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Table of Contents

     
 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-22043
Invesco Van Kampen Dynamic Credit Opportunities Fund
 
(Exact name of registrant as specified in charter)
     
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
 
(Address of principal executive offices) (Zip code)
Colin D. Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 7/31
Date of reporting period: 10/31/10
 
 

 

TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Item 3. Exhibits
SIGNATURES
EXHIBIT INDEX

Table of Contents

Item 1. Schedule of Investments.

 

Table of Contents

Invesco Van Kampen Dynamic Credit
Opportunities Fund
Quarterly Schedule of Portfolio Holdings
October 31, 2010
         
(INVESCO LOGO)
        
 
        
invesco.com/us
  VK-CE-DCO-QTR-1     10/10   Invesco Advisers, Inc.

 

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited)
                                 
Principal                        
Amount               Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Variable Rate** Senior Loan Interests 103.8%
                        
       
Aerospace & Defense 1.2%
                        
$ 1,959    
Booz Allen Hamilton, Inc. Term Loan C
    6.000 %     07/31/15     $ 1,966,962  
  1,514    
DynCorp International, LLC Term Loan B
    6.250       07/05/16       1,524,589  
  2,819    
IAP Worldwide Services, Inc. PIK Term Loan (a)
    8.250       12/30/12       2,775,660  
  3,111    
Sequa Corp. Term Loan
    3.550       12/03/14       1,498,660  
  241    
TASC, Inc. Term Loan A
    5.500       12/18/14       242,411  
  518    
TASC, Inc. Term Loan B
    5.750       12/18/15       522,789  
  1,813    
Wesco Aircraft Hardware Corp. Second Lien Term Loan
    6.010       03/28/14       1,804,267  
  1,412    
Wyle Services Corp. Incremental Term Loan
    7.750       03/25/16       1,414,949  
       
 
                      
       
 
                     11,750,287  
       
 
                      
 
       
Air Transport 0.3%
                        
  2,771    
Delta Air Lines, Inc. Secured Term Loan
    8.750       09/27/13       2,815,990  
       
 
                      
 
       
Automotive 2.8%
                        
  907    
Autotrader.com, Inc. Term Loan B
    6.000       06/14/16       912,181  
  1,213    
Dana Holding Corp. Term Loan B
    4.540       01/30/15       1,213,358  
  9,876    
Federal-Mogul Corp. Term Loan B
    2.198       12/29/14       8,778,593  
  10,227    
Ford Motor Co. Term Loan B1
    3.040       12/16/13       10,128,068  
  901    
Goodyear Tire & Rubber Co. Second Lien Term Loan
    2.210       04/30/14       876,320  
  3,455    
Pinafore, LLC Term Loan B
    6.750       09/29/16       3,497,455  
  626    
TRW Automotive, Inc. Term Loan A2
    4.080       05/30/15       633,334  

1

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Automotive (continued)
                        
$ 492    
United Components, Inc. Term Loan B
    6.250 %     03/23/17     $ 496,356  
       
 
                      
       
 
                     26,535,665  
       
 
                      
 
       
Beverage, Food & Tobacco 1.6%
                        
  10,000    
DSW Holdings, Inc. Term Loan
     4.256       03/02/12       9,800,000  
€ 1,600    
Panrico, Inc. Term Loan B (Spain)
    3.729       05/30/14       1,289,621  
€ 1,960    
Panrico, Inc. Term Loan C (Spain)
    3.729       05/29/15       1,579,856  
  3,000    
Van Houtte Second Lien Term Loan (Canada)
    5.789       01/19/15       2,934,390  
       
 
                      
 
       
 
                     15,603,867  
       
 
                      
 
       
Building & Development 4.1%
                        
  170    
Axia Acquisition Corp. Second Lien Term Loan A (a)
    9.390       03/11/16       161,027  
  324    
Axia Acquisition Corp. Second Lien Term Loan B (a)
    3.390       03/12/16       281,772  
£ 4,757    
Baxi Group Ltd. Term Loan B (United Kingdom)
    3.507       12/27/11       7,450,955  
€ 546    
Baxi Group Ltd. Term Loan B1 (United Kingdom)
    3.527       10/07/15       743,160  
€ 210    
Baxi Group Ltd. Term Loan B2 (United Kingdom)
    3.527       06/13/11       285,355  
£ 4,757    
Baxi Group Ltd. Term Loan C (United Kingdom)
    4.507       12/27/12       7,489,067  
€ 500    
Baxi Group Ltd. Term Loan C1 (United Kingdom)
    4.527       10/07/16       683,722  
€ 704    
Baxi Group Ltd. Term Loan C2 (United Kingdom)
    4.527       06/13/12       962,344  

2

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Building & Development (continued)
                        
$ 954    
Building Materials Holding Corp. Second Lien Term Loan (a)
    8.000 %     01/05/15     $ 765,417  
  293    
Capital Automotive, LP Term Loan B
    2.010       12/16/10       291,784  
  2,619    
Capital Automotive, LP Term Loan C
    2.010       12/14/12       2,596,085  
  996    
CB Richard Ellis Services, Inc. Term Loan B
    5.750       12/20/13       996,758  
  2,331    
Contech Construction Products, Inc. Term Loan
    6.250       01/31/13       2,035,699  
  725    
Custom Building Products, Inc. Term Loan B
    5.750       03/19/15       724,572  
  2,000    
El Ad IDB Las Vegas, LLC Term Loan A2
    4.256       08/09/12       872,500  
  948    
Ginn LA CS Borrower First Lien Term A Credit Linked (c)
    7.750       06/08/11       54,495  
  2,032    
Ginn LA CS Borrower First Lien Term Loan (c)
    6.196       06/08/11       116,817  
  4,500    
Ginn LA CS Borrower Second Lien Term Loan (c)
    10.196       06/08/12       22,500  
  2,382    
Kyle Acquisition Group, LLC Term Loan B (c)(e)
    5.750       07/20/09       234,276  
  2,618    
Kyle Acquisition Group, LLC Term Loan C (c)
    4.000       07/20/11       257,399  
  153    
Lake at Las Vegas Joint Venture, LLC Exit Revolver Credit Agreement (a) (f)
    6.180       12/31/12       149,597  
  3,000    
Metroflag BP, LLC Second Lien Term Loan (c)(e)
    11.250       01/06/09       33,750  
  1,651    
NLV Holdings, LLC Second Lien Term Loan (a)(d)
    5.250       05/09/12       14,450  

3

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Building & Development (continued)
                        
$ 1,322    
Realogy Corp. Delayed Draw Term Loan
    3.260 %     10/10/13     $ 1,214,712  
  1,015    
Realogy Corp. Letter of Credit
    3.256       10/10/13       932,285  
  7,444    
Realogy Corp. Term Loan
    3.257       10/10/13       6,839,491  
  395    
Rhodes Homes New Term Loan (a)
    5.256       03/31/16       317,722  
  2,000    
Standard Pacific Corp. Term Loan
    2.119       05/05/13       1,835,000  
  1,008    
Tamarack Resorts, LLC Credit Lined Note A (c)
    8.051       05/19/11       13,854  
  209    
Tamarack Resorts, LLC Term Loan (c)(e)
    20.250       07/02/09       166,625  
  1,489    
Tamarack Resorts, LLC Term Loan B (c)
    7.500       05/19/11       20,469  
  81    
WCI Communities, Inc. First Lien Term Loan
    11.000       09/03/14       80,913  
  339    
WCI Communities, Inc. PIK Term Loan (a)
    10.000       09/02/16       328,004  
       
 
                      
       
 
                     38,972,576  
       
 
                      
 
       
Business Equipment & Services 7.4%
                        
  3,980    
Affinion Group, Inc. Term Loan B
    5.000       10/10/16       3,950,150  
  1,417    
Asurion Corp. First Lien Term Loan
    3.280       07/03/14       1,323,149  
  6,687    
Asurion Corp. Incremental Term Loan B2
    3.256       03/31/15       6,578,550  
  540    
Asurion Corp. Second Lien Term Loan
    6.756       07/03/15       505,481  
  500    
Bright Horizons Family Solutions, Inc. Revolving Credit Agreement (f)
    1.381       05/28/14       498,522  
  1,160    
Bright Horizons Family Solutions, Inc. Term Loan B
    7.500       05/28/15       1,167,442  

4

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Business Equipment & Services (continued)
                        
$ 2,022    
Dealer Computer Services, Inc. Term Loan B
    5.250 %     04/21/17     $ 2,034,478  
  1,449    
Education Management, LLC Term Loan C
    2.063       06/03/13       1,356,876  
  10,922    
First Data Corp. Term Loan B1
    3.010       09/24/14       9,850,655  
  9,334    
First Data Corp. Term Loan B2
    3.010       09/24/14       8,415,062  
  9,255    
First Data Corp. Term Loan B3
    3.010       09/24/14       8,338,823  
  2,902    
GSI Holdings, LLC Term Loan
    3.300       08/01/14       2,583,037  
  455    
Interactive Data Corp. Term Loan B
    6.750       01/27/17       464,183  
  1,451    
Kronos, Inc. Second Lien Term Loan
    6.039       06/11/15       1,382,852  
  3,654    
Mitchell International, Inc. Second Lien Term Loan
    5.563       03/30/15       3,203,689  
  4,426    
NCO Financial Systems Term Loan B
    7.430       05/15/13       4,300,736  
  639    
Nielsen Finance, LLC Term Loan A
    2.256       08/09/13       629,962  
  3,786    
Nielsen Finance, LLC Term Loan C
    4.006       05/02/16       3,728,516  
  3,861    
SMG Holdings, Inc. Term Loan B
    3.290       07/27/14       3,667,863  
  1,377    
Sorenson Communications, Inc. Term Loan C
    6.000       08/16/13       1,282,772  
  422    
SunGard Data Systems, Inc. Incremental Term Loan Add on
    6.750       02/28/14       427,651  
  54    
Sungard Data Systems, Inc. Term Loan A
    2.006       02/28/14       52,860  
  1,455    
Sungard Data Systems, Inc. Term Loan B
    4.030       02/26/16       1,446,488  
  2,986    
Verint Systems, Inc. Term Loan B
    5.250       05/25/14       2,958,388  

5

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Business Equipment & Services (continued)
                        
$ 209    
Vertafore, Inc. Term Loan B
    6.750 %     07/29/16     $ 210,475  
       
 
                      
       
 
                     70,358,660  
       
 
                      
 
       
Cable & Satellite Television 7.3%
                        
  13,808    
Charter Communications Operating, LLC Extended Term Loan (d)
    3.540       09/06/16       13,580,278  
  1,484    
Charter Communications Operating, LLC Replacement Term Loan (d)
    2.260       03/06/14       1,458,404  
  5,000    
Charter Communications Operating, LLC Third Lien Term Loan (d)
    2.755       09/06/14       4,740,000  
€ 1,500    
Kabel Baden-Wurttemberg GmbH Term Loan B (Germany)
    3.347       06/09/14       2,060,675  
€ 1,500    
Kabel Baden-Wurttemberg GmbH Term Loan C (Germany)
    3.847       06/09/15       2,071,113  
  3,553    
Kabel Baden-Wurttemberg GmbH Second Lien Term Loan
    5.847       12/09/15       4,907,978  
  3,931    
Knology, Inc. New Term Loan B
    5.500       10/17/16       3,949,840  
  896    
Mediacom, LLC Term Loan F
    4.500       10/23/17       890,570  
  1,793    
Midcontinent Communications Term Loan B
    6.250       12/31/16       1,801,962  
€ 644    
Prosiebensat. 1 Media AG Term Loan C2 (Germany)
    2.765       07/03/15       826,283  
€ 14,310    
Prosiebensat. 1 Media AG Term Loan C3 (Germany)
    2.765       06/26/15       18,367,866  
€ 10,000    
UPC Broadband Holding BV Term Loan U (Netherlands)
    4.623       12/31/17       13,229,825  

6

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Cable & Satellite Television (continued)
                        
$ 1,250    
UPC Financing Partnership Term Loan T (Netherlands)
    4.251 %     12/30/16     $ 1,221,525  
       
 
                      
       
 
                     69,106,319  
       
 
                      
 
       
Chemicals & Plastics 2.6%
                        
  5,000    
Brenntag Holdings GmbH & Co. Second Lien Term Loan (Germany)
    6.453       07/17/15       5,024,100  
  3,837    
MetoKote Corp. Term Loan Refinance
    9.000       11/27/11       3,632,755  
  454    
Momentive Specialty Chemicals, Inc. Extended Term Loan C1
    4.063       05/05/15       444,454  
  95    
Momentive Specialty Chemicals, Inc. Extended Term Loan C2
    4.063       05/05/15       92,826  
  4,852    
Momentive Specialty Chemicals, Inc. Extended Term Loan C5
    4.063       05/05/15       4,718,689  
  1,416    
Momentive Specialty Chemicals Inc. Extended Term Loan C4
    4.188       05/05/15       1,383,832  
  1,709    
Nalco Co. Term Loan B1
    4.500       09/30/17       1,731,195  
  1,350    
Nusil Technology, LLC New Term Loan B
    6.000       02/18/15       1,391,329  
  3,458    
PQ Corp. Term Loan B
    3.530       07/30/14       3,319,539  
  2,855    
Univar, Inc. Opco Term Loan
    3.255       10/10/14       2,848,660  
       
 
                      
       
 
                     24,587,379  
       
 
                      
 
       
Clothing/Textiles 0.8%
                        
  1,384    
Gold Toe Investment Corp. First Lien Term Loan B
    8.500       10/30/13       1,335,392  

7

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Clothing/Textiles (continued)
                        
$ 2,000    
Gold Toe Investment Corp. Second Lien Term Loan
    11.750 %     04/30/14     $ 1,456,260  
  5,000    
Levi Strauss & Co. Term Loan
    2.506       03/27/14       4,710,425  
       
 
                      
       
 
                     7,502,077  
       
 
                      
 
       
Conglomerates 0.9%
                        
  2,532    
Euramax International, Inc. Cash Pay Term Loan
    10.000       06/29/13       2,394,955  
  2,399    
Euramax International, Inc. PIK Pay Term Loan (a)
    14.000       06/29/13       2,269,458  
  175    
RGIS Holdings, LLC Delayed Draw Term Loan
    2.789       04/30/14       162,687  
  3,499    
RGIS Holdings, LLC Term Loan B
    2.780       04/30/14       3,253,740  
       
 
                      
       
 
                     8,080,840  
       
 
                      
 
       
Containers & Glass Products 3.2%
                        
  3,571    
Anchor Glass Container Corp. First Lien Term Loan
    6.000       03/02/16       3,579,843  
  1,350    
Anchor Glass Container Corp. Second Lien Term Loan
    10.000       09/02/16       1,344,094  
  3,000    
Berlin Packaging, LLC Second Lien Term Loan
    6.820       08/17/15       2,385,000  
  5,826    
Berlin Packaging, LLC Term Loan
    3.280       08/17/14       5,447,658  
  2,663    
Berry Plastics Group, Inc. Term Loan C
    2.376       04/03/15       2,518,350  
  102    
BWAY Corp. New Term Loan B
    5.520       06/16/17       101,970  
  10    
BWAY Corp. New Term Loan C
    5.560       06/16/17       9,560  
  4,809    
Graham Packaging Co., L.P. Term Loan C
    6.750       04/05/14       4,857,720  
  780    
Graham Packaging Co., L.P. Term Loan D
    6.000       09/23/16       788,752  

8

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Containers & Glass Products (continued)
                        
$ 2,765    
Reynolds Group Holdings, Inc. Dollar Term Loan
    6.750 %     05/05/16     $ 2,794,240  
  1,237    
Reynolds Group Holdings, Inc. Incremental Term Loan
    6.250       05/05/16       1,246,718  
  5,169    
Smurfit-Stone Container Corp. Exit Term Loan B
    6.750       02/22/16       5,225,643  
       
 
                      
       
 
                     30,299,548  
       
 
                      
 
       
Cosmetics/Toiletries 3.7%
                        
  5,081    
American Safety Razor Co. Second Lien Term Loan (c)
    12.500       01/30/14       1,022,480  
  923    
Huish Detergents, Inc. Term Loan B
    2.010       04/26/14       889,534  
  197    
KIK Custom Products, Inc. Canadian Term Loan
    2.540       06/02/14       168,267  
  1,151    
KIK Custom Products, Inc. First Lien Term Loan
    2.540       06/02/14       981,554  
  7,000    
KIK Custom Products, Inc. Second Lien Term Loan
    5.289       11/30/14       4,795,000  
  1,165    
Marietta Intermediate Holding Corp. Term Loan B (a)
    8.000       02/19/15       1,060,111  
€ 7,385    
Ontex Senior Loan Term Loan B (Belgium)
    3.685       07/05/12       10,347,868  
€ 7,385    
Ontex Senior Loan Term Loan C (Belgium)
    4.935       07/05/13       10,399,260  
  4,776    
Philosophy, Inc. Term Loan B
    2.010       03/16/14       4,609,079  
  1,197    
Prestige Brands, Inc. Incremental Term Loan B
    4.750       03/24/16       1,204,947  
       
 
                      
       
 
                     35,478,100  
       
 
                      
 
       
Diversified Telecommunication Services 0.4%
                        
€ 1,500    
Tyrol Acquisitions 2 SA Term Loan B (Germany)
    2.847       01/30/15       1,792,645  

9

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Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Diversified Telecommunication Services (continued)
                        
€ 1,500    
Tyrol Acquisitions 2 SA Term Loan C (Germany)
    3.097 %     01/29/16     $ 1,803,084  
       
 
                      
       
 
                     3,595,729  
       
 
                      
 
       
Drugs 2.7%
                        
€ 1,415    
Nyco Holdings 2 Aps Term Loan B (Denmark)
    4.597       12/29/14       1,847,879  
$ 3,776    
Nyco Holdings 2 Aps Term Loan B2 (Denmark)
    4.005       12/29/14       3,506,231  
€ 1,414    
Nyco Holdings 2 Aps Term Loan C (Denmark)
    5.347       12/29/15       1,857,267  
  3,775    
Nyco Holdings 2 Aps Term Loan C2 (Denmark)
    4.755       12/29/15       3,524,039  
  1,125    
Nyco Holdings 3 Aps Facility A1 (Denmark)
    3.255       12/29/13       1,060,233  
  8,144    
Nyco Holdings 3 Aps Facility A2 (Denmark)
    3.255       12/29/13       7,675,389  
  143    
Nyco Holdings 3 Aps Facility A3 (Denmark)
    3.255       12/29/13       134,775  
  91    
Nyco Holdings 3 Aps Facility A4 (Denmark)
    3.255       12/29/13       86,019  
  644    
Nyco Holdings 3 Aps Facility A5 (Denmark)
    3.255       12/29/13       607,051  
  4,317    
Warner Chilcott Co., LLC Term Loan B3
    6.500       02/22/16       4,361,118  
  1,402    
Warner Chilcott Co., LLC Term Loan B4
    6.500       02/22/16       1,415,947  
       
 
                      
       
 
                     26,075,948  
       
 
                      
 
       
Ecological Services & Equipment 1.4%
                        
  709    
ServiceMaster Co. Delayed Draw Term Loan
    2.760       07/24/14       675,786  
  7,124    
ServiceMaster Co. Term Loan
    2.770       07/24/14       6,786,014  

10

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Ecological Services & Equipment (continued)
                        
$ 6,850    
Synagro Technologies, Inc. Second Lien Term Loan
    5.010 %     10/02/14     $ 5,548,534  
       
 
                      
       
 
                     13,010,334  
       
 
                      
 
       
Electronics/Electrical 6.9%
                        
  4,885    
CDW Corp. Term Loan
    4.256       10/10/14       4,648,345  
  5,167    
Edwards, Ltd. Second Lien Term Loan (Cayman Islands) (a)
    6.005       11/30/14       4,685,627  
  5,341    
Freescale Semiconductor, Inc. Extended Term Loan B
    4.506       12/01/16       5,046,855  
  2,015    
Infor Enterprise Solutions Holdings, Inc. Extended Delayed Draw Term Loan
    6.010       07/28/15       1,873,893  
  3,862    
Infor Enterprise Solutions Holdings, Inc. Extended Initial Term Loan
    6.010       07/28/15       3,591,628  
  9,688    
NDS Finance Ltd. Term Loan B2 (United Kingdom)
    5.066       10/14/15       13,307,239  
  5,759    
Open Solutions, Inc. Term Loan B
    2.415       01/23/14       4,883,175  
  618    
Savvis Communications Corp. Term Loan
    6.750       08/04/16       626,694  
€ 18,548    
Sensata Technologies BV Term Loan B
    3.040       04/26/13       24,976,665  
  1,951    
Spectrum Brands, Inc. New Term Loan
    8.000       06/16/16       1,993,765  
       
 
                      
       
 
                     65,633,886  
       
 
                      
 
       
Farming/Agriculture 0.2%
                        
  1,027    
WM. Bolthouse Farms, Inc. New First Lien Term Loan
    5.500       02/11/16       1,032,874  
  1,091    
WM. Bolthouse Farms, Inc. New Second Lien Term Loan
    9.500       08/11/16       1,103,864  
       
 
                      
       
 
                     2,136,738  
       
 
                      

11

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Financial Intermediaries 3.1%
                        
$ 2,446    
Clarke American Corp. Term Loan B
    2.778 %     06/30/14     $ 2,210,924  
  3,646    
Fidelity National Information Solutions, Inc. Term Loan B
    5.250       07/18/16       3,700,833  
  2,500    
National Processing Co. Group, Inc. Second Lien Term Loan
    11.000       09/29/14       2,283,338  
  3,161    
National Processing Co. Group, Inc. Term Loan B
    7.250       09/29/13       3,138,892  
  5,829    
Nuveen Investments, Inc. Term Loan
    3.290       11/13/14       5,472,795  
  3,162    
Oxford Acquisition III, Ltd. Term Loan (United Kingdom)
    2.038       05/12/14       2,845,396  
  5,097    
RJO Holdings Corp. Second Lien Term Loan (a)
    9.010       07/13/15       356,807  
  4,834    
RJO Holdings Corp. Term Loan B (a)
    5.260       07/12/14       3,222,706  
  1,649    
Trans Union, LLC Term Loan B
    6.750       06/15/17       1,680,752  
  1,932    
Transfirst Holdings, Inc. Second Lien Term Loan (a)
    6.290       06/15/15       1,816,371  
  2,902    
Transfirst Holdings, Inc. Term Loan B
    3.040       06/15/14       2,655,788  
       
 
                      
       
 
                     29,384,602  
       
 
                      
 
       
Food Products 7.9%
                        
  177    
Advantage Sales & Marketing, Inc. Second Lien Term Loan
    8.500       05/05/17       179,425  
  171    
Advantage Sales & Marketing, Inc. Term Loan
    5.000       05/05/16       171,121  
£ 3,000    
Brake Brothers PLC Term Loan B (United Kingdom) (j)
    —       09/01/14       4,350,383  

12

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Food Products (continued)
                        
$ 4,316    
Coleman Natural Foods, LLC First Lien Term Loan
    7.250 %     08/22/12     $ 4,099,917  
  984    
Dole Food Co. Inc. Term Loan B
    5.060       03/02/17       991,579  
  2,444    
Dole Food Co. Inc. Term Loan C
    5.040       03/02/17       2,462,836  
  12,000    
Farley’s & Sathers Candy Co., Inc. Second Lien Term Loan
    11.250       01/02/12       11,940,000  
€ 1,276    
Foodvest Ltd. Term Loan C2 (United Kingdom)
    5.258       10/02/16       1,741,955  
€ 20,000    
Liberator Midco Ltd. Term Loan D (United Kingdom)
    5.350       04/30/16       27,977,687  
€ 5,000    
Lion Polaris SA Term Loan B1 (France)
    5.824       09/14/17       7,026,503  
  1,408    
Michael Foods Group, Inc. Term Loan B
    6.250       06/29/16       1,436,998  
  3,529    
Pierre Foods, Inc. First Lien Term Loan
    7.001       09/29/16       3,497,448  
  900    
Pierre Foods, Inc. Second Lien Term Loan
    11.250       09/29/17       883,355  
  3,402    
Pinnacle Foods Finance, LLC Term Loan B
    2.756       04/02/14       3,314,824  
  4,996    
Pinnacle Foods Finance, LLC Term Loan D
    6.000       04/02/14       5,059,042  
       
 
                      
       
 
                     75,133,073  
       
 
                      
 
       
Food Service 0.7%
                        
  3,032    
Burger King Corp. New Term Loan B
    6.250       10/19/16       3,062,337  
  1,232    
Center Cut Hospitality, Inc. Term Loan
    9.250       07/06/14       1,176,165  
  1,345    
DineEquity, Inc. Term Loan B
    6.000       10/19/17       1,358,390  
  126    
OSI Restaurant Partners, LLC Revolving Credit Agreement
    1.470       06/14/13       118,675  

13

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Food Service (continued)
                        
$ 1,383    
OSI Restaurant Partners, LLC Term Loan B
    2.625 %     06/14/14     $ 1,305,632  
       
 
                      
       
 
                     7,021,199  
       
 
                      
 
       
Food/Drug retailers 3.6%
                        
£ 8,000    
Alliance Boots Holdings, Ltd. Term Loan B1 (United Kingdom)
    3.559       07/05/15       11,597,560  
€ 7,000    
Alliance Boots Holdings, Ltd. Term Loan B2 (United Kingdom)
    3.804       07/05/15       9,083,367  
  6,499    
General Nutrition Centers, Inc. Term Loan B
    2.530       09/16/13       6,401,717  
  651    
NBTY, Inc. Term Loan B
    6.250       10/02/17       660,027  
  6,421    
Rite Aid Corp. Term Loan 3
    6.000       06/04/14       6,394,738  
  509    
Rite Aid Corp. Term Loan B
    2.010       06/04/14       459,882  
       
 
                      
       
 
                     34,597,291  
       
 
                      
 
       
Forest Products 0.4%
                        
  3,200    
Ainsworth Lumber Co., Ltd Term Loan
    5.313       06/26/14       3,044,000  
  428    
Verso Paper Holding, LLC Term Loan (a)
    6.790       02/01/13       353,806  
  95    
White Birch Paper Co. DIP Delayed Draw Term Loan (Canada) (f)
    6.720       12/01/10       95,322  
  584    
White Birch Paper Co. DIP Term Loan B (Canada)
    12.000       12/01/10       582,892  
       
 
                      
       
 
                     4,076,020  
       
 
                      
 
       
Health Care 4.6%
                        
  825    
Biomet Inc. Term Loan B
    3.280       03/25/15       815,420  
  1,610    
Carestream Health, Inc. First Lien Term Loan
    2.255       04/30/13       1,578,653  
  232    
Community Health Systems, Inc. Delayed Draw Term Loan
    2.549       07/25/14       229,040  

14

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Health Care (continued)
                        
$ 4,503    
Community Health Systems, Inc. Term Loan
    2.549 %     07/25/14     $ 4,437,554  
  3,170    
Concentra Inc. Second Lien Term Loan (a)
    5.790       06/25/15       3,035,375  
  1,450    
DaVita, Inc. New Term Loan B
    4.500       10/20/16       1,466,273  
  1,826    
Gentiva Health Services, Inc. New Term Loan B
    6.750       08/15/16       1,840,103  
  4,234    
HCA, Inc. Extended Term Loan B2
    3.539       03/31/17       4,165,742  
  1,067    
HCA, Inc. Term Loan B
    2.539       11/18/13       1,047,418  
  2,570    
Health Management Associates, Inc. Term Loan B
    2.039       02/28/14       2,521,477  
  2,403    
Inverness Medical Innovations, Inc. First Lien Term Loan
    2.270       06/26/14       2,318,413  
  1,469    
Rehabcare Group, Inc. Term Loan B
    6.000       11/24/15       1,479,984  
  1,439    
Skilled Healthcare Group, Inc. Term Loan B
    5.250       04/08/16       1,398,095  
  1,382    
Sun Healthcare Group, Inc. New Term Loan B
    7.500       10/15/16       1,370,218  
  5,827    
Surgical Care Affiliates, LLC Term Loan
    2.289       12/29/14       5,535,587  
  619    
United Surgical Partners, International, Inc. Delayed Draw Term Loan
    2.260       04/21/14       597,268  
  3,278    
United Surgical Partners, International, Inc. Term Loan B
    2.270       04/19/14       3,161,112  
  6,511    
Universal Health Services, Inc. Term Loan B
    6.250       07/28/16       6,593,069  
       
 
                      
       
 
                     43,590,801  
       
 
                      

15

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Home Furnishings 1.3%
                        
$ 6,789    
Hunter Fan Co. Second Lien Term Loan
    7.010 %     10/16/14     $ 4,531,974  
  1,588    
Hunter Fan Co. Term Loan
    2.760       04/16/14       1,404,465  
  4,818    
Mattress Holdings Corp. Term Loan B
    2.540       01/18/14       4,203,887  
  2,208    
National Bedding Co. LLC Second Lien Term Loan
    5.375       02/28/14       2,102,818  
       
 
                      
       
 
                     12,243,144  
       
 
                      
 
       
Industrial Equipment 0.4%
                        
  906    
Manitowoc Co., Inc. Term Loan B
    8.000       11/06/14       913,152  
  3,729    
Mold-Masters Luxembourg Holdings, SA Mold Masters Term Loan
    3.813       10/11/14       3,272,344  
       
 
                      
       
 
                     4,185,496  
       
 
                      
 
       
Insurance 2.0%
                        
  3,809    
Alliant Holdings I, Inc. Term Loan B
    3.289       08/21/14       3,676,167  
  5,860    
AmWins Group, Inc. First Lien Term Loan
    2.800       06/08/13       5,460,709  
  3,049    
C.G. JCF Corp. Term Loan
    3.260       08/01/14       2,888,495  
  2,355    
Conseco, Inc. New Term Loan
    7.500       10/10/13       2,294,937  
  1,750    
HMSC Corp. Second Lien Term Loan
    5.755       10/03/14       1,203,125  
  248    
Sedgwick CMS Holdings, Inc. First Lien Term Loan
    5.500       05/27/16       248,129  
  1,600    
Sedgwick CMS Holdings, Inc. Second Lien Term Loan
    9.000       05/26/17       1,600,000  
  1,980    
USI Holdings Corp. Incremental Term Loan
    7.000       05/05/14       1,939,568  
       
 
                      
       
 
                     19,311,130  
       
 
                      

16

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Leisure 0.0%
                        
$ 362    
24 Hour Fitness Worldwide, Inc. New Term Loan
    6.750 %     04/22/16     $ 346,381  
       
 
                      
 
       
Leisure Goods/Activities/Movies 2.7%
                        
  1,800    
Alpha Topco, Ltd. Second Lien Term Loan (United Kingdom)
    3.799       06/30/14       1,591,236  
  3,529    
Alpha Topco, Ltd. Term Loan B1 (United Kingdom)
    2.424       12/31/13       3,247,399  
  2,384    
Alpha Topco, Ltd. Term Loan B2 (United Kingdom)
    2.424       12/31/13       2,193,526  
  1,296    
Cedar Fair, L.P. Term Loan B
    5.500       12/15/16       1,316,121  
  1,033    
Fender Musical Instruments Corp. Delayed Draw Term Loan
    2.550       06/09/14       888,672  
  2,046    
Fender Musical Instruments Corp. Term Loan B
    2.540       06/09/14       1,759,149  
  1,626    
Hicks Sports Group, LLC Term Loan (c)
    6.750       12/22/10       1,459,184  
  12,728    
Metro-Goldwyn-Mayer Studios, Inc. Term Loan B (c)
    20.500       04/09/12       5,944,619  
  9,401    
Metro-Goldwyn-Mayer Studios Inc. Term Loan B1 (c)
    20.500       04/09/12       4,390,374  
  1,906    
Sabre Holdings Corp. Term Loan B
    2.270       09/30/14       1,816,546  
  612    
Six Flags Theme Parks, Inc. Exit Term Loan B
    6.000       06/30/16       615,471  
  55    
Universal City Development Partners, Ltd. New Term Loan B
    5.500       11/06/14       55,562  
       
 
                      
       
 
                     25,277,859  
       
 
                      
 
       
Lodging & Casinos 7.5%
                        
  1,748    
Cannery Casino Resorts, LLC Delayed Draw Term Loan
    4.506       05/20/13       1,661,811  

17

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Lodging & Casinos (continued)
                        
$ 2,500    
Cannery Casino Resorts, LLC Second Lien Term Loan
    4.506 %     05/16/14     $ 2,075,000  
  2,114    
Cannery Casino Resorts, LLC Term Loan B
    4.506       05/17/13       2,009,663  
  4,359    
CCM Merger Corp. Term Loan B
    8.500       07/13/12       4,366,452  
  192    
Chester Downs and Marina, LLC Incremental Term Loan
    12.375       07/29/16       195,139  
£ 996    
Gala Group Ltd. Term Loan A (United Kingdom)
    4.574       12/01/12       1,565,583  
  360    
Golden Nugget, Inc. New Delayed Draw Term Loan (a)
    3.260       06/30/14       289,714  
  633    
Golden Nugget, Inc. Term Loan B (a)
    3.260       06/30/14       508,959  
  496    
Harrah’s Operating Co., Inc. Incremental Term Loan B4
    9.500       10/31/16       517,480  
  14,814    
Harrah’s Operating Co., Inc. Term Loan B1
    3.288       01/28/15       13,086,050  
  3,357    
Harrah’s Operating Co., Inc. Term Loan B3
    3.290       01/28/15       2,964,441  
  498    
Isle of Capri Casinos, Inc. New Delayed Draw Term Loan A
    5.000       11/25/13       488,167  
  566    
Isle of Capri Casinos, Inc. New Delayed Draw Term Loan B
    5.000       11/25/13       555,035  
  1,416    
Isle of Capri Casinos, Inc. New Term Loan B
    5.000       11/25/13       1,387,587  
  1,297    
Las Vegas Sands, LLC/Venetian Casino Delayed Draw Term Loan
    2.030       05/23/14       1,232,739  
  6,417    
Las Vegas Sands, LLC/Venetian Casino Term Loan B
    2.030       05/23/14       6,100,800  
  1,113    
Magnolia Hill, LLC Delayed Draw Term Loan
    3.510       10/30/13       1,001,607  

18

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Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                        
Amount               Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Lodging & Casinos (continued)
                        
$ 4,650    
Magnolia Hill, LLC Mezzanine Loan
     14,000 %     04/30/14     $ 4,556,861  
  3,167    
Magnolia Hill, LLC Term Loan
     3.510       10/30/13       2,850,726  
  1,116    
MGM Mirage Class D Term Loan
     6.000       10/03/11       1,115,245  
€ 9,547    
Regency Entertainment SA Term Loan B (Greece)
     3.271       03/03/14       7,806,080  
€ 9,547    
Regency Entertainment SA Term Loan C (Greece)
     3.646       03/02/15       7,872,515  
  1,090    
Venetian Macau, Ltd. Delayed Draw Term Loan B
     4.780       05/25/12       1,093,485  
  1,470    
Venetian Macau, Ltd. New Project Term Loan
     4.780       05/27/13       1,474,333  
  2,729    
Venetian Macau, Ltd. Term Loan B
     4.780       05/27/13       2,736,244  
  5,500    
Wembly, Inc. Second Lien Term Loan (c)
     6.500       07/18/12       96,250  
  1,996    
Wembly, Inc. Term Loan B (a)
     4.750       07/18/11       1,540,601  
       
 
                      
       
 
                     71,148,567  
       
 
                      
       
 
                        
       
Oil & Gas 1.5%
                        
  1,809    
CCS, Inc. Term Loan B
     3.290       11/14/14       1,590,562  
  1,899    
Citgo Petroleum Corp. Term Loan B
     8.000       06/24/15       1,944,225  
  4,000    
Dresser, Inc. Second Lien Term Loan
     6.112       05/04/15       3,996,680  
  754    
Ram Energy, Inc. Term Loan B
     10.000       11/29/12       754,471  
  1,376    
Venoco, Inc. Term Loan
     4.313       05/08/14       1,306,330  
  2,477    
Western Refining, Inc. Term Loan B
     10.750       05/30/14       2,503,495  
  2,534    
Willbros United States Holdings, Inc. Term Loan B
     9.500       06/30/14       2,521,639  
       
 
                      
       
 
                     14,617,402  
       
 
                      

19

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                        
Amount               Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Publishing 4.2%
                        
$ 1,175    
Affiliated Media, Inc. New Term Loan
    8.500 %     03/19/14     $ 1,140,397  
  13,032    
Cengage Learning Holdings II, LP Term Loan
    2.540       07/03/14       11,961,814  
  4,000    
Endurance Business Media, Inc. Second Lien Term Loan (c)
    11.250       01/26/14       220,000  
  912    
Gatehouse Media, Inc. Delayed Draw Term Loan
    2.260       08/28/14       335,797  
  2,445    
Gatehouse Media, Inc. Term Loan B
    2.260       08/28/14       900,350  
  935    
Knowledgepoint360 Group, LLC First Lien Term Loan
    3.620       04/14/14       747,770  
  2,000    
Knowledgepoint360 Group, LLC Second Lien Term Loan
    7.362       04/13/15       1,220,000  
  4,996    
Merrill Communications, LLC Second Lien Term Loan (a)
    14.756       11/15/13       4,671,239  
  5,000    
Nelson Education, Ltd. Second Lien Term Loan (Canada)
    6.289       07/03/15       4,275,000  
  2,333    
Newsday, LLC Term Loan
    6.539       08/01/13       2,365,417  
  1,435    
Primedia, Inc. Term Loan B
    2.290       08/01/14       1,265,655  
  10,146    
Tribune Co. Term Loan B (c)(d)
    5.250       06/04/14       6,750,413  
  7,071    
Yell Group PLC New Term Loan B1 (United Kingdom)
    4.005       07/31/14       3,875,727  
       
 
                      
       
 
                     39,729,579  
       
 
                      
 
       
Radio & Television 3.4%
                        
  1,887    
CMP KC, LLC Term Loan (c)
    6.250       05/03/11       160,364  
  4,224    
CMP Susquehanna Corp. Term Loan
    2.313       05/05/13       3,792,403  
  817    
Cumulus Media, Inc. Term Loan B
    4.006       06/11/14       765,779  

20

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                        
Amount               Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Radio & Television (continued)
                        
$ 2,597    
FoxCo Acquisition Sub, LLC Term Loan
    7.500 %     07/14/15     $ 2,579,118  
  633    
High Plains Broadcasting Operating Co., LLC Term Loan
    9.000       09/14/16       631,473  
  1,552    
Multicultural Radio Broadcasting, Inc. Term Loan
    3.010       12/18/12       1,272,820  
  2,307    
Newport Television, LLC Term Loan B
    9.000       09/14/16       2,302,950  
  21,486    
Univision Communications, Inc. Initial Term Loan
    4.505       09/29/14       20,392,536  
       
 
                      
       
 
                     31,897,443  
       
 
                      
 
       
Retailers (except food & drug) 2.3%
                        
  6,193    
Amscan Holdings, Inc. New Term Loan
    2.539       05/25/13       6,030,832  
  4,268    
Dollar General Corp. Term Loan B2
    3.010       07/07/14       4,222,251  
  498    
Educate, Inc. Second Lien Term Loan
    8.510       06/16/14       485,076  
  4,027    
Guitar Center, Inc. Term Loan B
    3.760       10/09/14       3,641,259  
  854    
Michaels Stores, Inc. Term Loan B2
    4.884       07/31/16       848,148  
  948    
Savers, Inc. Term Loan B
    5.750       03/11/16       951,660  
€ 4,377    
Zapf Creation AG Term Loan (Germany)
    5.347       11/30/12       5,177,649  
       
 
                      
       
 
                     21,356,875  
       
 
                      
 
       
Surface Transport 0.3%
                        
  2,530    
Swift Transportation Co., Inc. Term Loan
    8.250       05/09/14       2,504,011  
       
 
                      
 
       
Telecommunications 5.2%
                        
  5,358    
Avaya, Inc. Term Loan
    3.058       10/24/14       4,875,055  

21

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                        
Amount               Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Telecommunications (continued)
                        
€ 3,185    
Bultel Cable Bulgaria EAD Term Loan A (Bulgaria)
    6.140 %     10/27/15     $ 3,989,595  
€ 3,250    
Bultel Cable Bulgaria EAD Term Loan B (Bulgaria)
    7.139       10/27/16       4,071,015  
$ 724    
Cincinnati Bell, Inc. Term Loan
    6.500       06/12/17       731,489  
€ 1,926    
Fibernet Term Loan B (Bulgaria)
    3.155       12/20/14       1,688,780  
€ 1,926    
Fibernet Term Loan C (Bulgaria)
    3.655       12/20/15       1,688,780  
  5,935    
Global Tel*Link Corp. Term Loan B
    6.000       03/02/16       5,947,220  
  2,397    
Hawaiian Telcom Communications, Inc. Term Loan C
    9.000       10/28/15       2,429,335  
  167    
Level 3 Communications, Inc. Add on Term Loan
    11.500       03/13/14       180,833  
  5,625    
Level 3 Communications, Inc. Term Loan A
    2.539       03/13/14       5,256,872  
  3,443    
MetroPCS Wireless, Inc. Extended Term Loan B
    3.813       11/04/16       3,450,004  
  316    
MetroPCS Wireless, Inc. Term Loan B
    2.563       11/04/13       313,896  
  2,075    
NTELOS, Inc. Term Loan B
    5.750       08/07/15       2,092,390  
€ 4,076    
Primacom Term Loan B1 (Germany)
    4.036       12/05/13       4,063,319  
€ 4,091    
Primacom Term Loan C1 (Germany)
    4.536       12/05/14       4,106,936  
€ 4,179    
Primacom Term Loan C2 (Germany)
    3.286       11/22/16       4,194,671  
       
 
                      
       
 
                     49,080,190  
       
 
                      

22

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                        
Amount               Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Utilities 5.2%
                        
  5,000    
Bicent Power, LLC Second Lien Term Loan
    4.290       12/31/14       1,125,000  
  4,331    
BRSP, LLC Term Loan B
    7.500       06/04/14       4,358,191  
  4,335    
Calpine Corp. First Priority Term Loan
    3.165       03/29/14       4,320,723  
  2,900    
FirstLight Power Resources, Inc. Second Lien Term Loan
    4.813       05/01/14       2,682,500  
  100    
FirstLight Power Resources, Inc. Synthetic Letter of Credit
    2.813       11/01/13       94,101  
  670    
FirstLight Power Resources, Inc. Term Loan B
    2.813       11/01/13       632,654  
  1,421    
Great Point Power, Inc. Delayed Draw Term Loan
    5.500       03/10/17       1,422,615  
  187    
Mach Gen, LLC Letter of Credit
    2.289       02/22/13       174,554  
  7,000    
New Development Holdings, LLC Term Loan
    7.000       07/03/17       7,146,825  
  2,182    
NRG Energy, Inc. Extended Letter of Credit
    3.539       08/31/15       2,681,307  
  1    
NRG Energy, Inc. Synthetic Letter of Credit
    1.789       02/01/13       522  
  441    
NRG Energy, Inc. Term Loan
    1.780       02/01/13       432,764  
  3,784    
Primary Energy Operations, LLC New Term Loan
    6.500       10/23/14       3,714,500  
  5,799    
Texas Competitive Electric Holdings Co., LLC Delayed Draw Term Loan
    3.760       10/10/14       4,511,651  

23

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Principal                        
Amount               Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Utilities (continued)
                        
$ 4,999    
Texas Competitive Electric Holdings Co., LLC Term Loan B1
    3.760 %     10/10/14     $ 4,685,103  
  1,610    
Texas Competitive Electric Holdings Co., LLC Term Loan B2
    3.920       10/10/14       1,256,999  
  6,626    
Texas Competitive Electric Holdings Co., LLC Term Loan B3
    3.760       10/10/14       4,386,417  
  6,000    
TPF Generation Holdings, LLC Second Lien Term Loan C
    4.539       12/15/14       5,527,500  
       
 
                      
       
 
                     49,153,926  
       
 
                      
        Total Variable Rate** Senior Loan Interests 103.8%     986,198,932  
       
 
                      
       
 
                        
       
Notes 23.9%
                        
       
Air Transport 0.1%
                        
  650    
Continental Airlines, Inc.
     6.750       09/15/15       680,875  
       
 
                      
       
 
                        
       
Building & Development 0.6%
                        
  2,000    
CPG International, Inc. (i)
    7.500       07/01/12       1,990,000  
£ 3,160    
European Loan Conduit (United Kingdom) (h)
    0.897       07/25/17       4,152,012  
       
 
                      
       
 
                     6,142,012  
       
 
                      
 
       
Cable & Satellite Television 1.3%
                        
€ 5,000    
UPC Germany GmbH (Germany) (h)
    9.625       12/01/19       7,533,118  
  4,250    
Virgin Media Finance PLC (United Kingdom)
    9.500       08/15/16       4,831,719  
       
 
                      
       
 
                     12,364,837  
       
 
                      
 
       
Chemicals & Plastics 0.6%
                        
  3,149    
Lyondell Chemical Co.
     11.000       05/01/18       3,531,248  

24

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Par                        
Amount               Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Chemicals & Plastics (continued)
                        
$ 2,043    
Wellman, Inc. (a)
    5.000 %     01/29/19     $ 2,042,964  
       
 
                      
       
 
                     5,574,212  
       
 
                      
 
       
Containers & Glass Products 5.5%
                        
€ 11,200    
Ardagh Glass Finance (Ireland) (h)
    7.125       06/15/17       14,613,901  
€ 6,000    
Ardagh Glass Finance (Ireland) (h)
    8.750       02/01/20       8,350,800  
  2,800    
Berry Plastics Corp. (i)
    5.039       02/15/15       2,709,000  
€ 4,500    
Impress Holdings (Netherlands) (h)
    9.250       09/15/14       6,607,571  
€ 6,000    
Impress Metal Packaging Holdings BV (Netherlands) (h)
    4.110       09/15/13       8,361,239  
€ 8,800    
Pregis Corp.
     5.985       04/15/13       11,696,688  
       
 
                      
       
 
                     52,339,199  
       
 
                      
 
       
Energy Equipment & Services 1.6%
                        
  15,000    
Seadrill, Ltd.
     6.500       10/05/15       15,004,200  
       
 
                      
 
       
Financial Intermediaries 1.6%
                        
€ 7,000    
GMAC, Inc.
     5.375       06/06/11       9,913,096  
€ 4,000    
GMAC, Inc.
     6.000       05/23/12       5,650,708  
       
 
                      
       
 
                     15,563,804  
       
 
                      
 
       
Forest Products 0.2%
                        
  2,000    
Builders FirstSource, Inc. (i)
     14.626       02/15/16       2,000,000  
       
 
                      
 
       
Health Care 0.7%
                        
  6,167    
Apria Healthcare Group, Inc.
     11.250       11/01/14       6,860,417  
       
 
                      
 
       
Home Furnishings 0.2%
                        
  1,539    
Targus Group International Inc. (a)
     10.000       12/15/15       1,538,831  
       
 
                      

25

Table of Contents

Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
                                 
Par                          
Amount                 Stated        
(000)     Borrower   Coupon     Maturity*     Value  
 
       
Lodging & Casinos 3.0%
                        
£ 24,797    
Spirit Issuer PLC (United Kingdom)
     5.472 %     12/28/28     $ 28,084,549  
       
 
                      
 
       
Paper & Forest Products 1.0%
                        
€ 7,000    
Lecta SA (h)
     3.524       02/15/14       9,158,044  
       
 
                      
 
       
Rail Industries 1.3%
                        
€ 5,000    
Channel Link (United Kingdom)
     2.261       06/30/12       5,601,995  
£ 5,000    
Channel Link (United Kingdom)
     2.268       06/20/12       6,449,463  
       
 
                      
       
 
                     12,051,458  
       
 
                      
 
       
Surface transport 2.3%
                        
€ 16,090    
CB Bus AB (Sweden)
     9.125       08/01/12       22,337,970  
       
 
                      
 
       
Telecommunications 3.5%
                        
€ 14,390    
Versatel AG (Germany) (h)
     3.629       06/15/14       18,125,343  
$ 14,000    
Wind Acquisition Fin SA (Luxembourg) (h)
     12.000       12/01/15       14,901,600  
       
 
                      
       
 
                     33,026,943  
       
 
                      
 
       
Utility 0.4%
                        
  3,939    
Calpine Corp.
     7.500       02/15/21       4,056,988  
       
 
                      
 
       
Total Notes 23.9%
                    226,784,339  
       
 
                      

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Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
         
Description   Value  
Equities 1.8%
        
Affiliated Media, Inc. (87,369 common shares, Acquired 04/23/10, Cost $5,595,972)
   $ 1,441,585  
Axia Acquisition Holdings Corp. (101 common shares, Acquired 04/21/10, Cost $1,404,030) (g)
     251,903  
Building Materials Holding Corp. (512,204 common shares, Acquired 01/11/10, Cost $770,554) (g)
     373,909  
Contech Construction Products, Inc. (308,203 common shares, Acquired date 10/29/10, Cost $0) (c)
     0  
Cumulus Media, Inc. (Warrants for 1,568 common shares, Expiration date 06/29/19, Acquired 01/14/10, Cost $0) (g)
    2,963  
Euramax International Inc. (1,870 common shares, Acquired 07/09/09, Cost $1,962,106) (c)(g)
    588,987  
Lake at Las Vegas Joint Venture (2,339 common shares, Acquired 7/05/07 & 1/02/08, Cost $24,140,508) (c)
    947,873  
Lake at Las Vegas Joint Venture (28 common shares, Acquired 7/05/07 & 1/02/08, Cost $285,788) (c)
    11,260  
Lyondell Chemical Co. (18,849 common shares, Acquired 05/21/10 & 06/02/10, Cost $310,397) (c)
    506,850  
Lyondell Chemical Co. (365,895 common shares, Acquired 05/11/10 & 05/21/10 & 06/02/10, Cost $10,157,589) (c)
     9,827,940  
Marietta Holdings Corp. (1,641,483 common shares, Acquired 04/22/10, Cost $2,591,511) (g)
    607,677  
Mega Brands, Inc. (Canada) (600,814 common shares, Acquired 03/31/10, Cost $1,080,625) (g)
    341,672  
Newhall Holding Co., LLC (235,259 common shares, Acquired 08/26/09, Cost $2,010,219) (c)
    397,988  
Rhodes Homes (750,544 common shares, Acquired 04/13/10, Cost $963,538)
    225,163  
SuperMedia Inc. (7,080 common shares, Acquired 01/07/10, Cost $525,307) (c)
    46,586  
Targus Group International, Inc. (62,413 common shares, Acquired 12/16/09, Cost $0) (b)(c)(g)
    162,274  
Vitruvian Exploration, LLC (76,400 common shares, Acquired 10/19/09, Cost $3,276,000) (c)
    840,400  
WCI Communities, Inc. (1,830 common shares, Acquired 09/23/09, Cost $205,427) (c)
    155,550  
Wellman, Inc. (1,892 common shares, Acquired 02/12/09 & 06/16/09, Cost $4,958,713) (c)
    291,690  
 
      
 
Total Equities 1.8%
    17,022,270  
 
      
 
        
Total Long-Term Investments 129.5%
(Cost $1,368,707)
    1,230,005,541  
 
        
Time Deposits 2.4%
(Cost $22,845,310)
        
State Street Bank & Trust Corp. ($22,845,310 par, 0.010% coupon, dated 10/31/10, to be sold on 11/01/10 at $22,845,329)
    22,845,310  
 
        
Total Investments 131.9%
(Cost $1,391,552,395)
    1,252,850,851  
 
        
Foreign Currency 1.5%
(Cost $14,183,888)
     14,897,879  
 
        
Borrowings (32.4%)
     (308,000,000 )
 
Liabilities in Excess of Other Assets (1.0%)
    (9,807,340 )
 
      
 
Net Assets 100.0%
  $ 949,941,390  
 
      

27

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Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
 
Investment Abbreviations:
 
Principal amounts are denominated in US currency unless otherwise noted.
 
£ — Great Britain Pound
 
€ — Euro
 
Notes to Schedule of Investments
 
Percentages are calculated as a percentage of net assets.
 
(a)   All or portion of this security is payment-in-kind.
 
(b)   Affiliated Company.
 
(c)   Non-income producing security acquired through the restructuring of senior loans.
 
(d)   This borrower has filed for protection in federal bankruptcy court.
 
(e)   The borrower is in the process of restructuring or amending the terms of this loan.
 
(f)   All or a portion of this holding is designated in connection with unfunded loan commitments.
 
(g)   Restricted security. Securities were acquired through the restructuring of senior loans. These securities are restricted as they are not allowed to be deposited via the Depository Trust Company. If at a later point in time, the company wishes to register, the issuer will bear the costs associated with registration. The aggregate value of restricted securities represents 0.25% of the net assets of the Fund.
 
(h)   144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
 
(i)   Variable rate security. Interest rate shown is that in effect at October 31, 2010.
 
(j)   This term loan will settle after October 31, 2010 at which time the interest rate will be determined.
 
*   Senior Loans in the Fund’s portfolio generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a Borrower to prepay, prepayments of Senior Loans in the Fund’s portfolio may occur. As a result, the actual remaining maturity of Senior Loans held in the Fund’s portfolio may be substantially less than the stated maturities shown.
 
**   Senior Loans in which the Fund invests generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”), (ii) the prime rate offered by one or more major United States banks or (iii) the certificate of deposit rate. Senior Loans are generally considered to be restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or Borrower prior to the disposition of a Senior Loan. The stated coupon notes reflect the weighted average rate of the outstanding contracts for each loan as of October 31, 2010.
Swap agreements outstanding as of October 31, 2010:
     Credit Default Swaps
                                                                         
                    Pay/                                             Credit  
                    Receive             Implied     Notional                     Rating of  
            Buy/Sell     Fixed     Expiration     Credit     Amount     Upfront             Reference  
Counterparty   Reference Entity     Protection     Rate     Date     Spread (a)     (000)     Payments     Value     Equity (b)  
Bank of America N.A.
   Lighthouse International   Sell     3.350 %     09/20/12       20.130 %   $ 6,959     $ 0     $ (1,768,874 )     B  
Bank of America N.A.
   Lighthouse International   Sell     3.650       12/20/12       21.110       6,959       0       (1,994,672 )     B  

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Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
Swap agreements outstanding as of October 31, 2010:
     Credit Default Swaps (continued)
                                                                         
                    Pay/                                             Credit  
                    Receive             Implied     Notional                     Rating of  
            Buy/Sell     Fixed     Expiration     Credit     Amount     Upfront             Reference  
Counterparty   Reference Entity   Protection     Rate     Date     Spread (a)     (000)     Payments     Value     Equity (b)  
Credit Suisse International
  
Codere Finance Luxemburg SA
   Sell     3.420       09/20/12       2.850       6,959       0       100,230     B  
Goldman Sachs International
  
Calpine Corporation
   Sell     5.000       03/20/11       2.140       2,000       65,000       33,873     B  
Goldman Sachs International
  
CDX.NA.HY.9
   Sell     3.750       12/20/12       2.240       34,400       1,431,000       1,232,858     NR
Goldman Sachs International
  
CDX.NA.HY.10
   Sell     5.000       06/20/13       2.700       17,400       1,128,250       1,113,147     NR
Goldman Sachs International
  
Gala Group Finance
   Sell     3.450       12/20/12       4.090       6,959       0       (55,534 )   NR
Goldman Sachs International
  
Gala Group Finance
   Sell     4.150       03/20/13       4.130       6,959       0       36,673     NR
Goldman Sachs International
  
LCDX.NA.10
   Sell     3.250       06/30/13       1.680       46,800       5,269,000       1,870,715     NR
Goldman Sachs International
  
LCDX9
   Sell     2.250       12/20/12       1.580       39,000       3,136,250       616,963     NR
Goldman Sachs International
  
Peermont Global
   Sell     3.500       09/20/12       6.150       6,959       0       (292,071 )   B
Goldman Sachs International
  
Texas Competitive Electric Holdings Company, LLC
   Sell     5.000       03/20/12       6.390       5,000       112,500       (60,358 )   B
Goldman Sachs International
  
UPC Holding
   Sell     3.450       09/20/12       2.610       6,959       0       135,230     BBB
Goldman Sachs International
  
Wind Acquisition Finance SA
   Sell     5.000       12/20/15       5.350       5,000       13,807,762       (63,399 )   B+
 
                                                      
 
Total Credit Default Swaps                                   $ 184,600     $ 24,949,762     $ 904,781          
 
                                                            
 
                                                                        
Swap Collateral Pledged to Counterparty                                                                
Bank of America N.A.
                                             4,028,000                  
Credit Suisse International
                                             88,000                  
Goldman Sachs International
                                             27,000,000                  
 
                                                                      
Total Swap Collateral Pledged
                                           $ 31,116,000                  
 
                                                                      
Total Swap Contracts
                                           $ 32,020,781                  
 
                                                                      
 
NR — Not Rated

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Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued

(a)   Implied credit spreads represents the current level at which protection could be bought or sold given the terms of the existing credit default swap contract and serve as an indicator of the current status of the payment/performance risk of the credit default swap contract. An implied credit spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.
 
(b)   Credit rating as issued by Standard and Poor’s (Unaudited).
Forward foreign currency contracts outstanding as of October 31, 2010:
                         
            Unrealized        
            Appreciation/        
    Counter Party   In Exchange for   Current Value     Depreciation  
Long Contracts:
                        
Euro
                        
1,023,750 expiring 11/05/10
   Goldman Sachs International   US  $   $ 1,424,805     $ 71,285  
3,538,062 expiring 11/05/10
   Goldman Sachs International   US  $     4,924,102       369,710  
1,592,000 expiring 11/05/10
   Goldman Sachs International   US  $     2,215,668       189,854  
3,869,730 expiring 11/05/10
   Goldman Sachs International   US  $     5,385,701       223,481  
4,730,000 expiring 11/05/10
   Goldman Sachs International   US  $     6,582,982       82,543  
1,032,500 expiring 11/05/10
   Goldman Sachs International   US  $     1,436,983       541  
417,113 expiring 11/05/10
   Goldman Sachs International   US  $     580,517       2,074  
6,596,940 expiring 11/05/10
   Goldman Sachs International   US  $     9,181,298       (4,941 )
434,556 expiring 11/05/10
   Goldman Sachs International   US  $     604,794       5,386  
241,258,279 expiring 11/05/10
   Goldman Sachs International   US  $     335,771,465       (52,098 )
 
                      
 
                     887,835  
 
                      
 
                        
Pound Sterling
                        
9,494,608 expiring 11/05/10
   Goldman Sachs International   US  $     15,213,361       633,005  
4,912,500 expiring 11/05/10
   Goldman Sachs International   US  $     7,871,377       43,309  
42,193,018 expiring 11/05/10
   Goldman Sachs International   US  $     67,606,547       (66,245 )
 
                      
 
                     610,069  
 
                      
Total Long Contracts
                     1,497,904  
 
                      
 
                        
Short Contracts:
                        
Euro
                        
202,704,132 expiring 11/05/10
   Goldman Sachs International   US  $     282,113,690       (18,942,915 )
5,559,449 expiring 11/05/10
   Goldman Sachs International   US  $     7,737,369       (460,606 )
8,333,492 expiring 11/05/10
   Goldman Sachs International   US  $     11,598,147       (1,062,946 )
2,116,860 expiring 11/05/10
   Goldman Sachs International   US  $     2,946,142       (255,613 )
3,660,034 expiring 11/05/10
   Goldman Sachs International   US  $     5,093,856       (304,336 )
14,938,057 expiring 11/05/10
   Goldman Sachs International   US  $     20,790,057       (1,312,324 )
15,143,198 expiring 11/05/10
   Goldman Sachs International   US  $     21,075,562       (447,497 )
1,825,000 expiring 11/05/10
   Goldman Sachs International   US  $     2,539,946       (151,847 )
2,737,500 expiring 11/05/10
   Goldman Sachs International   US  $     3,809,919       (212,507 )
2,622,331 expiring 11/05/10
   Goldman Sachs International   US  $     3,649,632       10,093  
4,852,877 expiring 11/05/10
   Goldman Sachs International   US  $     6,753,997       8,973  
 
                      
 
                     (23,131,525 )
 
                      
 
                        
Pound Sterling
                        
55,570,614 expiring 11/05/10
   Goldman Sachs International   US  $     89,041,682       (2,696,062 )
1,029,512 expiring 11/05/10
   Goldman Sachs International   US  $     1,649,604       (24,174 )
 
                      
 
                     (2,720,236 )
 
                      
Total Short Contracts
                     (25,851,761 )
 
                      
 
Total Forward Foreign Currency Contracts
                   $ (24,353,857 )
 
                      

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Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
Summary of Long-Term Investments by Country Classification (Unaudited)
                 
            Percentage
            of
            Long-Term
Country   Value   Investment
United States
    867,119,488       70.5 %
United Kingdom
    122,133,714       9.9  
Germany
    71,551,072       5.8  
Netherlands
    29,420,160       2.4  
Ireland
    22,964,701       1.9  
Sweden
    22,337,971       1.8  
Belgium
    20,747,128       1.7  
Denmark
    20,298,883       1.7  
Greece
    15,678,595       1.3  
Luxembourg
    14,901,600       1.2  
Bulgaria
    11,438,171       0.9  
Cayman Islands
    4,685,627       0.4  
Canada
    3,858,954       0.3  
Spain
    2,869,477       0.2  
 
    1,230,005,541       100 %
Security Valuations — Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote or broker quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
     Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (“NOCP”) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.
     Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
     Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
     Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quote provided by the pricing service are valued based on a model which may include end of day net present values, spreads,ratings, industry, and company performance.
     Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
     Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index

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Invesco Van Kampen Dynamic Credit Opportunities Fund
Schedule of Investments — October 31, 2010 (Unaudited) continued
futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
     Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
     Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Fund’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
     Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Fair Value Measurements Generally Accepted Accounting Principles (GAAP) defines fair value as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. GAAP establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below.
Level 1 —   Prices are based on quoted prices in active markets for identical investments
 
Level 2 —   Prices are based on other significant observable inputs which may include quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.
 
Level 3 —   Prices are based on significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
 
    The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
    The following is a summary of the inputs used as of October 31, 2010 in valuing the Fund’s investments carried at value.
                                 
            Level 2   Level 3    
    Level 1   Other Significant   Significant Unobservable    
Investments   Quoted Prices   Observable Inputs   Inputs   Total
 
Investments in an Asset Position
                                
Variable Rate Senior Loan Interests
   $ —     $ 966,713,635     $ 19,485,297     $ 986,198,932  
Notes
     —       219,050,532       7,733,807       226,784,339  
Equities
     14,998,533       —       2,023,737       17,022,270  
Time Deposits
     —       22,845,310       —       22,845,310  
Forward foreign Currency Contracts
     —       1,497,904       —       1,497,904  
Credit Default Swaps
     —       5,139,689       —       5,139,689  
Unfunded Commitments
     —       —       —       —  
     
Total Investments in an Asset Position
   $ 14,998,533     $ 1,215,247,071     $ 29,242,841     $ 1,259,488,444  
     
 
                                
Investments in a Liability Position
                                
Unfunded Commitments
   $ —     $ (2,248,976 )   $ —     $ (2,248,976 )
Forward foreign Currency Contracts
     —     $ (25,851,761 )     —       (25,851,761 )
Credit Default Swaps
     —       (4,234,908 )     —       (4,234,908 )
     
Total Investments in a Liability Position
   $ —     $ (32,335,645 )   $ —     $ (32,335,645 )
     
Investment Securities — Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
         
Aggregate unrealized appreciation of investment securities
   $ 40,870,113  
Aggregate unrealized (depreciation) of investment securities
     (194,195,248 )
 
Net unrealized (depreciation) of investment securities
   $ (153,325,135 )
 
Cost of investments for tax purposes is $1,406,175,986.
        

32

Item 2. Controls and Procedures.
  (a)   As of December 14, 2010, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 14, 2010, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.
 
  (b)   There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
     Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Van Kampen Dynamic Credit Opportunities Fund
         
By:
  /s/ Colin Meadows
 
Colin Meadows 		   
 
  Principal Executive Officer    
Date: December 30, 2010
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
         
By:
  /s/ Colin Meadows
 
Colin Meadows 		   
 
  Principal Executive Officer    
Date: December 30, 2010
         
By:
  /s/ Sheri Morris
 
Sheri Morris 		   
 
  Principal Financial Officer    
Date: December 30, 2010

 

Table of Contents

EXHIBIT INDEX
Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.