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Consolidated Schedule of Investments

November 30, 2023

(Unaudited)

 

      Interest
Rate		      Maturity
Date		     

Principal

Amount

(000)(a)

     Value

Variable Rate Senior Loan Interests–94.76%(b)(c)(d)

             

Aerospace & Defense–7.52%

              

ADB Safegate (ADBAS/CEP IV) (Luxembourg), Term Loan B (3 mo. EURIBOR + 4.75%)

      8.55%        10/03/2026        EUR       4,000      $  3,894,111

FDH Group Acquisition, Inc., Term Loan A (3 mo. Term SOFR + 6.65%)(e)(f)

     12.04%        10/01/2025              $      22,247      22,247,468

NAC Aviation 8 Ltd. (Ireland)

              

Revolver Loan(f)(g)

     0.00%        12/31/2026                1,642      1,642,458

Term Loan (1 mo. USD LIBOR + 4.11%)(f)

     9.43%        12/31/2026                1,875      0

Term Loan (1 mo. Term SOFR + 4.11%)(f)

     9.43%        12/31/2026                1,915      0
                                        27,784,037

Automotive–8.65%

              

Constellation Auto (CONSTE/BCA) (United Kingdom), Second Lien Term Loan B-1 (6 mo. SONIA + 7.50%)

      12.68%        07/27/2029        GBP       4,668      4,208,900

First Brands Group Intermediate LLC, Term Loan B (6 mo. SOFR + 5.43%)

      10.88%        03/30/2027                591      582,098

Muth Mirror Systems LLC

              

Revolver Loan (3 mo. Term SOFR + 6.90%)(e)(f)

     12.29%        04/23/2025                1,677      1,537,992

Term Loan (3 mo. Term SOFR + 7.04%)(e)(f)

     12.42%        04/23/2025                18,608      17,063,061

Transtar Industries, Inc., Term Loan A (3 mo. Term SOFR + 7.40%)(e)(f)

     12.79%        01/22/2027                8,544      8,578,148
                                        31,970,199

Beverage & Tobacco–0.40%

              

City Brewing Co. LLC, Term Loan B (h)

     –        03/31/2028                1,804      1,466,831

Building & Development–1.38%

              

Corialis (United Kingdom), Term Loan B (1 mo. SONIA + 4.43%)

      9.62%        07/06/2028        GBP       678      790,710

Empire Today LLC, Term Loan B (1 mo.Term SOFR + 5.00%)

      10.46%        04/01/2028                1,512      1,128,679

Interior Logic Group, Inc., Term Loan B (1 mo.Term SOFR + 3.50%)

      8.95%        04/01/2028                1,063      890,057

LBM Holdings LLC, First Lien Term Loan (1 mo.Term SOFR + 3.75%)

      9.20%        12/17/2027                5      4,960

LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo.Term SOFR + 4.75%)

      10.20%        02/16/2029                1,654      1,463,017

Mayfair Mall LLC, Term Loan (1 mo. Term SOFR + 3.36%)(f)

     8.68%        04/20/2024                899      822,917
                                        5,100,340

Business Equipment & Services–15.33%

              

Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM)

              

Incremental Term Loan (1 mo.Term SOFR + 4.75%)

      10.10%        05/11/2028                1,685      1,669,411

Term Loan (3 mo. EURIBOR + 3.75%)

      7.60%        05/12/2028        EUR       95      98,972

Checkout Holding Corp., Term Loan (3 mo. Term SOFR + 9.50%)

      14.87%        05/10/2027                233      132,349

Citrix Systems, Inc., Term Loan B (1 mo.Term SOFR + 4.50%)

      9.99%        03/30/2029                600      576,458

CRCI Longhorn Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)

      12.70%        08/08/2026                86      83,328

CV Intermediate Holdco Corp. (Class Valuation)

              

Delayed Draw Term Loan (3 mo. Term SOFR + 6.40%)(e)(f)

     11.78%        03/31/2026                8,064      7,668,743

First Lien Term Loan (3 mo. Term SOFR + 6.40%)(e)(f)

     11.78%        03/31/2026                8,304      7,896,734

Revolver Loan(e)(f)(g)

     0.00%        03/31/2026                662      629,939

Revolver Loan (3 mo. Term SOFR + 6.40%)(e)(f)

     11.78%        03/31/2026                599      569,945

Dun & Bradstreet Corp. (The)

              

Revolver Loan(f)(h)

     –        09/11/2025                269      267,436

Revolver Loan(f)(g)

     0.00%        09/11/2025                3,545      3,521,241

Lamark Media Group LLC

              

Delayed Draw Term Loan (3 mo. Term SOFR + 5.85%)(e)(f)

     11.24%        10/14/2027                1,517      1,510,410

Revolver Loan(e)(f)(g)

     0.00%        10/14/2027                560      558,002

Revolver Loan (3 mo. Term SOFR + 5.85%)(e)(f)

     11.15%        10/14/2027                458      456,547

Term Loan (3 mo. Term SOFR + 5.85%)(e)(f)

     11.24%        10/14/2027                7,006      6,977,561

Monitronics International, Inc., Term Loan (3 mo.Term SOFR + 7.50%)

      13.14%        06/30/2028                6,073      6,093,457

 

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)

              

NAS LLC (d.b.a. Nationwide Marketing Group)

              

First Lien Term Loan (3 mo. Term SOFR + 6.65%)(e)(f)

     12.04%        06/03/2024              $      2,751      $    2,737,335

Revolver Loan (3 mo. Term SOFR + 6.65%)(e)(f)

     12.04%        06/03/2024                184      182,983

Revolver Loan(e)(f)(g)

     0.00%        06/03/2024                736      731,935

Term Loan (3 mo. Term SOFR + 6.65%)(e)(f)

     12.04%        06/03/2024                8,784      8,740,438

Term Loan (3 mo. Term SOFR + 6.65%)(e)(f)

     12.04%        06/03/2024                1,669      1,660,442

Prometric Holdings, Inc., Term Loan (3 mo.Term SOFR + 3.00%)

      10.71%        01/31/2028                469      464,704

Protect America, Revolver Loan(f)(h)

     –        09/01/2024                808      751,695

Solera (Polaris Newco LLC), Term Loan B (1 mo. SONIA + 5.25%)

      10.44%        06/05/2028        GBP       1,369      1,628,826

Spin Holdco, Inc., Term Loan (3 mo.Term SOFR + 4.00%)

      9.66%        03/04/2028                335      292,366

UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 4.75%)(f)

     13.25%        03/20/2027                932      769,125
                                        56,670,382

Cable & Satellite Television–7.48%

              

Altice Financing S.A. (Alt-Intl) (Luxembourg)

              

Term Loan (3 mo. EURIBOR + 5.00%)

      8.93%        10/31/2027        EUR       541      563,325

Term Loan B (3 mo. EURIBOR + 5.00%)

      8.97%        10/31/2027        EUR       1,992      2,076,031

CSC Holdings LLC, Term Loan B (1 mo.Term SOFR + 4.50%)

      9.82%        01/15/2028                1      260

Lightning Finco Ltd. (LiveU) (United Kingdom)

              

Term Loan B (3 mo. EURIBOR + 5.50%)(e)(f)

     9.35%        09/01/2028        EUR       1,886      2,019,826

Term Loan B-1 (3 mo. Term SOFR + 5.61%)(e)(f)

     10.92%        08/31/2028                18,375      17,897,392

SFR-Numericable (YPSO, Alt-Fr) (France), Term Loan B-14 (3 mo. EURIBOR + 5.50%)

      9.47%        08/31/2028        EUR       5,479      5,071,539
                                        27,628,373

Chemicals & Plastics–2.82%

              

Flint Group (ColourOz Inv) (Germany)

              

First Lien Term Loan C(h)

     –        09/21/2024                1      100

Second Lien Term Loan B-2 (3 mo. USD LIBOR + 4.25%)(f)

     9.91%        09/21/2024                32      9,653

Term Loan (3 mo. Term SOFR + 8.26%)

      9.14%        06/30/2026                3      3,155

Ineos Quattro Holdings UK Ltd., Term Loan B (1 mo.Term SOFR + 4.25%)

      9.70%        04/03/2029                255      248,877

Trinseo Materials Operating S.C.A.

              

Incremental Term Loan (1 mo.Term SOFR + 2.50%)

      7.96%        05/03/2028                1,583      1,204,315

Term Loan A(f)(h)

     –        05/03/2028                191      197,936

Term Loan B(h)

     –        05/03/2028                1,402      1,474,812

V Global Holdings LLC (aka Vertellus)

              

Revolver Loan(e)(f)(g)

     0.00%        12/22/2025                310      298,511

Revolver Loan (1 mo. USD LIBOR + 5.75%)(e)(f)

     11.17%        12/22/2025                386      371,895

Term Loan (6 mo. Term SOFR + 6.00%)(e)(f)

     11.43%        12/22/2027                6,861      6,607,334
                                        10,416,588

Conglomerates–0.14%

              

Safe Fleet Holdings LLC

              

First Lien Incremental Term Loan (1 mo.Term SOFR + 5.00%)(f)

     10.44%        02/23/2029                244      245,697

Second Lien Term Loan (1 mo.Term SOFR + 6.75%)

      12.20%        02/02/2026                297      288,970
                                        534,667

Containers & Glass Products–7.49%

              

Keg Logistics LLC

              

Revolver Loan(e)(f)(g)

     0.00%        11/23/2027                496      472,421

Revolver Loan (3 mo. Term SOFR + 6.15%)(e)(f)

     11.53%        11/23/2027                1,366      1,302,038

Term Loan A (1 mo. USD LIBOR + 6.00%)(e)(f)

     11.53%        11/16/2027                21,086      20,095,063

Keter Group B.V. (Netherlands)

              

Term Loan (3 mo. EURIBOR + 8.00%)(f)

     11.97%        12/31/2024        EUR       111      119,517

Term Loan B-1 (3 mo. EURIBOR + 4.25%)

      8.22%        03/31/2025        EUR       3,763      3,719,373

Term Loan B-3-A(h)

     –        03/31/2025        EUR       2,000      1,976,989
                                        27,685,401

Ecological Services & Equipment–0.11%

              

TruGreen L.P., Second Lien Term Loan (3 mo.Term SOFR + 8.76%)

      14.14%        11/02/2028                609      407,163

 

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

Electronics & Electrical–4.92%

              

Boxer Parent Co., Inc., Term Loan B (1 mo. EURIBOR + 4.00%)

      7.85%        10/02/2025        EUR       131      $       142,165

CommScope, Inc., Term Loan (1 mo.Term SOFR + 3.25%)

      8.71%        04/06/2026              $      1,277          1,122,616

GoTo Group, Inc. (LogMeIn), First Lien Term Loan (3 mo.Term SOFR + 4.75%)

      10.28%        08/31/2027                2,962      1,970,031

Imperva, Inc., Second Lien Term Loan (3 mo. Term SOFR + 8.01%)

      13.38%        01/11/2027                602      605,919

Infinite Electronics, Second Lien Term Loan (3 mo.Term SOFR + 7.00%)

      12.64%        03/02/2029                473      411,532

Learning Pool (Brook Bidco Ltd.) (United Kingdom)

              

Term Loan (3 mo. SONIA + 6.87%)(f)

     12.06%        08/17/2028        GBP       565      698,673

Term Loan 2 (3 mo. Term SOFR + 6.93%)(f)

     12.32%        08/17/2028                730      705,516

Mavenir Systems, Inc., Term Loan B (3 mo.Term SOFR + 4.75%)

      10.39%        08/13/2028                1,716      1,256,232

Natel Engineering Co., Inc., Term Loan (1 mo.Term SOFR + 6.25%)

      11.70%        04/29/2026                3,455      2,997,431

Native Instruments (Music Creation Group GMBH/APTUS) (Germany), Term Loan (3 mo. EURIBOR + 6.00%)(f)

     9.80%        03/03/2028        EUR       1,267      1,319,451

Riverbed Technology, Inc., Term Loan (3 mo. Term SOFR + 2.50%)

      9.89%        07/01/2028                1,535      1,064,212

Sandvine Corp., Second Lien Term Loan (1 mo.Term SOFR + 8.00%)(f)

     13.45%        11/02/2026                322      238,047

Severin Acquisition LLC, First Lien Term Loan (1 mo.Term SOFR + 3.25%)

      8.63%        08/01/2027                129      129,196

SonicWall U.S. Holdings, Inc., Term Loan B (1 mo.Term SOFR + 5.00%)

      10.39%        05/16/2028                1,077      1,044,430

Utimaco (Germany)

              

Term Loan B-1 (6 mo. EURIBOR + 6.00%)(f)

     10.28%        05/31/2029        EUR       2,932      2,964,738

Term Loan B-2 (3 mo. Term SOFR + 6.25%)(f)

     11.99%        05/31/2029                1,645      1,527,009
                                        18,197,198

Food Products–8.93%

              

Alphia, Term Loan B (1 mo.Term SOFR + 5.00%)

      10.39%        09/23/2030                1,217      1,148,723

Biscuit Hld S.A.S.U. (BISPOU/Cookie Acq) (France), First Lien Term Loan (6 mo. EURIBOR + 4.00%)

      8.14%        02/15/2027        EUR       5,013      4,714,003

BrightPet (AMCP Pet Holdings, Inc.)

              

Incremental Term Loan B (3 mo. Term SOFR + 6.25%)(e)(f)

     12.54%        10/05/2026                4,215      4,096,651

Revolver Loan (3 mo. Term SOFR + 7.15%)(e)(f)

     12.54%        10/05/2026                662      643,086

Revolver Loan(e)(f)(g)

     0.00%        10/05/2026                805      782,257

Term Loan (3 mo. Term SOFR + 7.15%)(e)(f)

     12.54%        10/05/2026                4,099      3,984,671

Florida Food Products LLC, Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)(f)

     13.46%        10/08/2029                1,028      796,476

H-Food Holdings LLC

              

Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)

      10.58%        05/23/2025                155      129,205

Term Loan (1 mo. USD LIBOR + 3.69%)

      9.27%        05/23/2025                19      14,786

Shearer’s Foods LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)

      13.21%        09/22/2028                161      156,692

Sigma Bidco (Netherlands), Term Loan B (1 mo.Term SOFR + 4.75%)

      8.21%        01/02/2028                697      678,186

Teasdale Foods, Inc., Term Loan (3 mo. Term SOFR + 6.50%)(e)(f)

     11.84%        12/18/2025                15,995      14,651,903

Valeo Foods (Jersey) Ltd. (Ireland), Term Loan B (6 mo. EURIBOR + 4.00%)

      8.14%        09/29/2028        EUR       1,162      1,187,507
                                        32,984,146

Food Service–1.93%

              

Areas (Telfer Inv/Financiere Pax), Term Loan B (6 mo. EURIBOR + 4.75%)

      8.49%        07/01/2026        EUR       6,762      7,121,169

Forest Products–0.37%

              

NewLife Forest Restoration LLC, Term Loan (f)(h)

     –        01/31/2024                1,375      1,374,852

Health Care–8.40%

              

Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom), Incremental Term Loan B (1 mo.Term SOFR + 5.25%)(f)

     9.91%        06/08/2028                955      897,900

Inovie Group Bidco (Labosud) (France), Term Loan B (3 mo. EURIBOR + 5.00%)

      8.97%        03/03/2028        EUR       2,000      2,077,479

MB2 Dental Solutions LLC

              

Delayed Draw Term Loan (1 mo. Term SOFR + 6.10%)(e)(f)

     11.45%        01/29/2027                3,095      3,064,483

Delayed Draw Term Loan (1 mo. Term SOFR + 6.10%)(e)(f)

     11.45%        01/29/2027                8,591      8,504,700

Term Loan (1 mo. Term SOFR + 6.10%)(e)(f)

     11.45%        01/29/2027                8,607      8,520,781

MedAssets Software Intermediate Holdings, Inc. (nThrive TSG), Second Lien Term Loan (1 mo.Term SOFR + 6.75%)

      12.21%        12/17/2029                638      379,541

SDB Holdco LLC (Specialty Dental Brands)

              

Delayed Draw Term Loan (1 mo. Term SOFR + 9.10%)(e)(f)

     14.42%        03/17/2027                3,134      2,739,287

Term Loan (1 mo. Term SOFR + 7.10%)(e)(f)

     14.42%        03/09/2027                4,838      4,228,024

Women’s Care Holdings, Inc. LLC, Second Lien Term Loan (3 mo.Term SOFR + 8.25%)

      13.63%        01/15/2029                431      375,176

 

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

Health Care–(continued)

              

Zentiva (AI Sirona Lux Acq) (Luxembourg), Term Loan B (3 mo. EURIBOR + 5.00%)

      8.85%        09/30/2028        EUR       233      $       254,702
                                        31,042,073

Home Furnishings–1.19%

              

Hilding Anders AB (Sweden)

              

PIK Term Loan; 12.00% PIK Rate, 2.84% Cash Rate(f)(i)

     12.00%        12/31/2024        EUR       38      0

Term Loan(f)(h)

     –        12/31/2024        EUR       5,480      0

Term Loan (6 mo. EURIBOR + 5.00%)

      9.11%        02/28/2026        EUR       5,234      1,709,239

Term Loan (6 mo. EURIBOR + 10.00%)(f)

     13.97%        12/31/2026        EUR       399      423,631

Term Loan (3 mo. EURIBOR + 10.00%)(f)

     13.97%        12/31/2026        EUR       513      544,616

Term Loan (6 mo. EURIBOR)(f)

     3.97%        02/26/2027        EUR       5,009      0

Serta Simmons Bedding LLC, Term Loan (1 mo.Term SOFR + 7.50%)

      12.82%        06/29/2028              $        1,701      1,663,113

Weber-Stephen Products LLC, Incremental Term Loan B (1 mo.Term SOFR + 4.25%)

      9.70%        10/30/2027                73      62,682
                                        4,403,281

Industrial Equipment–1.96%

              

Deliver Buyer, Inc. (MHS Holdings), Term Loan B (3 mo.Term SOFR + 5.50%)

      10.90%        06/08/2029                1,062      930,957

Kantar (Summer BC Bidco/KANGRP) (United Kingdom)

              

Revolver Loan(f)(g)

     0.00%        06/04/2026                1,593      1,473,902

Revolver Loan (1 mo. USD LIBOR + 3.53%)(f)

     8.72%        06/04/2026                572      529,396

Term Loan B (3 mo.Term SOFR + 5.00%)

      10.66%        12/04/2026                1,359      1,330,088

Robertshaw US Holding Corp.

              

First Lien Term Loan (3 mo. Term SOFR + 3.24%)(f)

     8.63%        02/28/2027                327      329,920

Revolver Loan(f)(g)

     0.00%        06/24/2027                230      229,719

Second Lien Term Loan (3 mo. Term SOFR + 7.24%)

      12.49%        02/28/2027                456      374,829

Third Lien Term Loan (3 mo. Term SOFR + 5.60%)(f)

     10.99%        02/28/2027                610      396,475

Tank Holding Corp.

              

Revolver Loan (1 mo. Term SOFR + 5.85%)(f)

     11.16%        03/31/2028                23      22,822

Revolver Loan(f)(g)

     0.00%        03/31/2028                153      148,342

Term Loan (1 mo.Term SOFR + 6.00%)

      11.20%        03/31/2028                1,322      1,269,002

Victory Buyer LLC (Vantage Elevator), Second Lien Term Loan (3 mo.Term SOFR + 7.00%)(f)

     12.64%        11/19/2029                258      222,914
                                        7,258,366

Leisure Goods, Activities & Movies–6.43%

              

Crown Finance US, Inc., Term Loan (1 mo.Term SOFR + 8.50%)

      7.38%        07/31/2028                2,508      2,564,129

Parques Reunidos (Piolin Bidco S.A.U.) (Spain)

              

Revolver Loan(g)

     0.00%        03/16/2026                1,433      1,489,689

Revolver Loan (1 mo. EURIBOR + 3.50%)

      7.34%        03/16/2026        EUR       1,026      1,066,289

Royal Caribbean Cruises Ltd.

              

Revolver Loan(f)(g)

     0.00%        04/05/2024                3,562      3,295,108

Revolver Loan(f)(h)

     –        04/12/2024                264      253,941

Revolver Loan(f)(g)

     0.00%        04/12/2024                949      910,584

Scenic (Columbus Capital B.V.) (Australia), Term Loan (3 mo. EURIBOR + 3.75%)

      7.72%        02/27/2027        EUR       1,200      1,042,536

USF S&H Holdco LLC

              

Term Loan A (3 mo. Term SOFR + 8.00%)(e)(f)

     8.00%        06/30/2025                808      808,166

Term Loan A(e)(f)(g)

     0.00%        06/30/2025                1,028      1,028,329

Term Loan B (3 mo. Term SOFR + 4.90%)(e)(f)

     10.29%        06/30/2025                10,491      10,490,684

Vue International Bidco PLC (United Kingdom), Term Loan (6 mo. EURIBOR + 8.50%)

      6.50%        12/31/2027        EUR       2,181      795,146
                                        23,744,601

Lodging & Casinos–1.70%

              

HotelBeds (United Kingdom), Term Loan D (6 mo. EURIBOR + 5.25%)

      9.23%        09/12/2027        EUR       5,774      6,274,853

Nonferrous Metals & Minerals–0.21%

              

Form Technologies LLC, First Lien Term Loan (3 mo.Term SOFR + 9.00%)

      14.49%        10/22/2025                1,049      794,087

 

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–2.47%

              

McDermott International Ltd.

              

LOC(g)

     0.00%        06/30/2024              $        4,084      $    2,909,346

LOC (3 mo. Term SOFR + 4.26%)(f)

     9.66%        06/30/2024                1,474      663,352

LOC(g)

     0.00%        12/31/2026                1,045      904,157

LOC (3 mo. Term SOFR + 5.01%)(f)

     10.41%        12/31/2026                327      269,915

PIK Second Lien Term Loan, 3.00% PIK Rate, 6.46% Cash Rate(i)

     3.00%        06/30/2025                975      454,320

Term Loan (1 mo.Term SOFR + 3.11%)(f)

     8.46%        06/30/2024                180      130,615

Term Loan (3 mo. Term SOFR + 7.76%)(f)

     13.16%        12/31/2026                982      967,520

Petroleum GEO-Services ASA (Norway), Term Loan (1 mo. USD LIBOR + 7.00%)

      12.65%        03/19/2024                293      293,778

QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo.Term SOFR + 8.00%)

      13.46%        08/27/2026                2,551      2,549,160
                                        9,142,163

Publishing–1.19%

              

Cengage Learning, Inc., Term Loan B (3 mo.Term SOFR + 4.75%)

      10.41%        06/29/2026                2,323      2,324,342

Harbor Purchaser, Inc. (Houghton Mifflin Harcourt), First Lien Term Loan B (1 mo.Term SOFR + 5.25%)

      10.70%        04/09/2029                2,126      2,064,899
                                        4,389,241

Radio & Television–0.23%

              

Diamond Sports Holdings LLC, Second Lien Term Loan (j)(k)

     0.00%        08/24/2026                2,582      63,485

iHeartCommunications, Inc., Second Lien Incremental Term Loan (1 mo.Term SOFR + 3.25%)

      8.71%        05/01/2026                941      786,132

Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo.Term SOFR + 2.50%)

      7.96%        09/18/2026                1      319
                                        849,936

Retailers (except Food & Drug)–1.13%

              

Douglas (Kirk Beauty GmbH) (Germany)

              

Term Loan B-1 (6 mo. EURIBOR + 5.25%)

      9.18%        04/08/2026        EUR       849      913,924

Term Loan B-2 (6 mo. EURIBOR + 5.25%)

      9.18%        04/08/2026        EUR       489      526,721

Term Loan B-3 (6 mo. EURIBOR + 5.25%)

      9.18%        04/08/2026        EUR       692      744,953

Term Loan B-4 (6 mo. EURIBOR + 5.25%)

      9.18%        04/08/2026        EUR       1,499      1,613,183

Term Loan B-5 (6 mo. EURIBOR + 5.25%)

      9.18%        04/08/2026        EUR       334      359,205
                                        4,157,986

Telecommunications–1.62%

              

Cincinnati Bell, Inc., Term Loan B-2 (1 mo.Term SOFR + 3.25%)

      8.70%        11/22/2028                28      28,131

MLN US HoldCo LLC (dba Mitel)

              

Second Lien Term Loan B-1 (3 mo. Term SOFR + 6.80%)

      12.20%        11/01/2027                3,739      729,087

Term Loan (3 mo. Term SOFR + 6.54%)

      11.94%        11/01/2027                1,591      954,511

Third Lien Term Loan (3 mo. Term SOFR + 9.35%)(f)

     14.75%        11/01/2027                1,874      234,313

Telesat LLC, Term Loan B-5 (1 mo.Term SOFR + 2.75%)

      8.40%        12/07/2026                1,740      1,189,781

U.S. TelePacific Corp.

              

First Lien Term Loan (3 mo. Term SOFR + 1.15%)

      6.57%        05/02/2026                1,012      394,989

Third Lien Term Loan(f)(h)

     –        05/02/2027                100      0

ViaSat, Inc., Term Loan B (1 mo.Term SOFR + 4.50%)

      9.94%        05/30/2030                901      869,228

Zayo Group Holdings, Inc., Incremental Term Loan (1 mo.Term SOFR + 4.25%)

      9.67%        03/09/2027                1,838      1,577,263
                                        5,977,303

Utilities–0.76%

              

Lightstone Holdco LLC

              

Term Loan B (1 mo.Term SOFR + 5.75%)

      11.13%        02/01/2027                1,080      1,018,811

Term Loan C (1 mo.Term SOFR + 5.75%)

      11.13%        02/01/2027                61      57,618

Nautilus Power LLC, Term Loan (1 mo.Term SOFR + 5.25%)

      10.90%        11/16/2026                2,189      1,718,048
                                        2,794,477

Total Variable Rate Senior Loan Interests (Cost $384,169,237)

                                       350,169,713
                         Shares       

Common Stocks & Other Equity Interests–16.79%(l)

             

Aerospace & Defense–0.00%

              

IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014;
Cost $239,759)(f)(m)

                               221      11

 

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

Invesco Dynamic Credit Opportunity Fund

                                                  Shares      Value

Aerospace & Defense–(continued)

                         

NAC Aviation 8 Ltd. (Ireland)(f)

                               51,776      $                  0
                                        11

Automotive–0.02%

              

Cabonline (Sweden)

                                1,908,761      2

Cabonline (Sweden)

                                63,547,434      60,499

Cabonline (Sweden)

                                2,236,496      2
                                        60,503

Building & Development–0.00%

              

Haya (Holdco2 PLC/Real Estate SAU) (Spain)(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–3.79%

              

Monitronics International, Inc. (Acquired 06/30/2023; Cost $2,346,937)(m)

                               116,589      2,448,369

My Alarm Center LLC, Class A(f)

                               47,742      11,563,263
                                        14,011,632

Containers & Glass Products–0.02%

              

Libbey Glass LLC (Acquired 11/13/2020-02/10/2022; Cost $56,094)(m)

                               13,797      81,057

Electronics & Electrical–0.00%

              

Riverbed Technology, Inc. (Acquired 07/03/2023; Cost $8,266)(f)(m)(n)

                               63,581      8,265

Financial Intermediaries–0.05%

              

RJO Holdings Corp.(f)

                               2,144      107,203

RJO Holdings Corp., Class A(f)

                               1,142      57,114

RJO Holdings Corp., Class B(f)

                               3,334      33
                                        164,350

Home Furnishings–0.26%

              

Serta Simmons Bedding LLC (Acquired 06/29/2023; Cost $12,650)(m)

                               81,610      972,506

Industrial Equipment–0.03%

              

North American Lifting Holdings, Inc.

                                62,889      117,917

Leisure Goods, Activities & Movies–3.99%

              

Crown Finance US, Inc.

                                115,725      2,198,834

Crown Finance US, Inc.

                                772      14,668

USF S&H Holdco LLC(e)(f)

                               11,114      12,528,592

Vue International Bidco PLC (United Kingdom)(f)

                               2,084,496      0
                                        14,742,094

Oil & Gas–7.86%

              

McDermott International Ltd.(f)

                               447,919      76,594

QuarterNorth Energy Holding, Inc.(f)

                               163,623      27,660,468

QuarterNorth Energy Holding, Inc., Wts., expiring 08/27/2029(f)

                               26,541      456,505

QuarterNorth Energy Holding, Inc., Wts., expiring 08/27/2029(f)

                               51,116      23,002

Samson Investment Co., Class A (Acquired 03/01/2017; Cost $2,932,743)(f)(m)

                               163,748      147,373

Southcross Energy Partners L.P.(f)

                               72,413      0

Tribune Resources LLC (Acquired 04/03/2018; Cost $1,915,487)(m)

                               376,237      683,435
                                        29,047,377

Radio & Television–0.00%

              

iHeartMedia, Inc., Class B(f)(o)

                               42      79

Retailers (except Food & Drug)–0.21%

              

Claire’s Stores, Inc. (Acquired 10/12/2018; Cost $675,080)(m)

                               420      155,750

Toys R US, Inc.(f)

                               14      34,372

Vivarte S.A.S. (France)(f)

                               1,181,133      571,349
                                        761,471

 

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

Invesco Dynamic Credit Opportunity Fund

                                                  Shares      Value

Surface Transport–0.56%

              

Commercial Barge Line Co.(f)

                               8,956      $    985,518

Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045(f)

                               59,072      36,920

Commercial Barge Line Co., Wts., expiring 04/27/2045(f)

                               9,414      1,035,917
                                        2,058,355

Total Common Stocks & Other Equity Interests (Cost $75,805,568)

                                       62,025,617
     Interest
Rate		      Maturity
Date		     

Principal

Amount

(000)(a)

      

Non-U.S. Dollar Denominated Bonds & Notes–9.78%(p)

             

Automotive–0.31%

              

Cabonline (Sweden)(q)

     14.00%        03/19/2026        SEK       1,909      181,273

Cabonline (Sweden)(k)(q)

     0.00%        04/19/2026        SEK       7,380      597,242

Cabonline (Sweden)(q)

     14.00%        03/19/2026        SEK       3,818      363,780
                                        1,142,295

Building & Development–0.44%

              

Fagus Holdco PLC (United Kingdom)(f)

     0.00%        09/05/2029        EUR       89      97,332

Ideal Standard International S.A. (Luxembourg)

      6.38%        07/30/2026        EUR       1,828      1,520,788
                                        1,618,120

Cable & Satellite Television–0.67%

              

Altice Finco S.A. (Luxembourg)(q)

     4.75%        01/15/2028        EUR       2,932      2,483,964

Electronics & Electrical–0.60%

              

Castor S.p.A. (Italy)(q)

     6.00%        02/15/2029        EUR       1,200      1,169,050

Castor S.p.A. (Italy) (3 mo. EURIBOR + 5.25%)(q)(r)

     9.10%        02/15/2029        EUR       1,000      1,035,398
                                        2,204,448

Financial Intermediaries–6.09%

              

AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%)(q)(r)

     8.97%        08/01/2024        EUR       8,976      6,424,221

Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(q)(r)

     10.22%        05/01/2026        EUR       3,278      2,922,278

Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(q)(r)

     10.22%        05/01/2026        EUR       1,000      891,482

Garfunkelux Holdco 3 S.A. (Luxembourg)(q)

     6.75%        11/01/2025        EUR       4,345      3,750,251

Kane Bidco Ltd. (United Kingdom)(q)

     6.50%        02/15/2027        GBP       989      1,152,598

Very Group Funding PLC (The) (United Kingdom)(q)

     6.50%        08/01/2026        GBP       5,493      6,011,080

Very Group Funding PLC (The) (United Kingdom)(q)

     6.50%        08/01/2026        GBP       1,250      1,367,895
                                        22,519,805

Food Products–0.25%

              

Sigma Holdco B.V. (Netherlands)(q)

     5.75%        05/15/2026        EUR       1,000      925,321

Retailers (except Food & Drug)–1.42%

              

Kirk Beauty SUN GmbH , 9.00% PIK Rate, 8.25% Cash Rate (Germany)(i)(q)

     9.00%        10/01/2026        EUR       5,209      5,253,198

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $44,836,940)

                                       36,147,151
                   Shares       

Preferred Stocks–2.92%(l)

             

Financial Intermediaries–0.06%

              

RJO Holdings Corp., Series A-2, Pfd.(f)

                               649      236,849

Oil & Gas–0.06%

              

McDermott International Ltd., Pfd.(f)

                               1,114      222,846

Southcross Energy Partners L.P., Series A, Pfd.(f)

                               288,393      2,567
                                        225,413

Surface Transport–2.80%

              

Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045(f)

                               27,657      649,940

Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $978,436)(f)(m)

                               42,058      5,687,503

 

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

Invesco Dynamic Credit Opportunity Fund

                                                 Shares      Value  

 

  

Surface Transport–(continued)

              

Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $687,140)(f)(m)

             29,536      $ 3,994,153  

 

  
                10,331,596  

 

  

Total Preferred Stocks (Cost $3,489,642)

                 10,793,858  

 

  
     Interest
Rate		      Maturity
Date		     

Principal

Amount

(000)(a)

        

Asset-Backed Securities–2.79%

              

Structured Products–2.79%

              

Adagio V CLO DAC, Series V-X, Class ER (Ireland) (3 mo. EURIBOR + 5.15%) (p)(q)(r)

     9.12%        10/15/2031        EUR       263        245,698  

 

  

Babson Euro CLO B.V., Series 2019-1A, Class ER (Ireland) (3 mo. EURIBOR + 7.21%)(p)(q)(r)

     11.18%        04/15/2036        EUR       1,750        1,697,559  

 

  

Babson Euro CLO B.V., Series 2021-1A, Class E (Ireland) (3 mo. EURIBOR + 7.05%)(p)(q)(r)

     11.02%        04/24/2034        EUR       1,023        1,010,853  

 

  

Empower CLO Ltd., Series 2023-2A, Class E (Cayman Islands) (3 mo. Term SOFR + 8.25%)(q)(r)(s)

     13.59%        07/15/2036        $ 2,000        2,000,640  

 

  

Jubilee CLO DAC, Series 2018-21A, Class ER (Ireland) (3 mo. EURIBOR + 6.07%)(p)(q)(r)

     10.04%        04/15/2035        EUR       2,041        2,068,024  

 

  

Madison Park Euro Funding XV DAC, Series 15A, Class ER (Ireland) (3 mo. EURIBOR + 7.29%)(p)(q)(r)

     11.26%        07/15/2036        EUR       3,215        3,301,576  

 

  

Total Asset-Backed Securities (Cost $11,077,650)

                 10,324,350  

 

  

U.S. Dollar Denominated Bonds & Notes–1.22%

              

Aerospace & Defense–0.21%

              

Rand Parent LLC (q)

     8.50%        02/15/2030          820        775,689  

 

  

Air Transport–0.04%

              

Mesa Airlines, Inc., Class B (Acquired 11/25/2015; Cost $138,629)(f)(m)

     5.75%        07/15/2025          139        133,999  

 

  

Building & Development–0.10%

              

Signal Parent, Inc. (q)

     6.13%        04/01/2029          564        367,088  

 

  

Chemicals & Plastics–0.33%

              

Windsor Holdings III LLC (Acquired 06/27/2023-07/11/2023;
Cost $1,159,393)(m)(q)

     8.50%        06/15/2030          1,172        1,207,003  

 

  

Food Products–0.13%

              

Teasdale Foods, Inc. (e)(f)

     16.25%        06/18/2026          2,426        502,167  

 

  

Oil & Gas–0.01%

              

Genesis Energy L.P./Genesis Energy Finance Corp.

      8.25%        01/15/2029          34        33,647  

 

  

Radio & Television–0.01%

              

Diamond Sports Group LLC/Diamond Sports Finance Co. (j)(k)(q)

     0.00%        08/15/2026          1,631        40,775  

 

  

Telecommunications–0.39%

              

Windstream Escrow LLC/Windstream Escrow Finance Corp. (q)

     7.75%        08/15/2028          1,758        1,451,035  

 

  

Total U.S. Dollar Denominated Bonds & Notes (Cost $7,970,363)

                 4,511,403  

 

  

Municipal Obligations–0.87%

              

Arizona–0.87%

              

Arizona (State of) Industrial Development Authority (NewLife Forest Restoration LLC) (Green Bonds), Series 2022 A, RB (Acquired 02/22/2022-07/01/2023; Cost $3,555,591) (Cost $2,845,365)(m)(q)

     9.00%        01/01/2028          3,813        3,225,496  

 

  

TOTAL INVESTMENTS IN SECURITIES–129.13% (Cost $530,194,765)

                 477,197,588  

 

  

BORROWINGS–(25.17)%

                 (93,000,000 ) 

 

  

OTHER ASSETS LESS LIABILITIES–(3.96)%

                 (14,645,332 ) 

 

  

NET ASSETS–100.00%

               $ 369,552,256  

 

  

 

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

Invesco Dynamic Credit Opportunity Fund

Investment Abbreviations:
EUR   - Euro
EURIBOR   - Euro Interbank Offered Rate
GBP   - British Pound Sterling
LIBOR   - London Interbank Offered Rate
LOC   - Letter of Credit
Pfd.   - Preferred
PIK   - Pay-in-Kind
RB   - Revenue Bonds
SEK   - Swedish Krona
SOFR   - Secured Overnight Financing Rate
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 Secured Overnight Financing Rate (“SOFR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

(d) 

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) 

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

(h) 

This variable rate interest will settle after November 30, 2023, 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 November 30, 2023 was $701,502, which represented less than 1% of the Fund’s Net Assets.

(l) 

Securities acquired through the restructuring of senior loans.

(m) 

Restricted security. The aggregate value of these securities at November 30, 2023 was $18,744,920, which represented 5.07% of the Fund’s Net Assets.

(n) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended November 30, 2023.

 

     Value
February 28, 2023		  

Purchases

at Cost

  

Proceeds

from Sales

   Change in
Unrealized
Appreciation		   Realized
Gain		   Value
November 30, 2023		   Dividend
Income

Investments in Affiliated Money Market Funds:

                                                                      

Invesco Government & Agency Portfolio, Institutional Class

       $3,078,901         $44,974,885         $(48,053,786 )        $-         $-         $       -         $  61,772  

Invesco Treasury Portfolio, Institutional Class

       2,052,601         29,983,256         (32,035,857)         -         -                  -             41,071  

Investments in Other Affiliates:

                                                                      

Riverbed Technology, Inc.

       -         8,265         -         -         -           8,265                     -  

Total

       $5,131,502         $74,966,406         $(80,089,643)         $-         $-         $ 8,265         $ 102,843  

 

  (o) 

Non-income producing security.

  (p) 

Foreign denominated security. Principal amount is denominated in the currency indicated.

  (q) 

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, 2023 was $51,920,467, which represented 14.05% of the Fund’s Net Assets.

  (r) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2023.

  (s) 

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, 2023.

The aggregate value of securities considered illiquid at November 30, 2023 was $284,970,456 which represented 77.11% of the Fund’s Net Assets.

 

Open Forward Foreign Currency Contracts  

Settlement

Date

         Contract to     

Unrealized

Appreciation
(Depreciation)

  
   Counterparty    Deliver      Receive  

Currency Risk

                           

12/29/2023

    Barclays Bank PLC      USD  5,382,108        GBP  4,292,647      $ 38,422  

 

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

Invesco Dynamic Credit Opportunity Fund

Open Forward Foreign Currency Contracts–(continued)  

Settlement

Date

         Contract to     

Unrealized

Appreciation
(Depreciation)

  
   Counterparty          Deliver            Receive  

 

  

12/29/2023

   

BNP Paribas S.A.

      EUR       500,000        USD       548,110      $ 3,230  

 

  

12/29/2023

   

BNP Paribas S.A.

      USD       17,787        SEK       198,429        1,129  

 

  

01/31/2024

   

BNP Paribas S.A.

      EUR       28,646,754        USD       31,349,985        87,522  

 

  

01/31/2024

   

J.P. Morgan Chase Bank, N.A.

      NOK       1,711        USD       161        2  

 

  

12/29/2023

   

Morgan Stanley and Co. International PLC

      USD       2,151,611        EUR       2,000,000        27,909  

 

  

12/29/2023

   

Morgan Stanley and Co. International PLC

      USD       5,468,234        GBP       4,357,688        34,426  

 

  

01/31/2024

   

Morgan Stanley and Co. International PLC

      EUR       28,219,191        USD       30,878,336        82,476  

 

  

01/31/2024

   

Royal Bank of Canada

      EUR       552,979        USD       605,877        2,406  

 

  

12/29/2023

   

State Street Bank & Trust Co.

      USD       1,088,217        EUR       1,000,000        1,543  

 

  

01/31/2024

   

State Street Bank & Trust Co.

      EUR       28,646,754        USD       31,345,851        83,388  

 

  

01/31/2024

   

State Street Bank & Trust Co.

      SEK       13,286,849        USD       1,278,607        10,169  

 

  

12/29/2023

   

Toronto-Dominion Bank (The)

      USD       5,464,516        GBP       4,357,687        38,143  

 

  

Subtotal-Appreciation

                410,765  

 

  

Currency Risk

             

 

  

12/29/2023

   

Barclays Bank PLC

      EUR       27,559,190        USD       29,286,959        (745,952 ) 

 

  

01/31/2024

   

Barclays Bank PLC

      GBP       4,309,473        USD       5,405,006        (38,033 ) 

 

  

12/29/2023

   

BNP Paribas S.A.

      EUR       27,976,754        USD       29,727,766        (760,189 ) 

 

  

12/29/2023

   

BNP Paribas S.A.

      GBP       4,267,260        USD       5,198,587        (189,884 ) 

 

  

12/29/2023

   

BNP Paribas S.A.

      SEK       12,129,942        USD       1,098,585        (57,740 ) 

 

  

12/29/2023

   

BNP Paribas S.A.

      USD       31,297,791        EUR       28,646,754        (79,697 ) 

 

  

12/29/2023

   

Citibank, N.A.

      SEK       1,276,575        USD       114,272        (7,421 ) 

 

  

01/31/2024

   

Goldman Sachs International

      GBP       138,948        USD       175,469        (28 ) 

 

  

12/29/2023

   

J.P. Morgan Chase Bank, N.A.

      EUR       2,000,000        USD       2,143,849        (35,672 ) 

 

  

12/29/2023

   

J.P. Morgan Chase Bank, N.A.

      NOK       1,711        USD       154        (5 ) 

 

  

12/29/2023

   

J.P. Morgan Chase Bank, N.A.

      USD       161        NOK       1,711        (2 ) 

 

  

12/29/2023

   

Morgan Stanley and Co. International PLC

      GBP       4,537,194        USD       5,525,169        (204,162 ) 

 

  

12/29/2023

   

Morgan Stanley and Co. International PLC

      USD       30,826,926        EUR       28,219,191        (74,774 ) 

 

  

01/31/2024

   

Morgan Stanley and Co. International PLC

      GBP       4,374,768        USD       5,491,439        (34,070 ) 

 

  

12/29/2023

   

Royal Bank of Canada

      GBP       4,203,569        USD       5,116,269        (191,778 ) 

 

  

01/31/2024

   

Royal Bank of Canada

      GBP       63,162        USD       79,217        (558 ) 

 

  

01/31/2024

   

Royal Bank of Canada

      USD       32,973        SEK       342,167        (308 ) 

 

  

12/29/2023

   

State Street Bank & Trust Co.

      EUR       1,000,000        USD       1,070,052        (19,708 ) 

 

  

12/29/2023

   

State Street Bank & Trust Co.

      USD       31,293,714        EUR       28,646,754        (75,620 ) 

 

  

12/29/2023

   

State Street Bank & Trust Co.

      USD       1,268,792        SEK       13,208,088        (9,688 ) 

 

  

12/29/2023

   

Toronto-Dominion Bank (The)

      EUR       27,976,754        USD       29,733,582        (754,372 ) 

 

  

01/31/2024

   

Toronto-Dominion Bank (The)

      GBP       4,374,768        USD       5,487,647        (37,862 ) 

 

  

12/29/2023

   

UBS AG

      EUR       1,500,000        USD       1,607,865        (26,775 ) 

 

  

01/31/2024

   

UBS AG

      USD       1,651,766        EUR       1,500,000        (14,802 ) 

 

  

Subtotal-Depreciation

                (3,359,100 ) 

 

  

Total Forward Foreign Currency Contracts

              $ (2,948,335 ) 

 

  

 

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

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, 2023

(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, 2023. 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

         $–           $117,897,106       $232,272,607        $350,169,713  

 

  

Common Stocks & Other Equity Interests

         –           6,733,039       55,292,578        62,025,617  

 

  

Non-U.S. Dollar Denominated Bonds & Notes

         –           36,049,819       97,332        36,147,151  

 

  

Preferred Stocks

         –           –       10,793,858        10,793,858  

 

  

Asset-Backed Securities

         –           10,324,350       –        10,324,350  

 

  

U.S. Dollar Denominated Bonds & Notes

         –           3,875,237       636,166        4,511,403  

 

  

Municipal Obligations

         –           3,225,496       –        3,225,496  

 

  

Total Investments in Securities

         –           178,105,047       299,092,541        477,197,588  

 

  

Other Investments - Assets*

                 

 

  

Investments Matured

         –           1,044,960       1,285,115        2,330,075  

 

  

Forward Foreign Currency Contracts

         –           410,765       –        410,765  

 

  
        –           1,455,725       1,285,115        2,740,840  

 

  

Other Investments - Liabilities*

                 

 

  

Forward Foreign Currency Contracts

         –           (3,359,100 )      –        (3,359,100 ) 

 

  

Total Other Investments

         –           (1,903,375 )      1,285,115        (618,260 ) 

 

  

Total Investments

         $–           $176,201,672       $300,377,656        $476,579,328  

 

  

 

*

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, 2023:

 

                                                                                         
    Value
02/28/23		     Purchases
at Cost		    

Proceeds

from Sales

     Accrued
Discounts/
Premiums		     Realized
Gain
(Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		    

Transfers
into

Level 3*

    

Transfers

out of

Level 3*

    

Value

11/30/23

  

 

  
Variable Rate Senior Loan Interests   $ 290,670,988     $ 16,146,051     $ (61,881,142 )    $ 985,864     $ 383,037     $ (4,960,986 )    $ 2,772,136     $ (11,843,341 )    $ 232,272,607  

 

  
Common Stocks & Other Equity Interests     57,005,087       3,899,170       (45,843 )      –       (1,199,351 )      (4,926,860 )      560,375       –       55,292,578  

 

  
Preferred Stocks     931,492       426,570       (610,897 )      –       (666,227 )      7,024,421       3,688,499       –       10,793,858  

 

  
Investments Matured     354,284       930,831       –       –       –       –       –       –       1,285,115  

 

  
U.S. Dollar Denominated Bonds & Notes     757,674       272,236       (276,599 )      –       –       (117,145 )      –       –       636,166  

 

  
Non-U.S. Dollar Denominated Bonds & Notes     –       –       –       –       –       97,332       –       –       97,332  

 

  

Total

   $ 349,719,525     $ 21,674,858     $ (62,814,481 )    $ 985,864     $ (1,482,541 )    $ (2,883,238 )    $ 7,021,010     $ (11,843,341 )    $ 300,377,656  

 

  

*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:

 

    

Fair Value

at 11/30/23

      Valuation
Technique		      Unobservable
Inputs		    Range of
Unobservable
Inputs		    Unobservable
Input Used		       

 

  

QuarterNorth Energy Holding, Inc.

    $ 27,660,468        Valuation Service      N/A    N/A    N/A      (a)   

 

  

FDH Group Acquisition, Inc., Term Loan A

      22,247,468        Valuation Service      N/A    N/A    N/A      (b)   

 

  

Keg Logistics LLC, Term Loan A

      20,095,063        Valuation Service      N/A    N/A    N/A      (b)   

 

  

Lightning Finco Ltd. (LiveU), Term Loan B-1

      17,897,392        Valuation Service      N/A    N/A    N/A      (b)   

 

  

Muth Mirror Systems LLC, Term Loan

      17,063,061        Valuation Service      N/A    N/A    N/A      (b)   

 

  

Teasdale Foods, Inc., Term Loan

      14,651,903        Valuation Service      N/A    N/A    N/A      (b)   

 

  

USF S&H Holdco LLC

      12,528,592        Valuation Service      N/A    N/A    N/A      (b)   

 

  

My Alarm Center LLC, Class A

      11,563,263        Valuation Service      N/A    N/A    N/A      (a)   

 

  

USF S&H Holdco LLC, Term Loan B

      10,490,684        Valuation Service      N/A    N/A    N/A      (b)   

 

  

NAS LLC (d.b.a. Nationwide Marketing Group), Term Loan

      8,740,438        Valuation Service      N/A    N/A    N/A      (b)   

 

  

Transtar Industries, Inc., Term Loan A

      8,578,148        Valuation Service      N/A    N/A    N/A      (b)   

 

  

MB2 Dental Solutions LLC, Term Loan

      8,520,781        Valuation Service      N/A    N/A    N/A      (b)   

 

  

MB2 Dental Solutions LLC, Delayed Draw Term Loan

      8,504,700        Valuation Service      N/A    N/A    N/A      (b)   

 

  

CV Intermediate Holdco Corp. (Class Valuation), First Lien Term Loan

      7,896,734        Valuation Service      N/A    N/A    N/A      (b)   

 

  

CV Intermediate Holdco Corp. (Class Valuation), Delayed Draw Term Loan

      7,668,743        Valuation Service      N/A    N/A    N/A      (b)   

 

  

Lamark Media Group LLC, Term Loan

      6,977,561        Valuation Service      N/A    N/A    N/A      (b)   

 

  

V Global Holdings LLC (aka Vertellus), Term Loan

      6,607,334        Valuation Service      N/A    N/A    N/A      (b)   

 

  

Commercial Barge Line Co., Series B, Pfd.

      5,687,503        Valuation Service      N/A    N/A    N/A      (a)   

 

  

 

(a) 

Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The valuation is based on an enterprise value approach that utilizes a multiple of the last twelve months’ earnings before interest, taxes, depreciation and amortization of comparable public companies. The Adviser reviews the valuation reports provided by the valuation service on an on-going basis and monitors such investments for additional information or the occurrence of a market event which would warrant a re-evaluation of the security’s fair valuation.

(b) 

Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The valuations are based on certain methods used to determine market yields in order to establish a discount rate of return given market conditions and prevailing lending standards. Future expected cash flows are discounted back to the present value using these discount rates in the discounted cash flow analysis. The Adviser reviews the valuation reports provided by the valuation service on an on-going basis and monitors such investments for additional information or the occurrence of a market event which would warrant a re-evaluation of the security’s fair valuation.

 

Invesco Dynamic Credit Opportunity Fund