ITEM 1. | REPORTS TO STOCKHOLDERS. |
Annual Report to Shareholders |
February 29, 2024 |
Performance summary |
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For the fiscal year ended February 29, 2024, Class A shares of Invesco Senior Loan Fund (the Fund), at net asset value (NAV), underperformed the Credit Suisse Leveraged Loan Index, the Fund’s style-specific benchmark. |
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Your Fund’s long-term performance appears later in this report. |
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Fund vs. Indexes |
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Total returns, 2/28/23 to 2/29/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
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Class A Shares |
9.92 | % | ||
Class C Shares |
9.29 | |||
Class Y Shares |
10.19 | |||
Class IB Shares |
10.19 | |||
Class IC Shares |
10.03 | |||
Credit Suisse Leveraged Loan Index ▼ |
11.37 | |||
Source(s): ▼ |
1 | Source: Credit Suisse Leveraged Loan Index |
2 | Source: Credit Suisse High Yield Index represents High Yield, and the Bloomberg US Corporate Investment Grade Index represents US Corporate |
3 | Source: Bloomberg as of December 4, 2023 |
4 | Source: Morningstar LSTA US Leveraged Loan Index |
5 | Source: JP Morgan Research |
6 | Source: Pitchbook Data Inc. |
1 | Source: Bloomberg LP |
* | The Fund’s oldest share class (IB shares) does not have a sales charge; therefore, the second-oldest share class with a sales charge (Class A) is also included in the chart. |
Average Annual Total Returns |
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As of 2/29/24, including maximum applicable sales charges |
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Class A Shares |
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Inception (2/18/05) |
3.58 | % | ||
10 Years |
3.76 | |||
5 Years |
3.51 | |||
1 Year |
6.30 | |||
Class C Shares |
||||
Inception (2/18/05) |
3.00 | % | ||
10 Years |
3.33 | |||
5 Years |
3.42 | |||
1 Year |
8.29 | |||
Class Y Shares |
||||
Inception (11/8/13) |
4.44 | % | ||
10 Years |
4.35 | |||
5 Years |
4.45 | |||
1 Year |
10.19 | |||
Class IB Shares |
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Inception (10/4/89) |
4.86 | % | ||
10 Years |
4.35 | |||
5 Years |
4.42 | |||
1 Year |
10.19 | |||
Class IC Shares |
||||
Inception (6/13/03) |
4.34 | % | ||
10 Years |
4.20 | |||
5 Years |
4.30 | |||
1 Year |
10.03 |
∎ |
Unless otherwise stated, information presented in this report is as of February 29, 2024, and is based on total net assets. |
∎ |
Unless otherwise noted, all data is provided by Invesco. |
∎ |
To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
∎ |
The Credit Suisse Leveraged Loan Index |
∎ |
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
∎ |
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. |
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
By credit quality |
% of total investments | ||||
BBB- |
1.51 | % | |||
BB+ |
2.88 | ||||
BB |
8.75 | ||||
BB- |
6.90 | ||||
B+ |
12.91 | ||||
B |
18.02 | ||||
B- |
15.96 | ||||
CCC+ |
5.84 | ||||
CCC |
3.42 | ||||
CCC- |
0.17 | ||||
CC |
0.34 | ||||
D |
0.83 | ||||
Non-Rated |
14.25 | ||||
Equity |
8.22 |
% of total net assets | |||||||
1. |
NAS LLC (d.b.a. Nationwide Marketing Group) | 2.08 | % | ||||
2. |
Robertshaw US Holding Corp. | 1.53 | |||||
3. |
Spin Holdco, Inc. | 1.19 | |||||
4. |
Monitronics International, Inc. | 1.18 | |||||
5. |
AAdvantage Loyality IP Ltd. (American Airlines, Inc.) | 1.11 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Variable Rate Senior Loan Interests–100.71% (b)(c) |
||||||||||||||
Aerospace & Defense–3.01% |
||||||||||||||
ADB Safegate (ADBAS/CEP IV) (Luxembourg), Term Loan B (3 mo. EURIBOR + 4.75%) |
8.71% | 10/05/2026 | EUR 161 | $ 167,107 | ||||||||||
Barnes Group, Inc., Term Loan (1 mo. SOFR + 3.00%) |
8.43% | 09/03/2030 | $ 225 | 225,230 | ||||||||||
Brown Group Holding LLC (Signature Aviation US Holdings, Inc.) |
||||||||||||||
Incremental Term Loan B-2 (1 mo. SOFR + 3.00%) |
8.31% | 07/02/2029 | 609 | 608,742 | ||||||||||
Term Loan (1 mo. SOFR + 2.50%) |
8.18% | 06/07/2028 | 314 | 313,370 | ||||||||||
Castlelake Aviation Ltd. |
||||||||||||||
Incremental Term Loan (3 mo. SOFR + 2.50%) |
8.13% | 10/22/2027 | 1,120 | 1,120,903 | ||||||||||
Term Loan (1 mo. SOFR + 2.75%) |
7.87% | 10/22/2026 | 1,208 | 1,209,045 | ||||||||||
Dynasty Acquisition Co., Inc. |
||||||||||||||
Term Loan B-1 (1 mo. SOFR + 4.00%) |
9.33% | 08/24/2028 | 107 | 106,979 | ||||||||||
Term Loan B-2 (1 mo. SOFR + 4.00%) |
9.33% | 08/24/2028 | 46 | 45,848 | ||||||||||
Gogo Intermediate Holdings LLC, Term Loan (1 mo. SOFR + 3.75%) |
9.19% | 04/30/2028 | 574 | 573,311 | ||||||||||
KKR Apple Bidco LLC |
||||||||||||||
First Lien Term Loan (1 mo. SOFR + 2.75%) |
8.19% | 09/22/2028 | 515 | 513,696 | ||||||||||
First Lien Term Loan (1 mo. SOFR + 4.00%) |
8.83% | 09/22/2028 | 140 | 140,011 | ||||||||||
Peraton Corp. |
||||||||||||||
First Lien Term Loan B (1 mo. SOFR + 3.75%) |
9.18% | 02/01/2028 | 153 | 153,135 | ||||||||||
Second Lien Term Loan (3 mo. SOFR + 7.75%) |
13.18% | 02/01/2029 | 1,290 | 1,293,472 | ||||||||||
Propulsion (BC) Finco S.a.r.l. (Spain), Term Loan (3 mo. SOFR + 4.00%) |
9.10% | 09/14/2029 | 823 | 823,516 | ||||||||||
Rand Parent LLC (Atlas Air), Term Loan B (1 mo. SOFR + 4.25%) |
9.60% | 03/17/2030 | 594 | 593,987 | ||||||||||
Titan Acquisition Holdings L.P., Term Loan (1 mo. SOFR + 4.00%) (d) |
9.32% | 06/14/2030 | 668 | 669,674 | ||||||||||
TransDigm, Inc. |
||||||||||||||
Term Loan I (1 mo. SOFR + 3.25%) |
8.60% | 08/24/2028 | 2,591 | 2,599,456 | ||||||||||
Term Loan J (1 mo. SOFR + 3.25%) |
8.60% | 02/28/2031 | 348 | 349,316 | ||||||||||
11,506,798 | ||||||||||||||
Air Transport–3.54% |
||||||||||||||
AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan (3 mo. SOFR + 4.75%) |
10.33% | 04/20/2028 | 4,160 | 4,246,286 | ||||||||||
Air Canada (Canada), Term Loan (3 mo. SOFR + 3.50%) |
8.93% | 08/11/2028 | 1,135 | 1,138,015 | ||||||||||
American Airlines, Inc. |
||||||||||||||
Term Loan (1 mo. SOFR + 2.75%) |
8.60% | 02/15/2028 | 795 | 792,885 | ||||||||||
Term Loan (1 mo. SOFR + 3.50%) |
8.87% | 06/04/2029 | 1,844 | 1,845,258 | ||||||||||
Avolon TLB Borrower 1 (US) LLC |
||||||||||||||
Term Loan B-4 (1 mo. SOFR + 1.50%) |
6.92% | 02/12/2027 | 18 | 17,677 | ||||||||||
Term Loan B-6 (1 mo. SOFR + 2.00%) |
7.32% | 06/22/2028 | 203 | 202,962 | ||||||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. SOFR + 5.25%) |
10.77% | 06/21/2027 | 862 | 889,551 | ||||||||||
United AirLines, Inc., Term Loan B (1 mo. SOFR + 2.75%) |
8.08% | 02/22/2031 | 2,740 | 2,741,946 | ||||||||||
WestJet Airlines Ltd. (Canada) |
||||||||||||||
Term Loan (3 mo. SOFR + 3.00%) |
8.43% | 12/11/2026 | 101 | 100,889 | ||||||||||
Term Loan (1 mo. SOFR + 3.75%) |
9.06% | 02/14/2031 | 1,565 | 1,554,874 | ||||||||||
13,530,343 | ||||||||||||||
Automotive–4.32% |
||||||||||||||
Adient PLC, Term Loan B-2 (1 mo. SOFR + 2.75%) |
8.08% | 01/31/2031 | 863 | 865,009 | ||||||||||
Autokiniton US Holdings, Inc., Term Loan B (1 mo. SOFR + 4.00%) |
9.44% | 04/06/2028 | 1,274 | 1,277,479 | ||||||||||
Belron Group S.A., Incremental Term Loan |
7.66% | 04/18/2029 | 443 | 443,771 | ||||||||||
Constellation Auto (CONSTE/BCA) (United Kingdom) |
||||||||||||||
First Lien Term Loan B-2 |
9.94% | 07/28/2028 | GBP 184 | 215,889 | ||||||||||
Second Lien Term Loan B-1 |
12.69% | 07/27/2029 | GBP 481 | 443,227 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Automotive–(continued) |
||||||||||||||
DexKo Global, Inc. |
||||||||||||||
Incremental First Lien Term Loan (1 mo. SOFR + 4.25%) |
9.60% | 10/04/2028 | $ 346 | $ 347,128 | ||||||||||
Revolver Loan (d)(e) |
0.00% | 10/05/2026 | 595 | 589,705 | ||||||||||
Driven Holdings LLC, Term Loan (1 mo. SOFR + 3.00%) |
8.44% | 12/17/2028 | 686 | 681,453 | ||||||||||
Engineered Components & Systems LLC, Term Loan (1 mo. SOFR + 6.00%) |
11.33% | 08/30/2030 | 592 | 592,307 | ||||||||||
First Brands Group LLC |
||||||||||||||
First Lien Term Loan (6 mo. SOFR + 5.00%) |
10.57% | 03/30/2027 | 1,774 | 1,780,141 | ||||||||||
First Lien Term Loan (1 mo. SOFR + 5.00%) |
10.57% | 03/30/2027 | 1,653 | 1,657,803 | ||||||||||
Second Lien Term Loan (f) |
– | 03/30/2028 | 453 | 449,376 | ||||||||||
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. SOFR + 4.50%) |
9.93% | 11/09/2027 | 1,529 | 1,530,339 | ||||||||||
Les Schwab Tire Centers, Term Loan (1 mo. SOFR + 3.25%) |
8.69% | 11/02/2027 | 747 | 747,380 | ||||||||||
Mavis Tire Express Services Topco Corp., First Lien Term Loan (1 mo. SOFR + 3.75%) |
9.08% | 05/04/2028 | 1,953 | 1,957,166 | ||||||||||
Panther BF Aggregator 2 L.P.(Power Solutions, Clarios POWSOL) (Canada), Term Loan (1 mo. SOFR + 3.00%) |
8.33% | 05/06/2030 | 705 | 706,202 | ||||||||||
PowerStop LLC, Term Loan B (1 mo. SOFR + 4.75%) |
10.19% | 01/24/2029 | 624 | 574,702 | ||||||||||
Project Boost Purchaser LLC, Term Loan (1 mo. SOFR + 3.50%) |
8.94% | 05/30/2026 | 505 | 505,936 | ||||||||||
Wand NewCo 3, Inc., First Lien Term Loan (1 mo. SOFR + 3.75%) |
9.08% | 01/30/2031 | 1,167 | 1,170,238 | ||||||||||
16,535,251 | ||||||||||||||
Beverage & Tobacco–1.64% |
||||||||||||||
Al Aqua Merger Sub, Inc., Term Loan B (1 mo. SOFR + 3.75%) |
9.08% | 07/31/2028 | 3,499 | 3,493,140 | ||||||||||
City Brewing Co. LLC, First Lien Term Loan (3 mo. SOFR + 3.50%) |
9.08% | 04/05/2028 | 2,731 | 2,111,097 | ||||||||||
Naked Juice LLC (Tropicana), Second Lien Term Loan (3 mo. SOFR + 6.00%) |
11.45% | 01/24/2030 | 798 | 654,127 | ||||||||||
6,258,364 | ||||||||||||||
Building & Development–3.51% |
||||||||||||||
Chariot Buyer LLC, First Lien Term Loan (1 mo. SOFR + 3.75%) (d) |
9.08% | 11/03/2028 | 805 | 805,649 | ||||||||||
Corialis (United Kingdom), Term Loan B (f) |
– | 07/06/2028 | GBP 109 | 134,409 | ||||||||||
Eleda (Platea BC Bidco) |
||||||||||||||
Term Loan |
0.00% | 02/21/2031 | EUR 143 | 152,969 | ||||||||||
Term Loan |
0.00% | 02/21/2031 | EUR 29 | 30,752 | ||||||||||
Empire Today LLC, Term Loan B (1 mo. SOFR + 5.00%) |
10.57% | 04/01/2028 | 2,325 | 1,875,434 | ||||||||||
Icebox Holdco III, Inc. |
||||||||||||||
First Lien Term Loan (3 mo. SOFR + 3.75%) |
9.11% | 12/22/2028 | 1,132 | 1,130,293 | ||||||||||
Second Lien Term Loan (3 mo. SOFR + 6.75%) |
12.36% | 12/21/2029 | 303 | 291,973 | ||||||||||
Interior Logic Group, Inc., Term Loan B (1 mo. SOFR + 3.50%) |
8.93% | 04/01/2028 | 1,058 | 1,003,482 | ||||||||||
IPS Corp./CP Iris Holdco, First Lien Term Loan (1 mo. SOFR + 3.50%) |
9.18% | 10/02/2028 | 152 | 151,992 | ||||||||||
Janus International Group LLC, Term Loan (1 mo. SOFR + 3.25%) |
8.62% | 08/03/2030 | 348 | 349,444 | ||||||||||
LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. SOFR + 4.75%) |
10.18% | 02/16/2029 | 1,983 | 1,859,229 | ||||||||||
Mayfair Mall LLC, Term Loan (d) |
8.69% | 04/20/2024 | 498 | 457,009 | ||||||||||
Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. SOFR + 4.50%) |
9.95% | 04/29/2029 | 1,226 | 1,224,234 | ||||||||||
Packaging Coordinators Midco, Inc., First Lien Term Loan B (3 mo. SOFR + 3.50%) |
9.11% | 11/30/2027 | 138 | 138,646 | ||||||||||
Quikrete Holdings, Inc. |
||||||||||||||
First Lien Term Loan (1 mo. SOFR + 2.63%) |
8.07% | 02/01/2027 | 730 | 731,515 | ||||||||||
First Lien Term Loan (1 mo. SOFR + 2.75%) |
8.19% | 03/19/2029 | 1,467 | 1,469,889 | ||||||||||
RE/MAX LLC, Term Loan (1 mo. SOFR + 2.50%) |
7.94% | 07/21/2028 | 1,001 | 964,339 | ||||||||||
SRS Distribution, Inc., Term Loan (3 mo. SOFR + 3.50%) |
8.68% | 06/02/2028 | 189 | 188,687 | ||||||||||
Summit Materials LLC, Term Loan B-2 (1 mo. SOFR + 2.50%) |
7.83% | 01/12/2029 | 449 | 450,424 | ||||||||||
13,410,369 | ||||||||||||||
Business Equipment & Services–12.54% |
||||||||||||||
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Term Loan (1 mo. SOFR + 4.75%) |
10.08% | 05/12/2028 | 1,676 | 1,679,275 | ||||||||||
Boost Newco Borrower LLC (WorldPay), Term Loan (1 mo. SOFR + 3.00%) |
8.33% | 01/31/2031 | 1,564 | 1,571,814 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Business Equipment & Services–(continued) |
||||||||||||||
Camelot US Acquisition LLC, Term Loan (1 mo. SOFR + 2.75%) |
8.08% | 01/31/2031 | $ 1,337 | $ 1,334,256 | ||||||||||
Checkout Holding Corp., Term Loan |
14.80% | 05/10/2027 | 165 | 86,828 | ||||||||||
Cimpress USA, Inc., Term Loan B (1 mo. SOFR + 3.50%) |
8.94% | 05/17/2028 | 992 | 991,178 | ||||||||||
Cloud Software Group, Inc., Term Loan B (1 mo. SOFR + 4.50%) |
9.99% | 03/30/2029 | 1,126 | 1,118,221 | ||||||||||
Constant Contact, Inc. |
||||||||||||||
Second Lien Term Loan (3 mo. SOFR + 7.50%) |
12.83% | 02/12/2029 | 587 | 533,769 | ||||||||||
Term Loan (1 mo. SOFR + 4.00%) |
9.59% | 02/10/2028 | 1,356 | 1,320,266 | ||||||||||
Corporation Service Co., Term Loan B (1 mo. SOFR + 3.25%) |
8.08% | 11/02/2029 | 1,092 | 1,094,135 | ||||||||||
CRCI Longhorn Holdings, Inc. |
||||||||||||||
First Lien Term Loan (1 mo. SOFR + 3.50%) |
8.92% | 08/08/2025 | 283 | 282,424 | ||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) |
12.68% | 08/08/2026 | 72 | 70,502 | ||||||||||
Dakota Holding Corp. |
||||||||||||||
First Lien Term Loan (3 mo. SOFR + 3.75%) |
9.10% | 04/09/2027 | 1,162 | 1,150,242 | ||||||||||
Second Lien Term Loan (3 mo. SOFR + 6.75%) |
12.36% | 04/07/2028 | 542 | 539,173 | ||||||||||
Dun & Bradstreet Corp. (The), Incremental Term Loan B-2 (1 mo. SOFR + 2.75%) |
8.07% | 01/18/2029 | 2,127 | 2,124,672 | ||||||||||
Garda World Security Corp. (Canada), Term Loan (1 mo. SOFR + 4.25%) |
9.62% | 02/01/2029 | 3,129 | 3,133,213 | ||||||||||
GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. SOFR + 4.00%) |
9.44% | 05/12/2028 | 2,889 | 2,878,798 | ||||||||||
I-Logic Tech Bidco Ltd. (United Kingdom), Term Loan (3 mo. SOFR + 4.00%) |
9.50% | 02/16/2028 | 1,051 | 1,044,487 | ||||||||||
ION Trading Technologies S.a.r.l. (Luxembourg) |
||||||||||||||
Term Loan (3 mo. EURIBOR + 4.25%) |
8.18% | 04/01/2028 | EUR 516 | 540,231 | ||||||||||
Term Loan (3 mo. SOFR + 4.75%) |
10.20% | 04/01/2028 | 284 | 283,000 | ||||||||||
Iron Mountain Information Management LLC, Incremental Term Loan B (1 mo. SOFR + 2.25%) |
7.58% | 01/31/2031 | 664 | 661,057 | ||||||||||
KBR, Inc., Incremental Term Loan B (1 mo. SOFR + 2.25%) |
7.58% | 01/17/2031 | 437 | 438,160 | ||||||||||
KronosNet CX Bidco (Comspa Konecta) (Spain), Term Loan B |
9.70% | 09/30/2029 | EUR 99 | 100,885 | ||||||||||
Learning Care Group (US) No. 2, Inc., Term Loan (1 mo. SOFR + 4.75%) |
10.09% | 08/11/2028 | 302 | 302,295 | ||||||||||
Monitronics International, Inc., Term Loan A (3 mo. SOFR + 7.50%) (Acquired 06/30/2023-02/16/2024; Cost $4,496,293) (g) |
13.07% | 06/30/2028 | 4,495 | 4,525,678 | ||||||||||
NAS LLC (d.b.a. Nationwide Marketing Group) |
||||||||||||||
First Lien Term Loan (d) |
12.00% | 06/03/2024 | 1,699 | 1,671,935 | ||||||||||
Revolver Loan (d)(e) |
0.00% | 06/02/2025 | 411 | 404,303 | ||||||||||
Revolver Loan (d) |
12.00% | 06/02/2025 | 103 | 101,076 | ||||||||||
Term Loan (d) |
12.00% | 06/03/2024 | 4,894 | 4,815,622 | ||||||||||
Term Loan (d) |
12.00% | 06/03/2024 | 930 | 914,835 | ||||||||||
OCM System One Buyer CTB LLC, Term Loan (3 mo. SOFR + 4.00%) |
9.50% | 03/02/2028 | 728 | 727,968 | ||||||||||
Orchid Merger Sub II LLC, Term Loan (1 mo. SOFR + 4.75%) (Acquired 11/12/2021-01/05/2022; Cost $1,471,753) (g) |
10.25% | 07/27/2027 | 1,534 | 1,000,354 | ||||||||||
Prime Security Services Borrower LLC, First Lien Term Loan B-1 (1 mo. SOFR + 2.50%) |
7.83% | 10/13/2030 | 1,195 | 1,196,486 | ||||||||||
Prometric Holdings, Inc., Term Loan (3 mo. SOFR + 3.00%) |
10.69% | 01/31/2028 | 471 | 472,403 | ||||||||||
Protect America, Revolver Loan (d)(f) |
– | 09/01/2024 | 312 | 289,083 | ||||||||||
Ryan LLC (Ryan Tax) |
||||||||||||||
Delayed Draw Term Loan (e) |
0.00% | 11/14/2030 | 29 | 28,993 | ||||||||||
Term Loan (1 mo. SOFR + 4.50%) |
9.83% | 11/14/2030 | 274 | 275,435 | ||||||||||
Sitel Worldwide Corp., Term Loan (1 mo. SOFR + 3.75%) |
9.19% | 08/28/2028 | 1,285 | 1,237,712 | ||||||||||
Skillsoft Corp., Term Loan (1 mo. SOFR + 4.75%) |
10.68% | 07/14/2028 | 501 | 469,566 | ||||||||||
Solera (Polaris Newco LLC), First Lien Term Loan |
10.44% | 06/02/2028 | GBP 231 | 276,788 | ||||||||||
Spin Holdco, Inc., Term Loan (3 mo. SOFR + 4.00%) |
9.62% | 03/04/2028 | 4,970 | 4,534,119 | ||||||||||
Tempo Acquisition LLC, Term Loan |
8.08% | 08/31/2028 | 110 | 110,712 | ||||||||||
Thermostat Purchaser III, Inc., First Lien Term Loan (1 mo. SOFR + 4.50%) (d) |
9.99% | 08/31/2028 | 644 | 636,709 | ||||||||||
UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 4.75%) (d) |
11.22% | 03/20/2027 | 523 | 431,440 | ||||||||||
Vestis Corp., Term Loan B (f) |
– | 02/18/2031 | 562 | 563,445 | ||||||||||
47,963,543 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Cable & Satellite Television–2.09% |
||||||||||||||
Altice Financing S.A. (Alt-Intl) (Luxembourg), Term Loan |
10.31% | 10/31/2027 | $ 230 | $ 229,977 | ||||||||||
Atlantic Broadband Finance LLC |
||||||||||||||
Term Loan (1 mo. SOFR + 2.50%) |
7.94% | 09/01/2028 | 77 | 74,550 | ||||||||||
Term Loan B-1 (1 mo. SOFR + 3.25%) |
8.58% | 09/18/2030 | 693 | 668,167 | ||||||||||
CSC Holdings LLC, Term Loan B (1 mo. SOFR + 4.50%) |
9.82% | 01/15/2028 | 489 | 477,237 | ||||||||||
Numericable-SFR S.A. (France) |
||||||||||||||
Incremental Term Loan B-13 (1 mo. SOFR + 4.00%) |
9.57% | 08/14/2026 | 522 | 512,089 | ||||||||||
Term Loan B-11 (1 mo. SOFR + 2.75%) |
8.32% | 07/31/2025 | 496 | 491,092 | ||||||||||
Telenet - LG, Term Loan AR (1 mo. SOFR + 2.00%) |
7.43% | 04/30/2028 | 205 | 199,710 | ||||||||||
UPC - LG |
||||||||||||||
Term Loan AT (1 mo. SOFR + 2.25%) |
7.68% | 04/30/2028 | 193 | 190,693 | ||||||||||
Term Loan AX (1 mo. SOFR + 2.93%) |
8.43% | 01/31/2029 | 1,827 | 1,822,415 | ||||||||||
Virgin Media 02 - LG (United Kingdom) |
||||||||||||||
Term Loan Q (1 mo. SOFR + 3.25%) |
8.68% | 01/31/2029 | 2,443 | 2,438,486 | ||||||||||
Term Loan Y (1 mo. SOFR + 3.25%) |
8.79% | 03/31/2031 | 881 | 877,167 | ||||||||||
Vodafone Ziggo - LG, Term Loan I (1 mo. SOFR + 2.50%) |
7.93% | 04/30/2028 | 22 | 21,601 | ||||||||||
8,003,184 | ||||||||||||||
Chemicals & Plastics–8.65% |
||||||||||||||
A-Gas Finco, Inc., Term Loan (1 mo. SOFR + 5.25%) |
10.62% | 12/14/2029 | 958 | 935,078 | ||||||||||
AkzoNoble Chemicals |
||||||||||||||
Incremental Term Loan (1 mo. SOFR + 4.00%) |
9.42% | 03/03/2028 | 964 | 965,546 | ||||||||||
Term Loan (1 mo. SOFR + 4.00%) |
9.42% | 04/03/2028 | 963 | 964,894 | ||||||||||
Aruba Investments, Inc., Second Lien Term Loan (1 mo. SOFR + 7.75%) |
13.18% | 11/24/2028 | 611 | 584,249 | ||||||||||
Ascend Performance Materials Operations LLC, Term Loan (6 mo. SOFR + 4.75%) |
10.32% | 08/27/2026 | 2,463 | 2,398,623 | ||||||||||
Axalta Coating Systems U.S. Holdings, Inc., Term Loan B-5 (1 mo. SOFR + 2.50%) |
7.85% | 12/20/2029 | 1,124 | 1,125,859 | ||||||||||
BES (Discovery Purchaser Corp.) |
||||||||||||||
First Lien Term Loan (3 mo. SOFR + 4.38%) |
9.71% | 10/04/2029 | 1,334 | 1,329,183 | ||||||||||
Second Lien Term Loan (1 mo. SOFR + 7.00%) |
12.33% | 10/04/2030 | 347 | 330,311 | ||||||||||
Caldic (Pearls BidCo) (Netherlands), Term Loan B (1 mo. SOFR + 4.00%) |
9.06% | 02/26/2029 | 778 | 773,070 | ||||||||||
Charter NEX US, Inc., Term Loan B |
8.83% | 12/01/2027 | 1,189 | 1,189,462 | ||||||||||
Chemours Co. (The), Term Loan B-3 (1 mo. SOFR + 3.50%) |
8.83% | 08/18/2028 | 1,560 | 1,536,403 | ||||||||||
Composite Resins Holding B.V. (AOC), Term Loan (1 mo. SOFR + 4.25%) |
9.68% | 10/15/2028 | 1,083 | 1,085,072 | ||||||||||
Cyanco Intermediate 2 Corp., Term Loan (1 mo. SOFR + 4.75%) |
10.08% | 07/10/2028 | 313 | 313,607 | ||||||||||
Derby Buyer LLC (Delrin), Term Loan (1 mo. SOFR + 4.25%) |
9.58% | 11/01/2030 | 673 | 675,582 | ||||||||||
Eastman Tire Additives (River Buyer, Inc.), First Lien Term Loan (1 mo. SOFR + 5.25%) |
10.86% | 11/01/2028 | 1,548 | 1,515,451 | ||||||||||
Flint Group (ColourOz Inv) (Germany) |
||||||||||||||
PIK Term Loan, 5.68% PIK Rate, 0.00% Cash Rate (h) |
5.68% | 12/31/2027 | 18 | 2,293 | ||||||||||
Term Loan (1 mo. SOFR + 8.26%) |
13.58% | 06/30/2026 | 3 | 2,716 | ||||||||||
Fusion (Fusion UK Holding Ltd. & US HoldCo VAD, Inc.), Term Loan (3 mo. SOFR + 3.75%) |
9.50% | 05/29/2029 | 92 | 92,373 | ||||||||||
H.B. Fuller Co. (Luxembourg), Term Loan B |
7.58% | 02/15/2030 | 511 | 512,347 | ||||||||||
Herens Holdco S.a r.l. (Arxada) (Switzerland), Term Loan B (3 mo. EURIBOR + 3.93%) |
7.85% | 07/03/2028 | EUR 184 | 185,815 | ||||||||||
ICP Group Holdings LLC, First Lien Term Loan (1 mo. SOFR + 3.75%) |
9.36% | 12/29/2027 | 463 | 385,623 | ||||||||||
INEOS Enterprises Holdings US Finco LLC (United Kingdom), Term Loan B (1 mo. SOFR + 3.75%) |
9.19% | 07/08/2030 | 996 | 997,409 | ||||||||||
Ineos Quattro Holdings UK Ltd. (United Kingdom) |
||||||||||||||
Term Loan B (1 mo. SOFR + 4.25%) |
9.68% | 04/03/2029 | 531 | 524,796 | ||||||||||
Term Loan B (1 mo. SOFR + 3.75%) |
9.18% | 03/14/2030 | 371 | 368,197 | ||||||||||
Ineos US Finance LLC |
||||||||||||||
Term Loan (1 mo. SOFR + 3.75%) |
9.18% | 11/08/2027 | 482 | 482,322 | ||||||||||
Term Loan (1 mo. SOFR + 2.50%) |
7.93% | 11/08/2028 | 148 | 145,051 | ||||||||||
Term Loan (1 mo. SOFR + 3.50%) |
8.93% | 02/18/2030 | 995 | 988,639 | ||||||||||
Term Loan (1 mo. SOFR + 3.75%) |
9.08% | 02/15/2031 | 814 | 810,025 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Chemicals & Plastics–(continued) |
||||||||||||||
Kersia International S.A.S. (Belgium), Term Loan B (3 mo. EURIBOR + 3.93%) |
7.85% | 12/23/2027 | EUR 187 | $ 201,890 | ||||||||||
Lummus Technology Holdings V LLC (Illuminate Buyer LLC), Term Loan B |
8.94% | 12/31/2029 | $ 462 | 462,926 | ||||||||||
Momentive Performance Materials USA, Inc., Term loan B (1 mo. SOFR + 4.50%) |
9.83% | 03/22/2028 | 850 | 834,415 | ||||||||||
Oxea Corp., Term Loan B-2 (1 mo. SOFR + 3.25%) (Acquired 06/12/2023-02/22/2024; Cost $963,866) (g) |
8.93% | 10/14/2024 | 980 | 955,853 | ||||||||||
Potters Industries LLC, Term Loan B (3 mo. SOFR + 4.00%) (Acquired 11/19/2020; Cost $418,549) (g) |
9.45% | 12/14/2027 | 421 | 422,231 | ||||||||||
Proampac PG Borrower LLC, Term Loan B (1 mo. SOFR + 4.50%) |
9.80% | 09/15/2028 | 1,626 | 1,630,422 | ||||||||||
Quantix, Incremental Term Loan (d) |
11.98% | 05/03/2025 | 1,994 | 1,935,964 | ||||||||||
Trinseo Materials Operating S.C.A. |
||||||||||||||
Incremental Term Loan (1 mo. SOFR + 2.50%) |
7.94% | 05/03/2028 | 1,599 | 1,203,026 | ||||||||||
Term Loan A (d) |
13.82% | 05/03/2028 | 190 | 196,772 | ||||||||||
Term Loan B |
13.82% | 05/03/2028 | 1,396 | 1,455,115 | ||||||||||
Tronox Finance LLC, Incremental Term Loan (1 mo. SOFR + 3.50%) |
8.85% | 08/16/2028 | 488 | 489,101 | ||||||||||
Univar, Inc., Term Loan B (1 mo. SOFR + 4.50%) |
9.82% | 08/01/2030 | 1,504 | 1,508,708 | ||||||||||
W.R. Grace & Co., Term Loan (3 mo. SOFR + 3.75%) |
9.36% | 09/22/2028 | 564 | 564,302 | ||||||||||
33,080,721 | ||||||||||||||
Clothing & Textiles–0.74% |
||||||||||||||
ABG Intermediate Holdings 2 LLC, First Lien Term Loan B-1 (1 mo. SOFR + 3.50%) |
8.93% | 12/21/2028 | 2,244 | 2,252,005 | ||||||||||
BK LC Lux SPV S.a.r.l. (Birkenstock), Term Loan B (1 mo. SOFR + 3.25%) |
8.83% | 04/28/2028 | 598 | 599,563 | ||||||||||
2,851,568 | ||||||||||||||
Conglomerates–0.12% |
||||||||||||||
APi Group DE, Inc., Incremental Term Loan (1 mo. SOFR + 2.50%) |
7.94% | 01/03/2029 | 474 | 474,064 | ||||||||||
Containers & Glass Products–2.70% |
||||||||||||||
Berlin Packaging LLC, Term Loan B-5 (3 mo. SOFR + 3.75%) |
9.19% | 03/11/2028 | 1,077 | 1,075,765 | ||||||||||
Brook & Whittle Holding Corp., First Lien Term Loan (3 mo. SOFR + 4.00%) |
9.49% | 12/14/2028 | 959 | 896,496 | ||||||||||
Duran Group (Blitz/DWK) (Germany), Term loan C-2 (1 mo. SOFR + 5.50%) |
10.83% | 05/31/2026 | 1,998 | 1,933,113 | ||||||||||
Keter Group B.V. (Netherlands) |
||||||||||||||
PIK Term Loan B-3-A, 2.00% PIK Rate, 8.16% Cash Rate (h) |
2.00% | 03/31/2025 | EUR 661 | 664,307 | ||||||||||
Term Loan (d) |
11.93% | 12/31/2024 | EUR 83 | 90,779 | ||||||||||
Term Loan B-1 (3 mo. EURIBOR + 4.25%) |
8.16% | 03/31/2025 | EUR 1,768 | 1,776,168 | ||||||||||
LABL, Inc. (Multi-Color), Term Loan (1 mo. SOFR + 5.00%) |
10.43% | 10/29/2028 | 693 | 672,966 | ||||||||||
Libbey Glass, Inc., Term Loan |
0.00% | 11/22/2027 | 1,715 | 1,631,965 | ||||||||||
Logoplaste (Mar Bidco S.a.r.l.) (Portugal), Term Loan B (1 mo. SOFR + 4.30%) |
9.51% | 07/07/2028 | 413 | 390,626 | ||||||||||
Mold-Rite Plastics LLC (Valcour Packaging LLC), First Lien Term Loan (1 mo. USD LIBOR + 3.75%) |
9.19% | 10/04/2028 | 1,106 | 909,213 | ||||||||||
Pegasus BidCo B.V. (Netherlands), Term Loan (1 mo. SOFR + 3.75%) |
9.06% | 07/12/2029 | 298 | 298,955 | ||||||||||
10,340,353 | ||||||||||||||
Cosmetics & Toiletries–1.01% |
||||||||||||||
Bausch and Lomb, Inc. |
||||||||||||||
Incremental Term Loan (1 mo. SOFR + 4.00%) |
9.33% | 09/14/2028 | 657 | 656,876 | ||||||||||
Term Loan (1 mo. SOFR + 3.25%) |
8.67% | 05/10/2027 | 2,413 | 2,393,901 | ||||||||||
Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%) |
8.91% | 06/29/2028 | EUR 765 | 810,341 | ||||||||||
3,861,118 | ||||||||||||||
Drugs–0.00% |
||||||||||||||
Grifols Worldwide Operations USA, Inc., Term Loan B (3 mo. SOFR + 2.00%) |
7.43% | 11/15/2027 | 5 | 4,664 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Ecological Services & Equipment–1.22% |
||||||||||||||
Anticimex Global AB (Sweden) |
||||||||||||||
Term Loan B-1 (3 mo. SOFR + 3.50%) |
8.45% | 11/16/2028 | $ 70 | $ 70,324 | ||||||||||
Term Loan B-2 (1 mo. SOFR + 4.75%) |
9.84% | 11/16/2028 | 234 | 233,805 | ||||||||||
Term Loan B-4 (3 mo. SOFR + 4.00%) |
8.95% | 11/16/2028 | 407 | 407,744 | ||||||||||
EnergySolutions LLC, Term Loan (1 mo. SOFR + 4.00%) |
9.31% | 09/18/2030 | 1,121 | 1,125,823 | ||||||||||
GFL Environmental, Inc. (Canada), Term Loan A (1 mo. SOFR + 2.50%) |
7.82% | 05/31/2027 | 203 | 203,244 | ||||||||||
Groundworks LLC |
||||||||||||||
Delayed Draw Term Loan (d)(e) |
0.00% | 03/14/2030 | 29 | 28,499 | ||||||||||
Delayed Draw Term Loan (d) |
11.82% | 03/14/2030 | 38 | 37,958 | ||||||||||
Revolver Loan (d)(e) |
0.00% | 03/14/2029 | 50 | 49,780 | ||||||||||
Term Loan B (d)(f) |
– | 03/14/2030 | 939 | 937,001 | ||||||||||
OGF (VESCAP/Obol France 3/PHM) (France), Term Loan B-2 (6 mo. EURIBOR + 4.75%) |
8.86% | 12/31/2025 | EUR 166 | 172,258 | ||||||||||
Patriot Container Corp., First Lien Term Loan (1 mo. SOFR + 3.75%) |
9.18% | 03/20/2025 | 759 | 737,753 | ||||||||||
TruGreen L.P., Second Lien Term Loan (3 mo. SOFR + 8.76%) |
14.07% | 11/02/2028 | 827 | 652,114 | ||||||||||
4,656,303 | ||||||||||||||
Electronics & Electrical–8.13% |
||||||||||||||
Applied Systems, Inc., First Lien Term Loan (f) |
– | 02/24/2031 | 78 | 78,382 | ||||||||||
AppLovin Corp., Term Loan (1 mo. SOFR + 3.00%) |
8.43% | 10/25/2028 | 970 | 972,248 | ||||||||||
Boxer Parent Co., Inc., Term Loan (1 mo. SOFR + 4.25%) |
9.58% | 12/29/2028 | 216 | 217,052 | ||||||||||
Central Parent LLC, First Lien Term Loan (3 mo. SOFR + 4.00%) |
9.35% | 07/06/2029 | 831 | 833,495 | ||||||||||
ConnectWise LLC, Term Loan (1 mo. SOFR + 3.50%) |
9.11% | 10/01/2028 | 337 | 337,126 | ||||||||||
Diebold Nixdorf, Inc., Term Loan |
15.00% | 08/11/2028 | 195 | 203,791 | ||||||||||
E2Open LLC, Term Loan (1 mo. SOFR + 3.50%) |
8.94% | 02/04/2028 | 1,356 | 1,356,749 | ||||||||||
Energizer Holdings, Inc., Term Loan (1 mo. SOFR + 2.25%) |
7.68% | 12/22/2027 | 391 | 391,026 | ||||||||||
Entegris, Inc., Term Loan B (1 mo. SOFR + 2.75%) |
7.85% | 07/06/2029 | 137 | 137,384 | ||||||||||
EverCommerce, Term Loan B (1 mo. SOFR + 3.25%) |
8.44% | 07/01/2028 | 500 | 501,026 | ||||||||||
Go Daddy Operating Co. LLC, Term Loan B-6 |
7.33% | 11/09/2029 | 69 | 68,858 | ||||||||||
GoTo Group, Inc. (LogMeIn) |
||||||||||||||
Second Lien Term Loan (d) |
10.17% | 08/31/2027 | 1,633 | 1,147,119 | ||||||||||
Term Loan (d) |
0.00% | 08/31/2027 | 1,920 | 1,843,270 | ||||||||||
Idemia Group S.A.S. (Oberthur Tech / Morpho / OBETEC), Term Loan B-5 (1 mo. SOFR + 4.25%) |
10.10% | 09/30/2028 | 1,527 | 1,530,466 | ||||||||||
Inetum (Granite Fin Bidco SAS), Term Loan B |
8.92% | 10/17/2028 | EUR 223 | 238,902 | ||||||||||
Infinite Electronics |
||||||||||||||
First Lien Term Loan (3 mo. SOFR + 3.25%) |
9.32% | 03/02/2028 | 1,314 | 1,291,869 | ||||||||||
Second Lien Term Loan (3 mo. SOFR + 7.00%) |
12.57% | 03/02/2029 | 253 | 214,017 | ||||||||||
Informatica Corp., Term Loan (1 mo. SOFR + 2.75%) |
8.19% | 10/27/2028 | 700 | 701,686 | ||||||||||
ION Corp (Helios Software), Term Loan (1 mo. SOFR + 3.75%) |
9.07% | 07/18/2030 | 385 | 381,840 | ||||||||||
Learning Pool (Brook Bidco Ltd.) (United Kingdom) |
||||||||||||||
Term Loan (d) |
12.06% | 08/17/2028 | GBP 349 | 431,700 | ||||||||||
Term Loan 2 (d) |
12.32% | 08/17/2028 | 464 | 447,925 | ||||||||||
Mavenir Systems, Inc., Term Loan B (3 mo. SOFR + 4.75%) |
10.34% | 08/13/2028 | 1,389 | 952,416 | ||||||||||
Mirion Technologies, Inc., Term Loan (1 mo. SOFR + 2.75%) |
8.36% | 10/20/2028 | 175 | 175,694 | ||||||||||
Natel Engineering Co., Inc., Term Loan (1 mo. SOFR + 6.25%) |
11.69% | 04/30/2026 | 2,003 | 1,773,088 | ||||||||||
Native Instruments (Music Creation Group GMBH/APTUS) (Germany), Term Loan B (d) |
11.46% | 03/03/2028 | EUR 784 | 804,469 | ||||||||||
Open Text Corp. (Canada), Term Loan (1 mo. SOFR + 2.75%) |
8.18% | 01/31/2030 | 1,791 | 1,794,651 | ||||||||||
Particle Luxembourg S.a.r.l. (WebPros), Term Loan (3 mo. SOFR + 5.25%) |
10.69% | 02/18/2027 | 1,028 | 1,026,647 | ||||||||||
Proofpoint, Inc., Term Loan B (1 mo. SOFR + 3.25%) |
8.69% | 08/31/2028 | 1,211 | 1,210,253 | ||||||||||
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. SOFR + 4.25%) |
9.71% | 02/01/2029 | 2,913 | 2,319,787 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Electronics & Electrical–(continued) |
||||||||||||||
Renaissance Holding Corp. |
||||||||||||||
Term Loan |
9.58% | 04/05/2030 | $ 526 | $ 525,694 | ||||||||||
Term Loan B (f) |
– | 04/08/2030 | 138 | 137,750 | ||||||||||
Sandvine Corp., Second Lien Term Loan (1 mo. SOFR + 8.00%) |
13.43% | 11/02/2026 | 190 | 90,101 | ||||||||||
SmartBear (AQA Acquisition Holdings, Inc.), First Lien Term Loan (3 mo. SOFR + 4.25%) |
9.82% | 03/03/2028 | 188 | 188,286 | ||||||||||
SonicWall U.S. Holdings, Inc. |
||||||||||||||
Second Lien Term Loan (1 mo. SOFR + 7.50%) |
13.01% | 05/18/2026 | 269 | 247,048 | ||||||||||
Term Loan B (1 mo. SOFR + 5.00%) |
10.36% | 05/18/2028 | 1,317 | 1,299,024 | ||||||||||
Ultimate Software Group, Inc. |
||||||||||||||
First Lien Term Loan (1 mo. SOFR + 3.50%) |
8.81% | 02/10/2031 | 1,277 | 1,280,481 | ||||||||||
Second Lien Incremental Term Loan (3 mo. SOFR + 5.25%) |
10.68% | 05/03/2027 | 101 | 102,411 | ||||||||||
UST Holdings Ltd., Term Loan B (1 mo. SOFR + 3.75%) |
8.94% | 11/19/2028 | 875 | 871,587 | ||||||||||
Utimaco (SGT Ultimate BidCo GmbH) (Germany) |
||||||||||||||
Term Loan B-1 (d) |
10.28% | 05/31/2029 | EUR 1,940 | 1,960,204 | ||||||||||
Term Loan B-2 (d) |
11.99% | 05/31/2029 | 1,089 | 1,005,931 | ||||||||||
31,091,453 | ||||||||||||||
Financial Intermediaries–1.08% |
||||||||||||||
Edelman Financial Center LLC (The), Second Lien Term Loan (1 mo. SOFR + 6.75%) |
12.19% | 07/20/2026 | 111 | 111,824 | ||||||||||
EisnerAmper LLP, Term Loan B (d)(f) |
– | 02/24/2031 | 783 | 778,562 | ||||||||||
LendingTree, Inc., First Lien Delayed Draw Term Loan (1 mo. SOFR + 3.75%) |
0.00% | 09/15/2028 | 1,496 | 1,391,428 | ||||||||||
Tegra118 Wealth Solutions, Inc., Term Loan (3 mo. SOFR + 4.00%) |
9.32% | 02/18/2027 | 838 | 802,376 | ||||||||||
Tricor (Thevelia/Vistra-Virtue), First Lien Incremental Term Loan B-1 (1 mo. SOFR + 3.75%) |
9.07% | 06/18/2029 | 86 | 86,610 | ||||||||||
Virtue (Vistra+Tricor/Thevelia LLC) |
||||||||||||||
First Lien Term Loan (3 mo. SOFR + 4.00%) |
9.50% | 06/18/2029 | 690 | 692,026 | ||||||||||
First Lien Term Loan B (1 mo. SOFR + 4.75%) |
9.07% | 06/18/2029 | 277 | 277,520 | ||||||||||
4,140,346 | ||||||||||||||
Food Products–4.26% |
||||||||||||||
Arnott’s (Snacking Investments US LLC), Term Loan (1 mo. SOFR + 4.00%) |
9.33% | 12/18/2026 | 998 | 999,360 | ||||||||||
Biscuit Hld S.A.S.U. (BISPOU/Cookie Acq) (France), First Lien Term Loan (6 mo. EURIBOR + 4.00%) |
8.14% | 02/15/2027 | EUR 2,163 | 2,192,068 | ||||||||||
BrightPet (AMCP Pet Holdings, Inc.) |
||||||||||||||
Revolver Loan (d)(e) |
0.00% | 10/05/2026 | 117 | 113,455 | ||||||||||
Revolver Loan (d) |
12.51% | 10/05/2026 | 219 | 212,483 | ||||||||||
Term Loan (d) |
0.75% | 10/05/2026 | 2,288 | 2,221,545 | ||||||||||
Florida Food Products LLC |
||||||||||||||
First Lien Term Loan (1 mo. SOFR + 5.00%) |
10.33% | 10/18/2028 | 414 | 362,513 | ||||||||||
First Lien Term Loan (1 mo. SOFR + 5.00%) |
10.44% | 10/18/2028 | 3,029 | 2,651,901 | ||||||||||
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (d) |
13.44% | 10/18/2029 | 609 | 441,696 | ||||||||||
Mosel Bidco SE (Alphia) (Germany), Term Loan B (1 mo. SOFR + 5.00%) |
10.35% | 09/16/2030 | 1,215 | 1,121,277 | ||||||||||
Nomad Foods Ltd. (United Kingdom), Term Loan B-4 (1 mo. SOFR + 3.00%) |
8.47% | 03/16/2024 | 755 | 755,963 | ||||||||||
Shearer’s Foods LLC, First Lien Term Loan (1 mo. SOFR + 4.00%) |
9.32% | 01/31/2031 | 984 | 984,558 | ||||||||||
Sigma Bidco (Netherlands) |
||||||||||||||
Term Loan B (1 mo. SOFR + 4.75%) |
10.31% | 01/02/2028 | 2,329 | 2,316,660 | ||||||||||
Term Loan B-6 (3 mo. EURIBOR + 5.00%) |
8.88% | 01/02/2028 | EUR 427 | 456,430 | ||||||||||
Sigma Holdco B.V. (Netherlands), Term Loan B-7 (d) |
0.00% | 01/03/2028 | EUR 900 | 955,697 | ||||||||||
Valeo Foods (Jersey) Ltd. (Ireland), Term Loan B (6 mo. EURIBOR + 4.00%) |
8.14% | 09/29/2028 | EUR 492 | 516,631 | ||||||||||
16,302,237 | ||||||||||||||
Food Service–0.67% |
||||||||||||||
Areas (Telfer Inv/Financiere Pax), Term Loan B (6 mo. EURIBOR + 4.75%) |
8.70% | 07/01/2026 | EUR 1,401 | 1,510,332 | ||||||||||
Euro Garages (Netherlands), Term Loan B (1 mo. SOFR + 4.25%) |
9.99% | 03/31/2026 | 154 | 153,978 | ||||||||||
IRB Holding Corp., Term Loan B (1 mo. SOFR + 2.75%) |
8.18% | 12/15/2027 | 210 | 210,473 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Food Service–(continued) |
||||||||||||||
New Red Finance, Inc., Term Loan B-5 (1 mo. SOFR + 2.25%) |
7.58% | 09/23/2030 | $ 695 | $ 693,122 | ||||||||||
2,567,905 | ||||||||||||||
Forest Products–0.39% |
||||||||||||||
Restoration Forest Products Group LLC, Term Loan (d)(f) |
– | 01/31/2031 | 1,483 | 1,483,053 | ||||||||||
Health Care–3.36% |
||||||||||||||
Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom) |
||||||||||||||
Incremental Term Loan B (1 mo. SOFR + 5.25%) (d) |
9.90% | 06/08/2028 | 590 | 554,992 | ||||||||||
Term Loan B |
9.94% | 06/08/2028 | GBP 295 | 363,174 | ||||||||||
Ascend Learning LLC, First Lien Term Loan (1 mo. SOFR + 3.50%) |
8.93% | 12/11/2028 | 40 | 39,336 | ||||||||||
Biogroup-LCD (France), Term Loan B (3 mo. EURIBOR + 3.75%) |
7.40% | 02/09/2028 | EUR 292 | 312,214 | ||||||||||
Bracket Intermediate Holding Corp. (Signant), First Lien Term Loan (1 mo. SOFR + 5.00%) |
10.45% | 05/08/2028 | 577 | 577,488 | ||||||||||
Cerba (Chrome Bidco) (France), Term Loan C (3 mo. EURIBOR + 4.00%) |
7.86% | 02/16/2029 | EUR 248 | 252,743 | ||||||||||
Certara Holdco, Inc., Term Loan B (1 mo. SOFR + 3.50%) |
9.10% | 08/14/2026 | 397 | 398,350 | ||||||||||
Curium BidCo S.a.r.l. (Luxembourg), Term Loan (1 mo. SOFR + 4.50%) |
9.85% | 07/31/2029 | 321 | 321,714 | ||||||||||
Ethypharm (Financiere Verdi, Orphea Ltd.) (France), Term Loan B |
9.69% | 04/17/2028 | GBP 371 | 442,045 | ||||||||||
Explorer Holdings, Inc., First Lien Term Loan (1 mo. SOFR + 4.50%) |
9.94% | 02/04/2027 | 1,170 | 1,172,757 | ||||||||||
Global Medical Response, Inc. |
||||||||||||||
Term Loan (3 mo. SOFR + 4.25%) |
9.82% | 03/14/2025 | 307 | 272,516 | ||||||||||
Term Loan (3 mo. SOFR + 4.25%) |
9.84% | 10/02/2025 | 1,020 | 904,485 | ||||||||||
ICON PLC |
||||||||||||||
Term Loan (3 mo. SOFR + 2.25%) |
7.86% | 07/03/2028 | 10 | 10,136 | ||||||||||
Term Loan (3 mo. SOFR + 2.25%) |
7.86% | 07/03/2028 | 41 | 40,682 | ||||||||||
ICU Medical, Inc., Term Loan B (1 mo. SOFR + 2.50%) |
8.00% | 01/08/2029 | 751 | 750,768 | ||||||||||
International SOS L.P., Term Loan (d) |
8.82% | 09/07/2028 | 712 | 714,088 | ||||||||||
MB2 Dental Solutions LLC |
||||||||||||||
Delayed Draw Term Loan (d)(e) |
0.00% | 02/13/2031 | 238 | 237,703 | ||||||||||
Delayed Draw Term Loan (d)(e) |
0.00% | 02/13/2031 | 143 | 142,622 | ||||||||||
Revolver Loan (d)(e) |
0.00% | 02/13/2031 | 47 | 47,065 | ||||||||||
Term Loan (d) |
11.32% | 02/15/2031 | 686 | 679,621 | ||||||||||
MedAssets Software Intermediate Holdings, Inc. (nThrive TSG) |
||||||||||||||
First Lien Term Loan (1 mo. SOFR + 4.00%) |
9.44% | 12/18/2028 | 988 | 830,707 | ||||||||||
Second Lien Term Loan (1 mo. SOFR + 6.75%) |
12.19% | 12/17/2029 | 401 | 250,556 | ||||||||||
MJH Healthcare Holdings LLC, Term Loan B (1 mo. SOFR + 3.50%) |
8.93% | 01/28/2029 | 106 | 105,554 | ||||||||||
Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany) |
||||||||||||||
Term Loan B (3 mo. EURIBOR + 3.75%) |
7.66% | 12/15/2027 | EUR 138 | 149,008 | ||||||||||
Term Loan B-2 (3 mo. EURIBOR + 3.75%) |
7.66% | 12/15/2027 | EUR 80 | 86,073 | ||||||||||
Organon & Co., Term Loan B (3 mo. SOFR + 3.00%) |
8.43% | 06/02/2028 | 403 | 403,832 | ||||||||||
PAREXEL International Corp., First Lien Term Loan (1 mo. SOFR + 3.25%) |
8.69% | 11/15/2028 | 254 | 253,924 | ||||||||||
Sharp Midco LLC, Incremental Term Loan B (3 mo. SOFR + 4.50%) |
9.85% | 12/31/2028 | 200 | 200,199 | ||||||||||
Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. SOFR + 4.75%) |
10.35% | 11/24/2028 | 320 | 319,752 | ||||||||||
Sunshine Luxembourg VII S.a.r.l. (Nestle Skin Health) (Switzerland), Term Loan (3 mo. SOFR + 3.75%) |
8.95% | 10/01/2026 | 69 | 68,788 | ||||||||||
TTF Holdings LLC (Soliant), Term Loan B (1 mo. SOFR + 4.00%) |
9.44% | 03/31/2028 | 490 | 490,338 | ||||||||||
Verscend Holding Corp., Term Loan B-1 (1 mo. SOFR + 4.00%) |
9.44% | 08/27/2025 | 596 | 597,237 | ||||||||||
Women’s Care Holdings, Inc. |
||||||||||||||
Second Lien Term Loan (3 mo. SOFR + 8.25%) |
13.66% | 01/12/2029 | 235 | 184,218 | ||||||||||
Term Loan (3 mo. SOFR + 4.50%) |
9.91% | 01/15/2028 | 339 | 296,005 | ||||||||||
Zelis Cost Management Buyer, Inc., Term Loan B-2 (1 mo. SOFR + 2.75%) |
8.07% | 09/28/2029 | 386 | 385,988 | ||||||||||
12,856,678 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Home Furnishings–2.05% |
||||||||||||||
Hilding Anders AB (Sweden) |
||||||||||||||
Term Loan (Acquired 10/04/2022-07/21/2023; Cost $189,769) (g) |
9.11% | 02/28/2026 | EUR 227 | $ 92,156 | ||||||||||
Term Loan (d) |
14.11% | 12/31/2026 | EUR 19 | 19,545 | ||||||||||
Term Loan (Acquired 09/26/2023; Cost $23,649) (d)(g) |
14.11% | 12/31/2026 | EUR 22 | 23,573 | ||||||||||
Term Loan (Acquired 10/04/2022-10/31/2023; Cost $28,409) (d)(g) |
0.00% | 02/26/2027 | EUR 218 | 0 | ||||||||||
HomeServe USA Holding Corp., Term Loan (1 mo. SOFR + 3.00%) |
8.32% | 10/21/2030 | $ 633 | 633,478 | ||||||||||
Hunter Douglas Holding B.V., Term Loan B-1 (3 mo. SOFR + 3.50%) |
8.82% | 02/26/2029 | 1,291 | 1,278,874 | ||||||||||
Mattress Holding Corp., Term Loan (3 mo. SOFR + 4.25%) |
9.86% | 09/25/2028 | 1,839 | 1,838,391 | ||||||||||
Serta Simmons Bedding LLC, Term Loan (1 mo. SOFR + 7.50%) |
12.96% | 06/29/2028 | 1,371 | 1,259,812 | ||||||||||
SIWF Holdings, Inc., Term Loan B (1 mo. SOFR + 4.00%) |
9.44% | 10/06/2028 | 1,223 | 1,110,870 | ||||||||||
VC GB Holdings, Inc. (aka Generation Brands), Second Lien Term Loan (1 mo. SOFR + 6.75%) |
12.36% | 07/01/2029 | 409 | 400,593 | ||||||||||
Weber-Stephen Products LLC |
||||||||||||||
Incremental Term Loan B (1 mo. SOFR + 4.25%) |
9.68% | 10/30/2027 | 310 | 283,429 | ||||||||||
Term Loan B (1 mo. SOFR + 3.25%) |
8.69% | 10/30/2027 | 969 | 884,475 | ||||||||||
7,825,196 | ||||||||||||||
Industrial Equipment–6.10% |
||||||||||||||
Arconic Rolled Products Corp., Term Loan (1 mo. SOFR + 3.75%) |
9.07% | 08/18/2030 | 860 | 861,818 | ||||||||||
Chart Industries, Inc., Term Loan (1 mo. SOFR + 3.25%) |
8.67% | 03/15/2030 | 499 | 501,078 | ||||||||||
Clark Equipment Co., Term Loan B (3 mo. SOFR + 2.50%) |
7.95% | 04/20/2029 | 438 | 438,735 | ||||||||||
Crosby US Acquisition Corp., Term Loan |
9.32% | 08/16/2029 | 486 | 488,541 | ||||||||||
Deliver Buyer, Inc. (MHS Holdings), Term Loan (3 mo. SOFR + 5.50%) |
10.83% | 06/01/2029 | 1,146 | 1,041,063 | ||||||||||
DXP Enterprises, Inc., Incremental Term Loan (1 mo. SOFR + 4.75%) |
10.29% | 10/11/2030 | 898 | 900,764 | ||||||||||
EMRLD Borrower L.P. (Copeland), Term Loan B (1 mo. SOFR + 2.50%) |
7.79% | 05/31/2030 | 474 | 473,783 | ||||||||||
Kantar (Summer BC Bidco/KANGRP) (United Kingdom) |
||||||||||||||
Term Loan B (3 mo. SOFR + 5.00%) |
10.63% | 12/04/2026 | 851 | 849,004 | ||||||||||
Term Loan B (d) |
10.43% | 02/13/2029 | 323 | 322,117 | ||||||||||
Term Loan B-3 (3 mo. EURIBOR + 4.25%) |
8.15% | 12/04/2026 | EUR 700 | 755,636 | ||||||||||
Madison IAQ LLC, Term Loan (1 mo. SOFR + 3.25%) |
8.68% | 06/21/2028 | 1,315 | 1,312,178 | ||||||||||
Minimax (-Viking GmbH, -MX Holdings US, Inc.), Term Loan B-1D (1 mo. SOFR + 2.75%) |
8.19% | 07/31/2028 | 257 | 257,659 | ||||||||||
MKS Instruments, Inc., Term Loan B (1 mo. SOFR + 2.50%) |
7.82% | 08/17/2029 | 2,546 | 2,546,629 | ||||||||||
Robertshaw US Holding Corp. |
||||||||||||||
First Lien Term Loan (Acquired 05/12/2023-10/17/2023; Cost $2,786,487) (g)(i)(j) |
0.00% | 02/28/2027 | 2,807 | 2,736,314 | ||||||||||
Revolver Loan (Acquired 11/14/2023-11/22/2023; Cost $836,804) (d)(e)(g) |
0.00% | 06/24/2027 | 836 | 836,282 | ||||||||||
Second Lien Term Loan (Acquired 05/09/2023-07/14/2023; Cost $1,884,326) (d)(g)(i)(j) |
0.00% | 05/10/2025 | 3,107 | 1,817,432 | ||||||||||
Third Lien Term Loan (Acquired 05/09/2023; Cost $213,711) (d)(g)(i)(j) |
0.00% | 05/10/2025 | 773 | 452,113 | ||||||||||
Tank Holding Corp. |
||||||||||||||
Revolver Loan (d) |
0.38% | 03/31/2028 | 49 | 47,634 | ||||||||||
Revolver Loan (d)(e) |
0.00% | 03/31/2028 | 181 | 175,184 | ||||||||||
Term Loan (1 mo. SOFR + 6.00%) |
13.25% | 03/31/2028 | 3,397 | 3,371,161 | ||||||||||
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (6 mo. SOFR + 3.50%) |
9.08% | 07/30/2027 | 1,732 | 1,736,393 | ||||||||||
Victory Buyer LLC (Vantage Elevator) |
||||||||||||||
First Lien Term Loan (1 mo. SOFR + 3.75%) |
9.34% | 11/19/2028 | 1,312 | 1,265,575 | ||||||||||
Second Lien Term Loan (3 mo. SOFR + 7.00%) (d) |
12.59% | 11/19/2029 | 165 | 142,470 | ||||||||||
23,329,563 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Insurance–2.62% |
||||||||||||||
Acrisure LLC |
||||||||||||||
First Lien Term Loan (1 mo. SOFR + 3.50%) |
8.94% | 02/15/2027 | $ 1,287 | $ 1,287,351 | ||||||||||
First Lien Term Loan (1 mo. SOFR + 4.25%) |
9.69% | 02/15/2027 | 758 | 760,307 | ||||||||||
First Lien Term Loan (1 mo. SOFR + 4.50%) |
9.83% | 11/06/2030 | 775 | 781,130 | ||||||||||
Alliant Holdings Intermediate LLC, Term Loan B-6 (1 mo. SOFR + 3.50%) |
8.82% | 11/06/2030 | 1,512 | 1,513,976 | ||||||||||
AmWINS Group LLC, Term Loan B (1 mo. SOFR + 2.75%) |
8.19% | 02/19/2028 | 422 | 422,536 | ||||||||||
Hub International Ltd., Term Loan B (1 mo. SOFR + 3.25%) |
8.57% | 06/20/2030 | 409 | 408,766 | ||||||||||
Sedgwick Claims Management Services, Inc., Term Loan (1 mo. SOFR + 3.75%) |
9.08% | 02/24/2028 | 2,648 | 2,654,951 | ||||||||||
USI, Inc. |
||||||||||||||
Term Loan (1 mo. SOFR + 3.25%) |
8.60% | 09/27/2030 | 714 | 715,535 | ||||||||||
Term Loan B (1 mo. SOFR + 3.00%) |
8.35% | 11/22/2029 | 1,476 | 1,476,898 | ||||||||||
10,021,450 | ||||||||||||||
Leisure Goods, Activities & Movies–4.03% |
||||||||||||||
Carnival Corp. |
||||||||||||||
Incremental Term Loan B (1 mo. SOFR + 3.25%) |
8.69% | 10/18/2028 | 3,774 | 3,784,138 | ||||||||||
Term Loan (1 mo. SOFR + 3.00%) |
8.32% | 08/09/2027 | 266 | 266,306 | ||||||||||
Crown Finance US, Inc., Term Loan (1 mo. SOFR + 8.50%) (Acquired 07/25/2023-02/29/2024; Cost $2,038,581) (g) |
7.00% | 07/31/2028 | 2,250 | 2,283,288 | ||||||||||
Fitness International LLC, Term Loan B (d) |
10.58% | 02/05/2029 | 1,055 | 1,027,669 | ||||||||||
Lakeland Tours LLC, Term Loan (d) |
13.25% | 09/25/2027 | 370 | 258,795 | ||||||||||
Nord Anglia Education |
||||||||||||||
Incremental Term Loan |
9.07% | 02/15/2031 | 584 | 585,120 | ||||||||||
Term Loan B (1 mo. SOFR + 4.00%) |
9.34% | 01/31/2028 | 617 | 618,848 | ||||||||||
OEG Borrower LLC (Opry Entertainment), Term Loan (3 mo. SOFR + 5.00%) (d) |
10.48% | 06/18/2029 | 841 | 843,261 | ||||||||||
Scenic (Columbus Capital B.V.) (Australia), Term Loan (3 mo. EURIBOR + 3.75%) |
7.68% | 02/27/2027 | EUR 1,957 | 1,885,634 | ||||||||||
Seaworld Parks & Entertainment, Inc., Term Loan B-2 (1 mo. SOFR + 2.50%) |
7.83% | 08/25/2028 | 539 | 539,333 | ||||||||||
Six Flags Theme Parks, Inc., Term Loan B (1 mo. SOFR + 1.75%) |
7.18% | 04/17/2026 | 229 | 229,432 | ||||||||||
SSH Group Holdings, Inc., Term Loan (1 mo. SOFR + 4.50%) |
9.85% | 10/04/2030 | 240 | 240,243 | ||||||||||
Topgolf Callaway Brands Corp., Term Loan (1 mo. SOFR + 3.50%) |
8.93% | 03/15/2030 | 158 | 158,180 | ||||||||||
USF S&H Holdco LLC |
||||||||||||||
Term Loan A (d)(e) |
0.00% | 06/30/2025 | 162 | 162,334 | ||||||||||
Term Loan A (d) |
17.25% | 06/30/2025 | 133 | 132,716 | ||||||||||
Term Loan B (d) |
0.00% | 06/30/2025 | 1,681 | 1,681,136 | ||||||||||
Vue International Bidco PLC (United Kingdom) |
||||||||||||||
Term Loan (Acquired 02/21/2024; Cost $100,319) (g) |
11.89% | 06/30/2027 | EUR 98 | 107,586 | ||||||||||
Term Loan (Acquired 09/15/2022; Cost $193,785) (g) |
12.13% | 06/30/2027 | EUR 194 | 206,209 | ||||||||||
Term Loan |
6.13% | 12/31/2027 | EUR 1,033 | 392,663 | ||||||||||
15,402,891 | ||||||||||||||
Lodging & Casinos–4.28% |
||||||||||||||
Aimbridge Acquisition Co., Inc. |
||||||||||||||
First Lien Term Loan (1 mo. SOFR + 3.75%) |
9.19% | 02/02/2026 | 905 | 867,668 | ||||||||||
First Lien Term Loan (1 mo. SOFR + 4.75%) |
10.19% | 02/02/2026 | 1,117 | 1,082,300 | ||||||||||
Bally’s Corp., Term Loan B (3 mo. SOFR + 3.25%) |
8.83% | 10/02/2028 | 1,068 | 1,016,994 | ||||||||||
Caesars Entertainment, Inc. |
||||||||||||||
Incremental Term Loan B (1 mo. SOFR + 3.25%) |
8.66% | 02/06/2030 | 1,377 | 1,380,740 | ||||||||||
Term Loan (1 mo. SOFR + 2.75%) |
8.04% | 02/06/2031 | 2,043 | 2,043,580 | ||||||||||
Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. SOFR + 4.00%) |
9.33% | 01/27/2029 | 112 | 111,950 | ||||||||||
Flutter Financing B.V. (Stars Group), Term Loan B (1 mo. SOFR + 3.25%) |
8.86% | 07/22/2028 | 456 | 457,269 | ||||||||||
GVC Finance LLC, Term Loan B-2 (3 mo. SOFR + 3.50%) |
8.95% | 10/31/2029 | 1,609 | 1,614,769 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Lodging & Casinos–(continued) |
||||||||||||||
Hilton Grand Vacations Borrower LLC |
||||||||||||||
Term Loan (1 mo. SOFR + 3.00%) |
8.19% | 08/02/2028 | $ 1,122 | $ 1,122,427 | ||||||||||
Term Loan (1 mo. SOFR + 2.75%) |
8.19% | 01/17/2031 | 776 | 776,092 | ||||||||||
HotelBeds (United Kingdom) |
||||||||||||||
Term Loan B-2 (3 mo. EURIBOR + 5.00%) |
8.70% | 09/12/2028 | EUR 1,882 | 2,038,593 | ||||||||||
Term Loan D (6 mo. EURIBOR + 5.25%) |
9.18% | 09/12/2027 | EUR 2,012 | 2,181,986 | ||||||||||
Scientific Games Lottery, First Lien Term Loan (3 mo. SOFR + 3.50%) |
8.58% | 04/04/2029 | 949 | 948,226 | ||||||||||
Stars Group (US) Co-Borrower LLC, Term Loan B (1 mo. SOFR + 2.25%) |
7.70% | 11/25/2030 | 35 | 35,141 | ||||||||||
Travel + Leisure Co., Incremental Term Loan (1 mo. SOFR + 3.25%) |
8.67% | 12/14/2029 | 686 | 687,140 | ||||||||||
16,364,875 | ||||||||||||||
Nonferrous Metals & Minerals–1.18% |
||||||||||||||
American Rock Salt Co. LLC |
||||||||||||||
First Lien Term Loan (1 mo. SOFR + 4.00%) |
9.44% | 06/09/2028 | 894 | 816,587 | ||||||||||
Second Lien Term Loan (1 mo. SOFR + 7.25%) |
12.69% | 06/11/2029 | 57 | 48,536 | ||||||||||
AZZ, Inc., Term Loan (1 mo. SOFR + 4.25%) |
9.08% | 05/13/2029 | 1,124 | 1,126,731 | ||||||||||
Covia Holdings Corp., Term Loan (3 mo. SOFR + 4.00%) |
9.59% | 07/31/2026 | 1,376 | 1,373,273 | ||||||||||
Form Technologies LLC, First Lien Term Loan (3 mo. SOFR + 9.00%) |
14.44% | 10/22/2025 | 539 | 384,235 | ||||||||||
SCIH Salt Holdings, Inc. (Kissner Group), First Lien Incremental Term Loan B-1 (3 mo. SOFR + 4.00%) |
9.44% | 03/16/2027 | 748 | 748,184 | ||||||||||
4,497,546 | ||||||||||||||
Oil & Gas–2.76% |
||||||||||||||
Brazos Delaware II LLC, Term Loan (1 mo. SOFR + 3.75%) |
9.07% | 02/11/2030 | 696 | 695,741 | ||||||||||
GIP Pilot Acquisition Partners L.P. (Global Infrastructure), Term Loan (3 mo. SOFR + 3.00%) |
8.33% | 10/04/2030 | 585 | 586,265 | ||||||||||
Gulf Finance LLC, Term Loan (1 mo. SOFR + 6.75%) |
12.19% | 08/25/2026 | 886 | 886,749 | ||||||||||
ITT Holdings LLC (IMTT), Incremental Term Loan (1 mo. SOFR + 3.25%) |
0.00% | 10/11/2030 | 602 | 593,117 | ||||||||||
McDermott International Ltd. |
||||||||||||||
LOC (e) |
0.00% | 06/28/2024 | 2,136 | 1,388,472 | ||||||||||
LOC (d) |
9.57% | 06/30/2024 | 817 | 429,007 | ||||||||||
LOC (Acquired 09/08/2023; Cost $546,816) (d)(e)(g) |
0.00% | 12/31/2026 | 547 | 467,527 | ||||||||||
LOC (Acquired 09/08/2023; Cost $90,835) (d)(g) |
10.41% | 12/31/2026 | 181 | 155,065 | ||||||||||
PIK Second Lien Term Loan, 3.00% PIK Rate, 6.44% Cash Rate (h) |
3.00% | 06/30/2025 | 528 | 220,018 | ||||||||||
Term Loan (1 mo. SOFR + 3.00%) (Acquired 06/30/2020; Cost $93,378) (d)(g) |
8.44% | 06/28/2024 | 92 | 50,392 | ||||||||||
Term Loan (Acquired 09/12/2023-12/08/2023; Cost $562,611) (d)(g) |
13.14% | 12/31/2026 | 563 | 555,579 | ||||||||||
Par Petroleum LLC and Par Petroleum Finance Corp. (Par Pacific), Term Loan B (1 mo. SOFR + 4.25%) |
9.69% | 02/14/2030 | 934 | 935,243 | ||||||||||
Petroleum GEO-Services ASA (Norway), Term Loan |
12.10% | 03/18/2024 | 469 | 472,398 | ||||||||||
PG Investment Co. 59 S.a.r.l./URSA Minor US Bidco LLC (Rosen) (Luxembourg), Term Loan B (f) |
– | 02/24/2031 | 919 | 920,735 | ||||||||||
Planet US Buyer LLC (Wood Mackenzie), Term Loan (1 mo. SOFR + 3.50%) |
8.81% | 02/07/2031 | 802 | 802,613 | ||||||||||
TransMontaigne Partners LLC, Term Loan B (1 mo. SOFR + 3.50%) |
8.94% | 11/17/2028 | 1,177 | 1,168,121 | ||||||||||
WhiteWater Whistler Holdings LLC, Term Loan B-1 (1 mo. SOFR + 2.75%) |
8.13% | 02/15/2030 | 236 | 236,551 | ||||||||||
10,563,593 | ||||||||||||||
Publishing–3.21% |
||||||||||||||
Adtalem Global Education, Inc., Term Loan (1 mo. SOFR + 3.50%) |
8.83% | 08/12/2028 | 312 | 312,732 | ||||||||||
Cengage Learning, Inc., Term Loan B (3 mo. SOFR + 4.75%) |
10.33% | 06/29/2026 | 2,637 | 2,639,862 | ||||||||||
Century DE Buyer LLC (Simon & Schuster), Term Loan (3 mo. SOFR + 4.00%) |
9.32% | 10/30/2030 | 1,188 | 1,194,034 | ||||||||||
Dotdash Meredith, Inc., Term Loan B (1 mo. SOFR + 4.00%) |
9.43% | 12/01/2028 | 2,089 | 2,075,463 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Publishing–(continued) |
||||||||||||||
Harbor Purchaser, Inc. (Houghton Mifflin Harcourt) |
||||||||||||||
First Lien Term Loan B (1 mo. SOFR + 5.25%) |
10.68% | 04/09/2029 | $ 2,240 | $ 2,204,746 | ||||||||||
Second Lien Term Loan B (1 mo. SOFR + 8.00%) |
13.83% | 04/08/2030 | 1,115 | 1,030,455 | ||||||||||
McGraw-Hill Education, Inc., Term Loan (1 mo. SOFR + 4.75%) |
10.19% | 07/28/2028 | 2,115 | 2,110,188 | ||||||||||
Micro Holding L.P., Term Loan B-3 (1 mo. SOFR + 4.25%) |
9.58% | 05/03/2028 | 705 | 694,948 | ||||||||||
12,262,428 | ||||||||||||||
Radio & Television–0.32% |
||||||||||||||
iHeartCommunications, Inc. |
||||||||||||||
Second Lien Incremental Term Loan (1 mo. SOFR + 3.25%) |
8.69% | 05/01/2026 | 270 | 231,373 | ||||||||||
Term Loan (1 mo. SOFR + 3.00%) |
8.44% | 05/01/2026 | 662 | 586,098 | ||||||||||
Sinclair Television Group, Inc. |
||||||||||||||
Term Loan B-3 (1 mo. SOFR + 3.00%) |
8.44% | 04/01/2028 | 52 | 43,706 | ||||||||||
Term Loan B-4 (1 mo. SOFR + 3.75%) |
9.18% | 04/21/2029 | 106 | 89,438 | ||||||||||
Univision Communications, Inc., First Lien Term Loan (1 mo. SOFR + 3.25%) |
8.69% | 01/31/2029 | 264 | 263,667 | ||||||||||
1,214,282 | ||||||||||||||
Retailers (except Food & Drug)–2.66% |
||||||||||||||
Action Holding B.V. (Netherlands) |
||||||||||||||
Term Loan B-3 (3 mo. EURIBOR + 3.75%) |
7.68% | 09/29/2028 | EUR 147 | 159,616 | ||||||||||
Term Loan B-4 (1 mo. SOFR + 3.25%) |
8.60% | 10/28/2030 | 1,172 | 1,176,899 | ||||||||||
Bass Pro Group LLC, Term Loan B-2 (1 mo. SOFR + 3.75%) |
9.19% | 03/06/2028 | 3,081 | 3,086,498 | ||||||||||
CNT Holdings I Corp. (1-800 Contacts), First Lien Term Loan |
8.82% | 11/08/2027 | 1,383 | 1,384,171 | ||||||||||
Douglas (Kirk Beauty GmbH) (Germany) |
||||||||||||||
Term Loan B-1 (6 mo. EURIBOR + 5.25%) |
8.93% | 04/08/2026 | EUR 298 | 322,663 | ||||||||||
Term Loan B-2 (6 mo. EURIBOR + 5.00%) |
8.93% | 04/08/2026 | EUR 171 | 185,736 | ||||||||||
Term Loan B-3 (6 mo. EURIBOR + 5.25%) |
8.93% | 04/08/2026 | EUR 333 | 360,705 | ||||||||||
Term Loan B-4 (6 mo. EURIBOR + 5.25%) |
8.93% | 04/08/2026 | EUR 526 | 570,056 | ||||||||||
Term Loan B-5 (6 mo. EURIBOR + 5.25%) |
8.93% | 04/08/2026 | EUR 117 | 126,788 | ||||||||||
PetSmart, Inc., Term Loan (1 mo. SOFR + 3.75%) |
9.18% | 02/11/2028 | 2,237 | 2,231,684 | ||||||||||
Savers, Inc., Term Loan (1 mo. SOFR + 5.50%) |
9.36% | 04/26/2028 | 562 | 565,529 | ||||||||||
10,170,345 | ||||||||||||||
Surface Transport–1.65% |
||||||||||||||
First Student Bidco, Inc. |
||||||||||||||
Incremental Term Loan B (3 mo. SOFR + 4.00%) |
9.45% | 07/21/2028 | 1,473 | 1,474,523 | ||||||||||
Term Loan B (3 mo. SOFR + 3.00%) |
8.61% | 07/21/2028 | 798 | 793,028 | ||||||||||
Term Loan C (3 mo. SOFR + 3.00%) |
8.36% | 07/21/2028 | 242 | 240,507 | ||||||||||
Hurtigruten (Explorer II AS) (Norway) |
||||||||||||||
Term Loan |
12.39% | 02/22/2029 | EUR 1,240 | 538,492 | ||||||||||
Term Loan B |
10.91% | 09/30/2027 | EUR 675 | 691,434 | ||||||||||
Novae LLC, Term Loan B (3 mo. SOFR + 5.00%) |
10.52% | 12/22/2028 | 238 | 237,006 | ||||||||||
PODS LLC |
||||||||||||||
Incremental Term Loan B (1 mo. SOFR + 4.00%) (d) |
9.44% | 03/31/2028 | 1,830 | 1,807,651 | ||||||||||
Term Loan (1 mo. SOFR + 3.00%) |
8.44% | 03/31/2028 | 116 | 114,527 | ||||||||||
Reception Purchaser LLC (STG—XPOI Opportunity), Term Loan (1 mo. SOFR + 6.00%) (Acquired 04/28/2022; Cost $845,475) (g) |
11.50% | 03/24/2028 | 855 | 401,821 | ||||||||||
6,298,989 | ||||||||||||||
Telecommunications–4.24% |
||||||||||||||
Avaya, Inc., Term Loan |
6.83% | 08/01/2028 | 473 | 421,172 | ||||||||||
Cablevision Lightpath LLC, Term Loan (1 mo. SOFR + 3.25%) |
8.68% | 11/30/2027 | 878 | 874,160 | ||||||||||
CCI Buyer, Inc. (Consumer Cellular), First Lien Term Loan (3 mo. SOFR + 3.75%) |
9.35% | 12/17/2027 | 3,023 | 3,008,100 | ||||||||||
CenturyLink, Inc., Term Loan B (1 mo. SOFR + 2.25%) |
7.69% | 03/15/2027 | 1,286 | 941,890 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Telecommunications–(continued) |
||||||||||||||
Cincinnati Bell, Inc., Term Loan B-2 (1 mo. SOFR + 3.25%) |
8.68% | 11/22/2028 | $ 18 | $ 18,024 | ||||||||||
Crown Subsea Communications Holding, Inc., Term Loan (1 mo. SOFR + 4.75%) (d) |
10.07% | 01/30/2031 | 1,941 | 1,953,519 | ||||||||||
Frontier Communications Holdings LLC, Term Loan B (1 mo. SOFR + 3.75%) |
9.19% | 10/08/2027 | 235 | 234,437 | ||||||||||
Genesys Cloud Services Holdings I LLC, Incremental Term Loan (1 mo. SOFR + 3.75%) |
9.19% | 12/01/2027 | 291 | 292,737 | ||||||||||
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. SOFR + 3.50%) |
8.83% | 12/11/2026 | 578 | 578,385 | ||||||||||
Iridium Satellite LLC, Term Loan (1 mo. SOFR + 2.50%) |
7.83% | 09/20/2030 | 89 | 88,749 | ||||||||||
MLN US HoldCo LLC (dba Mitel) |
||||||||||||||
First Lien Term Loan B (3 mo. SOFR + 4.50%) |
9.97% | 11/30/2025 | 51 | 6,240 | ||||||||||
Second Lien Term Loan B (3 mo. SOFR + 8.75%) |
14.22% | 11/30/2026 | 35 | 3,455 | ||||||||||
Second Lien Term Loan B-1 |
12.11% | 10/18/2027 | 3,536 | 707,170 | ||||||||||
Term Loan |
11.85% | 10/18/2027 | 1,459 | 875,433 | ||||||||||
Third Lien Term Loan |
14.66% | 10/18/2027 | 1,356 | 187,646 | ||||||||||
SBA Senior Finance II LLC, Term Loan (1 mo. SOFR + 2.00%) |
7.33% | 01/25/2031 | 11 | 11,207 | ||||||||||
Telesat LLC, Term Loan B-5 (1 mo. SOFR + 2.75%) |
8.35% | 12/07/2026 | 1,730 | 1,041,279 | ||||||||||
U.S. TelePacific Corp. |
||||||||||||||
First Lien Term Loan |
6.00% | 05/02/2026 | 1,555 | 601,268 | ||||||||||
Third Lien Term Loan (d)(f) |
– | 05/02/2027 | 151 | 0 | ||||||||||
ViaSat, Inc. |
||||||||||||||
Term Loan (1 mo. SOFR + 3.75%) |
9.83% | 03/02/2029 | 1,141 | 1,123,026 | ||||||||||
Term Loan B (1 mo. SOFR + 4.50%) |
9.94% | 05/30/2030 | 831 | 818,502 | ||||||||||
Voyage Digital (NC) Ltd., Term Loan B (3 mo. SOFR + 4.50%) (d) |
9.32% | 05/10/2029 | 791 | 792,736 | ||||||||||
Windstream Services LLC, Term Loan (1 mo. SOFR + 6.25%) |
11.68% | 09/21/2027 | 1,704 | 1,652,277 | ||||||||||
16,231,412 | ||||||||||||||
Utilities–2.63% |
||||||||||||||
Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. SOFR + 2.75%) |
8.08% | 01/20/2031 | 1,866 | 1,861,166 | ||||||||||
Covanta Energy Corp. |
||||||||||||||
Incremental Term Loan B (1 mo. SOFR + 3.00%) |
8.32% | 11/30/2028 | 728 | 727,132 | ||||||||||
Term Loan C |
8.07% | 11/30/2028 | 55 | 54,672 | ||||||||||
Covanta Holding Corp. |
||||||||||||||
Incremental Term Loan B (1 mo. SOFR + 2.75%) |
8.07% | 11/30/2028 | 150 | 150,178 | ||||||||||
Incremental Term Loan C |
8.07% | 11/30/2028 | 8 | 8,206 | ||||||||||
Generation Bridge Northeast LLC, Term Loan B (1 mo. SOFR + 4.25%) |
9.58% | 08/22/2029 | 641 | 644,127 | ||||||||||
Granite Generation LLC, Term Loan (1 mo. SOFR + 3.75%) |
9.19% | 11/09/2026 | 1,666 | 1,667,059 | ||||||||||
KAMC Holdings, Inc. (Franklin Energy Group), First Lien Term Loan B (6 mo. SOFR + 4.00%) |
9.60% | 08/14/2026 | 854 | 780,398 | ||||||||||
Lightstone Holdco LLC |
||||||||||||||
Term Loan B (1 mo. SOFR + 5.75%) |
11.06% | 01/29/2027 | 2,435 | 2,341,214 | ||||||||||
Term Loan C (1 mo. SOFR + 5.75%) |
11.06% | 01/29/2027 | 138 | 132,418 | ||||||||||
Nautilus Power LLC, Term Loan (1 mo. SOFR + 5.25%) |
10.86% | 11/16/2026 | 161 | 137,096 | ||||||||||
Talen Energy Supply LLC |
||||||||||||||
Term Loan B (1 mo. SOFR + 4.50%) |
9.83% | 05/17/2030 | 985 | 989,881 | ||||||||||
Term Loan C (1 mo. SOFR + 4.50%) |
9.83% | 05/17/2030 | 562 | 564,063 | ||||||||||
10,057,610 | ||||||||||||||
Total Variable Rate Senior Loan Interests (Cost $398,104,639) |
385,158,495 | |||||||||||||
Shares |
||||||||||||||
Common Stocks & Other Equity Interests–9.04% (k) |
||||||||||||||
Aerospace & Defense–0.34% |
||||||||||||||
IAP Worldwide Services (d) |
296,283 | 296,283 | ||||||||||||
IAP Worldwide Services, Class A (d) |
1,850,312 | 999,168 | ||||||||||||
IAP Worldwide Services, Inc. (Acquired 07/18/2014-02/08/2019; Cost $587,458) (d)(g) |
342 | 17 | ||||||||||||
1,295,468 |
Shares |
Value | |||||||||||||
Automotive–0.01% |
||||||||||||||
Cabonline (Acquired 10/30/2023; Cost $1) (Sweden) (d)(g) |
1,490,997 | $ 145 | ||||||||||||
Cabonline (Sweden) (d) |
1,272,507 | 62 | ||||||||||||
Cabonline (Acquired 10/30/2023; Cost $38,035) (Sweden) (d)(g) |
42,364,958 | 55,171 | ||||||||||||
55,378 | ||||||||||||||
Building & Development–0.00% |
||||||||||||||
Fagus Holdco PLC (Spain) (d) |
298 | 0 | ||||||||||||
Lake at Las Vegas Joint Venture LLC, Class A (Acquired 07/15/2010; Cost $7,938,060) (d)(g) |
780 | 0 | ||||||||||||
Lake at Las Vegas Joint Venture LLC, Class B (Acquired 07/15/2010; Cost $93,975) (d)(g) |
9 | 0 | ||||||||||||
0 | ||||||||||||||
Business Equipment & Services–2.09% |
||||||||||||||
Monitronics International, Inc. (Acquired 06/30/2023; Cost $1,635,945) (g) |
81,269 | 1,726,966 | ||||||||||||
My Alarm Center LLC, Class A (Acquired 03/09/2021-12/03/2021; Cost $3,381,699) (d)(g) |
25,611 | 6,273,361 | ||||||||||||
8,000,327 | ||||||||||||||
Chemicals & Plastics–0.00% |
||||||||||||||
Flint Group (ColourOz Inv) (Germany) (d) |
15,366 | 0 | ||||||||||||
Containers & Glass Products–0.01% |
||||||||||||||
Libbey Glass LLC |
7,940 | 41,189 | ||||||||||||
Electronics & Electrical–0.06% |
||||||||||||||
Diebold Nixdorf, Inc. (l) |
6,869 | 226,402 | ||||||||||||
Financial Intermediaries–0.07% |
||||||||||||||
RJO Holdings Corp. (d) |
2,851 | 142,578 | ||||||||||||
RJO Holdings Corp., Class A (d) |
2,314 | 115,692 | ||||||||||||
RJO Holdings Corp., Class B (d) |
3,000 | 30 | ||||||||||||
258,300 | ||||||||||||||
Home Furnishings–0.11% |
||||||||||||||
Serta Simmons Bedding LLC (Acquired 06/29/2023; Cost $8,149) (g) |
52,572 | 410,719 | ||||||||||||
Leisure Goods, Activities & Movies–0.95% |
||||||||||||||
Crown Finance US, Inc. |
99,652 | 1,588,204 | ||||||||||||
Crown Finance US, Inc. |
681 | 10,854 | ||||||||||||
USF S&H Holdco LLC (Acquired 12/02/2019; Cost $1,287,958) (d)(g) |
1,785 | 2,025,155 | ||||||||||||
Vue International Bidco PLC (United Kingdom) (d) |
987,581 | 0 | ||||||||||||
3,624,213 | ||||||||||||||
Lodging & Casinos–0.10% |
||||||||||||||
Caesars Entertainment, Inc. (l) |
8,413 | 365,713 | ||||||||||||
Oil & Gas–4.84% |
||||||||||||||
HGIM Corp. |
13,962 | 408,388 | ||||||||||||
McDermott International Ltd. (l) |
210,471 | 35,570 | ||||||||||||
McDermott International Ltd. (Acquired 12/30/2020-09/08/2023; Cost $328,618) (d)(g) |
799,733 | 128,397 | ||||||||||||
Patterson-UTI Energy, Inc. |
33,092 | 382,874 | ||||||||||||
QuarterNorth Energy Holding, Inc. (Acquired 06/02/2021-10/29/2021; Cost $5,080,040) (g) |
78,026 | 13,446,494 | ||||||||||||
QuarterNorth Energy Holding, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $133,695) (g) |
14,855 | 358,377 | ||||||||||||
QuarterNorth Energy Holding, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $171,654) (g) |
28,609 | 59,006 | ||||||||||||
Samson Investment Co., Class A (Acquired 03/01/2017; Cost $3,246,273) (d)(g) |
84,254 | 9,268 | ||||||||||||
Seadrill Ltd. (Norway) (l) |
69,695 | 2,941,129 |
Shares |
Value | |||||||||||||
Oil & Gas–(continued) |
||||||||||||||
Southcross Energy Partners L.P. (Acquired 08/05/2014-10/29/2020; Cost $759,465) (d)(g) |
73,367 | $ 0 | ||||||||||||
Tribune Resources LLC (Acquired 04/03/2018; Cost $1,947,502) (g) |
382,888 | 727,487 | ||||||||||||
18,496,990 | ||||||||||||||
Radio & Television–0.07% |
||||||||||||||
iHeartMedia, Inc., Class A (l) |
101,257 | 280,482 | ||||||||||||
iHeartMedia, Inc., Class B (d)(l) |
17 | 40 | ||||||||||||
280,522 | ||||||||||||||
Retailers (except Food & Drug)–0.06% |
||||||||||||||
Claire’s Stores, Inc. |
446 | 117,075 | ||||||||||||
Toys ’R’ Us-Delaware, Inc. (d) |
17 | 0 | ||||||||||||
Vivarte S.A.S.U (France) (d) |
241,195 | 115,848 | ||||||||||||
232,923 | ||||||||||||||
Surface Transport–0.30% |
||||||||||||||
Commercial Barge Line Co. (d) |
4,992 | 560,851 | ||||||||||||
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (d) |
15,443 | 9,652 | ||||||||||||
Commercial Barge Line Co., Wts., expiring 04/27/2045 (d) |
5,248 | 589,613 | ||||||||||||
Hurtigruten (Explorer II AS), Term Loan (Norway) |
175,213 | 0 | ||||||||||||
1,160,116 | ||||||||||||||
Telecommunications–0.03% |
||||||||||||||
Avaya Holdings Corp. (Acquired 05/01/2023; Cost $240,465) (g) |
16,031 | 108,217 | ||||||||||||
Avaya, Inc. (Acquired 05/01/2023; Cost $43,620) (g) |
2,908 | 19,631 | ||||||||||||
127,848 | ||||||||||||||
Total Common Stocks & Other Equity Interests (Cost $45,021,509) |
34,576,108 | |||||||||||||
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
||||||||||||
U.S. Dollar Denominated Bonds & Notes–5.77% |
||||||||||||||
Aerospace & Defense–0.34% |
||||||||||||||
Rand Parent LLC (m) |
8.50% | 02/15/2030 | $ 1,339 | 1,302,274 | ||||||||||
Air Transport–0.09% |
||||||||||||||
American Airlines, Inc. (m) |
8.50% | 05/15/2029 | 313 | 329,239 | ||||||||||
Automotive–0.09% |
||||||||||||||
Clarios Global L.P./Clarios US Finance Co. (m) |
6.75% | 05/15/2028 | 334 | 338,329 | ||||||||||
Wand NewCo 3, Inc. (m) |
7.63% | 01/30/2032 | 23 | 23,652 | ||||||||||
361,981 | ||||||||||||||
Building & Development–0.86% |
||||||||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (m) |
4.50% | 04/01/2027 | 1,190 | 1,047,511 | ||||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (m) |
5.75% | 05/15/2026 | 1,873 | 1,808,249 | ||||||||||
Signal Parent, Inc. (m) |
6.13% | 04/01/2029 | 561 | 438,292 | ||||||||||
3,294,052 | ||||||||||||||
Business Equipment & Services–0.52% |
||||||||||||||
ADT Security Corp. (The) (m) |
4.13% | 08/01/2029 | 359 | 324,796 | ||||||||||
Allied Universal Holdco LLC (m) |
7.88% | 02/15/2031 | 224 | 222,730 | ||||||||||
GTCR W-2 Merger Sub LLC (m) |
7.50% | 01/15/2031 | 1,375 | 1,435,253 | ||||||||||
1,982,779 | ||||||||||||||
Cable & Satellite Television–0.58% |
||||||||||||||
Altice Financing S.A. (Luxembourg) (m) |
5.75% | 08/15/2029 | 22 | 18,972 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Cable & Satellite Television–(continued) |
||||||||||||||
Altice Financing S.A. (Luxembourg) (m) |
5.00% | 01/15/2028 | $ 783 | $ 693,543 | ||||||||||
Altice France S.A. (France) (m) |
5.50% | 01/15/2028 | 328 | 267,986 | ||||||||||
Altice France S.A. (France) (m) |
5.50% | 10/15/2029 | 305 | 231,313 | ||||||||||
Virgin Media Secured Finance PLC (United Kingdom) (m) |
4.50% | 08/15/2030 | 1,133 | 991,375 | ||||||||||
VZ Secured Financing B.V. (Netherlands) (m) |
5.00% | 01/15/2032 | 5 | 4,274 | ||||||||||
2,207,463 | ||||||||||||||
Chemicals & Plastics–0.91% |
||||||||||||||
INEOS Finance PLC (Luxembourg) (m) |
7.50% | 04/15/2029 | 527 | 523,759 | ||||||||||
INEOS Quattro Finance 2 PLC (United Kingdom) (m) |
9.63% | 03/15/2029 | 350 | 368,618 | ||||||||||
SK Invictus Intermediate II S.a.r.l. (m) |
5.00% | 10/30/2029 | 2,052 | 1,744,285 | ||||||||||
Windsor Holdings III LLC (m) |
8.50% | 06/15/2030 | 801 | 829,773 | ||||||||||
3,466,435 | ||||||||||||||
Cosmetics & Toiletries–0.11% |
||||||||||||||
Bausch & Lomb Corp. (m) |
8.38% | 10/01/2028 | 422 | 441,517 | ||||||||||
Ecological Services & Equipment–0.06% |
||||||||||||||
GFL Environmental, Inc. (Canada) (m) |
6.75% | 01/15/2031 | 228 | 233,497 | ||||||||||
Food Products–0.01% |
||||||||||||||
Sigma Holdco B.V. (Netherlands) (m) |
7.88% | 05/15/2026 | 36 | 34,429 | ||||||||||
Health Care–0.07% |
||||||||||||||
Global Medical Response, Inc. (m) |
6.50% | 10/01/2025 | 298 | 261,842 | ||||||||||
Industrial Equipment–0.66% |
||||||||||||||
Chart Industries, Inc. (m) |
7.50% | 01/01/2030 | 882 | 910,895 | ||||||||||
EMRLD Borrower L.P./Emerald Co-Issuer, Inc. (m) |
6.63% | 12/15/2030 | 1,626 | 1,633,724 | ||||||||||
2,544,619 | ||||||||||||||
Insurance–0.28% |
||||||||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (m) |
7.00% | 01/15/2031 | 737 | 734,638 | ||||||||||
HUB International Ltd. (m) |
7.25% | 06/15/2030 | 343 | 350,123 | ||||||||||
1,084,761 | ||||||||||||||
Lodging & Casinos–0.19% |
||||||||||||||
Caesars Entertainment, Inc. (m) |
6.50% | 02/15/2032 | 188 | 189,525 | ||||||||||
Caesars Entertainment, Inc. (m) |
7.00% | 02/15/2030 | 218 | 223,504 | ||||||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. (m) |
6.63% | 01/15/2032 | 308 | 308,210 | ||||||||||
721,239 | ||||||||||||||
Radio & Television–0.07% |
||||||||||||||
iHeartCommunications, Inc. (m) |
4.75% | 01/15/2028 | 194 | 139,880 | ||||||||||
Univision Communications, Inc. (m) |
7.38% | 06/30/2030 | 133 | 128,584 | ||||||||||
268,464 | ||||||||||||||
Retailers (except Food & Drug)–0.30% |
||||||||||||||
Evergreen Acqco 1 L.P./TVI, Inc. (m) |
9.75% | 04/26/2028 | 1,080 | 1,140,367 | ||||||||||
Telecommunications–0.59% |
||||||||||||||
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom) (m) |
6.75% | 10/01/2026 | 911 | 894,518 | ||||||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp. (m) |
7.75% | 08/15/2028 | 1,447 | 1,352,508 | ||||||||||
2,247,026 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value | |||||||||||
Utilities–0.04% |
||||||||||||||
Calpine Corp. (m) |
4.50% | 02/15/2028 | $ 171 | $ 161,240 | ||||||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $22,218,870) |
22,083,224 | |||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes–3.78% (n) |
||||||||||||||
Automotive–0.27% |
||||||||||||||
Cabonline Group Holding AB (Sweden) (Acquired 10/13/2023; Cost $109,405) (g)(m) |
14.00% | 03/19/2026 | SEK 1,273 | 128,938 | ||||||||||
Cabonline Group Holding AB (Sweden) (Acquired 03/24/2022; Cost $522,746) (g)(j)(m) |
0.00% | 04/19/2026 | SEK 4,920 | 437,854 | ||||||||||
Cabonline Group Holding AB (Sweden) (Acquired 10/12/2023; Cost $231,406) (g)(m) |
14.00% | 03/19/2026 | SEK 2,545 | 242,182 | ||||||||||
Conceria Pasubio S.p.A. (Italy) (3 mo. EURIBOR + 4.50%) (m)(o) |
8.39% | 09/30/2028 | EUR 206 | 221,588 | ||||||||||
1,030,562 | ||||||||||||||
Building & Development–0.08% |
||||||||||||||
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%) (m)(o) |
8.94% | 01/15/2027 | EUR 272 | 296,560 | ||||||||||
Fagus Holdco PLC (Spain) (Acquired 09/05/2023; Cost $0) (d)(g) |
1.00% | 09/05/2029 | EUR 5 | 5,312 | ||||||||||
301,872 | ||||||||||||||
Cable & Satellite Television–0.30% |
||||||||||||||
Altice Financing S.A. (Luxembourg) (m) |
3.00% | 01/15/2028 | EUR 260 | 248,481 | ||||||||||
Altice Finco S.A. (Luxembourg) (m) |
4.75% | 01/15/2028 | EUR 756 | 690,436 | ||||||||||
Altice France Holding S.A. (Luxembourg) (m) |
8.00% | 05/15/2027 | EUR 336 | 209,744 | ||||||||||
1,148,661 | ||||||||||||||
Electronics & Electrical–0.37% |
||||||||||||||
Cerved Group S.p.A. (Italy) (3 mo. EURIBOR + 5.25%) (m)(o) |
9.18% | 02/15/2029 | EUR 660 | 692,906 | ||||||||||
Versuni Group B.V. (Netherlands) (m) |
3.13% | 06/15/2028 | EUR 753 | 709,122 | ||||||||||
1,402,028 | ||||||||||||||
Financial Intermediaries–1.71% |
||||||||||||||
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%) (m)(o) |
8.90% | 07/15/2030 | EUR 1,101 | 752,257 | ||||||||||
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%) (m)(o) |
10.15% | 05/01/2026 | EUR 632 | 538,981 | ||||||||||
Garfunkelux Holdco 3 S.A. (Luxembourg) (m) |
6.75% | 11/01/2025 | EUR 909 | 774,782 | ||||||||||
Sherwood Financing PLC (United Kingdom) (m) |
4.50% | 11/15/2026 | EUR 200 | 201,296 | ||||||||||
Sherwood Financing PLC (United Kingdom) (m) |
6.00% | 11/15/2026 | GBP 202 | 228,974 | ||||||||||
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%) (m)(o) |
8.53% | 11/15/2027 | EUR 891 | 940,121 | ||||||||||
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%) (m)(o) |
8.53% | 11/15/2027 | EUR 1,250 | 1,318,913 | ||||||||||
Very Group Funding PLC (The) (United Kingdom) (m) |
6.50% | 08/01/2026 | GBP 1,101 | 1,249,228 | ||||||||||
Very Group Funding PLC (The) (United Kingdom) (m) |
6.50% | 08/01/2026 | GBP 490 | 555,969 | ||||||||||
6,560,521 | ||||||||||||||
Health Care–0.14% |
||||||||||||||
Kepler S.p.A. (Italy) (3 mo. EURIBOR + 5.75%) (m)(o) |
9.68% | 05/15/2029 | EUR 486 | 532,097 | ||||||||||
Industrial Equipment–0.18% |
||||||||||||||
Summer (BC) Holdco A S.a.r.l. (United Kingdom) (m) |
9.25% | 10/31/2027 | EUR 630 | 673,475 | ||||||||||
Leisure Goods, Activities & Movies–0.13% |
||||||||||||||
Deuce Finco PLC (United Kingdom) (3 mo. EURIBOR + 4.75%) (m)(o) |
8.68% | 06/15/2027 | EUR 211 | 231,262 | ||||||||||
Deuce Finco PLC (United Kingdom) (m) |
5.50% | 06/15/2027 | GBP 211 | 250,834 | ||||||||||
482,096 | ||||||||||||||
Retailers (except Food & Drug)–0.44% |
||||||||||||||
Douglas Service GmbH (Germany) (m) |
6.00% | 04/08/2026 | EUR 788 | 858,694 | ||||||||||
Kirk Beauty SUN GmbH ,9.00% PIK Rate, 8.25% Cash Rate (Germany) (h)(m) |
9.00% | 10/01/2026 | EUR 767 | 841,024 | ||||||||||
1,699,718 |
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
Value |
|||||||||||||
Surface Transport–0.16% |
||||||||||||||||
Zenith Finco PLC (United Kingdom) (m) |
6.50% | 06/30/2027 | GBP 632 | $ | 629,244 | |||||||||||
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $16,509,680) |
14,460,274 | |||||||||||||||
Shares |
||||||||||||||||
Preferred Stocks–1.23% (k) |
||||||||||||||||
Financial Intermediaries–0.06% |
||||||||||||||||
RJO Holdings Corp., Series A-2, Pfd. (d) |
584 | 213,164 | ||||||||||||||
Oil & Gas–0.03% |
||||||||||||||||
McDermott International Ltd., Pfd. (d) |
618 | 123,533 | ||||||||||||||
Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-08/23/2019; Cost $291,940) (d)(g) |
292,193 | 1,724 | ||||||||||||||
125,257 | ||||||||||||||||
Surface Transport–1.14% |
||||||||||||||||
Commercial Barge Line Co., Series B, Pfd. (d) |
21,989 | 2,562,158 | ||||||||||||||
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (d) |
15,443 | 1,799,419 | ||||||||||||||
4,361,577 | ||||||||||||||||
Total Preferred Stocks (Cost $1,152,867) |
4,699,998 | |||||||||||||||
Interest Rate |
Maturity Date |
Principal Amount (000) (a) |
||||||||||||||
Municipal Obligations–0.53% |
||||||||||||||||
Arizona–0.53% |
||||||||||||||||
Arizona (State of) Industrial Development Authority (NewLife Forest Restoration LLC) (Green Bonds), Series 2022 A, RB (Acquired 02/22/2022-01/01/2024; Cost $2,462,012) (Cost $776,795) (d)(g)(i)(j)(m) |
0.00% | 01/01/2028 | $ 2,618 | 2,026,979 | ||||||||||||
TOTAL INVESTMENTS IN SECURITIES (p) –121.06% (Cost $483,784,360) |
463,005,078 | |||||||||||||||
BORROWINGS–(18.96)% |
(72,500,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES–(2.10)% |
(8,057,551 | ) | ||||||||||||||
NET ASSETS–100.00% |
$ | 382,447,527 | ||||||||||||||
Investment Abbreviations: | ||
EUR | – Euro | |
EURIBOR | – Euro Interbank Offered Rate | |
GBP | – British Pound Sterling | |
LIBOR | – London Interbank Offered Rate | |
LOC | – Letter of Credit | |
Pfd. | – Preferred | |
PIK | – Pay-in-Kind | |
RB | – Revenue Bonds | |
SEK | – Swedish Krona | |
SOFR | – Secured Overnight Financing Rate | |
USD | – U.S. Dollar | |
Wts. | – Warrants |
(a) |
Principal amounts are denominated in U.S. dollars unless otherwise noted. |
(b) |
Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. |
(c) |
Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate (“SOFR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
(d) |
Security valued using significant unobservable inputs (Level 3). See Note 3. |
(e) |
All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 7. |
(f) |
This variable rate interest will settle after February 29, 2024, at which time the interest rate will be determined. |
(g) |
Restricted security. The aggregate value of these securities at February 29, 2024 was $45,280,853, which represented 11.84% of the Fund’s Net Assets. |
(h) |
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(i) |
The borrower has filed for protection in federal bankruptcy court. |
(j) |
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 29, 2024 was $7,470,692, which represented 1.95% of the Fund’s Net Assets. |
(k) |
Securities acquired through the restructuring of senior loans. |
(l) |
Non-income producing security. |
(m) |
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 February 29, 2024 was $38,565,165, which represented 10.08% of the Fund’s Net Assets. |
(n) |
Foreign denominated security. Principal amount is denominated in the currency indicated. |
(o) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2024. |
(p) |
Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Fund’s use of leverage. |
Open Forward Foreign Currency Contracts |
||||||||||||||||||||||
Unrealized |
||||||||||||||||||||||
Settlement |
Contract to |
Appreciation |
||||||||||||||||||||
Date |
Counterparty |
Deliver |
Receive |
(Depreciation) |
||||||||||||||||||
Currency Risk |
||||||||||||||||||||||
03/27/2024 |
Barclays Bank PLC | EUR | 10,200,766 | USD | 11,149,488 | $ | 114,232 | |||||||||||||||
03/27/2024 |
BNP Paribas S.A. | GBP | 1,480,230 | USD | 1,886,936 | 18,187 | ||||||||||||||||
03/27/2024 |
BNP Paribas S.A. | USD | 736 | SEK | 7,725 | 10 | ||||||||||||||||
04/26/2024 |
BNP Paribas S.A. | GBP | 1,397,524 | USD | 1,770,318 | 5,675 | ||||||||||||||||
04/26/2024 |
BNP Paribas S.A. | SEK | 9,080,203 | USD | 880,416 | 2,582 | ||||||||||||||||
03/27/2024 |
Canadian Imperial Bank of Commerce | EUR | 10,355,323 | USD | 11,297,450 | 94,994 | ||||||||||||||||
04/26/2024 |
Canadian Imperial Bank of Commerce | EUR | 10,524,310 | USD | 11,402,838 | 3,579 | ||||||||||||||||
03/27/2024 |
J.P. Morgan Chase Bank, N.A. | EUR | 1,886,869 | USD | 2,044,100 | 2,873 | ||||||||||||||||
04/26/2024 |
J.P. Morgan Chase Bank, N.A. | EUR | 150,000 | USD | 162,693 | 223 | ||||||||||||||||
04/26/2024 |
Merrill Lynch International | EUR | 1,380 | USD | 1,497 | 2 | ||||||||||||||||
03/27/2024 |
Morgan Stanley and Co. International PLC | GBP | 1,461,252 | USD | 1,863,354 | 18,564 | ||||||||||||||||
04/26/2024 |
Morgan Stanley and Co. International PLC | EUR | 10,367,231 | USD | 11,249,212 | 20,092 | ||||||||||||||||
04/26/2024 |
Morgan Stanley and Co. International PLC | GBP | 1,387,656 | USD | 1,757,245 | 5,062 | ||||||||||||||||
03/27/2024 |
Royal Bank of Canada | EUR | 10,355,323 | USD | 11,315,054 | 112,598 | ||||||||||||||||
03/27/2024 |
Royal Bank of Canada | GBP | 1,480,230 | USD | 1,888,445 | 19,695 | ||||||||||||||||
03/27/2024 |
State Street Bank & Trust Co. | EUR | 14,209 | USD | 15,524 | 152 | ||||||||||||||||
04/26/2024 |
State Street Bank & Trust Co. | EUR | 10,524,310 | USD | 11,415,488 | 16,229 | ||||||||||||||||
04/26/2024 |
State Street Bank & Trust Co. | GBP | 1,450,303 | USD | 1,836,933 | 5,646 | ||||||||||||||||
Subtotal-Appreciation |
440,395 | |||||||||||||||||||||
Currency Risk |
||||||||||||||||||||||
03/27/2024 |
BNP Paribas S.A. | SEK | 9,026,921 | USD | 870,030 | (1,595 | ) | |||||||||||||||
03/27/2024 |
BNP Paribas S.A. | USD | 1,676,769 | EUR | 1,546,637 | (3,607 | ) | |||||||||||||||
03/27/2024 |
BNP Paribas S.A. | USD | 1,769,982 | GBP | 1,397,524 | (5,647 | ) | |||||||||||||||
03/27/2024 |
BNP Paribas S.A. | USD | 873,422 | SEK | 9,019,196 | (2,543 | ) | |||||||||||||||
03/27/2024 |
Canadian Imperial Bank of Commerce | USD | 11,388,356 | EUR | 10,524,310 | (3,088 | ) |
Open Forward Foreign Currency Contracts–(continued) |
||||||||||||||||||||||
Unrealized |
||||||||||||||||||||||
Settlement |
Contract to |
Appreciation |
||||||||||||||||||||
Date |
Counterparty |
Deliver |
Receive |
(Depreciation) |
||||||||||||||||||
03/27/2024 |
Canadian Imperial Bank of Commerce | USD | 315,847 | GBP | 250,000 | $ | (229 | ) | ||||||||||||||
03/27/2024 |
Deutsche Bank AG | USD | 379,080 | EUR | 350,000 | (447 | ) | |||||||||||||||
04/26/2024 |
J.P. Morgan Chase Bank, N.A. | USD | 7,161 | SEK | 73,692 | (36 | ) | |||||||||||||||
03/27/2024 |
Merrill Lynch International | EUR | 500,000 | USD | 536,872 | (4,031 | ) | |||||||||||||||
03/27/2024 |
Morgan Stanley and Co. International PLC | USD | 11,234,968 | EUR | 10,367,231 | (19,630 | ) | |||||||||||||||
03/27/2024 |
Morgan Stanley and Co. International PLC | USD | 1,743,014 | GBP | 1,376,665 | (5,012 | ) | |||||||||||||||
03/27/2024 |
State Street Bank & Trust Co. | USD | 11,400,985 | EUR | 10,524,310 | (15,717 | ) | |||||||||||||||
03/27/2024 |
State Street Bank & Trust Co. | USD | 1,769,838 | GBP | 1,397,524 | (5,503 | ) | |||||||||||||||
Subtotal-Depreciation |
(67,085 | ) | ||||||||||||||||||||
Total Forward Foreign Currency Contracts |
$ | 373,310 | ||||||||||||||||||||
Assets: |
||
Investments in unaffiliated securities, at value (Cost $483,784,360) |
$463,005,078 | |
Other investments: |
||
Unrealized appreciation on forward foreign currency contracts outstanding |
440,395 | |
Cash |
1,967,887 | |
Restricted cash |
3,683,918 | |
Receivable for: |
||
Investments sold |
5,869,607 | |
Fund shares sold |
58,427 | |
Dividends |
2,647 | |
Interest |
4,518,679 | |
Investments matured, at value (Cost $1,094,193) |
306,850 | |
Investment for trustee deferred compensation and retirement plans |
24,448 | |
Other assets |
59,314 | |
Total assets |
479,937,250 | |
Liabilities: |
||
Other investments: |
||
Unrealized depreciation on forward foreign currency contracts outstanding |
67,085 | |
Payable for: |
||
Borrowings |
72,500,000 | |
Investments purchased |
12,651,369 | |
Dividends |
1,053,524 | |
Proceeds received in connection with pending litigation |
3,683,918 | |
Fund shares reacquired |
365 | |
Due to broker |
214,736 | |
Amount due custodian - foreign currency, at value (Cost $850,873) |
849,556 | |
Accrued fees to affiliates |
209,246 | |
Accrued interest expense |
351,857 | |
Accrued other operating expenses |
372,964 | |
Trustee deferred compensation and retirement plans |
66,227 | |
Unfunded loan commitments |
5,468,876 | |
Total liabilities |
97,489,723 | |
Net assets applicable to common shares |
$382,447,527 |
Net assets applicable to common shares consist of: |
||||
Shares of beneficial interest |
$ | 661,918,062 | ||
Distributable earnings (loss) |
(279,470,535 | ) | ||
$ | 382,447,527 | |||
Net Assets: |
||||
Class A |
$ | 47,409,891 | ||
Class C |
$ | 36,422,425 | ||
Class Y |
$ | 2,161,164 | ||
Class IB |
$ | 274,491,478 | ||
Class IC |
$ | 21,962,569 | ||
Common shares outstanding, no par value, with an unlimited number of common shares authorized: |
||||
Class A |
8,084,845 | |||
Class C |
6,195,504 | |||
Class Y |
368,779 | |||
Class IB |
46,812,768 | |||
Class IC |
3,746,178 | |||
Class A: |
||||
Net asset value per share |
$ | 5.86 | ||
Maximum offering price per share (Net asset value of $5.86 ÷ 96.75%) |
$ | 6.06 | ||
Class C: |
||||
Net asset value and offering price per share |
$ | 5.88 | ||
Class Y: |
||||
Net asset value and offering price per share |
$ | 5.86 | ||
Class IB: |
||||
Net asset value and offering price per share |
$ | 5.86 | ||
Class IC: |
||||
Net asset value and offering price per share |
$ | 5.86 | ||
Investment income: |
||||
Interest |
$ | 45,148,405 | ||
Dividends |
2,385,021 | |||
Other income |
563 | |||
Total investment income |
47,533,989 | |||
Expenses: |
||||
Advisory fees |
3,492,168 | |||
Administrative services fees |
966,963 | |||
Custodian fees |
71,665 | |||
Distribution fees: |
||||
Class A |
122,016 | |||
Class C |
358,386 | |||
Class IC |
32,916 | |||
Interest, facilities and maintenance fees |
4,366,289 | |||
Transfer agent fees |
377,985 | |||
Trustees’ and officers’ fees and benefits |
21,629 | |||
Registration and filing fees |
61,283 | |||
Reports to shareholders |
548,367 | |||
Professional services fees |
231,767 | |||
Other |
38,103 | |||
Total expenses |
10,689,537 | |||
Net investment income |
36,844,452 | |||
Realized and unrealized gain (loss) from: |
||||
Net realized gain (loss) from: |
||||
Unaffiliated investment securities |
(34,507,518 | ) | ||
Foreign currencies |
(50,006 | ) | ||
Forward foreign currency contracts |
684,382 | |||
(33,873,142 | ) | |||
Change in net unrealized appreciation (depreciation) of: |
||||
Unaffiliated investment securities |
35,379,623 | |||
Foreign currencies |
213,718 | |||
Forward foreign currency contracts |
(1,204,698 | ) | ||
34,388,643 | ||||
Net realized and unrealized gain |
515,501 | |||
Net increase in net assets resulting from operations |
$ | 37,359,953 | ||
2024 |
2023 |
|||||||
Operations: |
||||||||
Net investment income |
$ | 36,844,452 | $ | 28,521,064 | ||||
Net realized gain (loss) |
(33,873,142 | ) | (6,008,150 | ) | ||||
Change in net unrealized appreciation (depreciation) |
34,388,643 | (26,187,431 | ) | |||||
Net increase (decrease) in net assets resulting from operations |
37,359,953 | (3,674,517 | ) | |||||
Distributions to shareholders from distributable earnings: |
||||||||
Class A |
(4,479,404 | ) | (4,428,637 | ) | ||||
Class C |
(3,035,491 | ) | (2,947,658 | ) | ||||
Class Y |
(271,089 | ) | (89,041 | ) | ||||
Class IB |
(26,221,265 | ) | (25,369,125 | ) | ||||
Class IC |
(2,036,182 | ) | (1,934,890 | ) | ||||
Total distributions from distributable earnings |
(36,043,431 | ) | (34,769,351 | ) | ||||
Return of capital: |
||||||||
Class A |
(241,875 | ) | (340,351 | ) | ||||
Class C |
(163,908 | ) | (226,534 | ) | ||||
Class Y |
(14,638 | ) | (6,843 | ) | ||||
Class IB |
(1,415,872 | ) | (1,949,671 | ) | ||||
Class IC |
(109,948 | ) | (148,700 | ) | ||||
Total return of capital |
(1,946,241 | ) | (2,672,099 | ) | ||||
Total distributions |
(37,989,672 | ) | (37,441,450 | ) | ||||
Share transactions–net: |
||||||||
Class A |
(2,964,881 | ) | (3,195,720 | ) | ||||
Class C |
376,581 | (4,666,346 | ) | |||||
Class Y |
1,177,086 | 8,802 | ||||||
Class IB |
(10,853,381 | ) | (9,101,956 | ) | ||||
Class IC |
(263,420 | ) | (794,905 | ) | ||||
Net increase (decrease) in net assets resulting from share transactions |
(12,528,015 | ) | (17,750,125 | ) | ||||
Net increase (decrease) in net assets |
(13,157,734 | ) | (58,866,092 | ) | ||||
Net assets: |
||||||||
Beginning of year |
395,605,261 | 454,471,353 | ||||||
End of year |
$ | 382,447,527 | $ | 395,605,261 | ||||
Cash provided by operating activities: |
||||
Net increase in net assets resulting from operations |
$ | 37,359,953 | ||
Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities: |
||||
Purchases of investments |
(182,112,158 | ) | ||
Proceeds from sales of investments |
189,545,337 | |||
Proceeds from sales of short-term investments, net |
4,454,870 | |||
Amortization of premium on investment securities |
936,265 | |||
Accretion of discount on investment securities |
(3,278,824 | ) | ||
Net realized loss from investment securities |
34,507,518 | |||
Net change in unrealized appreciation on investment securities |
(35,379,623 | ) | ||
Net change in unrealized depreciation of forward foreign currency contracts |
1,204,698 | |||
Change in operating assets and liabilities: |
||||
Decrease in receivables and other assets |
568,718 | |||
Increase in accrued expenses and other payables |
3,148,032 | |||
Net cash provided by operating activities |
50,954,786 | |||
Cash provided by (used in) financing activities: |
||||
Dividends paid to shareholders from distributable earnings |
(11,347,946 | ) | ||
Return of capital |
(1,946,241 | ) | ||
Increase in payable for amount due custodian |
849,556 | |||
Proceeds from shares of beneficial interest sold |
11,938,220 | |||
Repayment of borrowings |
(10,000,000 | ) | ||
Disbursements from shares of beneficial interest reacquired |
(49,137,211 | ) | ||
Net cash provided by (used in) financing activities |
(59,643,622 | ) | ||
Net decrease in cash and cash equivalents |
(8,688,836 | ) | ||
Cash and cash equivalents at beginning of period |
14,340,641 | |||
Cash and cash equivalents at end of period |
$ | 5,651,805 | ||
Non-cash financing activities: |
||||
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders |
$ | 24,666,075 | ||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for taxes |
$ | 8,848 | ||
Cash paid during the period for interest, facilities and maintenance fees |
$ | 4,868,900 | ||
Reconciliation of cash, cash equivalents, and restricted cash: |
||||
Cash and cash equivalents |
$ | 1,967,887 | ||
Restricted cash |
3,683,918 | |||
Total cash, cash equivalents, and restricted cash |
$ | 5,651,805 | ||
Net asset value, beginning of period |
Net investment income (a) |
Net gains (losses) on securities (both realized and unrealized) |
Total from investment operations |
Dividends from net investment income |
Return of capital |
Total distributions |
Net asset value, end of period |
Total return (b) |
Net assets, end of period (000’s omitted) |
Ratio of expenses to average net assets with fee waivers and/or expenses absorbed |
Ratio of expenses to average net assets without fee waivers and/or expenses absorbed |
Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees) |
Ratio of net investment income to average net assets |
Portfolio turnover (c) |
Total borrowings (000’s omitted) |
Asset Coverage per $1,000 unit of senior indebtedness (d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/24 |
$5.87 | $0.55 | $ 0.00 | $ 0.55 | $(0.53 | ) | $(0.03 | ) | $(0.56 | ) | $5.86 | 9.92 | % (e) |
$ 47,410 | 2.88 | % (e) |
2.88 | % (e) |
1.75 | % (e) |
9.37 | % (e) |
37 | % | $ 72,500 | $6,275 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/23 |
6.46 | 0.41 | (0.46 | ) | (0.05 | ) | (0.50 | ) | (0.04 | ) | (0.54 | ) | 5.87 | (0.46 | ) (e) |
50,489 | 2.50 | (e) |
2.50 | (e) |
1.70 | (e) |
6.75 | (e) |
24 | 82,500 | 5,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/22 |
6.43 | 0.25 | 0.10 | 0.35 | (0.32 | ) | - | (0.32 | ) | 6.46 | 5.49 | (e)(f) |
59,134 | 1.97 | (e) |
1.97 | (e) |
1.73 | (e) |
3.86 | (e) |
79 | 82,500 | 6,509 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 |
6.34 | 0.23 | 0.11 | 0.34 | (0.24 | ) | (0.01 | ) | (0.25 | ) | 6.43 | 5.77 | (e) |
59,821 | 2.05 | (e) |
2.05 | (e) |
1.71 | (e) |
3.80 | (e) |
64 | 82,500 | 6,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 |
6.61 | 0.30 | (0.26 | ) | 0.04 | (0.31 | ) | - | (0.31 | ) | 6.34 | 0.58 | (e) |
74,640 | 2.41 | (e) |
2.41 | (e) |
1.66 | (e) |
4.62 | (e) |
55 | 115,000 | 5,677 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/24 |
5.89 | 0.50 | 0.01 | 0.51 | (0.49 | ) | (0.03 | ) | (0.52 | ) | 5.88 | 9.10 | (e) |
36,422 | 3.63 | (e) |
3.63 | (e) |
2.50 | (e) |
8.62 | (e) |
37 | 72,500 | 6,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/23 |
6.48 | 0.37 | (0.46 | ) | (0.09 | ) | (0.46 | ) | (0.04 | ) | (0.50 | ) | 5.89 | (1.18 | ) (e) |
36,108 | 3.25 | (e) |
3.25 | (e) |
2.45 | (e) |
6.00 | (e) |
24 | 82,500 | 5,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/22 |
6.44 | 0.20 | 0.11 | 0.31 | (0.27 | ) | - | (0.27 | ) | 6.48 | 4.86 | (e)(f) |
44,805 | 2.72 | (e) |
2.72 | (e) |
2.48 | (e) |
3.11 | (e) |
79 | 82,500 | 6,509 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 |
6.36 | 0.18 | 0.10 | 0.28 | (0.19 | ) | (0.01 | ) | (0.20 | ) | 6.44 | 4.81 | (e) |
47,919 | 2.80 | (e) |
2.80 | (e) |
2.46 | (e) |
3.05 | (e) |
64 | 82,500 | 6,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 |
6.63 | 0.25 | (0.26 | ) | (0.01 | ) | (0.26 | ) | - | (0.26 | ) | 6.36 | (0.16 | ) (e) |
58,449 | 3.16 | (e) |
3.16 | (e) |
2.41 | (e) |
3.87 | (e) |
55 | 115,000 | 5,677 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Y |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/24 |
5.87 | 0.56 | 0.01 | 0.57 | (0.55 | ) | (0.03 | ) | (0.58 | ) | 5.86 | 10.19 | 2,161 | 2.63 | 2.63 | 1.50 | 9.62 | 37 | 72,500 | 6,275 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/23 |
6.46 | 0.42 | (0.45 | ) | (0.03 | ) | (0.52 | ) | (0.04 | ) | (0.56 | ) | 5.87 | (0.21 | ) | 983 | 2.25 | 2.25 | 1.45 | 7.00 | 24 | 82,500 | 5,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/22 |
6.43 | 0.27 | 0.10 | 0.37 | (0.34 | ) | - | (0.34 | ) | 6.46 | 5.75 | (f) |
1,077 | 1.72 | 1.72 | 1.48 | 4.11 | 79 | 82,500 | 6,509 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 |
6.34 | 0.24 | 0.11 | 0.35 | (0.25 | ) | (0.01 | ) | (0.26 | ) | 6.43 | 6.04 | 1,045 | 1.80 | 1.80 | 1.46 | 4.05 | 64 | 82,500 | 6,835 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 |
6.61 | 0.32 | (0.26 | ) | 0.06 | (0.33 | ) | - | (0.33 | ) | 6.34 | 0.83 | 2,436 | 2.16 | 2.16 | 1.41 | 4.87 | 55 | 115,000 | 5,677 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class IB |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/24 |
5.87 | 0.56 | 0.01 | 0.57 | (0.55 | ) | (0.03 | ) | (0.58 | ) | 5.86 | 10.19 | 274,491 | 2.63 | 2.63 | 1.50 | 9.62 | 37 | 72,500 | 6,275 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/23 |
6.46 | 0.42 | (0.45 | ) | (0.03 | ) | (0.52 | ) | (0.04 | ) | (0.56 | ) | 5.87 | (0.21 | ) | 285,767 | 2.25 | 2.25 | 1.45 | 7.00 | 24 | 82,500 | 5,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/22 |
6.43 | 0.27 | 0.10 | 0.37 | (0.34 | ) | - | (0.34 | ) | 6.46 | 5.75 | (f) |
324,116 | 1.72 | 1.72 | 1.48 | 4.11 | 79 | 82,500 | 6,509 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 |
6.34 | 0.24 | 0.11 | 0.35 | (0.25 | ) | (0.01 | ) | (0.26 | ) | 6.43 | 6.04 | 345,166 | 1.80 | 1.80 | 1.46 | 4.05 | 64 | 82,500 | 6,835 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 |
6.61 | 0.32 | (0.26 | ) | 0.06 | (0.33 | ) | - | (0.33 | ) | 6.34 | 0.83 | 372,576 | 2.16 | 2.16 | 1.41 | 4.87 | 55 | 115,000 | 5,677 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class IC |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/24 |
5.87 | 0.55 | 0.01 | 0.56 | (0.54 | ) | (0.03 | ) | (0.57 | ) | 5.86 | 10.03 | (e) |
21,963 | 2.78 | (e) |
2.78 | (e) |
1.65 | (e) |
9.47 | (e) |
37 | 72,500 | 6,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/23 |
6.46 | 0.41 | (0.45 | ) | (0.04 | ) | (0.51 | ) | (0.04 | ) | (0.55 | ) | 5.87 | (0.36 | ) (e) |
22,259 | 2.40 | (e) |
2.40 | (e) |
1.60 | (e) |
6.85 | (e) |
24 | 82,500 | 5,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/22 |
6.43 | 0.26 | 0.10 | 0.36 | (0.33 | ) | - | (0.33 | ) | 6.46 | 5.60 | (e)(f) |
25,339 | 1.87 | (e) |
1.87 | (e) |
1.63 | (e) |
3.96 | (e) |
79 | 82,500 | 6,509 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 |
6.34 | 0.23 | 0.12 | 0.35 | (0.25 | ) | (0.01 | ) | (0.26 | ) | 6.43 | 5.88 | (e) |
27,422 | 1.95 | (e) |
1.95 | (e) |
1.61 | (e) |
3.90 | (e) |
64 | 82,500 | 6,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 |
6.61 | 0.31 | (0.26 | ) | 0.05 | (0.32 | ) | - | (0.32 | ) | 6.34 | 0.68 | (e) |
29,779 | 2.31 | (e) |
2.31 | (e) |
1.56 | (e) |
4.72 | (e) |
55 | 115,000 | 5,677 |
(a) |
Calculated using average shares outstanding. |
(b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) |
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests. |
(d) |
Calculated by subtracting the Fund’s total liabilities (not including the Borrowings) from the Fund’s total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |
(e) |
The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.25% for Class A shares, 1.00% for Class C shares and 0.15% for Class IC shares for each of the years ended February 29, 2024, February 28, 2023, February 28, 2022, February 28, 2021 and February 29, 2020, respectively. |
(f) |
Amount includes the effect of the Adviser pay-in for an economic loss of $0.01 per share. Had the pay-in not been made, the total return would have been 5.32%, 4.70%, 5.59%, 5.59%, and 5.43% for Class A, Class C, Class Y, Class IB and Class IC shares, respectively. |
A. |
Security Valuations |
B. |
Securities Transactions and Investment Income |
C. |
Country Determination |
D. |
Distributions |
E |
Federal Income Taxes – |
F. |
Expenses |
G. |
Interest, Facilities and Maintenance Fees |
H. |
Accounting Estimates – |
I. |
Indemnifications |
J. |
Cash and Cash Equivalents – |
K. |
Securities Purchased on a When-Issued and Delayed Delivery Basis |
L. |
Foreign Currency Translations |
M |
Forward Foreign Currency Contracts |
N |
Industry Focus |
O |
Bank Loan Risk |
P |
LIBOR Transition Risk – |
Q |
Leverage Risk |
R |
Other Risks |
Average Daily Net Assets |
Rate | |
First $ 500 million |
0.900% | |
Next $1 billion |
0.850% | |
Next $1 billion |
0.825% | |
Next $500 million |
0.800% | |
Over $3 billion |
0.775% |
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 Adviser’s 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. |
Level 1 |
Level 2 |
Level 3 |
Total | |||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||
Variable Rate Senior Loan Interests |
$ | – | $ | 339,717,765 | $ | 45,440,730 | $385,158,495 | |||||||||||||||||||
Common Stocks & Other Equity Interests |
4,232,170 | 19,022,607 | 11,321,331 | 34,576,108 | ||||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
– | 22,083,224 | – | 22,083,224 | ||||||||||||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes |
– | 14,454,962 | 5,312 | 14,460,274 | ||||||||||||||||||||||
Preferred Stocks |
– | – | 4,699,998 | 4,699,998 | ||||||||||||||||||||||
Municipal Obligations |
– | – | 2,026,979 | 2,026,979 | ||||||||||||||||||||||
Total Investments in Securities |
4,232,170 | 395,278,558 | 63,494,350 | 463,005,078 | ||||||||||||||||||||||
Other Investments - Assets* |
||||||||||||||||||||||||||
Investments Matured |
– | – | 306,850 | 306,850 | ||||||||||||||||||||||
Forward Foreign Currency Contracts |
– | 440,395 | – | 440,395 | ||||||||||||||||||||||
– | 440,395 | 306,850 | 747,245 | |||||||||||||||||||||||
Other Investments - Liabilities* |
||||||||||||||||||||||||||
Forward Foreign Currency Contracts |
– | (67,085 | ) | – | (67,085) | |||||||||||||||||||||
Total Other Investments |
– | 373,310 | 306,850 | 680,160 | ||||||||||||||||||||||
Total Investments |
$ | 4,232,170 | $ | 395,651,868 | $ | 63,801,200 | $463,685,238 | |||||||||||||||||||
* | Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value. |
Value 02/28/23 |
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 02/29/24 | ||||||||||||||||||||||||||
Variable Rate Senior Loan Interests |
$ | 59,265,580 | $ | 19,972,391 | $ | (19,064,271 | ) | $ | 454,768 | $ | (885,637 | ) | $ | 211,085 | $ | 823,249 | $ | (15,336,435 | ) | $45,440,730 | ||||||||||||||
Common Stocks & Other Equity Interests |
26,770,351 | 1,343,141 | (540,352 | ) | – | (756,998 | ) | 735,353 | 311,732 | (16,541,896 | ) | 11,321,331 | ||||||||||||||||||||||
Preferred Stocks |
604,460 | 245,850 | (245,851 | ) | – | (396,864 | ) | 2,957,691 | 1,534,712 | – | 4,699,998 | |||||||||||||||||||||||
Municipal Obligations |
– | 464,161 | – | 31,020 | – | (262,501 | ) | 1,794,299 | – | 2,026,979 | ||||||||||||||||||||||||
Investments Matured |
447,156 | 51,373 | (25,686 | ) | – | (14,056,261 | ) | 13,890,268 | – | – | 306,850 | |||||||||||||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes |
– | – | – | – | – | 5,312 | – | – | 5,312 | |||||||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
330,366 | – | (340,970 | ) | – | – | 10,604 | – | – | – | ||||||||||||||||||||||||
Total |
$ | 87,417,913 | $ | 22,076,916 | $ | (20,217,130 | ) | $ | 485,788 | $ | (16,095,760 | ) | $ | 17,547,812 | $ | 4,463,992 | $ | (31,878,331 | ) | $63,801,200 |
** | Transfers into and out of Level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price. |
Range of |
||||||||||||
Fair Value |
Valuation |
Unobservable |
Unobservable |
Unobservable |
||||||||
at 02/29/24 |
Technique |
Inputs |
Inputs |
Input Used |
||||||||
My Alarm Center LLC, Class A |
$6,273,361 | Valuation Service | N/A | N/A | N/A | (a) | ||||||
NAS LLC (d.b.a. Nationwide Marketing Group), Term Loan |
4,815,622 | Valuation Service | N/A | N/A | N/A | (b) |
(a) |
Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The valuation is based on an enterprise value approach that utilizes a multiple of the last twelve months’ earnings before interest, taxes, depreciation and amortization of comparable public companies. The Adviser reviews the valuation reports provided by the valuation service on an on-going basis and monitors such investments for additional information or the occurrence of a market event which would warrant a re-evaluation of the security’s fair valuation. |
(b) |
Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The valuations are based on certain methods used to determine market yields in order to establish a discount rate of return given market conditions and prevailing lending standards. Future expected cash flows are discounted back to the present value using these discount rates in the discounted cash flow analysis. The Adviser reviews the valuation reports provided by the valuation service on an on-going basis and monitors such investments for additional information or the occurrence of a market event which would warrant a re-evaluation of the security’s fair valuation. |
Value | ||
Currency | ||
Derivative Assets |
Risk | |
Unrealized appreciation on forward foreign currency contracts outstanding |
$440,395 | |
Derivatives not subject to master netting agreements |
– | |
Total Derivative Assets subject to master netting agreements |
$440,395 |
Value |
||||
Currency |
||||
Derivative Liabilities |
Risk |
|||
Unrealized depreciation on forward foreign currency contracts outstanding |
$ (67,085 | ) | ||
Derivatives not subject to master netting agreements |
– | |||
Total Derivative Liabilities subject to master netting agreements |
$ (67,085 | ) | ||
Financial |
Financial |
|||||||||||||||||||
Derivative |
Derivative |
Collateral |
||||||||||||||||||
Assets |
Liabilities |
(Received)/Pledged |
||||||||||||||||||
Forward Foreign |
Forward Foreign |
Net Value of |
Net |
|||||||||||||||||
Counterparty |
Currency Contracts |
Currency Contracts |
Derivatives |
Non-Cash |
Cash |
Amount |
||||||||||||||
Barclays Bank PLC |
$ | 114,232 | $ | – | $114,232 | $– | $– | $ | 114,232 | |||||||||||
BNP Paribas S.A. |
26,454 | (13,392) | 13,062 | – | – | 13,062 | ||||||||||||||
Canadian Imperial Bank of Commerce |
98,573 | (3,317) | 95,256 | – | – | 95,256 | ||||||||||||||
Deutsche Bank AG |
– | (447) | (447) | – | – | (447 | ) | |||||||||||||
J.P. Morgan Chase Bank, N.A. |
3,096 | (36) | 3,060 | – | – | 3,060 | ||||||||||||||
Merrill Lynch International |
2 | (4,031) | (4,029) | – | – | (4,029 | ) | |||||||||||||
Morgan Stanley and Co. International PLC |
43,718 | (24,642) | 19,076 | – | – | 19,076 | ||||||||||||||
Royal Bank of Canada |
132,293 | – | 132,293 | – | – | 132,293 | ||||||||||||||
State Street Bank & Trust Co. |
22,027 | (21,220) | 807 | – | – | 807 | ||||||||||||||
Total |
$ | 440,395 | $ | (67,085) | $373,310 | $– | $– | $ | 373,310 | |||||||||||
Location of Gain (Loss) on |
||||
Consolidated Statement of Operations |
||||
Currency |
||||
Risk |
||||
Realized Gain: |
||||
Forward foreign currency contracts |
$ 684,382 | |||
Change in Net Unrealized Appreciation (Depreciation): |
||||
Forward foreign currency contracts |
(1,204,698) | |||
Total |
$ (520,316) |
Forward |
||||
Foreign Currency |
||||
Contracts |
||||
Average notional value |
$141,378,467 |
Unrealized |
||||||||||||||
Unfunded Loan |
Appreciation |
|||||||||||||
Borrower |
Type |
Commitment |
(Depreciation) |
|||||||||||
BrightPet (AMCP Pet Holdings, Inc.) |
Revolver Loan | $ 115,804 | $ (2,349 | ) | ||||||||||
DexKo Global, Inc. |
Revolver Loan | 551,479 | 38,226 | |||||||||||
Groundworks LLC |
Delayed Draw Term Loan | 28,176 | 323 | |||||||||||
Groundworks LLC |
Revolver Loan | 48,579 | 1,201 | |||||||||||
MB2 Dental Solutions LLC |
Delayed Draw Term Loan | 237,703 | 0 | |||||||||||
MB2 Dental Solutions LLC |
Delayed Draw Term Loan | 142,622 | 0 | |||||||||||
MB2 Dental Solutions LLC |
Revolver Loan | 47,067 | (2 | ) | ||||||||||
McDermott International Ltd. |
LOC | 2,136,110 | (747,638 | ) | ||||||||||
McDermott International Ltd. |
LOC | 546,816 | (79,289 | ) | ||||||||||
NAS LLC (d.b.a. Nationwide Marketing Group) |
Revolver Loan | 408,843 | (4,540 | ) | ||||||||||
Robertshaw US Holding Corp. |
Revolver Loan | 836,804 | (522 | ) | ||||||||||
Ryan LLC (Ryan Tax) |
Delayed Draw Term Loan | 28,896 | 97 | |||||||||||
Tank Holding Corp. |
Revolver Loan | 177,643 | (2,459 | ) | ||||||||||
USF S&H Holdco LLC |
Term Loan A | 162,334 | 0 | |||||||||||
$5,468,876 | $(796,952 | ) | ||||||||||||
2024 |
2023 | |||||||||
Ordinary income* |
$ | 36,043,431 | $34,769,351 | |||||||
Return of capital |
1,946,241 | 2,672,099 | ||||||||
Total distributions |
$ | 37,989,672 | $37,441,450 |
* | Includes short-term capital gain distributions, if any. |
2024 |
||||
Net unrealized appreciation (depreciation) – investments |
$ | (23,316,625 | ) | |
Net unrealized appreciation (depreciation) – foreign currencies |
(127,009 | ) | ||
Temporary book/tax differences |
(58,300 | ) | ||
Capital loss carryforward |
(255,968,601 | ) | ||
Shares of beneficial interest |
661,918,062 | |||
Total net assets |
$ | 382,447,527 | ||
Capital Loss Carryforward* | ||||||||||||||||||
Expiration |
Short-Term |
Long-Term |
Total | |||||||||||||||
Not subject to expiration |
$ | 14,351,004 | $ | 241,617,597 | $255,968,601 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis |
||||
Aggregate unrealized appreciation of investments |
$ | 28,081,111 | ||
Aggregate unrealized (depreciation) of investments |
(51,397,736 | ) | ||
Net unrealized appreciation (depreciation) of investments |
$ | (23,316,625 | ) | |
Principal |
||||||||||
Selling Participant |
Amount |
Value | ||||||||
Bank of America, N.A. |
$ | 498,102 | $ 498,102 | |||||||
Barclays Bank PLC |
2,682,926 | 1,888,041 | ||||||||
BMO Harris Bank, N.A. |
594,586 | 590,778 | ||||||||
Citibank, N.A. |
$ | 455,169 | $ 436,962 |
Amount Per Share | ||||
Share Class |
Record Date |
Payable March 29, 2024 | ||
Class A |
Daily | $0.0444 | ||
Class C |
Daily | $0.0408 | ||
Class Y |
Daily | $0.0456 | ||
Class IB |
Daily | $0.0456 | ||
Class IC |
Daily | $0.0449 | ||
Percentage of |
||||||||||
outstanding shares the |
Percentage of | |||||||||
Fund offered to |
Number of shares |
outstanding shares | ||||||||
Repurchase request deadlines |
repurchase |
tendered (all classes) |
tendered (all classes) | |||||||
March 17, 2023 |
6.0% | 495,580 | 0.7% | |||||||
April 21, 2023 |
6.0 | 758,745 | 1.1 | |||||||
May 19, 2023 |
6.0 | 677,017 | 1.0 | |||||||
June 16, 2023 |
6.0 | 689,119 | 1.0 | |||||||
July 21, 2023 |
6.0 | 606,932 | 0.9 |
Percentage of |
||||||||||
outstanding shares the |
Percentage of | |||||||||
Fund offered to |
Number of shares |
outstanding shares | ||||||||
Repurchase request deadlines |
repurchase |
tendered (all classes) |
tendered (all classes) | |||||||
August 18, 2023 |
6.0% | 456,528 | 0.7% | |||||||
September 15, 2023 |
6.0 | 520,271 | 0.8 | |||||||
October 20, 2023 |
6.0 | 643,107 | 1.0 | |||||||
November 17, 2023 |
6.0 | 805,343 | 1.2 | |||||||
December 15, 2023 |
6.0 | 646,568 | 1.0 | |||||||
January 19, 2024 |
6.0 | 719,990 | 1.1 | |||||||
February 16, 2024 |
6.0 | 1,388,540 | 2.1 |
Summary of Share Activity |
||||||||||||||||||||
Year ended |
Year ended |
|||||||||||||||||||
February 29, 2024 (a) |
February 28, 2023 |
|||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||
Sold: |
||||||||||||||||||||
Class A |
658,306 | $ | 3,856,035 | 895,123 | $ | 5,540,443 | ||||||||||||||
Class C |
246,273 | 1,447,930 | 197,424 | 1,238,609 | ||||||||||||||||
Class Y |
1,069,231 | 6,240,659 | 50,849 | 308,647 | ||||||||||||||||
Class IB |
59,439 | 347,374 | 36,722 | 218,373 | ||||||||||||||||
Class IC |
8,723 | 51,123 | 747 | 4,438 | ||||||||||||||||
Issued as reinvestment of dividends: |
||||||||||||||||||||
Class A |
531,380 | 3,103,321 | 515,781 | 3,057,598 | ||||||||||||||||
Class C |
357,403 | 2,092,532 | 357,480 | 2,121,998 | ||||||||||||||||
Class Y |
15,424 | 90,043 | 7,073 | 42,038 | ||||||||||||||||
Class IB |
3,066,131 | 17,906,711 | 2,943,496 | 17,440,366 | ||||||||||||||||
Class IC |
252,315 | 1,473,468 | 242,618 | 1,437,096 | ||||||||||||||||
Reacquired: |
||||||||||||||||||||
Class A |
(1,703,966 | ) | (9,924,237 | ) | (1,962,024 | ) | (11,793,761 | ) | ||||||||||||
Class C |
(542,050 | ) | (3,163,881 | ) | (1,336,433 | ) | (8,026,953 | ) | ||||||||||||
Class Y |
(883,263 | ) | (5,153,616 | ) | (57,202 | ) | (341,883 | ) | ||||||||||||
Class IB |
(4,985,576 | ) | (29,107,466 | ) | (4,459,744 | ) | (26,760,695 | ) | ||||||||||||
Class IC |
(306,467 | ) | (1,788,011 | ) | (373,120 | ) | (2,236,439 | ) | ||||||||||||
Net increase (decrease) in share activity |
(2,156,697 | ) | $ | (12,528,015 | ) | (2,941,210 | ) | $ | (17,750,125 | ) | ||||||||||
(a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 19% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
HYPOTHETICAL (5% |
||||||||||||||
annual return before |
||||||||||||||
ACTUAL |
expenses) |
|||||||||||||
Beginning |
Ending |
Expenses |
Ending |
Expenses |
Annualized | |||||||||
Account Value |
Account Value |
Paid During |
Account Value |
Paid During |
Expense | |||||||||
(09/01/23) |
(02/29/24) 1 |
Period 2 |
(02/29/24) |
Period 2 |
Ratio | |||||||||
Class A | $1,000.00 | $1,043.50 | $13.97 | $1,011.19 | $13.75 | 2.75% | ||||||||
Class C | 1,000.00 | 1,041.40 | 17.76 | 1,007.46 | 17.47 | 3.50 | ||||||||
Class Y | 1,000.00 | 1,044.80 | 13.22 | 1,011.93 | 13.01 | 2.60 | ||||||||
Class IB | 1,000.00 | 1,044.80 | 12.71 | 1,012.43 | 12.51 | 2.50 | ||||||||
Class IC | 1,000.00 | 1,044.00 | 13.47 | 1,011.69 | 13.25 | 2.65 |
1 |
The actual ending account value is based on the actual total return of the Fund for the period September 1, 2023 through February 29, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 |
Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year. |
Federal and State Income Tax |
||||||||||
Qualified Dividend Income* | 6.95 | % | ||||||||
Corporate Dividends Received Deduction* | 6.94 | % | ||||||||
U.S. Treasury Obligations* | 0.00 | % | ||||||||
Qualified Business Income* | 0.00 | % | ||||||||
Business Interest Income* | 93.06 | % | ||||||||
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
Name, Year of Birth and Position(s) Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee |
Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Interested Trustees |
||||||||
Jeffrey H. Kupor 1 – 1968Trustee |
2024 | Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd., Invesco Investments (Bermuda) Ltd.; and Vice President, Invesco Group Services, Inc. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC |
165 | None | ||||
Douglas Sharp 1 – 1974Trustee |
2024 | Senior Managing Director and Head of Americas & EMEA, Invesco Ltd. Formerly: Director and Chairman Invesco UK Limited; Director, Chairman and Chief Executive, Invesco Fund Managers Limited |
165 | None |
1 |
Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser. |
Name, Year of Birth and Position(s) Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee |
Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees |
||||||||
Beth Ann Brown – 1968 Trustee (2019) and Chair (2022) |
2019 | Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds |
165 | Director, Board of Directors of Caron Engineering Inc.; Formerly: Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) President and Director Director of Grahamtastic Connection (non-profit) | ||||
Carol Deckbar – 1962 Trustee |
2024 | Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA |
165 | Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company | ||||
Cynthia Hostetler – 1962 Trustee |
2017 | Non-Executive Director and Trustee of a number of public and private business corporationsFormerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP |
165 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) | ||||
Eli Jones – 1961 Trustee |
2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank |
165 | Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas | ||||
Elizabeth Krentzman – 1959 Trustee |
2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds |
165 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee | ||||
Anthony J. LaCava, Jr. – 1956 Trustee |
2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP |
165 | Member and Chairman, of the Bentley University, Business School Advisory Council; and Board Member and Chair of the Audit and Finance Committee and Nominating Committee, KPMG LLP | ||||
James “Jim” Liddy – 1959 Trustee |
2024 | Formerly: Chairman, Global Financial Services, Americas and Retired Partner, KPMG LLP |
165 | Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School | ||||
Prema Mathai-Davis – 1950 Trustee |
2014 | Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute |
165 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |
Name, Year of Birth and Position(s) Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee |
Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees–(continued) |
||||||||
Joel W. Motley – 1952 Trustee |
2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) |
165 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) | ||||
Teresa M. Ressel – 1962 Trustee |
2017 | Non-executive director and trustee of a number of public and private business corporationsFormerly: Chief Executive Officer, UBS Securities LLC (investment banking); Group Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury |
165 | None | ||||
Robert C. Troccoli – 1949 Trustee |
2016 | Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP |
165 | None | ||||
Daniel S. Vandivort – 1954 Trustee |
2019 | President, Flyway Advisory Services LLC (consulting and property management) and Member, Investment Committee of Historic Charleston Foundation Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. |
165 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |
Name, Year of Birth and Position(s) Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee |
Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Officers |
||||||||
Glenn Brightman – 1972 President and Principal Executive Officer |
2023 | Chief Operating Officer, Americas, Invesco Ltd.; Senior Vice President, Invesco Advisers, Inc.; President and Principal Executive Officer, The Invesco Funds; Manager, Invesco Investment Advisers LLC. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen |
N/A | N/A | ||||
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary |
2023 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Secretary and Senior Vice President, OFI SteelPath, Inc., Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds |
N/A | N/A | ||||
Andrew R. Schlossberg – 1974 Senior Vice President |
2019 | Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC |
N/A | N/A |
Name, Year of Birth and Position(s) Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee |
Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Officers–(continued) |
||||||||
John M. Zerr – 1962 Senior Vice President |
2010 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company |
N/A | N/A | ||||
Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) |
||||||||
Tony Wong – 1973 Senior Vice President |
2023 | Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc. |
N/A | N/A | ||||
Stephanie C. Butcher – 1971 Senior Vice President |
2023 | Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited |
N/A | N/A | ||||
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President |
2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Director, Invesco Trust Company; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments |
N/A | N/A | ||||
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer |
2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. |
N/A | N/A |
Name, Year of Birth and Position(s) Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee |
Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Officers–(continued) |
||||||||
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President |
2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) |
N/A | N/A | ||||
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer |
2022 | Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett |
N/A | N/A |
Office of the Fund |
Investment Adviser |
Distributor |
Auditors | |||
1331 Spring Street NW, Suite 2500 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
Atlanta, GA 30309 | 1331 Spring Street NW, Suite 2500 | 11 Greenway Plaza | 1000 Louisiana Street, Suite 5800 | |||
Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 | ||||
Counsel to the Fund |
Investment Sub-Adviser |
Transfer Agent |
Custodian | |||
Stradley Ronon Stevens & Young, LLP | Invesco Senior Secured Management, Inc. | Invesco Investment Services, Inc. | State Street Bank and Trust Company | |||
2005 Market Street, Suite 2600 | 225 Liberty Street | 11 Greenway Plaza | 225 Franklin Street | |||
Philadelphia, PA 19103-7018 | New York, NY 10281 | Houston, TX 77046-1173 | Boston, MA 02110-2801 | |||
Counsel to the Independent Trustees | ||||||
Sidley Austin LLP | ||||||
787 Seventh Avenue | ||||||
New York, NY 10019 |
(1) | Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified. |
Votes |
||||||||||
Matter |
Votes For |
Against/Withheld |
||||||||
(1)* |
Beth Ann Brown | 48,288,753.46 | 1,381,385.26 | |||||||
Carol Deckbar | 48,287,433.46 | 1,382,705.26 | ||||||||
Cynthia Hostetler | 48,288,751.31 | 1,381,387.41 | ||||||||
Dr. Eli Jones | 48,256,244.41 | 1,413,894.31 | ||||||||
Elizabeth Krentzman | 48,282,274.18 | 1,387,864.54 | ||||||||
Jeffrey H. Kupor | 48,326,768.24 | 1,343,370.48 | ||||||||
Anthony J. LaCava, Jr. | 48,318,109.64 | 1,352,029.08 | ||||||||
James Liddy | 48,234,163.26 | 1,435,975.46 | ||||||||
Dr. Prema Mathai-Davis | 48,277,600.51 | 1,392,538.20 | ||||||||
Joel W. Motley | 48,236,293.51 | 1,433,845.20 | ||||||||
Teresa M. Ressel | 48,292,507.31 | 1,377,631.41 | ||||||||
Douglas Sharp | 48,326,000.77 | 1,344,137.95 | ||||||||
Robert C. Troccoli | 48,288,124.30 | 1,382,014.42 | ||||||||
Daniel S. Vandivort | 48,311,966.13 | 1,358,172.58 |
SEC file number(s): 811-05845 |
Invesco Distributors, Inc. | VK-SLO-AR-1 |
(b) Not applicable.
ITEM 2. | CODE OF ETHICS. |
There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., Robert C. Troccoli and James Liddy. Cynthia Hostetler, Anthony J. LaCava, Jr., Robert C. Troccoli and James Liddy are “independent” within the meaning of that term as used in Form N-CSR.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
(a) to (d)
Fees Billed by PwC Related to the Registrant
PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.
Fees Billed for Services Rendered to the Registrant for fiscal year end 2024 |
Fees Billed for Services Rendered to the Registrant for fiscal year end 2023 |
|||||||
Audit Fees |
$ | 124,996 | $ | 106,683 | ||||
Audit-Related Fees(1) |
$ | 0 | $ | 14,500 | ||||
Tax Fees(2) |
$ | 20,098 | $ | 15,053 | ||||
All Other Fees |
$ | 0 | $ | 0 | ||||
|
|
|
|
|||||
Total Fees |
$ | 145,094 | $ | 136,236 | ||||
|
|
|
|
(1) | Audit-Related Fees for the fiscal year ended 2023 includes fees billed for reviewing regulatory filings. |
(2) | Tax Fees for the fiscal years ended 2024 and 2023 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences. |
Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.
Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2024 That Were Required to be Pre-Approved by the Registrant’s Audit Committee |
Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee |
|||||||
Audit-Related Fees(1) |
$ | 1,094,000 | $ | 874,000 | ||||
Tax Fees |
$ | 0 | $ | 0 | ||||
All Other Fees |
$ | 0 | $ | 0 | ||||
|
|
|
|
|||||
Total Fees |
$ | 1,094,000 | $ | 874,000 | ||||
|
|
|
|
(1) | Audit-Related Fees for the fiscal years ended 2024 and 2023 include fees billed related to reviewing controls at a service organization. |
(e)(1)
PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES
POLICIES AND PROCEDURES
As adopted by the Audit Committees
of the Invesco Funds (the “Funds”)
Last Amended March 29, 2017
I. | Statement of Principles |
The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).
Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).
These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other
organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).1 They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.
II. | Pre-Approval of Fund Audit Services |
The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.
In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.
III. | General and Specific Pre-Approval of Non-Audit Fund Services |
The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.
Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.
IV. | Non-Audit Service Types |
The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.
1 | Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE. |
a. | Audit-Related Services |
“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.
b. | Tax Services |
“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.
Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.
c. | Other Services |
The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.
V. | Pre-Approval of Service Affiliate’s Covered Engagements |
Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.
The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence
of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.
Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.
Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Fund.
VI. | Pre-Approved Fee Levels or Established Amounts |
Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.
VII. | Delegation |
The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case-by-case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.
Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.
VIII. | Compliance with Procedures |
Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.
IX. | Amendments to Procedures |
All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.
Appendix I
Non-Audit Services That May Impair the Auditor’s Independence
The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:
• | Management functions; |
• | Human resources; |
• | Broker-dealer, investment adviser, or investment banking services; |
• | Legal services; |
• | Expert services unrelated to the audit; |
• | Any service or product provided for a contingent fee or a commission; |
• | Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance; |
• | Tax services for persons in financial reporting oversight roles at the Fund; and |
• | Any other service that the Public Company Oversight Board determines by regulation is impermissible. |
An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:
• | Bookkeeping or other services related to the accounting records or financial statements of the audit client; |
• | Financial information systems design and implementation; |
• | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports; |
• | Actuarial services; and |
• | Internal audit outsourcing services. |
(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,510,000 for the fiscal year ended February 29, 2024 and $7,376,000 for the fiscal year ended February 28, 2023. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,624,098 for the fiscal year ended February 29, 2024 and $8,265,053 for the fiscal year ended February 28, 2023.
PwC provided audit services to the Investment Company complex of approximately $33 million.
(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.
(i) Not Applicable.
(j) Not Applicable.
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. |
|
|
|
I. |
Introduction |
3 |
|
A. Our Approach to Proxy Voting |
3 |
|
B. Applicability of Policy |
3 |
|
|
|
II. |
Global Proxy Voting Operational Procedures |
4 |
|
A. Oversight and Governance |
4 |
|
B. The Proxy Voting Process |
4 |
|
C. Retention and Oversight of Proxy Service Providers |
5 |
|
D. Disclosures and Recordkeeping |
5 |
|
E. Market and Operational Limitations |
6 |
|
F. Securities Lending |
7 |
|
G. Conflicts of Interest |
7 |
|
H. Review of Policy |
8 |
|
|
|
III. |
Our Good Governance Principles |
9 |
|
A. Transparency |
9 |
|
B. Accountability |
10 |
|
C. Board Composition and Effectiveness |
12 |
|
D. Long-Term Stewardship of Capital |
13 |
|
E. Environmental, Social and Governance Risk Oversight |
14 |
|
F. Executive Compensation and Alignment |
15 |
|
|
|
|
Exhibit A |
17 |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Fund |
Portfolio Managers |
Dollar Range of Investments in the Fund |
Invesco Senior Loan Fund | ||
|
Scott Baskind |
None |
|
Thomas Ewald |
None |
|
Philip Yarrow |
None |
|
|
|
Portfolio Manager(s) |
Other Registered Investment Companies Managed |
Other Pooled Investment Vehicles Managed |
Other Accounts Managed | |||
|
Number of Accounts |
Assets (in millions) |
Number of Accounts |
Assets (in millions) |
Number of Accounts |
Assets (in millions) |
Invesco Senior Loan Fund | ||||||
Scott Baskind |
4 |
$10,901.5 |
10 |
$7,130.8 |
14 |
$6,342.5 |
Thomas Ewald |
4 |
$7,259.3 |
3 |
$4,479.3 |
14 |
$6,342.5 |
Philip Yarrow |
4 |
$7,259.3 |
3 |
$4,479.3 |
14 |
$6,342.5 |
|
|
|
|
|
|
|
Sub-Adviser |
Performance time period1 |
Invesco2 |
One-, Three- and Five-year performance against Fund peer group |
Invesco Canada2 | |
Invesco Deutschland2 | |
Invesco Hong Kong2 | |
Invesco Asset Management2 | |
Invesco India2 | |
Invesco Listed Real Assets Division2 | |
|
|
Invesco Senior Secured2, 3 |
Not applicable |
Invesco Capital2, 4 | |
|
|
Invesco Japan |
One-, Three- and Five-year performance |
| |
1 Rolling time periods based on calendar year-end. | |
2 Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period. | |
3 Invesco Senior Secured’s bonus is based on annual measures of equity return and standard tests of collateralization performance. | |
4 Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital. |
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 April 16, 2024, 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 Registrant’s 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 Registrant’s officers, including the PEO and PFO, concluded that, as of April 16, 2024, the Registrant’s 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 Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
Not applicable.
ITEM 14. | EXHIBITS. |
14(a) (1) |
14(a) (2) |
14(a) (3) | Not applicable. |
14(a) (4) | Not applicable. |
14(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Senior Loan Fund
By: | /s/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | May 2, 2024 |
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/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | May 2, 2024 | |
By: | /s/ Adrien Deberghes | |
Adrien Deberghes | ||
Principal Financial Officer | ||
Date: | May 2, 2024 |