Invesco Dynamic Credit Opportunity Fund N-CSR/A Certified annual shareholder report (management investment company) (amended)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23665

Invesco Dynamic Credit Opportunity Fund

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

Sheri Morris 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 2/28

Date of reporting period: 2/28/22

This Registrant is filing this amendment (“Amendment”) to its Form N-CSR for the year ended February 28, 2022, (the “Report”), originally filed with the Securities and Exchange Commission on May 6, 2022 (Accession Number 0001193125-22-143171) to amend Item 1 “Report to Stockholders” to correct the Class A Shares’ performance information appearing in the Management’s Discussion of Fund Performance. Items 1 (except as noted above) through 13(a)(1) of the Registrant’s Form N-CSR originally filed on May 6, 2022, are incorporated herein by reference. This Amendment should be read in conjunction with the Report. Except for Item 1 as noted above, this Amendment does not amend or update the Report in any way nor does it reflect events occurring after the filing of the Report.

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

(b) Not applicable.

Annual Report to Shareholders February 28, 2022

Invesco Dynamic Credit Opportunity Fund*

*On November 1, 2021, Common Shares of Invesco Dynamic Credit Opportunities Fund (the predecessor fund), a listed closed-end fund, were reorganized into Class AX shares of the Fund.

Nasdaq:

A: XCRTX ∎ AX: XAXCX ∎ Y: XCRRX ∎ R6: XCYOX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Consolidated Schedule of Investments
24	Consolidated Financial Statements
28	Consolidated Financial Highlights
32	Notes to Consolidated Financial Statements
42	Report of Independent Registered Public Accounting Firm
43	Fund Expenses
44	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary For the fiscal year ended February 28, 2022, Class A shares of Invesco Dynamic Credit Opportunity Fund (the Fund), at net asset value (NAV), outperformed the Credit Suisse Leveraged Loan Index, the Fund’s style-specific benchmark.   Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 2/28/21 to 2/28/22, 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.
Class A Shares	10.53	%
Class AX Shares	10.81
Class Y Shares	10.81
Class R6 Shares	10.83
Credit Suisse Leveraged Loan Index▼ (Style-Specific Index)	3.24
Source(s): ▼Bloomberg LP
The returns shown prior to November 1, 2021 are those of Invesco Dynamic Credit Opportunities Fund (the predecessor fund), a listed closed-end fund. Common Shares of the predecessor fund were reorganized into Class AX shares of the Fund on November 1, 2021.

Market conditions and your Fund

For the fiscal year ended February 28, 2022, the broadly syndicated loan market, as represented by the Credit Suisse Leveraged Loan Index, returned 3.24%.¹ Prices briefly weakened in late November 2021 as investors first became aware of the highly transmissible coronavirus (COVID-19) Omicron variant and naturally eschewed risk assets of all stripes. However, concerns eased in December as consensus emerged that Omicron posed lower risk of severity and, thus, lowered the risk of lasting economic disruption. In late February, Russia’s invasion of Ukraine roiled investor sentiment and cast a shadow of uncertainty over markets. While loans did not entirely escape the resulting broad market volatility, loans did outperform other risk assets, like stocks and high yield bonds for the first two months of 2022 and exhibited lower relative volatility.²

Relative stability in loan prices was aided by highly supportive demand in technicals throughout the fiscal year. Demand from retail/institutional buyers and even more impactfully from record CLO formation provided a steady bid for loan assets despite the choppy macro backdrop. Ascending interest rates remained at the forefront of market discussion amid rising inflation and an increasingly hawkish US Federal Reserve (the Fed) intent on managing that inflation through tighter financial conditions. We believe rising rates would likely bode well for continued loan appetite among income-oriented investors also seeking low interest rate sensitivity in the year ahead.

Fundamentally speaking, we observed that company issuers continued to exhibit healthy balance sheets, still improving earnings and high accessibility to capital markets during the fiscal year. Collectively, these trends minimized restructuring activity in the syndicated loan market over the fiscal year. We expect much of this to continue in what we expect to

be a fairly benign default backdrop go forward.

Direct lending proved to be resilient in 2021. Performance in the asset class returned to pre-pandemic levels on the heels of a strengthening economy. As the market found its footing, deal activity accelerated while yields held to historic levels.

As we begin 2022, we remain constructive on the direct lending asset class. Although we anticipate greater volatility in the broader markets, we believe that several dynamics should work in the asset class’s favor. On the demand side, private equity continues to amass meaningful capital which should support an active and robust M&A pipeline. Against a backdrop of likely Fed policy changes and continued inflationary pressure, the floating rate structure of the asset class offers protection in a rising rate environment. Lastly, as the broader equity and credit markets continue to encounter increased volatility, direct lending’s low correlation may create needed diversification for income seeking investors.

In the near-term, we can expect supply chain constraints and labor dynamics to continue to challenge business operating models, but we anticipate these dynamics abating in the second half of the fiscal year as global supply chains ramp up production.

With inflation and rates on the move, we believe that direct lending represents an asset class with stable risk-adjusted returns, low correlation to more volatile, liquid asset classes and protection against a rising rate environment.

Within stressed and distressed credit, our primary focus is on private companies where we believe significant inefficiencies exist. Our target companies, given their size, have less access to capital than larger companies and therefore offer a more robust, evergreen opportunity set. We have found this lack of cyclicality to be true over several decades of

experience and in stark contrast to how the cycle-dependent large capitalization distressed market operates. To that end, as the economy recovers, we continue to find event-driven stressed credit opportunities globally. Distressed-for-control opportunities continue to be episodic, which is not unusual for the asset class; and special situations opportunities remain robust.

  In terms of 2022 and beyond, we expect global economies to continue to recover and grow with impacts from current inflationary pressures, labor and supply shortages, commodity price increases and rising rates to abate ultimately over the long-term horizon. We are cautious in the near to medium term around these risks as well as the continued potential for COVID-19 variants to impact economic growth through exacerbation of these trends as well as the potential for lock-downs in certain geographies.

  During the fiscal year, the Fund employed leverage, which allowed us to enhance the Fund’s yield while keeping credit standards high relative to the benchmark. As of the close of the fiscal year, leverage accounted for 25% of the Fund’s NAV plus borrowings. Leverage involves borrowing at a floating short-term rate and reinvesting the proceeds at a higher rate. The common thread across the Fund’s strategies (broadly syndicated loans, direct lending and stressed & distressed credit) is its focus on senior secured, floating rating loans. Unlike other fixed-income asset classes, using leverage in conjunction with loans typically does not involve the same degree of risk from rising short-term interest rates since the income from loans generally adjusts to changes in interest rates, as do the rates which determine the Fund’s borrowing costs. (Similarly, should short-term rates fall, borrowing costs also would decline.) For more information about the Fund’s use of leverage, see the Notes to Financial Statements later in this report.

  The loan asset class behaves differently from many traditional fixed-income investments. The interest income generated by a portfolio of loans is usually determined by a fixed credit spread over the base rate. Because loans generally have a very short duration due to its coupons or interest rates adjusting every 30 to 90 days as the base rate changes, the yield on the portfolio adjusts. Interest rate risk refers to the tendency for traditional fixed-income prices to decline when interest rates rise. For loans, however, interest rates and income are variable and the prices of loans are therefore less sensitive to interest rate changes than traditional fixed-income bonds. If interest rates rise faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments or the market price of the Fund’s shares. We are monitoring interest rates, the market and economic and geopolitical factors that may impact the direction, speed and

2 Invesco Dynamic Credit Opportunity Fund

magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain central banks.

Looking ahead to what we anticipate will be a multi-year period of ascending interest rates, we believe that loans can continue to offer high-income with low duration risk. If the case for loans at the start of 2021 was built on strong coupon plus upside potential from pandemic recovery, then we believe the case for loans in 2022 will be predicated upon strong coupon plus low duration sensitivity. In our view, exposure to loans can help investors not only generate strong yields for their portfolios, but also provide insulation to what we believe to be one of the key macroeconomic risks in 2022 – that of potentially significant inflation that could force the Fed to raise rates sooner and with greater magnitude than expected. For this reason, we believe loans continue to merit a core role in investors’ portfolios.

As always, we appreciate your continued participation in Invesco Dynamic Credit Opportunity Fund.

1 Source: Credit Suisse

2 Source: Standard & Poor’s Leveraged Loan Index

Portfolio manager(s):

Scott Baskind

Nuno Caetano

Thomas Ewald

Ron Kantowitz

Philip Yarrow

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco Dynamic Credit Opportunity Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 2/29/12

1 Source: Bloomberg LP

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does not.

Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

The returns shown prior to November 1, 2021 are those of Invesco Dynamic Credit Opportunities Fund (the predecessor fund), a listed closed-end fund. Common Shares of the predecessor fund were reorganized into Class AX shares of the Fund on November 1, 2021.

4 Invesco Dynamic Credit Opportunity Fund

Average Annual Total Returns
As of 2/28/22, including maximum applicable sales charges
Class A Shares
10 Years	7.28	%
5 Years	5.73
1 Year	6.96
Class AX Shares
Inception (6/26/07)	5.62	%
10 Years	7.91
5 Years	6.69
1 Year	10.81
Class Y Shares
10 Years	7.91	%
5 Years	6.69
1 Year	10.81
Class R6 Shares
10 Years	7.91	%
5 Years	6.69
1 Year	10.83

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The returns shown prior to November 1, 2021 are those of Invesco Dynamic Credit Opportunities Fund (the predecessor fund), a listed closed-end fund. Common Shares of the predecessor fund were reorganized into Class AX shares of the Fund on November 1, 2021.

Class A share performance reflects the maximum 3.25% sales charge. Class A shares, Class AX shares, Class Y shares and Class R6 shares have no early withdrawal charges, except that an early withdrawal charge of 1.00% may be imposed on certain repurchases of Class A shares made by the Fund within eighteen months of purchase upon which a sales charge was not paid; such charge is not reflected in the returns shown above. Class Y shares and Class R6 shares do not have a front-end sales charge or a CDSC, therefore performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower.

See current prospectus for more information.

5 Invesco Dynamic Credit Opportunity Fund

Supplemental Information

Invesco Dynamic Credit Opportunity Fund’s investment objective is to seek a high level of current income, with a secondary objective of capital appreciation.

∎ Unless otherwise stated, information presented in this report is as of February 28, 2022, 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.

About indexes used in this report

∎ The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, non-investment grade loans.

∎ 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

6 Invesco Dynamic Credit Opportunity Fund

Fund Information

Portfolio Composition†
By credit quality	% of total investments
BBB-		1.92	%
BB		0.39
BB-		2.32
B+		4.35
B		12.70
B-		17.80
CCC+		7.97
CCC		3.03
CCC-		1.21
CC		0.18
C		0.35
D		1.51
Non-Rated		37.94
Equity		8.33

^†Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non- Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

Top Five Debt Issuers*

		% of total net assets
1.	Groundworks LLC		3.83	%
2.	Keg Logistics, LLC		3.70
3.	FDH Group Acquisition, Inc.		3.57
4.	PrimeFlight Aviation Services, Inc.		3.52
5.	MB2 Dental Solutions, LLC		3.33

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2022.

7 Invesco Dynamic Credit Opportunity Fund

Consolidated Schedule of Investments

February 28, 2022

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Variable Rate Senior Loan Interests–116.79%(b)(c)(d)
Aerospace & Defense–7.89%
Aernnova Aerospace S.A.U. (Spain)
Term Loan B-1 (3 mo. EURIBOR + 3.00%)		3.00%		02/26/2027		EUR		726	$       771,294
Term Loan B-2 (3 mo. EURIBOR + 3.00%)		3.00%		02/26/2027		EUR		183	194,735
Boeing Co., Revolver Loan(e)(f)		0.00%		10/30/2022			$	17,325	17,195,627
Dynasty Acquisition Co., Inc.
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		3.72%		04/08/2026				713	693,277
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)		3.72%		04/08/2026				382	371,227
FDH Group Acquisition, Inc., Term Loan A (3 mo. USD LIBOR + 7.00%)(e)		8.00%		04/01/2024				22,660	22,206,671
IAP Worldwide Services, Inc.
Revolver Loan
(Acquired 07/22/2014; Cost $1,444,403)(e)(f)(g)		0.00%		07/18/2023				1,444	1,444,403
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) (Acquired 07/22/2014-08/18/2014; Cost $1,551,891)(e)(g)		8.00%		07/18/2023				1,576	1,576,247
KKR Apple Bidco LLC, Second Lien Term Loan (1 mo. USD LIBOR + 5.75%)		6.25%		09/21/2029				348	350,697
Peraton Corp.
First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		4.50%		02/01/2028				11	11,238
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		8.50%		02/01/2029				2,064	2,090,859
Propulsion (BC) Finco S.a.r.l. (Spain), Term Loan B(e)(h)		-		02/10/2029				607	606,570
Spirit AeroSystems, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)		4.25%		01/15/2025				1,396	1,393,227
Vectra Co., First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		3.46%		03/08/2025				196	186,272
									49,092,344
Air Transport–3.52%
PrimeFlight Aviation Services, Inc.
Delayed Draw Term Loan (1 mo. USD LIBOR + 6.25%)(e)		7.25%		05/09/2024				3,194	3,149,804
Incremental Delayed Draw Term Loan (1 mo. USD LIBOR + 6.25%)(e)		7.25%		05/09/2024				9,433	9,300,761
Term Loan (1 mo. USD LIBOR + 6.25%)(e)		7.25%		05/09/2024				9,584	9,449,412
									21,899,977
Automotive–6.36%
BCA Marketplace (United Kingdom)
Second Lien Term Loan B (1 mo. GBP SONIA + 7.50%)		7.94%		07/30/2029		GBP		4,668	6,241,590
Term Loan B (6 mo. GBP SONIA + 4.75%)		5.12%		06/30/2028		GBP		1,055	1,396,342
DexKo Global, Inc.
Delayed Draw Term Loan (1 mo. USD LIBOR + 3.75%)		3.75%		09/30/2028				12	12,042
Delayed Draw Term Loan(f)		0.00%		09/30/2028				7	6,569
Driven Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)(e)		3.52%		11/20/2028				541	537,045
Muth Mirror Systems LLC
Revolver Loan(e)(f)		0.00%		04/23/2025				1,677	1,620,175
Term Loan (3 mo. USD LIBOR + 5.25%)(e)		6.25%		04/23/2025				19,319	18,662,389
Panther BF Aggregator 2 L.P. (Canada), Term Loan (1 mo. USD LIBOR + 3.25%)		3.46%		04/30/2026				25	25,020
PowerStop LLC, Term Loan B (1 mo. USD LIBOR + 4.75%)		5.25%		01/24/2029				1,022	1,015,926
Transtar Industries, Inc.
Delayed Draw Term Loan (Acquired 01/22/2021; Cost $1,196,907)(e)(f)(g)		0.00%		01/22/2027				1,224	1,223,616
Term Loan A (3 mo. USD LIBOR + 7.00%) (Acquired 01/22/2021; Cost $8,632,432)(e)(g)		8.00%		01/22/2027				8,782	8,825,769
									39,566,483
Beverage & Tobacco–1.03%
AI Aqua Merger Sub, Inc.
Delayed Draw Term Loan(h)		-		07/31/2028				488	485,085
Incremental Term Loan(h)		-		07/30/2028				2,147	2,134,375
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		4.50%		03/20/2024				517	482,267
City Brewing Co. LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		4.25%		03/31/2028				1,837	1,740,026

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

8 Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Beverage & Tobacco–(continued)
Waterlogic Holdings Ltd. (United Kingdom)
Term Loan B (1 mo. USD LIBOR + 4.75%)		5.25%		08/04/2028			$	1,308	$    1,303,060
Term Loan B (3 mo. EURIBOR + 4.25%)		4.25%		08/04/2028		EUR		249	279,013
									6,423,826
Brokers, Dealers & Investment Houses–0.14%
AqGen Island Intermediate Holdings, Inc.
First Lien Term Loan B(h)		-		08/02/2028				825	816,969
Second Lien Term Loan B(h)		-		08/05/2029				33	32,382
									849,351
Building & Development–1.47%
CRH Europe Distribution (Netherlands), Term Loan A (3 mo. EURIBOR + 4.50%)		4.50%		11/29/2025		EUR		773	868,502
Icebox Holdco III, Inc.
Delayed Draw Term Loan(f)		0.00%		12/15/2028				305	303,310
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.25%		12/21/2029				489	489,404
Term Loan B(h)		-		12/22/2028				1,476	1,466,001
LHS Borrow LLC (Leaf Home Solutions), Term Loan B(e)(h)		-		02/17/2029				2,119	2,098,324
Mayfair Mall LLC, Term Loan(e)(h)		-		04/20/2023				1,258	1,150,974
Modulaire (United Kingdom), Term Loan B (3 mo. EURIBOR + 4.50%)		4.50%		10/08/2028		EUR		1,295	1,412,703
SRS Distribution, Inc., Incremental Term Loan(h)		-		06/04/2028				392	387,992
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		07/24/2024				972	970,935
									9,148,145
Business Equipment & Services–15.52%
Aegion Corp., Term Loan B (1 mo. USD LIBOR + 4.75%)		5.50%		05/17/2028				922	924,226
Allied Universal Holdco LLC
Term Loan (1 mo. USD LIBOR + 3.75%)		4.25%		05/12/2028				1,201	1,186,466
Term Loan B(h)		-		05/12/2028		EUR		96	105,672
AutoScout24 (Speedster Bidco GmbH) (Germany), Second Lien Term Loan (3 mo. EURIBOR + 6.00%)		6.00%		03/31/2028		EUR		3,053	3,393,973
Blackhawk Network Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		7.13%		06/15/2026				384	382,536
Blucora, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)(e)		5.00%		05/22/2024				718	718,186
Checkout Holding Corp.
PIK Term Loan, 9.50% PIK Rate, 2.00% Cash Rate (Acquired 02/15/2019-02/28/2022; Cost $ 701,280)(g)(i)		9.50%		08/15/2023				702	299,622
Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 02/15/2019-11/12/2020; Cost $ 443,446)(g)		8.50%		02/15/2023				463	423,536
Constant Contact, Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(e)		8.25%		02/15/2029				1,513	1,483,184
CRCI Longhorn Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		7.43%		08/08/2026				86	85,919
Creation Technologies, Inc., Term Loan B (1 mo. USD LIBOR + 5.50%)(e)		6.00%		10/05/2028				1,392	1,376,486
CV Intermediate Holdco Corp.
Delayed Draw Term Loan (1 mo. USD LIBOR + 5.75%)(e)		6.75%		03/31/2026				8,208	8,125,078
Revolver Loan(e)(f)		0.00%		03/31/2026				1,262	1,248,964
Term Loan B (1 mo. USD LIBOR + 5.75%)(e)		6.75%		03/31/2026				8,453	8,367,279
Dakota Holding Corp., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)(e)		7.50%		04/07/2028				1,249	1,261,705
Dun & Bradstreet Corp. (The)
Revolver Loan(e)(f)		0.00%		09/11/2025				3,814	3,470,445
Term Loan (1 mo. USD LIBOR + 3.25%)		3.46%		02/06/2026				11	10,864
Ensono L.P., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		05/19/2028				222	220,339
Garda World Security Corp. (Canada)
Incremental Term Loan(h)		-		02/11/2029				1,508	1,495,660
Term Loan (1 mo. USD LIBOR + 4.25%)		4.43%		10/30/2026				1,023	1,014,531
GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		4.50%		05/12/2028				2,099	2,076,372
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)		5.31%		06/23/2024		GBP		8,170	10,819,631
Karman Buyer Corp., Term Loan (1 mo. USD LIBOR + 4.50%)		5.25%		10/28/2027				2,249	2,229,128

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

9 Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Business Equipment & Services–(continued)
Lamark Media Group LLC
Delayed Draw Term Loan(e)(f)		0.00%		10/14/2027			$	1,528	$    1,527,935
Revolver Loan (3 mo. USD LIBOR + 5.75%)(e)		6.75%		10/14/2027				458	453,797
Revolver Loan(e)(f)		0.00%		10/14/2027				560	554,640
Term Loan B(e)		6.75%		10/14/2027				7,130	7,059,061
Monitronics International, Inc.
Term Loan (1 mo. USD LIBOR + 7.50%)		8.75%		03/29/2024				7,941	6,671,622
Term Loan (1 mo. USD LIBOR + 5.00%)		7.50%		07/03/2024				5,859	5,888,462
NAS LLC
Incremental Term Loan(e)		5.25%		06/03/2024				2,815	2,828,955
Revolver Loan (3 mo. USD LIBOR + 5.50%)(e)		8.75%		06/01/2024				184	184,822
Revolver Loan(e)(f)		0.00%		06/01/2024				739	739,291
Term Loan(e)		7.00%		06/03/2024				8,988	9,032,984
Orchid Merger Sub II LLC, Term Loan B(e)(h)		-		05/15/2027				2,742	2,646,099
Protect America, Revolver Loan (1 mo. USD LIBOR + 3.00%)(e)		3.18%		09/01/2024				2,782	2,656,738
Solera
Term Loan B(h)		-		06/02/2028				168	166,816
Term Loan B (1 mo. GBP SONIA + 5.25%)		5.69%		06/05/2028		GBP		1,393	1,851,915
Spin Holdco, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		03/04/2028				20	19,862
Thevelia (US) LLC, First Lien Term Loan B(h)		-		02/10/2029				1,208	1,196,209
UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 5.75%)(e)		8.00%		03/20/2027				949	953,925
Virtusa Corp., Incremental Term Loan B(h)		-		02/08/2029				1,398	1,386,121
									96,539,056
Cable & Satellite Television–3.35%
CSC Holdings LLC, Incremental Term Loan (3 mo. USD LIBOR + 2.25%)		2.44%		01/15/2026				1	344
Lightning Finco Ltd. (United Kingdom)
Term Loan B-1 (6 mo. USD LIBOR + 5.75%)(e)		6.50%		09/01/2028				18,375	18,007,643
Term Loan B-2 (6 mo. USD LIBOR + 5.75%)(e)		5.18%		09/01/2028				2,227	2,182,744
ORBCOMM, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)		5.00%		09/01/2028				684	679,604
									20,870,335
Chemicals & Plastics–1.67%
Aruba Investments, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		11/24/2027				127	127,134
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		8.50%		11/24/2028				1,459	1,458,812
Arxada (Switzerland), Term Loan B(h)		-		07/03/2028				197	195,748
BASF Construction Chemicals (Germany), Term Loan B-3(h)		-		09/29/2027				125	125,243
Caldic B.V. (Netherlands), Term Loan B(h)		-		02/04/2029				676	671,430
Colouroz Investment LLC (Germany)
PIK First Lien Term Loan B-2, 0.75% PIK Rate, 5.25% Cash Rate(i)		0.75%		09/21/2023				1,738	1,724,974
PIK First Lien Term Loan C, 0.75% PIK Rate, 5.25% Cash Rate(i)		0.75%		09/21/2023				259	256,767
PIK First Lien Term Loan, 0.75% PIK Rate, 5.00% Cash Rate(i)		0.75%		09/21/2023		EUR		27	29,958
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 5.25% Cash Rate(i)		5.75%		09/21/2024				30	29,562
Eastman Tire Additives, Term Loan B (1 mo. USD LIBOR + 5.25%)(e)		6.00%		11/01/2028				1,293	1,292,583
Fusion
Term Loan (1 mo. USD LIBOR + 6.50%)(e)		7.50%		12/30/2026				1,181	1,210,165
Term Loan B(e)(h)		-		02/01/2029				784	779,992
ICP Group Holdings LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		8.50%		12/29/2028				304	299,807
Perstorp Holding AB (Sweden), Term Loan B (3 mo. USD LIBOR + 4.75%)		4.91%		02/27/2026				1,776	1,775,635
Proampac PG Borrower LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		11/03/2025				428	425,723
									10,403,533
Clothing & Textiles–0.16%
ABG Intermediate Holdings 2 LLC, Second Lien Term Loan (h)		-		12/10/2029				654	657,799
Gloves Buyer, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		12/29/2027				184	183,348
International Textile Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 5.00%)		5.21%		05/01/2024				191	176,931
									1,018,078

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

10 Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Conglomerates–0.32%
APi Group DE, Inc., Incremental Term Loan (h)		-		01/01/2029			$	1,280	$    1,274,553
Safe Fleet Holdings LLC
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		7.75%		02/02/2026				298	296,003
Term Loan B(h)		-		02/17/2029				395	392,005
									1,962,561
Containers & Glass Products–6.54%
Berlin Packaging LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)		4.25%		03/11/2028				1,029	1,024,133
Brook & Whittle Holding Corp.
Delayed Draw Term Loan (1 mo. USD LIBOR + 3.00%)		6.25%		12/05/2028				14	14,377
Delayed Draw Term Loan(f)		0.00%		12/05/2028				138	136,963
Term Loan B (1 mo. USD LIBOR + 4.00%)		4.50%		12/05/2028				575	572,066
Hoffmaster Group, Inc., First Lien Term Loan B-1 (1 mo. USD LIBOR + 4.00%)		5.00%		11/21/2023				3,616	3,382,522
Keg Logistics LLC
Revolver Loan(e)(f)		0.00%		11/23/2027				1,862	1,834,042
Term Loan A (1 mo. USD LIBOR + 6.00%)(e)		7.00%		11/23/2027				21,462	21,139,765
Keter Group B.V. (Netherlands), Term Loan B-5(h)		-		10/01/2023		EUR		1,763	1,943,657
Klockner Pentaplast of America, Inc.
Term Loan B (3 mo. EURIBOR + 4.75%)		4.75%		02/12/2026		EUR		2,070	2,168,936
Term Loan B (1 mo. USD LIBOR + 4.75%)		5.55%		02/12/2026				295	277,463
LABL, Inc.
Term Loan B(h)		-		10/31/2028		EUR		2,621	2,934,486
Term Loan B (1 mo. USD LIBOR + 5.00%)		5.50%		10/31/2028				3,199	3,187,306
Libbey Glass, Inc., PIK Term Loan, 6.00% PIK Rate, 5.00% Cash Rate (Acquired 11/13/2020-01/13/2022; Cost $1,204,396)(g)(i)		6.00%		11/12/2025				1,301	1,350,946
Mold-Rite Plastics LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)(e)		4.25%		10/04/2028				12	11,963
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(e)		7.50%		10/04/2029				405	398,735
Pretium Packaging, Second Lien Term Loan B (1 mo. USD LIBOR + 6.75%)		7.25%		09/30/2029				345	344,412
									40,721,772
Cosmetics & Toiletries–0.67%
Anastasia Parent LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		3.97%		08/11/2025				554	482,902
KDC/One (Canada), Term Loan (3 mo. EURIBOR + 5.00%)		5.00%		12/22/2025		EUR		692	772,830
Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%)		5.00%		06/29/2028		EUR		2,601	2,907,582
									4,163,314
Drugs–0.55%
Endo LLC, Term Loan (1 mo. USD LIBOR + 5.00%)		5.75%		03/27/2028				3,504	3,397,496
Ecological Services & Equipment–4.18%
Anticimex (Sweden), Incremental Term Loan B (e)(h)		-		11/16/2028				671	666,346
Groundworks LLC
First Lien Delayed Draw Term Loan(e)		6.00%		01/17/2026				5,797	5,786,799
First Lien Incremental Revover Loan(e)(f)		0.00%		01/17/2026				520	518,804
First Lien Incremental Term Loan (3 mo. USD LIBOR + 5.00%)(e)		6.00%		01/17/2026				13,160	13,137,496
Second Lien Delayed Draw Term Loan(e)		6.00%		01/17/2026				4,404	4,397,023
Patriot Container Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)(e)		4.75%		03/20/2025				1	1,241
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(e)		9.25%		11/02/2028				1,509	1,520,539
									26,028,248
Electronics & Electrical–10.64%
Barracuda Networks, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		10/30/2028				200	200,032
Boxer Parent Co., Inc., Term Loan B (3 mo. EURIBOR + 4.00%)		4.00%		10/02/2025		EUR		132	146,641
Civica (United Kingdom), Term Loan B-1 (3 mo. GBP LIBOR + 4.75%)		5.01%		10/14/2024		GBP		2,188	2,886,632
Delta Topco, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		8.00%		12/01/2028				637	636,838
Devoteam (Castillon S.A.S. - Bidco) (France), Term Loan B (3 mo. EURIBOR + 4.50%)		4.50%		12/09/2027		EUR		1,113	1,245,813
Digi International, Inc., Term Loan B(h)		-		12/01/2028				1,548	1,549,989
Emerald Technologies AcquisitionCo, Inc., Term Loan B(e)(h)		-		12/29/2027				313	311,950
Hyland Software, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.25%)		7.00%		07/07/2025				372	375,306

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

11 Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Electronics & Electrical–(continued)
Imperva, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		8.75%		01/11/2027			$	1,768	$    1,771,023
Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		01/10/2026				106	105,637
Infinite Electronics, Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)		7.51%		03/02/2029				552	552,279
Learning Pool (United Kingdom)
Term Loan (Acquired 01/07/2022; Cost $642,046)(e)(g)(h)		-		08/17/2028		GBP		479	633,383
Term Loan 2 (Acquired 01/07/2022; Cost $623,956)(e)(g)(h)		-		08/17/2028				633	623,797
LogMeIn, Term Loan B (1 mo. USD LIBOR + 4.75%)		4.89%		08/28/2027				4,185	4,123,297
Mavenir Systems, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		5.25%		08/13/2028				2,229	2,212,573
Maverick Bidco, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)(e)		7.50%		05/18/2029				92	92,417
McAfee Enterprise
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		9.00%		07/27/2029				1,138	1,128,295
Term Loan B (1 mo. USD LIBOR + 5.00%)		5.75%		07/27/2028				3,001	2,977,789
McAfee LLC
First Lien Term Loan B(h)		-		02/03/2029				4,105	4,055,415
Term Loan B(h)		-		02/02/2029		EUR		2,658	2,949,536
Mediaocean LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		4.00%		12/15/2028				1,064	1,059,568
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 6.25%)		7.25%		04/29/2026				3,758	3,679,457
Native Instruments (Germany), Term Loan (3 mo. EURIBOR + 6.00%)(e)		6.25%		03/03/2028		EUR		1,267	1,398,915
Oberthur Tech (France)
Term Loan B-4 (3 mo. EURIBOR + 4.50%)		4.50%		01/10/2026		EUR		2,899	3,237,156
Term Loan B-4 (3 mo. EURIBOR + 4.50%) (Acquired 07/23/2021; Cost $1,122,283)(g)		4.50%		01/10/2026		EUR		956	1,066,977
Oberthur Technologies of America Corp., Term Loan B (3 mo. USD LIBOR + 4.50%) (Acquired 04/01/2021; Cost $1,071,117)(g)		5.25%		01/09/2026				1,081	1,076,784
Optiv, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		8.25%		01/31/2025				773	767,423
Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		02/01/2024				6,455	6,389,151
Project Leopard Holdings, Inc.
Incremental Term Loan (3 mo. USD LIBOR + 4.75%)		5.75%		07/05/2024				2,849	2,846,300
Term Loan (3 mo. USD LIBOR + 4.75%)		5.75%		07/05/2024				819	817,997
Quest Software US Holdings, Inc.
Second Lien Term Loan (3 mo. SOFR + 7.50%)		8.15%		01/20/2030				219	214,583
Term Loan B(h)		-		01/19/2029				5,063	4,999,044
RealPage, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		3.75%		04/24/2028				269	266,894
Renaissance Holding Corp., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		7.21%		05/29/2026				632	630,784
Riverbed Technology, Inc., PIK Term Loan, 2.00% PIK Rate, 7.00% Cash Rate (Acquired 12/06/2021-12/30/2021; Cost $7,157,207)(g)(i)		2.00%		12/08/2026				5,722	5,274,327
Sandvine Corp., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		8.21%		11/02/2026				322	320,278
Ultimate Software Group, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 5.25%)		5.75%		05/03/2027				242	241,388
UST Holdings Ltd., Term Loan B(h)		-		10/15/2028				1,084	1,073,033
Veritas US, Inc., Term Loan B (1 mo. USD LIBOR + 5.00%)		6.00%		09/01/2025				707	698,927
WebPros, Term Loan (1 mo. USD LIBOR + 5.25%)		5.75%		02/18/2027				1,582	1,584,389
									66,222,017
Financial Intermediaries–0.50%
Edelman Financial Center LLC (The), Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		6.96%		07/20/2026				207	207,637
GEO Group, Inc. (The), Term Loan (3 mo. USD LIBOR + 2.00%)		2.75%		03/22/2024				108	100,203
TMF Group Holdco B.V. (Netherlands), Incremental Second Lien Term Loan (3 mo. EURIBOR + 6.88%)		6.88%		05/04/2026		EUR		2,518	2,822,422
									3,130,262
Food Products–6.50%
Biscuit Intl (Cookie Acq S.A.S., De Banketgroep Holding) (France)
First Lien Term Loan (3 mo. EURIBOR + 4.00%)		4.00%		02/15/2027		EUR		2,609	2,791,689
Term Loan B(h)		-		02/14/2027		EUR		1,403	1,496,530

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

12 Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Food Products–(continued)
BrightPet
Delayed Draw Term Loan(e)(f)		0.00%		10/05/2026			$	1,206	$    1,206,025
Incremental Term Loan B (3 mo. USD LIBOR + 6.25%)(e)		7.25%		10/05/2026				4,282	4,296,294
Revolver Loan (3 mo. USD LIBOR + 6.25%)(e)		7.25%		10/05/2026				519	520,763
Revolver Loan (3 mo. USD LIBOR + 6.25%)(e)		7.25%		10/05/2026				557	558,923
Revolver Loan(e)(f)		0.00%		10/05/2026				347	347,175
Revolver Loan(e)(f)		0.00%		10/05/2026				44	44,090
Term Loan B (3 mo. USD LIBOR + 6.25%)(e)		7.25%		10/05/2026				4,165	4,178,877
Florida Food Products LLC
First Lien Term Loan (1 mo. USD LIBOR + 5.00%)		5.75%		10/18/2028				4,908	4,810,379
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		8.75%		10/08/2029				1,028	1,000,733
H-Food Holdings LLC
Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)		6.00%		05/23/2025				164	162,205
Term Loan (3 mo. USD LIBOR + 3.69%)		3.90%		05/23/2025				20	19,287
Shearer’s Foods LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		8.75%		09/22/2028				223	222,650
Teasdale Foods, Inc., Term Loan B (3 mo. USD LIBOR + 6.00%)(e)		7.00%		12/18/2025				16,438	15,075,593
Valeo Foods (Jersey) Ltd. (United Kingdom), First Lien Term Loan B (6 mo. GBP SONIA + 5.00%)		5.05%		06/28/2028		GBP		2,805	3,715,519
									40,446,732
Food Service–0.34%
Financiere Pax S.A.S., Term Loan B (3 mo. EURIBOR + 4.75%)		4.75%		07/01/2026		EUR		2,011	2,083,134
NPC International, Inc., Second Lien Term Loan(j)(k)		0.00%		04/18/2025				344	6,878
									2,090,012
Health Care–8.11%
Acacium (United Kingdom)
Term Loan (6 mo. GBP SONIA + 5.25%)		5.69%		05/19/2028		GBP		3,083	4,112,360
Term Loan(e)(h)		-		06/08/2028				955	945,660
Ascend Learning LLC
First Lien Term Loan(h)		-		11/18/2028				190	187,394
Second Lien Term Loan (1 mo. USD LIBOR + 5.75%)		6.25%		12/10/2029				646	646,758
athenahealth, Inc.
Delayed Draw Term Loan B(f)		0.00%		02/15/2029				898	891,209
Term Loan B(h)		-		01/26/2029				5,300	5,258,132
Curium BidCo S.a.r.l. (Luxembourg), Term Loan (1 mo. USD LIBOR + 4.25%)		5.00%		12/02/2027				315	312,743
Ethypharm (France), Term Loan B (3 mo. GBP SONIA + 4.50%)		4.79%		04/17/2028		GBP		2,270	2,920,674
Global Medical Response, Inc.
Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		03/14/2025				1,134	1,130,545
Term Loan (1 mo. USD LIBOR + 4.25%)		5.25%		10/02/2025				738	735,346
ICU Medical, Inc., Term Loan B(h)		-		12/15/2028				183	181,762
MB2 Dental Solutions LLC
Delayed Draw Term Loan (3 mo. USD LIBOR + 6.00%)(e)		7.00%		01/29/2027				8,731	8,739,303
Delayed Draw Term Loan (3 mo. USD LIBOR + 6.00%)(e)		7.00%		01/29/2027				3,151	3,153,680
Term Loan B (3 mo. USD LIBOR + 6.00%)(e)		7.00%		01/29/2027				8,761	8,769,216
MedAssets Software Intermediate Holdings, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		4.50%		11/19/2028				1,695	1,686,642
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.25%		11/22/2029				638	632,704
MJH Healthcare Holdings LLC, Term Loan B(e)(h)		-		01/25/2029				735	730,351
Nidda Healthcare Holding AG (Germany), Term Loan F (3 mo. GBP SONIA + 4.50%)		4.95%		08/21/2026		GBP		2,088	2,730,621
Revint Intermediate II LLC, Term Loan (1 mo. USD LIBOR + 4.25%)		4.75%		10/15/2027				1,924	1,921,202
Sharp Midco LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)(e)		4.50%		12/15/2028				550	548,368
Stamina BidCo B.V. (Netherlands), Term Loan B (3 mo. EURIBOR + 4.50%)		4.50%		11/02/2028		EUR		631	704,219
Summit Behavioral Healthcare LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.75%)(e)		5.50%		11/24/2028				2,112	2,072,277
TTF Holdings LLC, Term Loan B (1 mo. USD LIBOR + 4.25%)(e)		5.00%		03/31/2028				411	409,745
Unified Womens Healthcare L.P., Term Loan B (1 mo. USD LIBOR + 4.25%)		5.00%		12/17/2027				583	581,868
Women’s Care Holdings, Inc. LLC, Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		9.00%		01/15/2029				431	430,159
									50,432,938

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

13 Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Home Furnishings–2.39%
Hilding Anders AB (Sweden)
PIK Term Loan, 12.00% PIK Rate(i)		12.00%		12/31/2024		EUR		34	$           7,947
Term Loan		0.00%		12/31/2024		EUR		5,480	61,527
Term Loan B (3 mo. EURIBOR + 5.00%)		5.00%		11/29/2024		EUR		9,013	7,516,067
Hunter Douglas, Inc., First Lien Term Loan(h)		-		02/09/2029		EUR		2,060	2,295,850
Serta Simmons Bedding LLC
First Lien Term Loan (1 mo. USD LIBOR + 7.50%)		7.69%		08/10/2023			$	1,281	1,293,116
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		08/10/2023				3,200	3,087,547
VC GB Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.25%		07/01/2029				566	551,380
Weber-Stephen Products LLC, Incremental Term Loan(e)(h)		-		10/30/2027				74	71,833
									14,885,267
Industrial Equipment–3.39%
Apex Tool Group LLC, Term Loan B (1 mo. SOFR + 5.50%)		5.75%		02/08/2029				1,280	1,276,211
Brush (United Kingdom)
Term Loan (3 mo. EURIBOR + 7.00%)(e)		7.00%		06/09/2028		EUR		4,208	4,618,165
Term Loan A (1 mo. GBP SONIA +7.00%)(e)		7.27%		06/09/2028		GBP		3,621	4,760,905
CIRCOR International, Inc., Term Loan(h)		-		12/20/2028				1,187	1,180,430
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		12/16/2027				616	613,293
Engineered Machinery Holdings, Inc., Second Lien Incremental Term Loan (1 mo. USD LIBOR + 6.00%)		6.75%		05/21/2029				207	208,663
Kantar (United Kingdom)
Revolver Loan(e)(f)		0.00%		06/04/2026				2,500	2,300,000
Term Loan B (1 mo. USD LIBOR + 5.00%)		5.18%		12/04/2026				1,474	1,469,079
Term Loan B-2 (1 mo. USD LIBOR + 4.50%)		5.25%		12/04/2026				1,380	1,374,351
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)		5.00%		03/08/2025				1,265	1,241,438
Robertshaw US Holding Corp., Second Lien Term Loan (3 mo. USD LIBOR + 8.00%)		9.00%		02/28/2026				613	482,759
S2P Acquisiton Borrower, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.21%		08/14/2026				488	485,716
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (1 mo. USD LIBOR + 3.50%)		4.00%		07/31/2027				860	855,811
Victory Buyer LLC, Second Lien Term Loan B(e)(h)		-		11/15/2029				259	255,867
									21,122,688
Leisure Goods, Activities & Movies–11.80%
AMC Entertainment, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		3.12%		04/22/2026				4,693	4,268,954
Carnival Corp., Incremental Term Loan (1 mo. USD LIBOR + 3.25%)		4.00%		10/18/2028				4,760	4,714,162
Crown Finance US, Inc.
Incremental Term Loan (1 mo. USD LIBOR + 8.25%)		9.25%		05/23/2024				429	457,134
Revolver Loan (3 mo. USD LIBOR + 5.00%)		5.49%		05/23/2024				796	770,245
Term Loan (3 mo. EURIBOR + 2.63%)		2.63%		02/28/2025		EUR		457	398,779
Term Loan (1 mo. USD LIBOR + 2.50%)		3.50%		02/28/2025				3,205	2,490,169
Term Loan (1 mo. USD LIBOR + 2.75%)		3.75%		09/30/2026				2,733	2,066,640
Term Loan B-1 (3 mo. USD LIBOR + 7.00%)		7.00%		05/23/2024				4,071	4,826,157
Dorna Sports S.L. (Spain), Term Loan B-2 (3 mo. USD LIBOR + 3.00%) (Acquired 01/28/2021; Cost $875,838)(g)		3.22%		04/12/2024				890	889,846
Fitness International LLC, Term Loan B (3 mo. USD LIBOR + 3.25%)		4.25%		04/18/2025				1,106	1,033,183
Hornblower Holdings LLC, Term Loan(h)		-		11/25/2025				440	456,557
Invictus Media S.L.U. (Spain)
Revolver Loan (Acquired 04/30/2021; Cost $1,141,475)(e)(g)(k)		0.00%		06/28/2024		EUR		1,079	1,190,729
Second Lien Term Loan (Acquired 05/17/2021-06/28/2021; Cost $2,692,619)(g)(k)		0.00%		12/26/2025		EUR		3,197	3,136,050
Term Loan A-1 (Acquired 07/24/2019-06/28/2021; Cost $2,667,494)(g)(k)		0.00%		06/26/2024		EUR		2,386	2,640,950
Term Loan A-2 (Acquired 07/24/2019-06/28/2021; Cost $649,817)(g)(k)		0.00%		06/26/2024		EUR		582	644,136
Term Loan B-1 (Acquired 05/31/2018-07/28/2021; Cost $3,038,283)(g)(k)		0.00%		06/26/2025		EUR		2,676	2,962,283
Term Loan B-2 (Acquired 05/31/2018-07/28/2021; Cost $1,824,544)(g)(k)		0.00%		06/26/2025		EUR		1,603	1,774,290

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

14 Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Leisure Goods, Activities & Movies–(continued)
Merlin (Motion Finco S.a.r.l. and LLC) (United Kingdom)
Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		3.47%		11/12/2026			$	161	$       158,326
Term Loan B-2 (1 mo. USD LIBOR + 3.25%)		3.47%		11/12/2026				19	18,760
Parques Reunidos (Spain)
Incremental Term Loan B-2 (3 mo. EURIBOR + 7.50%)		7.50%		09/17/2026		EUR		9,376	10,579,799
Revolver Loan(e)(h)		-		03/16/2026		EUR		529	530,783
Revolver Loan(e)(f)		0.00%		03/16/2026		EUR		1,930	1,936,679
Term Loan B (3 mo. EURIBOR + 3.75%)		3.75%		09/16/2026		EUR		1,442	1,579,090
Royal Caribbean Cruises
Revolver Loan(f)		0.00%		10/12/2022				1,886	1,850,714
Revolver Loan(f)		0.00%		04/05/2024				3,562	3,281,750
Revolver Loan(e)(f)		0.00%		04/12/2024				1,213	1,125,101
Term Loan(h)		-		04/05/2022				1,136	1,130,726
Scenic (Columbus Capital B.V.) (Australia), Term Loan B (3 mo. EURIBOR + 3.75%)		3.75%		02/27/2027		EUR		1,200	1,263,496
USF S&H Holdco LLC
Term Loan A (3 mo. USD LIBOR + 15.00%)(e)		15.00%		06/30/2025				667	666,853
Term Loan A(e)(f)		0.00%		06/30/2025				1,000	1,000,278
Term Loan B (3 mo. USD LIBOR + 3.00%)(e)		8.50%		06/30/2025				10,678	10,677,541
Vue International Bidco PLC (United Kingdom), Term Loan B-1 (3 mo. EURIBOR + 4.75%)		4.75%		07/03/2026		EUR		2,791	2,918,729
									73,438,889
Lodging & Casinos–4.49%
Aimbridge Acquisition Co., Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		5.50%		02/02/2026				1,971	1,959,994
B&B Hotels S.A.S. (France)
Second Lien Term Loan A-1 (3 mo. EURIBOR + 8.50%)		8.50%		07/31/2027		EUR		2,217	2,371,042
Term Loan B-3-A (3 mo. EURIBOR + 3.88%)		3.88%		07/31/2026		EUR		2,821	3,049,261
Term Loan B-4 (6 mo. EURIBOR + 5.50%)		5.50%		07/31/2026		EUR		2,619	2,930,814
Caesars Resort Collection LLC, Incremental Term Loan (1 mo. USD LIBOR + 3.50%)		3.71%		07/21/2025				68	67,602
Everi Payments, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		3.01%		07/31/2028				180	178,542
Fertitta Entertainment LLC, Term Loan (SOFR + 4.00%)		4.50%		01/31/2029				456	454,294
HotelBeds (United Kingdom)
Term Loan B (6 mo. EURIBOR + 4.25%)		4.25%		09/12/2025		EUR		6,321	6,555,026
Term Loan C (6 mo. EURIBOR + 4.50%)		4.50%		09/12/2027		EUR		937	972,933
Term Loan D (3 mo. EURIBOR + 5.50%)		5.50%		09/12/2027		EUR		5,774	6,061,072
Scientific Games Lottery
Term Loan B(h)		-		01/31/2029		EUR		1,354	1,509,129
Term Loan B(h)		-		02/04/2029				1,814	1,805,367
									27,915,076
Nonferrous Metals & Minerals–0.76%
American Rock Salt Co. LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)(e)		8.00%		06/11/2029				96	96,669
Corialis Group Ltd. (United Kingdom), Term Loan B (1 mo. GBP SONIA + 4.40%)		4.66%		05/24/2028		GBP		678	890,682
Form Technologies LLC
Term Loan (1 mo. USD LIBOR + 4.50%)		5.50%		07/19/2025				2,584	2,577,987
Term Loan (1 mo. USD LIBOR + 9.00%)(e)		10.00%		10/22/2025				1,137	1,150,850
									4,716,188
Oil & Gas–3.16%
Glass Mountain Pipeline Holdings LLC, Term Loan (1 mo. USD LIBOR + 4.50%)		5.50%		10/28/2027				284	252,520
Gulf Finance LLC, Term Loan (1 mo. USD LIBOR + 6.75%)		7.75%		08/25/2026				2,090	1,941,964
HGIM Corp., Term Loan (3 mo. USD LIBOR + 6.00%) (Acquired 07/02/2018; Cost $3,232,960)(g)		7.00%		07/02/2023				1,469	1,424,571
McDermott International Ltd.
LOC(f)		0.00%		06/30/2024				4,083	3,368,716
LOC (3 mo. USD LIBOR + 4.00%) (Acquired 12/31/2020; Cost $1,782,599)(e)(g)		4.09%		06/30/2024				1,801	1,504,073
PIK Term Loan, 3.00% PIK Rate, 1.21% Cash Rate (Acquired 04/04/2018-02/28/2022; Cost $1,821,728)(g)(i)		3.00%		06/30/2025				927	443,870
Term Loan (1 mo. USD LIBOR + 3.00%) (Acquired 06/30/2020; Cost $183,612)(e)(g)		3.21%		06/30/2024				180	112,599

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

15 Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Oil & Gas–(continued)
Petroleum GEO-Services ASA (Norway), Term Loan (1 mo. USD LIBOR + 7.50%)		7.72%		03/19/2024			$	5,643	$    4,916,116
QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 08/03/2021; Cost $5,449,641)(g)		9.00%		08/27/2026				5,552	5,593,279
Southcross Energy Partners L.P., Revolver Loan(f)		0.00%		01/31/2025				78	76,270
									19,633,978
Publishing–2.30%
Adtalem Global Education, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)		5.25%		08/12/2028				812	805,354
Cengage Learning, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		5.75%		06/29/2026				3,393	3,392,296
Dotdash Meredith, Inc., Term Loan B (1 mo. SOFR + 4.00%)		4.50%		11/25/2028				3,489	3,475,414
McGraw-Hill Education, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		5.55%		07/30/2028				3,612	3,582,951
Micro Holding L.P., Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		09/13/2024				3,052	3,035,686
									14,291,701
Radio & Television–0.16%
Diamond Sports Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		5.50%		08/24/2026				2,608	990,295
Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.50%)		2.61%		09/18/2026				1	537
									990,832
Retailers (except Food & Drug)–1.89%
Bass Pro Group LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.75%)		4.50%		03/06/2028				285	284,059
Claire’s Stores, Inc., Term Loan (1 mo. USD LIBOR + 6.50%)		6.71%		12/18/2026				733	727,566
CNT Holdings I Corp. (1-800 Contacts), Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		11/06/2028				712	710,857
Kirk Beauty One GmbH (Germany)
Term Loan B-1 (3 mo. EURIBOR + 5.50%)		5.50%		04/08/2026		EUR		1,621	1,769,806
Term Loan B-2 (3 mo. EURIBOR + 5.50%)		5.50%		04/08/2026		EUR		933	1,018,967
Term Loan B-3 (3 mo. EURIBOR + 5.50%)		5.50%		04/08/2026		EUR		1,351	1,474,599
Term Loan B-4 (3 mo. EURIBOR + 5.50%)		5.50%		04/08/2026		EUR		2,863	3,126,289
Term Loan B-5 (3 mo. EURIBOR + 5.50%)		5.50%		04/08/2026		EUR		637	695,461
PetSmart, Inc., Term Loan (1 mo. USD LIBOR+ 3.75%)		4.50%		02/11/2028				89	88,346
Savers, Inc., Term Loan B (1 mo. USD LIBOR + 5.50%)		6.25%		04/21/2028				1,884	1,874,786
									11,770,736
Surface Transport–0.68%
ASP LS Acquisition Corp., Incremental Term Loan B (1 mo. USD LIBOR + 4.50%)		5.25%		05/07/2028				491	490,279
Hurtigruten (Explorer II AS) (Norway), Term Loan B (3 mo. EURIBOR + 3.50%)		4.00%		02/24/2025		EUR		2,370	2,470,834
Novae LLC
Delayed Draw Term Loan(f)		0.00%		02/03/2029				286	284,437
Term Loan B (3 mo. SOFR+ 5.00%)		5.75%		02/03/2029				1,001	995,531
									4,241,081
Telecommunications–4.36%
CCI Buyer, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		12/13/2027				4,462	4,421,700
Cincinnati Bell, Inc., Term Loan B-2 (3 mo. SOFR + 3.25%)		3.75%		11/17/2028				29	28,676
Colorado Buyer, Inc.
First Lien Incremental Term Loan (6 mo. USD LIBOR + 4.00%)		5.00%		05/01/2024				2,475	2,450,603
Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		05/01/2024				7	7,309
Crown Subsea Communications Holding, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		5.50%		04/27/2027				721	723,890
Eagle Broadband Investments LLC (Mega Broadband), Term Loan (1 mo. USD LIBOR + 3.00%)		3.75%		11/12/2027				166	164,745
Intelsat Jackson Holdings S.A. (Luxembourg)
Term Loan B(h)		-		01/27/2029				7,204	7,114,070
Term Loan B-3		0.00%		11/27/2023				36	36,364
Term Loan B-4 (1 mo. PRIME + 5.50%)		8.75%		01/02/2024				4	4,052
MLN US HoldCo LLC
First Lien Term Loan B (3 mo. USD LIBOR + 4.50%)		4.61%		11/30/2025				3,598	3,495,060
Second Lien Term Loan B (3 mo. USD LIBOR + 8.75%)		8.86%		11/30/2026				2,202	2,036,874
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		2.96%		12/07/2026				2,338	1,685,717
U.S. Telepacific Corp.(e)		9.25%		05/01/2026				1,815	1,337,256
ViaSat, Inc., First Lien Term Loan B(e)(h)		-		02/23/2029				1,000	984,111

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

16 Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Telecommunications–(continued)
Windstream Services LLC, Term Loan B (1 mo. USD LIBOR + 6.25%)		7.25%		09/21/2027	$	2,651	$        2,649,726
							27,140,153
Utilities–1.95%
Eastern Power LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/02/2025		3,956	2,625,190
Generation Bridge LLC
Term Loan B (1 mo. USD LIBOR + 5.00%)(e)		5.75%		12/01/2028		1,404	1,404,836
Term Loan C (1 mo. USD LIBOR + 5.00%)(e)		5.75%		12/01/2028		29	29,267
Heritage Power LLC, Term Loan (1 mo. USD LIBOR + 6.00%)		7.00%		07/30/2026		2,919	1,922,300
Lightstone Holdco LLC
Term Loan B (3 mo. USD LIBOR + 3.75%) (Acquired 02/07/2018; Cost $4,361,267)(g)		4.75%		01/30/2024		4,311	3,616,888
Term Loan C (3 mo. USD LIBOR + 3.75%) (Acquired 02/07/2018; Cost $245,982)(g)		4.75%		01/30/2024		243	203,998
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		05/16/2024		2,383	2,009,684
USIC Holding, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.50%)		7.25%		05/07/2029		325	324,174
							12,136,337
Total Variable Rate Senior Loan Interests (Cost $748,090,193)							726,689,406

	Shares
Common Stocks & Other Equity Interests–11.04%(l)
Aerospace & Defense–0.73%
IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; Cost $239,759)(e)(g)		221		4,527,246
Automotive–0.00%
ThermaSys Corp.		980,474		29,414
Building & Development–0.00%
Lake at Las Vegas Joint Venture LLC, Class A(e)		2,338		0
Lake at Las Vegas Joint Venture LLC, Class B(e)		28	��	0
				0
Business Equipment & Services–1.22%
Checkout Holding Corp. (Acquired 02/15/2019; Cost $2,863,607)(g)		8,573		6,966
My Alarm Center LLC, Class A (Acquired 03/09/2021-12/03/2021; Cost $6,303,839)(e)(g)		47,742		7,614,948
				7,621,914
Containers & Glass Products–0.03%
Libbey Glass, Inc. (Acquired 11/13/2020-02/10/2022; Cost $57,040)(e)(g)		13,883		159,654
Electronics & Electrical–0.05%
Riverbed Technology, Inc.		32,799		323,890
Financial Intermediaries–0.00%
RJO Holdings Corp.(e)		2,144		2,144
RJO Holdings Corp., Class A(e)		1,142		1,142
RJO Holdings Corp., Class B(e)		3,334		34
				3,320
Health Care–0.02%
Envigo RMS Holding Corp.(e)		4,854		121,877
Industrial Equipment–0.18%
North American Lifting Holdings, Inc.		62,889		1,092,696
Leisure Goods, Activities & Movies–1.63%
Crown Finance US, Inc., Wts., expiring 11/23/2025 (Acquired 12/09/2020; Cost $0)(g)		173,934		42,700
USF S&H Holdco LLC(e)(m)		11,114		10,075,244
				10,117,944

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

17 Invesco Dynamic Credit Opportunity Fund

	Shares		Value
Lodging & Casinos–0.88%
Bally’s Corp.(n)		134,154	$        4,832,227
Caesars Entertainment, Inc.(n)		7,897	664,848
			5,497,075
Oil & Gas–4.39%
Aquadrill LLC(e)		94,427	3,611,833
HGIM Corp. (Acquired 07/02/2018-08/31/2021; Cost $1,044,725)(g)		11,834	88,755
HGIM Corp., Wts., expiring 07/02/2043 (Acquired 07/02/2018; Cost $662,459)(g)		7,505	56,288
McDermott International Ltd. (Acquired 04/04/2018-05/03/2019; Cost $3,542,906)(g)(n)		392,579	242,418
McDermott International Ltd. (Acquired 12/30/2020; Cost $592,812)(e)(g)		1,185,624	732,123
NexTier Oilfield Solutions, Inc.(n)		46,442	369,678
Noble Corp.(n)		1,528	39,438
Paragon Offshore Finance Co., Class B(e)		1,280	9,997
QuarterNorth Energy, Inc. (Acquired 06/02/2021-08/27/2021; Cost $6,786,339)(g)		104,769	12,834,202
QuarterNorth Energy, Inc., Wts., expiring 08/27/2028 (Acquired 08/27/2021; Cost $3,872,447)(g)		58,854	7,209,615
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $238,869)(g)		26,541	302,567
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $306,696)(e)(g)		51,116	410,206
Samson Investment Co., Class A		163,748	102,342
Southcross Energy Partners L.P. (Acquired 07/29/2014-10/29/2020; Cost $749,269)(e)(g)		72,413	5,431
Transocean Ltd.(n)		232,965	824,696
Tribune Resources, Inc.(e)		376,237	470,295
Tribune Resources, Inc., Wts., expiring 04/03/2023(e)		97,410	2,435
			27,312,319
Radio & Television–0.60%
iHeartMedia, Inc., Class A(n)		175,479	3,764,025
iHeartMedia, Inc., Class B(e)		42	777
			3,764,802
Retailers (except Food & Drug)–0.15%
Claire’s Stores, Inc.		420	137,550
Toys ’R’ Us-Delaware, Inc.		14	34,372
Vivarte S.A.S.(e)		1,181,133	735,674
			907,596
Surface Transport–0.10%
Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $743,133)(g)		8,956	230,617
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/15/2018-02/03/2022; Cost $0)(g)		245,210	77,905
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-02/17/2022; Cost $0)(g)		206,752	87,582
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $781,183)(g)		9,414	242,411
			638,515
Utilities–1.06%
Bicent Power LLC, Series A, Wts., expiring 08/22/2022 (Acquired 08/21/2012; Cost $0)(e)(g)		2,024	0
Bicent Power LLC, Series B, Wts., expiring 08/22/2022 (Acquired 08/21/2012; Cost $0)(e)(g)		3,283	0
Vistra Corp.		262,754	5,996,046
Vistra Operations Co. LLC, Rts., expiring 12/31/2046		422,054	575,049
			6,571,095
Total Common Stocks & Other Equity Interests (Cost $92,170,955)			68,689,357

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

18 Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Non-U.S. Dollar Denominated Bonds & Notes–10.48%(o)
Automotive–0.24%
Leather 2 S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)(p)(q)		4.50%		09/30/2028	EUR	1,346	$      1,484,745
Building & Development–1.04%
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)(p)(q)		5.00%		01/15/2027	EUR	1,690	1,869,130
Haya Real Estate S.A. (Spain)(p)		5.25%		11/15/2022	EUR	1,336	1,138,791
Haya Real Estate S.A. (Spain) (3 mo. EURIBOR + 5.13%)(p)(q)		5.13%		11/15/2022	EUR	4,086	3,491,047
							6,498,968
Business Equipment & Services–0.09%
Bach Bidco S.p.A. (Italy) (3 mo. EURIBOR + 4.25%)(p)(q)		4.25%		10/15/2028	EUR	522	582,528
Cable & Satellite Television–0.47%
Altice Finco S.A. (Luxembourg)(p)		4.75%		01/15/2028	EUR	2,932	2,919,284
Chemicals & Plastics–0.51%
Herens Midco S.a.r.l. (Luxembourg)(p)		5.25%		05/15/2029	EUR	3,345	3,192,738
Electronics & Electrical–0.26%
Castor S.p.A. (Italy) (3 mo. EURIBOR + 5.25%)(p)(q)		5.25%		02/15/2029	EUR	1,444	1,610,989
Financial Intermediaries–4.69%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%)(p)(q)		5.00%		08/01/2024	EUR	8,976	9,557,467
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(p)(q)		6.25%		05/01/2026	EUR	4,278	4,804,280
Kane Bidco Ltd. (United Kingdom)(p)		5.00%		02/15/2027	EUR	791	877,712
Kane Bidco Ltd. (United Kingdom)(p)		6.50%		02/15/2027	GBP	989	1,313,092
Newday Bondco PLC (United Kingdom)(p)		7.38%		02/01/2024	GBP	5,895	7,897,271
Sherwood Financing PLC (United Kingdom)(p)		6.00%		11/15/2026	GBP	1,082	1,380,593
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(p)(q)		4.63%		11/15/2027	EUR	3,000	3,321,703
							29,152,118
Home Furnishings–1.42%
Ideal Standard International S.A. (Belgium)(p)		6.38%		07/30/2026	EUR	1,828	1,752,571
Very Group Funding PLC (The) (United Kingdom)(p)		6.50%		08/01/2026	GBP	5,493	7,082,581
							8,835,152
Lodging & Casinos–1.00%
TVL Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 5.38%)(p)(r)		5.78%		07/15/2025	GBP	4,783	6,198,239
Retailers (except Food & Drug)–0.76%
Kirk Beauty SUN GmbH (Germany)(p)		8.25%		10/01/2026	EUR	4,565	4,725,211
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $67,971,928)							65,199,972
U.S. Dollar Denominated Bonds & Notes–2.43%
Air Transport–0.17%
Mesa Airlines, Inc., Class B (e)		5.75%		07/15/2025	$	968	1,068,758
Containers & Glass Products–0.03%
LABL, Inc. (p)		5.88%		11/01/2028		200	191,805
Electronics & Electrical–0.23%
Diebold Nixdorf, Inc. (p)		9.38%		07/15/2025		1,380	1,430,384
Food Products–0.25%
Teasdale Foods, Inc. (e)		16.25%		06/18/2026		1,837	1,555,572
Industrial Equipment–0.70%
F-Brasile S.p.A./F-Brasile US LLC, Series XR (Italy) (p)		7.38%		08/15/2026		3,835	3,709,261
TK Elevator Holdco GmbH (Germany) (Acquired 06/30/2020; Cost $622,000)(g)(p)		7.63%		07/15/2028		622	633,507
							4,342,768
Leisure Goods, Activities & Movies–0.11%
AMC Entertainment Holdings, Inc. (p)		7.50%		02/15/2029		705	695,218

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

19 Invesco Dynamic Credit Opportunity Fund

	Interest Rate			Maturity Date		Principal       Amount (000)(a)		Value
Publishing–0.54%
McGraw-Hill Education, Inc. (p)		5.75	%		08/01/2028	$	3,536	$	3,362,117
Radio & Television–0.11%
Diamond Sports Group LLC/Diamond Sports Finance Co. (p)		5.38	%		08/15/2026		1,631		664,649
Telecommunications–0.29%
Windstream Escrow LLC/Windstream Escrow Finance Corp. (p)		7.75	%		08/15/2028		1,758		1,776,529
Total U.S. Dollar Denominated Bonds & Notes (Cost $15,849,317)									15,087,800
						Shares
Preferred Stocks–0.98%(l)
Automotive–0.00%
ThermaSys Corp., Series A, Pfd.(e)							208,860		6,266
Containers & Glass Products–0.08%
Libbey Glass, Inc., Pfd. (Acquired 11/13/2020; Cost $322,313)(e)(g)							3,955		476,548
Electronics & Electrical–0.14%
Riverbed Technology, Inc., Pfd.							50,381		667,548
Riverbed Technology, Inc., Pfd.							14,219		188,402
									855,950
Financial Intermediaries–0.00%
RJO Holdings Corp., Series A-2, Pfd.(e)							649		3,245
Oil & Gas–0.16%
McDermott International Ltd., Pfd. (Acquired 12/30/2020; Cost $0)(e)(g)							1,017,283		661,234
Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-05/09/2019; Cost $285,287)(e)(g)							288,393		194,665
Southcross Energy Partners L.P., Series B, Pfd. (Acquired 01/31/2020; Cost $0)(e)(g)							69,977		146,952
									1,002,851
Surface Transport–0.60%
Commercial Barge Line Co., Series A, Pfd. (Acquired 02/15/2018-02/06/2020; Cost $1,659,232)(g)							33,324		858,093
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $1,744,101)(g)							35,030		902,022
Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $978,436)(g)							42,058		1,156,595
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $687,140)(g)							29,536		812,241
									3,728,951
Total Preferred Stocks (Cost $6,321,741)									6,073,811

	Interest Rate			Maturity Date		Principal Amount (000)(a)
Asset-Backed Securities–0.87%
Structured Products–0.87%
Adagio V CLO DAC, Series V-X, Class E-R (Ireland) (3 mo. EURIBOR + 5.15%) (p)(r)		5.15	%		10/15/2031	EUR	263	274,656
Babson Euro CLO B.V., Series 2019-1A, Class ER (Ireland) (3 mo. EURIBOR + 7.21%)(p)(r)		7.21	%		04/15/2036	EUR	1,750	1,888,614
Babson Euro CLO B.V., Series 2021-1A, Class E (Ireland) (3 mo. EURIBOR + 7.05%)(p)(r)		7.05	%		04/24/2034	EUR	1,023	1,120,525
Jubilee CLO, Series 2018-21A, Class E-R (Ireland) (3 mo. EURIBOR + 6.07%)(p)(r)		6.07	%		04/15/2035	EUR	2,041	2,145,530
Total Asset-Backed Securities (Cost $5,790,721)								5,429,325
Municipal Obligations–0.49%
Arizona–0.49%
Arizona (State of) Industrial Development Authority, Series 2022, RB (Acquired 02/22/2022; Cost $3,035,381) (Cost $3,035,381)(g)(p)		9.00	%		01/01/2028	$	3,372	3,053,470
						Shares
Money Market Funds–3.26%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(m)(s)							12,170,719	12,170,719

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

20 Invesco Dynamic Credit Opportunity Fund

	Shares		Value
Invesco Treasury Portfolio, Institutional Class, 0.01%(m)(s)		8,113,813	$	8,113,813
Total Money Market Funds (Cost $20,284,532)				20,284,532
TOTAL INVESTMENTS IN SECURITIES–146.34% (Cost $959,514,768)				910,507,673
BORROWINGS–(34.88)%				(217,000,000	)
OTHER ASSETS LESS LIABILITIES–(11.46)%				(71,300,980	)
NET ASSETS–100.00%			$	622,206,693

Investment Abbreviations:
CLO	– Collateralized Loan Obligation
DAC	– Designated Activity Co.
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
Rts.	– Rights
SOFR	– Secured Overnight Financing Rate
SONIA	– Sterling Overnight Index Average
USD	– U.S. Dollar
Wts.	– Warrants

Notes to Consolidated Schedule of Investments:

^(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 London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(d)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Fund’s use of leverage.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(f)  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.

^(g)  Restricted security. The aggregate value of these securities at February 28, 2022 was $93,723,930, which represented 15.06% of the Fund’s Net Assets.

^(h)  This variable rate interest will settle after February 28, 2022, at which time the interest rate will be determined.

⁽ⁱ⁾  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(j)  The borrower has filed for protection in federal bankruptcy court.

^(k)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2022 was $12,355,316, which represented 1.99% of the Fund’s Net Assets.

^(l)  Securities acquired through the restructuring of senior loans.

^(m)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended February 28, 2022.

	Value February 28, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	8,449,079		$	293,159,320		$	(289,437,680)		$	-		$	-		$	12,170,719	$        2,462
Invesco Treasury Portfolio, Institutional Class			5,632,719			195,439,547			(192,958,453)			-			-			8,113,813	603
Investments in Other Affiliates:
Nobina AB			26,474,819			-			(34,779,710)			(26,474,819)			34,779,710			-	1,330,802
USF S&H Holdco LLC			6,550,710			-			-			3,524,534			-			10,075,244	-
Total		$	47,107,327		$	488,598,867		$	(517,175,843)		$	(22,950,285)		$	34,779,710		$	30,359,776	$1,333,867

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

21 Invesco Dynamic Credit Opportunity Fund

⁽ⁿ⁾  Non-income producing security.

^(o)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(p)  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 28, 2022 was $86,146,237, which represented 13.85% of the Fund’s Net Assets.

^(q)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2022.

^(r)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on February 28, 2022.

^(s)  The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

The aggregate value of securities considered illiquid at February 28, 2022 was $301,437,710, which represented 48.45% of the Fund’s Net Assets.

Open Forward Foreign Currency Contracts
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
Currency Risk
04/20/2022	Bank of America, N.A.		SEK		47,098,249	USD		5,191,212	$	212,602
03/14/2022	Barclays Bank PLC		GBP		22,057,907	USD		29,845,409		251,781
03/14/2022	Barclays Bank PLC		NOK		68,017	USD		7,736		22
03/14/2022	Barclays Bank PLC		SEK		1,127,814	USD		123,901		4,799
03/14/2022	Barclays Bank PLC		USD		57,525	NOK		518,073		1,238
04/20/2022	Barclays Bank PLC		NOK		409,039	USD		46,470		91
04/20/2022	Barclays Bank PLC		USD		2,410	NOK		21,517		29
03/14/2022	BNP Paribas S.A.		GBP		20,938,277	USD		28,328,132		236,638
04/20/2022	BNP Paribas S.A.		GBP		19,297,025	USD		26,113,467		220,335
04/20/2022	Canadian Imperial Bank of Commerce		EUR		48,719,483	USD		55,746,635		1,015,299
03/14/2022	Goldman Sachs International		EUR		48,890,685	USD		55,294,435		449,799
03/14/2022	Goldman Sachs International		NOK		12,319	USD		1,410		13
03/14/2022	J.P. Morgan Chase Bank, N.A.		SEK		115,970,435	USD		12,684,672		437,665
03/14/2022	Morgan Stanley and Co. International PLC		EUR		57,320,294	USD		64,849,886		549,074
03/14/2022	Morgan Stanley and Co. International PLC		GBP		20,625,766	USD		27,907,583		235,365
03/14/2022	Morgan Stanley and Co. International PLC		USD		3,759	NOK		33,205		7
04/20/2022	Morgan Stanley and Co. International PLC		NOK		50,122	USD		5,700		16
04/20/2022	Morgan Stanley and Co. International PLC		SEK		128,344	USD		13,835		268
04/20/2022	Morgan Stanley and Co. International PLC		USD		10,087	NOK		89,904		106
03/14/2022	Royal Bank of Canada		EUR		48,160,973	USD		54,413,568		387,508
03/14/2022	Royal Bank of Canada		GBP		412,538	USD		558,250		4,775
04/20/2022	Royal Bank of Canada		EUR		3,286,026	USD		3,762,687		71,174
04/20/2022	Royal Bank of Canada		GBP		19,296,951	USD		26,114,005		220,971
04/20/2022	State Street Bank & Trust Co.		EUR		48,718,752	USD		55,775,664	��	1,045,148
04/20/2022	State Street Bank & Trust Co.		GBP		19,296,951	USD		26,114,657		221,623
04/20/2022	Toronto Dominion Bank		EUR		48,719,483	USD		55,786,244		1,054,908
03/14/2022	UBS AG		NOK		170,682	USD		19,453		93
03/14/2022	UBS AG		USD		5,533	NOK		49,273		56
04/20/2022	UBS AG		SEK		795,922	USD		85,659		1,525
Subtotal–Appreciation										6,622,928
Currency Risk
03/14/2022	Bank of America, N.A.		USD		5,187,801	SEK		47,098,250		(214,011	)
04/20/2022	Bank of America, N.A.		USD		1,706,959	EUR		1,517,212		(2,527	)
04/20/2022	Bank of America, N.A.		USD		5,411,719	GBP		4,000,000		(44,439	)
03/14/2022	Barclays Bank PLC		NOK		9,819	USD		1,109		(5	)
03/14/2022	Barclays Bank PLC		USD		41,676	NOK		366,611		(92	)
03/14/2022	BNP Paribas S.A.		NOK		767,930	USD		86,462		(641	)
03/14/2022	BNP Paribas S.A.		USD		26,382,708	GBP		19,491,207		(232,653	)
04/20/2022	BNP Paribas S.A.		USD		4,859,034	SEK		45,000,000		(102,223	)
03/14/2022	Canadian Imperial Bank of Commerce		USD		55,686,369	EUR		48,719,483		(1,033,783	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

22 Invesco Dynamic Credit Opportunity Fund

Open Forward Foreign Currency Contracts–(continued)
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
04/20/2022	Citibank N.A.		USD		18,420	SEK		171,125	$	(331	)
03/14/2022	Goldman Sachs International		USD		914	NOK		8,034		(3	)
03/14/2022	Goldman Sachs International		USD		7,853,319	SEK		70,000,000		(461,000	)
03/14/2022	J.P. Morgan Chase Bank, N.A.		USD		4,789,479	EUR		4,214,232		(62,034	)
03/14/2022	J.P. Morgan Chase Bank, N.A.		USD		8,108,537	GBP		6,000,000		(58,736	)
03/14/2022	Morgan Stanley and Co. International PLC		USD		5,745	NOK		50,000		(74	)
04/20/2022	Morgan Stanley and Co. International PLC		NOK		37,619	USD		4,226		(40	)
03/14/2022	Royal Bank of Canada		USD		26,086,170	GBP		19,271,641		(230,691	)
03/14/2022	State Street Bank & Trust Co.		USD		55,715,253	EUR		48,718,752		(1,063,486	)
03/14/2022	State Street Bank & Trust Co.		USD		26,086,868	GBP		19,271,641		(231,389	)
03/14/2022	Toronto Dominion Bank		USD		55,725,589	EUR		48,719,483		(1,073,002	)
03/14/2022	UBS AG		NOK		112,826	USD		12,642		(156	)
03/14/2022	UBS AG		USD		4,543,876	EUR		4,000,000		(56,752	)
03/14/2022	UBS AG		USD		13,429	NOK		116,397		(227	)
04/20/2022	UBS AG		USD		41,830	SEK		385,032		(1,130	)
Subtotal–Depreciation										(4,869,425	)
Total Forward Foreign Currency Contracts									$	1,753,503

Abbreviations:
EUR	– Euro
GBP	– British Pound Sterling
NOK	– Norwegian Krone
SEK	– Swedish Krona
USD	– U.S. Dollar

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

23 Invesco Dynamic Credit Opportunity Fund

Consolidated Statement of Assets and Liabilities

February 28, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $931,213,527)	$   880,147,897
Investments in affiliates, at value (Cost $28,301,241)	30,359,776
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding	6,622,928
Cash	14,288,510
Foreign currencies, at value (Cost $10,512,768)	10,413,331
Receivable for:
Investments sold	110,027,827
Fund shares sold	9,071
Dividends	1,638
Interest and fees	10,925,582
Investments matured, at value (Cost $12,332,217)	3,735,036
Investment for trustee deferred compensation and retirement plans	40,471
Other assets	278,723
Total assets	1,066,850,790
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding	4,869,425
Payable for:
Borrowings	217,000,000
Investments purchased	164,289,759
Dividends	7,611,503
Accrued fees to affiliates	198,752
Accrued interest expense	3,624
Accrued trustees’ and officers’ fees and benefits	4,156
Accrued other operating expenses	572,279
Trustee deferred compensation and retirement plans	40,471
Unfunded loan commitments	50,054,128
Total liabilities	444,644,097
Net assets applicable to shares outstanding	$   622,206,693

Net assets consist of:
Shares of beneficial interest	$	741,181,862
Distributable earnings (loss)		(118,975,169	)
	$	622,206,693
Net Assets:
Class A	$	11,833
Class AX	$	622,174,137
Class Y	$	10,859
Class R6	$	9,864
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		964
Class AX		50,687,117
Class Y		885
Class R6		804
Class A:
Net asset value per share	$	12.27
Maximum offering price per share (Net asset value of $12.27 ÷ 96.75%)	$	12.68
Class AX:
Net asset value and offering price per share	$	12.27
Class Y:
Net asset value and offering price per share	$	12.27
Class R6:
Net asset value and offering price per share	$	12.27

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

24 Invesco Dynamic Credit Opportunity Fund

Consolidated Statement of Operations

For the year ended February 28, 2022

Investment income:
Interest	$	53,577,169
Dividends		359,141
Dividends from affiliates (net of foreign withholding taxes of $ 234,847)		1,333,867
Other income		244,610
Total investment income		55,514,787
Expenses:
Advisory fees		11,983,354
Administrative services fees		104,333
Custodian fees		85,372
Distribution fees:
Class A		9
Interest, facilities and maintenance fees		4,025,263
Transfer agent fees		208,815
Transfer agent fees – R6		1
Trustees’ and officers’ fees and benefits		29,268
Registration and filing fees		1,343
Reports to shareholders		180,061
Professional services fees		1,290,318
Other		44,860
Total expenses		17,952,997
Less: Fees waived		(215	)
Net expenses		17,952,782
Net investment income		37,562,005
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,733,541	)
Affiliated investment securities		34,779,710
Foreign currencies		(941,058	)
Forward foreign currency contracts		21,002,589
		51,107,700
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,063,439
Affiliated investment securities		(22,950,285	)
Foreign currencies		(269,931	)
Forward foreign currency contracts		1,244,664
		(20,912,113	)
Net realized and unrealized gain		30,195,587
Net increase in net assets resulting from operations	$	67,757,592

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

25 Invesco Dynamic Credit Opportunity Fund

Consolidated Statement of Changes in Net Assets

For the years ended February 28, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	37,562,005		$	38,957,073
Net realized gain (loss)		51,107,700			(30,223,471	)
Change in net unrealized appreciation (depreciation)		(20,912,113	)		27,202,402
Net increase in net assets resulting from operations		67,757,592			35,936,004
Distributions to shareholders from distributable earnings:
Class A1		(252	)		–
Class AX		(52,019,960	)		(46,568,722	)
Class Y1		(265	)		–
Class R61		(243	)		–
Total distributions from distributable earnings		(52,020,720	)		(46,568,722	)
Return of capital:
Class AX		–			(10,113,405	)
Total distributions		(52,020,720	)		(56,682,127	)
Share transactions–net:
Class A1		12,014			–
Class AX		(150,443,857	)		(17,730	)
Class Y1		11,024			–
Class R61		10,012			–
Net increase (decrease) in net assets resulting from share transactions		(150,410,807	)		(17,730	)
Net increase (decrease) in net assets		(134,673,935	)		(20,763,853	)
Net assets:
Beginning of year		756,880,628			777,644,481
End of year	$	622,206,693		$	756,880,628

¹  Commencement date of November 1, 2021.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

26 Invesco Dynamic Credit Opportunity Fund

Consolidated Statement of Cash Flows

For the year ended February 28, 2022

Cash provided by operating activities:
Net increase in net assets resulting from operations	$	67,757,592
Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:
Purchases of investments		(1,006,970,252	)
Proceeds from sales of investments		1,247,385,497
Purchases of short-term investments, net		(37,902,392	)
Amortization of premium on investment securities		2,135,845
Accretion of discount on investment securities		(5,619,191	)
Net realized gain from investment securities		(31,046,169	)
Net change in unrealized depreciation on investment securities		21,886,846
Net change in unrealized appreciation of forward foreign currency contracts		(1,244,664	)
Change in operating assets and liabilities:
Increase in receivables and other assets		(127,199	)
Decrease in accrued expenses and other payables		(544,364	)
Net cash provided by operating activities		255,711,549
Cash provided by (used in) financing activities:
Dividends paid to shareholders from distributable earnings		(41,992,938	)
Decrease in VRDP Shares, at liquidation value		(100,000,000	)
Proceeds from shares of beneficial interest sold		1,229,132
Proceeds from borrowings		231,000,000
Repayment of borrowings		(205,000,000	)
Disbursements from shares of beneficial interest reacquired		(154,216,383	)
Net cash provided by (used in) financing activities		(268,980,189	)
Net decrease in cash and cash equivalents		(13,268,640	)
Cash and cash equivalents at beginning of period		58,255,013
Cash and cash equivalents at end of period	$	44,986,373
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	2,567,373
Supplemental disclosure of cash flow information:
Cash paid during the period for taxes	$	28,583
Cash paid during the period for interest, facilities and maintenance fees	$	4,266,759

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

27 Invesco Dynamic Credit Opportunity Fund

Consolidated Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

Class A	Period ended February 28, 2022(a)
Net asset value, beginning of period		$	12.46
Net investment income(b)			0.85
Net gains (losses) on securities (both realized and unrealized)			(0.90	)
Total from investment operations			(0.05	)
Less: Dividends from net investment income			(0.14	)
Net asset value, end of period		$	12.27
Total return at net asset value(c)			(0.38	)%
Net assets, end of period (000’s omitted)		$	12
Portfolio turnover rate(d)			96	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements(e)			2.84	%(f)
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees			2.32	%(f)
Without fee waivers and/or expense reimbursements			2.84	%(f)
Ratio of net investment income			4.91	%(f)
Senior indebtedness:
Total borrowings (000’s omitted)		$	217,000
Asset coverage per $1,000 unit of senior indebtedness(g)		$	3,867

^(a)  Commencement date of November 1, 2021.

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(d)  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.

^(e)  Includes fee waivers which were less than 0.005% per share.

^(f)  Annualized.

^(g)  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.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

28 Invesco Dynamic Credit Opportunity Fund

Consolidated Financial Highlights–(continued)

	Years ended February 28,						Year Ended February 29,			Years ended February 28,
Class AX(a)	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.02		$	12.35		$	12.66		$	13.15		$	13.25
Net investment income(b)		0.65			0.62			0.72			0.61			0.71
Net gains (losses) on securities (both realized and unrealized)		0.38			(0.05	)		(0.21	)		(0.19	)		0.02
Total from investment operations		1.03			0.57			0.51			0.42			0.73
Less:
Dividends from net investment income		(0.78	)		(0.74	)		(0.82	)		(0.91	)		(0.62	)
Return of capital		–			(0.16	)		–			–			(0.21	)
Total distributions		(0.78	)		(0.90	)		(0.82	)		(0.91	)		(0.83	)
Net asset value, end of period	$	12.27		$	12.02		$	12.35		$	12.66		$	13.15
Market value per common share, end of period		N/A		$	11.00		$	10.83		$	11.06		$	11.59
Total return at net asset value(c)		8.75	%		7.11	%		4.99	%		4.44	%		6.33	%
Total return at market value(d)		N/A			11.77	%		5.39	%		3.52	%		0.14	%
Net assets, end of period (000’s omitted)	$	622,174		$	756,881		$	777,644		$	937,973		$	974,593
Portfolio turnover rate(e)		96	%		83	%		83	%		69	%		89	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements(f)		2.52	%		2.68	%		3.59	%		3.50	%		3.07	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		1.96	%		1.92	%		1.99	%		1.97	%		1.96	%
Without fee waivers and/or expense reimbursements		2.52	%		2.68	%		3.59	%		3.50	%		3.07	%
Ratio of net investment income		5.23	%		5.66	%		5.76	%		4.72	%		5.45	%
Senior indebtedness:
Total borrowings (000’s omitted)	$	217,000		$	191,000		$	300,000		$	327,000		$	385,000
Asset coverage per $1,000 unit of senior indebtedness(g)	$	3,867		$	5,486		$	4,010		$	4,249		$	3,725
Total amount of preferred shares outstanding (000’s omitted)		N/A		$	100,000		$	125,000		$	125,000		$	75,000
Asset coverage per preferred share(h)		N/A		$	856,881		$	722,116		$	850,378		$	1,398,919
Liquidating preference per preferred share		N/A		$	100,000		$	100,000		$	100,000		$	100,000

^(a)  Prior to November 1, 2021, the Fund operated as a Closed-End non-interval fund. On such date, holders of common shares of Closed-End Fund received Class AX shares of the Fund equal to the number of Closed-End Fund common shares they owned prior to Reorganization.

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(d)  Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Fund’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.

^(e)  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.

^(f)  Includes fee waivers which were less than 0.005% per share.

^(g)  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.

^(h)  Calculated by subtracting the Fund’s total liabilities (not including the preferred shares, at liquidation value) from the Fund’s total assets and dividing by the total number of preferred shares outstanding.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

29 Invesco Dynamic Credit Opportunity Fund

Consolidated Financial Highlights–(continued)

Class Y	Period ended February 28, 2022(a)
Net asset value, beginning of period		$	12.46
Net investment income(b)			0.86
Net gains (losses) on securities (both realized and unrealized)			(0.90	)
Total from investment operations			(0.04	)
Less: Dividends from net investment income			(0.15	)
Net asset value, end of period		$	12.27
Total return at net asset value(c)			(0.34	)%
Net assets, end of period (000’s omitted)		$	11
Portfolio turnover rate(d)			96	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements(e)			2.59	%(f)
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees			2.07	%(f)
Without fee waivers and/or expense reimbursements			2.59	%(f)
Ratio of net investment income			5.16	%(f)
Senior indebtedness:
Total borrowings (000’s omitted)		$	217,000
Asset coverage per $1,000 unit of senior indebtedness(g)		$	3,867

^(a)  Commencement date of November 1, 2021.

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(d)  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.

^(e)  Includes fee waivers which were less than 0.005% per share.

^(f)  Annualized.

^(g)  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.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

30 Invesco Dynamic Credit Opportunity Fund

Consolidated Financial Highlights–(continued)

Class R6	Period ended February 28, 2022(a)
Net asset value, beginning of period		$	12.46
Net investment income(b)			0.86
Net gains (losses) on securities (both realized and unrealized)			(0.90	)
Total from investment operations			(0.04	)
Less: Dividends from net investment income			(0.15	)
Net asset value, end of period		$	12.27
Total return at net asset value(c)			(0.33	)%
Net assets, end of period (000’s omitted)		$	10
Portfolio turnover rate(d)			96	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements(e)			2.55	%(f)
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees			2.03	%(f)
Without fee waivers and/or expense reimbursements			2.55	%(f)
Ratio of net investment income			5.20	%(f)
Senior indebtedness:
Total borrowings (000’s omitted)		$	217,000
Asset coverage per $1,000 unit of senior indebtedness(g)		$	3,867

^(a)  Commencement date of November 1, 2021.

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(d)  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.

^(e)  Includes fee waivers which were less than 0.005% per share.

^(f)  Annualized.

^(g)  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.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

31 Invesco Dynamic Credit Opportunity Fund

Notes to Consolidated Financial Statements

February 28, 2022

NOTE 1–Significant Accounting Policies

Invesco Dynamic Credit Opportunity Fund (the “Fund”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, closed-end management investment company that is operated as an interval fund and periodically offers its shares for repurchase. On November 1, 2021, Invesco Dynamic Credit Opportunities Fund (the “Predecessor Fund”) was reorganized into the Fund (the “Reorganization”). The Fund assumed the assets and liabilities of the Predecessor Fund, which had the same investment objectives and substantially the same principal investment strategies as the Fund, but operated as an exchange-traded closed-end management investment company.

The Fund may participate in direct lending opportunities through its indirect investment in the Invesco Dynamic Credit Opportunities Loan Origination LLC (the “LLC”), a Delaware limited liability company. The Fund owns all beneficial and economic interests in the Invesco Dynamic Credit Opportunities Loan Origination Trust, a Massachusetts Business Trust (the “Loan Origination Trust”), which in turn owns all beneficial and economic interests in the LLC. Effective April 27, 2021, the Predecessor Fund and the Fund may invest up to 60% of its total net assets in the Loan Origination Trust. Prior to April 27, 2021, the Predecessor Fund could invest up to 25% of its total net assets in the Loan Origination Trust. The accompanying consolidated financial statements reflect the financial position of the Fund and its Loan Origination Trust and the results of operations on a consolidated basis.

The Fund’s investment objective is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund seeks to achieve its objectives by investing primarily in a portfolio of interests in floating or fixed rate senior loans to corporations, partnerships, and other entities which operate in a variety of industries and geographic regions. The Fund borrows money for investment purposes which may create the opportunity for enhanced return, but also should be considered a speculative technique and may increase the Fund’s volatility.

The Fund currently consists of four different classes of shares: Class A, Class AX, Class Y and Class R6 shares. Upon the closing of the Reorganization, the Fund began offering Class A, Class Y and Class R6 shares. In addition, shareholders of the Predecessor Fund’s common shares received Class AX shares of the Fund in exchange for their common shares. Information for the common shares of the Predecessor Fund, prior to the Reorganization, is included with Class AX shares throughout this report. Class AX shares are closed to new investors. Only investors who were invested in shares of the Predecessor Fund may continue to purchase Class AX shares as described in the Fund’s prospectus. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class AX, Class Y and Class R6 shares are sold at net asset value.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A. Security Valuations – Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible securities) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (“NOCP”) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.

Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

32 Invesco Dynamic Credit Opportunity Fund

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Fund’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Facility fees received may be amortized over the life of the loan. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Other income is comprised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of the loan or note.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid quarterly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

Prior to the Reorganization, the Predecessor Fund had adopted a Managed Distribution Plan whereby the Predecessor Fund paid a monthly dividend to common shareholders at a stated fixed monthly distribution amount of $0.075 per share. The Managed Distribution Plan was intended to provide shareholders with a consistent, but not guaranteed, periodic cash payment from the Predecessor Fund, regardless of when or whether income was earned or capital gains were realized. If sufficient income was not available for a monthly distribution, the Predecessor Fund distributed long-term capital gains and/or return of capital in order to maintain its managed distribution level under the Managed Distribution Plan.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees and other expenses associated with lines of credit and Variable Rate Demand Preferred Shares (“VRDP Shares”), and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

H. Indemnifications – Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Cash and Cash Equivalents – For the purposes of the Consolidated Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

J. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date

33 Invesco Dynamic Credit Opportunity Fund

purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

K. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Consolidated Statement of Operations.

L. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

M. Industry Focus – To the extent that the Fund invests a greater amount of its assets in securities of issuers in the banking and financial services industries, the Fund’s performance will depend to a greater extent on the overall condition of those industries. The value of these securities can be sensitive to changes in government regulation, interest rates and economic downturns in the U.S. and abroad.

N. Bank Loan Risk – Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

O. LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

P. Foreign Risk – The Fund may invest in senior loans to borrowers that are organized or located in countries other than the United States. Investment in non-U.S. issuers involves special risks, including that non-U.S. issuers may be subject to less rigorous accounting and reporting requirements than U.S. issuers, less rigorous regulatory requirements, different legal systems and laws relating to creditors’ rights, the potential inability to enforce legal judgments and the potential for political, social and economic adversity. Investments by the Fund in non-U.S. dollar denominated investments will be subject to currency risk. The Fund also may hold non-U.S. dollar denominated senior loans or other securities received as part of a reorganization or restructuring. Trading in many foreign securities may be less liquid and more volatile than U.S. securities due to the size of the market or other factors.

Q. Leverage Risk – The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing or issuing preferred shares. There are risks associated with borrowing or issuing preferred shares in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from investments made with such leverage, the higher volatility of the net asset value of the common shares, and that fluctuations in the interest rates on the borrowing or dividend rates on preferred shares may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund’s leverage strategy will be successful.

R. Other Risks – The Fund may invest all or substantially all of its assets in senior secured floating rate loans and senior secured debt securities that are determined to be rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments.

The Fund invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of

34 Invesco Dynamic Credit Opportunity Fund

payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

In making a direct loan, the Fund is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a direct loan and/or to value the direct loan. When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the Fund to originate loans on advantageous terms. In originating and purchasing loans, the Fund will compete with a broad spectrum of lenders. Increased competition for, or a decrease in the available supply of, qualifying loans could result in lower yields on such loans, which could adversely affect Fund performance.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

S. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty.

The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Fund has entered into an investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”) Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 1.25% of the Fund’s average daily managed assets. Managed assets for this purpose means the Fund’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Fund’s consolidated financial statements for purposes of GAAP.)

For the year ended February 28, 2022, the effective advisory fee rate incurred by the Fund was 1.67%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended February 28, 2022, the Adviser waived advisory fees of $215.

The Fund has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2022, expenses incurred under this agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Fund, SSB also serves as the Fund’s custodian.

The Fund has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended February 28, 2022, expenses incurred under these agreements are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Fund has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class AX, Class Y and Class R6 shares of the Fund. The Fund has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the Fund’s average daily net assets of Class A shares may be paid to furnish continuing personal shareholder services to customers who purchase and own Class A shares. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) also impose a cap on the total sales charges, including asset-based sales charges, that may be paid by Class A shares of the Fund. For the year ended February 28, 2022, expenses incurred under the Plan are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2022, IDI advised the Fund that IDI retained $0 in front-end sales commissions from the sale of Class A shares and $0 from Class A shares for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Fund are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

35 Invesco Dynamic Credit Opportunity Fund

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Variable Rate Senior Loan Interests	$	–	$	409,585,494		$	317,103,912	$	726,689,406
Common Stocks & Other Equity Interests		16,733,376		23,474,921			28,481,060		68,689,357
Non-U.S. Dollar Denominated Bonds & Notes		–		65,199,972			–		65,199,972
U.S. Dollar Denominated Bonds & Notes		–		12,463,470			2,624,330		15,087,800
Preferred Stocks		–		4,584,901			1,488,910		6,073,811
Asset-Backed Securities		–		5,429,325			–		5,429,325
Municipal Obligations		–		3,053,470			–		3,053,470
Money Market Funds		20,284,532		–			–		20,284,532
Total Investments in Securities		37,017,908		523,791,553			349,698,212		910,507,673
Other Investments - Assets*
Investments Matured		–		1,076,400			2,658,636		3,735,036
Forward Foreign Currency Contracts		–		6,622,928			–		6,622,928
		–		7,699,328			2,658,636		10,357,964
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(4,869,425	)		–		(4,869,425	)
Total Other Investments		–		2,829,903			2,658,636		5,488,539
Total Investments	$	37,017,908	$	526,621,456		$	352,356,848	$	915,996,212

* Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended February 28, 2022:

	Value 02/28/21		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 02/28/22
Variable Rate Senior Loan Interests	$	208,090,001	$	178,527,377	$	(62,967,512	)	$	770,346	$	(4,117,207	)	$	3,903,595		$	2,753,396	$	(9,856,084	)	$	317,103,912
Common Stocks & Other Equity Interests		13,193,366		10,134,772		(2,503,359	)		–		(440,602	)		7,890,608			270,062		(63,787	)		28,481,060
Investments Matured		450,576		3,235,803		(77,226	)		6,613		–			(957,130	)		–		–			2,658,636
U.S. Dollar Denominated Bonds & Notes		3,182,330		279,566		(553,200	)		–		–			(284,366	)		–		–			2,624,330
Preferred Stocks		258,788		–		(15,706	)		–		14,503			220,309			1,011,016		–			1,488,910
Total	$	225,175,061	$	192,177,518	$	(66,117,003	)	$	776,959	$	(4,543,306	)	$	10,773,016		$	4,034,474	$	(9,919,871	)	$	352,356,848

* 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.

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.

36 Invesco Dynamic Credit Opportunity Fund

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

	Fair Value at 02/28/22		Valuation Technique	Unobservable Inputs		Range of Unobservable		Unobservable Input Used
Variable Rate Senior Loan Interests
FDH Group Acquisition, Inc., Term Loan A	$	22,206,671	Loan Origination Value		Original Cost		N/A		98% of par	(a)
Keg Logistics LLC, Term Loan A		21,139,765	Loan Origination Value		Original Cost		N/A		98.5% of par	(b)
Muth Mirror Systems LLC, Term Loan		18,662,389	Valuation Service		N/A		N/A		N/A	(b)
Lightning Finco Ltd., Term Loan B-1		18,007,643	Loan Origination Value		Original Cost		N/A		N/A	(a)
Boeing Co., Revolver Loan		17,195,627	Valuation Service		N/A		N/A		N/A	(c)
Teasdale Foods, Inc., Term Loan B		15,075,593	Valuation Service		N/A		N/A		N/A	(b)
Groundworks LLC, First Lien Incremental Term Loan		13,137,496	Valuation Service		N/A		N/A		N/A	(b)
USF S&H Holdco LLC, Term Loan B		10,677,541	Valuation Service		N/A		N/A		N/A	(b)
USF S&H Holdco LLC		10,075,244	Valuation Service		N/A		N/A		N/A	(b)
PrimeFlight Aviation Services, Inc., Term Loan		9,449,412	Valuation Service		N/A		N/A		N/A	(b)
PrimeFlight Aviation Services, Inc., Incremental Delayed Draw		9,300,761	Valuation Service		N/A		N/A		N/A	(b)

^(a) The Fund fair values certain investments in direct loan financings at the loan origination price. The Adviser periodically reviews the consolidated financial statements and monitors such investments for additional market information or the occurrence of a significant 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.

^(c)  Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of February 28, 2022:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	6,622,928
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	6,622,928
	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(4,869,425	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(4,869,425	)

37 Invesco Dynamic Credit Opportunity Fund

Offsetting Assets and Liabilities
	Financial Derivative         Assets		Financial Derivative       Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash	Cash	Net Amount
Bank of America, N.A.		$   212,602		$   (260,977	)		$   (48,375	)	$–	$–		$   (48,375	)
Barclays Bank PLC		257,960		(97	)		257,863		–	–		257,863
BNP Paribas S.A.		456,973		(335,517	)		121,456		–	–		121,456
Canadian Imperial Bank of Commerce		1,015,299		(1,033,783	)		(18,484	)	–	–		(18,484	)
Citibank N.A.		–		(331	)		(331	)	–	–		(331	)
Goldman Sachs International		449,812		(461,003	)		(11,191	)	–	–		(11,191	)
J.P. Morgan Chase Bank, N.A.		437,665		(120,770	)		316,895		–	–		316,895
Morgan Stanley and Co. International PLC		784,836		(114	)		784,722		–	–		784,722
Royal Bank of Canada		684,428		(230,691	)		453,737		–	–		453,737
State Street Bank & Trust Co.		1,266,771		(1,294,875	)		(28,104	)	–	–		(28,104	)
Toronto Dominion Bank		1,054,908		(1,073,002	)		(18,094	)	–	–		(18,094	)
UBS AG		1,674		(58,265	)		(56,591	)	–	–		(56,591	)
Total		$6,622,928		$(4,869,425	)		$1,753,503		$–	$–		$1,753,503

Effect of Derivative Investments for the year ended February 28, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain on
	Consolidated Statement of Operations
	Currency
	Risk
Realized Gain:
Forward foreign currency contracts		$21,002,589
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		1,244,664
Total		$22,247,253

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value	$	1,020,315,280

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances and Borrowings

The Fund has entered into a $290 million revolving credit and security agreement, which will expire on October 31, 2022. Prior to the Reorganization, the Predecessor Fund had entered into a $325 million revolving credit and security agreement. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2022, the average daily balance of borrowing under the revolving credit and security agreement was $218,969,863 with an average interest rate of 1.05%. The carrying amount of the Fund’s payable for borrowings as reported on the Consolidated Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Consolidated Statement of Operations as Interest, facilities and maintenance fees.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amountdue custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

38 Invesco Dynamic Credit Opportunity Fund

NOTE 7–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of February 28, 2022. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Consolidated Statement of Assets and Liabilities.

Borrower	Type	Unfunded Loan Commitment		Unrealized Appreciation (Depreciation)
athenahealth, Inc.	Delayed Draw Term Loan B		$     893,791		$     (2,582	)
Boeing Co.	Revolver Loan		17,059,495		136,132
BrightPet	Delayed Draw Term Loan		1,183,173		22,852
BrightPet	Revolver Loan		340,283		6,892
BrightPet	Revolver Loan		43,254		836
Brook & Whittle Holding Corp.	Delayed Draw Term Loan		136,887		76
CV Intermediate Holdco Corp.	Revolver Loan		1,242,782		6,182
DexKo Global, Inc.	Delayed Draw Term Loan		6,638		(69	)
Dun & Bradstreet Corp. (The)	Revolver Loan		3,470,445		0
Groundworks LLC	First Lien Incremental Revover Loan		513,070		5,734
IAP Worldwide Services, Inc.	Revolver Loan		1,444,403		0
Icebox Holdco III, Inc.	Delayed Draw Term Loan		303,883		(573	)
Kantar	Revolver Loan		2,221,660		78,340
Keg Logistics LLC	Revolver Loan		1,835,276		(1,234	)
Lamark Media Group LLC	Delayed Draw Term Loan		1,527,935		0
Lamark Media Group LLC	Revolver Loan		555,006		(366	)
McDermott International Ltd.	LOC		4,083,292		(714,576	)
Muth Mirror Systems LLC	Revolver Loan		1,672,751		(52,576	)
NAS LLC	Revolver Loan		728,611		10,680
Novae LLC	Delayed Draw Term Loan		286,046		(1,609	)
Parques Reunidos	Revolver Loan		2,023,315		(86,636	)
Royal Caribbean Cruises	Revolver Loan		1,821,311		29,403
Royal Caribbean Cruises	Revolver Loan		1,109,938		15,163
Royal Caribbean Cruises	Revolver Loan		3,275,473		6,277
Southcross Energy Partners L.P.	Revolver Loan		78,225		(1,955	)
Transtar Industries, Inc.	Delayed Draw Term Loan		1,196,907		26,709
USF S&H Holdco LLC	Term Loan A		1,000,278		0
			$50,054,128		$(516,900	)

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2022 and 2021:

	2022		2021
Ordinary income*	$	52,020,720	$	46,568,722
Ordinary income-tax-exempt VRDP shares		65,334		598,417
Return of capital		–		10,113,405
Total distributions	$	52,086,054	$	57,280,544

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed ordinary income	$	4,175,323
Net unrealized appreciation (depreciation) - investments		(60,921,111	)
Net unrealized appreciation (depreciation) - foreign currencies		(1,552,385	)
Temporary book/tax differences		(23,161	)
Capital loss carryforward		(60,653,835	)
Shares of beneficial interest		741,181,862
Total net assets	$	622,206,693

39 Invesco Dynamic Credit Opportunity Fund

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to derivative instruments, amortization and accretion on debt securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2022, as follows:

Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$11,177,131	$	49,476,704	$	60,653,835

* 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.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2022 was $957,723,892 and $1,266,976,442, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$    41,597,777
Aggregate unrealized (depreciation) of investments	(102,518,888	)
Net unrealized appreciation (depreciation) of investments	$   (60,921,111	)

Cost of investments for tax purposes is $976,917,323.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on February 28, 2022, undistributed net investment income was increased by $27,395,138, undistributed net realized gain (loss) was decreased by $27,394,935 and shares of beneficial interest was decreased by $203. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Senior Loan Participation Commitments

The Fund invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

At the year ended February 28, 2022, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

Selling Participant	Principal Amount		Value
Barclays Bank PLC	$	4,083,292	$	3,368,716

NOTE 12–Variable Rate Demand Preferred Shares

On June 7, 2021, the Predecessor Fund redeemed all of its outstanding Variable Rate Demand Preferred Shares (“VRDP Shares”) at their liquidation preference.

Dividends paid on the VRDP Shares (which are treated as interest expense for financial reporting purposes) were declared daily and paid monthly. As of June 6, 2021, the dividend rate was equal to the USD LIBOR interest rate plus a spread of 0.15%, which is based on the short-term credit rating assigned to the VRDP Shares by Moody’s Investors Service, Inc. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VRDP Shares during the period ended, March 1, 2021 through June 6, 2021, were $100,000,000 and 0.24%, respectively.

The Predecessor Fund was subject to certain restrictions relating to the VRDP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions would have precluded the Predecessor Fund from declaring any distributions to common shareholders or purchasing common shares and/or would have triggered an increased rate which, if not cured, would have caused the mandatory redemption of VRDP Shares at the maximum liquidation preference plus any accumulated but unpaid dividends.

Dividends paid on VRDP Shares are recognized as a component of Interest, facilities and maintenance fees on the Consolidated Statement of Operations.

NOTE 13–Dividends

The Fund declared the following quarterly dividends from net investment income subsequent to February 28, 2022.

		Amount Per Share
Share Class	Record Date	Payable March 31, 2022
Class A	Daily	$0.2172
Class AX	Daily	$0.2250
Class Y	Daily	$0.2250
Class R6	Daily	$0.2268

40 Invesco Dynamic Credit Opportunity Fund

NOTE 14–Repurchase of Shares

The Fund has a policy of making quarterly repurchase offers (“Repurchase Offers”) for the Fund’s common shares pursuant to Rule 23c-3(b) of the 1940 Act.

The Repurchase Offers will be for between 5% and 25% of the Fund’s outstanding shares; however, the Fund’s present intent for the offers is for the minimum amount of 5% (The Board of Trustees may authorize an additional 2%, if necessary, without extending the Repurchase Offers). The Fund expects its initial Repurchase Offer to commence in the first quarter of 2022.

The Predecessor Fund conducted a tender offer for cash of up to twenty percent of the Predecessor Fund’s outstanding common shares of beneficial interest (12,596,028 shares), which commenced on September 8, 2021 and expired on October 7, 2021 (the “Expiration Date”). Approximately 32,779,030 common shares, or approximately 52.05% of the Predecessor Fund’s common shares outstanding, were tendered by shareholders through the Expiration Date. The Predecessor Fund accepted 12,596,028 shares for cash payment at a price equal to $12.24 per share. Following the purchase of the tendered shares, the Predecessor Fund had approximately 50,384,113 common shares outstanding.

NOTE 15–Share Information

	Summary of Share Activity
	Year ended February 28, 2022(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A(b)		964		$	12,014			-		$	-
Class AX		96,790			1,205,165			-			-
Class Y(b)		884			11,012			-			-
Class R6(b)		804			10,012			-			-
Issued as reinvestment of dividends:
Class AX		206,214			2,567,361			-			-
Class Y(b)		1			12			-			-
Reacquired:
Class AX		(12,596,028	)(c)		(154,216,383	)(c)		(0	)		(17,730	)
Net increase (decrease) in share activity		(12,290,371	)	$	(150,410,807	)		(0	)	$	(17,730	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 47% 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.

^(b)  Commencement date of November 1, 2021.

^(c) Closed-End Fund repurchased and retired Common Shares. See Note 14.

41 Invesco Dynamic Credit Opportunity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Invesco Dynamic Credit Opportunity Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Dynamic Credit Opportunity Fund and its subsidiaries (the “Fund”) as of February 28, 2022, the related consolidated statements of operations and cash flows for the year ended February 28, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the consolidated “financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

42 Invesco Dynamic Credit Opportunity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2021 through February 28, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (09/01/21)		Ending     Account Value     (02/28/22)1		Expenses     Paid During     Period2		Ending     Account Value     (02/28/22)		Expenses     Paid During     Period3		Annualized     Expense Ratio2
Class A		$1,000.00		$1,010.40		$9.35		$1,010.76		$14.11		2.83%
Class AX		1,000.00		1,027.70		12.42		1,012.55		12.33		2.47
Class Y		1,000.00		1,011.20		8.56		1,011.95		12.92		2.59
Class R6		1,000.00		1,011.40		8.37		1,012.25		12.62		2.53

¹  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2021, through February 28, 2022 (effective November 1, 2021, through February 28, 2022 for Class A, Y and R6 shares), 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 each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. For Class A, Y and R6 shares actual expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 120 (effective November 1, 2021, through February 28, 2022)/365. Because Class A, Y and R6 shares have not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods.

³  Hypothetical expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect a one-half year period. The hypothetical ending account value and expenses may be used to compare ongoing costs of investing in Class A, Y and R6 shares of each Fund and other funds because such data is based on a full six months period.

43 Invesco Dynamic Credit Opportunity Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2022:

Federal and State Income Tax
Qualified Dividend Income*	5.01%
Corporate Dividends Received Deduction*	2.23%
U.S. Treasury Obligations*	0.00%
Qualified Business Income*	0.00%
Business Interest Income*	74.51%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Non-Resident Alien Shareholders
Qualified Interest Income**	37.45%
**The above percentage is based on income dividends paid to shareholders during the Fund’s fiscal year.

44 Invesco Dynamic Credit Opportunity Fund

Trustees and Officers

The address of each trustee and officer is 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. Generally, each trustee serves for a three year term or until his or her successor has been duly elected and qualified, and each officer serves for a one year term or until his or her successor has been duly elected and qualified. Column two below includes length of time served with predecessor entities, if any.

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 Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2021	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business  Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)		188	None

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Dynamic Credit Opportunity Fund

Trustees and Officers–(continued)

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
Christopher L. Wilson - 1957 Trustee and Chair	2021	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments		188	Formerly: enaible, Inc. (artificial intelligence technology) Director, ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2021	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		188	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2021	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: 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.; Attorney, Simpson Thacher & Bartlett LLP		188	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); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2021	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; Director, Arvest Bank		188	Insperity, Inc. (formerly known as Administaff) (human resources provider); Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2021	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		188	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2021	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP		188	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2021	Retired 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; Board member of Johns Hopkins Bioethics Institute		188	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Dynamic Credit Opportunity Fund

Trustees and Officers–(continued)

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	2021	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); and Member of the Board, Blue Ocean Acquisition Corp. 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street		188	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); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)Positive Planet US
Teresa M. Ressel - 1962 Trustee	2021	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)		188	None
Ann Barnett Stern - 1957 Trustee	2021	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP		188	Trustee and Board Vice Chair of Holdsworth Center Trustee and Chair of Nomination/Governance Committee, Good Reason Houston, (non-profit); Trustee and Investment Committee member of University of Texas Law School Foundation (non-profit); Board Member of Greater Houston Partnership (non-profit); Advisory Board member, Baker Institute for Public Policy at Rice University (non-profit) Formerly: Director and Audit Committee Member of Federal Reserve Bank of Dallas
Robert C. Troccoli - 1949 Trustee	2021	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP		188	None
Daniel S. Vandivort - 1954 Trustee	2021	President, Flyway Advisory Services LLC (consulting and property management)		188	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

T-3 Invesco Dynamic Credit Opportunity Fund

Trustees and Officers–(continued)

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
Sheri Morris - 1964 President and Principal Executive Officer	2021	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)		N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2021	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); Senior Vice President and 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 Formerly: 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.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC		N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2021	Head of the Americas and Senior Managing Director, Invesco Ltd.; 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); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: 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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC		N/A	N/A

T-4 Invesco Dynamic Credit Opportunity Fund

Trustees and Officers–(continued)

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	2021	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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; 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); and 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 Formerly: 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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)		N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2021	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds		N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2021	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and 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: Senior Vice President and Treasurer, Fidelity Investments		N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2021	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

T-5 Invesco Dynamic Credit Opportunity Fund

Trustees and Officers–(continued)

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	2021	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President 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
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2021	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)		N/A	N/A

Office of the Fund	Investment Adviser	Auditors	Custodian
1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Investment Sub-Adviser Invesco Senior Secured Management, Inc. 225 Liberty Street New York, NY 10281	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173
Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Asset Management Limited Perpetual Park Perpetual Park Drive Henley-on-Thames Oxfordshire RG9 1HH United Kingdom

T-6 Invesco Dynamic Credit Opportunity Fund

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-23665 and 333-255932             Invesco Distributors, Inc.                 VK-CE-DCO-AR-1

ITEM 13. EXHIBITS.

13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Invesco Dynamic Credit Opportunity Fund

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date: June 10, 2022

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date: June 10, 2022

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer

Date: June 10, 2022