NPORT-EX 2 edgar.htm EDGAR HTML
Consolidated Schedule of Investments  
May 31, 2025
(Unaudited) 
 
Interest
Rate
Maturity
Date

Principal
Amount
(000)(a)
Value
Variable Rate Senior Loan Interests–91.89%(b)(c)
Aerospace & Defense–1.26%
 
 
Engineering Research and Consulting LLC, First Lien Term Loan (3 mo. Term SOFR + 5.00%)(d)
 9.29%
08/15/2031
 
$708
$700,293
FDH Group Acquisition, Inc.
      
 
 
Delayed Draw Term Loan(d)(e)(f)
 0.00%
10/21/2031
 
272
270,830
Term Loan B (1 mo. Term SOFR + 4.75%)(d)(e)
 9.08%
10/21/2031
 
726
722,659
NAC Aviation 8 Ltd. (Ireland), Revolver Loan(d)(f)
 0.00%
12/31/2026
 
1,643
1,642,458
 
 
 
 
3,336,240
Automotive–0.19%
 
 
First Brands Group LLC
      
 
 
First Lien Incremental Term Loan (3 mo. Term SOFR + 5.00%)
 9.54%
03/30/2027
 
450
436,283
First Lien Term Loan (3 mo. Term SOFR + 5.00%)
(Acquired 10/17/2024; Cost $61,184)(g)
 9.54%
03/30/2027
 
62
60,229
 
 
 
 
496,512
Beverage & Tobacco–0.26%
 
 
City Brewing Co. LLC
      
 
 
First Lien Term Loan (3 mo. Term SOFR + 6.25%)
(Acquired 04/17/2024-04/25/2024; Cost $345,605)(d)(g)
10.51%
04/05/2028
 
366
149,866
Term Loan (3 mo. Term SOFR + 9.26%)
(Acquired 01/06/2025-03/03/2025; Cost $131,659)(d)(g)
13.58%
01/03/2026
 
141
130,479
Term Loan (3 mo. Term SOFR + 3.75%)
(Acquired 04/15/2024; Cost $905,086)(d)(g)
 8.02%
04/05/2028
 
958
392,677
Term Loan (3 mo. Term SOFR + 5.26%)
(Acquired 04/15/2024-04/15/2025; Cost $766,132)(g)
 9.52%
04/05/2028
 
972
22,490
 
 
 
 
695,512
Building & Development–3.10%
 
 
Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (d)(h)
     –
05/28/2030
 
1,458
1,446,900
Empire Today LLC
      
 
 
Term Loan (3 mo. Term SOFR + 5.26%)(d)
 9.54%
08/03/2029
 
2,135
950,288
Term Loan A (3 mo. Term SOFR + 5.76%)(d)
10.04%
08/03/2029
 
637
579,454
Term Loan B (3 mo. Term SOFR + 5.76%)(d)
10.04%
08/03/2029
 
635
577,734
Interior Logic Group, Inc. (Signal Parent), Term Loan B (1 mo. Term SOFR + 3.60%)
 7.88%
04/01/2028
 
1,046
710,113
LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. Term SOFR + 4.85%)
 9.18%
02/16/2029
 
1,543
1,467,402
OmniMax International LLC
      
 
 
Delayed Draw Term Loan (3 mo. Term SOFR + 5.73%)(d)(e)
10.08%
12/06/2031
 
590
578,615
Term Loan B (3 mo. USD LIBOR + 5.75%)(d)(e)
10.03%
12/06/2031
 
1,910
1,873,385
 
 
 
 
8,183,891
Business Equipment & Services–13.68%
 
 
Checkout Holding Corp. (Catalina Marketing), Term Loan (1 mo. Term SOFR + 7.50%)
11.83%
05/10/2027
 
266
265,502
Constant Contact, Inc., Term Loan (3 mo. Term SOFR + 4.00%)
 8.52%
02/10/2028
 
917
863,928
CV Intermediate Holdco Corp. (Class Valuation), Revolver Loan(d)(e)(f)
 0.00%
03/31/2026
 
1,262
1,261,707
Deerfield Dakota Holding Corp., First Lien Term Loan (3 mo. Term SOFR + 3.75%)
 8.05%
04/09/2027
 
1,695
1,651,745
DTI HoldCo, Inc., Term Loan B (1 mo. Term SOFR + 4.00%)
 8.33%
04/26/2029
 
276
276,295
GI Revelation Acquisition LLC, Term Loan B-4 (1 mo. Term SOFR + 3.75%)
 8.08%
05/12/2028
 
1,150
1,146,918
Lamark Media Group LLC
      
 
 
Delayed Draw Term Loan (3 mo. Term SOFR + 5.10%)(d)(e)
10.14%
10/14/2027
 
1,493
1,493,557
Revolver Loan(d)(e)(f)
 0.00%
10/14/2027
 
1,018
1,018,624
Term Loan (3 mo. Term SOFR + 5.00%)(d)(e)
 9.30%
10/14/2027
 
6,899
6,898,628
Monitronics International, Inc., DIP Term Loan A (1 mo. Term SOFR + 7.76%)
(Acquired 06/30/2023; Cost $5,981,876)(g)
12.09%
06/30/2028
 
5,982
5,956,962
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)
      
 
 
Revolver Loan(d)(e)(f)
 0.00%
04/01/2026
 
$322
$303,808
Revolver Loan (3 mo. Term SOFR + 6.65%)(d)(e)
10.96%
04/01/2026
 
598
564,215
Term Loan (3 mo. Term SOFR + 6.65%)(d)(e)
10.93%
06/01/2025
 
8,649
8,164,770
Term Loan (3 mo. Term SOFR + 6.65%)(d)(e)
10.93%
06/01/2025
 
2,709
2,557,047
Term Loan (3 mo. Term SOFR + 6.65%)(d)(e)
10.93%
06/01/2025
 
1,643
1,551,081
Spin Holdco, Inc., Term Loan (3 mo. Term SOFR + 4.26%)
 8.56%
03/04/2028
 
1,659
1,427,296
UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 4.75%)(d)
10.28%
03/20/2027
 
918
676,863
 
 
 
 
36,078,946
Cable & Satellite Television–12.91%
 
 
Altice Financing S.A. (Altice-Int’l) (Luxembourg)
      
 
 
Incremental Term Loan (3 mo. EURIBOR + 5.00%)
 7.28%
10/31/2027
EUR
3,067
2,912,246
Term Loan B (3 mo. EURIBOR + 5.00%)
 7.28%
10/31/2027
EUR
2,270
2,155,831
Lightning Finco Ltd. (LiveU) (United Kingdom)
      
 
 
Term Loan B-1 (3 mo. Term SOFR + 5.50%)(d)(e)
10.24%
08/31/2028
 
18,375
18,375,146
Term Loan B-2 (6 mo. EURIBOR + 5.50%)(d)(e)
 8.08%
08/31/2028
EUR
1,886
2,141,205
Numericable-SFR S.A. (France), Term Loan B-14 (3 mo. EURIBOR + 5.50%)
 7.78%
08/15/2028
EUR
7,369
7,733,101
Virgin Media 02 - LG (United Kingdom), Term Loan Y (6 mo. Term SOFR + 3.25%)
 7.37%
03/31/2031
 
750
739,815
 
 
 
 
34,057,344
Chemicals & Plastics–6.43%
 
 
A-Gas Finco, Inc., Term Loan (3 mo. Term SOFR + 5.25%)
 9.55%
12/14/2029
 
1,080
994,931
Flint Group (ColourOz Inv) (Germany), PIK Term Loan B, 6.90% PIK Rate, 4.64% Cash Rate(i)
 6.90%
12/31/2027
 
26
2,965
Ineos US Finance LLC, Term Loan (1 mo. Term SOFR + 3.25%)
 7.58%
02/18/2030
 
1,200
1,164,756
Oxea Corp. (OQ Chemicals) (Oman)
      
 
 
Term Loan B-1 (3 mo. EURIBOR + 2.78%)
 5.38%
04/07/2031
EUR
2,120
2,304,010
Term Loan B-2 (3 mo. Term SOFR + 3.50%)
 7.35%
04/07/2031
 
1,520
1,451,364
Proampac PG Borrower LLC, Term Loan (1 mo. Term SOFR + 4.00%)
 8.26%
09/15/2028
 
500
500,375
Trinseo Materials Operating S.C.A.
      
 
 
Incremental Term Loan (3 mo. Term SOFR + 2.50%)
 7.09%
05/03/2028
 
990
430,259
Term Loan A (3 mo. Term SOFR + 9.50%)
12.74%
05/03/2028
 
308
311,402
Term Loan B (3 mo. Term SOFR + 8.50%)
12.74%
05/03/2028
 
2,269
2,298,371
Term Loan C (3 mo. Term SOFR + 8.50%)
12.74%
05/03/2028
 
268
271,460
V Global Holdings LLC
      
 
 
Revolver Loan(d)(e)(f)
 0.00%
12/22/2027
 
160
152,613
Revolver Loan (1 mo. Term SOFR + 5.85%)(d)(e)
10.17%
12/22/2027
 
685
652,847
Term Loan (6 mo. Term SOFR + 6.01%)(d)(e)
10.20%
12/22/2027
 
6,740
6,423,139
 
 
 
 
16,958,492
Containers & Glass Products–9.99%
 
 
Keg Logistics LLC
      
 
 
Revolver Loan (3 mo. Term SOFR + 6.16%)(d)(e)
10.47%
11/23/2027
 
1,366
1,273,346
Term Loan A (1 mo. USD LIBOR + 6.00%)(d)(e)
11.23%
11/16/2027
 
20,764
19,352,221
Klockner (KPERST/Kleopatra), Term Loan B (6 mo. EURIBOR + 4.73%)
 7.11%
02/12/2026
EUR
3,000
3,140,536
Libbey Glass LLC, Term Loan B (3 mo. Term SOFR + 6.65%)
(Acquired 03/29/2024-01/23/2025; Cost $1,882,991)(g)
10.93%
11/22/2027
 
1,908
1,850,598
Mold-Rite Plastics LLC (Valcour Packaging LLC), Term Loan A-2 (1 mo. Term SOFR + 1.61%)
 2.25%
10/04/2028
 
849
724,723
 
 
 
 
26,341,424
Ecological Services & Equipment–1.47%
 
 
OGF (VESCAP/Obol France 3/PHM) (Netherlands), Term Loan B (3 mo. EURIBOR + 5.00%)
 7.19%
12/29/2028
EUR
3,505
3,880,456
Electronics & Electrical–7.43%
 
 
GoTo Group, Inc. (LogMeIn)
      
 
 
First Lien Term Loan (3 mo. Term SOFR + 4.75%)
 9.18%
04/30/2028
 
1,409
1,240,422
Second Lien Term Loan (1 mo. Term SOFR + 4.75%)
 9.18%
04/30/2028
 
1,225
457,096
Infinite Electronics
      
 
 
First Lien Term Loan (3 mo. Term SOFR + 3.25%)
 8.29%
03/02/2028
 
866
791,999
Second Lien Term Loan (3 mo. Term SOFR + 7.00%)
11.54%
03/02/2029
 
473
408,376
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–(continued)
Learning Pool (Brook Bidco Ltd.) (United Kingdom)
      
 
 
Term Loan (3 mo. Term SOFR + 7.18%)(d)
11.46%
08/17/2028
 
$842
$808,677
Term Loan (3 mo. SONIA+6.75%)(d)
11.49%
08/17/2028
GBP
632
821,320
Mavenir Systems, Inc.
      
 
 
Delayed Draw Term Loan (6 mo. Term SOFR + 10.00%)
(Acquired 09/30/2024; Cost $38,497)(d)(g)
14.44%
06/30/2025
 
38
52,318
Incremental Term Loan (1 mo. Term SOFR + 9.86%)(d)
14.26%
06/30/2025
 
116
160,801
Incremental Term Loan (3 mo. Term SOFR + 9.87%)(d)
14.40%
06/30/2025
 
57
78,370
Incremental Term Loan (3 mo. Term SOFR + 10.00%)
(Acquired 11/26/2024-12/05/2024; Cost $151,905)(d)(g)
14.42%
06/30/2025
 
154
213,259
Term Loan (3 mo. Term SOFR + 10.00%)(d)
14.25%
06/30/2025
 
120
162,534
Term Loan B (3 mo. Term SOFR + 4.75%)
(Acquired 08/13/2021; Cost $1,689,845)(d)(g)
 9.34%
08/18/2028
 
1,698
50,955
McAfee LLC, Term Loan B (1 mo. Term SOFR + 3.00%)
 7.33%
03/01/2029
 
1,000
965,250
Modena Buyer LLC (End User Computing), Term Loan (3 mo. Term SOFR + 4.50%)
 8.78%
07/01/2031
 
136
131,810
Natel Engineering Co., Inc., Term Loan (1 mo. Term SOFR + 6.25%)
10.69%
04/30/2026
 
3,196
2,972,427
Native Instruments (Music Creation Group GmbH/APTUS) (Germany), Term Loan B (3 mo.
EURIBOR + 4.00%)
(Acquired 01/14/2022-03/10/2025; Cost $1,468,266)(d)(g)
 6.51%
03/03/2028
EUR
1,298
1,215,787
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. Term SOFR + 4.25%)
(Acquired 04/29/2024; Cost $1,335,073)(d)(g)
 8.73%
02/01/2029
 
1,757
1,353,207
RANGE RED OPER, Inc., Second Lien Term Loan (1 mo. Term SOFR + 8.10%)(d)
12.42%
10/01/2029
 
1
0
Renaissance Holding Corp., Term Loan (1 mo. Term SOFR + 4.00%)
 8.28%
04/05/2030
 
1,164
1,076,707
Riverbed Technology LLC, PIK Term Loan, 2.00% PIK Rate, 6.83% Cash Rate(i)
 2.00%
07/01/2028
 
1,623
803,468
SonicWall U.S. Holdings, Inc., First Lien Term Loan (3 mo. Term SOFR + 5.00%)
 9.30%
05/18/2028
 
1,064
1,046,724
Utimaco (SGT Ultimate BidCo GmbH) (Germany)
      
 
 
Term Loan B-1 (3 mo. USD LIBOR + 6.25%)(d)
 7.79%
05/31/2029
EUR
2,932
3,199,141
Term Loan B-2 (3 mo. Term SOFR + 6.25%)(d)
10.01%
05/31/2029
 
1,645
1,597,765
 
 
 
 
19,608,413
Financial Intermediaries–0.79%
 
 
Edelman Financial Center LLC (The), Second Lien Term Loan (1 mo. Term SOFR + 5.25%)
 9.58%
10/06/2028
 
93
93,060
Eisner Advisory Group LLC
      
 
 
Delayed Draw Term Loan(d)(f)
 0.00%
02/28/2031
 
576
575,962
Incremental Term Loan (1 mo. Term SOFR + 4.00%)
 8.33%
02/28/2031
 
867
870,746
Tegra118 Wealth Solutions, Inc., Term Loan (3 mo. Term SOFR + 4.00%)
 8.32%
02/18/2027
 
558
552,552
 
 
 
 
2,092,320
Food Products–10.28%
 
 
BrightPet (AMCP Pet Holdings, Inc.)
      
 
 
Incremental Term Loan B (3 mo. USD LIBOR + 6.25%)(d)(e)
11.48%
10/05/2026
 
4,258
3,990,364
Revolver Loan (3 mo. Term SOFR + 7.15%)(d)(e)
11.41%
10/05/2026
 
1,502
1,407,333
Term Loan (3 mo. USD LIBOR + 6.40%)(d)(e)
11.43%
10/05/2026
 
4,142
3,881,308
Florida Food Products LLC
      
 
 
First Lien Term Loan (3 mo. Term SOFR + 5.00%)
 9.56%
10/18/2028
 
1,098
783,563
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)(d)
12.56%
10/18/2029
 
1,028
539,548
Teasdale Foods, Inc., Term Loan (3 mo. Term SOFR + 6.40%)(d)(e)
10.68%
12/18/2025
 
15,917
15,121,153
Western Smokehouse Partners
      
 
 
Delayed Draw Term Loan(d)(e)(f)
 0.00%
03/31/2030
 
47
46,257
Revolver Loan(d)(e)(f)
 0.00%
03/31/2030
 
56
54,947
Term Loan B (1 mo. Term SOFR + 5.75%)(d)(e)
10.07%
03/31/2030
 
1,321
1,294,622
 
 
 
 
27,119,095
Forest Products–0.44%
 
 
NewLife Forest Restoration LLC, Term Loan (d)(h)
     –
04/10/2029
 
1,166
1,165,963
Health Care–7.59%
 
 
Acacium (Impala Bidco Ltd.) (United Kingdom), Incremental Term Loan B (1 mo. Term SOFR +
5.25%)
 9.11%
06/08/2028
 
955
730,738
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)
Capitol Imaging Services LLC
      
 
 
Delayed Draw Term Loan(d)(e)(f)
 0.00%
01/03/2030
 
$94
$93,152
Delayed Draw Term Loan (3 mo. Term SOFR + 5.00%)(d)(e)
 9.26%
01/03/2030
 
283
279,454
Revolver Loan(d)(e)(f)
 0.00%
01/03/2030
 
94
93,152
Revolver Loan (3 mo. Term SOFR + 5.00%)(d)(e)
 9.26%
01/03/2030
 
34
33,873
Term Loan B (3 mo. Term SOFR + 5.00%)(d)(e)
 9.28%
12/31/2029
 
1,990
1,968,186
Cerba (Chrome Bidco) (United Kingdom)
      
 
 
Incremental Term Loan D (1 mo. EURIBOR + 5.45%)
 7.46%
02/16/2029
EUR
3,000
2,687,474
Term Loan B (1 mo. EURIBOR + 3.70%)
 5.71%
06/30/2028
EUR
4,000
3,543,013
Global Medical Response, Inc., Term Loan (1 mo. Term SOFR + 4.75%)
 9.08%
10/31/2028
 
1,576
1,580,346
MedAssets Software Intermediate Holdings, Inc. (nThrive TSG)
      
 
 
First Lien Term Loan (1 mo. Term SOFR + 5.25%)
 9.57%
12/17/2028
 
97
96,807
Term Loan (1 mo. Term SOFR + 4.00%)
 8.32%
12/17/2028
 
496
485,422
Term Loan (1 mo. Term SOFR + 4.11%)
 8.44%
12/17/2028
 
437
395,440
Organon & Co., Term Loan (1 mo. Term SOFR + 2.25%)
 6.57%
05/19/2031
 
308
301,010
SDB Holdco LLC (Specialty Dental Brands)
      
 
 
Delayed Draw Term Loan(d)(e)(f)
 0.00%
03/18/2027
 
27
27,960
Delayed Draw Term Loan (1 mo. Term SOFR + 7.10%)(d)(e)
11.33%
03/18/2027
 
722
756,990
Term Loan A (1 mo. Term SOFR + 7.10%)(d)(e)
11.43%
03/29/2027
 
6,361
6,360,735
TTF Holdings LLC (Soliant), Term Loan B (6 mo. Term SOFR + 3.75%)
 8.00%
07/18/2031
 
587
580,066
 
 
 
 
20,013,818
Home Furnishings–2.28%
 
 
Hilding Anders AB (Sweden)
      
 
 
Term Loan (6 mo. EURIBOR + 10.00%)
(Acquired 04/27/2023-07/17/2023; Cost $427,733)(d)(g)
12.14%
12/31/2026
EUR
387
439,742
Term Loan (6 mo. EURIBOR + 10.00%)
(Acquired 09/26/2023-10/30/2023; Cost $564,285)(d)(g)
12.14%
12/31/2026
EUR
534
605,981
Term Loan(d)
12.00%
02/26/2027
EUR
340
386,139
Hunter Douglas Holding B.V., Term Loan B (3 mo. Term SOFR + 3.25%)
 7.55%
01/14/2032
 
1,000
988,750
Kidde Global Solutions, Term Loan B (1 mo. Term SOFR + 4.25%)
 8.57%
10/02/2031
 
562
554,059
Serta Simmons Bedding LLC
      
 
 
First Lien Term Loan (3 mo. Term SOFR + 7.60%)(d)
11.88%
06/29/2028
 
120
120,268
Term Loan (3 mo. Term SOFR + 7.50%)
11.91%
06/29/2028
 
1,693
1,552,318
SIWF Holdings, Inc., Term Loan A-2 (1 mo. Term SOFR + 4.00%)
 8.44%
12/19/2025
 
1,624
1,305,666
Weber-Stephen Products LLC, Incremental Term Loan B (1 mo. Term SOFR + 4.25%)
 8.68%
10/30/2027
 
72
71,368
 
 
 
 
6,024,291
Industrial Equipment–1.81%
 
 
Discovery Energy Holding Co. (Kohler Energy), Term Loan B (3 mo. Term SOFR + 4.75%)
 8.05%
05/01/2031
 
317
315,669
Kantar (Summer BC Bidco/KANGRP) (Luxembourg)
      
 
 
Revolver Loan(f)
 0.00%
06/04/2026
 
2,388
2,262,539
Revolver Loan(h)
     –
06/04/2026
 
112
106,211
Term Loan B (3 mo. Term SOFR + 5.26%)
 9.56%
02/15/2029
 
459
455,639
Tank Holding Corp.
      
 
 
Revolver Loan(d)(f)
 0.00%
03/31/2028
 
176
162,347
Term Loan (1 mo. Term SOFR + 6.00%)
10.18%
03/31/2028
 
1,302
1,229,385
Victory Buyer LLC (Vantage Elevator), Second Lien Term Loan (1 mo. Term SOFR + 7.00%)(d)
11.44%
11/19/2029
 
259
247,467
 
 
 
 
4,779,257
Leisure Goods, Activities & Movies–2.75%
 
 
Crown Finance US, Inc., Term Loan B (1 mo. Term SOFR + 5.25%)
 9.58%
12/02/2031
 
2,616
2,623,139
Fitness International LLC, Term Loan B (1 mo. Term SOFR + 5.25%)
 9.58%
02/05/2029
 
500
502,110
Parques Reunidos (Piolin Bidco S.A.U.) (Luxembourg), Revolver Loan(d)(f)
 0.00%
03/16/2026
EUR
1,529
1,614,585
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
Leisure Goods, Activities & Movies–(continued)
Vue International Bidco PLC (United Kingdom)
      
 
 
Second Lien Term Loan (6 mo. EURIBOR + 8.50%)
(Acquired 02/20/2024-04/08/2025; Cost $605,446)(d)(g)
10.76%
12/31/2027
EUR
811
$1,288,355
Term Loan (6 mo. EURIBOR + 8.50%)
(Acquired 02/20/2024-04/08/2025; Cost $530,851)(d)(g)
10.76%
12/31/2027
EUR
501
795,801
Term Loan (6 mo. EURIBOR + 8.00%)
(Acquired 02/21/2024-04/08/2025; Cost $243,145)(d)(g)
10.26%
06/30/2027
EUR
231
420,370
 
 
 
 
7,244,360
Lodging & Casinos–0.99%
 
 
Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. Term SOFR + 3.75%)
 7.83%
01/27/2029
 
$975
970,566
Voyager Parent, LLC, Term Loan B(h)
     –
05/10/2032
 
1,672
1,644,784
 
 
 
 
2,615,350
Nonferrous Metals & Minerals–0.18%
 
 
Form Technologies LLC, Term Loan (1 mo. Term SOFR + 5.75%)
10.02%
05/30/2030
 
490
466,863
Oil & Gas–1.36%
 
 
McDermott International Ltd.
      
 
 
LOC(f)
 0.00%
06/30/2027
 
2,601
2,119,652
LOC (3 mo. USD LIBOR + 4.00%)
 8.56%
06/30/2027
 
1,306
829,099
PIK Term Loan, 3.00% PIK Rate, 5.44% Cash Rate(i)
 3.00%
12/31/2027
 
1,193
526,303
Term Loan (1 mo. Term SOFR + 3.00%)
 7.44%
06/30/2027
 
180
99,087
 
 
 
 
3,574,141
Publishing–0.79%
 
 
Harbor Purchaser, Inc. (Houghton Mifflin Harcourt), First Lien Term Loan B (1 mo. Term SOFR
+ 5.25%)
 9.63%
04/09/2029
 
2,094
2,086,403
Radio & Television–0.15%
 
 
iHeartCommunications, Inc., Term Loan (1 mo. Term SOFR + 5.89%)
10.21%
05/01/2029
 
480
395,659
Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. Term SOFR + 2.50%)
 6.94%
09/18/2026
 
1
277
 
 
 
 
395,936
Rail Industries–0.96%
 
 
VRS Buyer, Inc.
      
 
 
Delayed Draw Term Loan(d)(e)(f)
 0.00%
11/22/2030
 
713
713,492
Revolver Loan(d)(e)(f)
 0.00%
11/22/2030
 
357
356,746
Term Loan (3 mo. Term SOFR + 4.75%)(d)(e)
 9.08%
11/22/2030
 
1,468
1,467,756
 
 
 
 
2,537,994
Retailers (except Food & Drug)–0.46%
 
 
Bass Pro Group LLC, Term Loan B (1 mo. Term SOFR + 3.25%)
 7.58%
01/31/2032
 
1,200
1,192,650
Harbor Freight Tools USA, Inc., Term Loan B (1 mo. Term SOFR + 2.50%)
 6.58%
06/11/2031
 
29
27,709
 
 
 
 
1,220,359
Surface Transport–0.65%
 
 
Source Holding Delaware, LLC
      
 
 
Delayed Draw Term Loan(d)(e)(f)
 0.00%
02/07/2031
 
389
383,899
Revolver Loan(d)(e)(f)
 0.00%
02/07/2031
 
175
172,755
Revolver Loan (3 mo. Term SOFR + 4.50%)(d)(e)
 8.81%
02/07/2031
 
19
19,195
Term Loan A (3 mo. Term SOFR + 4.50%)(d)(e)
 8.83%
02/07/2031
 
902
890,646
STG Distribution LLC, PIK Term Loan, 7.25% PIK Rate, 5.43% Cash Rate(d)(i)
 7.25%
10/03/2029
 
277
236,926
 
 
 
 
1,703,421
Telecommunications–2.63%
 
 
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. Term SOFR + 4.50%)
 8.83%
09/27/2029
 
1,359
1,247,777
Level 3 Financing, Inc., Term Loan B (1 mo. Term SOFR + 4.25%)
 8.58%
03/30/2032
 
500
503,855
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
Telecommunications–(continued)
MLN US HoldCo LLC (dba Mitel)
      
 
 
DIP Term Loan (1 mo. Term SOFR + 8.00%)(d)(j)
12.33%
07/03/2025
 
$1,486
$1,270,760
DIP Term Loan (1 mo. Term SOFR + 8.00%)(d)(j)
12.33%
07/31/2025
 
1,250
900,356
Revolver Loan(d)(j)(k)
 0.00%
11/18/2025
 
636
203,576
Second Lien Term Loan B-1(d)(j)(k)
 0.00%
10/18/2027
 
3,739
18,882
Term Loan(d)(j)(k)
 0.00%
10/18/2027
 
424
135,548
Third Lien Term Loan(d)(j)(k)
 0.00%
10/18/2027
 
1,874
9,466
U.S. TelePacific Corp.
      
 
 
First Lien Term Loan (3 mo. Term SOFR + 1.15%)
 5.47%
05/02/2026
 
17
6,785
Third Lien Term Loan(d)
 0.00%
05/02/2027
 
100
0
ViaSat, Inc., Term Loan B (1 mo. Term SOFR + 4.50%)
 8.94%
05/30/2030
 
966
906,522
Zayo Group Holdings, Inc., Incremental Term Loan (1 mo. Term SOFR + 4.25%)
 8.58%
03/09/2027
 
1,810
1,740,047
 
 
 
 
6,943,574
Utilities–1.06%
 
 
Eastern Power LLC, Term Loan (1 mo. Term SOFR + 5.25%)
 9.58%
04/03/2028
 
680
679,081
KAMC Holdings, Inc. (Franklin Energy Group)
      
 
 
First Lien Term Loan B (3 mo. Term SOFR + 4.00%)
(Acquired 02/29/2024-05/06/2025; Cost $476,100)(g)
 8.59%
08/14/2026
 
488
468,686
Incremental Term Loan (3 mo. Term SOFR + 4.26%)(d)
 8.59%
08/14/2026
 
228
219,050
Lightstone Holdco LLC
      
 
 
Term Loan B (3 mo. Term SOFR + 5.75%)
10.03%
01/29/2027
 
1,352
1,356,264
Term Loan C (3 mo. Term SOFR + 5.75%)
10.03%
01/29/2027
 
77
76,705
 
 
 
 
2,799,786
Total Variable Rate Senior Loan Interests (Cost $260,879,882)
242,420,161
 
 
 
Shares
 
Common Stocks & Other Equity Interests–14.41%(l)
Aerospace & Defense–0.37%
 
 
IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; Cost $239,759)(d)(e)(g)
      
 
 
220
0
IAP Worldwide Services, Inc.(d)(e)
      
 
 
1,382,229
746,403
IAP Worldwide Services, Inc., Class A(d)(e)
      
 
 
221,331
221,331
 
 
 
 
967,734
Automotive–0.03%
 
 
Cabonline, Class D (Sweden)(d)
      
 
 
63,547,434
89,485
Cabonline, Class D1 (Sweden)(d)
      
 
 
2,236,496
234
Cabonline, Class D2 (Sweden)(d)
      
 
 
1,908,761
101
Muth Mirror Systems LLC(d)(e)
      
 
 
29,146
0
Muth Mirror Systems LLC, Wts.(d)(e)
      
 
 
195,471
0
 
 
 
 
89,820
Building & Development–0.00%
 
 
Lake at Las Vegas Joint Venture LLC, Class A (Acquired 07/15/2010;
Cost $24,140,508)(d)(g)
      
 
 
2,338
0
Lake at Las Vegas Joint Venture LLC, Class B (Acquired 07/15/2010; Cost $285,788)(d)(g)
      
 
 
28
0
 
 
 
 
0
Business Equipment & Services–7.05%
 
 
Monitronics International, Inc. (Acquired 06/30/2023; Cost $2,346,937)(d)(g)
      
 
 
116,589
4,043,307
My Alarm Center LLC, Class A (Acquired 03/09/2021-05/17/2024; Cost $4,158,157)(d)(g)
      
 
 
47,743
14,559,196
 
 
 
 
18,602,503
Chemicals & Plastics–0.00%
 
 
Flint Group (ColourOz Inv), Class A (Germany)(d)
      
 
 
18,948
0
Containers & Glass Products–0.07%
 
 
Libbey Glass LLC (Acquired 11/13/2020-02/10/2022; Cost $56,094)(d)(g)
      
 
 
13,797
185,570
Electronics & Electrical–0.00%
 
 
Mavenir Systems, Inc., Wts.(d)
      
 
 
230,354
0
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
 
 
 
Shares
Value
Electronics & Electrical–(continued)
Riverbed Technology LLC, Class B (Acquired 07/03/2023; Cost $5,458)(d)(g)
      
 
 
41,988
$5,459
Sandvine Corp. (Acquired 06/28/2024; Cost $0)(d)(g)
      
 
 
5,849
0
 
 
 
 
5,459
Financial Intermediaries–2.06%
 
 
RJO Holdings Corp.(d)
      
 
 
5,394
4,029,670
RJO Holdings Corp., Class A(d)
      
 
 
1,142
720,413
RJO Holdings Corp., Class B(d)
      
 
 
3,333
694,733
 
 
 
 
5,444,816
Forest Products–1.35%
 
 
Restoration Forest Products Group LLC (Acquired 02/22/2022-04/17/2025;
Cost $6,861,929)(d)(g)
      
 
 
39,150
3,555,237
Health Care–0.00%
 
 
SDB Holdco LLC (Specialty Dental Brands)(d)(e)
      
 
 
5,863,446
0
Home Furnishings–0.25%
 
 
Serta Simmons Bedding LLC
      
 
 
61,610
646,905
Industrial Equipment–0.03%
 
 
North American Lifting Holdings, Inc.
      
 
 
62,889
72,700
Leisure Goods, Activities & Movies–1.32%
 
 
Crown Finance US, Inc.
      
 
 
149,097
3,466,506
Crown Finance US, Inc.
      
 
 
772
17,949
USF S&H Holdco LLC(d)(e)
      
 
 
11,114
0
Vue International Bidco PLC, Class A1 (Acquired 02/20/2024; Cost $0) (United
Kingdom)(d)(g)
      
 
 
2,084
0
Vue International Bidco PLC, Class A2 (Acquired 02/20/2024; Cost $0) (United
Kingdom)(d)(g)
      
 
 
1,026,420
1
Vue International Bidco PLC, Class A3 (Acquired 02/20/2024; Cost $0) (United
Kingdom)(d)(g)
      
 
 
638,918
1
Vue International Bidco PLC, Class A4 (United Kingdom)(d)
      
 
 
445,416
1
 
 
 
 
3,484,458
Oil & Gas–1.27%
 
 
McDermott International Ltd.(m)
      
 
 
106,979
1,551,196
Samson Investment Co., Class A (Acquired 03/01/2017; Cost $2,932,743)(d)(g)
      
 
 
163,748
1,637
Talos Energy, Inc.(m)
      
 
 
149,121
1,198,933
Tribune Resources LLC
      
 
 
376,237
606,682
 
 
 
 
3,358,448
Radio & Television–0.00%
 
 
iHeartMedia, Inc., Class B(d)(m)
      
 
 
42
37
Retailers (except Food & Drug)–0.00%
 
 
Claire’s Stores, Inc.
      
 
 
420
63
Surface Transport–0.61%
 
 
Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $743,133)(d)(g)
      
 
 
8,956
729,197
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired
08/18/2023-05/20/2025; Cost $101,650)(d)(g)
      
 
 
177,216
110,760
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired
02/15/2018-02/06/2020; Cost $781,183)(d)(g)
      
 
 
9,414
766,488
 
 
 
 
1,606,445
Total Common Stocks & Other Equity Interests (Cost $56,935,389)
38,020,195
 
Interest
Rate
Maturity
Date

Principal
Amount
(000)(a)
 
Non-U.S. Dollar Denominated Bonds & Notes–11.45%(n)
Automotive–0.35%
 
 
Cabonline Group Holding AB (Sweden) (Acquired 10/13/2023; Cost $166,211)(g)(o)
10.00%
03/19/2028
SEK
1,909
191,634
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
Automotive–(continued)
Cabonline Group Holding AB (Sweden) (Acquired 10/12/2023; Cost $347,109)(g)(o)
12.00%
03/19/2028
SEK
3,817
$383,267
Cabonline Group Holding AB (Sweden) (Acquired 03/24/2022; Cost $784,118)(g)(k)(o)
 0.00%
04/19/2029
SEK
7,380
346,429
 
 
 
 
921,330
Electronics & Electrical–0.83%
 
 
Castor S.p.A. (Italy) (3 mo. EURIBOR + 5.25%)(o)(p)
 7.75%
02/15/2029
EUR
2,000
2,204,476
Financial Intermediaries–5.94%
 
 
AnaCap (AFE S.A. SICAV-RAIF) (Italy) (3 mo. EURIBOR + 7.50%) (Acquired
01/31/2018-11/24/2021; Cost $10,598,274)(g)(o)(p)
 9.68%
07/15/2030
EUR
8,976
5,337,956
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%) (Acquired
10/23/2020-11/26/2020; Cost $3,891,960)(g)(o)(p)
 8.43%
05/01/2026
EUR
3,278
2,629,700
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%) (Acquired 10/10/2023;
Cost $979,506)(g)(o)(p)
 8.43%
05/01/2026
EUR
1,000
802,227
Garfunkelux Holdco 3 S.A. (Luxembourg) (Acquired 05/15/2023-10/17/2023;
Cost $4,434,180)(g)(o)
 6.75%
11/01/2025
EUR
4,345
3,479,681
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)(o)(p)
 8.00%
12/15/2029
EUR
3,000
3,411,034
 
 
 
 
15,660,598
Food Service–0.62%
 
 
Selecta Group B.V. 10.00% PIK Rate, 9.25% Cash Rate (Switzerland)(d)(i)(o)
10.00%
07/01/2026
EUR
1,618
1,634,816
Home Furnishings–3.71%
 
 
Very Group Funding PLC (The) (United Kingdom)(o)
 6.50%
08/01/2026
GBP
5,493
7,418,151
Very Group Funding PLC (The) (United Kingdom)(o)
 6.50%
08/01/2026
GBP
1,750
2,363,329
 
 
 
 
9,781,480
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $36,969,384)
30,202,700
 
 
 
Shares
 
Preferred Stocks–2.54%(l)
Financial Intermediaries–0.10%
 
 
RJO Holdings Corp., Pfd.(d)
      
 
 
154
266,215
Health Care–0.03%
 
 
SDB Holdco LLC (Specialty Dental Brands), Pfd.(d)(e)
      
 
 
2,844,928
78,235
Oil & Gas–0.00%
 
 
Southcross Energy Partners L.P., Pfd.(d)
      
 
 
288,393
1,702
Retailers (except Food & Drug)–0.17%
 
 
Vivarte S.A.S.U., Pfd. (France)(d)
      
 
 
1,220,502
461,478
Surface Transport–2.24%
 
 
Commercial Barge Line Co., Series B, Pfd.(d)
      
 
 
42,058
3,468,523
Commercial Barge Line Co., Series B, Pfd.,Wts., expiring 04/27/2045 (Acquired
02/05/2020-10/27/2020; Cost $687,140)(d)(g)
      
 
 
29,536
2,435,834
 
 
 
 
5,904,357
Total Preferred Stocks (Cost $9,776,960)
6,711,987
 
Interest
Rate
Maturity
Date

Principal
Amount
(000)(a)
 
U.S. Dollar Denominated Bonds & Notes–1.36%
Aerospace & Defense–0.33%
 
 
Rand Parent LLC (o)
 8.50%
02/15/2030
 
$890
877,758
Building & Development–0.09%
 
 
Signal Parent, Inc. (o)
 6.13%
04/01/2029
 
564
231,240
Business Equipment & Services–0.34%
 
 
Acuris Finance US, Inc./Acuris Finance S.a.r.l. (o)
 9.00%
08/01/2029
 
875
894,906
Food Products–0.52%
 
 
Teasdale Foods, Inc., 16.25% PIK Rate (d)(e)(i)
16.25%
06/18/2026
 
3,157
656,622
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)
Viking Baked Goods Acquisition Corp.(o)
 8.63%
11/01/2031
 
$762
$720,319
 
 
 
 
1,376,941
Health Care–0.08%
 
 
Organon & Co./Organon Foreign Debt Co-Issuer B.V. (o)
 6.75%
05/15/2034
 
230
214,260
Total U.S. Dollar Denominated Bonds & Notes (Cost $6,172,154)
3,595,105
Asset-Backed Securities–1.00%
Structured Products–1.00%
 
 
Empower CLO Ltd., Series 2023-2A, Class E (Cayman Islands) (3 mo. Term SOFR + 8.25%)
(o)(p)
12.51%
07/15/2036
 
2,000
2,027,732
Rad CLO 19 Ltd., Series 2023-19A, Class D2R (Cayman Islands) (3 mo. Term SOFR +
5.00%)(o)(p)
 9.30%
03/20/2038
 
600
601,753
Total Asset-Backed Securities (Cost $2,600,000)
2,629,485
TOTAL INVESTMENTS IN SECURITIES–122.65% (Cost $373,333,769)
323,579,633
BORROWINGS–(20.56)%
(54,250,000
)
OTHER ASSETS LESS LIABILITIES–(2.09)%
(5,515,167
)
NET ASSETS–100.00%
$263,814,466
Investment Abbreviations: 
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
SEK
– Swedish Krona
SOFR
– Secured Overnight Financing Rate
USD
– U.S. Dollar
Wts.
– Warrants
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Dynamic Credit Opportunity Fund
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)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(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)
All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding.
(g)
Restricted security. The aggregate value of these securities at May 31, 2025 was $68,794,928, which represented 26.08% of the Fund’s Net Assets.
(h)
This variable rate interest will settle after May 31, 2025, 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)
Acquired as part of a bankruptcy restructuring.
(k)
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at May 31, 2025
was $713,901, which represented less than 1% of the Fund’s Net Assets.
(l)
Securities acquired through the restructuring of senior loans.
(m)
Non-income producing security.
(n)
Foreign denominated security. Principal amount is denominated in the currency indicated.
(o)
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 May 31, 2025 was $35,770,668, which
represented 13.56% of the Fund’s Net Assets.
(p)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2025.
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. 
 
Value
February 28, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
May 31, 2025
Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class
$-
$11,223,921
$(11,223,921)
$-
$-
$-
$7,884
Invesco Treasury Portfolio, Institutional Class
-
7,482,613
(7,482,613)
-
-
-
5,216
Total
$-
$18,706,534
$(18,706,534)
$-
$-
$-
$13,100
The aggregate value of securities considered illiquid at May 31, 2025 was $226,777,173, which represented 85.96% of the Fund’s Net Assets. 
Open Forward Foreign Currency Contracts
Settlement
Date
Counterparty
Contract to
Unrealized
Appreciation
(Depreciation)
Deliver
Receive
Currency Risk
 
 
 
06/30/2025
Barclays Bank PLC
USD
16,736
SEK
160,442
$26
06/30/2025
BNP Paribas S.A.
EUR
18,954,631
USD
21,652,991
93,654
07/31/2025
BNP Paribas S.A.
EUR
19,114,062
USD
21,791,430
5,835
07/31/2025
BNP Paribas S.A.
GBP
2,609,538
USD
3,526,490
9,656
07/31/2025
Canadian Imperial Bank of Commerce
EUR
19,403,669
USD
22,137,258
21,578
07/31/2025
Canadian Imperial Bank of Commerce
GBP
2,649,076
USD
3,578,769
8,650
07/31/2025
Canadian Imperial Bank of Commerce
SEK
10,439,945
USD
1,098,352
5,445
06/30/2025
Morgan Stanley and Co. International PLC
EUR
19,260,616
USD
21,998,569
91,199
07/31/2025
Morgan Stanley and Co. International PLC
GBP
31,362
USD
42,339
73
07/31/2025
Royal Bank of Canada
EUR
19,403,669
USD
22,117,757
2,078
06/30/2025
State Street Bank & Trust Co.
EUR
18,954,631
USD
21,638,038
78,701
07/31/2025
State Street Bank & Trust Co.
GBP
2,649,076
USD
3,582,041
11,921
07/31/2025
State Street Bank & Trust Co.
USD
10,757
SEK
103,155
42
Subtotal—Appreciation
328,858
Currency Risk
 
 
 
06/30/2025
Barclays Bank PLC
GBP
2,729,289
USD
3,637,576
(40,196
)
07/31/2025
Barclays Bank PLC
USD
1,140,694
EUR
1,000,000
(926
)
06/30/2025
BNP Paribas S.A.
USD
21,746,034
EUR
19,114,062
(5,357
)
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
Counterparty
Contract to
Unrealized
Appreciation
(Depreciation)
Deliver
Receive
06/30/2025
BNP Paribas S.A.
USD
3,526,009
GBP
2,609,538
$(9,605
)
06/30/2025
Canadian Imperial Bank of Commerce
EUR
751,522
USD
840,366
(14,429
)
06/30/2025
Canadian Imperial Bank of Commerce
GBP
20,785
USD
27,695
(313
)
06/30/2025
Canadian Imperial Bank of Commerce
USD
22,091,077
EUR
19,403,669
(20,996
)
06/30/2025
Canadian Imperial Bank of Commerce
USD
3,578,294
GBP
2,649,076
(8,610
)
06/30/2025
Canadian Imperial Bank of Commerce
USD
1,093,154
SEK
10,411,032
(5,436
)
07/31/2025
Canadian Imperial Bank of Commerce
EUR
355,348
USD
404,771
(242
)
06/30/2025
Goldman Sachs International
SEK
30,971
USD
3,212
(24
)
06/30/2025
Morgan Stanley and Co. International PLC
GBP
2,578,808
USD
3,435,605
(39,390
)
06/30/2025
Royal Bank of Canada
SEK
10,540,502
USD
1,094,166
(7,079
)
06/30/2025
Royal Bank of Canada
USD
22,071,673
EUR
19,403,669
(1,592
)
06/30/2025
State Street Bank & Trust Co.
GBP
2,578,808
USD
3,433,994
(41,001
)
06/30/2025
State Street Bank & Trust Co.
USD
3,581,564
GBP
2,649,076
(11,881
)
Subtotal—Depreciation
(207,077
)
Total Forward Foreign Currency Contracts
$121,781
 
Abbreviations:
EUR
– Euro
GBP
– British Pound Sterling
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
May 31, 2025
(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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
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 May 31, 2025. 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
$—
$99,058,505
$143,361,656
$242,420,161
Common Stocks & Other Equity Interests
2,750,129
4,810,805
30,459,261
38,020,195
Non-U.S. Dollar Denominated Bonds & Notes
—
28,567,884
1,634,816
30,202,700
Preferred Stocks
—
—
6,711,987
6,711,987
U.S. Dollar Denominated Bonds & Notes
—
2,938,483
656,622
3,595,105
Asset-Backed Securities
—
2,629,485
—
2,629,485
Total Investments in Securities
2,750,129
138,005,162
182,824,342
323,579,633
Other Investments - Assets*
Investments Matured
—
—
13,969,172
13,969,172
Forward Foreign Currency Contracts
—
328,858
—
328,858
 
—
328,858
13,969,172
14,298,030
Other Investments - Liabilities*
Forward Foreign Currency Contracts
—
(207,077
)
—
(207,077
)
Total Other Investments
—
121,781
13,969,172
14,090,953
Total Investments
$2,750,129
$138,126,943
$196,793,514
$337,670,586
 
*
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 three months ended May 31, 2025: 
 
Value
02/28/25*
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
05/31/25
Variable Rate Senior Loan Interests
$167,898,515
$7,450,600
$(34,702,875
)
$298,119
$(138,152
)
$(1,911,042
)
$5,586,844
$(1,120,353
)
$143,361,656
Common Stocks & Other Equity Interests
24,296,272
2,019,927
(95,430
)
—
—
4,238,492
—
—
30,459,261
Investments Matured
36,723
13,932,449
—
—
—
—
—
—
13,969,172
Preferred Stocks
8,238,843
—
—
—
—
(1,526,856
)
—
—
6,711,987
Non-U.S. Dollar Denominated Bonds & Notes
1,494,500
—
(1,016
)
29,335
1,016
110,981
—
—
1,634,816
U.S. Dollar Denominated Bonds & Notes
1,356,019
123,240
—
6,049
—
(828,686
)
—
—
656,622
Total
$203,320,872
$23,526,216
$(34,799,321
)
$333,503
$(137,136
)
$82,889
$5,586,844
$(1,120,353
)
$196,793,514
 
*
Prior year balances have been adjusted for a change in security classification.
**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.
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 05/31/25
Valuation
Technique
Unobservable
Inputs
Range of
Unobservable
Inputs
Weighted Average of
Unobservable Inputs
Based on Fair Value
Variable Rate Senior Loan Interests
$143,361,656
Comparable Companies
EBITDA Multiple
6.50x - 11.50x
8.18x
 
Discounted Cash Flow Model
Discount Rate
8.80% - 17.65%
13.46%
Common Stocks & Other Equity Interests
30,459,261
Comparable Companies
EBITDA Multiple
3.50x - 5.50x
4.69x
 
Discounted Cash Flow Model
Discount Rate
10.70%
-
 
EBITDA Multiple
8.40x
-
Preferred Stocks
6,711,987
Comparable Companies
EBITDA Multiple
8.50x
-
Non-U.S. Dollar Denominated Bonds & Notes
1,634,816
Expected Recovery
Anticipated Proceeds
89.00% of Par
-
U.S. Dollar Denominated Bonds & Notes
656,62
Comparable Companies
EBITDA Multiple
10.50x
-
Investments Matured
13,969,172
Expected Recovery
Anticipated Proceeds
41.00% of Par
-
Total
$196,793,514
Invesco Dynamic Credit Opportunity Fund