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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: 11/30/13
Item 1. Schedule of Investments.
Schedule of Investments
November 30, 2013
(Unaudited)
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||
Variable Rate Senior Loan Interests113.53%(a)(b) | ||||||||
Aerospace & Defense2.23% |
||||||||
CAMP International Holding Co., First Lien Term Loan |
5.25% | 05/31/19 | $ 730 | $ 735,766 | ||||
DAE Aviation Holdings, Inc., |
6.25% | 11/02/18 | 2,197 | 2,218,686 | ||||
Term Loan B-2 |
6.25% | 11/02/18 | 996 | 1,005,804 | ||||
DynCorp International Inc., Term Loan |
6.31% | 07/07/16 | 659 | 665,202 | ||||
IAP Worldwide Services, First Lien Term Loan (c) |
0.00% | 12/31/15 | 6,525 | 2,332,690 | ||||
Landmark U.S. Holdings LLC, |
4.75% | 10/25/19 | 2,673 | 2,684,912 | ||||
Term Loan |
4.75% | 10/25/19 | 227 | 227,535 | ||||
LMI Aerospace, Inc., Term Loan |
4.75% | 12/28/18 | 1,051 | 1,047,468 | ||||
PRV Aerospace, LLC, Term Loan |
6.50% | 05/09/18 | 2,550 | 2,560,833 | ||||
Sequa Corp., Term Loan |
5.25% | 06/19/17 | 620 | 613,859 | ||||
Transdigm Inc., Term Loan C |
3.75% | 02/28/20 | 8,432 | 8,492,687 | ||||
22,585,442 | ||||||||
Air Transport1.12% |
||||||||
American Airlines, Inc., Term Loan B |
4.75% | 06/27/19 | 3,704 | 3,736,861 | ||||
Delta Air Lines, Inc., |
0.00% | 04/20/16 | 7,019 | 6,691,865 | ||||
Revolver Loan (d) |
0.00% | 10/18/17 | 1,032 | 965,176 | ||||
11,393,902 | ||||||||
Automotive5.91% |
||||||||
Affinia Group Inc., Term Loan B-2 |
4.75% | 04/27/20 | 951 | 964,942 | ||||
August U.S. Holding Co., Inc., |
5.00% | 04/27/18 | 1,576 | 1,591,304 | ||||
Second Lien Term Loan (Acquired 10/08/13; Cost $786,992) |
10.50% | 04/29/19 | 772 | 786,976 | ||||
Second Lien Term Loan (Acquired 10/08/13; Cost $257,683) |
10.50% | 04/29/19 | 253 | 257,682 | ||||
Term Loan B-1 |
5.00% | 04/27/18 | 1,212 | 1,224,109 | ||||
Autoparts Holdings Ltd., First Lien Term Loan |
6.50% | 07/28/17 | 2,124 | 2,097,846 | ||||
BBB Industries, LLC, Term Loan |
5.50% | 03/27/19 | 2,635 | 2,648,149 | ||||
BCA Remarketing Group Ltd. (United Kingdom), Term Loan C3 |
5.77% | 02/28/20 | GBP 3,917 | 6,419,511 | ||||
CWGS Group, LLC, Term Loan (e) |
| 02/20/20 | 3,612 | 3,616,821 | ||||
Federal-Mogul Corp., |
2.11% | 12/29/14 | 9,348 | 9,250,006 | ||||
Term Loan C |
2.11% | 12/28/15 | 4,888 | 4,837,061 | ||||
Key Safety Systems, Inc., Term Loan |
4.75% | 05/09/18 | 2,096 | 2,125,833 | ||||
Keystone Automotive Operations, Inc., First Lien Term Loan |
7.00% | 08/15/19 | 1,431 | 1,453,192 | ||||
Metaldyne, LLC, |
5.00% | 12/18/18 | 1,747 | 1,761,533 | ||||
Term Loan |
6.50% | 12/18/18 | EUR 4,135 | 5,640,280 | ||||
Schaeffler AG (Germany), Term Loan C |
4.75% | 01/27/17 | EUR 1,852 | 2,534,409 | ||||
TI Group Automotive Systems, L.L.C., Term Loan |
5.50% | 03/28/19 | 5,035 | 5,085,772 | ||||
Tower Automotive Holdings USA, LLC, Term Loan |
4.75% | 04/23/20 | 3,647 | 3,685,394 | ||||
Transtar Holding Co., |
5.50% | 10/09/18 | 2,888 | 2,862,371 | ||||
Second Lien Term Loan |
9.75% | 10/09/19 | 1,010 | 1,004,892 | ||||
59,848,083 | ||||||||
Beverage and Tobacco0.44% |
||||||||
DS Waters of America, Inc., Term Loan B (Acquired 08/19/13; Cost $1,508,149) |
5.25% | 08/31/20 | 1,523 | 1,535,233 | ||||
North American Breweries Holdings, LLC, Term Loan |
7.50% | 12/11/18 | 2,913 | 2,883,492 | ||||
4,418,725 |
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 & Development2.03% |
||||||||
Axia Inc., |
5.00% | 03/11/16 | $ 204 | $ 204,268 | ||||
Revolver Loan (Acquired 02/23/12; Cost $348,226) (d) |
0.00% | 03/11/16 | 348 | 348,226 | ||||
Second Lien Term Loan B (Acquired 05/30/08; Cost $2,896,225) |
5.00% | 03/11/16 | 324 | 323,875 | ||||
Capital Automotive L.P., Second Lien Term Loan |
6.00% | 04/30/20 | 2,544 | 2,633,553 | ||||
HD Supply Inc., Term Loan |
4.50% | 10/12/17 | 937 | 944,551 | ||||
Lake at Las Vegas Joint Venture, LLC, |
0.00% | 02/28/17 | 49 | 17,297 | ||||
PIK Exit Revolver Loan (Acquired 07/15/10-06/28/13; Cost $624,087)(f) |
5.00% | 02/28/17 | 624 | 221,551 | ||||
Norrmalm 3 AB (Sweden), Term Loan B2 |
4.97% | 06/28/19 | EUR 333 | 460,151 | ||||
Nortek, Inc., Term Loan |
5.25% | 04/26/17 | 253 | 254,602 | ||||
Quikrete Holdings, Inc., |
4.00% | 09/28/20 | 5,154 | 5,186,559 | ||||
Second Lien Term Loan |
7.00% | 03/26/21 | 1,011 | 1,040,564 | ||||
Re/Max International, Inc., Term Loan |
4.00% | 07/31/20 | 1,477 | 1,479,544 | ||||
Realogy Corp., Term Loan B |
4.50% | 03/05/20 | 4,583 | 4,637,569 | ||||
Rhodes Ranch General Partnership, PIK Term Loan (Acquired 07/09/07; |
2.25% | 03/31/16 | 153 | 139,548 | ||||
Valleycrest Companies LLC, Term Loan |
5.50% | 06/13/19 | 1,048 | 1,055,568 | ||||
WireCo WorldGroup Inc., Term Loan (Acquired 07/02/12; Cost $1,591,167) |
6.00% | 02/15/17 | 1,603 | 1,610,586 | ||||
20,558,012 | ||||||||
Business Equipment & Services10.83% |
||||||||
Advantage Sales & Marketing Inc., Second Lien Term Loan |
8.25% | 06/18/18 | 441 | 447,900 | ||||
Asurion Corp., |
4.50% | 05/24/19 | 9,940 | 9,955,469 | ||||
Incremental Term Loan B-2 |
3.50% | 07/08/20 | 17,944 | 17,668,107 | ||||
Audio Visual Services Group, Inc., First Lien Term Loan (Acquired 11/13/12; Cost $2,751,422) |
6.75% | 11/09/18 | 2,798 | 2,846,812 | ||||
Brock Holdings III, Inc., First Lien Term Loan |
6.01% | 03/16/17 | 225 | 226,490 | ||||
Caraustar Industries, Inc., Term Loan |
7.50% | 05/01/19 | 926 | 949,041 | ||||
Catalina Marketing Corp., Term Loan B |
5.25% | 10/12/20 | 2,393 | 2,419,892 | ||||
Crossmark Holdings, Inc., |
4.50% | 12/20/19 | 1,955 | 1,952,094 | ||||
Second Lien Term Loan |
8.75% | 12/21/20 | 677 | 676,640 | ||||
Duff & Phelps Corp., Term Loan |
4.50% | 04/23/20 | 377 | 377,380 | ||||
Expert Global Solutions, Inc., First Lien Term Loan B |
8.50% | 04/03/18 | 5,630 | 5,735,513 | ||||
First Data Corp., |
4.17% | 03/24/17 | 2,014 | 2,021,729 | ||||
Term Loan |
4.17% | 03/23/18 | 13,643 | 13,695,874 | ||||
FS Funding A/S (Denmark), |
4.53% | 04/30/18 | GBP 354 | 583,843 | ||||
Extended Term Loan B-2 |
4.53% | 04/30/18 | GBP 244 | 402,378 | ||||
Extended Term Loan B-3 |
4.53% | 04/30/18 | GBP 136 | 224,071 | ||||
Extended Term Loan B-4 |
4.53% | 04/30/18 | GBP 82 | 135,697 | ||||
Garda World Security Corp. (Canada), |
| 11/06/20 | 135 | 136,329 | ||||
Term Loan B (e) |
| 11/06/20 | 529 | 532,924 | ||||
Genesys Telecom Holdings, U.S., Inc., |
| 11/13/20 | 1,330 | 1,329,789 | ||||
Incremental Term Loan B (e) |
| 11/13/20 | 665 | 664,895 | ||||
Term Loan |
4.75% | 02/07/20 | EUR 3,483 | 4,732,024 | ||||
H&F Nugent 3 Ltd. (United Kingdom), Term Loan B |
5.50% | 08/02/19 | GBP 750 | 1,239,190 | ||||
Helios Holding, Inc., First Lien Term Loan |
6.50% | 07/13/18 | 2,773 | 2,790,207 | ||||
Information Resources, Inc., Term Loan B |
4.75% | 09/30/20 | 2,349 | 2,375,637 | ||||
Kronos Inc., Second Lien Term Loan |
9.75% | 04/30/20 | 1,034 | 1,070,172 |
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) |
||||||||||
Lonestar Intermediate Super Holdings, LLC, Term Loan |
11.00% | 09/02/19 | $ 6,018 | $ 6,268,826 | ||||||
MCS AMS Sub-Holdings LLC, Term Loan B |
7.00% | 10/15/19 | 755 | 733,733 | ||||||
MEI, Inc., Term Loan |
5.00% | 08/21/20 | 1,407 | 1,415,402 | ||||||
Pacific Industrial Services US FinCo LLC, |
5.00% | 10/02/18 | 3,707 | 3,758,451 | ||||||
Second Lien Term Loan |
8.75% | 04/02/19 | 1,449 | 1,483,060 | ||||||
Sensus USA, Inc., First Lien Term Loan |
4.75% | 05/09/17 | 2,000 | 2,013,750 | ||||||
Servicemaster Co., The, |
4.52% | 01/31/17 | 2,101 | 2,030,531 | ||||||
Term Loan B |
4.42% | 01/31/17 | 1,029 | 1,019,961 | ||||||
Term Loan C |
4.25% | 01/31/17 | 5,606 | 5,536,164 | ||||||
SourceHOV LLC, |
5.25% | 04/30/18 | 2,776 | 2,798,003 | ||||||
Second Lien Term Loan |
8.75% | 04/30/19 | 288 | 292,413 | ||||||
SunGard Data Systems Inc., |
3.92% | 02/28/17 | 180 | 181,128 | ||||||
Term Loan D |
4.50% | 01/31/20 | 1,896 | 1,910,207 | ||||||
TNS Inc., |
5.00% | 02/14/20 | 1,456 | 1,468,309 | ||||||
Second Lien Term Loan |
9.00% | 08/14/20 | 115 | 116,721 | ||||||
Wash MultiFamily Laundry Systems, LLC, Term Loan |
4.50% | 02/21/19 | 1,095 | 1,099,326 | ||||||
West Corp., Revolver Loan (d) |
0.00% | 01/15/16 | 2,427 | 2,354,133 | ||||||
109,670,215 | ||||||||||
Cable & Satellite Television3.60% |
||||||||||
Altice B2B Lux. S.a r.l., (Luxembourg) |
4.14% | 09/29/17 | EUR | 750 | 1,023,304 | |||||
Term Loan B3 |
4.14% | 09/30/17 | EUR | 2,000 | 2,728,812 | |||||
CDS Holdco III B.V. (Luxembourg), Term Loan B |
4.90% | 09/30/20 | EUR | 3,000 | 4,108,423 | |||||
Ion Media Networks, Inc., Term Loan (Acquired 01/22/13-03/26/13; Cost $2,175,276) |
8.25% | 07/24/18 | 2,187 | 2,197,522 | ||||||
Mediacom Illinois LLC, Term Loan E |
4.50% | 10/23/17 | 476 | 478,541 | ||||||
Omega I S.a r.l. (Germany), PIK Term Loan B (f) |
4.63% | 03/31/17 | EUR | 13,413 | 16,303,261 | |||||
Seema S.a r.l. (Norway), Term Loan F |
4.72% | 12/27/18 | EUR | 1,500 | 2,063,689 | |||||
WideOpenWest Finance, LLC, Term Loan B |
4.75% | 04/01/19 | 3,520 | 3,545,793 | ||||||
YPSO Holding SA (France), |
5.15% | 12/31/18 | EUR | 926 | 1,272,896 | |||||
Acquisition Term Loan C-3 (e) |
| 12/29/17 | EUR | 2,000 | 2,749,194 | |||||
36,471,435 | ||||||||||
Chemicals & Plastics6.12% |
||||||||||
Allnex & Cy S.C.A., |
8.25% | 04/03/20 | 379 | 391,111 | ||||||
Term Loan B-1 |
4.50% | 10/03/19 | 1,087 | 1,094,355 | ||||||
Term Loan B-2 |
4.50% | 10/03/19 | 564 | 567,808 | ||||||
Term Loan B-3 |
4.75% | 10/04/19 | EUR | 1,546 | 2,111,380 | |||||
Arysta LifeScience SPC, LLC, |
4.50% | 05/29/20 | 5,575 | 5,618,072 | ||||||
Second Lien Term Loan |
8.25% | 11/30/20 | 918 | 937,290 | ||||||
Ascend Performance Materials Operations LLC, Term Loan B |
6.75% | 04/10/18 | 4,958 | 4,737,781 | ||||||
Aster 1 SA (Germany), |
6.59% | 12/30/16 | EUR | 3 | 3,763 | |||||
Term Loan B1 |
6.59% | 12/30/16 | EUR | 19 | 26,408 | |||||
Term Loan B1 |
6.59% | 12/30/16 | EUR | 33 | 45,585 | |||||
Term Loan B1 |
6.59% | 12/30/16 | EUR | 2 | 2,074 | |||||
Term Loan B1 |
6.59% | 12/30/16 | EUR | 8 | 10,769 | |||||
Term Loan B2 |
6.59% | 12/30/16 | EUR | 102 | 139,118 | |||||
Term Loan B2 |
6.59% | 12/30/16 | EUR | 18 | 24,311 | |||||
Term Loan B2 |
6.59% | 12/30/16 | EUR | 15 | 20,869 | |||||
Term Loan B3 |
6.59% | 12/30/16 | EUR | 38 | 52,335 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||
Chemicals & Plastics(continued) |
||||||||||
Aster 1 SA (Germany), |
6.59% | 12/30/16 | EUR | 3 | $ 3,509 | |||||
Term Loan B4 |
6.59% | 12/30/16 | EUR | 1 | 103 | |||||
Term Loan B4 |
6.59% | 12/30/16 | EUR | 1 | 546 | |||||
Term Loan B4 |
6.59% | 12/30/16 | EUR | 1 | 57 | |||||
Term Loan B4 |
6.59% | 12/30/16 | EUR | 1 | 298 | |||||
Term Loan B5 |
6.65% | 12/30/16 | 1,366 | 1,364,069 | ||||||
Term Loan B6 |
6.59% | 12/30/16 | EUR | 314 | 427,279 | |||||
Term Loan B7 |
6.59% | 12/30/16 | EUR | 213 | 289,443 | |||||
Term Loan B7 |
6.59% | 12/30/16 | EUR | 88 | 119,872 | |||||
Term Loan B8 |
6.59% | 12/30/16 | EUR | 114 | 155,145 | |||||
Term Loan B9 |
6.59% | 12/30/16 | EUR | 2,127 | 2,896,474 | |||||
Term Loan C1 |
6.59% | 12/30/16 | EUR | 3 | 3,793 | |||||
Term Loan C1 |
6.59% | 12/30/16 | EUR | 29 | 39,778 | |||||
Term Loan C1 |
6.59% | 12/30/16 | EUR | 35 | 47,790 | |||||
Term Loan C1 |
6.59% | 12/30/16 | EUR | 2 | 2,095 | |||||
Term Loan C1 |
6.59% | 12/30/16 | EUR | 8 | 10,920 | |||||
Term Loan C2 |
6.59% | 12/30/16 | EUR | 102 | 138,778 | |||||
Term Loan C2 |
6.59% | 12/30/16 | EUR | 18 | 24,453 | |||||
Term Loan C2 |
6.59% | 12/30/16 | EUR | 15 | 21,005 | |||||
Term Loan C3 |
6.59% | 12/30/16 | EUR | 52 | 70,654 | |||||
Term Loan C4 |
6.59% | 12/30/16 | EUR | 3 | 3,509 | |||||
Term Loan C4 |
6.59% | 12/30/16 | EUR | 1 | 104 | |||||
Term Loan C4 |
6.59% | 12/30/16 | EUR | 1 | 552 | |||||
Term Loan C4 |
6.59% | 12/30/16 | EUR | 1 | 58 | |||||
Term Loan C4 |
6.59% | 12/30/16 | EUR | 1 | 301 | |||||
Term Loan C5 |
6.65% | 12/30/16 | 3,000 | 2,994,990 | ||||||
Term Loan C6 |
6.59% | 12/30/16 | EUR | 313 | 426,365 | |||||
Term Loan C7 |
6.59% | 12/30/16 | EUR | 322 | 438,016 | |||||
Term Loan C7 |
6.65% | 12/30/16 | 772 | 770,571 | ||||||
DuPont Performance Coatings, Inc., Term Loan |
5.25% | 02/03/20 | EUR | 1,496 | 2,066,131 | |||||
Emerald Performance Materials, LLC, First Lien Term Loan (Acquired 05/15/12; Cost $1,605,765) |
6.75% | 05/18/18 | 1,618 | 1,629,982 | ||||||
HII Holding Corp., First Lien Term Loan |
4.00% | 12/20/19 | 1,551 | 1,558,508 | ||||||
Huntsman International LLC, Incremental Term Loan (e) |
| 10/15/20 | 10,260 | 10,289,947 | ||||||
MacDermid, Inc., First Lien Term Loan B |
4.00% | 06/08/20 | 1,917 | 1,932,258 | ||||||
Otter Products, LLC, Term Loan |
5.25% | 04/29/19 | 1,003 | 1,008,403 | ||||||
Oxea Finance LLC, |
4.50% | 01/15/20 | EUR | 3,833 | 5,244,573 | |||||
Second Lien Term Loan |
8.25% | 07/15/20 | 3,952 | 4,033,817 | ||||||
Tata Chemicals North America Inc., Term Loan |
3.75% | 08/07/20 | 1,056 | 1,056,842 | ||||||
Univar Inc., Term Loan B |
5.00% | 06/30/17 | 5,055 | 4,985,216 | ||||||
WNA Holdings, Inc., |
8.50% | 12/07/20 | 568 | 574,902 | ||||||
Term Loan |
4.53% | 06/05/20 | 983 | 991,362 | ||||||
Term Loan |
4.53% | 06/07/20 | 534 | 538,517 | ||||||
61,944,014 | ||||||||||
Conglomerates0.66% |
||||||||||
CeramTec Acquisition Corp., |
4.25% | 08/31/20 | 1,870 | 1,879,927 | ||||||
Term Loan B-2 |
4.25% | 08/28/20 | 184 | 185,109 | ||||||
Term Loan B-3 |
4.25% | 08/28/20 | 569 | 571,808 | ||||||
Epiq Systems, Inc., Term Loan |
4.75% | 08/27/20 | 2,598 | 2,597,832 | ||||||
RGIS Services, LLC, Term Loan C |
5.50% | 10/18/17 | 970 | 958,213 | ||||||
Spectrum Brands, Inc., Term Loan C |
3.50% | 09/04/19 | 477 | 478,917 | ||||||
6,671,806 |
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 Products3.15% |
||||||||||
Apollo Holding GmbH (Germany), Term Loan B1 |
5.65% | 09/27/19 | EUR | 4,000 | $ 5,465,804 | |||||
Berlin Packaging, LLC, |
4.75% | 04/02/19 | 2,378 | 2,406,475 | ||||||
Second Lien Term Loan |
8.75% | 04/02/20 | 865 | 887,735 | ||||||
Consolidated Container Co. LLC, Term Loan |
5.00% | 07/03/19 | 1,220 | 1,230,075 | ||||||
Exopack Holdings S.A., |
| 05/08/19 | EUR | 4,000 | 5,487,871 | |||||
Term Loan B |
5.25% | 05/08/19 | 1,424 | 1,447,750 | ||||||
Hoffmaster Group, Inc., First Lien Term Loan |
6.50% | 01/03/18 | 2,115 | 2,117,720 | ||||||
Lata Lux Holding S.a r.l. (Spain), |
5.75% | 04/12/18 | EUR | 1,000 | 1,367,715 | |||||
Term Loan C |
6.00% | 03/25/19 | EUR | 3,833 | 5,240,197 | |||||
Ranpak Corp., |
4.50% | 04/23/19 | 509 | 513,519 | ||||||
Second Lien Term Loan |
8.50% | 04/23/20 | 589 | 606,190 | ||||||
Reynolds Group Holdings Inc., Revolver Loan (d) |
0.00% | 11/05/14 | 5,104 | 5,100,847 | ||||||
31,871,898 | ||||||||||
Cosmetics & Toiletries0.12% |
||||||||||
Marietta Intermediate Holding Corp., PIK First Lien Term Loan B (f) |
7.00% | 02/19/15 | 1,215 | 1,208,836 | ||||||
Drugs0.67% |
||||||||||
Harlan Laboratories, Inc., Term Loan |
3.77% | 07/11/14 | 3,002 | 2,726,986 | ||||||
Medpace Intermediateco, Inc., Term Loan B (Acquired 06/21/11-04/12/13; |
5.25% | 06/16/17 | 2,494 | 2,493,667 | ||||||
Valeant Pharmaceuticals International, Inc. (Canada), Term Loan B (e) |
| 08/05/20 | 1,500 | 1,520,078 | ||||||
6,740,731 | ||||||||||
Electronics & Electrical6.47% |
||||||||||
Active Network, Inc., First Lien Term Loan (e) |
| 11/15/20 | 415 | 417,114 | ||||||
Blackboard Inc., Term Loan B3 |
4.75% | 10/04/18 | 5,160 | 5,208,780 | ||||||
BMC Software Finance, Inc., Term Loan |
5.00% | 09/10/20 | 1,710 | 1,722,037 | ||||||
DEI Sales, Inc., Term Loan |
5.75% | 07/13/17 | 1,650 | 1,636,258 | ||||||
Dell International LLC, Term Loan C |
3.75% | 10/29/18 | 12,387 | 12,374,403 | ||||||
Deltek, Inc., First Lien Term Loan |
5.00% | 10/10/18 | 3,247 | 3,264,680 | ||||||
DG FastChannel, Inc., Term Loan |
7.25% | 07/26/18 | 3,083 | 3,101,327 | ||||||
Freescale Semiconductor, Inc., |
5.00% | 02/28/20 | 11,146 | 11,287,004 | ||||||
Term Loan B-5 |
5.00% | 01/15/21 | 4,332 | 4,387,146 | ||||||
Infor (US), Inc., |
5.25% | 04/05/18 | 41 | 41,199 | ||||||
Term Loan B-3 |
3.75% | 06/03/20 | 270 | 269,861 | ||||||
Mirion Technologies, Inc., Term Loan |
5.75% | 03/30/18 | 3,084 | 3,095,356 | ||||||
Oberthur Technologies of America Corp., Term Loan B-2 |
5.75% | 10/18/19 | 1,009 | 1,020,231 | ||||||
RP Crown Parent, LLC, |
6.75% | 12/21/18 | 4,177 | 4,224,014 | ||||||
Second Lien Term Loan |
11.25% | 12/20/19 | 707 | 737,338 | ||||||
Ship Luxco 3 S.a r.l. (Luxembourg), Term Loan C1 (e) |
| 11/29/19 | GBP | 6,500 | 10,745,817 | |||||
SSI Investments II Ltd., Term Loan |
5.00% | 05/26/17 | 1,129 | 1,140,443 | ||||||
Wesco Distribution, Inc., Term Loan B-1 |
4.50% | 12/12/19 | 782 | 785,714 | ||||||
65,458,722 | ||||||||||
Financial Intermediaries2.98% |
||||||||||
Blackstone Perpetual BidCo B.V. (Netherlands), |
4.72% | 04/02/20 | EUR | 1,833 | 2,516,046 | |||||
Term Loan B2 |
4.75% | 04/02/20 | 1,071 | 1,073,975 | ||||||
Term Loan B3 |
4.72% | 04/02/20 | EUR | 2,600 | 3,563,071 | |||||
GEO Group, Inc., Term Loan |
3.25% | 04/03/20 | 512 | 515,602 | ||||||
iPayment Inc., Term Loan |
6.75% | 05/08/17 | 1,612 | 1,567,909 | ||||||
LPL Holdings, Inc., Incremental Term Loan B |
3.25% | 03/29/19 | 138 | 138,417 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||
Financial Intermediaries(continued) |
||||||||||
Nuveen Investments, Inc., First Lien Term Loan B |
4.16% | 05/15/17 | $ 13,299 | $ 13,179,072 | ||||||
RJO Holdings Corp., |
6.17% | 12/10/15 | 74 | 58,829 | ||||||
Term Loan |
6.92% | 12/10/15 | 3,411 | 3,047,248 | ||||||
TransFirst Holdings, Inc., |
4.75% | 12/27/17 | 1,822 | 1,826,892 | ||||||
Second Lien Term Loan |
11.00% | 06/27/18 | 2,257 | 2,291,362 | ||||||
VFH Parent LLC, Extended Term Loan |
5.75% | 11/06/19 | 415 | 417,850 | ||||||
30,196,273 | ||||||||||
Food & Drug Retailers3.12% |
||||||||||
AB Acquisitions UK Topco 2 Ltd. (United Kingdom), |
4.87% | 07/09/18 | EUR | 834 | 1,139,353 | |||||
Second Lien Term Loan D-2 |
5.23% | 07/09/18 | GBP | 6,025 | 9,912,929 | |||||
Pret A Manger (United Kingdom), Term Loan B |
5.49% | 06/19/20 | GBP | 6,750 | 11,072,635 | |||||
Rite Aid Corp., Second Lien Term Loan |
5.75% | 08/21/20 | 1,590 | 1,635,149 | ||||||
Roundys Supermarkets, Inc., Term Loan B |
5.75% | 02/13/19 | 4,510 | 4,428,766 | ||||||
SuperValu Inc., Term Loan |
5.00% | 03/21/19 | 3,334 | 3,355,776 | ||||||
31,544,608 | ||||||||||
Food Products3.13% |
||||||||||
AdvancePierre Foods, Inc., |
5.75% | 07/10/17 | 6,644 | 6,624,054 | ||||||
Second Lien Term Loan |
9.50% | 10/10/17 | 671 | 666,852 | ||||||
Birds Eye Iglo Group Ltd. (United Kingdom), Term Loan I |
5.15% | 01/31/18 | EUR | 1,000 | 1,374,515 | |||||
Candy Intermediate Holdings, Inc., Term Loan |
7.50% | 06/18/18 | 2,787 | 2,628,694 | ||||||
CSM Bakery Supplies LLC, Term Loan |
4.75% | 07/03/20 | 4,304 | 4,328,054 | ||||||
Dole Food Co., Inc., New Term Loan B |
4.50% | 11/01/18 | 4,506 | 4,536,166 | ||||||
H.J. Heinz Co., Revolver Loan (d) |
0.00% | 06/07/18 | 6,837 | 6,632,214 | ||||||
New HB Acquisition, LLC, Term Loan B |
6.75% | 04/09/20 | 923 | 952,931 | ||||||
Soppa Holdings S.a r.l. (Luxembourg), |
4.67% | 10/02/20 | EUR | 974 | 1,342,234 | |||||
Term Loan B2 |
4.67% | 10/02/20 | EUR | 276 | 380,904 | |||||
United Biscuits Holdco Ltd. (United Kingdom), Term Loan B-1 |
5.52% | 07/29/20 | GBP | 1,350 | 2,237,457 | |||||
31,704,075 | ||||||||||
Food Service2.50% |
||||||||||
ARG IH Corp., Term Loan B (e) |
| 11/15/20 | 486 | 488,796 | ||||||
Restaurant Holding Co., LLC, Term Loan |
9.00% | 02/17/17 | 2,137 | 1,998,207 | ||||||
Seminole Hard Rock Entertainment, Inc., Term Loan |
3.50% | 05/14/20 | 953 | 953,957 | ||||||
US Foods, Inc., Incremental Term Loan |
4.50% | 03/29/19 | 8,915 | 8,959,765 | ||||||
Weight Watchers International, Inc., Term Loan B-2 |
3.75% | 04/02/20 | 14,915 | 12,887,777 | ||||||
25,288,502 | ||||||||||
Forest Products0.15% |
||||||||||
Xerium Technologies, Inc., Term Loan |
5.75% | 05/17/19 | 1,496 | 1,508,960 | ||||||
Healthcare9.19% |
||||||||||
Apria Healthcare Group Inc., Term Loan |
6.75% | 04/05/20 | 12,119 | 12,189,950 | ||||||
ATI Holdings, Inc., Term Loan |
5.75% | 12/21/19 | 1,116 | 1,127,236 | ||||||
Biomet, Inc., Term Loan B2 |
3.69% | 07/25/17 | 5,338 | 5,388,667 | ||||||
Carestream Health, Inc., First Lien Term Loan |
5.00% | 06/07/19 | 3,987 | 4,039,327 | ||||||
DJO Finance LLC, Term Loan B |
4.75% | 09/15/17 | 5,905 | 5,975,704 | ||||||
Drumm Investors LLC, Term Loan |
5.00% | 05/04/18 | 2,557 | 2,499,012 | ||||||
Kindred Healthcare, Inc., Term Loan B-1 |
4.25% | 06/01/18 | 5,148 | 5,157,615 | ||||||
Kinetic Concepts, Inc., |
4.50% | 05/04/18 | 14,255 | 14,429,293 | ||||||
Term Loan D-1 |
4.75% | 05/04/18 | EUR | 4,913 | 6,732,003 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||
Healthcare(continued) |
||||||||||
Surgical Care Affiliates, LLC, |
0.00% | 06/30/16 | $ 6,250 | $ 6,216,250 | ||||||
Term Loan B |
4.25% | 12/29/17 | 3,460 | 3,469,627 | ||||||
TriZetto Group, Inc., |
8.50% | 03/28/19 | 2,510 | 2,397,245 | ||||||
Term Loan |
4.75% | 05/02/18 | 3,993 | 3,936,944 | ||||||
Tunstall Group Finance Ltd. (United Kingdom), |
| 09/22/19 | GBP | 4,000 | 6,531,061 | |||||
Term Loan B1 |
5.55% | 10/16/20 | GBP | 1,250 | 2,051,224 | |||||
Vitalia Holdco S.a r.l. (Switzerland), |
0.00% | 07/25/17 | EUR | 1,333 | 1,787,856 | |||||
Revolver Loan |
4.62% | 07/25/17 | EUR | 667 | 893,928 | |||||
Second Lien Term Loan |
9.65% | 01/28/19 | EUR | 1,500 | 2,014,538 | |||||
Term Loan B |
5.15% | 07/27/18 | EUR | 3,250 | 4,384,572 | |||||
Western Dental Services, Inc., Term Loan |
8.25% | 11/01/18 | 1,773 | 1,786,271 | ||||||
93,008,323 | ||||||||||
Home Furnishings0.76% |
||||||||||
Britax Group Ltd., |
4.50% | 10/15/20 | 927 | 933,177 | ||||||
Term Loan |
4.75% | 10/15/20 | EUR | 125 | 170,987 | |||||
Hilding Anders A.B. (Sweden), Term Loan D2 (Acquired 09/26/13; |
4.22% | 10/25/15 | EUR | 4,000 | 5,217,795 | |||||
Serta Simmons Holdings, LLC, Term Loan |
4.25% | 10/01/19 | 1,324 | 1,331,210 | ||||||
7,653,169 | ||||||||||
Industrial Equipment4.00% |
||||||||||
Alliance Laundry Systems LLC, Second Lien Term Loan |
9.50% | 12/10/19 | 629 | 637,089 | ||||||
Crosby US Acquisition Corp., |
| 11/23/20 | 3,460 | 3,471,353 | ||||||
Second Lien Term Loan (e) |
| 11/22/21 | 831 | 846,736 | ||||||
Doncasters US Finance LLC, Term Loan C |
6.00% | 04/06/20 | GBP | 6,638 | 11,002,569 | |||||
Filtration Group Corp., |
| 11/21/20 | 1,045 | 1,055,836 | ||||||
Second Lien Term Loan (e) |
| 11/21/21 | 506 | 516,716 | ||||||
Gardner Denver, Inc., Term Loan |
4.75% | 07/30/20 | EUR | 2,438 | 3,346,031 | |||||
Generac Power System, Inc., Term Loan B |
3.50% | 05/31/20 | 2,100 | 2,104,755 | ||||||
Grede LLC, Term Loan B |
4.50% | 05/02/18 | 3,781 | 3,802,494 | ||||||
Milacron LLC, Term Loan |
4.25% | 03/30/20 | 1,516 | 1,515,260 | ||||||
MX Holdings US, Inc., Term Loan B-1 |
4.50% | 08/14/20 | 2,246 | 2,264,255 | ||||||
QS0001 Corp., First Lien Term Loan |
4.25% | 11/09/18 | 1,657 | 1,666,840 | ||||||
Rexnord LLC/ RBS Global, Inc., Term Loan B |
4.00% | 08/21/20 | 4,693 | 4,701,303 | ||||||
Unifrax Holding Co., |
4.25% | 11/28/18 | 106 | 106,818 | ||||||
Term Loan (Acquired 12/06/11-01/31/13; Cost $3,337,391) |
5.25% | 11/28/18 | EUR | 2,511 | 3,420,778 | |||||
40,458,833 | ||||||||||
Insurance0.40% |
||||||||||
Cooper Gay Swett & Crawford Ltd., |
5.00% | 04/16/20 | 1,761 | 1,743,850 | ||||||
Second Lien Term Loan |
8.25% | 10/16/20 | 1,177 | 1,160,390 | ||||||
USI Inc., Term Loan |
5.00% | 12/27/19 | 1,101 | 1,106,391 | ||||||
4,010,631 | ||||||||||
Leisure Goods, Activities & Movies3.00% |
||||||||||
24 Hour Fitness Worldwide, Inc., Term Loan B |
5.25% | 04/22/16 | 4,724 | 4,777,804 | ||||||
Alpha Topco Ltd. (United Kingdom), Term Loan B |
4.50% | 04/30/19 | 9,051 | 9,156,714 | ||||||
Fender Musical Instruments Corp., Term Loan |
5.75% | 04/03/19 | 514 | 521,128 | ||||||
IMG Worldwide, Inc., Term Loan B |
5.50% | 06/16/16 | 543 | 543,825 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||
Leisure Goods, Activities & Movies(continued) |
||||||||||
Infront Finance Luxembourg S.a r.l. (Switzerland), Term Loan B |
5.15% | 06/21/19 | EUR | 7,500 | $ 10,063,619 | |||||
Live Nation Entertainment, Inc., Term Loan B-1 |
3.50% | 08/17/20 | 1,309 | 1,313,913 | ||||||
Merlin Entertainments Group S.a r.l. (Luxembourg), Term Loan B1 |
3.43% | 07/03/19 | 3,139 | 3,158,729 | ||||||
US FinCo LLC, Term Loan B |
4.00% | 05/29/20 | 811 | 811,851 | ||||||
30,347,583 | ||||||||||
Lodging & Casinos7.71% |
||||||||||
Bally Technologies, Inc., Term Loan B (e) |
| 11/25/20 | 11,718 | 11,811,250 | ||||||
Boyd Acquisition Sub, LLC, Term Loan B |
4.25% | 11/20/17 | 208 | 209,594 | ||||||
Cannery Casino Resorts, LLC, |
6.00% | 10/02/18 | 3,273 | 3,230,304 | ||||||
Second Lien Term Loan |
10.00% | 10/02/19 | 659 | 608,860 | ||||||
Centaur Acquisition, LLC, First Lien Term Loan |
5.25% | 02/20/19 | 2,227 | 2,258,047 | ||||||
Four Seasons Holdings Inc. (Canada), Second Lien Term Loan |
6.25% | 12/28/20 | 1,260 | 1,295,978 | ||||||
Golden Nugget, Inc., |
| 11/21/19 | 374 | 377,852 | ||||||
Term Loan B (e) |
| 11/21/19 | 872 | 881,654 | ||||||
Great Wolf Resorts, Inc., Term Loan B |
4.50% | 08/06/20 | 1,798 | 1,806,186 | ||||||
Harrahs Operating Co., Inc., |
9.50% | 10/31/16 | 481 | 483,707 | ||||||
Term Loan B-5 |
4.49% | 01/26/18 | 7,867 | 7,391,117 | ||||||
Hilton Worldwide Finance, LLC, USD Term Loan B2 |
4.00% | 10/26/20 | 32,264 | 32,404,668 | ||||||
Pinnacle Entertainment, Inc., Term Loan B-1 |
3.75% | 08/15/16 | 945 | 948,535 | ||||||
Scientific Games International, Inc., Term Loan B |
4.25% | 10/18/20 | 8,161 | 8,179,231 | ||||||
Twin River Management Group, Inc., Term Loan |
5.25% | 11/09/18 | 3,142 | 3,184,008 | ||||||
Yonkers Racing Corp., |
4.25% | 08/16/19 | 2,721 | 2,713,751 | ||||||
Second Lien Term Loan (Acquired 08/16/13; Cost $250,844) |
8.75% | 08/20/20 | 253 | 253,923 | ||||||
78,038,665 | ||||||||||
Nonferrous Metals & Minerals1.17% |
||||||||||
Alpha Natural Resources, Inc., Term Loan B |
3.50% | 05/22/20 | 3,033 | 2,986,569 | ||||||
Arch Coal, Inc., Term Loan |
5.75% | 05/16/18 | 4,130 | 4,043,034 | ||||||
Noranda Aluminum Acquisition Corp., Term Loan B |
5.75% | 02/28/19 | 3,354 | 3,144,007 | ||||||
Walter Energy, Inc., Term Loan B |
6.75% | 04/02/18 | 1,750 | 1,718,063 | ||||||
11,891,673 | ||||||||||
Oil & Gas6.41% |
||||||||||
Ameriforge Group Inc., First Lien Term Loan |
5.00% | 12/19/19 | 27 | 27,305 | ||||||
Atlas Energy, L.P., Term Loan (Acquired 07/22/13; Cost $1,285,619) |
6.50% | 07/31/19 | 1,298 | 1,330,484 | ||||||
Azure Midstream Energy LLC, Term Loan B (e) |
| 11/12/18 | 1,577 | 1,587,449 | ||||||
Bronco Midstream Funding, LLC, Term Loan |
5.00% | 08/17/20 | 3,384 | 3,434,962 | ||||||
Buffalo Gulf Coast Terminals LLC, Term Loan (Acquired 10/31/11-10/23/12; |
5.25% | 10/31/17 | 6,236 | 6,298,629 | ||||||
Chesapeake Energy Corp., Term Loan |
5.75% | 12/01/17 | 11,355 | 11,609,805 | ||||||
CITGO Petroleum Corp., Term Loan B |
8.00% | 06/24/15 | 512 | 516,724 | ||||||
Crestwood Holdings LLC, Term Loan B-1 |
7.00% | 06/19/19 | 715 | 738,239 | ||||||
Drillships Financing Holding Inc., Term Loan B-1 |
6.00% | 03/31/21 | 7,724 | 7,897,878 | ||||||
EMG Utica, LLC, Term Loan |
4.75% | 03/27/20 | 1,351 | 1,358,032 | ||||||
Fieldwood Energy LLC, Second Lien Term Loan |
8.38% | 09/30/20 | 2,897 | 2,961,281 | ||||||
HGIM Corp., Term Loan B |
5.50% | 06/18/20 | 3,509 | 3,530,600 | ||||||
NGPL PipeCo LLC, Term Loan |
6.75% | 09/15/17 | 4,986 | 4,640,763 | ||||||
Obsidian Natural Gas Trust (United Kingdom), Term Loan (Acquired 12/09/10-05/05/11; Cost $876,741) |
7.00% | 11/02/15 | 864 | 868,192 | ||||||
Pacific Drilling S.A. (Luxembourg), Term Loan |
4.50% | 06/04/18 | 1,185 | 1,197,622 | ||||||
Samson Investment Co., Second Lien Term Loan |
6.00% | 09/25/18 | 3,799 | 3,819,189 |
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) |
||||||||||
Saxon Enterprises LLC, Term Loan |
5.50% | 02/15/19 | $ 2,855 | $ 2,885,448 | ||||||
Tallgrass Operations, LLC, |
0.00% | 11/13/17 | 1,640 | 1,642,050 | ||||||
Term Loan B |
4.25% | 11/13/18 | 2,178 | 2,185,947 | ||||||
Tervita Corp. (Canada), Term Loan |
6.25% | 05/15/18 | 3,019 | 3,028,794 | ||||||
WildHorse Resources, LLC, Term Loan (Acquired 06/07/13; Cost $3,356,148) |
7.50% | 06/13/18 | 3,388 | 3,387,510 | ||||||
64,946,903 | ||||||||||
Publishing3.84% |
||||||||||
Cenveo Corp., Term Loan B |
6.25% | 02/13/17 | 7,285 | 7,367,353 | ||||||
Getty Images, Inc., |
| 10/18/17 | 1,200 | 1,026,029 | ||||||
Term Loan |
4.75% | 10/18/19 | 3,318 | 3,075,001 | ||||||
Harland Clarke Holdings Corp., Term Loan B-2 |
5.41% | 06/30/17 | 263 | 264,137 | ||||||
Knowledgepoint360 Group, LLC, |
3.50% | 04/14/14 | 891 | 779,662 | ||||||
Second Lien Term Loan (Acquired 10/01/07-01/17/08; Cost $1,980,570) |
7.24% | 04/13/15 | 2,000 | 1,740,000 | ||||||
Media General, Inc., Term Loan B |
4.25% | 07/31/20 | 3,430 | 3,470,732 | ||||||
MediMedia USA, Inc., First Lien Term Loan (Acquired 05/10/13; Cost $3,469,852) |
8.00% | 11/20/18 | 3,567 | 3,477,781 | ||||||
Merrill Communications LLC, Term Loan |
7.25% | 03/08/18 | 5,455 | 5,564,523 | ||||||
MTL Publishing LLC, Term Loan B-1 |
4.25% | 06/29/18 | 776 | 781,246 | ||||||
Multi Packaging Solutions, Inc., Term Loan |
4.25% | 08/21/20 | 1,459 | 1,467,207 | ||||||
Newsday, LLC, Term Loan |
3.66% | 10/12/16 | 2,254 | 2,261,997 | ||||||
ProQuest LLC, Term Loan |
6.00% | 04/13/18 | 2,410 | 2,429,476 | ||||||
Southern Graphics Inc., Term Loan B |
4.25% | 10/17/19 | 2,990 | 3,002,781 | ||||||
Tribune Co., Term Loan B |
4.00% | 12/31/19 | 998 | 1,000,097 | ||||||
YB (USA) LLC, Term Loan B1 (c) |
0.00% | 07/31/14 | 5,235 | 1,174,260 | ||||||
38,882,282 | ||||||||||
Radio & Television4.75% |
||||||||||
Clear Channel Communications, Inc., |
3.81% | 01/29/16 | 6,713 | 6,484,092 | ||||||
Term Loan D |
6.91% | 01/30/19 | 17,675 | 16,721,353 | ||||||
E.W. Scripps Co., Term Loan B (e) |
| 11/26/20 | 880 | 884,734 | ||||||
Gray Television, Inc., Term Loan |
4.75% | 10/15/19 | 656 | 660,312 | ||||||
Mission Broadcasting, Inc., |
4.50% | 12/03/19 | 247 | 248,371 | ||||||
Term Loan B2 |
3.75% | 10/01/20 | 26 | 26,420 | ||||||
Multicultural Radio Broadcasting, Inc., Term Loan |
7.00% | 06/05/17 | 591 | 589,809 | ||||||
NEP/NCP HoldCo, Inc., Second Lien Term Loan |
9.50% | 07/22/20 | 155 | 159,815 | ||||||
Nexstar Broadcasting, Inc., |
4.50% | 12/03/19 | 585 | 587,133 | ||||||
Term Loan B2 |
3.75% | 10/01/20 | 5 | 5,284 | ||||||
Nine Entertainment Corp., Incremental Term Loan |
3.75% | 02/05/20 | 881 | 878,557 | ||||||
Raycom TV Broadcasting, LLC, Term Loan B (Acquired 06/01/11-08/16/11; Cost $2,998,534) |
4.25% | 05/31/17 | 3,040 | 3,051,549 | ||||||
TWCC Holding Corp., Second Lien Term Loan |
7.00% | 06/26/20 | 1,622 | 1,665,412 | ||||||
Tyrol Acquisition 2 SAS (France), |
3.12% | 01/29/16 | EUR | 2,809 | 3,716,759 | |||||
Revolver Loan (d) |
0.00% | 01/31/14 | EUR | 1,750 | 2,212,082 | |||||
Revolver Loan |
3.13% | 01/31/14 | EUR | 264 | 333,284 | |||||
Second Lien Term Loan |
3.40% | 07/29/16 | EUR | 2,193 | 2,845,823 | |||||
Term Loan C (Acquired 05/13/10-07/22/11; Cost $1,787,364) |
2.40% | 01/29/16 | EUR | 1,390 | 1,846,862 | |||||
Univision Communications Inc., |
4.50% | 03/02/20 | 2,992 | 3,006,830 | ||||||
Term Loan |
4.50% | 03/02/20 | 2,176 | 2,188,597 | ||||||
48,113,078 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||
Retailers (except Food & Drug)5.55% |
||||||||||
Collective Brands, Inc., Term Loan |
7.25% | 10/09/19 | $ 4,147 | $ 4,162,796 | ||||||
Davids Bridal, Inc., Term Loan (d) |
0.00% | 10/05/17 | 1,848 | 1,728,248 | ||||||
Guitar Center, Inc., Term Loan |
6.25% | 04/10/17 | 4,903 | 4,754,721 | ||||||
Hudsons Bay Co. (Canada), First Lien Term Loan |
4.75% | 11/04/20 | 6,302 | 6,392,464 | ||||||
KKR My Best Friend UK Holdco Ltd. (United Kingdom), Term Loan D |
5.49% | 03/30/19 | GBP | 938 | 1,545,298 | |||||
National Vision, Inc., Term Loan (Acquired 08/03/12; Cost $1,712,402) |
7.00% | 08/02/18 | 1,733 | 1,741,398 | ||||||
Neiman Marcus Group, Inc., Term Loan B |
5.00% | 10/26/20 | 5,408 | 5,450,105 | ||||||
OSP Group, Inc., First Lien Term Loan |
5.50% | 02/05/20 | 2,562 | 2,597,732 | ||||||
Pep Boys - Manny, Moe & Jack, Term Loan B |
4.25% | 10/11/18 | 398 | 400,246 | ||||||
Savers Inc., Term Loan |
5.00% | 07/09/19 | 3,381 | 3,395,462 | ||||||
Sears Holding Corp., Term Loan |
5.50% | 06/30/18 | 12,737 | 12,793,014 | ||||||
Toys R US Property Co. I, LLC, Term Loan |
6.00% | 08/21/19 | 6,823 | 6,649,692 | ||||||
Toys R US-Delaware, Inc., |
6.00% | 09/01/16 | 1,146 | 1,071,150 | ||||||
Term Loan B-2 |
5.25% | 05/25/18 | 639 | 569,797 | ||||||
Wilton Brands LLC, Term Loan B |
7.50% | 08/30/18 | 3,059 | 2,928,936 | ||||||
56,181,059 | ||||||||||
Steel0.51% |
||||||||||
JFB Firth Rixson Inc., Term Loan |
4.25% | 06/30/17 | 856 | 862,039 | ||||||
TMS International Corp., Term Loan B |
4.50% | 10/16/20 | 1,770 | 1,785,226 | ||||||
Waupaca Foundry, Inc., Term Loan |
4.50% | 06/29/17 | 2,498 | 2,506,298 | ||||||
5,153,563 | ||||||||||
Surface Transport1.35% |
||||||||||
American Petroleum Tankers Parent LLC, Term Loan |
4.75% | 10/02/19 | 1,336 | 1,342,641 | ||||||
Hertz Corp. (The), |
3.75% | 03/09/18 | 849 | 845,402 | ||||||
Term Loan B-1 |
3.75% | 03/12/18 | 254 | 255,332 | ||||||
JHCI Acquisition, Inc., First Lien Term Loan |
7.00% | 07/11/19 | 2,025 | 2,029,198 | ||||||
Navios Partners Finance (US) Inc., Term Loan |
5.25% | 06/27/18 | 4,498 | 4,570,807 | ||||||
U.S. Shipping Corp., Term Loan (Acquired 04/19/13; Cost $4,497,432) |
9.00% | 04/12/18 | 4,538 | 4,673,850 | ||||||
13,717,230 | ||||||||||
Telecommunications6.34% |
||||||||||
Avaya Inc., |
4.74% | 10/26/17 | 11,308 | 10,856,948 | ||||||
Term Loan B-5 |
8.00% | 03/30/18 | 5,557 | 5,547,059 | ||||||
Consolidated Communications, Inc., Incremental Term Loan 3 |
5.25% | 12/31/18 | 2,873 | 2,896,429 | ||||||
Cricket Communications, Inc., Term Loan C |
4.75% | 03/09/20 | 2,377 | 2,391,089 | ||||||
Fairpoint Communications, Inc., Term Loan |
7.50% | 02/14/19 | 5,902 | 6,063,514 | ||||||
Fibernet Cable Holdings B.V. (Netherlands), |
0.00% | 12/20/14 | EUR | 980 | 0 | |||||
Term Loan C (Acquired 08/29/07; Cost $1,332,763)(c)(g) |
0.00% | 12/20/15 | EUR | 980 | 0 | |||||
Global Tel*Link Corp., First Lien Term Loan (Acquired 05/21/13; Cost $2,786,492) |
5.00% | 05/22/20 | 2,800 | 2,750,537 | ||||||
Hargray Communications Group, Inc., Term Loan |
4.75% | 06/26/19 | 225 | 227,338 | ||||||
Level 3 Communications, Inc., Term Loan B |
4.00% | 01/15/20 | 14,400 | 14,520,536 | ||||||
LTS Buyer LLC, |
4.50% | 04/13/20 | 1,405 | 1,408,667 | ||||||
Second Lien Term Loan |
8.00% | 04/12/21 | 118 | 118,442 | ||||||
NTELOS Inc., Term Loan B |
5.75% | 11/08/19 | 5,349 | 5,388,976 | ||||||
U.S. TelePacific Corp., Term Loan |
5.75% | 02/23/17 | 2,996 | 3,001,465 | ||||||
Yankee Cable Acquisition, LLC, Term Loan B |
5.25% | 03/02/20 | 6,051 | 6,087,868 | ||||||
Zayo Group, LLC, Term Loan B (e) |
| 07/02/19 | 2,931 | 2,936,444 | ||||||
64,195,312 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||
Utilities3.32% |
||||||||||
Calpine Construction Finance Co., L.P., Term Loan B-2 |
3.25% | 01/31/22 | $ 2,328 | $ 2,313,969 | ||||||
EquiPower Resources Holdings, LLC, |
4.25% | 12/21/18 | 478 | 480,909 | ||||||
First Lien Term Loan C |
4.25% | 12/31/19 | 2,145 | 2,157,351 | ||||||
LSP Madison Funding, LLC, Term Loan (Acquired 06/29/12; Cost $1,297,768) |
5.50% | 06/28/19 | 1,324 | 1,344,101 | ||||||
NSG Holdings LLC, Term Loan (Acquired 12/17/12-10/04/13; Cost $1,004,844) |
4.75% | 12/03/19 | 1,011 | 1,022,392 | ||||||
Sapphire Power Finance LLC, Term Loan B (Acquired 07/10/13; Cost 2,250,555) |
6.00% | 07/10/18 | 2,272 | 2,297,348 | ||||||
Texas Competitive Electric Holdings, |
3.73% | 10/10/14 | 14,367 | 10,368,123 | ||||||
Term Loan |
4.73% | 10/10/17 | 9,193 | 6,382,327 | ||||||
USIC Holding, Inc., First Lien Term Loan |
4.75% | 07/10/20 | 1,619 | 1,629,700 | ||||||
Viridian Group Holdings Ltd. (Ireland), Term Loan A |
13.50% | 03/16/20 | GBP | 3,769 | 5,623,377 | |||||
33,619,597 | ||||||||||
Total Variable Rate Senior Loan Interests |
1,149,302,140 | |||||||||
Notes23.19% | ||||||||||
Air Transport0.07% |
||||||||||
Continental Airlines, Inc. (h) |
6.75% | 09/15/15 | 650 | 673,563 | ||||||
Automotive0.90% |
||||||||||
Goodyear Tire & Rubber Co. |
6.50% | 03/01/21 | 1,517 | 1,615,605 | ||||||
Schaeffler AG (Germany) (h) |
6.88% | 08/15/18 | EUR | 4,000 | 5,819,744 | |||||
Schaeffler AG (Germany) (h) |
8.50% | 02/15/19 | 754 | 861,445 | ||||||
Schaeffler AG (Germany) (h) |
4.75% | 05/15/21 | 824 | 823,150 | ||||||
9,119,944 | ||||||||||
Building & Development0.10% |
||||||||||
Autobahn Tank & Rast Holding GmbH (Germany) (h) |
6.75% | 12/30/20 | EUR | 750 | 1,055,737 | |||||
Business Equipment & Services0.63% |
||||||||||
ADT Corp. (The) (h) |
6.25% | 10/15/21 | 1,361 | 1,429,050 | ||||||
First Data Corporation (h) |
6.75% | 11/01/20 | 4,216 | 4,458,420 | ||||||
Nuance Communications, Inc. (h)(i) |
5.23% | 05/15/19 | EUR | 333 | 461,702 | |||||
6,349,172 | ||||||||||
Cable & Satellite Television1.83% |
||||||||||
Charter Communications Operating LLC |
7.00% | 01/15/19 | 1 | 454 | ||||||
UPC Broadband Holdings, B.V. (Netherlands) (h) |
8.38% | 08/15/20 | EUR | 4,000 | 6,019,488 | |||||
UPC Broadband Holdings, B.V. (Netherlands) (h) |
7.25% | 11/15/21 | 2,941 | 3,220,395 | ||||||
UPC Broadband Holdings, B.V. (Netherlands) (h) |
6.88% | 01/15/22 | 236 | 255,432 | ||||||
YPSO Holding SA (France) (h)(i) |
8.10% | 10/15/18 | EUR | 6,500 | 9,058,134 | |||||
18,553,903 | ||||||||||
Chemicals & Plastics0.78% |
||||||||||
Hexion Specialty Chemicals, Inc. |
6.63% | 04/15/20 | 6,294 | 6,451,350 | ||||||
Ineos Holdings Ltd. (h) |
8.38% | 02/15/19 | 328 | 366,130 | ||||||
Ineos Holdings Ltd. (h) |
7.50% | 05/01/20 | 211 | 232,100 | ||||||
Taminco Global Chemical Corp. (h) |
9.75% | 03/31/20 | 761 | 870,394 | ||||||
7,919,974 | ||||||||||
Conglomerates0.65% |
||||||||||
CeramTec Acquisition Corp. (h) |
8.25% | 08/15/21 | EUR | 4,500 | 6,603,772 | |||||
Containers & Glass Products2.21% |
||||||||||
Ardagh Glass Finance plc (Ireland) (h) |
8.75% | 02/01/20 | EUR | 1,000 | 1,443,998 | |||||
Ardagh Glass Finance plc (Ireland) (h) |
8.75% | 02/01/20 | EUR | 4,000 | 5,775,991 | |||||
Ardagh Glass Finance plc (Ireland) (h) |
7.00% | 11/15/20 | 1,008 | 1,015,560 |
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. |
7.88% | 08/15/19 | $ 936 | $ 1,043,640 | ||||||
Reynolds Group Holdings Inc. |
9.88% | 08/15/19 | 4,453 | 4,953,962 | ||||||
Reynolds Group Holdings Inc. |
5.75% | 10/15/20 | 6,834 | 7,021,935 | ||||||
Reynolds Group Holdings Inc. |
6.88% | 02/15/21 | 1,043 | 1,131,655 | ||||||
22,386,741 | ||||||||||
Electronics & Electrical0.29% |
||||||||||
Blackboard Inc. (h) |
7.75% | 11/15/19 | 2,234 | 2,222,830 | ||||||
Freescale Semiconductor, Inc. (h) |
6.00% | 01/15/22 | 299 | 303,485 | ||||||
Hellermanntyton Beta S.a r.l. (Luxembourg) (h)(i) |
5.35% | 12/15/17 | EUR | 300 | 413,551 | |||||
2,939,866 | ||||||||||
Financial Intermediaries0.34% |
||||||||||
TMF Group Holdco B.V. (Netherlands) (h)(i) |
5.60% | 12/01/18 | EUR | 2,450 | 3,409,226 | |||||
Food Products0.05% |
||||||||||
Chiquita Brands LLC (h) |
7.88% | 02/01/21 | 451 | 485,953 | ||||||
Forest Products0.27% |
||||||||||
Verso Paper Holdings LLC |
11.75% | 01/15/19 | 2,632 | 2,757,020 | ||||||
Healthcare3.15% |
||||||||||
Accellent Inc. |
8.38% | 02/01/17 | 3,107 | 3,285,652 | ||||||
Accellent Inc. |
10.00% | 11/01/17 | 2,706 | 2,739,825 | ||||||
Biomet Inc. |
6.50% | 08/01/20 | 652 | 694,380 | ||||||
DJO Finance LLC |
8.75% | 03/15/18 | 1,861 | 2,047,100 | ||||||
Groupe Labco S.A.S. (France) (h) |
8.50% | 01/15/18 | EUR | 3,500 | 5,071,969 | |||||
Kindred Healthcare, Inc. |
8.25% | 06/01/19 | 1,094 | 1,176,050 | ||||||
Kinetic Concepts, Inc. |
10.50% | 11/01/18 | 1,619 | 1,865,898 | ||||||
Tenet Healthcare Corp. (h) |
6.00% | 10/01/20 | 1,122 | 1,176,698 | ||||||
Unilabs SubHolding AB (Sweden) (h) |
8.50% | 07/15/18 | EUR | 4,500 | 6,328,982 | |||||
Voyage Care BondCo plc (United Kingdom) (h) |
6.50% | 08/01/18 | GBP | 4,500 | 7,510,615 | |||||
31,897,169 | ||||||||||
Insurance1.06% |
||||||||||
Domestic & General Group Ltd. (United Kingdom) (h)(i) |
5.52% | 11/15/19 | GBP | 3,500 | 5,755,684 | |||||
Domestic & General Group Ltd. (United Kingdom) (h) |
6.38% | 11/15/20 | GBP | 3,000 | 4,921,171 | |||||
10,676,855 | ||||||||||
Leisure Goods, Activities & Movies1.66% |
||||||||||
Corleone Capital Ltd. (United Kingdom) (h) |
9.00% | 08/01/18 | GBP | 6,656 | 10,945,667 | |||||
Vue Entertainment Investment Ltd. (United Kingdom) (h)(i) |
5.48% | 07/15/20 | EUR | 3,000 | 4,143,826 | |||||
Vue Entertainment Investment Ltd. (United Kingdom) (h) |
7.88% | 07/15/20 | GBP | 1,000 | 1,742,659 | |||||
16,832,152 | ||||||||||
Lodging & Casinos0.10% |
||||||||||
Harrahs Operating Co., Inc. |
8.50% | 02/15/20 | 335 | 324,113 | ||||||
Harrahs Operating Co., Inc. |
9.00% | 02/15/20 | 738 | 715,860 | ||||||
1,039,973 | ||||||||||
Nonferrous Metals & Minerals0.46% |
||||||||||
TiZir Ltd. (United Kingdom) |
9.00% | 09/28/17 | 4,500 | 4,680,000 | ||||||
Oil & Gas0.66% |
||||||||||
Kinder Morgan, Inc. (h) |
5.00% | 02/15/21 | 1,140 | 1,145,700 | ||||||
NGPL PipeCo LLC (h) |
9.63% | 06/01/19 | 635 | 630,634 |
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) |
||||||||||
Pacific Drilling S.A. (Luxembourg) (h) |
5.38% | 06/01/20 | $ 2,473 | $ 2,509,408 | ||||||
Tervita Corp. (Canada) (h) |
8.00% | 11/15/18 | 2,098 | 2,176,885 | ||||||
Western Refining, Inc. |
6.25% | 04/01/21 | 187 | 188,169 | ||||||
6,650,796 | ||||||||||
Publishing0.47% |
||||||||||
Merrill Communications, LLC |
10.00% | 03/08/23 | 4,847 | 4,725,561 | ||||||
Radio & Television0.49% |
||||||||||
Sinclair Television Group, Inc. (h) |
6.38% | 11/01/21 | 740 | 764,050 | ||||||
Univision Communications Inc. (h) |
6.75% | 09/15/22 | 3,833 | 4,225,882 | ||||||
4,989,932 | ||||||||||
Retailers (except Food & Drug)1.38% |
||||||||||
Claires Stores, Inc. (h) |
9.00% | 03/15/19 | 1,507 | 1,691,608 | ||||||
New Look Bondco I plc (United Kingdom) (h)(i) |
6.47% | 05/14/18 | EUR | 2,667 | 3,687,341 | |||||
New Look Bondco I plc (United Kingdom) (h) |
8.75% | 05/14/18 | GBP | 1,500 | 2,592,512 | |||||
Salsa Retail Holding Debtco 1 S.a r.l. (Germany) (h)(i) |
7.23% | 04/15/19 | EUR | 1,500 | 2,007,628 | |||||
Salsa Retail Holding Debtco 1 S.a r.l. (Germany) (h) |
9.88% | 04/15/19 | EUR | 1,500 | 2,065,717 | |||||
Targus Group International, Inc. (Acquired 12/16/09-12/14/11; Cost $5,224,758) (h)(j) |
10.00% | 06/14/19 | 1,866 | 1,865,968 | ||||||
13,910,774 | ||||||||||
Surface Transport1.50% |
||||||||||
Avis Budget Car Rental, LLC (h) |
6.00% | 03/01/21 | EUR | 3,250 | 4,670,029 | |||||
Nobina Europe AB (Sweden) |
11.00% | 10/31/17 | SEK | 69,933 | 10,475,060 | |||||
15,145,089 | ||||||||||
Telecommunications3.12% |
||||||||||
Goodman Networks Inc. (h) |
12.13% | 07/01/18 | 667 | 710,355 | ||||||
Goodman Networks Inc. (h) |
12.13% | 07/01/18 | 4,220 | 4,473,200 | ||||||
Matterhorn Mobile S.A. (Luxembourg) (h) |
7.75% | 02/15/20 | EUR | 1,500 | 2,115,653 | |||||
Matterhorn Mobile S.A. (Luxembourg) (h) |
8.25% | 02/15/20 | EUR | 5,000 | 7,439,434 | |||||
Wind Telecomunicazioni S.p.A. (Italy) (h) |
11.75% | 07/15/17 | EUR | 2,742 | 3,968,309 | |||||
Wind Telecomunicazioni S.p.A. (Italy) (h) |
12.25% | 07/15/17 | EUR | 3,000 | 4,239,459 | |||||
Wind Telecomunicazioni S.p.A. (Italy) (h) |
7.38% | 02/15/18 | EUR | 4,045 | 5,821,569 | |||||
Windstream Corp. |
7.50% | 06/01/22 | 2,709 | 2,824,132 | ||||||
Windstream Corp. |
6.38% | 08/01/23 | 20 | 19,225 | ||||||
31,611,336 | ||||||||||
Utilities1.02% |
||||||||||
Calpine Corp. (h) |
6.00% | 01/15/22 | 430 | 443,975 | ||||||
Calpine Corp. (h) |
7.88% | 01/15/23 | 1 | 162 | ||||||
Calpine Corp. (h) |
7.50% | 02/15/21 | 980 | 1,073,592 | ||||||
NRG Energy Inc. |
7.63% | 05/15/19 | 2,821 | 3,011,417 | ||||||
NRG Energy Inc. |
6.63% | 03/15/23 | 1,103 | 1,138,847 | ||||||
Viridian Group Holdings Ltd. (Ireland) (h) |
11.13% | 04/01/17 | 4,240 | 4,696,144 | ||||||
10,364,137 | ||||||||||
Total Notes |
234,778,645 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Interest Rate |
Maturity Date |
Principal Amount (000)* |
Value | |||||||
Structured Products6.23% |
||||||||||
Apidos Cinco CDO (h)(i) |
4.49% | 05/14/20 | $ 930 | $ 878,497 | ||||||
Apidos CLO II (h)(i) |
4.99% | 12/21/18 | 781 | 764,950 | ||||||
Apidos CLO IX (h)(i) |
6.74% | 07/15/23 | 2,660 | 2,652,793 | ||||||
Apidos CLO X (h)(i) |
6.49% | 10/30/22 | 3,499 | 3,492,918 | ||||||
Apidos CLO XI (h)(i) |
5.49% | 01/17/23 | 4,830 | 4,567,821 | ||||||
Apidos Quattro CDO (h)(i) |
3.84% | 01/20/19 | 631 | 590,164 | ||||||
Ares XI CLO, Ltd. (h)(i) |
3.25% | 10/11/21 | 792 | 766,303 | ||||||
Atrium IV CDO Corp. (h) |
9.18% | 06/08/19 | 328 | 332,591 | ||||||
Babson CLO Ltd. 2013-II (e)(i) |
| 01/18/25 | 2,365 | 2,119,206 | ||||||
Carlyle Global Market Strategies CLO 2012-3 Ltd. (h)(i) |
5.74% | 10/14/24 | 623 | 597,481 | ||||||
Centurion CDO 15 Ltd. (h)(i) |
2.51% | 03/11/21 | 2,750 | 2,527,736 | ||||||
Euro Galaxy CLO BV (Netherlands) (e)(i) |
| 01/15/27 | EUR | 1,429 | 1,844,640 | |||||
Flagship CLO VI (h)(i) |
5.01% | 06/10/21 | 922 | 872,228 | ||||||
Flagship CLO VI (i) |
5.01% | 06/10/21 | 3,085 | 2,917,106 | ||||||
Gramercy Park CLO (h)(i) |
5.74% | 07/17/23 | 3,708 | 3,568,266 | ||||||
Halcyon Loan Investors CLO II, Ltd. (h)(i) |
3.84% | 04/24/21 | 2,121 | 1,910,824 | ||||||
ING Investment Management CLO 2012-3, Ltd. (h)(i) |
6.09% | 10/15/22 | 1,261 | 1,239,734 | ||||||
ING Investment Management CLO 2012-4, Ltd. (h)(i) |
5.99% | 10/15/23 | 4,765 | 4,644,771 | ||||||
ING Investment Management CLO 2013-3 (e)(h)(i) |
| 01/18/26 | 1,573 | 1,411,815 | ||||||
ING Investment Management CLO III, Ltd. (h)(i) |
3.75% | 12/13/20 | 1,842 | 1,667,713 | ||||||
ING Investment Management CLO IV, Ltd. (h)(i) |
4.49% | 06/14/22 | 395 | 365,242 | ||||||
Keuka Park CLO 2013-1 (h)(i) |
4.74% | 10/21/24 | 328 | 294,492 | ||||||
KKR Financial CLO 2012-1 (h)(i) |
5.75% | 12/15/24 | 4,900 | 4,638,321 | ||||||
Octagon Investment Partners XVIII Ltd. (e)(h)(i) |
| 12/16/24 | 2,365 | 2,235,185 | ||||||
Pacifica CDO VI, Ltd. (h)(i) |
3.99% | 08/15/21 | 1,538 | 1,372,662 | ||||||
Sierra CLO II Ltd. (i) |
3.74% | 01/22/21 | 1,696 | 1,468,544 | ||||||
Silverado CLO 2006-II Ltd. (h)(i) |
4.00% | 10/16/20 | 2,050 | 1,845,745 | ||||||
Slater Mill Loan Fund, LP (h)(i) |
5.74% | 08/17/22 | 3,076 | 2,959,421 | ||||||
Symphony CLO IX, Ltd. (h)(i) |
5.25% | 04/16/22 | 5,126 | 4,797,000 | ||||||
Symphony CLO VIII, Ltd. (h)(i) |
5.99% | 01/09/23 | 2,790 | 2,722,804 | ||||||
Symphony CLO XI (h)(i) |
5.49% | 01/17/25 | 1,030 | 972,998 | ||||||
63,039,971 | ||||||||||
Shares | ||||||||||
Common Stocks & Other Equity Interests3.88% | ||||||||||
Building & Development0.47% |
||||||||||
Axia Acquisition Corp. (Acquired 03/19/10; Cost $1,404,030) (h)(k) |
101 | 373,178 | ||||||||
Building Materials Holding Corp. (h)(k) |
512,204 | 3,073,224 | ||||||||
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 | ||||||||
Lake at Las Vegas Joint Venture, LLC, Class C, Wts. expiring 07/15/15 (Acquired
07/15/10; |
117 | 0 | ||||||||
Lake at Las Vegas Joint Venture, LLC, Class D, Wts. expiring 07/15/15 (Acquired
07/15/10; |
161 | 0 | ||||||||
Lake at Las Vegas Joint Venture, LLC, Class E, Wts. expiring 07/15/15 (Acquired
07/15/10; |
180 | 0 | ||||||||
Lake at Las Vegas Joint Venture, LLC, Class F, Wts. expiring 07/15/15 (Acquired
07/15/10; |
202 | 0 | ||||||||
Lake at Las Vegas Joint Venture, LLC, Class G, Wts. expiring 07/15/15 (Acquired
07/15/10; |
229 | 0 | ||||||||
Newhall Holding Co., LLC, Class A (h)(k) |
237,570 | 758,323 | ||||||||
Rhodes Homes (h)(k) |
750,544 | 206,400 | ||||||||
WCI Communities, Inc. (k) |
18,849 | 366,613 | ||||||||
4,777,738 | ||||||||||
Conglomerates0.05% |
||||||||||
Euramax International, Inc. (h)(k) |
1,870 | 448,752 | ||||||||
Cosmetics & Toiletries0.09% |
||||||||||
Marietta Intermediate Holding Corp. (Acquired 07/13/07; Cost $2,591,511) (h)(k) |
1,641,483 | 952,060 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Shares | Value | |||||||||
Cosmetics & Toiletries(continued) |
||||||||||
Marietta Intermediate Holding Corp., Wts. expiring 02/20/19 (Acquired 07/12/07; Cost $0) (h)(k) |
413,194 | $ 0 | ||||||||
952,060 | ||||||||||
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 | ||||||||||
Leisure Goods, Activities & Movies1.06% |
||||||||||
MB2 L.P. (Canada) (k) |
30,040 | 416,052 | ||||||||
Metro-Goldwyn-Mayer Inc., Class A (h)(k) |
150,602 | 10,335,062 | ||||||||
10,751,114 | ||||||||||
Lodging & Casinos0.10% |
||||||||||
Twin River Worldwide Holdings, Inc., Class A (h)(k) |
41,966 | 1,028,167 | ||||||||
Oil & Gas0.00% |
||||||||||
Vitruvian Exploration LLC (h)(k) |
76,400 | 22,920 | ||||||||
Publishing0.52% |
||||||||||
Affiliated Media, Inc. (h)(k) |
87,369 | 1,703,692 | ||||||||
Endurance Business Media, Inc., Class A (Acquired 12/14/10; Cost $4,090,000) (h)(k) |
4,753 | 0 | ||||||||
Merrill Communications LLC, Class A (h)(k) |
602,134 | 1,731,135 | ||||||||
Tribune Co., Class A (k) |
24,258 | 1,807,221 | ||||||||
5,242,048 | ||||||||||
Retailers (except Food & Drug)0.08% |
||||||||||
Targus Group International, Inc. (Acquired 12/16/09; Cost $0) (h)(j)(k) |
62,413 | 778,914 | ||||||||
Surface Transport1.51% |
||||||||||
Nobina Europe AB (Sweden) (h)(k) |
90,358,291 | 15,290,799 | ||||||||
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 | ||||||||||
Total Common Stocks & Other Equity Interests |
39,316,190 | |||||||||
Preferred Stocks0.01% | ||||||||||
Building & Development0.00% |
||||||||||
United Subcontractors, Inc. (Acquired 08/02/13; Cost $0) (h)(k) |
3 | 50 | ||||||||
Financial Intermediaries0.01% |
||||||||||
RJO Holdings Corp., Class A2 (h)(k) |
649 | 51,263 | ||||||||
Total Preferred Stocks |
51,313 | |||||||||
Money Market Funds1.39% |
||||||||||
Liquid Assets PortfolioInstitutional Class (l) |
7,044 | 7,043,556 | ||||||||
Premier PortfolioInstitutional Class (l) |
7,044 | 7,043,556 | ||||||||
Total Money Market Funds |
14,087,112 | |||||||||
TOTAL INVESTMENTS**148.23% (Cost $1,501,663,822) |
1,500,575,371 | |||||||||
OTHER ASSETS LESS LIABILITIES(4.67)% |
(47,241,445) | |||||||||
BORROWINGS(31.21)% |
(316,000,000) | |||||||||
VARIABLE RATE TERM PREFERRED SHARES(12.35)% |
(125,000,000) | |||||||||
NET ASSETS100.00% |
$ 1,012,333,926 |
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Credit Opportunities Fund
Investment Abbreviations:
CDO | Collateralized Debt Obligation | LOC | Letter of Credit | |||||
CLO | Collateralized Loan Obligation | PIK | Payment in Kind | |||||
EUR | Euro | SEK | Swedish Krona | |||||
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 (the 1933 Act) 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) | 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, 2013 was $3,506,950, which represented less than 1% of the Funds Net Assets. |
(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) | This variable rate interest will settle after November 30, 2013, at which time the interest rate will be determined. |
(f) | All or a portion of this security is Payment-in-Kind. |
(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 1933 Act). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2013 was $261,359,827, which represented 25.82% of the Funds Net Assets. |
(i) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2013. |
(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, 2013 was $2,644,882, which represented less than 1% 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. |
** | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Funds use of leverage. |
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, 2013
(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.
Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end of day net present values, spreads, ratings, industry and company performance.
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 Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Invesco Dynamic Credit Opportunities Fund
A. | Security Valuations (continued) |
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the 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 |
Invesco Dynamic Credit Opportunities Fund
E. | Foreign Currency Translations (continued) |
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.
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. 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 designation of collateral by the counterparty to cover the Funds exposure to the counterparty.
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
Invesco Dynamic Credit Opportunities Fund
G. | Swap Agreements (continued) |
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.
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. 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. | 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. |
J. | 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. |
K. | 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.
L. | 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. |
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, 2013. 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 |
$ | | $ | 1,068,734,054 | $ | 80,568,086 | $ | 1,149,302,140 | ||||||||
Notes |
| 228,187,116 | 6,591,529 | 234,778,645 | ||||||||||||
Structured Products |
| 63,039,971 | | 63,039,971 | ||||||||||||
Equity Securities |
16,260,946 | 35,089,467 | 2,104,202 | 53,454,615 | ||||||||||||
$ | 16,260,946 | $ | 1,395,050,608 | $ | 89,263,817 | $ | 1,500,575,371 | |||||||||
Foreign Currency Contracts* |
| (3,034,014) | | (3,034,014) | ||||||||||||
Total Investments |
$ | 16,260,946 | $ | 1,392,016,594 | $ | 89,263,817 | $ | 1,497,541,357 |
* Unrealized appreciation (depreciation).
A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Variable Rate Senior Loan Interests during the nine months ended November 30, 2013:
Beginning as of |
Purchases | Sales | Accrued discounts/ premiums |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ (Depreciation) |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance, as of November 30, |
||||||||||||||||||||||||||||
Variable Rate Senior Loan Interests |
$ | 68,657,390 | $ | 49,206,286 | $ | (25,155,649) | $ | 103,659 | $ | (80,240) | $ | 1,976,962 | $ | 12,336,762 | $ | (26,477,084) | $ | 80,568,086 | ||||||||||||||||||
Notes |
1,865,968 | 3,461,821 | | 94,564 | | 1,169,176 | | | 6,591,529 | |||||||||||||||||||||||||||
Equity Securities |
1,995,149 | | (206,616) | | 206,616 | (189,878) | 298,931 | | 2,104,202 | |||||||||||||||||||||||||||
Total |
$ | 72,518,507 | $ | 52,668,107 | $ | (25,362,265) | $ | 198,223 | $ | 126,376 | $ | 2,956,260 | $ | 12,635,693 | $ | (26,477,084) | $ | 89,263,817 |
The Variable Rate Senior Loan Interests determined to be Level 3 at the end of the reporting period were valued utilizing quotes from a third-party vendor pricing service. Investments in Variable Rate Senior Loan Interests were transferred from Level 2 to Level 3 due to third-party vendor quotations utilizing single market quotes and was assumed to have occurred at the end of the reporting period. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.
Invesco Dynamic Credit Opportunities Fund
NOTE 3 Derivative Investments
Value of Derivative Investments at Period-End
The table below summarizes the value of the Funds derivative investments, detailed by primary risk exposure, held as of November 30, 2013:
Risk Exposure/ Derivative Type | Value | |||||||
Assets | Liabilities | |||||||
Currency risk |
$ | 63,348 | $ | (3,097,362 | ) |
Effect of Derivative Investments for the nine months ended November 30, 2013
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Statement of Operations |
||||||||
Foreign Currency Contracts* |
Swap Agreements* |
|||||||
Realized Gain (Loss) Credit risk |
$ | | $ | 7,243,684 | ||||
Currency risk |
(8,682,789 | ) | | |||||
Change in Unrealized Appreciation (Depreciation) Credit risk |
$ | | $ | (7,161,686 | ) | |||
Currency risk |
(9,158,320 | ) | | |||||
Total |
$ | (17,841,109 | ) | $ | 81,998 |
* The average notional value of foreign currency contracts and swap agreements outstanding during the period was $297,609,805 and $18,800,000, respectively.
Open Foreign Currency Contracts | ||||||||||||||||||||||
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||
Settlement Date |
Counterparty |
Contract to | Notional | |||||||||||||||||||
Deliver | Receive | Value | ||||||||||||||||||||
12/18/13 |
State Street Bank | EUR | 47,000,000 USD | 63,617,320 | $ | 63,849,045 | $ | (231,725 | ) | |||||||||||||
12/18/13 |
JPMorgan Chase Bank N.A. | EUR | 40,000,000 USD | 54,138,640 | 54,339,613 | (200,973 | ) | |||||||||||||||
12/18/13 |
Mellon Bank N.A. | EUR | 40,000,000 USD | 54,138,400 | 54,339,613 | (201,213 | ) | |||||||||||||||
12/18/13 |
Goldman Sachs International | EUR | 40,000,000 USD | 54,143,160 | 54,339,613 | (196,453 | ) | |||||||||||||||
12/18/13 |
State Street Bank | GBP | 54,500,000 USD | 86,929,135 | 89,196,133 | (2,266,998 | ) | |||||||||||||||
12/18/13 |
State Street Bank | SEK | 90,000,000 USD | 13,786,659 | 13,723,311 | 63,348 | ||||||||||||||||
Total open foreign currency contracts |
|
$ | (3,034,014 | ) |
Currency Abbreviations:
EUR Euro |
SEK Swedish Krona | |||
GBP British Pound Sterling |
USD U.S. Dollar |
Invesco Dynamic Credit Opportunities Fund
NOTE 4 Investments in Other Affiliates
The Investment Company Act of 1940, as amended (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, 2013.
Value 02/28/13 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value 11/30/13 |
Interest/Dividend Income | ||||||||||||||||||
Targus International Inc. - Note |
$ | 1,865,968 | $ | $ | $ | $ | $ | 1,865,968 | $140,984 | |||||||||||||||
Targus International Inc. - Common Shares |
824,476 | | | (45,562 | ) | | 778,914 | | ||||||||||||||||
Total |
$ | 2,690,444 | $ | $ | $(45,562 | ) | $ | $ | 2,644,882 | $140,984 |
NOTE 5 Unfunded Loan Commitments
As of November 30, 2013, 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* |
Value | |||||||||||
Axia Inc. |
Revolver Loan | $ | 348,226 | $ | 348,226 | |||||||||
Davids Bridal, Inc. |
Revolver Loan | 1,848,394 | 1,728,248 | |||||||||||
Delta Air Lines, Inc. |
Revolver Loan | 7,019,463 | 6,691,865 | |||||||||||
Delta Air Lines, Inc. |
Revolver Loan | 1,032,274 | 965,176 | |||||||||||
H.J. Heinz Co. |
Revolver Loan | 6,837,334 | 6,632,214 | |||||||||||
Lake at Las Vegas Joint Venture, LLC |
PIK Exit Revolver Loan | 48,725 | 17,297 | |||||||||||
Reynolds Group Holdings Inc. |
Revolver Loan | 5,104,216 | 5,100,847 | |||||||||||
Surgical Care Affiliates |
Revolver Loan | 6,250,000 | 6,216,250 | |||||||||||
Tallgrass Operations, LLC |
Delayed Draw Term Loan | 1,640,000 | 1,642,050 | |||||||||||
Tyrol Acquisition 2 SAS |
Revolver Loan | EUR | 1,750,501 | 2,212,082 | ||||||||||
Vitalia Holdco S.a r.l. |
Revolver Loan | EUR | 1,333,333 | 1,787,856 | ||||||||||
West Corp. |
Revolver Loan | 2,426,942 | 2,354,133 | |||||||||||
$ | 35,696,244 |
* | Principal amounts are denominated in U.S. dollars unless otherwise noted. |
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, 2013 was $1,444,379,938 and $1,256,230,116, 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 |
$ 73,881,817 | |
Aggregate unrealized (depreciation) of investment securities |
(89,333,269) | |
Net unrealized appreciation (depreciation) of investment securities |
$ (15,451,452) | |
Cost of investments for tax purposes is $1,516,026,823. |
Invesco Dynamic Credit Opportunities Fund
NOTE 7 Senior Loan Participation Commitments
The Fund 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 Fund purchases a participation of a Senior Loan interest, the Fund 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 Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.
At the nine months ended November 30, 2013, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.
Selling Participant | Principal Amount* |
Value | ||||||||||
Goldman Sachs Lending Partners LLC |
$ | 8,685,727 | $ | 8,360,462 | ||||||||
Merrill Lynch Capital Services, Inc. |
EUR | 2,014,241 | 2,545,366 | |||||||||
Total |
$ | 10,905,828 |
* | Principal amounts are denominated in U.S. dollars unless otherwise noted. |
Invesco Dynamic Credit Opportunities Fund
Item 2. Controls and Procedures.
(a) | As of November 19, 2013, 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, 2013, 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.
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, 2014 |
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, 2014 |
By: | /s/ Sheri Morris |
|||
Sheri Morris | ||||
Principal Financial Officer | ||||
Date: | January 29, 2014 |
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.