UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-08743 | |
Invesco Senior Income Trust | ||
(Exact name of registrant as specified in charter) | ||
1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309 | ||
(Address of principal executive offices) (Zip code) | ||
Sheri Morris 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309 | ||
(Name and address of agent for service) |
Registrants telephone number, including area code: | (713) 626-1919 |
Date of fiscal year end: | 2/28 |
|||
Date of reporting period: | 8/31/18 |
Item 1. Report to Stockholders.
| ||||
Semiannual Report to Shareholders
|
August 31, 2018 | |||
| ||||
Invesco Senior Income Trust | ||||
NYSE: VVR |
| ||||
2 | Letters to Shareholders | |||
3 | Trust Performance | |||
3 | Share Repurchase Program Notice | |||
4 | Changes to Investment Policies | |||
5 | Dividend Reinvestment Plan | |||
6 | Schedule of Investments | |||
28 | Financial Statements | |||
31 | Notes to Financial Statements | |||
40 | Financial Highlights | |||
41 | Approval of Investment Advisory and Sub-Advisory Contracts | |||
43 | Distribution Information | |||
44 | Proxy Results | |||
Unless otherwise noted, all data provided by Invesco. | ||||
| ||||
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Dear Fellow Shareholders:
As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invescos mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management teams investment performance within the context of the funds investment strategy; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
We believe one of the most important services we provide our fund shareholders is the annual review of the funds advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
Dear Shareholders:
This semiannual report includes information about your Trust, including performance data and a complete list of its investments as of the close of the reporting period.
The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction cant guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.
Our website, invesco.com/us, offers timely information about your Trust. Also, you can obtain updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, you can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.
Finally, Im pleased to share with you Invescos commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.
For questions about your account, contact an Invesco client services representative at 800 341 2929. For Invesco-related questions or comments, please email me directly at phil@invesco.com.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.
Sincerely,
Philip Taylor
Senior Managing Director, Invesco Ltd.
2 Invesco Senior Income Trust |
3 Invesco Senior Income Trust |
Changes to Investment Policies
4 Invesco Senior Income Trust |
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco closed-end Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.
5 Invesco Senior Income Trust |
August 31, 2018
(Unaudited)
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Variable Rate Senior Loan Interests129.39%(b)(c) |
|
|||||||||||||||
Aerospace & Defense4.11% |
|
|||||||||||||||
Consolidated Aerospace Manufacturing, LLC, Term Loan (1 mo. USD LIBOR + 3.75%) (Acquired 08/19/2015-02/28/2018; Cost $1,628,916) |
5.83 | % | 08/11/2022 | $ | 1,643 | $ | 1,653,463 | |||||||||
DAE Aviation Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 07/07/2022 | 1,804 | 1,810,107 | |||||||||||
Greenrock Finance, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 06/28/2024 | 1,726 | 1,735,010 | |||||||||||
IAP Worldwide Services, |
||||||||||||||||
First Lien Term Loan (Acquired 07/22/2014-03/16/2018; Cost $1,407,499)(d)(e) |
0.00 | % | 07/18/2019 | 1,407 | 1,407,499 | |||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 5.50%) |
1.46 | % | 07/18/2019 | 156 | 156,389 | |||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) |
8.83 | % | 07/18/2019 | 1,834 | 1,813,693 | |||||||||||
Maxar Technologies Ltd. (Canada), Term Loan B (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 10/04/2024 | 1,748 | 1,713,148 | |||||||||||
NAC Aviation 8 Ltd. (Ireland), Term Loan (Acquired 03/24/2017; Cost $2,184,095) |
8.58 | % | 12/31/2020 | 2,161 | 2,161,079 | |||||||||||
Peraton Corp., Term Loan (3 mo. USD LIBOR + 5.25%)(e) |
7.59 | % | 04/29/2024 | 1,148 | 1,148,263 | |||||||||||
Perspecta Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 05/30/2025 | 1,146 | 1,148,935 | |||||||||||
TransDigm Inc., |
||||||||||||||||
Term Loan E (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 05/30/2025 | 6,763 | 6,755,892 | |||||||||||
Term Loan F (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 06/09/2023 | 11,309 | 11,299,812 | |||||||||||
Term Loan G (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 08/22/2024 | 40 | 39,691 | |||||||||||
Vectra Co., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 03/08/2025 | 815 | 815,292 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) |
9.33 | % | 03/08/2026 | 479 | 480,809 | |||||||||||
Wesco Aircraft Hardware Corp., Term Loan B (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 02/28/2021 | 1,313 | 1,307,978 | |||||||||||
Xebec Global Holdings, LLC, Term Loan (3 mo. USD LIBOR
+ 5.50%) |
7.84 | % | 02/12/2024 | 861 | 854,602 | |||||||||||
36,301,662 | ||||||||||||||||
Air Transport1.83% |
|
|||||||||||||||
American Airlines, Inc., |
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 1.75%) |
3.81 | % | 06/27/2025 | 96 | 94,239 | |||||||||||
Term Loan B (1 mo. USD LIBOR + 2.00%) |
4.06 | % | 12/14/2023 | 1,524 | 1,515,699 | |||||||||||
Avolon TLB Borrower 1 (US) LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 01/15/2025 | 9,124 | 9,128,055 | |||||||||||
Gol LuxCo S.A. (Luxembourg), Term Loan |
6.50 | % | 08/31/2020 | 3,076 | 3,156,993 | |||||||||||
Mesa Airlines, Inc., |
||||||||||||||||
Term Loan N913FJ (3 mo. USD LIBOR + 4.50%) |
6.80 | % | 12/01/2021 | 219 | 217,303 | |||||||||||
Term Loan N914FJ (3 mo. USD LIBOR + 4.50%) |
6.80 | % | 12/01/2021 | 254 | 251,868 | |||||||||||
Term Loan N916FJ (3 mo. USD LIBOR + 4.50%) |
6.80 | % | 03/01/2022 | 268 | 265,186 | |||||||||||
Term Loan N917FJ (3 mo. USD LIBOR + 4.50%) |
6.80 | % | 03/01/2022 | 244 | 241,300 | |||||||||||
Term Loan N947LR (3 mo. USD LIBOR + 4.50%) |
6.80 | % | 09/01/2022 | 266 | 263,200 | |||||||||||
Term Loan N948LR (3 mo. USD LIBOR + 4.50%) |
6.80 | % | 09/01/2022 | 273 | 270,615 | |||||||||||
Term Loan N950LR (3 mo. USD LIBOR + 4.50%) |
6.80 | % | 09/01/2022 | 301 | 297,800 | |||||||||||
Term Loan N951LR (3 mo. USD LIBOR + 4.50%) |
6.80 | % | 09/01/2022 | 285 | 281,983 | |||||||||||
Term Loan N915FJ (3 mo. USD LIBOR +
4.50%) |
6.80 | % | 12/01/2021 | 215 | 212,710 | |||||||||||
16,196,951 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Automotive3.10% |
|
|||||||||||||||
Allison Transmission, Inc., Term Loan (1 mo. USD LIBOR + 1.75%) |
3.82 | % | 09/23/2022 | $ | 25 | $ | 24,868 | |||||||||
American Axle & Manufacturing, Inc., Term Loan B (2 mo. USD LIBOR + 2.25%) |
4.37 | % | 04/06/2024 | 2,097 | 2,100,110 | |||||||||||
Belron Finance US LLC, Term Loan B (3 mo. USD LIBOR + 2.50%) |
4.84 | % | 11/07/2024 | 1,140 | 1,145,781 | |||||||||||
CH Hold Corp., Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 02/01/2024 | 1,848 | 1,857,399 | |||||||||||
Dayco Products, LLC, Term Loan (3 mo. USD LIBOR + 4.25%) |
6.56 | % | 05/19/2023 | 864 | 867,860 | |||||||||||
Dealer Tire, LLC, Term Loan (3 mo. USD LIBOR + 3.25%) |
5.70 | % | 12/22/2021 | 148 | 143,995 | |||||||||||
Mavis Tire Express Services Corp., |
||||||||||||||||
Delayed Draw Term Loan(d) |
0.00 | % | 03/20/2025 | 246 | 244,026 | |||||||||||
Delayed Draw Term Loan (1 mo. USD LIBOR + 3.25%) |
1.24 | % | 03/20/2025 | 14 | 14,201 | |||||||||||
Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 03/20/2025 | 1,619 | 1,609,206 | |||||||||||
Midas Intermediate Holdco II, LLC, Term Loan (3 mo. USD LIBOR + 2.75%) |
5.08 | % | 08/18/2021 | 1,723 | 1,645,714 | |||||||||||
Navistar Financial Corp., Term Loan B (1 mo. USD LIBOR + 3.75%) |
5.88 | % | 08/03/2025 | 1,596 | 1,602,183 | |||||||||||
Navistar, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 11/06/2024 | 1,249 | 1,254,784 | |||||||||||
Superior Industries International, Inc., Term Loan (1 mo. USD LIBOR + 4.00%) |
6.08 | % | 05/22/2024 | 1,338 | 1,347,687 | |||||||||||
Tenneco Inc., Term Loan B(f) |
| 06/18/2025 | 4,000 | 4,007,814 | ||||||||||||
ThermaSys Corp., Term Loan (3 mo. USD LIBOR + 4.00%) |
6.35 | % | 05/03/2019 | 1,814 | 1,737,119 | |||||||||||
TI Group Automotive Systems, L.L.C., Term Loan (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 06/30/2025 | 472 | 473,107 | |||||||||||
Tower Automotive Holdings USA, LLC, Term Loan (1 mo. USD LIBOR + 2.75%) |
4.88 | % | 03/07/2024 | 2,177 | 2,187,928 | |||||||||||
Transtar Holding Co., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)(e) |
6.33 | % | 04/11/2022 | 1,824 | 1,814,732 | |||||||||||
PIK Term Loan, 7.75% PIK Rate, 1.00% Cash Rate |
7.75 | % | 04/11/2022 | 597 | 609,800 | |||||||||||
Term Loan (Acquired 04/11/2017-07/06/2017; Cost $815,662)(d) |
0.00 | % | 04/10/2022 | 160 | 159,476 | |||||||||||
Term Loan |
5.08 | % | 04/10/2022 | 655 | 651,871 | |||||||||||
Wand Intermediate I L.P., Second Lien Term Loan (2 mo. USD LIBOR + 7.25%) |
9.42 | % | 09/19/2022 | 857 | 861,890 | |||||||||||
Winter Park Intermediate, Inc., Term Loan (1 mo. USD LIBOR + 4.75%) |
6.83 | % | 04/04/2025 | 1,041 | 1,027,748 | |||||||||||
27,389,299 | ||||||||||||||||
Beverage & Tobacco0.65% |
|
|||||||||||||||
AI Aqua Merger Sub, Inc., |
||||||||||||||||
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 12/13/2023 | 774 | 769,708 | |||||||||||
First Lien Term Loan B-1 (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 12/13/2023 | 2,999 | 2,990,056 | |||||||||||
Arctic Glacier U.S.A. Inc., Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 03/20/2024 | 710 | 712,482 | |||||||||||
Arterra Wines Canada, Inc. (Canada), First Lien Term Loan B-1 (3 mo. USD |
5.07 | % | 12/15/2023 | 958 | 961,373 | |||||||||||
Winebow Holdings, Inc., Second Lien Term Loan (1 mo.
USD LIBOR + 7.50%) |
9.58 | % | 01/02/2022 | 391 | 295,013 | |||||||||||
5,728,632 | ||||||||||||||||
Building & Development3.77% |
|
|||||||||||||||
American Builders & Contractors Supply Co., Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 10/31/2023 | 2,731 | 2,722,494 | |||||||||||
Beacon Roofing Supply, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) |
4.32 | % | 01/02/2025 | 1,903 | 1,897,340 | |||||||||||
Capital Automotive L.P., |
||||||||||||||||
First Lien Term Loan B-2 (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 03/24/2024 | 4,067 | 4,075,079 | |||||||||||
Second Lien Term Loan B (1 mo. USD LIBOR + 6.00%)(e) |
8.08 | % | 03/24/2025 | 1,763 | 1,804,757 | |||||||||||
DiversiTech Holdings, Inc., |
||||||||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%) |
9.84 | % | 06/02/2025 | 257 | 261,220 | |||||||||||
Term Loan B-1 (3 mo. USD LIBOR + 3.00%) |
5.34 | % | 06/03/2024 | 824 | 821,648 | |||||||||||
Forterra Finance, LLC, Second Lien Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 10/25/2023 | 1,322 | 1,241,825 | |||||||||||
HD Supply Waterworks, Ltd., Term Loan (3 mo. USD LIBOR + 3.00%) |
5.31 | % | 08/01/2024 | 608 | 611,605 | |||||||||||
HD Supply, Inc., |
||||||||||||||||
Term Loan B-3 (1 mo. USD LIBOR + 2.25%) |
4.32 | % | 08/13/2021 | 33 | 32,844 | |||||||||||
Term Loan B-4 (1 mo. USD LIBOR + 2.50%) |
4.57 | % | 10/17/2023 | 1,937 | 1,952,173 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Building & Development(continued) |
|
|||||||||||||||
Janus International Group, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 02/12/2025 | $ | 471 | $ | 464,957 | |||||||||
LSF10 Impala Investments S.a.r.l. (Luxembourg), Term Loan B(f) |
| 07/31/2025 | EUR | 448 | 521,093 | |||||||||||
Pisces Midco Inc., Term Loan (3 mo. USD LIBOR + 3.75%) |
6.09 | % | 04/12/2025 | 3,402 | 3,419,412 | |||||||||||
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 11/15/2023 | 3,548 | 3,549,653 | |||||||||||
RE/MAX, LLC, Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 12/15/2023 | 2,072 | 2,077,478 | |||||||||||
Realogy Group LLC, Term Loan (1 mo. USD LIBOR + 2.25%) |
4.32 | % | 02/08/2025 | 4,216 | 4,231,695 | |||||||||||
SRS Distribution Inc., Term Loan (2 mo. USD LIBOR + 3.25%) |
5.44 | % | 05/23/2025 | 2,330 | 2,280,664 | |||||||||||
Werner FinCo L.P., Term Loan (1 mo. USD LIBOR + 4.00%)(e) |
6.08 | % | 07/24/2024 | 1,386 | 1,365,683 | |||||||||||
33,331,620 | ||||||||||||||||
Business Equipment & Services14.78% |
|
|||||||||||||||
Acosta, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 09/26/2021 | 488 | 380,406 | |||||||||||
Allied Universal Holdco LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 07/28/2022 | 2,475 | 2,444,959 | |||||||||||
Alorica Inc., Term Loan B (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 06/30/2022 | 1,346 | 1,349,196 | |||||||||||
Altran Technologies (France), Term Loan B (3 mo. USD LIBOR + 2.25%) |
4.57 | % | 03/20/2025 | 485 | 485,365 | |||||||||||
Asurion LLC, |
||||||||||||||||
Second Lien Term Loan B-2 (1 mo. USD LIBOR + 6.50%) |
8.58 | % | 08/04/2025 | 10,978 | 11,316,006 | |||||||||||
Term Loan B-4 (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 08/04/2022 | 238 | 239,127 | |||||||||||
Term Loan B-6 (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 11/03/2023 | 11,168 | 11,214,420 | |||||||||||
Blackhawk Network Holdings, Inc., |
||||||||||||||||
First Lien Term Loan (2 mo. USD LIBOR + 3.00%) |
5.18 | % | 06/15/2025 | 2,306 | 2,317,328 | |||||||||||
Second Lien Term Loan (2 mo. USD LIBOR + 7.00%) |
9.19 | % | 06/15/2026 | 537 | 544,686 | |||||||||||
Blucora, Inc., Term Loan (3 mo. USD LIBOR + 3.00%) |
5.33 | % | 05/22/2024 | 1,005 | 1,012,963 | |||||||||||
Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%) |
6.60 | % | 06/21/2024 | 3,202 | 3,222,637 | |||||||||||
Brightview Landscapes, LLC, |
||||||||||||||||
First Lien Revolver Loan(d) |
0.00 | % | 08/15/2023 | 510 | 471,615 | |||||||||||
Term Loan(f) |
| 08/15/2025 | 2,688 | 2,694,980 | ||||||||||||
Caraustar Industries, Inc., Term Loan (3 mo. USD LIBOR + 5.50%) |
7.83 | % | 03/14/2022 | 3,004 | 3,030,089 | |||||||||||
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 03/01/2024 | 5,679 | 5,688,110 | |||||||||||
Checkout Holding Corp., First Lien Term Loan B (3 mo. USD LIBOR + 3.50%) |
5.81 | % | 04/04/2021 | 3,069 | 1,518,206 | |||||||||||
CRCI Longhorn Holdings, Inc., |
||||||||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%) |
9.33 | % | 08/08/2026 | 106 | 106,191 | |||||||||||
Term Loan (1 wk. USD LIBOR + 3.50%) |
5.58 | % | 08/08/2025 | 392 | 393,738 | |||||||||||
Crossmark Holdings, Inc., |
||||||||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 3.50%) |
5.83 | % | 12/21/2019 | 1,919 | 1,225,659 | |||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%) |
9.83 | % | 12/21/2020 | 731 | 78,601 | |||||||||||
Dakota Holding Corp., Term Loan (3 mo. USD LIBOR + 3.25%) |
5.58 | % | 02/13/2025 | 541 | 542,490 | |||||||||||
First Data Corp., |
||||||||||||||||
Term Loan A (1 mo. USD LIBOR + 2.00%) |
4.07 | % | 04/26/2024 | 13,552 | 13,548,218 | |||||||||||
Term Loan D (1 mo. USD LIBOR + 2.00%) |
4.07 | % | 07/08/2022 | 54 | 54,150 | |||||||||||
Genesys Telecom Holdings, U.S., Inc., Term Loan B-3 (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 12/01/2023 | 5,927 | 5,948,725 | |||||||||||
GI Revelation Acquisition LLC, |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 5.00%) |
7.08 | % | 04/16/2025 | 1,343 | 1,345,287 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 9.00%) |
11.08 | % | 04/16/2026 | 520 | 497,041 | |||||||||||
GlobalLogic Holdings Inc., |
||||||||||||||||
Delayed Draw Term Loan(f) |
| 08/01/2025 | 122 | 123,303 | ||||||||||||
Term Loan (3 mo. USD LIBOR + 3.25%) |
5.42 | % | 08/01/2025 | 857 | 863,121 | |||||||||||
Hillman Group, Inc., Term Loan (3 mo. USD LIBOR + 3.50%) |
5.83 | % | 05/31/2025 | 3,074 | 3,068,397 | |||||||||||
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B (3 mo. GBP LIBOR + 5.00%)(e) |
5.80 | % | 06/23/2024 | GBP | 801 | 1,042,878 | ||||||||||
Information Resources, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%) |
6.57 | % | 01/18/2024 | 3,032 | 3,053,446 | |||||||||||
ION Trading Technologies S.a.r.l. (Luxembourg), Term Loan(f) |
| 11/21/2024 | 867 | 864,468 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Business Equipment & Services(continued) |
|
|||||||||||||||
Iron Mountain Inc., Term Loan B (1 mo. USD LIBOR + 1.75%) |
3.83 | % | 01/02/2026 | $ | 1,559 | $ | 1,540,665 | |||||||||
KAR Auction Services, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.50%) |
4.63 | % | 03/09/2023 | 1,651 | 1,659,574 | |||||||||||
Karman Buyer Corp., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 07/23/2021 | 369 | 346,406 | |||||||||||
First Lien Term Loan B-2 (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 07/25/2021 | 4,077 | 3,867,285 | |||||||||||
KBR, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%) |
5.81 | % | 04/25/2025 | 2,904 | 2,929,454 | |||||||||||
Kronos Inc., First Lien Incremental Term Loan (3 mo. USD LIBOR + 3.00%) |
5.34 | % | 11/01/2023 | 2,800 | 2,810,751 | |||||||||||
Learning Care Group (US) No. 2 Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 03/13/2025 | 570 | 570,019 | |||||||||||
LegalZoom.com, Inc., Term Loan (1 mo. USD LIBOR + 4.25%) |
6.33 | % | 11/21/2024 | 906 | 914,180 | |||||||||||
Monitronics International, Inc., Term Loan B-2 (3 mo. USD LIBOR + 5.50%) |
7.83 | % | 09/30/2022 | 2,869 | 2,746,336 | |||||||||||
ON Assignment, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 04/02/2025 | 193 | 193,359 | |||||||||||
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 2.00%) |
4.07 | % | 03/18/2024 | 34 | 34,495 | |||||||||||
PI Lux Finco S.a.r.l. (Luxembourg), First Lien Incremental Term Loan B-2 (3 mo. EURIBOR + 3.25%) |
3.25 | % | 01/01/2025 | EUR | 1,260 | 1,446,110 | ||||||||||
Prime Security Services Borrower, LLC, |
||||||||||||||||
First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 05/02/2022 | 1,878 | 1,884,880 | |||||||||||
Revolver Loan(d)(e) |
0.00 | % | 05/02/2022 | 1,770 | 1,762,595 | |||||||||||
Prometric Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 01/29/2025 | 2,516 | 2,515,789 | |||||||||||
Red Ventures, LLC (New Imagitas, Inc.), First Lien Term Loan (1 mo. USD |
6.08 | % | 11/08/2024 | 1,536 | 1,554,177 | |||||||||||
Spin Holdco Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.25%) |
5.59 | % | 11/14/2022 | 7,819 | 7,850,786 | |||||||||||
Tempo Acquisition LLC, Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 05/01/2024 | 5 | 4,981 | |||||||||||
TNS Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%) |
6.32 | % | 08/14/2022 | 2,080 | 2,089,683 | |||||||||||
Trans Union LLC, Incremental Term Loan B-4 (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 06/19/2025 | 2,092 | 2,101,429 | |||||||||||
U.S. Security Associates Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.50%) |
5.83 | % | 07/14/2023 | 1,582 | 1,585,947 | |||||||||||
Ventia Deco LLC, Term Loan B (3 mo. USD LIBOR + 3.50%) |
5.83 | % | 05/21/2022 | 1,442 | 1,455,783 | |||||||||||
Wash MultiFamily Acquisition Inc., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 05/14/2022 | 402 | 403,038 | |||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 05/14/2022 | 2,411 | 2,420,290 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) |
9.08 | % | 05/12/2023 | 21 | 20,456 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) |
9.08 | % | 05/14/2023 | 119 | 116,793 | |||||||||||
West Corp., |
||||||||||||||||
Incremental Term Loan B-1 (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 10/10/2024 | 1,346 | 1,335,018 | |||||||||||
Term Loan B (1 mo. USD LIBOR + 4.00%) |
6.08 | % | 10/10/2024 | 2,897 | 2,890,699 | |||||||||||
WEX Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 06/30/2023 | 916 | 918,856 | |||||||||||
130,655,640 | ||||||||||||||||
Cable & Satellite Television7.93% |
|
|||||||||||||||
Altice Financing S.A. (Luxembourg), |
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 2.75%) |
4.81 | % | 07/15/2025 | 1,260 | 1,224,130 | |||||||||||
Term Loan (1 mo. USD LIBOR + 2.75%) |
4.81 | % | 01/31/2026 | 963 | 933,195 | |||||||||||
Altice US Finance I Corp., Term Loan (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 07/28/2025 | 2,603 | 2,604,109 | |||||||||||
Atlantic Broadband Finance, LLC, Term Loan B (1 mo. USD LIBOR + 2.38%) |
4.45 | % | 01/03/2025 | 3,919 | 3,916,463 | |||||||||||
CSC Holdings, LLC, |
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 2.25%) |
4.31 | % | 07/17/2025 | 8,109 | 8,093,390 | |||||||||||
Term Loan (1 mo. USD LIBOR + 2.50%) |
4.56 | % | 01/25/2026 | 2,701 | 2,708,517 | |||||||||||
Mediacom Illinois LLC, Term Loan N (1 wk. USD LIBOR + 1.75%) |
3.71 | % | 02/15/2024 | 919 | 917,633 | |||||||||||
Numericable-SFR S.A. (France), |
||||||||||||||||
Term Loan B-12 (1 mo. USD LIBOR + 3.69%) |
5.75 | % | 01/31/2026 | 7,280 | 7,024,060 | |||||||||||
Term Loan B-13(f) |
| 01/31/2026 | 5,731 | 5,589,592 | ||||||||||||
TDC A/S (Denmark), Term Loan B(f) |
| 05/31/2025 | 3,647 | 3,681,022 | ||||||||||||
Telenet Financing USD LLC, |
||||||||||||||||
Term Loan AN (1 mo. USD LIBOR + 2.25%) |
4.31 | % | 08/15/2026 | 5,784 | 5,722,593 | |||||||||||
Term Loan AO (6 mo. EURIBOR + 2.50%) |
2.50 | % | 12/21/2027 | EUR | 1,840 | 2,116,671 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Cable & Satellite Television(continued) |
|
|||||||||||||||
Unitymedia Finance LLC, |
||||||||||||||||
Term Loan B (1 mo. USD LIBOR + 2.25%) |
4.31 | % | 09/30/2025 | $ | 1,645 | $ | 1,643,566 | |||||||||
Term Loan D (1 mo. USD LIBOR + 2.25%) |
4.31 | % | 01/15/2026 | 2,111 | 2,109,746 | |||||||||||
UPC Financing Partnership, Term Loan AR (1 mo. USD LIBOR + 2.50%) |
4.56 | % | 01/15/2026 | 8,359 | 8,343,288 | |||||||||||
Virgin Media Bristol LLC (United Kingdom), Term Loan K (1 mo. USD LIBOR + 2.50%) |
4.56 | % | 01/15/2026 | 9,605 | 9,611,473 | |||||||||||
Ziggo Secured Finance Partnership, Term Loan E (1 mo. USD LIBOR + 2.50%) |
4.56 | % | 04/15/2025 | 3,933 | 3,872,038 | |||||||||||
70,111,486 | ||||||||||||||||
Chemicals & Plastics3.94% |
|
|||||||||||||||
Alpha US Bidco, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%) |
5.33 | % | 01/31/2024 | 1,590 | 1,596,899 | |||||||||||
Avantor Inc., |
||||||||||||||||
Term Loan (1 mo. EURIBOR + 4.25%) |
4.25 | % | 11/21/2024 | EUR | 1,098 | 1,284,797 | ||||||||||
Term Loan (1 mo. USD LIBOR + 4.00%) |
6.08 | % | 11/21/2024 | 4,936 | 5,000,170 | |||||||||||
Charter NEX US, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 05/16/2024 | 247 | 247,197 | |||||||||||
Colouroz Investment LLC (Germany), |
||||||||||||||||
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.00%) |
5.34 | % | 09/07/2021 | 2,026 | 1,920,444 | |||||||||||
Term Loan C (3 mo. USD LIBOR + 3.00%) |
5.34 | % | 09/07/2021 | 335 | 317,472 | |||||||||||
Cyanco Intermediate 2 Corp., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 03/16/2025 | 1,112 | 1,122,186 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(e) |
9.58 | % | 03/16/2026 | 417 | 411,049 | |||||||||||
Diamond (BC) B.V. (Netherlands), Term Loan B (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 09/06/2024 | 1,373 | 1,345,597 | |||||||||||
Encapsys, LLC, |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 11/07/2024 | 294 | 295,476 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) |
9.58 | % | 11/07/2025 | 151 | 151,556 | |||||||||||
Ferro Corp., |
||||||||||||||||
Term Loan B-2 (3 mo. USD LIBOR + 2.25%) |
4.58 | % | 02/14/2024 | 400 | 402,162 | |||||||||||
Term Loan B-3 (3 mo. USD LIBOR + 2.25%) |
4.58 | % | 02/14/2024 | 391 | 393,605 | |||||||||||
Gemini HDPE LLC, Term Loan (3 mo. USD LIBOR + 2.50%) |
4.85 | % | 08/07/2024 | 631 | 632,959 | |||||||||||
H.B. Fuller Co., Term Loan (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 10/20/2024 | 1,612 | 1,613,460 | |||||||||||
HII Holding Corp., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 12/20/2019 | 1,594 | 1,597,182 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 8.50%) |
10.58 | % | 12/20/2020 | 1,157 | 1,169,535 | |||||||||||
Ineos US Finance LLC, Term Loan (2 mo. USD LIBOR + 2.00%) |
4.17 | % | 03/31/2024 | 169 | 169,340 | |||||||||||
Invictus US NewCo LLC, |
||||||||||||||||
First Lien Term Loan (2 mo. USD LIBOR + 3.00%) |
5.20 | % | 03/28/2025 | 984 | 989,714 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) |
8.83 | % | 03/25/2026 | 522 | 523,196 | |||||||||||
KMG Chemicals, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 06/15/2024 | 722 | 725,762 | |||||||||||
KPEX Holdings, Inc., |
||||||||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(e) |
9.08 | % | 01/31/2026 | 203 | 203,367 | |||||||||||
Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 01/31/2025 | 473 | 472,607 | |||||||||||
MacDermid, Inc., |
||||||||||||||||
First Lien Multicurrency Revolver Loan(d)(e) |
0.00 | % | 06/07/2020 | 953 | 949,609 | |||||||||||
First Lien Revolver Loan(d)(e) |
0.00 | % | 06/07/2020 | 953 | 949,609 | |||||||||||
Term Loan B-6 (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 06/07/2023 | 810 | 813,747 | |||||||||||
Term Loan B-7 (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 06/07/2020 | 66 | 66,615 | |||||||||||
Oxea Corp., Term Loan B-2 (1 mo. USD LIBOR + 3.50%) |
5.63 | % | 10/11/2024 | 1,770 | 1,782,664 | |||||||||||
PQ Corp., Term Loan B-1 (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 02/08/2025 | 542 | 543,105 | |||||||||||
Proampac PG Borrower LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.50%) |
5.73 | % | 11/18/2023 | 1,531 | 1,528,818 | |||||||||||
Tata Chemicals North America Inc., Term Loan (3 mo. USD LIBOR + 2.75%) |
5.13 | % | 08/07/2020 | 981 | 984,192 | |||||||||||
Trinseo Materials Finance, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 09/06/2024 | 196 | 195,877 | |||||||||||
Tronox Finance LLC, |
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 09/22/2024 | 981 | 986,268 | |||||||||||
Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 09/22/2024 | 2,265 | 2,275,996 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Chemicals & Plastics(continued) |
|
|||||||||||||||
Venator Finance S.a.r.l., Term Loan (1 mo. USD LIBOR + 3.00%)(e) |
5.08 | % | 08/08/2024 | $ | 603 | $ | 604,703 | |||||||||
Versum Materials, Term Loan (3 mo. USD LIBOR + 2.00%) |
4.33 | % | 09/29/2023 | 610 | 612,108 | |||||||||||
34,879,043 | ||||||||||||||||
Clothing & Textiles1.32% |
|
|||||||||||||||
ABG Intermediate Holdings 2 LLC, |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 09/26/2024 | 5,087 | 5,103,152 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) |
9.83 | % | 09/29/2025 | 1,619 | 1,628,864 | |||||||||||
Ascena Retail Group, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%) |
6.63 | % | 08/21/2022 | 711 | 667,524 | |||||||||||
International Textile Group, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.00%) |
7.08 | % | 05/01/2024 | 905 | 911,486 | |||||||||||
Oak Parent, Inc., Term Loan (1 mo. USD LIBOR + 4.50%) |
6.58 | % | 10/26/2023 | 1,478 | 1,382,337 | |||||||||||
Tumi, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%) |
3.83 | % | 04/25/2025 | 199 | 198,637 | |||||||||||
Varsity Brands Holding Co., Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 12/15/2024 | 1,782 | 1,786,694 | |||||||||||
11,678,694 | ||||||||||||||||
Conglomerates0.47% |
|
|||||||||||||||
CTC AcquiCo GmbH (Germany), |
||||||||||||||||
Term Loan B-1 (3 mo. EURIBOR + 3.00%) |
3.00 | % | 12/14/2024 | EUR | 608 | 704,787 | ||||||||||
Term Loan B-2 (3 mo. USD LIBOR + 3.25%) |
5.56 | % | 03/07/2025 | 813 | 806,912 | |||||||||||
Penn Engineering & Manufacturing Corp., Term Loan B (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 06/27/2024 | 849 | 853,923 | |||||||||||
RGIS Services, LLC, Term Loan (3 mo. USD LIBOR + 7.50%) |
9.75 | % | 03/31/2023 | 1,001 | 943,749 | |||||||||||
Safe Fleet Holdings LLC, |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.00%) |
5.09 | % | 02/01/2025 | 579 | 575,204 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) |
8.84 | % | 02/01/2026 | 255 | 254,128 | |||||||||||
4,138,703 | ||||||||||||||||
Containers & Glass Products3.16% |
|
|||||||||||||||
Berlin Packaging, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) |
5.11 | % | 11/07/2025 | 3,064 | 3,068,474 | |||||||||||
Berry Global, Inc., |
||||||||||||||||
Term Loan Q (2 mo. USD LIBOR + 2.00%) |
4.19 | % | 10/01/2022 | 558 | 558,719 | |||||||||||
Term Loan R (2 mo. USD LIBOR + 2.00%) |
4.19 | % | 01/19/2024 | 1,286 | 1,287,527 | |||||||||||
BWAY Holding Co., Term Loan (3 mo. USD LIBOR + 3.25%) |
5.58 | % | 04/03/2024 | 793 | 791,161 | |||||||||||
Consolidated Container Co. LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 05/22/2024 | 976 | 979,324 | |||||||||||
Duran Group (Germany), Term Loan B-2 (3 mo. USD LIBOR + 4.00%)(e) |
6.33 | % | 03/21/2024 | 3,146 | 3,130,729 | |||||||||||
Flex Acquisition Co., Inc., Incremental Term Loan B (3 mo. USD LIBOR + 3.25%) |
5.75 | % | 06/29/2025 | 2,371 | 2,373,756 | |||||||||||
Fort Dearborn Holding Co., Inc., |
||||||||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 4.00%) |
6.34 | % | 10/19/2023 | 2,453 | 2,355,114 | |||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) |
10.84 | % | 10/19/2024 | 203 | 188,306 | |||||||||||
Hoffmaster Group, Inc., Term Loan B-1 (1 mo. USD LIBOR + 4.00%) |
6.08 | % | 11/21/2023 | 2,057 | 2,068,961 | |||||||||||
Klockner Pentaplast of America, Inc., |
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 4.25%) |
6.33 | % | 06/30/2022 | 398 | 386,031 | |||||||||||
Term Loan (3 mo. EURIBOR + 4.75%) |
4.75 | % | 06/30/2022 | EUR | 390 | 432,647 | ||||||||||
Multi-Color Corp., Term Loan B (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 10/31/2024 | 465 | 466,613 | |||||||||||
Optimus Bidco S.A.S. (France), Term Loan B(f) |
| 08/07/2025 | EUR | 228 | 265,378 | |||||||||||
Ranpak Corp., |
||||||||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)(e) |
9.31 | % | 10/01/2022 | 129 | 130,227 | |||||||||||
Term Loan B-1 (1 mo. USD LIBOR + 3.25%)(e) |
5.33 | % | 10/01/2021 | 408 | 408,903 | |||||||||||
Refresco Group, N.V. (Netherlands), |
||||||||||||||||
Term Loan B-1 (3 mo. EURIBOR + 3.25%) |
3.25 | % | 03/28/2025 | EUR | 585 | 672,827 | ||||||||||
Term Loan B-3 (3 mo. USD LIBOR + 3.25%)(e) |
5.56 | % | 03/28/2025 | 762 | 761,168 | |||||||||||
Reynolds Group Holdings Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 02/05/2023 | 4,902 | 4,923,612 | |||||||||||
TricorBraun Inc., |
||||||||||||||||
First Lien Delayed Draw Term Loan (3 mo. USD LIBOR + 3.75%) |
6.08 | % | 11/30/2023 | 155 | 156,228 | |||||||||||
Term Loan (3 mo. USD LIBOR + 3.75%) |
6.08 | % | 11/30/2023 | 1,540 | 1,550,474 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Containers & Glass Products(continued) |
|
|||||||||||||||
Trident TPI Holdings, Inc., |
||||||||||||||||
Term Loan B-1 (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 10/17/2024 | $ | 749 | $ | 747,954 | |||||||||
Term Loan B-2 (3 mo. EURIBOR + 3.50%) |
3.50 | % | 10/17/2024 | EUR | 210 | 243,311 | ||||||||||
27,947,444 | ||||||||||||||||
Cosmetics & Toiletries1.01% |
|
|||||||||||||||
Alphabet Holding Co., Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 09/26/2024 | 3,241 | 3,087,355 | |||||||||||
Anastasia Parent, LLC, Term Loan(f) |
| 08/02/2025 | 702 | 700,041 | ||||||||||||
Coty Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 04/07/2025 | 3,215 | 3,129,657 | |||||||||||
Parfums Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.75%) |
7.06 | % | 06/30/2024 | 1,892 | 1,911,383 | |||||||||||
Prestige Brands, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 01/26/2024 | 140 | 140,095 | |||||||||||
8,968,531 | ||||||||||||||||
Drugs2.18% |
|
|||||||||||||||
Amneal Pharmaceuticals LLC, Term Loan (1 mo. USD LIBOR + 3.50%) |
5.63 | % | 05/04/2025 | 4,338 | 4,375,118 | |||||||||||
BPA Laboratories, |
||||||||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 5.75%) |
8.08 | % | 04/29/2020 | 1,916 | 1,896,932 | |||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%) |
10.08 | % | 04/29/2020 | 1,666 | 1,624,391 | |||||||||||
Catalent Pharma Solutions, Inc., Term Loan (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 05/20/2024 | 58 | 58,024 | |||||||||||
Endo LLC, Term Loan (1 mo. USD LIBOR + 4.25%) |
6.38 | % | 04/29/2024 | 4,174 | 4,205,248 | |||||||||||
Valeant Pharmaceuticals International, Inc. (Canada), Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 06/02/2025 | 7,051 | 7,084,561 | |||||||||||
19,244,274 | ||||||||||||||||
Ecological Services & Equipment1.45% |
|
|||||||||||||||
Advanced Disposal Services, Inc., Term Loan (1 wk. USD LIBOR + 2.25%) |
4.21 | % | 11/10/2023 | 2,236 | 2,243,263 | |||||||||||
Charah, LLC, Term Loan (1 mo. USD LIBOR + 6.25%) |
8.33 | % | 10/25/2024 | 907 | 918,776 | |||||||||||
EnergySolutions, LLC, Term Loan (3 mo. USD LIBOR + 3.75%) |
6.08 | % | 05/09/2025 | 1,179 | 1,189,508 | |||||||||||
GFL Environmental Inc. (Canada), |
||||||||||||||||
Delayed Draw Term Loan(d) |
0.00 | % | 05/30/2025 | 175 | 174,071 | |||||||||||
Incremental Term Loan (3 mo. USD LIBOR + 2.75%) |
5.08 | % | 05/30/2025 | 1,407 | 1,401,720 | |||||||||||
Patriot Container Corp., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) |
5.57 | % | 03/20/2025 | 492 | 493,550 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) |
9.82 | % | 03/20/2026 | 416 | 405,460 | |||||||||||
WCA Waste Systems Inc., Term Loan (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 08/12/2023 | 2,168 | 2,162,556 | |||||||||||
Wrangler Buyer Corp., Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 09/27/2024 | 3,828 | 3,852,969 | |||||||||||
12,841,873 | ||||||||||||||||
Electronics & Electrical14.46% |
|
|||||||||||||||
4L Technologies Inc., Term Loan (1 mo. USD LIBOR + 4.50%) |
6.58 | % | 05/08/2020 | 3,076 | 3,024,033 | |||||||||||
Almonde, Inc. (United Kingdom), |
||||||||||||||||
First Lien Term Loan (1 mo. EURIBOR + 3.25%) |
4.25 | % | 06/13/2024 | EUR | 908 | 1,060,682 | ||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 06/13/2024 | 4,390 | 4,376,567 | |||||||||||
Applied Systems, Inc., |
||||||||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 3.00%) |
5.33 | % | 09/19/2024 | 1,296 | 1,302,929 | |||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 7.00%) |
9.33 | % | 09/19/2025 | 77 | 78,895 | |||||||||||
Barracuda Networks, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.31 | % | 02/12/2025 | 82 | 82,088 | |||||||||||
Blackboard Inc., Term Loan B-4 (3 mo. USD LIBOR + 5.00%) |
7.33 | % | 06/30/2021 | 867 | 831,680 | |||||||||||
Boxer Parent Co. Inc., Term Loan(f) |
| 06/28/2025 | 2,617 | 2,622,900 | ||||||||||||
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)(e) |
6.33 | % | 04/17/2025 | 1,155 | 1,159,224 | |||||||||||
Canyon Valor Cos., Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.25%) |
5.58 | % | 06/16/2023 | 5,654 | 5,683,892 | |||||||||||
Compuware Corp., Term Loan (3 mo. USD LIBOR + 3.50%) |
5.57 | % | 08/22/2025 | 695 | 700,691 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Electronics & Electrical(continued) |
|
|||||||||||||||
Dell International LLC, Term Loan B (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 09/07/2023 | $ | 752 | $ | 752,508 | |||||||||
Diebold Nixdorf, Inc., |
||||||||||||||||
Term Loan A-1(f) |
| 08/30/2022 | 2,254 | 2,333,122 | ||||||||||||
Term Loan B (1 mo. USD LIBOR + 2.75%) |
4.88 | % | 11/06/2023 | 1,976 | 1,682,956 | |||||||||||
DigiCert Holdings, Inc., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 4.75%) |
6.83 | % | 10/31/2024 | 3,295 | 3,313,818 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) |
10.08 | % | 10/31/2025 | 391 | 390,127 | |||||||||||
Dynatrace LLC, |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.32 | % | 08/22/2025 | 1,392 | 1,399,956 | |||||||||||
Second Lien Term Loan(f) |
| 08/21/2026 | 159 | 160,390 | ||||||||||||
Energizer Holdings, Inc., Term Loan B(f) |
| 06/20/2025 | 1,138 | 1,146,232 | ||||||||||||
Epicor Software Corp., Term Loan B (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 06/01/2022 | 59 | 59,205 | |||||||||||
Everest Bidco S.A.S. (France), First Lien Term Loan B (1 mo. EURIBOR + 4.00%) |
4.00 | % | 07/04/2025 | EUR | 2,248 | 2,609,750 | ||||||||||
Go Daddy Operating Co., LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 02/15/2024 | 3,158 | 3,170,623 | |||||||||||
Hyland Software, Inc., |
||||||||||||||||
First Lien Term Loan 3 (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 07/01/2022 | 1,000 | 1,007,664 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) |
9.08 | % | 07/07/2025 | 164 | 166,501 | |||||||||||
I-Logic Technologies Bidco Ltd. (United Kingdom), |
||||||||||||||||
Term Loan (1 mo. EURIBOR + 4.00%) |
5.00 | % | 12/23/2024 | EUR | 2,348 | 2,747,996 | ||||||||||
Term Loan (1 mo. USD LIBOR + 4.00%) |
6.08 | % | 12/23/2024 | 926 | 923,502 | |||||||||||
IGT Holding IV AB (Sweden), Term Loan B (3 mo. USD LIBOR + 3.75%) (Acquired 07/25/2017; Cost $1,367,667)(e) |
6.08 | % | 07/31/2024 | 1,368 | 1,326,637 | |||||||||||
Integrated Device Technology, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.50%) (Acquired 05/29/2018; Cost $865,278)(e) |
4.57 | % | 04/04/2024 | 862 | 863,123 | |||||||||||
Kemet Corp., Term Loan (1 mo. USD LIBOR + 6.00%) |
8.08 | % | 04/26/2024 | 1,335 | 1,362,150 | |||||||||||
MA Finance Co., LLC, |
||||||||||||||||
Term Loan B-2 (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 11/19/2021 | 3,686 | 3,652,496 | |||||||||||
Term Loan B-3 (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 06/21/2024 | 220 | 220,375 | |||||||||||
Mavenir Systems, Inc., Term Loan (1 mo. USD LIBOR + 6.00%) |
8.08 | % | 05/08/2025 | 1,966 | 1,965,925 | |||||||||||
McAfee, LLC, Term Loan (1 mo. USD LIBOR + 4.50%) |
6.57 | % | 09/30/2024 | 1,949 | 1,967,756 | |||||||||||
Mediaocean LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%) |
6.33 | % | 08/15/2022 | 2,205 | 2,216,419 | |||||||||||
Micro Holding, L.P., First Lien Term Loan (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 09/13/2024 | 1,907 | 1,917,393 | |||||||||||
Microchip Technology Inc., Term Loan (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 05/29/2025 | 3,208 | 3,206,922 | |||||||||||
Mirion Technologies, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.75%) |
6.98 | % | 03/31/2022 | 1,307 | 1,302,528 | |||||||||||
MTS Systems, Term Loan B (1 mo. USD LIBOR + 3.25%) |
5.32 | % | 07/05/2023 | 1,153 | 1,160,342 | |||||||||||
Neustar, Inc., |
||||||||||||||||
Term Loan B-3 (1 mo. USD LIBOR + 2.50%) |
4.57 | % | 01/08/2020 | 537 | 539,210 | |||||||||||
Term Loan B-4 (1 mo. USD LIBOR + 3.50%) |
5.57 | % | 08/08/2024 | 2,908 | 2,921,144 | |||||||||||
Oberthur Technologies of America Corp., Term Loan B-1 (3 mo. USD LIBOR + 3.75%) |
6.08 | % | 01/10/2024 | 1,098 | 1,104,329 | |||||||||||
OEConnection LLC, |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)(e) |
6.08 | % | 11/22/2024 | 1,008 | 1,013,099 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) |
10.08 | % | 11/22/2025 | 193 | 193,278 | |||||||||||
Omnitracs, Inc., Term Loan (3 mo. USD LIBOR + 2.75%) |
5.09 | % | 03/21/2025 | 2,833 | 2,826,353 | |||||||||||
On Semiconductor Corp., Term Loan B-3 (1 mo. USD LIBOR + 1.75%) |
3.83 | % | 03/31/2023 | 2,158 | 2,164,333 | |||||||||||
Open Text Corp. (Canada), Term Loan (1 mo. USD LIBOR + 1.75%) |
3.83 | % | 05/30/2025 | 71 | 70,948 | |||||||||||
Optiv Inc., |
||||||||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) |
9.31 | % | 02/01/2025 | 548 | 531,345 | |||||||||||
Term Loan (1 mo. USD LIBOR + 3.25%) |
5.31 | % | 02/01/2024 | 2,611 | 2,539,221 | |||||||||||
Plantronics, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 07/02/2025 | 3,502 | 3,498,892 | |||||||||||
Project Accelerate Parent, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%) (Acquired 12/15/2017; Cost $898,450)(e) |
6.33 | % | 01/02/2025 | 903 | 907,142 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Electronics & Electrical(continued) |
|
|||||||||||||||
Project Leopard Holdings, Inc., Term Loan (1 mo. USD LIBOR + 4.00%) |
6.08 | % | 07/07/2023 | $ | 932 | $ | 938,196 | |||||||||
Quest Software US Holdings Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%) |
6.57 | % | 05/18/2025 | 5,838 | 5,825,445 | |||||||||||
Renaissance Holding Corp., |
||||||||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 3.25%) |
5.58 | % | 05/30/2025 | 1,045 | 1,043,837 | |||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 7.00%) |
9.33 | % | 05/26/2026 | 349 | 349,301 | |||||||||||
Riverbed Technology, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 04/24/2022 | 2,536 | 2,525,955 | |||||||||||
Rocket Software, Inc., |
||||||||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 3.75%) |
6.08 | % | 10/14/2023 | 3,261 | 3,288,124 | |||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 9.50%) |
11.83 | % | 10/14/2024 | 504 | 507,021 | |||||||||||
RP Crown Parent, LLC, Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 10/12/2023 | 646 | 647,955 | |||||||||||
Sandvine Corp., Term Loan B (1 mo. USD LIBOR + 5.75%) |
7.82 | % | 09/21/2022 | 1,671 | 1,687,005 | |||||||||||
Seattle Spinco, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 06/21/2024 | 1,488 | 1,488,246 | |||||||||||
Severin Acquisition, LLC, Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 08/01/2025 | 1,475 | 1,473,501 | |||||||||||
SonicWall U.S. Holdings Inc., Term Loan (3 mo. USD LIBOR + 3.50%) |
5.82 | % | 05/16/2025 | 374 | 373,397 | |||||||||||
SS&C Technologies, Inc., |
||||||||||||||||
Term Loan B-3 (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 04/16/2025 | 5,730 | 5,740,260 | |||||||||||
Term Loan B-4 (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 04/16/2025 | 2,229 | 2,232,960 | |||||||||||
Term Loan B-5(f) |
| 04/16/2025 | 1,496 | 1,497,947 | ||||||||||||
Sybil Software LLC, Term Loan (3 mo. USD LIBOR + 2.50%) |
4.83 | % | 09/30/2023 | 4,025 | 4,043,373 | |||||||||||
TIBCO Software, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 12/04/2020 | 614 | 617,131 | |||||||||||
TTM Technologies, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 09/28/2024 | 3,061 | 3,070,453 | |||||||||||
Verifone Systems, Inc., First Lien Term Loan |
6.32 | % | 08/20/2025 | 1,159 | 1,162,583 | |||||||||||
Verint Systems Inc., Term Loan (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 06/28/2024 | 865 | 866,678 | |||||||||||
Vertafore, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 07/02/2025 | 3,501 | 3,498,555 | |||||||||||
Wall Street Systems Delaware, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) (Acquired 11/17/2017; Cost $880,923) |
5.08 | % | 11/21/2024 | 883 | 871,891 | |||||||||||
Xperi Corp., Term Loan B-1 (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 12/01/2023 | 1,819 | 1,808,273 | |||||||||||
127,817,378 | ||||||||||||||||
Financial Intermediaries1.71% |
|
|||||||||||||||
Advisor Group, Inc., Term Loan (3 mo. USD LIBOR + 3.75%) |
5.81 | % | 08/15/2025 | 1,152 | 1,160,881 | |||||||||||
Edelman Financial Center, LLC (The), First Lien Term Loan (3 mo. USD LIBOR + 3.25%) |
5.59 | % | 07/21/2025 | 2,362 | 2,379,773 | |||||||||||
GEO Group, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 03/22/2024 | 1,283 | 1,279,580 | |||||||||||
LPL Holdings, Inc., Incremental Term Loan B (3 mo. USD LIBOR + 2.25%) |
4.48 | % | 09/23/2024 | 1,994 | 1,999,445 | |||||||||||
MoneyGram International, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) |
5.58 | % | 03/27/2020 | 4,019 | 3,912,343 | |||||||||||
RJO Holdings Corp., |
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 8.02%) (Acquired 04/12/2017; Cost $1,502,214)(e) |
10.10 | % | 05/05/2022 | 1,514 | 1,521,598 | |||||||||||
Term Loan (1 mo. USD LIBOR + 12.00%) (Acquired 04/12/2017; Cost $534,033) |
14.08 | % | 05/05/2022 | 538 | 541,013 | |||||||||||
SGG Holdings S.A. (Luxembourg), Term Loan B (3 mo. EURIBOR + 3.75%) |
3.75 | % | 07/11/2025 | EUR | 552 | 643,552 | ||||||||||
Stiphout Finance LLC, |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 10/26/2022 | 1,624 | 1,623,827 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR +
7.25%) |
9.33 | % | 10/26/2023 | 22 | 22,705 | |||||||||||
15,084,717 | ||||||||||||||||
Food & Drug Retailers0.19% |
|
|||||||||||||||
Supervalu Inc., |
||||||||||||||||
Delayed Draw Term Loan B (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 06/08/2024 | 620 | 622,191 | |||||||||||
Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 06/08/2024 | 1,033 | 1,036,986 | |||||||||||
1,659,177 | ||||||||||||||||
Food Products3.33% |
|
|||||||||||||||
Chefs Warehouse Parent, LLC, Term Loan (1 mo. USD LIBOR + 4.00%) |
6.08 | % | 06/22/2022 | 859 | 865,793 | |||||||||||
CHG PPC Parent LLC, Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 03/31/2025 | 904 | 902,441 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Food Products(continued) |
|
|||||||||||||||
CSM Bakery Supplies LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.00%) |
6.34 | % | 07/03/2020 | $ | 1,780 | $ | 1,723,027 | |||||||||
Dole Food Co., Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 04/06/2024 | 4,472 | 4,471,447 | |||||||||||
H-Food Holdings, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) |
5.06 | % | 05/23/2025 | 3,328 | 3,306,687 | |||||||||||
Hostess Brands, LLC, Term Loan B (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 08/03/2022 | 9 | 9,479 | |||||||||||
Jacobs Douwe Egberts International B.V., Term Loan B-5 (3 mo. USD LIBOR + 2.25%) |
4.63 | % | 07/01/2022 | 229 | 230,686 | |||||||||||
JBS USA Lux S.A., Term Loan (3 mo. USD LIBOR + 2.50%) |
4.83 | % | 10/30/2022 | 10,154 | 10,162,550 | |||||||||||
K-Mac Holdings Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 03/14/2025 | 352 | 352,858 | |||||||||||
Mastronardi Produce-USA, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 05/01/2025 | 690 | 695,030 | |||||||||||
Nomad Foods US LLC (United Kingdom), Term Loan B-4 (1 mo. USD LIBOR + 2.25%) |
4.31 | % | 05/15/2024 | 1,629 | 1,623,416 | |||||||||||
Pinnacle Foods Finance LLC, Term Loan B (1 mo. USD LIBOR + 1.75%) |
3.83 | % | 02/02/2024 | 56 | 55,868 | |||||||||||
Post Holdings, Inc., Incremental Term Loan A (1 mo. USD LIBOR + 2.00%) |
4.07 | % | 05/24/2024 | 2,678 | 2,679,969 | |||||||||||
Shearers Foods, LLC, |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 4.25%) |
6.33 | % | 06/30/2021 | 2,217 | 2,200,098 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR +
6.75%) |
8.83 | % | 06/30/2022 | 214 | 202,161 | |||||||||||
29,481,510 | ||||||||||||||||
Food Service2.42% |
|
|||||||||||||||
Aramark Services, Inc., Term Loan B-3 (3 mo. USD LIBOR + 1.75%) |
4.08 | % | 03/11/2025 | 9 | 8,535 | |||||||||||
Carlisle FoodService Products, Inc., |
||||||||||||||||
Delayed Draw Term Loan(d) |
0.00 | % | 03/20/2025 | 44 | 43,486 | |||||||||||
Term Loan (1 mo. USD LIBOR + 3.00%) |
5.07 | % | 03/20/2025 | 194 | 192,305 | |||||||||||
Houston Foods, Inc., Term Loan(f) |
| 07/20/2025 | 1,943 | 1,933,046 | ||||||||||||
IRB Holding Corp., Term Loan B (1 mo. USD LIBOR + 3.25%) |
5.32 | % | 02/05/2025 | 2,072 | 2,084,746 | |||||||||||
New Red Finance, Inc., Term Loan B-3 (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 02/16/2024 | 5,845 | 5,849,603 | |||||||||||
NPC International, Inc., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 04/19/2024 | 1,152 | 1,161,059 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) |
9.58 | % | 04/18/2025 | 300 | 304,001 | |||||||||||
Tacala Investment Corp., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 01/31/2025 | 570 | 572,446 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) |
9.08 | % | 01/30/2026 | 422 | 428,958 | |||||||||||
TMK Hawk Parent, Corp., Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 09/26/2024 | 1,406 | 1,406,530 | |||||||||||
US Foods, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 06/27/2023 | 5,744 | 5,743,347 | |||||||||||
Weight Watchers International, Inc., Term Loan (1 mo. USD LIBOR + 4.75%) |
7.05 | % | 11/29/2024 | 1,648 | 1,669,924 | |||||||||||
21,397,986 | ||||||||||||||||
Forest Products0.14% |
|
|||||||||||||||
American Greetings Corp., Term Loan (1 mo. USD LIBOR + 4.50%) |
6.58 | % | 04/06/2024 | 1,223 | 1,226,919 | |||||||||||
Health Care6.27% |
|
|||||||||||||||
Acadia Healthcare Co., Inc., |
||||||||||||||||
Term Loan B-3 (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 02/11/2022 | 901 | 907,547 | |||||||||||
Term Loan B-4 (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 02/16/2023 | 2,720 | 2,740,132 | |||||||||||
Argon Medical Devices Holdings, Inc., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 01/23/2025 | 421 | 422,907 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) |
10.08 | % | 01/23/2026 | 100 | 101,243 | |||||||||||
Convatec Inc., Term Loan B (3 mo. USD LIBOR + 2.25%) |
4.58 | % | 10/31/2023 | 88 | 88,520 | |||||||||||
Dentalcorp Perfect Smile ULC (Canada), |
||||||||||||||||
First Lien Delayed Draw Term Loan(d) |
0.00 | % | 06/06/2025 | 207 | 207,047 | |||||||||||
First Lien Delayed Draw Term Loan (1 mo. USD LIBOR + 3.75%) |
2.53 | % | 06/06/2025 | 41 | 40,854 | |||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 06/06/2025 | 985 | 991,605 | |||||||||||
Second Lien Delayed Draw Term Loan(d) |
0.00 | % | 06/06/2026 | 184 | 183,084 | |||||||||||
Second Lien Delayed Draw Term Loan (1 mo. USD LIBOR + 7.50%) |
7.85 | % | 06/06/2026 | 37 | 36,969 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) |
9.58 | % | 06/06/2026 | 887 | 880,210 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Health Care(continued) |
|
|||||||||||||||
Diplomat Pharmacy, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%) |
6.58 | % | 12/20/2024 | $ | 1 | $ | 1,355 | |||||||||
DJO Finance LLC, Term Loan (3 mo. USD LIBOR + 3.25%) |
5.46 | % | 06/08/2020 | 4,623 | 4,628,970 | |||||||||||
Envision Healthcare Corp., Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 12/01/2023 | 1,613 | 1,614,560 | |||||||||||
Explorer Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.75%) |
6.08 | % | 05/02/2023 | 2,379 | 2,396,380 | |||||||||||
Global Healthcare Exchange, LLC, Term Loan (3 mo. USD LIBOR + 3.25%) |
5.58 | % | 06/28/2024 | 1,538 | 1,539,494 | |||||||||||
Greatbatch, Ltd., Term Loan B (1 mo. USD LIBOR + 3.00%) |
5.07 | % | 10/27/2022 | 1,210 | 1,218,815 | |||||||||||
HC Group Holdings III, Inc., First Lien Tem Loan (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 04/07/2022 | 1,893 | 1,904,329 | |||||||||||
Heartland Dental, LLC, |
||||||||||||||||
Delayed Draw Term Loan(d) |
0.00 | % | 04/30/2025 | 404 | 402,619 | |||||||||||
Term Loan (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 04/30/2025 | 2,696 | 2,684,124 | |||||||||||
IQVIA Inc., Term Loan B-2 (3 mo. USD LIBOR + 2.00%) |
4.33 | % | 01/17/2025 | 349 | 349,217 | |||||||||||
IWH UK Midco Ltd. (United Kingdom), Term Loan B (3 mo. EURIBOR + 4.00%) |
4.00 | % | 01/25/2025 | EUR | 542 | 630,853 | ||||||||||
Kinetic Concepts, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) |
5.58 | % | 02/02/2024 | 3,654 | 3,672,575 | |||||||||||
MPH Acquisition Holdings LLC, Term Loan (3 mo. USD LIBOR + 2.75%) |
5.08 | % | 06/07/2023 | 5,697 | 5,698,918 | |||||||||||
Nidda Healthcare Holding AG (Germany), |
||||||||||||||||
Term Loan C(d) |
0.00 | % | 08/21/2024 | 224 | 291,128 | |||||||||||
Term Loan C (3 mo. GBP LIBOR + 4.50%) |
4.50 | % | 08/21/2024 | GBP | 5 | 6,689 | ||||||||||
Ortho-Clinical Diagnostics, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) |
5.32 | % | 06/30/2025 | 3,863 | 3,867,247 | |||||||||||
PAREXEL International Corp., Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 09/27/2024 | 2,790 | 2,792,704 | |||||||||||
Prophylaxis B.V. (Netherlands), Term Loan B (3 mo. EURIBOR + 4.00%) (Acquired 07/02/2018; Cost $2,901,695)(e) |
4.00 | % | 06/05/2025 | EUR | 2,491 | 2,888,082 | ||||||||||
Surgery Center Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) |
5.57 | % | 09/02/2024 | 953 | 953,187 | |||||||||||
Syneos Health, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 08/01/2024 | 201 | 201,213 | |||||||||||
Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 02/06/2024 | 2,578 | 2,473,860 | |||||||||||
Terveys-ja hoivapalvelut Suomi Oy (Finland), |
||||||||||||||||
First Lien Term Loan B(f) |
| 07/19/2025 | EUR | 890 | 1,040,651 | |||||||||||
Second Lien Term Loan(f) |
| 07/19/2026 | EUR | 487 | 566,444 | |||||||||||
Unilabs Diagnostics AB (Sweden), Revolver Loan(d) |
0.00 | % | 04/01/2021 | EUR | 943 | 1,085,049 | ||||||||||
Verscend Holding Corp, Term Loan B(f) |
| 08/27/2025 | 4,542 | 4,579,341 | ||||||||||||
WP CityMD Bidco LLC, Term Loan (3 mo. USD LIBOR + 3.50%) |
5.83 | % | 06/07/2024 | 1,313 | 1,311,832 | |||||||||||
55,399,754 | ||||||||||||||||
Home Furnishings1.27% |
|
|||||||||||||||
Comfort Holding, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.75%) |
6.83 | % | 02/05/2024 | 1,402 | 1,340,914 | |||||||||||
Global Appliance Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)(e) |
6.08 | % | 09/29/2024 | 1,395 | 1,391,363 | |||||||||||
Hayward Industries, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 08/05/2024 | 748 | 751,496 | |||||||||||
Hilding Anders AB (Sweden), Term Loan B (3 mo. EURIBOR + 4.50%) |
4.50 | % | 11/30/2024 | EUR | 509 | 564,061 | ||||||||||
Lifetime Brands, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 02/28/2025 | 541 | 541,429 | |||||||||||
PGT Innovations Inc., Term Loan (3 mo. USD LIBOR + 3.50%) |
5.67 | % | 02/16/2022 | 225 | 227,273 | |||||||||||
Serta Simmons Bedding, LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 11/08/2023 | 3,119 | 2,691,119 | |||||||||||
SIWF Holdings, Inc., Term Loan (1 mo. USD LIBOR + 4.25%) |
6.31 | % | 06/15/2025 | 1,823 | 1,831,307 | |||||||||||
TGP Holdings III, LLC, |
||||||||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 4.25%) |
6.58 | % | 09/25/2024 | 1,456 | 1,446,948 | |||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) |
10.83 | % | 09/25/2025 | 417 | 417,216 | |||||||||||
11,203,126 | ||||||||||||||||
Industrial Equipment3.29% |
|
|||||||||||||||
Accudyne Industries LLC, Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 08/18/2024 | 1,784 | 1,791,444 | |||||||||||
Airxcel, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%) |
6.58 | % | 04/25/2025 | 697 | 696,327 | |||||||||||
CIRCOR International, Inc., Term Loan (1 mo. USD LIBOR + 3.50%) |
5.57 | % | 12/11/2024 | 1,899 | 1,908,186 | |||||||||||
Clark Equipment Co., Term Loan B (3 mo. USD LIBOR + 2.00%) |
4.33 | % | 05/18/2024 | 3,218 | 3,219,665 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Industrial Equipment(continued) |
|
|||||||||||||||
Columbus McKinnon Corp., Term Loan (3 mo. USD LIBOR + 2.00%) |
4.33 | % | 01/31/2024 | $ | 654 | $ | 655,775 | |||||||||
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%) |
6.83 | % | 08/29/2023 | 671 | 676,556 | |||||||||||
Engineered Machinery Holdings, Inc., |
||||||||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 3.25%) |
5.58 | % | 07/19/2024 | 832 | 832,745 | |||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%) |
9.58 | % | 07/18/2025 | 1,156 | 1,161,320 | |||||||||||
Filtration Group Corp., Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 03/29/2025 | 3,311 | 3,327,416 | |||||||||||
Gardner Denver, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 07/30/2024 | 2,004 | 2,012,538 | |||||||||||
Generac Power Systems, Inc., Term Loan (1 mo. USD LIBOR + 1.75%) |
3.83 | % | 05/31/2023 | 410 | 411,244 | |||||||||||
Hamilton Holdco LLC, Term Loan (3 mo. USD LIBOR + 2.00%) |
4.34 | % | 07/02/2025 | 1,844 | 1,844,631 | |||||||||||
LSFX Flavum Bidco (Spain), Term Loan B (3 mo. EURIBOR + 4.50%) |
4.50 | % | 10/03/2024 | EUR | 677 | 769,894 | ||||||||||
Milacron LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)(e) |
4.58 | % | 09/28/2023 | 2,464 | 2,461,208 | |||||||||||
MX Holdings US, Inc., Term Loan B-1-C (1 mo. USD LIBOR + 3.00%)(e) |
5.08 | % | 06/18/2025 | 1,612 | 1,622,867 | |||||||||||
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)(e) |
6.33 | % | 03/08/2025 | 588 | 592,720 | |||||||||||
North American Lifting Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.50%) |
6.83 | % | 11/27/2020 | 1,586 | 1,540,604 | |||||||||||
Rexnord LLC/ RBS Global, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) |
4.06 | % | 08/21/2024 | 640 | 643,103 | |||||||||||
Robertshaw US Holding Corp., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.50%) |
5.63 | % | 02/28/2025 | 961 | 954,284 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) |
10.13 | % | 02/27/2026 | 535 | 521,228 | |||||||||||
Tank Holding Corp., Term Loan (1 mo. USD LIBOR + 3.50%) |
5.65 | % | 03/17/2022 | 847 | 849,473 | |||||||||||
Terex Corp., Term Loan (3 mo. USD LIBOR + 2.00%) |
4.33 | % | 01/31/2024 | 639 | 640,452 | |||||||||||
29,133,680 | ||||||||||||||||
Insurance2.40% |
|
|||||||||||||||
Alliant Holdings Intermediate, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) |
5.07 | % | 05/09/2025 | 4,080 | 4,084,590 | |||||||||||
AmWINS Group, LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 01/25/2024 | 4,166 | 4,178,453 | |||||||||||
FrontDoor, Inc., Term Loan (3 mo. USD LIBOR + 2.50%) |
4.63 | % | 08/14/2025 | 460 | 462,134 | |||||||||||
Hub International Ltd., Term Loan (3 mo. USD LIBOR + 3.00%) |
5.33 | % | 04/25/2025 | 4,588 | 4,588,247 | |||||||||||
Sedgwick Claims Management Services, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 03/01/2021 | 2,066 | 2,064,092 | |||||||||||
USI Inc., Term Loan (3 mo. USD LIBOR + 3.00%) |
5.33 | % | 05/16/2024 | 5,880 | 5,873,342 | |||||||||||
21,250,858 | ||||||||||||||||
Leisure Goods, Activities & Movies4.83% |
|
|||||||||||||||
Alpha Topco Ltd. (United Kingdom), Term Loan B (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 02/01/2024 | 10,113 | 10,052,657 | |||||||||||
AMC Entertainment Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.25%) |
4.31 | % | 12/15/2023 | 1,181 | 1,182,869 | |||||||||||
Ancestry.com Operations Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 10/19/2023 | 1,080 | 1,083,185 | |||||||||||
Crown Finance US, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 02/28/2025 | 7,437 | 7,422,426 | |||||||||||
CWGS Group, LLC, Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 11/08/2023 | 3,007 | 2,972,097 | |||||||||||
Dorna Sports, S.L. (Spain), Term Loan B-2 (3 mo. USD LIBOR + 3.00%) |
5.33 | % | 04/12/2024 | 1,078 | 1,066,761 | |||||||||||
Equinox Holdings, Inc., |
||||||||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) |
9.08 | % | 09/06/2024 | 165 | 169,616 | |||||||||||
Term Loan B-1 (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 03/08/2024 | 2,058 | 2,069,373 | |||||||||||
Fitness International, LLC, Term Loan B (3 mo. USD LIBOR + 3.25%) |
5.47 | % | 04/18/2025 | 1,765 | 1,772,056 | |||||||||||
Invictus Media SLU (Spain), |
||||||||||||||||
Term Loan B-1(f) |
| 06/26/2025 | EUR | 684 | 797,710 | |||||||||||
Term Loan B-2(f) |
| 06/20/2025 | EUR | 410 | 478,193 | |||||||||||
Lakeland Tours, LLC, Term Loan (3 mo. USD LIBOR + 4.00%) |
6.34 | % | 12/15/2024 | 1,017 | 1,023,622 | |||||||||||
Life Time Fitness, Inc., Term Loan (3 mo. USD LIBOR + 2.75%) |
5.06 | % | 06/10/2022 | 49 | 48,734 | |||||||||||
MTL Publishing LLC, Term Loan B-6 (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 08/20/2023 | 1,248 | 1,247,921 | |||||||||||
Orbiter International S.a.r.l. (Luxembourg), Term Loan B-2 (3 mo. CHF LIBOR + 4.25%) (Acquired 07/07/2017; Cost $491,731) |
4.25 | % | 07/11/2024 | CHF | 476 | 491,092 | ||||||||||
Sabre GLBL Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 02/22/2024 | 431 | 431,858 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Leisure Goods, Activities & Movies(continued) |
|
|||||||||||||||
Shutterfly, Inc., |
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 08/17/2024 | $ | 1,493 | $ | 1,500,199 | |||||||||
Term Loan B (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 08/17/2024 | 601 | 603,006 | |||||||||||
SSH Group Holdings, Inc., |
||||||||||||||||
First Lien Term Loan (3 mo. USD LIBOR + 4.25%)(e) |
6.59 | % | 07/30/2025 | 1,252 | 1,267,222 | |||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 8.25%)(e) |
10.59 | % | 07/26/2026 | 315 | 319,490 | |||||||||||
UFC Holdings, LLC, |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 08/18/2023 | 6,257 | 6,290,204 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) |
9.58 | % | 08/18/2024 | 367 | 371,949 | |||||||||||
42,662,240 | ||||||||||||||||
Lodging & Casinos6.11% |
|
|||||||||||||||
AMCP Clean Acquisition Co., LLC, |
||||||||||||||||
Delayed Draw Term Loan(d) |
0.00 | % | 06/16/2025 | 191 | 190,659 | |||||||||||
Term Loan (3 mo. USD LIBOR + 4.25%) |
6.33 | % | 06/16/2025 | 791 | 794,412 | |||||||||||
B&B Hotels S.A.S. (France), Term Loan B (3 mo. EURIBOR + 3.00%) |
3.00 | % | 03/14/2023 | EUR | 1,038 | 1,201,704 | ||||||||||
Belmond Interfin Ltd. (Bermuda), Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 07/03/2024 | 1,792 | 1,798,791 | |||||||||||
Boyd Gaming Corp., Term Loan B (1 wk. USD LIBOR + 2.25%) |
4.21 | % | 09/15/2023 | 1,662 | 1,672,642 | |||||||||||
Caesars Entertainment Operating Co., LLC, Term Loan B (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 10/06/2024 | 298 | 297,660 | |||||||||||
Caesars Resort Collection, LLC, Term Loan B (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 12/22/2024 | 10,442 | 10,486,743 | |||||||||||
CityCenter Holdings, LLC, Term Loan B (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 04/18/2024 | 768 | 768,812 | |||||||||||
Golden Nugget, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) |
4.82 | % | 10/04/2023 | 4,134 | 4,151,724 | |||||||||||
Las Vegas Sands, LLC/Venetian Casino Resort, LLC, Term Loan (1 mo. USD |
3.83 | % | 03/27/2025 | 166 | 165,552 | |||||||||||
Penn National Gaming, Inc., Incremental Term Loan B-1(f) |
| 09/30/2025 | 1,097 | 1,100,218 | ||||||||||||
Scientific Games International, Inc., |
||||||||||||||||
Multicurrency Revolver Loan (Acquired 04/29/2016; Cost $2,907,616)(d)(e) |
0.00 | % | 10/18/2018 | 3,136 | 3,120,545 | |||||||||||
Multicurrency Revolver Loan (1 mo. USD LIBOR + 3.00%) |
1.33 | % | 10/18/2018 | 700 | 696,067 | |||||||||||
Revolver Loan (Acquired 10/04/2017-05/03/2018; Cost $2,278,237)(d) |
0.00 | % | 10/18/2018 | 2,282 | 2,270,292 | |||||||||||
Term Loan B-5 (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 08/14/2024 | 9,266 | 9,251,488 | |||||||||||
Stars Group (US) Co-Borrower, LLC, Term Loan (3 mo. USD LIBOR + 3.50%) |
5.83 | % | 07/10/2025 | 8,235 | 8,310,504 | |||||||||||
Station Casinos LLC, Term Loan B (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 06/08/2023 | 3,455 | 3,467,256 | |||||||||||
Twin River Management Group, Inc., Term Loan (3 mo. USD LIBOR + 3.50%) |
5.83 | % | 07/10/2020 | 2,203 | 2,219,617 | |||||||||||
VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 2.00%) |
4.07 | % | 12/20/2024 | 2,051 | 2,053,167 | |||||||||||
Wyndham Destinations, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%) |
3.83 | % | 05/30/2025 | 10 | 9,618 | |||||||||||
54,027,471 | ||||||||||||||||
Nonferrous Metals & Minerals0.62% |
|
|||||||||||||||
American Rock Salt Co. LLC, Term Loan (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 03/21/2025 | 990 | 993,970 | |||||||||||
Covia Holdings Corp., Term Loan (3 mo. USD LIBOR + 3.75%) |
6.05 | % | 06/01/2025 | 2,207 | 2,186,035 | |||||||||||
Form Technologies LLC, |
||||||||||||||||
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.25%) |
5.58 | % | 01/28/2022 | 1,243 | 1,239,674 | |||||||||||
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)(e) |
10.83 | % | 01/30/2023 | 15 | 14,668 | |||||||||||
U.S. Silica Co., Term Loan (1 mo. USD LIBOR + 4.00%) |
6.13 | % | 05/01/2025 | 1,008 | 1,008,323 | |||||||||||
5,442,670 | ||||||||||||||||
Oil & Gas8.35% |
|
|||||||||||||||
BCP Raptor, LLC, Term Loan (1 mo. USD LIBOR + 4.25%) |
6.33 | % | 06/24/2024 | 1,841 | 1,789,712 | |||||||||||
BCP Renaissance Parent LLC, Term Loan (3 mo. USD LIBOR + 3.50%) |
5.84 | % | 10/31/2024 | 1,250 | 1,256,335 | |||||||||||
Brazos Delaware II, LLC, Term Loan (1 mo. USD LIBOR + 4.00%) |
6.08 | % | 05/21/2025 | 1,746 | 1,733,666 | |||||||||||
Bronco Midstream Funding, LLC, Term Loan (3 mo. USD LIBOR + 3.50%) |
5.57 | % | 08/14/2023 | 430 | 433,546 | |||||||||||
California Resources Corp., |
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 10.38%) |
12.44 | % | 12/31/2021 | 1,759 | 1,947,634 | |||||||||||
Term Loan (1 mo. USD LIBOR + 4.75%) |
6.82 | % | 12/31/2022 | 2,433 | 2,478,226 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Oil & Gas(continued) |
|
|||||||||||||||
CD&R Firefly Bidco Ltd. (United Kingdom), Term Loan B-1 (2 mo. GBP LIBOR + 4.50%) |
5.25 | % | 06/23/2025 | GBP | 1,580 | $ | 2,040,501 | |||||||||
Citgo Petroleum Corp., Term Loan B (3 mo. USD LIBOR + 3.50%) |
5.84 | % | 07/29/2021 | $ | 1,707 | 1,710,016 | ||||||||||
Crestwood Holdings LLC, Term Loan (1 mo. USD LIBOR + 7.50%) |
9.57 | % | 03/06/2023 | 2,713 | 2,720,902 | |||||||||||
Delek US Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 03/31/2025 | 1,115 | 1,118,908 | |||||||||||
Fieldwood Energy LLC, |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 5.25%) |
7.33 | % | 04/11/2022 | 2,655 | 2,677,170 | |||||||||||
Term Loan (Acquired 04/11/2018; Cost $13,153,554)(d)(e) |
0.00 | % | 04/11/2021 | 13,347 | 13,213,134 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) |
9.33 | % | 04/11/2023 | 1,622 | 1,580,309 | |||||||||||
Floatel International Ltd., Term Loan (3 mo. USD LIBOR + 5.00%) |
7.33 | % | 06/27/2020 | 3,820 | 3,437,675 | |||||||||||
Glass Mountain Pipeline Holdings, LLC, Term Loan (1 mo. USD LIBOR + 4.50%) |
6.57 | % | 12/23/2024 | 1,363 | 1,370,996 | |||||||||||
Gulf Finance, LLC, Term Loan B (3 mo. USD LIBOR + 5.25%) |
7.59 | % | 08/25/2023 | 4,140 | 3,474,918 | |||||||||||
HGIM Corp., Term Loan (3 mo. USD LIBOR + 6.00%) |
8.51 | % | 07/03/2023 | 1,374 | 1,384,735 | |||||||||||
Lucid Energy Group II Borrower, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 02/17/2025 | 1,279 | 1,262,661 | |||||||||||
McDermott Technology (Americas), Inc., Term Loan B (1 mo. USD LIBOR + 5.00%) |
7.08 | % | 05/12/2025 | 3,348 | 3,387,940 | |||||||||||
Medallion Midland Acquisition, LLC, Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 10/30/2024 | 1,047 | 1,039,295 | |||||||||||
Navitas Midstream Midland Basin, LLC, Term Loan (1 mo. USD LIBOR + 4.50%) |
6.58 | % | 12/13/2024 | 1,577 | 1,562,964 | |||||||||||
Ocean Rig 1 Inc., Term Loan |
8.00 | % | 09/20/2024 | 576 | 606,790 | |||||||||||
Osum Production Corp. (Canada), Term Loan (3 mo. USD LIBOR + 5.50%) |
7.83 | % | 07/28/2020 | 2,175 | 1,989,917 | |||||||||||
Paragon Offshore Finance Co. (Cayman Islands), Term Loan |
0.00 | % | 07/18/2021 | 8 | 0 | |||||||||||
Petroleum GEO-Services ASA, Term Loan (3 mo. USD LIBOR + 2.50%) |
4.83 | % | 03/19/2021 | 4,369 | 4,209,935 | |||||||||||
Seadrill Operating L.P., Term Loan (3 mo. USD LIBOR + 6.00%) |
8.33 | % | 02/21/2021 | 10,382 | 9,725,733 | |||||||||||
Southcross Energy Partners, L.P., Term Loan (3 mo. USD LIBOR + 4.25%) |
6.58 | % | 08/04/2021 | 917 | 807,757 | |||||||||||
Traverse Midstream Partners LLC, Term Loan (3 mo. USD LIBOR + 4.00%) |
6.34 | % | 09/27/2024 | 1,387 | 1,394,379 | |||||||||||
Tribune Resources, Inc., Term Loan (1 mo. USD LIBOR + 6.50%) |
8.58 | % | 03/30/2023 | 470 | 472,859 | |||||||||||
Weatherford International Ltd. (Bermuda), Term Loan (1 mo. USD LIBOR + 1.43%) |
3.51 | % | 07/13/2020 | 3,017 | 2,989,074 | |||||||||||
73,817,687 | ||||||||||||||||
Publishing1.71% |
|
|||||||||||||||
Adtalem Global Education Inc., Term Loan B (1 mo. USD LIBOR + 3.00%) |
5.06 | % | 04/11/2025 | 792 | 798,144 | |||||||||||
Ascend Learning, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 07/12/2024 | 2,873 | 2,872,389 | |||||||||||
Cengage Learning, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%) |
6.33 | % | 06/07/2023 | 1,175 | 1,093,158 | |||||||||||
Merrill Communications LLC, Term Loan (3 mo. USD LIBOR + 5.25%) |
7.59 | % | 06/01/2022 | 26 | 26,652 | |||||||||||
Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%) |
4.07 | % | 10/04/2023 | 72 | 71,907 | |||||||||||
ProQuest LLC, Term Loan (2 mo. USD LIBOR + 3.75%) |
5.92 | % | 10/24/2021 | 1,626 | 1,637,008 | |||||||||||
Southern Graphics Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 12/31/2022 | 1,473 | 1,474,271 | |||||||||||
Tribune Media Co., Term Loan C (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 01/27/2024 | 7,082 | 7,109,444 | |||||||||||
15,082,973 | ||||||||||||||||
Radio & Television1.48% |
|
|||||||||||||||
E.W. Scripps Co., Term Loan B (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 10/02/2024 | 576 | 577,238 | |||||||||||
Gray Television, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 02/07/2024 | 317 | 317,599 | |||||||||||
iHeartCommunications, Inc., |
||||||||||||||||
Term Loan D(h)(i) |
0.00 | % | 01/30/2019 | 3,434 | 2,575,953 | |||||||||||
Term Loan E(h)(i) |
0.00 | % | 07/30/2019 | 8,924 | 6,683,014 | |||||||||||
Mission Broadcasting, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 01/17/2024 | 85 | 85,580 | |||||||||||
Nexstar Broadcasting, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 01/17/2024 | 626 | 628,886 | |||||||||||
Raycom TV Broadcasting, LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 08/23/2024 | 1,663 | 1,666,402 | |||||||||||
Sinclair Television Group, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) |
4.33 | % | 01/03/2024 | 520 | 520,850 | |||||||||||
13,055,522 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Retailers (except Food & Drug)2.22% |
|
|||||||||||||||
Bass Pro Group, LLC, Term Loan (1 mo. USD LIBOR + 5.00%) |
7.08 | % | 09/25/2024 | $ | 1,631 | $ | 1,649,794 | |||||||||
Fossil Group, Inc., Term Loan(f) |
| 12/31/2020 | 455 | 455,560 | ||||||||||||
Fullbeauty Brands Holdings Corp., Term Loan (3 mo. USD LIBOR + 4.75%) |
7.09 | % | 10/14/2022 | 3,478 | 1,060,779 | |||||||||||
National Vision, Inc., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 11/20/2024 | 1,826 | 1,834,451 | |||||||||||
First Lien Revolver Loan(d)(e) |
0.00 | % | 03/13/2019 | 1,533 | 1,410,343 | |||||||||||
Payless Inc., |
||||||||||||||||
Term Loan A-1 (3 mo. USD LIBOR + 8.00%) |
10.33 | % | 02/10/2022 | 770 | 721,798 | |||||||||||
Term Loan A-2 (3 mo. USD LIBOR + 9.00%) |
11.33 | % | 08/10/2022 | 1,445 | 1,011,635 | |||||||||||
Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) |
5.59 | % | 01/26/2023 | 5,240 | 3,860,070 | |||||||||||
Savers Inc., Term Loan (3 mo. USD LIBOR + 3.75%) |
6.10 | % | 07/09/2019 | 4,334 | 4,228,036 | |||||||||||
Staples, Inc., Term Loan (3 mo. USD LIBOR + 4.00%) |
6.34 | % | 09/12/2024 | 1,778 | 1,775,888 | |||||||||||
Vivarte (France), PIK Term Loan, 7.00% PIK Rate, 4.00% Cash Rate(g) |
7.00 | % | 10/29/2019 | EUR | 1,570 | 1,618,153 | ||||||||||
19,626,507 | ||||||||||||||||
Steel0.01% |
|
|||||||||||||||
Atkore International, Inc., First Lien Incremental Term Loan (3 mo. USD LIBOR + 2.75%) |
5.09 | % | 12/22/2023 | 62 | 62,303 | |||||||||||
Surface Transport1.67% |
|
|||||||||||||||
Agro Merchants North American Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.75%) |
6.08 | % | 12/06/2024 | 684 | 685,786 | |||||||||||
Commercial Barge Line Co., First Lien Term Loan (1 mo. USD LIBOR + 8.75%) |
10.83 | % | 11/12/2020 | 1,861 | 1,502,437 | |||||||||||
Kenan Advantage Group, Inc., |
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 07/31/2022 | 706 | 704,174 | |||||||||||
Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 07/31/2022 | 2,873 | 2,864,421 | |||||||||||
Odyssey Logistics & Technology Corp., Term Loan (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 10/12/2024 | 849 | 853,437 | |||||||||||
PODS LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.75%) |
4.82 | % | 12/06/2024 | 3,807 | 3,819,215 | |||||||||||
U.S. Shipping Corp., Term Loan B-2 (1 mo. USD LIBOR + 4.25%) |
6.33 | % | 06/26/2021 | 1,673 | 1,610,447 | |||||||||||
XPO Logistics, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%) |
4.06 | % | 02/24/2025 | 1,764 | 1,769,976 | |||||||||||
Zeus Bidco Ltd. (United Kingdom), Term Loan (3 mo. GBP LIBOR + 7.25%) (Acquired 03/24/2017; Cost $959,608) |
7.92 | % | 03/29/2024 | GBP | 778 | 991,126 | ||||||||||
14,801,019 | ||||||||||||||||
Telecommunications9.41% |
|
|||||||||||||||
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 01/31/2025 | 9,322 | 9,225,668 | |||||||||||
Colorado Buyer Inc., Term Loan (1 mo. USD LIBOR + 3.00%) |
5.09 | % | 05/01/2024 | 1,631 | 1,640,806 | |||||||||||
Communications Sales & Leasing, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 10/24/2022 | 5,474 | 5,251,245 | |||||||||||
Consolidated Communications, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 10/04/2023 | 6,146 | 6,056,910 | |||||||||||
Frontier Communications Corp., |
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 4.38%) |
6.46 | % | 10/12/2021 | 785 | 772,349 | |||||||||||
Term Loan (1 mo. USD LIBOR + 2.75%) |
4.83 | % | 03/31/2021 | 2,795 | 2,721,783 | |||||||||||
Term Loan B-1 (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 06/15/2024 | 385 | 373,700 | |||||||||||
Hargray Communications Group, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 05/16/2024 | 492 | 494,083 | |||||||||||
Intelsat Jackson Holdings S.A. (Luxembourg), |
||||||||||||||||
Term Loan B-3 (1 mo. USD LIBOR + 3.75%) |
5.81 | % | 11/27/2023 | 428 | 430,434 | |||||||||||
Term Loan B-5 |
6.63 | % | 01/02/2024 | 2,347 | 2,466,171 | |||||||||||
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) |
4.32 | % | 02/22/2024 | 9,744 | 9,766,510 | |||||||||||
Lumentum Holdings, Inc., Term Loan(e)(f) |
| 08/07/2025 | 970 | 974,218 | ||||||||||||
MLN US Holdco LLC, Term Loan B(f) |
| 07/11/2025 | 1,853 | 1,863,855 | ||||||||||||
MTN Infrastructure TopCo, Inc., Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 11/15/2024 | 2,217 | 2,229,843 | |||||||||||
Odyssey Investissement S.A.S. (France), Term Loan B (3 mo. EURIBOR + 3.75%) |
3.75 | % | 04/26/2025 | EUR | 1,068 | 1,241,808 | ||||||||||
Radiate Holdco, LLC, Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 02/01/2024 | 3,150 | 3,135,449 | |||||||||||
SBA Senior Finance II LLC, Term Loan (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 04/11/2025 | 4,680 | 4,671,497 | |||||||||||
Sprint Communications Inc., Term Loan (1 mo. USD LIBOR + 2.50%) |
4.63 | % | 02/02/2024 | 7,801 | 7,813,883 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Telecommunications(continued) |
|
|||||||||||||||
Syniverse Holdings, Inc., Term Loan C (1 mo. USD LIBOR + 5.00%) |
7.07 | % | 03/09/2023 | $ | 4,020 | $ | 3,998,744 | |||||||||
Telesat LLC, Term Loan B-4 (3 mo. USD LIBOR + 2.50%) |
4.84 | % | 11/17/2023 | 7,694 | 7,717,681 | |||||||||||
U.S. Telepacific Corp., Term Loan (3 mo. USD LIBOR + 5.00%) |
7.33 | % | 05/02/2023 | 3,250 | 3,230,607 | |||||||||||
Windstream Services, LLC, |
||||||||||||||||
Term Loan B-6 (1 mo. USD LIBOR + 4.00%) |
6.06 | % | 03/29/2021 | 6,075 | 5,680,125 | |||||||||||
Term Loan B-7 (1 mo. USD LIBOR + 3.25%) |
5.31 | % | 02/17/2024 | 1,198 | 1,044,835 | |||||||||||
Zayo Group, LLC, Incremental Term Loan B-1 (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 01/19/2021 | 421 | 421,702 | |||||||||||
83,223,906 | ||||||||||||||||
Utilities7.80% |
|
|||||||||||||||
AES Corp., (The), Term Loan (3 mo. USD LIBOR + 1.75%) |
4.07 | % | 05/24/2022 | 1,553 | 1,554,060 | |||||||||||
APLP Holdings L.P. (Canada), Term Loan (1 mo. USD LIBOR + 3.00%) |
5.08 | % | 04/13/2023 | 2,101 | 2,109,197 | |||||||||||
Aria Energy Operating LLC, Term Loan (1 mo. USD LIBOR + 4.50%) |
6.58 | % | 05/27/2022 | 687 | 690,398 | |||||||||||
Brookfield WEC Holdings Inc., |
||||||||||||||||
First Lien Term Loan (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 08/01/2025 | 5,942 | 5,983,387 | |||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%) |
8.83 | % | 08/03/2026 | 285 | 290,441 | |||||||||||
Calpine Construction Finance Co., L.P., Term Loan (1 mo. USD LIBOR + 2.50%) |
4.58 | % | 01/15/2025 | 3,609 | 3,617,570 | |||||||||||
Calpine Corp., |
||||||||||||||||
Term Loan (3 mo. USD LIBOR + 2.50%) |
4.84 | % | 01/15/2023 | 7,139 | 7,159,888 | |||||||||||
Term Loan (3 mo. USD LIBOR + 2.50%) |
4.84 | % | 05/31/2023 | 3,622 | 3,632,104 | |||||||||||
Term Loan (3 mo. USD LIBOR + 2.50%) |
4.84 | % | 01/15/2024 | 2,557 | 2,563,542 | |||||||||||
Eastern Power, LLC, Term Loan (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 10/02/2023 | 3,253 | 3,257,635 | |||||||||||
ExGen Renewables IV, LLC, Term Loan (3 mo. USD LIBOR + 3.00%)(e) |
5.32 | % | 11/28/2024 | 1,317 | 1,323,881 | |||||||||||
Granite Acquisition, Inc., |
||||||||||||||||
First Lien Term Loan B (3 mo. USD LIBOR + 3.50%) |
5.84 | % | 12/19/2021 | 4,093 | 4,132,748 | |||||||||||
First Lien Term Loan C (3 mo. USD LIBOR + 3.50%) |
5.83 | % | 12/19/2021 | 451 | 454,983 | |||||||||||
Second Lien Term Loan B (3 mo. USD LIBOR + 7.25%) |
9.58 | % | 12/19/2022 | 508 | 513,377 | |||||||||||
Invenergy Thermal Operating I LLC, Term Loan (3 mo. USD LIBOR + 3.50%) |
5.81 | % | 08/28/2025 | 685 | 691,786 | |||||||||||
Lightstone Holdco LLC, |
||||||||||||||||
Term Loan B (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 01/30/2024 | 5,056 | 5,037,384 | |||||||||||
Term Loan C (1 mo. USD LIBOR + 3.75%) |
5.83 | % | 01/30/2024 | 316 | 315,097 | |||||||||||
Nautilus Power, LLC, Term Loan (1 mo. USD LIBOR + 4.25%) |
6.33 | % | 05/16/2024 | 2,629 | 2,644,620 | |||||||||||
NRG Energy, Inc., Term Loan (3 mo. USD LIBOR + 1.75%) |
4.08 | % | 06/30/2023 | 1,799 | 1,799,492 | |||||||||||
Pike Corp., Term Loan (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 03/23/2025 | 905 | 913,064 | |||||||||||
PowerTeam Services, LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.25%) |
5.58 | % | 03/06/2025 | 1,243 | 1,235,211 | |||||||||||
Southeast PowerGen LLC, Term Loan B (1 mo. USD LIBOR + 3.50%) |
5.58 | % | 12/02/2021 | 595 | 568,189 | |||||||||||
TerraForm Power Operating, LLC, Term Loan (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 11/08/2022 | 374 | 374,466 | |||||||||||
USIC Holding, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%) |
5.33 | % | 12/08/2023 | 3,103 | 3,123,805 | |||||||||||
Vistra Operations Co. LLC, |
||||||||||||||||
Term Loan (1 mo. USD LIBOR + 2.00%) |
4.06 | % | 12/31/2025 | 7,318 | 7,311,206 | |||||||||||
Term Loan (1 mo. USD LIBOR + 2.00%) |
4.08 | % | 08/04/2023 | 7,709 | 7,705,387 | |||||||||||
69,002,918 | ||||||||||||||||
Total Variable Rate Senior Loan Interests |
1,143,874,173 | |||||||||||||||
Bonds & Notes6.83% |
|
|||||||||||||||
Air Transport0.29% | ||||||||||||||||
Mesa Airlines, Inc., Class B(j) |
5.75 | % | 07/15/2025 | 2,615 | 2,595,000 | |||||||||||
Automotive0.32% |
|
|||||||||||||||
Federal-Mogul Holdings Corp.(j) |
5.00 | % | 07/15/2024 | EUR | 269 | 331,670 | ||||||||||
Federal-Mogul Holdings Corp. (3 mo. EURIBOR + 4.88%)(j)(k) |
4.88 | % | 04/15/2024 | EUR | 1,000 | 1,177,871 | ||||||||||
Schaeffler AG (Germany)(j) |
4.13 | % | 09/15/2021 | 331 | 330,173 | |||||||||||
Schaeffler AG (Germany)(j) |
4.75 | % | 09/15/2026 | 1,015 | 966,788 | |||||||||||
2,806,502 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Building & Development0.06% |
|
|||||||||||||||
Haya Finance 2017 S.A. (Spain) (3 mo. EURIBOR + 5.13%)(j)(k) |
5.13 | % | 11/15/2022 | EUR | 100 | $ | 108,856 | |||||||||
LSF10 Wolverine Investment SCA (Luxembourg)(j) |
5.00 | % | 03/15/2024 | EUR | 155 | 180,726 | ||||||||||
LSF10 Wolverine Investment SCA (Luxembourg) (3 mo. EURIBOR + 4.63%)(j)(k) |
4.63 | % | 03/15/2024 | EUR | 209 | 245,144 | ||||||||||
534,726 | ||||||||||||||||
Business Equipment & Services0.58% |
|
|||||||||||||||
Dream Secured Bondco AB (Sweden)(j) |
5.75 | % | 12/01/2023 | EUR | 1,188 | 1,392,802 | ||||||||||
Nexi S.p.A. (United Kingdom) (3 mo. EURIBOR + 3.63%)(j)(k) |
3.63 | % | 05/01/2023 | EUR | 2,076 | 2,406,705 | ||||||||||
Techem GmbH (Germany)(j) |
6.00 | % | 07/30/2026 | EUR | 1,174 | 1,372,034 | ||||||||||
5,171,541 | ||||||||||||||||
Cable & Satellite Television1.98% |
|
|||||||||||||||
Altice Financing S.A. (Luxembourg)(j) |
4.75 | % | 01/15/2028 | EUR | 754 | 741,934 | ||||||||||
Altice Financing S.A. (Luxembourg)(j) |
6.63 | % | 02/15/2023 | $ | 490 | 494,283 | ||||||||||
Altice Financing S.A. (Luxembourg)(j) |
7.50 | % | 05/15/2026 | 4,930 | 4,708,150 | |||||||||||
Altice US Finance I Corp.(j) |
5.50 | % | 05/15/2026 | 6,796 | 6,694,060 | |||||||||||
Numericable-SFR S.A. (France)(j) |
5.88 | % | 02/01/2027 | EUR | 1,087 | 1,310,256 | ||||||||||
Numericable-SFR S.A. (France)(j) |
7.38 | % | 05/01/2026 | 1,213 | 1,196,321 | |||||||||||
Numericable-SFR S.A. (France)(j) |
8.13 | % | 02/01/2027 | 1,225 | 1,246,437 | |||||||||||
Telenet Financing USD LLC(j) |
3.50 | % | 03/01/2028 | EUR | 400 | 450,278 | ||||||||||
Virgin Media Bristol LLC (United Kingdom)(j) |
5.50 | % | 08/15/2026 | 656 | 646,160 | |||||||||||
17,487,879 | ||||||||||||||||
Chemicals & Plastics0.23% |
|
|||||||||||||||
Alpha US Bidco, Inc.(j) |
8.75 | % | 06/01/2023 | 754 | 758,713 | |||||||||||
Avantor Inc.(j) |
6.00 | % | 10/01/2024 | 1,263 | 1,285,102 | |||||||||||
2,043,815 | ||||||||||||||||
Containers & Glass Products0.37% |
|
|||||||||||||||
Ardagh Glass Finance PLC(j) |
4.25 | % | 09/15/2022 | 657 | 649,609 | |||||||||||
Ardagh Glass Finance PLC(j) |
4.63 | % | 05/15/2023 | 1,021 | 1,014,619 | |||||||||||
Reynolds Group Holdings Inc. |
5.75 | % | 10/15/2020 | 437 | 438,160 | |||||||||||
Reynolds Group Holdings Inc. (3 mo. USD LIBOR + 3.50%)(j)(k) |
5.84 | % | 07/15/2021 | 1,157 | 1,172,909 | |||||||||||
3,275,297 | ||||||||||||||||
Electronics & Electrical0.33% |
|
|||||||||||||||
Blackboard Inc.(j) |
9.75 | % | 10/15/2021 | 2,582 | 2,039,780 | |||||||||||
Dell International LLC(j) |
5.45 | % | 06/15/2023 | 858 | 901,421 | |||||||||||
2,941,201 | ||||||||||||||||
Financial Intermediaries0.35% |
|
|||||||||||||||
AnaCap Financial Europe S.A. SICAV-RAIF (United Kingdom) (3 mo. GBP LIBOR + 4.50%)(j)(k) |
5.00 | % | 08/01/2024 | EUR | 200 | 210,604 | ||||||||||
Evergood 4 APS (Denmark)(j) |
2.88 | % | 04/06/2024 | EUR | 415 | 505,879 | ||||||||||
Garfunkelux Holdco 3 S.A. (Luxembourg)(j) |
11.00 | % | 11/01/2023 | GBP | 876 | 1,127,922 | ||||||||||
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 3.50%)(j)(k) |
3.50 | % | 09/01/2023 | EUR | 619 | 622,972 | ||||||||||
Nemean Bondco PLC (United Kingdom) (3 mo. GBP LIBOR + 6.50%)(j)(k) |
7.30 | % | 02/01/2023 | GBP | 491 | 606,830 | ||||||||||
3,074,207 | ||||||||||||||||
Health Care0.75% |
|
|||||||||||||||
Care UK Health & Social Care PLC (United Kingdom) (3 mo. GBP LIBOR + 5.00%)(j)(k) |
5.75 | % | 07/15/2019 | GBP | 1,724 | 2,230,547 | ||||||||||
DJO Finance LLC(j) |
8.13 | % | 06/15/2021 | 1,049 | 1,088,652 | |||||||||||
DJO Finance LLC |
10.75 | % | 04/15/2020 | 2,114 | 2,119,285 | |||||||||||
IDH Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 6.00%)(j)(k) |
6.80 | % | 08/15/2022 | GBP | 1,000 | 1,213,361 | ||||||||||
6,651,845 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Invesco Senior Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000)(a) |
Value | |||||||||||||
Home Furnishings0.27% |
|
|||||||||||||||
Shop Direct Funding PLC (United Kingdom)(j) |
7.75 | % | 11/15/2022 | GBP | 2,156 | $ | 2,403,882 | |||||||||
Lodging & Casinos0.24% |
|
|||||||||||||||
ESH Hospitality, Inc.(j) |
5.25 | % | 05/01/2025 | $ | 740 | 718,725 | ||||||||||
Scientific Games International, Inc.(j) |
3.38 | % | 02/15/2026 | EUR | 288 | 321,114 | ||||||||||
Travelodge Hotels Ltd. (United Kingdom) (3 mo. GBP LIBOR + 4.88%)(j)(k) |
5.68 | % | 05/15/2023 | GBP | 800 | 1,032,047 | ||||||||||
VICI Properties 1 LLC |
8.00 | % | 10/15/2023 | 73 | 81,025 | |||||||||||
2,152,911 | ||||||||||||||||
Nonferrous Metals & Minerals0.25% |
|
|||||||||||||||
TiZir Ltd. (United Kingdom)(j) |
9.50 | % | 07/19/2022 | 1,989 | 2,175,441 | |||||||||||
Oil & Gas0.12% |
|
|||||||||||||||
Pacific Drilling S.A. (Luxembourg)(i)(j) |
5.38 | % | 06/01/2020 | 2,587 | 1,021,865 | |||||||||||
Radio & Television0.33% |
|
|||||||||||||||
Clear Channel International B.V.(j) |
8.75 | % | 12/15/2020 | 2,789 | 2,893,588 | |||||||||||
Retailers (except Food & Drug)0.05% |
|
|||||||||||||||
Claires Stores Inc.(i)(j) |
6.13 | % | 03/15/2020 | 682 | 441,595 | |||||||||||
Surface Transport0.09% |
|
|||||||||||||||
WFS Global Holding S.A.S. (France) (3 mo. EURIBOR + 6.25%)(j)(k) |
6.25 | % | 08/15/2023 | EUR | 345 | 398,807 | ||||||||||
WFS Global Holding S.A.S. (France)(j) |
6.75 | % | 08/15/2023 | EUR | 345 | 401,304 | ||||||||||
800,111 | ||||||||||||||||
Telecommunications0.18% |
|
|||||||||||||||
Communications Sales & Leasing, Inc.(j) |
6.00 | % | 04/15/2023 | 742 | 714,175 | |||||||||||
Goodman Networks Inc. |
8.00 | % | 05/11/2022 | 1,674 | 878,636 | |||||||||||
Windstream Services, LLC(j) |
9.00 | % | 06/30/2025 | 16 | 11,640 | |||||||||||
1,604,451 | ||||||||||||||||
Utilities0.04% |
|
|||||||||||||||
Calpine Corp.(j) |
5.25 | % | 06/01/2026 | 328 | 310,888 | |||||||||||
Total Bonds & Notes |
60,386,745 | |||||||||||||||
Structured Products0.62% |
|
|||||||||||||||
Clontarf Park CLO (Ireland), Series 2017-1A, Class D (3 mo. EURIBOR + 5.10%)(j)(k) |
4.78 | % | 08/05/2030 | EUR | 174 | 199,897 | ||||||||||
Madison Park Funding XIV, Ltd., Series 2014-14A, Class F (3 mo. USD LIBOR + 5.40%)(j)(k) |
7.75 | % | 07/20/2026 | 950 | 937,967 | |||||||||||
NewStar Berkeley Fund CLO LLC, Series 2016-1A, Class D (3 mo. USD LIBOR + 5.10%)(j)(k) |
7.44 | % | 10/25/2028 | 1,489 | 1,501,853 | |||||||||||
OCP Euro CLO (Ireland), Series 2017-2, Class E (3 mo. EURIBOR + 5.00%)(j)(k) |
4.68 | % | 01/15/2032 | EUR | 201 | 234,033 | ||||||||||
Symphony CLO VIII, Ltd., Series 2012-8A, Class ER (3 mo. USD LIBOR + 6.00%)(j)(k) |
8.34 | % | 01/09/2023 | 2,614 | 2,626,678 | |||||||||||
Total Structured Products |
5,500,428 | |||||||||||||||
Shares | ||||||||||||||||
Common Stocks & Other Equity Interests6.33%(l) |
| |||||||||||||||
Aerospace & Defense0.49% |
| |||||||||||||||
IAP Worldwide Services (Acquired 07/18/2014-08/18/2014; Cost $209,294)(e)(j)(m) |
247 | 4,362,609 | ||||||||||||||
Automotive0.02% |
| |||||||||||||||
Transtar Holding Co., Class A(j)(m) |
2,509,496 | 188,212 | ||||||||||||||
Building & Development0.48% |
| |||||||||||||||
BMC Stock Holdings, Inc.(m) |
159,996 | 3,599,910 | ||||||||||||||
Five Point Holdings LLC, Class A(m) |
54,770 | 599,184 | ||||||||||||||
Lake at Las Vegas Joint Venture, LLC, Class A |
780 | 0 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Invesco Senior Income Trust
Shares | Value | |||||||||||||||
Building & Development(continued) |
|
|||||||||||||||
Lake at Las Vegas Joint Venture, LLC, Class B (Acquired 07/15/2010; Cost $93,970)(e)(j)(m) |
9 | $ | 0 | |||||||||||||
4,199,094 | ||||||||||||||||
Chemicals & Plastics0.00% |
| |||||||||||||||
Lyondell Chemical Co., Class A |
383 | 43,195 | ||||||||||||||
Conglomerates0.04% |
| |||||||||||||||
Euramax International, Inc. (Acquired 07/09/2009; Cost $4,543,100)(e)(j)(m) |
4,207 | 357,603 | ||||||||||||||
Drugs0.00% |
| |||||||||||||||
BPA Laboratories, Class A, Wts. expiring 04/29/2024 |
5,562 | 0 | ||||||||||||||
BPA Laboratories, Class B, Wts. expiring
04/29/2024 |
8,918 | 0 | ||||||||||||||
0 | ||||||||||||||||
Financial Intermediaries0.00% |
| |||||||||||||||
RJO Holdings Corp. (Acquired 12/10/2010; Cost $0)(j)(m) |
1,482 | 1,482 | ||||||||||||||
RJO Holdings Corp., Class A (Acquired 12/10/2010; Cost $0)(j)(m) |
1,142 | 1,256 | ||||||||||||||
RJO Holdings Corp., Class B (Acquired 12/10/2010; Cost $0)(j)(m) |
1,667 | 17 | ||||||||||||||
2,755 | ||||||||||||||||
Forest Products0.20% |
| |||||||||||||||
Verso Corp., Class A(m) |
57,236 | 1,796,638 | ||||||||||||||
Health Care0.00% |
| |||||||||||||||
New Millennium Holdco(j)(m) |
134,992 | 12,149 | ||||||||||||||
Lodging & Casinos2.09% |
| |||||||||||||||
Caesars Entertainment Operating Co., LLC(m) |
29,845 | 304,419 | ||||||||||||||
Twin River Management Group, Inc.(j)(m) |
134,134 | 18,191,924 | ||||||||||||||
18,496,343 | ||||||||||||||||
Oil & Gas1.24% |
| |||||||||||||||
Ameriforge Group Inc. (Acquired 06/08/2017; Cost $27,999)(e)(j)(m) |
441 | 26,019 | ||||||||||||||
CJ Holding Co.(m) |
26,015 | 545,014 | ||||||||||||||
Fieldwood Energy LLC(j)(m) |
32,773 | 1,732,872 | ||||||||||||||
HGIM Corp.(m) |
3,232 | 153,520 | ||||||||||||||
HGIM Corp., Wts. expiring 07/02/2043(e)(j)(m) |
14,442 | 685,995 | ||||||||||||||
Ocean Rig 1 Inc.(m) |
129,347 | 3,502,717 | ||||||||||||||
Paragon Offshore Finance Co. (Cayman Islands), Class A(e)(i)(j)(m) |
2,308 | 2,530 | ||||||||||||||
Paragon Offshore Finance Co. (Cayman Islands), Class B(i)(j)(m) |
1,154 | 38,755 | ||||||||||||||
Samson Investment Co.(j) |
132,022 | 3,135,523 | ||||||||||||||
Tribune Resources, Inc.(j)(m) |
337,847 | 1,093,780 | ||||||||||||||
Tribune Resources, Inc. First Lien Wts. (Acquired 04/03/2018; Cost $7,239)(e)(j)(m) |
87,471 | 2,624 | ||||||||||||||
10,919,349 | ||||||||||||||||
Publishing0.68% |
| |||||||||||||||
Affiliated Media, Inc., Class B (Acquired 08/29/2006; Cost $3,069,828)(j)(m) |
46,746 | 747,930 | ||||||||||||||
Cygnus Business Media, Inc. (Acquired 07/19/2004; Cost $1,251,821)(e)(j)(m)(n) |
5,882 | 0 | ||||||||||||||
F&W Publications, Inc. (Acquired 06/09/2010; Cost $18,581)(j)(m) |
15,519 | 9,311 | ||||||||||||||
MC Communications, LLC (Acquired 07/02/2009; Cost $0)(e)(j)(m) |
333,084 | 0 | ||||||||||||||
Merrill Communications LLC, Class A (Acquired 03/08/2013; Cost $918,351)(e)(j)(m) |
399,283 | 5,190,680 | ||||||||||||||
Tronc, Inc.(m) |
4,118 | 67,947 | ||||||||||||||
6,015,868 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Invesco Senior Income Trust
Shares | Value | |||||||||||||||
Retailers (except Food & Drug)0.03% |
| |||||||||||||||
Payless Inc.(j)(m) |
73,380 | $ | 233,899 | |||||||||||||
Telecommunications0.01% |
| |||||||||||||||
CTM Media Holdings Inc.(m) |
1,270 | 53,340 | ||||||||||||||
Goodman Networks Inc.(e)(m) |
105,288 | 0 | ||||||||||||||
53,340 | ||||||||||||||||
Utilities1.05% |
| |||||||||||||||
Vistra Operations Co. LLC(m) |
377,472 | 8,885,691 | ||||||||||||||
Vistra Operations Co. LLC (Acquired 10/03/2016; Cost $290,499)(e)(j)(m) |
618,084 | 123,616 | ||||||||||||||
Vistra Operations Co. LLC, Rts. expiring 12/31/2046(j) |
377,472 | 268,949 | ||||||||||||||
9,278,256 | ||||||||||||||||
Total Common Stocks & Other Equity Interests |
55,959,310 | |||||||||||||||
Preferred Stocks0.01%(l) |
| |||||||||||||||
Financial Intermediaries0.00% | ||||||||||||||||
RJO Holdings Corp. (Acquired 12/10/2010; Cost $0)(j)(m) |
324 | 3,244 | ||||||||||||||
Retailers (except Food & Drug)0.00% |
| |||||||||||||||
Vivarte (France) (Acquired 01/12/2018; Cost $0)(e)(j)(m) |
7,780 | 0 | ||||||||||||||
Vivarte (France), Class A Preference Shares (Acquired 01/12/2018; Cost $0)(e)(j)(m) |
259 | 0 | ||||||||||||||
Vivarte (France), Class B Preference Shares (Acquired 01/12/2018; Cost $0)(e)(j)(m) |
259 | 0 | ||||||||||||||
0 | ||||||||||||||||
Telecommunications0.00% |
| |||||||||||||||
Goodman Networks Inc., Series A-1 (Acquired 05/31/2017; Cost $1,253)(e)(j)(m) |
125,268 | 0 | ||||||||||||||
Utilities0.01% |
| |||||||||||||||
Genie Energy Ltd. |
7,632 | 56,935 | ||||||||||||||
Total Preferred Stocks |
60,179 | |||||||||||||||
Money Market Funds2.14% |
| |||||||||||||||
Invesco Government & Agency PortfolioInstitutional Class, 1.85%(o) |
6,623,089 | 6,623,089 | ||||||||||||||
Invesco Liquid Assets PortfolioInstitutional Class, 2.07%(o) |
4,729,357 | 4,731,248 | ||||||||||||||
Invesco Treasury PortfolioInstitutional Class, 1.85%(o) |
7,569,244 | 7,569,244 | ||||||||||||||
Total Money Market Funds |
18,923,581 | |||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(p)145.32% (Cost $1,296,723,650) |
1,284,704,416 | |||||||||||||||
BORROWINGS(26.95)% |
(238,250,000 | ) | ||||||||||||||
VARIABLE RATE DEMAND PREFERRED SHARES(14.10)% |
(124,682,877 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES(4.27)% |
|
(37,718,809 | ) | |||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES100.00% |
|
$ | 884,052,730 |
Investment Abbreviations:
CHF | Swiss Franc | |
CLO | Collateralized Loan Obligation | |
EUR | Euro | |
EURIBOR | Euro Interbank Offered Rate | |
GBP | British Pound Sterling | |
LIBOR | London Interbank Offered Rate | |
PIK | Pay-in-Kind | |
Rts. | Rights | |
USD | U.S. Dollar | |
Wts. | Warrants |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Invesco Senior Income Trust
Notes to Schedule of Investments:
(a) | Principal amounts are denominated in U.S. dollars unless otherwise noted. |
(b) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the "1933 Act"), and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Trusts portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate ("LIBOR"), on set dates, typically every 30 days but not greater than one year; and/or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
(c) | 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 variable rate senior loan interests will have an expected average life of three to five years. |
(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 8. |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(f) | This variable rate interest will settle after August 31, 2018, at which time the interest rate will be determined. |
(g) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(h) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2018 was $9,258,967, which represented 1.05% of the Trusts Net Assets. |
(i) | The borrower has filed for protection in federal bankruptcy court. |
(j) | Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $98,781,046, which represented 11.17% of the Trusts Net Assets. |
(k) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2018. |
(l) | Securities acquired through the restructuring of senior loans. |
(m) | Non-income producing security. |
(n) | Affiliated company during the period. The Investment Company Act of 1940 defines an "affiliated person" as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Trust has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of August 31, 2018 represented less than 1% of the Trusts Net Assets. See Note 5. |
(o) | The money market fund and the Trust are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of August 31, 2018. |
(p) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trusts use of leverage. |
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||
Contract to | Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
Settlement Date |
Counterparty | Deliver | Receive | |||||||||||||||||||
09/14/2018 |
Bank of America Merrill Lynch | USD | 4,191,800 | GBP | 3,278,622 | $ | 60,208 | |||||||||||||||
09/14/2018 |
Barclays Bank PLC | USD | 39,058 | CHF | 38,487 | 679 | ||||||||||||||||
09/14/2018 |
Barclays Bank PLC | USD | 11,222,025 | EUR | 9,806,006 | 167,605 | ||||||||||||||||
09/14/2018 |
Canadian Imperial Bank of Commerce | EUR | 10,003,925 | USD | 11,711,595 | 92,083 | ||||||||||||||||
09/14/2018 |
Canadian Imperial Bank of Commerce | GBP | 3,334,229 | USD | 4,412,018 | 87,894 | ||||||||||||||||
09/14/2018 |
Canadian Imperial Bank of Commerce | USD | 11,135,081 | EUR | 9,726,235 | 161,896 | ||||||||||||||||
09/14/2018 |
Citibank, N.A. | USD | 479,373 | CHF | 475,148 | 11,213 | ||||||||||||||||
09/14/2018 |
Citibank, N.A. | USD | 11,107,901 | EUR | 9,703,978 | 163,224 | ||||||||||||||||
09/14/2018 |
Citibank, N.A. | USD | 4,192,665 | GBP | 3,278,622 | 59,343 | ||||||||||||||||
09/14/2018 |
Goldman Sachs International | EUR | 10,003,925 | USD | 11,733,354 | 113,842 | ||||||||||||||||
09/14/2018 |
Goldman Sachs International | GBP | 3,334,229 | USD | 4,414,652 | 90,528 | ||||||||||||||||
09/14/2018 |
JPMorgan Chase Bank, N.A. | EUR | 10,003,925 | USD | 11,734,814 | 115,302 | ||||||||||||||||
09/14/2018 |
JPMorgan Chase Bank, N.A. | USD | 4,172,552 | GBP | 3,263,531 | 59,885 | ||||||||||||||||
09/14/2018 |
Royal Bank of Canada | EUR | 10,003,925 | USD | 11,731,053 | 111,541 | ||||||||||||||||
09/14/2018 |
Royal Bank of Canada | GBP | 3,335,229 | USD | 4,417,551 | 92,130 | ||||||||||||||||
09/14/2018 |
State Street Bank & Trust Co. | EUR | 692,977 | USD | 805,465 | 575 | ||||||||||||||||
09/14/2018 |
Toronto-Dominion Bank (The) | USD | 11,132,289 | EUR | 9,726,236 | 164,688 | ||||||||||||||||
Subtotal Appreciation |
1,552,636 | |||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Invesco Senior Income Trust
Open Forward Foreign Currency Contracts(continued) | ||||||||||||||||||||||
Contract to | Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
Settlement Date |
Counterparty | Deliver | Receive | |||||||||||||||||||
09/14/2018 |
Barclays Bank PLC | USD | 240,566 | GBP | 182,911 | $ | (3,350 | ) | ||||||||||||||
09/14/2018 |
Citibank, N.A. | CHF | 513,635 | USD | 518,242 | (12,081 | ) | |||||||||||||||
09/14/2018 |
JPMorgan Chase Bank, N.A. | USD | 2,052,160 | EUR | 1,746,222 | (23,931 | ) | |||||||||||||||
10/15/2018 |
Bank of America Merrill Lynch | GBP | 3,280,134 | USD | 4,199,504 | (60,123 | ) | |||||||||||||||
10/15/2018 |
Barclays Bank PLC | EUR | 9,738,627 | USD | 11,169,523 | (168,874 | ) | |||||||||||||||
10/15/2018 |
Canadian Imperial Bank of Commerce | EUR | 9,738,627 | USD | 11,176,340 | (162,057 | ) | |||||||||||||||
10/15/2018 |
Citibank, N.A. | CHF | 474,521 | USD | 480,063 | (11,216 | ) | |||||||||||||||
10/15/2018 |
Citibank, N.A. | EUR | 9,737,590 | USD | 11,173,154 | (164,036 | ) | |||||||||||||||
10/15/2018 |
Citibank, N.A. | GBP | 3,280,134 | USD | 4,200,389 | (59,238 | ) | |||||||||||||||
10/15/2018 |
JPMorgan Chase Bank, N.A. | GBP | 3,280,108 | USD | 4,199,513 | (60,080 | ) | |||||||||||||||
10/15/2018 |
Toronto-Dominion Bank (The) | EUR | 9,738,627 | USD | 11,173,458 | (164,940 | ) | |||||||||||||||
Subtotal Depreciation |
(889,926 | ) | ||||||||||||||||||||
Total Forward Foreign Currency Contracts Currency Risk |
$ | 662,710 |
Investment Abbreviations:
CHF | Swiss Franc | |
EUR | Euro | |
GBP | British Pound Sterling | |
USD | U.S. Dollar |
Portfolio Composition*
By credit quality, based on Total Investments
as of August 31, 2018
BBB |
0.1 | % | ||
BBB- |
5.2 | |||
BB+ |
4.3 | |||
BB |
10.5 | |||
BB- |
14.3 | |||
B+ |
16.4 | |||
B |
24.6 | |||
B- |
8.3 | |||
CCC+ |
2.9 | |||
CCC |
1.6 | |||
CCC- |
0.6 | |||
Non-Rated |
6.8 | |||
Equity |
4.4 |
| Source: Standard & Poors. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Non-Rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poors rating methodology, please visit standardandpoors.com and select Understanding Ratings under Rating Resources on the homepage. |
* | Excluding money market fund holdings. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Invesco Senior Income Trust
Statement of Assets and Liabilities
August 31, 2018
(Unaudited)
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Invesco Senior Income Trust
Statement of Operations
For the six months ended August 31, 2018
(Unaudited)
Investment income: |
||||
Interest |
$ | 33,115,760 | ||
Dividends |
163,399 | |||
Dividends from affiliates |
35,893 | |||
Other income |
708,536 | |||
Total investment income |
34,023,588 | |||
Expenses: |
||||
Advisory fees |
5,370,108 | |||
Administrative services fees |
1,263,555 | |||
Custodian fees |
203,340 | |||
Interest, facilities and maintenance fees |
6,287,530 | |||
Transfer agent fees |
10,557 | |||
Trustees and officers fees and benefits |
15,865 | |||
Registration and filing fees |
90,155 | |||
Reports to shareholders |
51,434 | |||
Professional services fees |
268,957 | |||
Other |
50,901 | |||
Total expenses |
13,612,402 | |||
Less: Fees waived |
(6,344 | ) | ||
Net expenses |
13,606,058 | |||
Net investment income |
20,417,530 | |||
Realized and unrealized gain (loss): |
||||
Net realized gain (loss) from: |
||||
Investment securities |
(4,361,201 | ) | ||
Foreign currencies |
(676,316 | ) | ||
Forward foreign currency contracts |
2,122,053 | |||
(2,915,464 | ) | |||
Change in net unrealized appreciation of: |
||||
Investment securities |
1,646,677 | |||
Foreign currencies |
356,485 | |||
Forward foreign currency contracts |
1,376,951 | |||
3,380,113 | ||||
Net realized and unrealized gain |
464,649 | |||
Net increase in net assets from operations applicable to common shares |
$ | 20,882,179 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Invesco Senior Income Trust
Statement of Changes in Net Assets
For the six months ended August 31, 2018 and the year ended February 28, 2018
(Unaudited)
August 31, 2018 |
February 28, 2018 |
|||||||
Operations: |
||||||||
Net investment income |
$ | 20,417,530 | $ | 41,052,859 | ||||
Net realized gain (loss) |
(2,915,464 | ) | (1,927,554 | ) | ||||
Change in net unrealized appreciation |
3,380,113 | 2,388,689 | ||||||
Net increase in net assets resulting from operations |
20,882,179 | 41,513,994 | ||||||
Distributions to common shareholders from net investment income |
(20,074,034 | ) | (41,827,977 | ) | ||||
Return of capital applicable to common shareholders |
| (4,711,370 | ) | |||||
Net increase (decrease) in net assets applicable to common shares |
808,145 | (5,025,353 | ) | |||||
Net assets applicable to common shares: |
||||||||
Beginning of period |
883,244,585 | 888,269,938 | ||||||
End of period (includes undistributed net investment income of $234,844 and $(108,652), respectively) |
$ | 884,052,730 | $ | 883,244,585 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Invesco Senior Income Trust
Statement of Cash Flows
For the six months ended August 31, 2018
(Unaudited)
Cash provided by operating activities: |
||||
Net increase in net assets resulting from operations applicable to common shares |
$ | 20,882,179 | ||
Adjustments to reconcile net increase in net assets applicable to common shares to net cash provided by operating activities: |
| |||
Purchases of investments |
(334,682,924 | ) | ||
Proceeds from sales of investments |
361,330,483 | |||
Net change in unrealized appreciation on forward foreign currency contracts |
(1,376,951 | ) | ||
Decrease in receivables and other assets |
487,155 | |||
Accretion of discount on investment securities |
(1,888,647 | ) | ||
Amortization of loan fees |
149,631 | |||
Decrease in accrued expenses and other payables |
(442,784 | ) | ||
Net realized loss from investment securities |
4,361,201 | |||
Net change in unrealized appreciation on investment securities |
(1,646,677 | ) | ||
Net cash provided by operating activities |
47,172,666 | |||
Cash provided by (used in) financing activities: |
||||
Dividends paid to common shareholders from net investment income |
(21,054,159 | ) | ||
Proceeds from borrowings |
10,000,000 | |||
Repayment of borrowings |
(64,250,000 | ) | ||
Decrease in VRTP Shares, at liquidation value |
(75,000,000 | ) | ||
Increase in VRDP Shares, at liquidation value |
125,000,000 | |||
Net cash provided by (used in) financing activities |
(25,304,159 | ) | ||
Net increase in cash and cash equivalents |
21,868,507 | |||
Cash and cash equivalents at beginning of period |
17,256,696 | |||
Cash and cash equivalents at end of period |
$ | 39,125,203 | ||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for interest, facilities and maintenance fees |
$ | 6,660,995 |
August 31, 2018
(Unaudited)
NOTE 1Significant Accounting Policies
Invesco Senior Income Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company.
The Trusts investment objective is to provide a high level of current income, consistent with preservation of capital. The Trust seeks to achieve its objectives by investing primarily in a portfolio of interests in floating or variable senior loans to corporations, partnerships, and other entities which operate in a variety of industries and geographic regions. The Trust borrows money for investment purposes which may create the opportunity for enhanced return, but also should be considered a speculative technique and may increase the Trusts volatility.
The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services Investment Companies.
The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.
A. | Security Valuations Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data. |
Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible securities) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (NOCP) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.
Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (NAV) per
31 Invesco Senior Income Trust
share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Trust may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Facility fees received may be amortized over the life of the loan. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Other income is comprised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of the loan or note.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the 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 Trusts net asset value and, accordingly, they reduce the Trusts 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 the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
32 Invesco Senior Income Trust
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. | Distributions The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders. |
E. | Federal Income Taxes The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code) necessary to qualify as a regulated investment company and to distribute substantially all of the Trusts taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trusts uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Interest, Facilities and Maintenance Fees Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees and other expenses associated with lines of credit, Variable Rate Term Preferred Shares (VRTP Shares) and Variable Rate Demand Preferred Shares (VRDP Shares). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included. |
G. | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications Under the Trusts organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trusts servicing agreements, that contain a variety of indemnification clauses. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Cash and Cash Equivalents For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. |
J. | Securities Purchased on a When-Issued and Delayed Delivery Basis The Trust may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Trust on such interests or securities in connection with such transactions prior to the date the Trust actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Trust will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
K. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Trusts books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
The Trust may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Trust invests and are shown in the Statement of Operations.
L. | Forward Foreign Currency Contracts The Trust may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
The Trust may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security, or the Trust may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon
33 Invesco Senior Income Trust
exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Trust will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.
A forward foreign currency contract is an obligation between two parties (Counterparties) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Trust owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
M. | Industry Focus To the extent that the Trust invests a greater amount of its assets in securities of issuers in the banking and financial services industries, the Trusts performance will depend to a greater extent on the overall condition of those industries. The value of these securities can be sensitive to changes in government regulation, interest rates and economic downturns in the U.S. and abroad. |
N. | Bank Loan Risk Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Trusts ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Trust. As a result, the Trust may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Trust has unsettled or open transactions may fail to or be unable to perform on its commitments. The Trust seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. |
O. | Other Risks The Trust may invest all or substantially all of its assets in senior secured floating rate loans and senior secured debt securities that are determined to be rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments. |
The Trust invests in corporate loans from U.S. or non-U.S. companies (the Borrowers). The investment of the Trust in a corporate loan may take the form of participation interests or assignments. If the Trust purchases a participation interest from a syndicate of lenders (Lenders) or one of the participants in the syndicate (Participant), one or more of which administers the loan on behalf of all the Lenders (the Agent Bank), the Trust would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Trusts rights against the Borrower but also for the receipt and processing of payments due to the Trust under the corporate loans. As such, the Trust is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Trust and a Borrower, together with Agent Banks, are referred to as Intermediate Participants.
P. | Leverage Risk The Trust may utilize leverage to seek to enhance the yield of the Trust by borrowing or issuing preferred shares. There are risks associated with borrowing or issuing preferred shares in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from investments made with such leverage, the higher volatility of the net asset value of the common shares, and that fluctuations in the interest rates on the borrowing or dividend rates on preferred shares may affect the yield and distributions to the common shareholders. There can be no assurance that the Trusts leverage strategy will be successful. |
NOTE 2Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the Adviser or Invesco). Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an annual fee of 0.85% based on the average daily managed assets of the Trust. Managed assets for this purpose means the Trusts net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trusts financial statements for purposes of GAAP.)
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers) the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has contractually agreed, through at least June 30, 2020, to waive the advisory fee payable by the Trust in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Trust of uninvested cash in such affiliated money market funds.
For the six months ended August 31, 2018, the Adviser waived advisory fees of $6,344.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2018, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees. Also, Invesco has entered into service agreements whereby State Street Bank and Trust Company (SSB) serves as custodian and fund accountant and provides certain administrative services to the Trust.
Certain officers and trustees of the Trust are officers and directors of Invesco.
34 Invesco Senior Income Trust
NOTE 3Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an 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 Trusts own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of August 31, 2018. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The Trusts policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period.
During the six months ended August 31, 2018, there were transfers from Level 2 to Level 3 of $18,814,306 due to third-party vendor quotations utilizing single market quotes and from Level 3 to Level 2 of $25,412,013, due to third-party vendor quotations utilizing more than one market quote.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Variable Rate Senior Loan Interests |
$ | | $ | 1,083,644,815 | $ | 60,229,358 | $ | 1,143,874,173 | ||||||||
Bonds & Notes |
| 60,386,745 | | 60,386,745 | ||||||||||||
Structured Products |
| 5,500,428 | | 5,500,428 | ||||||||||||
Common Stocks & Other Equity Interests |
19,551,575 | 25,656,059 | 10,751,676 | 55,959,310 | ||||||||||||
Preferred Stocks |
56,935 | 3,244 | 0 | 60,179 | ||||||||||||
Money Market Funds |
18,923,581 | | | 18,923,581 | ||||||||||||
Investments Matured |
| 246,785 | 398,127 | 644,912 | ||||||||||||
Total Investments in Securities |
38,532,091 | 1,175,438,076 | 71,379,161 | 1,285,349,328 | ||||||||||||
Other Investments Assets* |
||||||||||||||||
Forward Foreign Currency Contracts |
| 1,552,636 | | 1,552,636 | ||||||||||||
Other Investments Liabilities* |
||||||||||||||||
Forward Foreign Currency Contracts |
| (889,926 | ) | | (889,926 | ) | ||||||||||
Total Other Investments |
| 662,710 | | 662,710 | ||||||||||||
Total Investments |
$ | 38,532,091 | $ | 1,176,100,786 | $ | 71,379,161 | $ | 1,286,012,038 |
* | Unrealized appreciation (depreciation). |
A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended August 31, 2018:
Value 02/28/18 |
Purchases at Cost |
Proceeds from Sales |
Accrued Discounts/ Premiums |
Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Transfers into Level 3 |
Transfers out of Level 3 |
Value 08/31/18 |
||||||||||||||||||||||||||||
Variable Rate Senior Loan Interests |
$ | 83,959,012 | $ | 22,894,072 | $ | (34,590,610 | ) | $ | 366,748 | $ | 83,417 | $ | (1,260,196 | ) | $ | 13,237,475 | $ | (24,460,560 | ) | $ | 60,229,358 | |||||||||||||||
Common Stocks & Other Equity Interests |
4,511,935 | 1,460,506 | | | | 150,613 | 5,576,831 | (948,209 | ) | 10,751,676 | ||||||||||||||||||||||||||
Preferred Stocks |
191,146 | | | | | (187,902 | ) | | (3,244 | ) | 0 | |||||||||||||||||||||||||
Investments Matured |
388,041 | | (705,194 | ) | 235 | (2,021 | ) | 717,066 | | | 398,127 | |||||||||||||||||||||||||
Total |
$ | 89,050,134 | $ | 24,354,578 | $ | (35,295,804 | ) | $ | 366,983 | $ | 81,396 | $ | (580,419 | ) | $ | 18,814,306 | $ | (25,412,013 | ) | $ | 71,379,161 |
Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.
35 Invesco Senior Income Trust
NOTE 4Derivative Investments
The Trust may enter into an International Swaps and Derivatives Association Master Agreement (ISDA Master Agreement) under which a trust may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Trust does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.
Value of Derivative Investments at Period-End
The table below summarizes the value of the Trusts derivative investments, detailed by primary risk exposure, held as of August 31, 2018:
Value | ||||
Derivative Assets | Currency Risk |
|||
Unrealized appreciation on forward foreign currency contracts outstanding |
$ | 1,552,636 | ||
Derivatives not subject to master netting agreements |
| |||
Total Derivative Assets subject to master netting agreements |
$ | 1,552,636 | ||
Value | ||||
Derivative Liabilities | Currency Risk |
|||
Unrealized depreciation on forward foreign currency contracts outstanding |
$ | (889,926 | ) | |
Derivatives not subject to master netting agreements |
| |||
Total Derivative Liabilities subject to master netting agreements |
$ | (889,926 | ) |
Offsetting Assets and Liabilities
The table below reflects the Trusts exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2018.
Financial Derivative Assets |
Financial Derivative Liabilities |
Collateral (Received)/Pledged |
||||||||||||||||||||||
Counterparty | Forward Foreign Currency Contracts |
Forward Foreign Currency Contracts |
Net Value of Derivatives |
Non-Cash | Cash | Net Amount |
||||||||||||||||||
Bank of America Merrill Lynch |
$ | 60,208 | $ | (60,123 | ) | $ | 85 | $ | | $ | | $ | 85 | |||||||||||
Barclays Bank PLC |
168,284 | (172,224 | ) | (3,940 | ) | | | (3,940 | ) | |||||||||||||||
Canadian Imperial Bank of Commerce |
341,873 | (162,057 | ) | 179,816 | | | 179,816 | |||||||||||||||||
Citibank, N.A. |
233,780 | (246,571 | ) | (12,791 | ) | | | (12,791 | ) | |||||||||||||||
Goldman Sachs International |
204,370 | | 204,370 | | | 204,370 | ||||||||||||||||||
JPMorgan Chase Bank, N.A. |
175,187 | (84,011 | ) | 91,176 | | | 91,176 | |||||||||||||||||
Royal Bank of Canada |
203,671 | | 203,671 | | | 203,671 | ||||||||||||||||||
State Street Bank & Trust Co. |
575 | | 575 | | | 575 | ||||||||||||||||||
Toronto-Dominion Bank (The) |
164,688 | (164,940 | ) | (252 | ) | | | (252 | ) | |||||||||||||||
Total |
$ | 1,552,636 | $ | (889,926 | ) | $ | 662,710 | $ | | $ | | $ | 662,710 |
Effect of Derivative Investments for the six months ended August 31, 2018
The table below summarizes the gains on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain on Statement of Operations |
||||
Currency Risk |
||||
Realized Gain: |
||||
Forward foreign currency contracts |
$ | 2,122,053 | ||
Change in Net Unrealized Appreciation: |
||||
Forward foreign currency contracts |
1,376,951 | |||
Total |
$ | 3,499,004 |
The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.
Forward Foreign Currency Contracts |
||||
Average notional value |
$ | 173,888,444 |
36 Invesco Senior Income Trust
NOTE 5Investments in Other Affiliates
The 1940 Act defines an affiliated person as an issuance in which a trust holds 5% or more of the outstanding voting securities. The Trust has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates (excluding affiliated money market funds) for the six months ended August 31, 2018.
Value 02/28/18 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value 08/31/18 |
Dividend Income |
||||||||||||||||||||||
Cygnus Business Media, Inc., Common Shares |
$ | 0 | $ | | $ | | $ | | $ | | $ | 0 | $ | |
NOTE 6Trustees and Officers Fees and Benefits
Trustees and Officers Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and Trustees and Officers Fees and Benefits includes amounts accrued by the Trust to fund such deferred compensation amounts.
NOTE 7Cash Balances and Borrowings
The Trust has entered into a $350 million revolving credit and security agreement which will expire on December 6, 2018. The revolving credit and security agreement is secured by the assets of the Trust.
During the six months ended August 31, 2018, the average daily balance of borrowings under the revolving credit and security agreement was $273,692,935 with a weighted interest rate of 1.55%. The carrying amount of the Trusts payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.
Additionally, the Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 8Unfunded Loan Commitments
Pursuant to the terms of certain Senior Loan agreements, the Trust held the following unfunded loan commitments as of August 31, 2018. The Trust intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve.
Borrower | Type | Principal Amount(a) |
Value | |||||||
AMCP Clean Acquisition Co., LLC |
Delayed Draw Term Loan | $ | 190,659 | $ | 190,659 | |||||
Brightview Landscapes, LLC |
First Lien Revolver Loan | 509,854 | 471,615 | |||||||
Carlisle FoodService Products, Inc. |
Delayed Draw Term Loan | 43,801 | 43,486 | |||||||
Dentalcorp Perfect Smile ULC |
First Lien Delayed Draw Term Loan | 207,047 | 207,047 | |||||||
Dentalcorp Perfect Smile ULC |
Second Lien Delayed Draw Term Loan | 184,467 | 183,084 | |||||||
Fieldwood Energy LLC |
Term Loan | 13,346,600 | 13,213,134 | |||||||
GFL Environmental Inc. |
Delayed Draw Term Loan | 174,689 | 174,071 | |||||||
Heartland Dental, LLC |
Delayed Draw Term Loan | 404,386 | 402,619 | |||||||
IAP Worldwide Services |
First Lien Term Loan | 1,407,499 | 1,407,499 | |||||||
MacDermid, Inc. |
First Lien Multicurrency Revolver Loan | 953,265 | 949,609 | |||||||
MacDermid, Inc. |
First Lien Revolver Loan | 953,265 | 949,609 | |||||||
Mavis Tire Express Services Corp. |
Delayed Draw Term Loan | 245,561 | 244,026 | |||||||
National Vision, Inc. |
First Lien Revolver Loan | 1,532,982 | 1,410,343 | |||||||
Nidda Healthcare Holding AG |
Term Loan C | GBP 224,277 | 291,128 | |||||||
Prime Security Services Borrower, LLC |
Revolver Loan | 1,770,367 | 1,762,595 | |||||||
Scientific Games International, Inc. |
Multicurrency Revolver Loan | 3,136,226 | 3,120,545 | |||||||
Scientific Games International, Inc. |
Revolver Loan | 2,281,701 | 2,270,292 | |||||||
Transtar Holding Co. |
Term Loan | 160,277 | 159,476 | |||||||
Unilabs Diagnostics AB |
Revolver Loan | EUR 942,706 | 1,085,049 | |||||||
$ | 28,535,886 |
(a) | Principal amounts are denominated in U.S. Dollars unless otherwise noted. |
Currency Abbreviations:
EUR | Euro | |
GBP | British Pound Sterling |
37 Invesco Senior Income Trust
NOTE 9Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trusts capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trusts fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Trust had a capital loss carryforward as of February 28, 2018, which expires as follows:
Capital Loss Carryforward* | ||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||
February 28, 2019 |
$ | 81,508,885 | $ | | $ | 81,508,885 | ||||||
Not subject to expiration |
| 89,424,011 | 89,424,011 | |||||||||
$ | 81,508,885 | $ | 89,424,011 | $ | 170,932,896 |
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 10Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2018 was $307,752,306 and $361,265,110, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
Aggregate unrealized appreciation of investments |
$ | 40,451,455 | ||
Aggregate unrealized (depreciation) of investments |
(76,255,214 | ) | ||
Net unrealized appreciation (depreciation) of investments |
$ | (35,803,759 | ) |
Cost of investments for tax purposes is $1,321,815,797.
NOTE 11Common Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as follows:
Six months ended August 31, 2018 |
Year ended February 28, 2018 |
|||||||
Beginning shares |
180,036,160 | 180,036,160 | ||||||
Shares issued through dividend reinvestment |
| | ||||||
Ending shares |
180,036,160 | 180,036,160 |
The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.
NOTE 12Variable Rate Term Preferred Shares
On June 19, 2018, the Trust redeemed all of its outstanding VRTP Shares at their liquidation preference, including accrued and unpaid dividends, if any, through the redemption date. The redemptions were funded with proceeds received from the issuance of VRDP Shares.
Dividends paid on the VRTP Shares (which are treated as interest expense for financial reporting purposes) were declared daily and paid quarterly. As of June 18, 2018, the dividend rate was equal to the three month USD LIBOR interest rate plus a spread of 1.55%, which was based on the long-term credit rating assigned to the VRTP Shares by Moodys Investors Service, Inc.
The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VRTP Shares during the period ended, March 1, 2018 through June 18, 2018, were $75,000,000 and 3.68%, respectively.
The Trust was subject to certain restrictions relating to the VRTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions would have precluded the Trust from declaring any distributions to common shareholders or purchasing common shares and/or would have triggered an increased rate which, if not cured, would have caused the mandatory redemption of VRTP Shares at the liquidation preference plus any accumulated but unpaid dividends. Dividends paid on VRTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.
38 Invesco Senior Income Trust
NOTE 13Variable Rate Demand Preferred Shares
On June 14, 2018, the Trust issued 1,250 Series W-7 VRDP Shares with a liquidation preference of $100,000 per share to Barclays Bank PLC, pursuant to an offering exempt from registration under the 1933 Act. Proceeds from the issuance of the VRDP Shares were used to redeem all of the Trusts outstanding VRTP Shares. VRDP Shares are a floating-rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. The Trust is required to redeem all outstanding VRDP Shares on June 1, 2028, unless earlier redeemed or repurchased. VRDP Shares are subject to an optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. On or prior to the redemption date, the Trust will be required to segregate assets having a value equal to 110% of the redemption amount.
The Trust incurred costs in connection with the transfer of the VRDP Shares that are recorded as a deferred charge and are being amortized over a period of ten years to June 1, 2028. Amortization of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations, and the unamortized balance is included in the value of Variable rate demand preferred shares on the Statement of Assets and Liabilities.
Dividends paid on the VRDP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. As of August 31, 2018, the dividend rate is equal to the USD LIBOR interest rate plus a spread of 0.15%, which is based on the short-term credit rating assigned to the VRDP Shares by Moodys Investors Service, Inc. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VRDP Shares during the period, June 14, 2018 through August 31, 2018, were $125,000,000 and 2.11%, respectively.
The Trust is subject to certain restrictions relating to the VRDP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VRDP Shares at the maximum liquidation preference plus any accumulated but unpaid dividends.
The liquidation preference of VRDP Shares, which approximates fair value, is recorded as a liability under the caption Variable rate demand preferred shares on the Statement of Assets and Liabilities. The fair value of VRDP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VRDP Shares, and therefore the spread on the VRDP Shares (determined in accordance with the VRDP Shares governing document) remains unchanged. At period-end, the Trusts Adviser has determined that fair value of VRDP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially and/or the credit rating assigned to the VRDP Shares is downgraded. Unpaid dividends on VRDP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VRDP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.
NOTE 14Senior Loan Participation Commitments
The Trust invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Trust purchases a participation of a Senior Loan interest, the Trust typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Trust assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Trust and the borrower.
At the six months ended August 31, 2018, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Trust on a participation basis.
Selling Participant | Principal Amount |
Value | ||||||
Goldman Sachs Lending Partners LLC |
$ | 1,532,982 | $ | 1,410,343 |
NOTE 15Dividends
The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2018:
Declaration Date | Amount per Share | Record Date | Payable Date | |||||||||
September 4, 2018 |
$ | 0.0195 | September 14, 2018 | September 28, 2018 | ||||||||
October 1, 2018 |
$ | 0.0195 | October 16, 2018 | October 31, 2018 |
39 Invesco Senior Income Trust
The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.
Six months ended August 31, 2018 |
Years ended February 28, | Year ended February 29, 2016 |
Years ended February 28, | |||||||||||||||||||||
2018 | 2017 | 2015 | 2014 | |||||||||||||||||||||
Net asset value, beginning of period |
$ | 4.91 | $ | 4.93 | $ | 4.30 | $ | 5.05 | $ | 5.25 | $ | 5.17 | ||||||||||||
Net investment income(a) |
0.11 | 0.23 | 0.29 | 0.31 | 0.32 | 0.31 | ||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized) |
0.01 | 0.00 | 0.63 | (0.74 | ) | (0.20 | ) | 0.13 | ||||||||||||||||
Total from investment operations |
0.12 | 0.23 | 0.92 | (0.43 | ) | 0.12 | 0.44 | |||||||||||||||||
Less: |
||||||||||||||||||||||||
Dividends paid to common shareholders from net investment income |
(0.12 | ) | (0.22 | ) | (0.26 | ) | (0.32 | ) | (0.32 | ) | (0.36 | ) | ||||||||||||
Return of Capital |
N/A | (0.03 | ) | (0.03 | ) | N/A | N/A | N/A | ||||||||||||||||
Total distributions |
(0.12 | ) | (0.25 | ) | (0.29 | ) | (0.32 | ) | (0.32 | ) | (0.36 | ) | ||||||||||||
Net asset value per common share, end of period |
$ | 4.91 | $ | 4.91 | $ | 4.93 | $ | 4.30 | $ | 5.05 | $ | 5.25 | ||||||||||||
Market value per common share, end of period |
$ | 4.33 | $ | 4.40 | $ | 4.72 | $ | 3.76 | $ | 4.68 | $ | 5.03 | ||||||||||||
Total return at net asset value(b) |
2.71 | % | 5.32 | % | 22.59 | % | (8.31 | )% | 2.90 | % | 8.69 | % | ||||||||||||
Total return at market value(c) |
1.07 | % | (1.42 | )% | 34.22 | % | (13.48 | )% | (0.46 | )% | (3.34 | )% | ||||||||||||
Net assets, end of period (000s omitted) |
$ | 884,053 | $ | 883,245 | $ | 888,270 | $ | 773,748 | $ | 908,720 | $ | 945,510 | ||||||||||||
Portfolio turnover rate(d) |
24 | % | 60 | % | 69 | % | 55 | % | 63 | % | 99 | % | ||||||||||||
Ratio of expenses: |
||||||||||||||||||||||||
With fee waivers and/or expense reimbursements |
3.06 | %(e) | 2.64 | % | 2.37 | % | 2.34 | % | 2.20 | % | 2.18 | % | ||||||||||||
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees |
1.65 | %(e) | 1.61 | % | 1.58 | % | 1.69 | % | 1.65 | % | 1.63 | % | ||||||||||||
Without fee waivers and/or expense reimbursements |
3.06 | %(e) | 2.64 | % | 2.38 | % | 2.34 | % | 2.20 | % | 2.18 | % | ||||||||||||
Ratio of net investment income |
4.58 | %(e) | 4.66 | % | 6.15 | % | 6.57 | % | 6.22 | % | 5.98 | % | ||||||||||||
Senior securities: |
||||||||||||||||||||||||
Total amount of preferred shares outstanding (000s omitted) |
$ | 125,000 | $ | 75,000 | $ | 125,000 | $ | 125,000 | $ | 125,000 | $ | 125,000 | ||||||||||||
Total borrowings (000s omitted) |
$ | 238,250 | $ | 292,500 | $ | 225,000 | $ | 225,000 | $ | 284,000 | $ | 277,000 | ||||||||||||
Asset coverage per $1,000 unit of senior indebtedness(f) |
$ | 5,234 | $ | 4,275 | $ | 5,503 | $ | 4,994 | $ | 4,640 | $ | 4,865 | ||||||||||||
Asset coverage per preferred share(g) |
$ | 807,242 | $ | 1,277,659 | $ | 810,616 | $ | 718,998 | $ | 826,976 | $ | 856,408 | ||||||||||||
Liquidating preference per preferred share |
$ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 100,000 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable. |
(c) | Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trusts dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable. |
(d) | Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests and is not annualized for periods less than one year, if applicable. |
(e) | Ratios are annualized and based on average daily net assets applicable to common shares (000s omitted) of $883,094. |
(f) | Calculated by subtracting the Trusts total liabilities (not including preferred shares, at liquidation value and borrowings) from the Trusts total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |
(g) | Calculated by subtracting the Trusts total liabilities (not including preferred shares, at liquidation value) from the Trusts total assets and dividing this by the total number of preferred shares outstanding. |
N/A | = Not Applicable |
40 Invesco Senior Income Trust
Approval of Investment Advisory and Sub-Advisory Contracts
41 Invesco Senior Income Trust
42 Invesco Senior Income Trust
The following table sets forth on a per share basis the distribution that was paid in March 2018. Included in the table is a written statement of the sources of the distribution on a GAAP basis.
Net Income | Gain from Sale of Securities |
Return of Principal | Total Distribution | |||||||||||||||
08/29/18 | VVR |
$ | 0.0189 | $ | 0.000 | $ | 0.0006 | $ | 0.0195 |
Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This Notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.
43 Invesco Senior Income Trust
A Joint Annual Meeting (Meeting) of Shareholders of Invesco Senior Income Trust (the Fund) was held on August 9, 2018. The Meeting was held for the following purpose:
(1). | Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class. |
The results of the voting on the above matter were as follows:
Matter | Votes For | Votes Withheld |
||||||||
(1). | Bruce L. Crockett | 162,758,731 | 3,346,259 | |||||||
Jack M. Fields | 162,830,258 | 3,274,732 | ||||||||
Martin L. Flanagan | 162,792,548 | 3,312,442 | ||||||||
Robert C. Troccoli | 162,768,428 | 3,336,562 |
44 Invesco Senior Income Trust
Correspondence information
Send general correspondence to Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000.
Trust holdings and proxy voting information
The Trust provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Trusts semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the lists with the Securities and Exchange Commission (SEC) on Forms N-Q (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trusts Forms N-Q (or any successor Form) on the SEC website at sec.gov. Copies of the Trusts Forms N-Q (or any successor Form) may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file number for the Trust is shown below.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov. Information regarding how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. In addition, this information is available on the SEC website at sec.gov. |
SEC file number: 811-08743 | VK-CE-SINC-SAR-1 | 10252018 1526 |
ITEM 2. | CODE OF ETHICS. |
Not required for a semi-annual report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
PricewaterhouseCoopers LLP (PwC) informed the Trust that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.
The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit clients equity securities (referred to as a more than ten percent owner). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Advisers parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PricewaterhouseCoopers LLP informed the Trust it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.
On June 20, 2016, the SEC Staff issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Funds financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Funds independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.
If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SECs no-action letter, the Funds will need to take other action in order for the Funds filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date,
except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.
PwC advised the Registrants Audit Committee that PwC had identified two matters for consideration under the SECs auditor independence rules. PwC stated that a PwC manager and a PwC Senior Manager each held financial interests in investment companies within the Invesco Fund complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X.
PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant. In reaching this conclusion, PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, neither individual was in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the affiliate of the Registrant and the investments were not material to the net worth of either individual or their immediate family members.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | As of October 16, 2018, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and 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 (the Act), as amended. Based on that evaluation, the Registrants officers, including the PEO and PFO, concluded that, as of October 16, 2018, the Registrants disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
13(a) (1) | Not applicable. |
13(a) (2) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. |
13(a) (3) | Not applicable. |
13(a) (4) | Not applicable. |
13(b) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Senior Income Trust
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Executive Officer | ||
Date: | November 8, 2018 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Executive Officer | ||
Date: | November 8, 2018 | |
By: | /s/ Kelli Gallegos | |
Kelli Gallegos | ||
Principal Financial Officer | ||
Date: | November 8, 2018 |
EXHIBIT INDEX
13(a) (1) | Not applicable. | |
13(a) (2) | Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
13(a) (3) | Not applicable. | |
13(a) (4) | Not applicable. |