Invesco Dynamic Credit Opportunity Fund NPORT-P Invesco Dynamic Credit Opportunity Fund (Nov 2022 report)

Consolidated Schedule of Investments

November 30, 2022

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Variable Rate Senior Loan Interests–101.97%(b)(c)(d)
Aerospace & Defense–6.47%
Brown Group Holding LLC, Incremental Term Loan B-2 (3 mo. SOFR + 3.75%)		7.84%		07/01/2029		$     1,195	$	1,189,320
FDH Group Acquisition, Inc., Term Loan A (3 mo. SOFR + 7.00%)(e)(f)		10.75%		04/01/2024		22,660		22,251,991
IAP Worldwide Services, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) (Acquired 07/22/2014-08/18/2014; Cost $1,551,308)(f)(g)		10.17%		07/18/2023		1,562		1,562,268
NAC Aviation 8 Ltd. (Ireland)
Revolver Loan(f)(h)		0.00%		12/31/2026		1,643		1,642,458
Term Loan (1 mo. USD LIBOR + 4.11%)(f)		7.86%		12/31/2026		1,713		1,096,535
Term Loan (1 mo. USD LIBOR + 4.11%)(f)		7.86%		12/31/2026		1,750		1,120,183
								28,862,755
Air Transport–4.95%
PrimeFlight Aviation Services, Inc.
Delayed Draw Term Loan (3 mo. SOFR + 6.25%)(e)(f)		9.90%		05/09/2024		3,170		3,169,957
Incremental Delayed Draw Term Loan (3 mo. SOFR + 6.25%)(e)(f)		9.90%		05/09/2024		9,394		9,394,632
Term Loan (3 mo. SOFR + 6.25%)(e)(f)		9.92%		05/09/2024		9,512		9,511,705
								22,076,294
Automotive–7.06%
BCA Marketplace (United Kingdom)
Second Lien Term Loan B (6 mo. SONIA + 7.50%)		9.19%		07/27/2029	GBP	4,668		2,409,955
Term Loan B (6 mo. SONIA + 4.75%)		5.94%		07/28/2028	GBP	1,054		882,797
Muth Mirror Systems LLC
Revolver Loan (1 mo. USD LIBOR + 6.75%)(e)(f)		10.39%		04/23/2025		252		237,491
Revolver Loan(f)(h)		0.00%		04/23/2025		1,426		1,345,785
Term Loan (3 mo. USD LIBOR + 6.75%)(e)(f)		10.07%		04/23/2025		19,014		17,949,407
Transtar Industries, Inc., Term Loan A (3 mo. USD LIBOR + 7.00%)(e)(f)		11.73%		01/22/2027		8,633		8,675,841
								31,501,276
Beverage & Tobacco–1.19%
AI Aqua Merger Sub, Inc., Incremental Term Loan (i)		–		07/30/2028		4,392		4,179,995
City Brewing Co. LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		7.38%		03/31/2028		1,823		1,148,258
								5,328,253
Building & Development–1.13%
CRH Europe Distribution (Netherlands), Term Loan A (3 mo. EURIBOR + 4.25%)		5.86%		11/29/2025	EUR	773		753,099
Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)		8.88%		04/01/2028		537		407,649
LBM Holdings LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		7.12%		12/17/2027		4		3,881
LHS Borrow LLC (Leaf Home Solutions), Term Loan B (1 mo. SOFR + 4.75%)		8.94%		02/16/2029		2,109		1,713,499
Mayfair Mall LLC, Term Loan (1 mo. USD LIBOR + 3.25%)(f)		7.09%		04/20/2023		1,011		919,808
Modulaire (BCP-V Modular/Algeco) (United Kingdom), Term Loan B (3 mo. EURIBOR + 4.50%)		5.69%		12/15/2028	EUR	1,294		1,254,842
								5,052,778
Business Equipment & Services–15.31%
Allied Universal Holdco LLC, Term Loan B (3 mo. EURIBOR + 3.75%)		5.24%		05/12/2028	EUR	95		93,131
Blackhawk Network Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		10.94%		06/15/2026		384		353,461
Checkout Holding Corp.
First Lien Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 02/15/2019; Cost $274,237)(g)		11.57%		02/15/2023		274		222,246
Term Loan (3 mo. USD LIBOR + 1.00%) (Acquired 03/28/2022-11/30/2022; Cost $26,585)(g)		3.37%		08/15/2023		27		7,122
Constant Contact, Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		11.41%		02/15/2029		1,085		835,171
CRCI Longhorn Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		11.32%		08/08/2026		86		80,630

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Business Equipment & Services–(continued)
CV Intermediate Holdco Corp. (Class Valuation)
Delayed Draw Term Loan (1 mo. SOFR + 6.25%)(e)(f)	10.15%	03/31/2026		$     8,146	$	7,918,072
Revolver Loan (1 mo. SOFR + 6.25%)(e)(f)	10.44%	03/31/2026		442		429,233
Revolver Loan(f)(h)	0.00%	03/31/2026		820		797,147
Term Loan B (1 mo. USD LIBOR + 6.25%)(e)(f)	10.44%	03/31/2026		8,389		8,153,891
Dun & Bradstreet Corp. (The), Revolver Loan(f)(h)	0.00%	09/11/2025		3,814		3,737,841
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B (3 mo. SONIA + 4.75%)	7.80%	06/23/2024	GBP	6,169		6,878,088
Lamark Media Group LLC
Delayed Draw Term Loan(e)(f)(h)	0.00%	10/14/2027		1,528		1,500,432
Revolver Loan (3 mo. USD LIBOR + 5.75%)(e)(f)	10.38%	10/14/2027		458		450,129
Revolver Loan(f)(h)	0.00%	10/14/2027		560		550,159
Term Loan B (3 mo. USD LIBOR + 5.75%)(e)(f)	8.63%	10/14/2027		7,077		6,949,503
Monitronics International, Inc.
Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 08/30/2019-01/28/2021; Cost $7,559,470)(g)	11.91%	03/29/2024		7,880		5,243,612
Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 06/27/2019-04/27/2022; Cost $6,020,705)(f)(g)	10.41%	07/03/2024		6,013		5,712,463
NAS LLC (d.b.a. Nationwide Marketing Group)
Incremental Term Loan (1 mo. SOFR + 6.50%)(f)	10.20%	06/03/2024		2,794		2,762,855
Revolver Loan(f)(h)	0.00%	06/03/2024		736		727,521
Term Loan (1 mo. SOFR + 6.50%)(f)	10.20%	06/03/2024		8,920		8,821,923
Term Loan (1 mo. SOFR + 6.50%)(f)	10.20%	06/03/2024		1,695		1,675,922
Revolver Loan (1 mo. SOFR + 6.50%)(f)	10.33%	06/03/2024		184		181,880
Protect America
Revolver Loan (3 mo. USD LIBOR)(f)	0.00%	09/01/2024		1,838		1,736,532
Revolver Loan(f)(h)	0.00%	09/01/2024		101		95,726
Solera (Polaris Newco LLC), Term Loan B (1 mo. SONIA + 5.25%)	8.18%	06/05/2028	GBP	1,383		1,501,450
UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 5.75%)(f)	10.07%	03/20/2027		942		899,546
Verra Mobility Corp., Term Loan B (1 mo. USD LIBOR + 3.25%)	6.13%	03/19/2028		2		2,528
						68,318,214
Cable & Satellite Television–4.46%
CSC Holdings LLC, Incremental Term Loan(i)	–	01/15/2026		1		335
Lightning Finco Ltd. (LiveU) (United Kingdom)
Term Loan B-1 (3 mo. USD LIBOR + 5.75%)(f)	10.53%	09/01/2028		18,375		17,768,766
Term Loan B-2 (6 mo. USD LIBOR + 5.75%)(f)	7.82%	09/01/2028		2,227		2,140,426
						19,909,527
Chemicals & Plastics–1.67%
Colouroz Investment LLC (Germany)
PIK First Lien Term Loan B-2, 0.75% PIK Rate, 8.57% Cash Rate(j)	0.75%	09/21/2023		3		2,400
PIK First Lien Term Loan C, 0.75% PIK Rate, 8.57% Cash Rate(j)	0.75%	09/21/2023		180		133,875
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 8.57% Cash Rate(j)	5.75%	09/21/2024		32		22,742
Vertellus
Revolver Loan(f)(h)	0.00%	12/22/2025		696		668,318
Term Loan B (3 mo. SOFR + 5.75%)(f)	9.89%	12/22/2027		6,913		6,636,650
						7,463,985
Clothing & Textiles–0.05%
Gloves Buyer, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)	8.07%	12/29/2027		87		79,487
International Textile Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 5.00%)	8.74%	05/01/2024		187		131,614
						211,101
Conglomerates–0.12%
Safe Fleet Holdings LLC
Incremental First Lien Term Loan (1 mo. SOFR + 5.00%)(f)	9.12%	02/23/2029		246		239,881
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)	10.77%	02/02/2026		297		272,398
						512,279

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Containers & Glass Products–6.01%
Hoffmaster Group, Inc., First Lien Term Loan B-1 (1 mo. USD LIBOR + 4.00%) (Acquired 06/11/2018-03/10/2021; Cost $2,702,242)(g)		7.67%		11/21/2023		$     2,735	$	2,496,322
Keg Logistics LLC
Revolver Loan (1 mo. USD LIBOR + 6.00%)(e)(f)		9.96%		11/23/2027		683		664,681
Revolver Loan(f)(h)		0.00%		11/23/2027		1,179		1,147,017
Term Loan A (1 mo. USD LIBOR + 6.00%)(e)(f)		10.70%		11/23/2027		21,301		20,725,608
Keter Group B.V. (Netherlands), Term Loan B-1 (3 mo. EURIBOR + 4.25%)		5.86%		10/31/2023	EUR	1,763		1,380,046
Mold-Rite Plastics LLC (Valcour Packaging LLC), Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(f)		11.23%		10/04/2029		123		101,757
Pretium Packaging, Second Lien Term Loan B (1 mo. USD LIBOR + 6.75%)		10.49%		10/01/2029		345		276,220
								26,791,651
Cosmetics & Toiletries–0.09%
Anastasia Parent LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		7.42%		08/11/2025		550		411,268
Ecological Services & Equipment–5.49%
Groundworks LLC
First Lien Delayed Draw Term Loan (1 mo. USD LIBOR + 5.00%)(e)(f)		9.07%		01/17/2026		5,753		5,637,685
First Lien Incremental Revover Loan(f)(h)		0.00%		01/17/2026		520		509,294
First Lien Incremental Term Loan (1 mo. USD LIBOR + 5.00%)(e)(f)		9.07%		01/17/2026		13,060		12,798,721
Second Lien Delayed Draw Term Loan (1 mo. USD LIBOR + 5.00%)(e)(f)		9.07%		01/17/2026		4,371		4,283,917
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 8.50%)		13.43%		11/02/2028		1,509		1,260,198
								24,489,815
Electronics & Electrical–4.86%
Boxer Parent Co., Inc., Term Loan B (3 mo. EURIBOR + 4.00%)		5.49%		10/02/2025	EUR	132		129,174
Emerald Technologies AcquisitionCo, Inc., Term Loan B (1 mo. SOFR + 6.25%)		10.44%		12/29/2027		309		293,895
Imperva, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		12.42%		01/11/2027		1,502		1,165,659
Infinite Electronics, Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)		10.67%		03/02/2029		473		437,969
Learning Pool (Brook Bidco Ltd.) (United Kingdom)
Term Loan (3 mo. SONIA + 6.87%)(f)		8.93%		08/17/2028	GBP	479		571,364
Term Loan 2 (3 mo. USD LIBOR + 6.00%)(f)		11.06%		08/17/2028		633		619,999
LogMeIn, Term Loan B (1 mo. USD LIBOR + 4.75%)		8.77%		08/28/2027		2,993		1,939,155
Mavenir Systems, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)(f)		9.42%		08/13/2028		2,213		1,814,301
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 6.25%)		10.41%		04/29/2026		3,573		3,337,829
Native Instruments (Germany), Term Loan (3 mo. EURIBOR + 6.00%)(f)		6.78%		03/03/2028	EUR	1,267		1,256,115
Optiv, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		7.42%		02/01/2024		2,245		2,177,453
Quest Software US Holdings, Inc., Second Lien Term Loan (1 mo. SOFR + 7.50%)		11.59%		01/20/2030		219		135,105
Riverbed Technology, Inc., PIK Term Loan, 2.00% PIK Rate, 12.54% Cash Rate (Acquired 12/06/2021-11/07/2022; Cost $7,264,436)(g)(j)		2.00%		12/08/2026		5,829		2,465,021
Sandvine Corp., Second Lien Term Loan (3 mo. USD LIBOR + 8.00%)		11.67%		11/02/2026		322		292,734
Utimaco (Germany)
Term Loan B-1 (1 mo. SOFR + 5.00%)(f)		10.06%		10/30/2028		1,645		1,597,765
Term Loan B-2 (3 mo. EURIBOR + 6.00%)(f)		10.06%		10/30/2028	EUR	2,932		2,983,766
Veritas US, Inc., Term Loan B (1 mo. USD LIBOR + 5.00%)		8.67%		09/01/2025		617		448,426
								21,665,730
Food Products–7.22%
Biscuit Intl (Cookie Acq S.A.S., De Banketgroep Holding) (France), First Lien Term Loan (3 mo. EURIBOR + 4.00%)		5.86%		02/15/2027	EUR	4,013		2,737,084
BrightPet (AMCP Pet Holdings, Inc.)
Incremental Term Loan B (3 mo. USD LIBOR + 6.25%)(e)(f)		9.92%		10/05/2026		4,249		4,143,067
Revolver Loan (6 mo. USD LIBOR + 6.25%)(f)		10.84%		10/05/2026		1,259		1,227,791
Revolver Loan(f)(h)		0.00%		10/05/2026		207		201,526
Term Loan B (6 mo. USD LIBOR + 6.25%)(f)		9.92%		10/05/2026		4,133		4,029,837
Florida Food Products LLC
First Lien Term Loan (1 mo. USD LIBOR + 5.00%)(f)		9.07%		10/18/2028		2,261		2,080,412
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)(f)		12.07%		10/08/2029		1,028		945,494

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Food Products–(continued)
H-Food Holdings LLC
Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)	9.07%	05/23/2025		$       157	$	137,626
Term Loan (3 mo. USD LIBOR + 3.69%)	7.76%	05/23/2025		19		16,571
Shearer’s Foods LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)	11.83%	09/22/2028		214		200,352
Sigma Bidco B.V. (Netherlands), Term Loan B-2 (3 mo. USD LIBOR + 3.00%)	5.90%	07/02/2025		156		142,565
Teasdale Foods, Inc., Term Loan B (3 mo. USD LIBOR + 6.00%)(e)(f)	8.88%	12/18/2025		15,917		13,609,123
Valeo Foods (Jersey) Ltd. (United Kingdom), Term Loan B (6 mo. SONIA + 5.00%)	7.19%	06/28/2028	GBP	2,805		2,742,341
						32,213,789
Food Service–0.38%
Financiere Pax S.A.S., Term Loan B (3 mo. EURIBOR + 4.75%)	4.75%	07/01/2026	EUR	2,012		1,707,950
Health Care–9.90%
Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom), Term Loan (1 mo. SOFR + 4.60%)(f)	8.40%	06/08/2028		955		883,571
Ethypharm (France), Term Loan B (3 mo. SONIA + 4.50%)	6.69%	04/17/2028	GBP	2,270		2,250,541
MB2 Dental Solutions LLC
Delayed Draw Term Loan (3 mo. SOFR + 6.00%)(e)(f)	9.67%	01/29/2027		3,148		3,097,881
Delayed Draw Term Loan (3 mo. SOFR + 6.00%)(e)(f)	9.70%	01/29/2027		8,698		8,558,819
Term Loan B (3 mo. SOFR + 6.00%)(e)(f)	9.70%	01/29/2027		8,695		8,556,003
MedAssets Software Intermediate Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)	10.82%	12/17/2029		638		544,593
Nidda Healthcare Holding AG (Germany), Term Loan F (3 mo. SONIA + 4.50%)	7.45%	08/21/2026	GBP	2,088		2,260,834
SDB Holdco LLC
Delayed Draw Term Loan (1 mo. SOFR + 7.00%)(e)(f)	10.80%	03/17/2027		9,753		9,752,575
Term Loan (1 mo. SOFR + 7.00%)(e)(f)	10.84%	03/17/2027		7,850		7,849,631
Women’s Care Holdings, Inc. LLC, Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)(f)	11.62%	01/15/2029		431		405,363
						44,159,811
Home Furnishings–1.38%
Hilding Anders AB (Sweden)
PIK Term Loan; 12.00% PIK Rate (Acquired 01/01/2020-11/23/2021; Cost $7,947)(f)(g)(j)	12.00%	12/31/2024	EUR	34		4
Term Loan (1 mo. EURIBOR) (Acquired 01/01/2020; Cost $61,527)(f)(g)	0.00%	12/31/2024	EUR	5,480		570
Term Loan (6 mo. EURIBOR + 5.00%) (Acquired 10/04/2022-10/31/2022; Cost $3,461,819)(f)(g)	7.12%	02/28/2026	EUR	4,882		3,327,655
Term Loan (6 mo. EURIBOR) (Acquired 10/04/2022-10/31/2022; Cost $39,091)(f)(g)	1.70%	02/26/2027	EUR	4,437		0
Serta Simmons Bedding LLC
First Lien Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 06/22/2020-01/12/2021; Cost $1,275,944)(g)	10.79%	08/10/2023		1,272		1,238,677
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 06/22/2020; Cost $3,116,300)(g)	10.79%	08/10/2023		3,176		1,513,105
Weber-Stephen Products LLC, Incremental Term Loan B (1 mo. SOFR + 4.25%)	8.44%	10/30/2027		73		62,356
						6,142,367
Industrial Equipment–3.23%
Apex Tool Group LLC, Term Loan B (1 mo. SOFR + 5.25%)	9.15%	02/08/2029		1,061		924,953
Deliver Buyer, Inc. (MHS Holdings), Term Loan B (1 mo. SOFR + 5.50%)	9.05%	06/08/2029		1,678		1,390,801
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)	9.95%	12/16/2027		611		585,590
Engineered Machinery Holdings, Inc., Second Lien Incremental Term Loan (3 mo. USD LIBOR + 6.00%)	9.67%	05/21/2029		207		193,175
Kantar (Summer BC Bidco) (United Kingdom)
Revolver Loan (1 mo. USD LIBOR + 3.50%)(f)	5.81%	06/04/2026		1,008		921,899
Revolver Loan(f)(h)	0.00%	06/04/2026		1,493		1,365,601
Term Loan B (1 mo. USD LIBOR + 5.00%)	8.14%	12/04/2026		1,561		1,453,017
MKS Instruments, Inc., Term Loan B (3 mo. SOFR + 2.75%)	6.76%	04/11/2029		59		57,253
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)	7.67%	03/08/2025		1,255		1,140,228

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Industrial Equipment–(continued)
Robertshaw US Holding Corp.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)	7.63%	02/28/2025		$       452	$	336,235
Second Lien Term Loan (3 mo. USD LIBOR + 8.00%)	12.13%	02/28/2026		613		378,032
Tank Holding Corp.
Revolver Loan(f)(h)	0.00%	03/31/2028		353		339,462
Term Loan (1 mo. SOFR + 5.75%)	9.94%	03/31/2028		5,284		5,065,675
Victory Buyer LLC (Vantage Elevator), Second Lien Term Loan B (3 mo. USD LIBOR + 7.00%)(f)	10.57%	11/19/2029		258		240,360
						14,392,281
Leisure Goods, Activities & Movies–7.67%
AMC Entertainment, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)	6.86%	04/22/2026		2,785		1,564,749
Crown Finance US, Inc.
Delayed Draw Term Loan (Acquired 09/19/2022; Cost $320,991)(g)(i)(k)	–	09/07/2023		328		316,985
DIP Term Loan (Acquired 09/19/2022; Cost $3,825,369)(g)(i)(k)	–	09/09/2023		4,225		4,089,112
Incremental Term Loan B-1 (Acquired 07/29/2021-04/28/2022; Cost $575,453)(g)(k)	0.00%	02/28/2025		567		611,911
Term Loan (Acquired 09/13/2021-01/05/2022; Cost $2,373,797)(g)(k)(l)	0.00%	02/28/2025		2,849		636,012
Term Loan(k)(l)	0.00%	02/28/2025	EUR	455		104,293
Term Loan (Acquired 10/18/2019-09/13/2021; Cost $2,591,427)(g)(k)(l)	0.00%	09/30/2026		2,719		599,594
Term Loan B-1 (Acquired 10/20/2021-12/15/2021; Cost $2,357,256)(g)(k)	0.00%	05/23/2024		1,949		2,323,620
Term Loan B-2 (Acquired 10/18/2021-03/29/2022; Cost $1,145,503)(g)(k)	0.00%	05/23/2024		1,165		1,164,997
Fitness International LLC, Term Loan B (3 mo. USD LIBOR + 3.25%)	7.49%	04/18/2025		1,106		1,022,579
Parques Reunidos (Piolin Bidco s.a.u) (Spain)
Revolver Loan (1 mo. EURIBOR + 3.50%)(f)	7.34%	03/16/2026	EUR	559		514,836
Revolver Loan(f)(h)	0.00%	03/16/2026	EUR	1,900		1,749,559
Royal Caribbean Cruises
Revolver Loan (3 mo. USD LIBOR + 1.30%)	5.15%	04/05/2024		2,313		2,166,334
Revolver Loan(h)	0.00%	04/12/2024		1,213		1,132,173
Revolver Loan(h)	0.00%	04/05/2024		1,250		1,170,328
Scenic (Columbus Capital B.V.) (Australia), Term Loan B (3 mo. EURIBOR + 3.75%)	4.94%	02/27/2027	EUR	1,200		951,236
USF S&H Holdco LLC
Term Loan A (3 mo. USD LIBOR + 8.00%)(f)	8.00%	06/30/2025		808		808,166
Term Loan A(f)(h)	0.00%	06/30/2025		1,028		1,028,329
Term Loan B (3 mo. USD LIBOR + 4.75%)(f)	8.43%	06/30/2025		10,597		10,597,459
Vue International Bidco PLC (United Kingdom), Term Loan B-1 (3 mo. EURIBOR + 4.75%)(l)	5.66%	07/03/2026	EUR	2,791		1,645,784
						34,198,056
Lodging & Casinos–2.26%
Caesars Resort Collection LLC, Incremental Term Loan (1 mo. USD LIBOR + 3.50%)	7.57%	07/21/2025		15		14,951
HotelBeds (United Kingdom)
Term Loan B (3 mo. EURIBOR + 4.25%)	4.28%	09/12/2025	EUR	5,321		4,779,286
Term Loan D (3 mo. EURIBOR + 5.50%)	6.75%	09/12/2027	EUR	5,774		5,283,369
						10,077,606
Nonferrous Metals & Minerals–0.36%
Corialis (United Kingdom), Term Loan B (1 mo. SONIA + 4.15%)	7.11%	07/06/2028	GBP	678		678,761
Form Technologies LLC, Term Loan (1 mo. USD LIBOR + 9.00%)	13.70%	10/22/2025		1,128		933,464
						1,612,225
Oil & Gas–3.55%
Glass Mountain Pipeline Holdings LLC, Term Loan (1 mo. USD LIBOR + 4.50%)	8.55%	10/28/2027		239		200,153
Gulf Finance LLC, Term Loan (1 mo. USD LIBOR + 6.75%)	10.83%	08/25/2026		2,075		1,721,387

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Oil & Gas–(continued)
McDermott International Ltd.
LOC(h)		0.00%		06/30/2024		$     4,083	$	3,327,883
LOC (3 mo. USD LIBOR + 4.00%)(f)		7.74%		06/30/2024		1,801		1,450,034
PIK Term Loan, 3.00% PIK Rate, 5.07% Cash Rate(j)		3.00%		06/30/2025		948		510,870
Term Loan (1 mo. USD LIBOR + 3.00%)		7.07%		06/30/2024		180		117,103
Petroleum GEO-Services ASA (Norway), Term Loan (1 mo. USD LIBOR + 7.50%)		11.18%		03/19/2024		3,121		2,980,114
QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 08/03/2021; Cost $5,464,003)(g)		12.07%		08/27/2026		5,552		5,537,763
								15,845,307
Publishing–1.31%
Cengage Learning, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%) (Acquired 06/29/2021; Cost $2,328,030)(g)		7.81%		06/29/2026		2,346		2,161,518
Harbor Purchaser, Inc., Term Loan B (1 mo. SOFR + 5.25%)		9.44%		03/31/2029		3,886		3,681,880
								5,843,398
Radio & Television–0.46%
Diamond Sports Holdings LLC
First Lien Term Loan (1 mo. SOFR + 8.00%)		11.89%		05/25/2026		1,608		1,527,541
Second Lien Term Loan (1 mo. SOFR + 3.25%)		7.14%		08/24/2026		2,589		425,543
Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.50%)		6.57%		09/18/2026		1		348
Univision Communications, Inc., Term Loan B (3 mo. SOFR + 4.25%)		7.79%		06/10/2029		114		113,454
								2,066,886
Retailers (except Food & Drug)–1.30%
CNT Holdings I Corp. (1-800 Contacts), Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		10.49%		11/06/2028		510		485,496
Kirk Beauty One GmbH (Germany)
Term Loan B-1 (3 mo. EURIBOR + 5.50%)		5.73%		04/08/2026	EUR	1,235		1,116,720
Term Loan B-2 (3 mo. EURIBOR + 5.50%)		5.73%		04/08/2026	EUR	711		643,174
Term Loan B-3 (3 mo. EURIBOR + 5.50%)		5.73%		04/08/2026	EUR	1,250		1,130,291
Term Loan B-4 (3 mo. EURIBOR + 5.50%)		5.73%		04/08/2026	EUR	2,181		1,972,124
Term Loan B-5 (3 mo. EURIBOR + 5.50%)		5.73%		04/08/2026	EUR	486		438,854
								5,786,659
Surface Transport–0.44%
Hurtigruten (Explorer II AS) (Norway), Term Loan B (3 mo. EURIBOR + 4.00%)		4.91%		02/24/2025	EUR	2,370		1,958,432
Telecommunications–2.35%
Cincinnati Bell, Inc., Term Loan B-2 (1 mo. SOFR + 3.25%)		7.44%		11/22/2028		29		28,217
Colorado Buyer, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		7.36%		05/01/2024		7		6,493
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B-3 (1 mo. Prime Rate)		0.00%		11/27/2023		33		32,886
MLN US HoldCo LLC (dba Mitel)
First Lien Term Loan (3 mo. SOFR + 6.70%) (Acquired 10/18/2022; Cost $3,463,450)(g)		10.63%		11/01/2027		3,739		3,103,293
First Lien Term Loan (6 mo. SOFR + 9.25%) (Acquired 10/18/2022; Cost $1,551,495)(f)(g)		13.18%		11/01/2027		1,875		1,312,154
Term Loan (6 mo. SOFR + 6.44%) (Acquired 10/18/2022; Cost $1,532,790)(g)		11.01%		11/01/2027		1,591		1,563,011
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		7.17%		12/07/2026		2,338		1,180,378
U.S. Telepacific Corp., Term Loan (6 mo. SOFR + 1.25%)		5.87%		05/01/2026		1,916		726,452
Zayo Group LLC, Incremental Term Loan (1 mo. SOFR + 4.25%)		8.34%		03/09/2027		3,211		2,526,273
								10,479,157
Utilities–1.30%
Eastern Power LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		7.42%		10/02/2025		2,293		1,953,459
Lightstone Holdco LLC
Term Loan B (1 mo. SOFR + 5.75%)		9.84%		02/01/2027		2,139		1,962,959
Term Loan C (1 mo. SOFR + 5.75%)		9.84%		02/01/2027		121		111,024
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%)		8.32%		05/16/2024		2,302		1,774,253
								5,801,695
Total Variable Rate Senior Loan Interests (Cost $508,600,682)								454,880,545

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

	Shares		Value
Common Stocks & Other Equity Interests–14.46%(m)
Aerospace & Defense–0.53%
IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; Cost $239,759)(f)(g)		221	$	2,355,010
NAC Aviation 8 Ltd.(f)		51,776		0
				2,355,010
Automotive–0.01%
ThermaSys Corp.(f)		980,474		29,414
Building & Development–0.00%
Haya (Holdco2 PLC/Real Estate SAU)(f)		5,422		0
Lake at Las Vegas Joint Venture LLC, Class A(f)		2,338		0
Lake at Las Vegas Joint Venture LLC, Class B(f)		28		0
				0
Business Equipment & Services–1.71%
Checkout Holding Corp. (Acquired 02/15/2019; Cost $2,863,607)(g)		8,573		2,893
My Alarm Center LLC, Class A(f)		47,742		7,614,948
				7,617,841
Containers & Glass Products–0.03%
Libbey Glass, Inc. (Acquired 11/13/2020-02/10/2022; Cost $56,094)(g)		13,797		137,970
Electronics & Electrical–0.00%
Riverbed Technology, Inc. (Acquired 12/06/2021; Cost $549,383)(f)(g)		32,799		8,364
Financial Intermediaries–0.05%
RJO Holdings Corp.(f)		2,144		135,719
RJO Holdings Corp., Class A(f)		1,142		72,306
RJO Holdings Corp., Class B(f)		3,334		34
				208,059
Health Care–0.00%
Envigo RMS Holding Corp.(f)		4,854		27,852
Industrial Equipment–0.11%
North American Lifting Holdings, Inc.		62,889		510,973
Leisure Goods, Activities & Movies–2.74%
Crown Finance US, Inc., Wts., expiring 11/23/2025 (Acquired 12/09/2020; Cost $0)(f)(g)(k)		173,934		10,481
USF S&H Holdco LLC(f)(n)		11,114		12,238,845
				12,249,326
Oil & Gas–8.75%
Aquadrill LLC (Acquired 05/27/2021; Cost $2,576,069)(g)		83,099		3,427,834
HGIM Corp.(f)		11,834		266,265
HGIM Corp., Wts., expiring 07/02/2043(f)		7,505		168,863
McDermott International Ltd.(f)		190,859		81,592
QuarterNorth Energy, Inc. (Acquired 06/02/2021-10/29/2021; Cost $6,786,339)(f)(g)		163,623		32,641,152
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $238,869)(f)(g)		26,541		886,469
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $306,696)(f)(g)		51,116		514,738
Samson Investment Co., Class A(f)		163,748		102,343
Southcross Energy Partners L.P. (Acquired 07/29/2014-10/29/2020; Cost $749,269)(f)(g)		72,413		543
Tribune Resources, Inc.		376,237		932,504
Tribune Resources, Inc., Wts., expiring 04/03/2023(f)		97,410		2,435
				39,024,738
Radio & Television–0.00%
iHeartMedia, Inc., Class B(f)		42		341

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

					Shares		Value
Retailers (except Food & Drug)–0.17%
Claire’s Stores, Inc.						420	$	168,000
Toys ’R’ Us-Delaware, Inc.(f)						14		34,373
Vivarte S.A.S.(f)						1,181,133		546,255
								748,628
Surface Transport–0.24%
Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $743,133)(g)						8,956		349,284
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/15/2018-08/12/2022; Cost $0)(g)						350,300		164,203
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-08/12/2022; Cost $0)(g)						295,360		184,600
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $781,183)(g)						9,414		367,146
								1,065,233
Utilities–0.12%
Vistra Operations Co. LLC, Rts., expiring 12/31/2046						422,054		520,604
Total Common Stocks & Other Equity Interests (Cost $72,021,795)								64,504,353
	Interest Rate		Maturity Date		Principal Amount (000)(a)
Non-U.S. Dollar Denominated Bonds & Notes–8.16%(o)
Automotive–0.54%
Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)(p)(q)		11.25%		04/19/2026	SEK	15,000		1,360,475
Leather 2 S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)(p)(q)		5.67%		09/30/2028	EUR	1,346		1,059,975
								2,420,450
Building & Development–0.62%
Haya Holdco 2 PLC (Spain) (3 mo. EURIBOR + 9.00%)		10.95%		11/30/2025	EUR	4,568		2,756,879
Cable & Satellite Television–0.53%
Altice Finco S.A. (Luxembourg)(p)		4.75%		01/15/2028	EUR	2,932		2,357,309
Chemicals & Plastics–0.54%
Herens Midco S.a.r.l. (Luxembourg)(p)		5.25%		05/15/2029	EUR	3,345		2,420,613
Financial Intermediaries–3.91%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%)(p)(q)		6.64%		08/01/2024	EUR	8,976		8,029,488
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(p)(q)		7.95%		05/01/2026	EUR	4,278		3,917,484
Kane Bidco Ltd. (United Kingdom)(p)		5.00%		02/15/2027	EUR	791		674,308
Kane Bidco Ltd. (United Kingdom)(p)		6.50%		02/15/2027	GBP	989		980,215
Sherwood Financing PLC (United Kingdom)(p)		6.00%		11/15/2026	GBP	1,082		998,561
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(p)(q)		6.39%		11/15/2027	EUR	3,000		2,847,472
								17,447,528
Home Furnishings–1.31%
Ideal Standard International S.A. (Belgium)(p)		6.38%		07/30/2026	EUR	1,828		940,190
Very Group Funding PLC (The) (United Kingdom)(p)		6.50%		08/01/2026	GBP	5,493		4,890,189
								5,830,379
Retailers (except Food & Drug)–0.71%
Kirk Beauty SUN GmbH (Germany)(p)		9.00%		10/01/2026	EUR	4,984		3,187,371
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $51,894,914)								36,420,529
Asset-Backed Securities–2.01%
Structured Products–2.01%
Adagio V CLO DAC, Series V-X, Class E-R (Ireland) (3 mo. EURIBOR + 5.15%) (p)(r)		6.53%		10/15/2031	EUR	263		212,091
Babson Euro CLO B.V., Series 2019-1A, Class ER (Ireland) (3 mo. EURIBOR + 7.21%)(p)(r)		8.59%		04/15/2036	EUR	1,750		1,485,977
Babson Euro CLO B.V., Series 2021-1A, Class E (Ireland) (3 mo. EURIBOR + 7.05%)(p)(r)		8.55%		04/24/2034	EUR	1,023		867,009
CVC Cordatus Loan Fund XXIII, Series 23A, Class E (Ireland) (3 mo. EURIBOR + 7.26%)(p)(r)		8.80%		04/25/2036	EUR	2,127		1,873,365
Jubilee CLO, Series 2018-21A, Class E-R (Ireland) (3 mo. EURIBOR + 6.07%)(p)(r)		7.45%		04/15/2035	EUR	2,041		1,694,005

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Structured Products–(continued)
Madison Park Euro Funding XV, Series 15A, Class ER (Ireland) (3 mo. EURIBOR + 7.29%)(p)(r)		8.67%		07/15/2036	EUR	3,215	$	2,842,295
Total Asset-Backed Securities (Cost $11,310,764)								8,974,742
					Shares
Preferred Stocks–1.58%(m)
Automotive–0.00%
ThermaSys Corp., Series A, Pfd.(f)						208,860		6,266
Containers & Glass Products–0.15%
Libbey Glass, Inc., Pfd.(f)						5,909		685,416
Electronics & Electrical–0.02%
Riverbed Technology, Inc., Pfd. (Acquired 12/06/2021; Cost $0)(f)(g)						50,381		50,381
Riverbed Technology, Inc., Pfd.(f)						14,219		14,219
								64,600
Financial Intermediaries–0.06%
RJO Holdings Corp., Series A-2, Pfd.(f)						649		280,974
Oil & Gas–0.15%
McDermott International Ltd., Pfd.(f)						1,017,283		661,234
Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-05/09/2019; Cost $285,287)(f)(g)						288,392		15,862
								677,096
Surface Transport–1.20%
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		2,102,900
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		1,476,800
								5,339,815
Total Preferred Stocks (Cost $6,590,416)								7,054,167
	Interest Rate		Maturity Date		Principal Amount (000)(a)
U.S. Dollar Denominated Bonds & Notes–0.69%
Air Transport–0.14%
Mesa Airlines, Inc., Class B (f)		5.75%		07/15/2025	$	692		642,017
Food Products–0.14%
Teasdale Foods, Inc. (e)(f)		16.25%		06/18/2026		1,911		607,754
Radio & Television–0.06%
Diamond Sports Group LLC/Diamond Sports Finance Co. (p)		5.38%		08/15/2026		1,631		267,132
Telecommunications–0.35%
Windstream Escrow LLC/Windstream Escrow Finance Corp. (p)		7.75%		08/15/2028		1,758		1,540,404
Total U.S. Dollar Denominated Bonds & Notes (Cost $5,607,594)								3,057,307
Municipal Obligations–0.63%
Arizona–0.63%
Arizona (State of) Industrial Development Authority, Series 2022, RB (Acquired 02/22/2022; Cost $3,067,765) (Cost $3,067,765)(g)(p)		9.00%		01/01/2028		3,372		2,825,506
					Shares
Money Market Funds–8.47%
Invesco Government & Agency Portfolio, Institutional Class, 3.73%(n)(s)						22,664,008		22,664,008

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

	Shares		Value
Invesco Treasury Portfolio, Institutional Class, 3.76%(n)(s)		15,109,338	$	15,109,338
Total Money Market Funds (Cost $37,773,346)				37,773,346
TOTAL INVESTMENTS IN SECURITIES–137.97% (Cost $696,867,276)				615,490,495
BORROWINGS–(35.87)%				(160,000,000	)
OTHER ASSETS LESS LIABILITIES–(2.10)%				(9,381,366	)
NET ASSETS–100.00%			$	446,109,129

Investment Abbreviations:
CLO	– Collateralized Loan Obligation
DAC	– Designated Activity Co.
DIP	– Debtor-in-Possession
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
SEK	– Swedish Krona
SOFR	– Secured Overnight Financing Rate
SONIA	– Sterling Overnight Index Average
STIBOR	– Stockholm Interbank Offered Rate
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)  Acquired through direct lending. Direct loans may be subject to liquidity and interest rate risk and certain direct loans may be deemed illiquid.

^(f)  Security valued using significant unobservable inputs (Level 3). See Note 1.

^(g)  Restricted security. The aggregate value of these securities at November 30, 2022 was $96,491,286, which represented 21.63% of the Fund’s Net Assets.

^(h)  All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding.

⁽ⁱ⁾  This variable rate interest will settle after November 30, 2022, at which time the interest rate will be determined.

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

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

^(l)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at November 30, 2022 was $2,985,683, which represented less than 1% of the Fund’s Net Assets.

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

⁽ⁿ⁾  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 nine months ended November 30, 2022.

								Change in
	Value		Purchases		Proceeds			Unrealized		Realized	Value
	February 28, 2022		at Cost		from Sales			Appreciation		Gain	November 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$12,170,719		$235,358,257	$	(224,864,968	)	$	-	$-		$22,664,008		$283,812
Invesco Treasury Portfolio, Institutional Class		8,113,813		156,905,504		(149,909,979	)		-	-		15,109,338		142,213
Investments in Other Affiliates:
USF S&H Holdco LLC		10,075,244		8,016,709		(8,016,709	)		2,163,601	-		12,238,845		-
Total		$30,359,776		$400,280,470	$	(382,791,656	)	$	2,163,601	$-		$50,012,191		$426,025

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

^(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 November 30, 2022 was $47,271,434, which represented 10.60% of the Fund’s Net Assets.

^(q)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 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 November 30, 2022.

^(s)  The rate shown is the 7-day SEC standardized yield as of November 30, 2022.

Open Forward Foreign Currency Contracts
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
12/30/2022	Bank of America, N.A.		USD	171		NOK	1,711	$	3
12/30/2022	Barclays Bank PLC		USD	30,690,446		EUR	29,525,460		109,191
12/30/2022	Barclays Bank PLC		USD	9,339,936		GBP	7,765,097		29,144
12/30/2022	Barclays Bank PLC		USD	1,365,901		SEK	14,369,514		5,356
12/30/2022	Canadian Imperial Bank of Commerce		USD	5,271		EUR	5,078		26
12/30/2022	Canadian Imperial Bank of Commerce		USD	4,152,439		GBP	3,671,399		277,337
01/31/2023	Citibank N.A.		GBP	7,787,114		USD	9,414,386		10,402
01/31/2023	Goldman Sachs International		USD	11,503		SEK	121,069		74
12/30/2022	Morgan Stanley and Co. International PLC		USD	2,083,206		EUR	2,000,000		3,105
12/30/2022	Morgan Stanley and Co. International PLC		USD	893,032		GBP	755,096		18,039
12/30/2022	State Street Bank & Trust Co.		USD	32,566,634		EUR	31,525,460		319,312
12/30/2022	State Street Bank & Trust Co.		USD	2,577,379		GBP	2,160,618		29,543
12/30/2022	Toronto Dominion Bank (The)		USD	30,140,559		EUR	29,084,781		199,382
01/31/2023	Toronto Dominion Bank (The)		GBP	7,787,069		USD	9,407,882		3,953
Subtotal–Appreciation									1,004,867
Currency Risk
12/30/2022	Bank of America, N.A.		EUR	1,000,000		USD	1,004,844		(38,311	)
12/30/2022	Bank of America, N.A.		GBP	279,927		USD	321,835		(15,915	)
12/30/2022	Bank of America, N.A.		NOK	1,711		USD	163		(11	)
01/31/2023	Bank of America, N.A.		NOK	1,711		USD	171		(3	)
12/30/2022	Barclays Bank PLC		EUR	28,246,587		USD	28,018,496		(1,447,078	)
12/30/2022	Barclays Bank PLC		GBP	9,617,957		USD	10,878,104		(726,569	)
01/31/2023	Barclays Bank PLC		EUR	29,525,460		USD	30,779,317		(91,575	)
01/31/2023	Barclays Bank PLC		GBP	7,787,114		USD	9,377,693		(26,291	)
01/31/2023	Barclays Bank PLC		SEK	14,381,270		USD	1,371,525		(3,655	)
12/30/2022	BNP Paribas S.A.		EUR	28,674,565		USD	28,435,119		(1,476,903	)
12/30/2022	Canadian Imperial Bank of Commerce		EUR	1,201,407		USD	1,245,787		(7,467	)
12/30/2022	Citibank N.A.		USD	9,376,642		GBP	7,765,097		(7,561	)
12/30/2022	Morgan Stanley and Co. International PLC		EUR	1,500,000		USD	1,489,580		(75,153	)
12/30/2022	Morgan Stanley and Co. International PLC		GBP	9,763,683		USD	11,012,837		(767,665	)
12/30/2022	Morgan Stanley and Co. International PLC		SEK	146,850		USD	13,734		(280	)
12/30/2022	Royal Bank of Canada		SEK	14,222,664		USD	1,274,324		(82,919	)
12/30/2022	State Street Bank & Trust Co.		EUR	2,843,654		USD	2,954,216		(12,156	)
12/30/2022	State Street Bank & Trust Co.		GBP	295,014		USD	346,528		(9,425	)
01/31/2023	State Street Bank & Trust Co.		EUR	29,525,460		USD	30,694,668		(176,225	)
12/30/2022	Toronto Dominion Bank (The)		EUR	28,674,565		USD	28,453,255		(1,458,767	)
12/30/2022	Toronto Dominion Bank (The)		GBP	9,763,683		USD	11,039,943		(740,559	)
12/30/2022	Toronto Dominion Bank (The)		USD	9,174,329		GBP	7,602,957		(880	)

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
01/31/2023	Toronto Dominion Bank (The)		EUR	29,084,781		USD	30,227,813	$	(182,320	)
Subtotal–Depreciation									(7,347,688	)
Total Forward Foreign Currency Contracts								$	(6,342,821	)

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

The aggregate value of securities considered illiquid at November 30, 2022 was $210,590,912, which represented 47.21% of the Fund’s Net Assets.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this consolidated schedule.

Invesco Dynamic Credit Opportunity Fund

Notes to Quarterly Consolidated Schedule of Portfolio Holdings

November 30, 2022

(Unaudited)

NOTE 1–Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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.
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 Invesco Advisers, Inc.’s (the “Adviser”) assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of November 30, 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	$	–	$	151,738,497		$	303,142,048	$	454,880,545
Common Stocks & Other Equity Interests		–		6,766,011			57,738,342		64,504,353
Non-U.S. Dollar Denominated Bonds & Notes		–		36,420,529			–		36,420,529
Asset-Backed Securities		–		8,974,742			–		8,974,742
Preferred Stocks		–		5,339,815			1,714,352		7,054,167
U.S. Dollar Denominated Bonds & Notes		–		1,807,536			1,249,771		3,057,307
Municipal Obligations		–		2,825,506			–		2,825,506
Money Market Funds		37,773,346		–			–		37,773,346
Total Investments in Securities		37,773,346		213,872,636			363,844,513		615,490,495
Other Investments – Assets*
Investments Matured		–		998,976			2,223,259		3,222,235
Forward Foreign Currency Contracts		–		1,004,867			–		1,004,867
		–		2,003,843			2,223,259		4,227,102
Other Investments – Liabilities*
Forward Foreign Currency Contracts		–		(7,347,688	)		–		(7,347,688	)
Total Other Investments		–		(5,343,845	)		2,223,259		(3,120,586	)
Total Investments		$37,773,346	$	208,528,791		$	366,067,772	$	612,369,909

* 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 nine months ended November 30, 2022:

											Change in
							Accrued		Realized		Unrealized		Transfers		Transfers
	Value		Purchases		Proceeds		Discounts/		Gain		Appreciation		into		out of		Value
	02/28/22		at Cost		from Sales		Premiums		(Loss)		(Depreciation)		Level 3*		Level 3*		11/30/22
Variable Rate Senior Loan Interests		$317,103,912		$ 94,697,238		$(106,016,986)		$ 996,510		$(1,906,497)		$(6,862,800)		$14,342,306		$ (9,211,635)		$303,142,048
Common Stocks & Other Equity Interests		28,481,060		8,016,709		(8,494,950)		–		(155,360)		20,318,135		13,814,532		(4,241,784)		57,738,342
Investments Matured		2,658,636		147,616		(3,393,180)		61,972		(9,311)		906,812		1,850,714		–		2,223,259
Preferred Stocks		1,488,910		268,675		(179,082)		–		179,083		(899,184)		855,950		–		1,714,352
U.S. Dollar Denominated Bonds & Notes		2,624,330		74,611		(276,601)		–		–		(1,172,569)		–		–		1,249,771
Total		$352,356,848		$103,204,849		$(118,360,799)		$1,058,482		$(1,892,085)		$12,290,394		$30,863,502		$(13,453,419)		$366,067,772

* 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 evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a lower or higher value in Level 3 investments.

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:

				Range of
	Fair Value	Valuation	Unobservable	Unobservable	Unobservable
	at 11/30/22	Technique	Inputs	Inputs	Input Used
QuarterNorth Energy, Inc.	$32,641,152	Bid Offer	Bid offer price	N/A		$199.49	(a)
FDH Group Acquisition, Inc., Term Loan A	22,251,991	Valuation Service	N/A	N/A		N/A	(b)
Keg Logistics LLC, Term Loan A	20,725,608	Valuation Service	N/A	N/A		N/A	(b)
Muth Mirror Systems LLC, Term Loan	17,949,407	Valuation Service	N/A	N/A		N/A	(b)
Lightning Finco Ltd., Term Loan B-1	17,768,766	Valuation Service	N/A	N/A		N/A	(b)
Teasdale Foods, Inc., Term Loan B	13,609,123	Valuation Service	N/A	N/A		N/A	(b)
Groundworks LLC, First Lien Incremental Term Loan	12,798,721	Valuation Service	N/A	N/A		N/A	(b)
USF S&H Holdco LLC	12,238,845	Valuation Service	N/A	N/A		N/A	(b)
USF S&H Holdco LLC, Term Loan B	10,597,459	Valuation Service	N/A	N/A		N/A	(b)
SDB Holdco LLC, Delayed Draw Term Loan	9,752,575	Valuation Service	N/A	N/A		N/A	(b)
PrimeFlight Aviation Services, Inc., Term Loan	9,511,705	Valuation Service	N/A	N/A		N/A	(b)
PrimeFlight Aviation Services, Inc., Incremental Delayed Draw Term Loan	9,394,632	Valuation Service	N/A	N/A		N/A	(b)
NAS LLC (d.b.a. Nationwide Marketing Group), Term Loan	8,821,923	Valuation Service	N/A	N/A		N/A	(b)
Transtar Industries, Inc., Term Loan A	8,675,841	Valuation Service	N/A	N/A		N/A	(b)
MB2 Dental Solutions LLC, Delayed Draw Term Loan	8,558,819	Valuation Service	N/A	N/A		N/A	(b)
MB2 Dental Solutions LLC, Term Loan B	8,556,003	Valuation Service	N/A	N/A		N/A	(b)
CV Intermediate Holdco Corp. (Class Valuation), Term Loan B	8,153,891	Valuation Service	N/A	N/A		N/A	(b)
CV Intermediate Holdco Corp. (Class Valuation), Delayed Draw Term Loan	7,918,072	Valuation Service	N/A	N/A		N/A	(b)
SDB Holdco LLC, Term Loan	7,849,631	Valuation Service	N/A	N/A		N/A	(b)
My Alarm Center LLC, Class A	7,614,948	Valuation Service	N/A	N/A		N/A	(c)
Lamark Media Group LLC, Term Loan B	6,949,503	Valuation Service	N/A	N/A		N/A	(b)
Vertellus, Term Loan B	6,636,650	Valuation Service	N/A	N/A		N/A	(c)

^(a)  QuarterNorth Energy, Inc. publicly announced that it has engaged a financial advisor to pursue a sale of the company. The Adviser values the common shares at the first round of bids for the sale of the business. The Adviser periodically reviews the consolidated financial statements and monitors such investments for additional market information of 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.

Invesco Dynamic Credit Opportunity Fund