,740,249 | |||||||||||
|
|
|||||||||||||||
32,359,992 | ||||||||||||||||
|
|
|||||||||||||||
Cosmetics & Toiletries0.43% |
||||||||||||||||
Ontex IV S.A. (Netherlands) (h) |
7.50 | % | 04/15/18 | EUR | 3,000 | 4,116,243 | ||||||||||
|
|
|||||||||||||||
Electronics & Electrical0.29% |
||||||||||||||||
Techem GmbH (Germany) (h) |
6.13 | % | 10/01/19 | EUR | 2,000 | 2,763,670 | ||||||||||
|
|
|||||||||||||||
Forest Products0.24% |
||||||||||||||||
Verso Paper Holdings, LLC (h) |
11.75 | % | 01/15/19 | 2,192 | 2,290,640 | |||||||||||
|
|
|||||||||||||||
Healthcare2.11% |
||||||||||||||||
Accellent Inc. |
8.38 | % | 02/01/17 | 3,107 | 3,161,372 | |||||||||||
Accellent Inc. |
10.00 | % | 11/01/17 | 2,706 | 2,117,445 | |||||||||||
Apria Healthcare Group, Inc. |
11.25 | % | 11/01/14 | 6,167 | 6,397,917 | |||||||||||
Biomet Inc. (h) |
6.50 | % | 08/01/20 | 652 | 684,600 | |||||||||||
Community Health Systems, Inc. |
8.00 | % | 11/15/19 | 1,863 | 2,030,670 | |||||||||||
DJO Finance LLC (h) |
8.75 | % | 03/15/18 | 1,861 | 2,037,795 | |||||||||||
Kindred Healthcare, Inc. |
8.25 | % | 06/01/19 | 1,094 | 1,066,650 | |||||||||||
Labco SAS (France) |
8.50 | % | 01/15/18 | EUR | 2,000 | 2,659,626 | ||||||||||
|
|
|||||||||||||||
20,156,075 | ||||||||||||||||
|
|
|||||||||||||||
Home Furnishings0.20% |
||||||||||||||||
Targus Group International, Inc. PIK (Acquired 12/16/09-12/14/11; Cost $5,224,758) (e)(h)(j) |
10.00 | % | 06/14/19 | 1,866 | 1,865,968 | |||||||||||
|
|
|||||||||||||||
Leisure Goods, Activities & Movies1.16% |
||||||||||||||||
Corleone Capital Ltd. (United Kingdom) (h) |
9.00 | % | 08/01/18 | GBP | 6,656 | 11,021,156 | ||||||||||
|
|
|||||||||||||||
Lodging & Casinos0.08% |
||||||||||||||||
Chester Downs & Marina LLC (h) |
9.25 | % | 01/15/20 | 750 | 740,625 | |||||||||||
|
|
|||||||||||||||
Nonferrous Metals & Minerals0.12% |
||||||||||||||||
TiZir Ltd. (United Kingdom) |
9.00 | % | 09/28/17 | 1,200 | 1,191,000 | |||||||||||
|
|
|||||||||||||||
Oil & Gas0.73% |
||||||||||||||||
NGPL PipeCo LLC (h) |
9.63 | % | 06/01/19 | 1,059 | 1,217,850 | |||||||||||
Seadrill Ltd. |
6.50 | % | 10/05/15 | 5,500 | 5,740,625 | |||||||||||
|
|
|||||||||||||||
6,958,475 | ||||||||||||||||
|
|
|||||||||||||||
Radio & Television1.93% |
||||||||||||||||
CET 21 spol s.r.o. (Czech Republic) (h) |
9.00 | % | 11/01/17 | EUR | 5,000 | 7,120,516 | ||||||||||
Clear Channel Communications, Inc. (h) |
9.00 | % | 12/15/19 | 5,337 | 4,856,670 | |||||||||||
Univision Communications Inc. (h) |
6.75 | % | 09/15/22 | 6,286 | 6,411,720 | |||||||||||
|
|
|||||||||||||||
18,388,906 | ||||||||||||||||
|
|
|||||||||||||||
Rail Industries1.10% |
||||||||||||||||
Channel Link Enterprises Finance PLC (United Kingdom) (h)(i) |
4.18 | % | 06/30/50 | EUR | 5,000 | 6,047,561 | ||||||||||
Channel Link Enterprises Finance PLC (United Kingdom) (i) |
4.45 | % | 06/30/50 | GBP | 3,000 | 4,470,001 | ||||||||||
|
|
|||||||||||||||
10,517,562 | ||||||||||||||||
|
|
|||||||||||||||
Retailers (except Food & Drug)0.22% |
||||||||||||||||
Claires Stores, Inc. (h) |
9.00 | % | 03/15/19 | 2,009 | 2,124,518 | |||||||||||
|
|
|||||||||||||||
Surface Transport1.19% |
||||||||||||||||
Nobina Europe AB (Sweden) (h) |
11.00 | % | 10/31/17 | EUR | 82,933 | 11,343,070 | ||||||||||
|
|
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||||||||
Telecommunications2.04% |
||||||||||||||||
Goodman Networks, Inc. (h) |
12.13 | % | 07/01/18 | $ | 3,960 | $ | 4,346,100 | |||||||||
Matterhorn Mobile S.A. (Luxembourg) (h)(i) |
5.41 | % | 05/15/19 | CHF | 500 | 547,642 | ||||||||||
Matterhorn Mobile S.A. (Luxembourg) (h) |
8.25 | % | 02/15/20 | EUR | 5,000 | 7,058,739 | ||||||||||
Paetec Holding Corp. |
8.88 | % | 06/30/17 | 462 | 498,960 | |||||||||||
Sunrise Communications AG (Luxembourg) (h)(i) |
4.97 | % | 12/31/17 | EUR | 1,000 | 1,320,059 | ||||||||||
Wind Telecomunicazioni S.p.A. (Italy) (h) |
7.38 | % | 02/15/18 | EUR | 2,250 | 2,860,399 | ||||||||||
Windstream Corp. |
7.50 | % | 06/01/22 | 2,709 | 2,830,905 | |||||||||||
|
|
|||||||||||||||
19,462,804 | ||||||||||||||||
|
|
|||||||||||||||
Utilities1.32% |
||||||||||||||||
Calpine Corp. (h) |
7.88 | % | 01/15/23 | | 164 | |||||||||||
Calpine Corp. (h) |
7.50 | % | 02/15/21 | 980 | 1,083,396 | |||||||||||
NRG Energy Inc. |
7.63 | % | 05/15/19 | 9,700 | 10,330,500 | |||||||||||
NRG Energy Inc. (h) |
6.63 | % | 03/15/23 | 1,103 | 1,158,150 | |||||||||||
|
|
|||||||||||||||
12,572,210 | ||||||||||||||||
|
|
|||||||||||||||
Total Notes |
206,921,139 | |||||||||||||||
|
|
|||||||||||||||
Structured Products5.32% |
||||||||||||||||
Apidos Cinco CDO Ltd. (Cayman Islands) (h)(i) |
4.56 | % | 05/14/20 | 930 | 782,285 | |||||||||||
Apidos IX CDO Ltd. (Cayman Islands) (h)(i) |
7.24 | % | 07/15/23 | 2,660 | 2,469,798 | |||||||||||
Apidos Quattro CDO Ltd. (Cayman Islands) (h)(i) |
3.92 | % | 01/20/19 | 631 | 515,682 | |||||||||||
Apidos X CDO Ltd. (Cayman Islands) (h)(i) |
6.59 | % | 10/30/22 | 3,499 | 3,182,985 | |||||||||||
Ares XI CLO Ltd. (h)(i) |
3.35 | % | 10/11/21 | 792 | 663,661 | |||||||||||
Atrium IV CDO Corp. (h) |
9.18 | % | 06/08/19 | 328 | 335,414 | |||||||||||
Centurion CDO 15 Ltd. (h)(i) |
2.66 | % | 03/11/21 | 2,750 | 2,365,020 | |||||||||||
Clear Lake CLO 2006-1A Ltd. (h)(i) |
1.83 | % | 12/20/20 | 3,000 | 2,337,371 | |||||||||||
Columbus Nova CLO Ltd. (h)(i) |
4.04 | % | 05/16/19 | 1,747 | 1,419,909 | |||||||||||
Columbus Nova CLO Ltd. (h)(i) |
4.04 | % | 05/16/19 | 1,367 | 1,111,056 | |||||||||||
Flagship CLO VI Corp. (h)(i) |
5.16 | % | 06/10/21 | 3,085 | 2,596,553 | |||||||||||
Flagship CLO VI Corp. (h)(i) |
5.16 | % | 06/10/21 | 922 | 776,381 | |||||||||||
Four Corners CLO II, Ltd. (h)(i) |
2.16 | % | 01/26/20 | 209 | 176,834 | |||||||||||
Four Corners CLO II, Ltd. (h)(i) |
2.16 | % | 01/26/20 | 70 | 59,227 | |||||||||||
Genesis 2007-1 CLO Ltd. (h)(i) |
6.85 | % | 10/10/14 | 2,713 | 2,739,094 | |||||||||||
Gramercy Park CLO Ltd. (h)(i) |
5.97 | % | 07/17/23 | 3,708 | 3,286,093 | |||||||||||
Halcyon Loan Investors CLO II, Ltd. (Cayman Islands) (h)(i) |
3.92 | % | 04/24/21 | 2,121 | 1,707,877 | |||||||||||
ING Investment Management CLO III, Ltd. (h)(i) |
3.96 | % | 12/13/20 | 1,842 | 1,467,039 | |||||||||||
ING Investment Management CLO III, Ltd. (h)(i) |
6.17 | % | 10/15/22 | 1,261 | 1,171,666 | |||||||||||
ING Investment Management CLO IV, Ltd. (Cayman |
4.57 | % | 06/14/22 | 395 | 323,622 | |||||||||||
ING Investment Management CLO IV, Ltd. (h)(i) |
5.75 | % | 10/15/23 | 4,765 | 4,466,711 | |||||||||||
Madison Park Funding IV Ltd. (h)(i) |
3.97 | % | 03/22/21 | 3,361 | 2,844,357 | |||||||||||
Pacifica CDO VI, Ltd. (h)(i) |
4.06 | % | 08/15/21 | 1,538 | 1,249,663 | |||||||||||
Sierra CLO II Ltd. (i) |
3.82 | % | 01/22/21 | 1,696 | 1,297,410 | |||||||||||
Silverado CLO II Ltd. (h)(i) |
4.08 | % | 10/16/20 | 2,050 | 1,648,202 | |||||||||||
Slater Mill Loan Fund, LP (h)(i) |
5.93 | % | 08/17/22 | 3,076 | 2,724,652 | |||||||||||
Symphony CLO IX, Ltd. (h)(i) |
5.33 | % | 04/16/22 | 5,126 | 4,443,678 | |||||||||||
Symphony CLO VIII, Ltd. (h)(i) |
6.06 | % | 01/09/23 | 2,790 | 2,569,213 | |||||||||||
|
|
|||||||||||||||
Total Structured Products |
50,731,453 | |||||||||||||||
|
|
Shares | ||||||||
Common Stocks & Other Equity Interests2.33% |
||||||||
Building & Development0.17% |
||||||||
Axia Acquisition Corp. (h)(k) |
101 | 251,400 | ||||||
Building Materials Holding Corp. (h)(k) |
512,204 | 691,475 | ||||||
Lake at Las Vegas Joint Venture, LLC Class A, (Acquired 07/15/10; Cost $24,140,508) (h)(k) |
2,339 | 0 | ||||||
Lake at Las Vegas Joint Venture, LLC Class B, (Acquired 07/15/10; Cost $285,788) (h)(k) |
28 | 0 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Shares | Value | |||||||
Building & Development(continued) |
||||||||
Lake at Las Vegas Joint Venture, LLC Class C, Wts. expiring 07/15/15, (Acquired 07/15/10; Cost $0) (h)(k) |
117 | $ | 0 | |||||
Lake at Las Vegas Joint Venture, LLC Class D, Wts. expiring 07/15/15, (Acquired 07/15/10; Cost $0) (h)(k) |
161 | 0 | ||||||
Lake at Las Vegas Joint Venture, LLC Class E, Wts. expiring 07/15/15, (Acquired 07/15/10; Cost $0) (h)(k) |
180 | 0 | ||||||
Lake at Las Vegas Joint Venture, LLC Class F, Wts. expiring 07/15/15, (Acquired 07/15/10; Cost $0) (h)(k) |
202 | 0 | ||||||
Lake at Las Vegas Joint Venture, LLC Class G, Wts. expiring 07/15/15, (Acquired 07/15/10; Cost $0) (h)(k) |
229 | 0 | ||||||
Newhall Holding Co., LLC Class A, (h)(k) |
235,259 | 343,008 | ||||||
Rhodes Homes (h)(k) |
750,544 | 187,636 | ||||||
WCI Communities, Inc. (h)(k) |
1,830 | 120,780 | ||||||
|
|
|||||||
1,594,299 | ||||||||
|
|
|||||||
Chemicals & Plastics0.02% |
||||||||
Metokote Corp. Wts. expiring 11/22/23, (Acquired 12/05/11-05/22/12; Cost $0) (h)(k) |
201 | 217,986 | ||||||
|
|
|||||||
Conglomerates0.04% |
||||||||
Euramax International, Inc. (h)(k) |
1,870 | 367,728 | ||||||
|
|
|||||||
Cosmetics & Toiletries0.10% |
||||||||
Marietta Intermediate Holding Corp. (Acquired 07/13/07; Cost $2,591,511) (h)(k) |
1,641,483 | 968,475 | ||||||
Marietta Intermediate Holding Corp. Wts. expiring 02/20/19, (Acquired 07/12/07; |
413,194 | 0 | ||||||
|
|
|||||||
968,475 | ||||||||
|
|
|||||||
Electric Utilities0.00% |
||||||||
Bicent Power, LLC -Series A, -Wts. expiring 08/21/22, (Acquired 08/21/12; Cost $0) (h)(k) |
2,024 | 0 | ||||||
Bicent Power, LLC -Series B, -Wts. expiring 08/21/22, (Acquired 08/21/12; Cost $0) (h)(k) |
3,283 | 0 | ||||||
|
|
|||||||
0 | ||||||||
|
|
|||||||
Financial Intermediaries0.00% |
||||||||
RJO Holdings Corp. (h)(k) |
2,144 | 21,440 | ||||||
RJO Holdings Corp. Class A, (h)(k) |
1,142 | 571 | ||||||
RJO Holdings Corp. Class B, (h)(k) |
3,333 | 1,667 | ||||||
|
|
|||||||
23,678 | ||||||||
|
|
|||||||
Home Furnishings0.05% |
||||||||
Targus Group International, Inc. (Acquired 12/16/09; Cost $0) (h)(j)(k) |
62,413 | 450,622 | ||||||
|
|
|||||||
Leisure Goods, Activities & Movies1.52% |
||||||||
MEGA Brands Inc. (Canada) (k) |
30,040 | 326,604 | ||||||
Metro-Goldwyn-Mayer Inc. Class A, (h)(k) |
400,602 | 14,121,221 | ||||||
|
|
|||||||
14,447,825 | ||||||||
|
|
|||||||
Lodging & Casinos0.08% |
||||||||
Twin River Worldwide Holdings Inc. Class A, (h)(k) |
41,966 | 603,261 | ||||||
Twin River Worldwide Holdings Inc. Class B, (h)(k) |
5,500 | 149,419 | ||||||
|
|
|||||||
752,680 | ||||||||
|
|
|||||||
Oil & Gas0.21% |
||||||||
Vitruvian Exploration LLC (h)(k) |
76,400 | 2,043,700 | ||||||
|
|
|||||||
Publishing0.13% |
||||||||
Affiliated Media, Inc. (h)(k) |
87,369 | 1,223,163 | ||||||
Endurance Business Media, Inc., Class A, (h)(k) |
4,753 | 47,531 | ||||||
SuperMedia, Inc. (h)(k) |
7,080 | 15,293 | ||||||
|
|
|||||||
1,285,987 | ||||||||
|
|
|||||||
Radio & Television0.01% |
||||||||
AR Broadcasting, LLC Wts. expiring 02/15/18, (h)(k) |
213 | 57,578 | ||||||
Cumulus Media, Inc. Wts. expiring 06/29/19, (Acquired 01/14/10; Cost $0) (k) |
1,568 | 1,756 | ||||||
|
|
|||||||
59,334 | ||||||||
|
|
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Shares | Value | |||||||
Surface Transport0.00% |
||||||||
Nobina Europe AB (Sweden) (h)(k) |
90,358,291 | $ | 0 | |||||
Total Common Stocks & Other Equity Interests |
22,212,314 | |||||||
|
|
|||||||
Preferred Stock0.00% |
||||||||
Financial Intermediaries0.00% |
||||||||
RTS Investor Corp. (h)(k) |
649 | 49,965 | ||||||
|
|
|||||||
Money Market Funds0.07% |
||||||||
Liquid Assets PortfolioInstitutional Class (l) |
334,263 | 334,263 | ||||||
Premier PortfolioInstitutional Class (l) |
334,264 | 334,264 | ||||||
|
|
|||||||
Total Money Market Funds |
668,527 | |||||||
|
|
|||||||
TOTAL INVESTMENTS125.50% (Cost $1,251,677,014) |
1,196,761,861 | |||||||
|
|
|||||||
BORROWINGS(30.10)% |
(287,000,000 | ) | ||||||
|
|
|||||||
OTHER ASSETS LESS LIABILITIES4.60% |
43,826,479 | |||||||
|
|
|||||||
NET ASSETS100.00% |
$ | 953,588,340 | ||||||
|
|
Investment Abbreviations:
CDO | | Collateralized Debt Obligation | DIP | | Debtor-in-possession | LOC | | Letter of Credit | ||||||||
CHF | | Swiss Franc | EUR | | Euro | PIK | | Payment in Kind | ||||||||
CLO | | Collateralized Loan Obligation | GBP | | British Pound | Wts. | | Warrants |
Notes to Schedule of Investments:
(a) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended and may be subject to contractual and legal restrictions on sale. Senior secured corporate loans and senior secured debt securities in the Funds portfolio generally have variable rates which adjust to a base, such as the London Inter-Bank Offered Rate (LIBOR), on set dates, typically every 30 days but not greater than one year; and/or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
(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 accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the senior secured floating rate interests will have an expected average life of three to five years. |
(c) | This floating rate interest will settle after November 30, 2012, at which time the interest rate will be determined. |
(d) | All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 5. |
(e) | All or a portion of this security is Payment-in-Kind. |
(f) | Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at November 30, 2012 was $2,758,736, which represented 0.29% of the Funds Net Assets. |
(g) | The borrower has filed for protection in federal bankruptcy court. |
(h) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2012 was $210,167,156, which represented 22.04% of the Funds Net Assets. |
(i) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2012. |
(j) | Affiliated company during the period. The Investment Company Act of 1940 defines affiliates as those companies 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 aggregate value of these securities as of November 30, 2012 was $2,316,590, which represented 0.24% of the Funds Net Assets. See Note 4. |
(k) | Non-income producing securities acquired through the restructuring of senior loans. |
(l) | The money market fund and the Fund are affiliated by having the same investment adviser. |
* | Principal amounts are denominated in U.S. dollars unless otherwise noted. |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Notes to Quarterly Schedule of Portfolio Holdings
November 30, 2012
(Unaudited)
NOTE 1 Significant Accounting Policies
A. | Security Valuations Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data. |
Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (NOCP) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.
Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Trust may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
Invesco Dynamic Credit Opportunities Fund
A. | Security Valuations (continued) |
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from the settlement date. Facility fees received may be amortized over the life of the loan. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers 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. | 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. |
E. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The 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 Funds 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. |
Invesco Dynamic Credit Opportunities Fund
E. | Foreign Currency Translations (continued) |
The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
F. | Foreign Currency Contracts The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities. |
G. | Swap Agreements The Fund may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (CDS) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between two parties (Counterparties). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Funds NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any. |
Interest rate, total return, index, and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or swapped between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a basket of securities representing a particular index.
A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the par value, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer par value or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances.
Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.
Invesco Dynamic Credit Opportunities Fund
G. | Swap Agreements (continued) |
Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by marking to market on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. The Funds maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Funds exposure to the counterparty. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations.
It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Funds ability to terminate existing swap agreements or to realize amounts to be received under such agreements.
H. | Industry Concentration To the extent that the Fund is concentrated in securities of issuers in the banking and financial services industries, the Funds 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. |
I. | Leverage Risk Leverage exists when a Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
J. | Bank Loan Risk Disclosures 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. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund manages counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. |
K. | Foreign Risk The Fund may invest in senior loans to borrowers that are organized or located in countries other than the United States. Investment in non-U.S. issuers involves special risks, including that non-U.S. issuers may be subject to less rigorous accounting and reporting requirements than U.S. issuers, less rigorous regulatory requirements, different legal systems and laws relating to creditors rights, the potential inability to enforce legal judgments and the potential for political, social and economic adversity. Investments by the Fund in non-U.S. dollar denominated investments will be subject to currency risk. The Fund also may hold non-U.S. dollar denominated senior loans or other securities received as part of a reorganization or restructuring. Trading in many foreign securities may be less liquid and more volatile than U.S. securities due to the size of the market or other factors. |
L. | Other Risks The Fund may invest all or substantially of its assets in senior secured floating rate loans, senior secured debt securities or other securities rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments. |
The Fund invests in Corporate Loans from U.S. or non-U.S. companies (the Borrowers). The investment of the Fund in a Corporate Loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (Lenders) or one of the participants in the syndicate (Participant), one or more of which administers the loan on behalf of all the Lenders (the Agent Bank), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Funds rights against the Borrower but also for the receipt and processing of payments due to the Fund under the Corporate Loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as Intermediate Participants.
Invesco Dynamic Credit Opportunities Fund
NOTE 2 Additional Valuation Information
Generally Accepted Accounting Principles (GAAP) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investments assigned level:
Level 1 | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Funds own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of November 30, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Variable Rate Senior Loan Interests |
$ | | $ | 916,178,463 | $ | | $ | 916,178,463 | ||||||||
Notes |
| 205,055,171 | 1,865,968 | 206,921,139 | ||||||||||||
Structured Products |
| 50,731,453 | | 50,731,453 | ||||||||||||
Equity Securities |
1,010,424 | 20,225,721 | 1,694,661 | 22,930,806 | ||||||||||||
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1,010,424 | 1,192,190,808 | 3,560,629 | 1,196,761,861 | |||||||||||||
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Foreign Currency Contracts* |
| (1,335,494 | ) | | (1,335,494 | ) | ||||||||||
Swap Agreements* |
| 1,904,205 | | 1,904,205 | ||||||||||||
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Total Investments |
$ | 1,010,424 | $ | 1,192,759,519 | $ | 3,560,629 | $ | 1,197,330,572 | ||||||||
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* | Unrealized appreciation (depreciation). |
Invesco Dynamic Credit Opportunities Fund
NOTE 3 Derivative Investments
Value of Derivative Instruments at Period-End
The table below summarizes the value of the Funds derivative instruments, detailed by primary risk exposure, held as of November 30, 2012:
Risk Exposure/ Derivative Type |
Value | |||||||
Assets | Liabilities | |||||||
Credit risk |
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Swap Agreements |
$ | 1,904,205 | $ | | ||||
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Currency risk |
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Foreign Currency Contracts |
| (1,335,494 | ) | |||||
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Effect of Derivative Instruments for the nine months ended November 30, 2012
The table below summarizes the gains (losses) on derivative instruments, detailed by primary risk exposure, recognized in earnings during the period:
Swap Agreements* |
Foreign Currency Contracts* |
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Realized Gain |
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Credit risk |
$ | 3,409,688 | $ | | ||||
Currency risk |
| 3,155,138 | ||||||
Change in Unrealized Appreciation (Depreciation) |
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Credit risk |
(1,182,664 | ) | | |||||
Currency risk |
| 2,116,866 | ||||||
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Total |
$ | 2,227,024 | $ | 5,272,004 | ||||
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* | The average notional value of swap agreements and foreign currency contracts outstanding during the period was $132,055,556 and $203,980,644, respectively. |
Open Foreign Currency Contracts
Settlement Date |
Contract to | Notional | Unrealized Appreciation |
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Counterparty |
Deliver | Receive | Value | (Depreciation) | ||||||||||||||||||||||
01/15/13 |
State Street Bank | EUR | 30,000,000 | USD | 38,721,900 | $ | 39,033,768 | $ | (311,868 | ) | ||||||||||||||||
01/15/13 |
Mellon Bank | EUR | 40,000,000 | USD | 51,616,000 | 52,045,024 | (429,024 | ) | ||||||||||||||||||
01/15/13 |
JPMorgan Chase Bank N.A. | EUR | 25,000,000 | USD | 32,264,100 | 32,528,140 | (264,040 | ) | ||||||||||||||||||
01/15/13 |
Goldman Sachs International | EUR | 25,000,000 | USD | 32,262,000 | 32,528,140 | (266,140 | ) | ||||||||||||||||||
01/15/13 |
State Street Bank | GBP | 18,000,000 | USD | 28,775,376 | 28,836,547 | (61,171 | ) | ||||||||||||||||||
01/15/13 |
State Street Bank | CHF | 485,000 | USD | 520,448 | 523,699 | (3,251 | ) | ||||||||||||||||||
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$ | (1,335,494 | ) | ||||||||||||||||||||||||
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Currency Abbreviations:
EUR Euro |
CHF Swiss Franc | |
GBP British Pound Sterling |
USD U.S. Dollar |
Invesco Dynamic Credit Opportunities Fund
Open Credit Default Swap Agreements
Counterparty |
Reference Entity | (Buy)/Sell Protection |
Pay/Receive Fixed Rate |
Expiration Date |
Implied Credit Spread(a) |
Notional Value (000) |
Upfront Payments |
Unrealized Appreciation |
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Goldman Sachs International |
CDX.NA.HY.9 | Sell | 3.75 | % | 12/20/12 | 0.73 | % | $ | 16,400 | $ | 698,500 | $ | 150,448 | |||||||||||||||
UBS |
CDX.NA.HY.9 | Sell | 3.75 | % | 12/20/12 | 0.73 | 16,400 | 698,500 | 150,449 | |||||||||||||||||||
Goldman Sachs International |
Gala Group Finance | Sell | 4.15 | % | 03/20/13 | 3.98 | 5,000 | | 53,577 | |||||||||||||||||||
UBS |
CDX.NAHY.10 | Sell | 5.00 | % | 06/20/13 | 0.78 | 16,600 | 1,078,000 | 557,484 | |||||||||||||||||||
Goldman Sachs International |
LCDX.NA.10 | Sell | 3.25 | % | 06/20/13 | 0.78 | 40,800 | 5,150,200 | 825,928 | |||||||||||||||||||
Goldman Sachs International |
LCDX9 | Sell | 2.25 | % | 12/20/12 | 1.14 | 32,500 | 2,701,250 | 166,319 | |||||||||||||||||||
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Total Credit Default Swap Agreements |
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$ | 127,700 | $ | 10,326,450 | $ | 1,904,205 | |||||||||||||||||||||
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(a) | Implied credit spreads represent the current level as of November 30, 2012 at which protection could be bought or sold given the terms of the existing credit default swap contract and serve as an indicator of the current status of the payment/performance risk of the credit default swap contract. An implied credit spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. |
NOTE 4 Investments in Other Affiliates
The 1940 Act defines affiliates as those issuances 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 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the nine months ended November 30, 2012.
Value 02/29/12 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value 11/30/12 |
Interest/ Dividend Income |
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Targus International Inc. Note |
$ | 1,694,195 | $ | 171,773 | $ | | $ | | $ | | $ | 1,865,968 | $ | 150,184 | ||||||||||||||
Targus International Inc. Common Shares |
450,622 | | | | | 450,622 | | |||||||||||||||||||||
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Total |
$ | 2,144,817 | $ | 171,773 | $ | | $ | | $ | | $ | 2,316,590 | $ | 150,184 | ||||||||||||||
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NOTE 5 Unfunded Loan Commitments
As of November 30, 2012, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:
Borrower |
Type |
Principal Amount* (000) |
Value | |||||||
Axia Acquisition Corp. |
Revolver Loan | $ | 348 | $ | 294,251 | |||||
Boyd Gaming Corp. |
Class A Revolver Loan | 672 | 641,441 | |||||||
Bright Horizons Family Solutions, Inc. |
Revolver Loan | 3,000 | 2,991,450 | |||||||
Delta Air Lines, Inc. |
Revolver Loan | 5,213 | 4,700,110 | |||||||
Harland Clarke Holdings Corp. |
Revolver Loan | 1,878 | 1,784,465 | |||||||
Hillman Group, Inc. |
Delayed Draw Term Loan | 994 | 996,748 | |||||||
Lake at Las Vegas Joint Venture, LLC |
Revolver Loan | 76 | 70,352 | |||||||
Lavena Holding 4 GmbH (Holdco) |
Revolver Loan | 2,627 | 2,775,189 | |||||||
Realogy Corp. |
Extended LOC | 4,562 | 4,342,815 | |||||||
Reynolds Group Holdings Inc. |
Revolver Loan | 5,104 | 5,101,025 | |||||||
Surgical Care Affiliates, Inc. |
Extended Revolver Loan | 6,250 | 5,875,000 | |||||||
Tyrol Acquisitions |
Revolver Loan | EUR | 1,250 | 1,389,964 | ||||||
West Corp. |
Revolver Loan | 2,427 | 2,202,462 | |||||||
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$ | 33,165,272 | |||||||||
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Currency Abbreviations:
EUR Euro
* | Principal amounts are denominated in U.S. dollars unless otherwise noted. |
Invesco Dynamic Credit Opportunities Fund
NOTE 6 Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended November 30, 2012 was $1,124,394,273 and $1,139,276,611, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities |
$ | 32,544,566 | ||
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Aggregate unrealized (depreciation) of investment securities |
(109,704,955 | ) | ||
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Net unrealized appreciation (depreciation) of investment securities |
$ | (77,160,389 | ) | |
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Cost of investments for tax purposes is $1,273,922,250. |
NOTE 7 Senior Loan Participation Commitments
The Trust invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Trust purchases a participation of a Senior Loan interest, the Trust typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Trust assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Trust and the borrower.
At the nine months ended November 30, 2012, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Trust on a participation basis.
Selling Participant |
Principal Amount |
Value | ||||||
Goldman Sachs Lending Partners LLC |
$ | 2,426,941 | $ | 2,202,462 | ||||
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Invesco Dynamic Credit Opportunities Fund
Item 2. Controls and Procedures.
(a) | As of November 19, 2012, 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 Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (Act), as amended. Based on that evaluation, the Registrants officers, including the PEO and PFO, concluded that, as of November 19, 2012, the Registrants disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q 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 Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. |
Item 3. Exhibits.
Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.
2411146
012213 (1) BO
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 Dynamic Credit Opportunities Fund
By: | /s/ Colin Meadows | |
Colin Meadows | ||
Principal Executive Officer | ||
Date: | January 29, 2013 |
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/ Colin Meadows | |
Colin Meadows | ||
Principal Executive Officer | ||
Date: | January 29, 2013 |
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Financial Officer | ||
Date: | January 29, 2013 |
2287069
011713 (1) BO
EXHIBIT INDEX
Certifications of Principal Executive Officer (PEO) and Principal Financial Officer (PFO) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.