# EDGAR Filing Document

**Accession Number:** 0001860151
**File Stem:** 0001193125-25-271179
**Filing Date:** 2025-11
**Character Count:** 188719
**Document Hash:** 7c9f9a518f986734677c0dcaa0f47b47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-271179.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-271179

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Invesco Dynamic Credit Opportunity Fund
- **CENTRAL INDEX KEY:** 0001860151

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23665
- **FILM NUMBER:** 251460736

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 800-959-4246

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

?xml version='1.0' encoding='ASCII'? N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u>811-23665</u> 

Invesco Dynamic Credit Opportunity Fund

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(713) 626-1919</u> 

Date of fiscal year end: <u>February 28</u> 

Date of reporting period: <u>August 31, 2025</u> 

------

Item 1. Reports to Stockholders.

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

------

![LOGO](g90241dsp001.jpg)

Semi-Annual Report to Shareholders August 31, 2025

### Invesco Dynamic Credit Opportunity Fund
Nasdaq:

A: XCRTX

∎ AX: XAXCX

∎ Y: XCYOX

∎ R6: XCRRX

---

| | |
|:---|:---|
| 2 | [Fund Performance](#edg90241_1) |
| 4 | [Consolidated Schedule of Investments](#edg90241_2) |
| 14 | [Consolidated Financial Statements](#edg90241_3) |
| 18 | [Consolidated Financial Highlights](#edg90241_4) |
| 22 | [Notes to Consolidated Financial Statements](#edg90241_5) |
| 31 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg90241_6) |

---

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

**This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.** 

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

------

### Fund Performance

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br>**Performance summary** | &nbsp;&nbsp;&nbsp; <br>**Performance summary** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund vs. Indexes**<br>Cumulative total returns, 2/28/25 to 8/31/25, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. | &nbsp;&nbsp;&nbsp;&nbsp;**Fund vs. Indexes**<br>Cumulative total returns, 2/28/25 to 8/31/25, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | 3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX Shares | 3.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y Shares | 3.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 Shares | 3.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P UBS Leveraged Loan Index<sup>▼</sup>(Style-Specific Index) | 3.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Source(s): ▼<br>Bloomberg LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The S&P UBS Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, non-investment-grade loans. | &nbsp;&nbsp;&nbsp;&nbsp;The S&P UBS Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, non-investment-grade loans. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |

---

#### For more information about your Fund
Read the most recent quarterly commentary from your Fund's portfolio managers by visiting invesco.com/us. Click on "Products" and select "Mutual Funds." Use the "Product Finder" to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund's investment strategies, holdings and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, visit blog.invesco.us.com, where many of Invesco's investment professionals share their insights about market and economic news and trends.

2 Invesco Dynamic Credit Opportunity Fund

------

---

| | |
|:---|:---|
|  <br>**Average Annual Total Returns** | <br>**Average Annual Total Returns** |
| &nbsp;&nbsp;As of 8/31/25, including maximum applicable sales charges | &nbsp;&nbsp;As of 8/31/25, including maximum applicable sales charges |
| **Class A Shares** | **Class A Shares** |
| 10 Years | 6.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 5.82 |
| **Class AX Shares** | **Class AX Shares** |
| Inception (6/26/07) | 5.77% |
| 10 Years | 7.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 9.76 |
| **Class Y Shares** | **Class Y Shares** |
| 10 Years | 7.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 9.77 |
| **Class R6 Shares** | **Class R6 Shares** |
| 10 Years | 7.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 9.73 |

---

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

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

**Returns shown for Class AX shares prior to November 1, 2021 are those of the Common Shares of the predecessor fund. Returns shown for Class A, Class Y and Class R6 shares prior to November 1, 2021 are those of the Common Shares of the predecessor fund restated to reflect any applicable Rule 12b-1 fees and sales charges of the respective class.** 

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

#### do not have a front-end sales charge or a CDSC, therefore performance is at net asset value.

#### The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.
**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

3 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Schedule of Investments
August 31, 2025

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest<br> Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | **Principal**<br>**Amount**<br>(000)<sup>(a)</sup> | Value |
| **Variable Rate Senior Loan Interests–85.55%<sup>(b)(c)</sup>** |  |  |  |  |
| Aerospace & Defense–1.38% |  |  |  |  |
| Engineering Research and Consulting LLC, First Lien Term Loan<br>(3 mo. Term SOFR + 5.00%)<sup>(d)</sup> | 9.29% | 08/15/2031 | $707 | $&nbsp;&nbsp;&nbsp;&nbsp;692356 |
| FDH Group Acquisition, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(d)(e)(f)</sup> | 0.00% | 11/04/2031 | 167 | 166358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (1 mo. Term SOFR + 4.75%)<sup>(d)(e)</sup> | 9.07% | 11/04/2031 | 105 | 104363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (1 mo. Term SOFR + 4.75%)<sup>(d)(e)</sup> | 9.05% | 11/04/2031 | 724 | 720558 |
| NAC Aviation 8 Ltd. (Ireland), Revolver Loan<sup>(d)(f)</sup> | 0.00% | 12/31/2026 | 1642 | 1642458 |
| Propulsion (BC) Newco LLC (aka ITP Aero), Term Loan (1 mo. Term SOFR + 2.75%) | 7.04% | 09/14/2029 | 223 | 224385 |
|  |  |  |  | 3550478 |
| **Beverage & Tobacco–0.18%** |  |  |  |  |
| City Brewing Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Term Loan (3 mo. Term SOFR + 6.25%)<sup>(d)</sup> | 10.57% | 09/30/2030 | 450 | 337179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Super Priority Term Loan (3 mo. Term SOFR + 1.50%)<sup>(d)</sup> | 6.09% | 09/30/2030 | 152 | 137174 |
|  |  |  |  | 474353 |
| **Building & Development–3.36%** |  |  |  |  |
| Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (1 mo. Term SOFR + 3.50%) | 7.82% | 05/28/2030 | 1458 | 1465736 |
| Empire Today LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 5.26%)<br>(Acquired 11/18/2024-06/25/2025; Cost $1,555,951)<sup>(d)(g)</sup> | 9.57% | 08/03/2029 | 2144 | 1354127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A (3 mo. Term SOFR + 5.76%)<br>(Acquired 11/18/2024-06/25/2025; Cost $583,290)<sup>(d)(g)</sup> | 10.07% | 08/03/2029 | 644 | 554625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 5.76%)<br>(Acquired 11/18/2024-06/25/2025; Cost $626,615)<sup>(d)(g)</sup> | 10.07% | 08/03/2029 | 638 | 549373 |
| Interior Logic Group, Inc. (Signal Parent), Term Loan B (3 mo. Term SOFR + 3.50%) (Acquired 09/11/2023-10/17/2023; Cost $933,344)<sup>(g)</sup> | 7.91% | 04/01/2028 | 1044 | 724274 |
| LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. Term SOFR + 4.75%) | 9.17% | 02/16/2029 | 1539 | 1486252 |
| OmniMax International LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (3 mo. Term SOFR + 5.62%)<sup>(d)(e)</sup> | 9.92% | 12/06/2031 | 588 | 593175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 5.75%)<sup>(d)(e)</sup> | 9.92% | 12/06/2031 | 1905 | 1920525 |
|  |  |  |  | 8648087 |
| **Business Equipment & Services–8.32%** |  |  |  |  |
| Constant Contact, Inc., Term Loan (3 mo. Term SOFR + 4.00%) | 8.58% | 02/10/2028 | 916 | 877778 |
| Deerfield Dakota Holding Corp., First Lien Term Loan (3 mo. Term SOFR + 3.75%) | 8.05% | 04/09/2027 | 1690 | 1686153 |
| DTI HoldCo, Inc., Term Loan B (1 mo. Term SOFR + 4.00%) | 8.32% | 04/26/2029 | 609 | 582226 |
| GI Revelation Acquisition LLC, Term Loan B-4 (1 mo. Term SOFR + 3.75%) | 8.07% | 05/12/2028 | 1580 | 1493843 |
| I-Logic Tech Bidco Ltd. (Acuris) (United Kingdom), Term Loan<br>(3 mo. Term SOFR + 3.75%) | 8.05% | 02/16/2028 | 198 | 198908 |
| Lamark Media Group LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (3 mo. Term SOFR + 5.10%)<sup>(d)(e)</sup> | 9.30% | 10/14/2027 | 1490 | 1489737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(d)(e)(f)</sup> | 0.00% | 10/14/2027 | 1019 | 1018624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 5.00%)<sup>(d)(e)</sup> | 9.30% | 10/14/2027 | 6881 | 6880802 |
| Monitronics International, Inc., DIP Term Loan A (3 mo. Term SOFR + 7.50%)<br>(Acquired 06/30/2023; Cost $5,078,379)<sup>(g)</sup> | 12.06% | 06/30/2028 | 5078 | 5008551 |
| Spin Holdco, Inc., Term Loan (3 mo. Term SOFR + 4.00%) | 8.58% | 03/04/2028 | 1775 | 1512764 |
| UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 4.75%)<sup>(d)</sup> | 10.20% | 03/20/2027 | 915 | 661993 |
|  |  |  |  | 21411379 |
| **Cable & Satellite Television–13.41%** |  |  |  |  |
| Altice Financing S.A. (Altice-Int'l) (Luxembourg) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incremental Term Loan (3 mo. EURIBOR + 5.00%) | 7.03% | 10/31/2027 | EUR 3,059 | 3025536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. EURIBOR + 5.00%) | 7.03% | 10/31/2027 | EUR 2,265 | 2239739 |
| Lightning Finco Ltd. (LiveU) (United Kingdom) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B-1 (6 mo. Term SOFR + 5.88%)<sup>(d)(e)</sup> | 10.22% | 08/31/2028 | 18375 | 18375146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B-2 (6 mo. EURIBOR + 5.50%)<sup>(d)(e)</sup> | 7.54% | 08/31/2028 | EUR 1,886 | 2206169 |
| Numericable-SFR S.A. (France), Term Loan B-14 (3 mo. EURIBOR + 5.50%) | 7.53% | 08/15/2028 | EUR 7,368 | 7929795 |

---

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

4 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Interest<br>Rate | Maturity<br>Date | **Principal<br>Amount**<br>(000)<sup>(a)</sup> | **Principal<br>Amount**<br>(000)<sup>(a)</sup> | Value |
| Cable & Satellite Television–(continued) |  |  |  |  |  |
| Virgin Media 02 - LG (United Kingdom), Term Loan Y (6 mo. Term SOFR + 3.25%) | 7.37% | 03/31/2031 | $750 | $750 | $736924 |
|  |  |  |  |  | 34513309 |
| Chemicals & Plastics–7.20% |  |  |  |  |  |
| A-Gas Finco, Inc., Term Loan (3 mo. Term SOFR + 5.25%) | 9.55% | 12/14/2029 |  | 1078 | 1018192 |
| Chemours Co. (The), Term Loan B-3 (1 mo. Term SOFR + 3.00%)<sup>(d)</sup> | 7.32% | 08/18/2028 |  | 99 | 99622 |
| Discovery Purchaser Corp. (BES), First Lien Term Loan (3 mo. Term SOFR + 4.38%) | 8.08% | 10/04/2029 |  | 1110 | 1108690 |
| Ineos US Finance LLC, Term Loan (1 mo. Term SOFR + 3.25%) | 7.57% | 02/18/2030 |  | 1197 | 1102220 |
| Oxea Corp. (OQ Chemicals) (Oman)<br>Term Loan B-1 (3 mo. EURIBOR + 4.25%) | 6.19% | 04/07/2031 | EUR | 2120 | 2362743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B-2 (3 mo. Term SOFR + 3.50%) | 8.64% | 04/07/2031 |  | 1516 | 1408578 |
| Proampac PG Borrower LLC, Term Loan (1 mo. Term SOFR + 4.00%) | 8.19% | 09/15/2028 |  | 655 | 656692 |
| Trinseo Materials Operating S.C.A.<br>Incremental Term Loan (3 mo. Term SOFR + 2.50%) | 6.96% | 05/03/2028 |  | 987 | 264477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A (3 mo. Term SOFR + 8.50%) | 12.82% | 05/03/2028 |  | 312 | 311668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 8.50%) | 12.82% | 05/03/2028 |  | 2294 | 2296004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan C (3 mo. Term SOFR + 8.50%) | 12.82% | 05/03/2028 |  | 271 | 271003 |
| Tronox Finance LLC, Term Loan B (3 mo. Term SOFR + 2.25%) | 6.55% | 04/04/2029 |  | 510 | 466974 |
| V Global Holdings LLC<br>Revolver Loan (1 mo. USD LIBOR + 5.75%)<sup>(d)(e)</sup> | 10.17% | 12/22/2027 |  | 774 | 731439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(d)(e)(f)</sup> | 0.00% | 12/22/2027 |  | 71 | 67259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 5.90%)<sup>(d)(e)</sup> | 10.14% | 12/22/2027 |  | 6723 | 6352846 |
|  |  |  |  |  | 18518407 |
| Containers & Glass Products–9.91% |  |  |  |  |  |
| Keg Logistics LLC<br>Revolver Loan (3 mo. Term SOFR + 3.10%)<sup>(d)(e)</sup> | 0.50% | 11/23/2027 |  | 1366 | 1273346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A (3 mo. Term SOFR + 6.90%)<sup>(d)(e)</sup> | 11.11% | 11/23/2027 |  | 20730 | 19319926 |
| Klockner (KPERST/Kleopatra), Term Loan B (3 mo. EURIBOR + 4.73%)<br>(Acquired 01/09/2024-01/10/2024; Cost $3,221,709)<sup>(g)</sup> | 6.78% | 02/12/2026 | EUR | 3000 | 2263756 |
| Libbey Glass LLC, Term Loan B (3 mo. Term SOFR + 6.65%)<br>(Acquired 03/29/2024-01/23/2025; Cost $1,880,564)<sup>(g)</sup> | 10.96% | 11/22/2027 |  | 1903 | 1843563 |
| Mold-Rite Plastics LLC (Valcour Packaging LLC), Term Loan A-2, (1 mo. Term SOFR + 3.86%) | 2.25% | 10/04/2028 |  | 936 | 797883 |
|  |  |  |  |  | 25498474 |
| Cosmetics & Toiletries–0.49% |  |  |  |  |  |
| Bausch and Lomb, Inc., Term Loan B (1 mo. Term SOFR + 4.25%) | 8.57% | 01/30/2031 |  | 1254 | 1257805 |
| Ecological Services & Equipment–1.57% |  |  |  |  |  |
| OGF (VESCAP/Obol France 3/PHM) (Netherlands), Term Loan B (3 mo. EURIBOR + 5.00%) | 7.19% | 12/29/2028 | EUR | 3506 | 4045824 |
| Electronics & Electrical–7.56% |  |  |  |  |  |
| GoTo Group, Inc. (LogMeIn), First Lien Term Loan (3 mo. Term SOFR + 4.90%) | 9.22% | 04/30/2028 |  | 1405 | 1222650 |
| Infinite Electronics<br>First Lien Term Loan (3 mo. Term SOFR + 3.25%) | 8.32% | 03/02/2028 |  | 863 | 819112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Term Loan (3 mo. Term SOFR + 7.00%) | 11.57% | 03/02/2029 |  | 473 | 417846 |
| KnowBe4 (aka Oranje MidCo, LLC), Term Loan B (3 mo. Term SOFR + 3.75%) | 0.00% | 07/26/2032 |  | 127 | 127282 |
| Learning Pool (Brook Bidco Ltd.) (United Kingdom)<br>Term Loan (3 mo. SONIA + 7.03%)<sup>(d)</sup> | 11.24% | 07/10/2028 | GBP | 646 | 838697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (6 mo. Term SOFR + 7.34%)<sup>(d)</sup> | 11.71% | 08/17/2028 |  | 862 | 824732 |
| Mavenir Systems, Inc., Second Lien Term Loan<sup>(d)</sup> | 12.00% | 07/28/2030 |  | 159 | 113600 |
| McAfee LLC, Term Loan B (1 mo. Term SOFR + 3.00%) | 7.35% | 03/01/2029 |  | 998 | 955514 |
| Modena Buyer LLC (End User Computing), Term Loan (3 mo. Term SOFR + 4.50%) | 8.81% | 07/01/2031 |  | 135 | 133421 |
| Natel Engineering Co., Inc., Term Loan (1 mo. Term SOFR + 6.25%)<br>(Acquired 04/25/2019-08/18/2025; Cost $3,214,156)<sup>(g)</sup> | 10.68% | 04/30/2026 |  | 3225 | 2826999 |
| Native Instruments (Music Creation Group GmbH/APTUS) (Germany), Term Loan B (3 mo. EURIBOR + 8.00%)<br>(Acquired 01/14/2022-06/10/2025; Cost $1,484,333)<sup>(d)(g)</sup> | 5.96% | 03/03/2028 | EUR | 1311 | 1253208 |
| Quest Software US Holdings, Inc.<br>First Lien Term Loan (3 mo. Term SOFR + 4.40%) | 8.71% | 02/01/2029 |  | 1613 | 1336588 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Term Loan (1 mo. Term SOFR + 6.00%) | 10.31% | 02/01/2029 |  | 625 | 646491 |

---

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

5 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Interest<br>Rate | Maturity<br>Date | **Principal<br>Amount**<br>(000)<sup>(a)</sup> | Value |
| Electronics & Electrical–(continued) |  |  |  |  |
| RANGE RED OPER, Inc., Second Lien Term Loan (3 mo. Term SOFR + 8.10%)<br>(Acquired 10/01/2024; Cost $0)<sup>(d)(g)</sup> | 12.40% | 10/01/2029 | $0 | $0 |
| Renaissance Holding Corp., Term Loan (3 mo. Term SOFR + 4.00%) | 8.32% | 04/05/2030 | 1161 | 1003981 |
| Riverbed Technology LLC, PIK Term Loan, 2.00% PIK Rate, 6.80% Cash Rate<sup>(h)</sup> | 2.00% | 07/01/2028 | 1631 | 811608 |
| SonicWall U.S. Holdings, Inc., First Lien Term Loan (3 mo. Term SOFR + 5.00%) | 9.30% | 05/18/2028 | 1061 | 1044016 |
| Utimaco (SGT Ultimate BidCo GmbH) (Germany)<br>Term Loan B-1 (6 mo. EURIBOR + 5.75%)<sup>(d)</sup> | 7.79% | 05/31/2029 | 2932 | 3429973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B-2 (6 mo. Term SOFR + 5.75%)<sup>(d)</sup> | 10.01% | 05/31/2029 | 1646 | 1645484 |
|  |  |  |  | 19451202 |
| Financial Intermediaries–0.48% |  |  |  |  |
| Edelman Financial Center LLC (The), Second Lien Term Loan<br>(1 mo. Term SOFR + 5.25%) | 9.57% | 10/06/2028 | 93 | 93409 |
| Eisner Advisory Group LLC, Delayed Draw Term Loan<sup>(d)(f)</sup> | 0.00% | 02/28/2031 | 576 | 578121 |
| Tegra118 Wealth Solutions, Inc., Term Loan (3 mo. Term SOFR + 4.00%) | 8.20% | 02/18/2027 | 557 | 552959 |
|  |  |  |  | 1224489 |
| Food Products–10.17% |  |  |  |  |
| BrightPet (AMCP Pet Holdings, Inc.)<br>Incremental Term Loan B (3 mo. Term SOFR + 4.15%)<sup>(d)(e)</sup> | 11.46% | 10/05/2026 | 4102 | 3826990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan (3 mo. Term SOFR + 7.15%)<sup>(d)(e)</sup> | 11.40% | 10/05/2026 | 1513 | 1412144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 7.00%)<sup>(d)(e)</sup> | 3.00% | 10/05/2026 | 3990 | 3722398 |
| Florida Food Products LLC First Lien<br>Term Loan (3 mo. Term SOFR + 5.00%)<br>(Acquired 05/09/2025-05/27/2025; Cost $821,587)<sup>(g)</sup> | 9.56% | 10/18/2028 | 1095 | 759989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)<br>(Acquired 10/08/2021-11/30/2021; Cost $1,008,330)<sup>(d)(g)</sup> | 12.56% | 10/18/2029 | 1028 | 488162 |
| Teasdale Foods, Inc., Term Loan (3 mo. Term SOFR + 4.40%)<sup>(d)(e)</sup> | 3.40% | 12/18/2025 | 16171 | 14473214 |
| Western Smokehouse Partners<br>Delayed Draw Term Loan<sup>(d)(e)(f)</sup> | 0.00% | 03/31/2029 | 122 | 120024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (1 mo. Term SOFR + 5.75%)<sup>(d)(e)</sup> | 10.06% | 03/31/2029 | 28 | 27535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(d)(e)(f)</sup> | 0.00% | 03/31/2029 | 56 | 55071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (1 mo. Term SOFR + 5.75%)<sup>(d)(e)</sup> | 10.08% | 03/31/2029 | 1318 | 1294285 |
|  |  |  |  | 26179812 |
| Food Service–0.47% |  |  |  |  |
| Selecta Group B.V. (Netherlands)<br>Term Loan<br>(Acquired 06/06/2025; Cost $1,192,948)<sup>(d)(f)(g)</sup> | 0.00% | 08/01/2030 | 405 | 462068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan<br>(Acquired 06/06/2025; Cost $1,192,948)<sup>(d)(g)</sup> | 7.47% | 08/01/2030 | 662 | 753900 |
|  |  |  |  | 1215968 |
| Forest Products–0.46% |  |  |  |  |
| NewLife Forest Restoration LLC, Term Loan <sup>(d)</sup> | 10.00% | 04/10/2029 | 1196 | 1196015 |
| Health Care–7.14% |  |  |  |  |
| Capitol Imaging Services LLC<br>Delayed Draw Term Loan<sup>(d)(e)(f)</sup> | 0.00% | 01/03/2030 | 94 | 93020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (3 mo. Term SOFR + 5.25%)<sup>(d)(e)</sup> | 1.00% | 01/03/2030 | 283 | 279059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(d)(e)(f)</sup> | 0.00% | 01/03/2030 | 94 | 93020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan (3 mo. Term SOFR + 5.25%)<sup>(d)(e)</sup> | 0.50% | 01/03/2030 | 34 | 33825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 5.25%)<sup>(d)(e)</sup> | 9.55% | 12/31/2029 | 1985 | 1960475 |
| Cerba (Chrome Bidco) (France)<br>Incremental Term Loan D (3 mo. EURIBOR + 5.45%) | 7.51% | 02/16/2029 | 3000 | 2440996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (1 mo. EURIBOR + 3.70%) | 5.76% | 06/30/2028 | 4000 | 3243079 |
| Global Medical Response, Inc., PIK Term Loan, 0.75% PIK Rate, 8.95% Cash Rate<sup>(h)</sup> | 0.75% | 10/31/2028 | 1568 | 1570805 |
| MedAssets Software Intermediate Holdings, Inc. (nThrive TSG)<br>First Lien Term Loan (1 mo. Term SOFR + 5.25%) | 9.59% | 12/17/2028 | 97 | 96675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. Term SOFR + 4.00%) | 8.34% | 12/17/2028 | 495 | 481153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. Term SOFR + 4.11%)<sup>(d)</sup> | 8.46% | 12/17/2028 | 437 | 380147 |

---

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

6 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Interest<br>Rate | Maturity<br>Date | Principal<br>Amount<br>(000)<sup>(a)</sup> | Value |
| Health Care–(continued) |  |  |  |  |
| SDB Holdco LLC (Specialty Dental Brands)<br>Delayed Draw Term Loan<sup>(d)(e)(f)</sup> | 0.00% | 03/18/2027 | 27 | $27960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (1 mo. Term SOFR + 5.10%)<sup>(d)(e)</sup> | 1.25% | 03/18/2027 | $728 | 763459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A (1 mo. Term SOFR + 11.33%)<sup>(d)(e)</sup> | 6.39% | 03/18/2027 | 6430 | 6185816 |
| Southern Veterinary Partners LLC, Term Loan B (3 mo. Term SOFR + 2.50%) | 6.82% | 12/04/2031 | 158 | 157757 |
| TTF Holdings LLC (Soliant), Term Loan B (6 mo. Term SOFR + 3.75%) | 7.79% | 07/18/2031 | 564 | 561758 |
|  |  |  |  | 18369004 |
| Home Furnishings–1.71% |  |  |  |  |
| Hilding Anders AB (Sweden)<br>Term Loan (6 mo. EURIBOR + 10.00%)<sup>(d)</sup> | 12.14% | 12/31/2026 | 387 | 453084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (6 mo. EURIBOR + 10.00%)<sup>(d)</sup> | 12.14% | 12/31/2026 | 534 | 624366 |
| Hunter Douglas Holding B.V. (Netherlands), Term Loan B-1 (3 mo. Term SOFR + 3.25%) | 7.55% | 01/14/2032 | 997 | 999883 |
| Kidde Global Solutions, Term Loan (1 mo. Term SOFR + 3.50%) | 0.00% | 12/02/2031 | 562 | 565525 |
| Serta Simmons Bedding LLC<br>First Lien Term Loan (3 mo. Term SOFR + 7.62%)<sup>(d)</sup> | 11.94% | 06/29/2028 | 120 | 119816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 7.50%) | 11.91% | 06/29/2028 | 1689 | 1572244 |
| Weber-Stephen Products LLC, Incremental Term Loan B (1 mo. Term SOFR + 4.25%) | 8.67% | 10/30/2027 | 71 | 71303 |
|  |  |  |  | 4406221 |
| Industrial Equipment–1.59% |  |  |  |  |
| Discovery Energy Holding Co. (Kohler Energy), Term Loan B (3 mo. Term SOFR + 3.75%) | 8.05% | 05/01/2031 | 317 | 318243 |
| Kantar (Summer BC Bidco/KANGRP) (Luxembourg)<br>Revolver Loan<sup>(d)(f)</sup> | 0.00% | 06/04/2026 | 2388 | 2280449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(d)</sup> | 1.05% | 06/04/2026 | 112 | 107051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 5.26%) | 9.56% | 02/15/2029 | 458 | 459262 |
| Tank Holding Corp.<br>Revolver Loan<sup>(d)(f)</sup> | 0.00% | 03/31/2028 | 176 | 162347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. Term SOFR + 6.00%) | 10.17% | 03/31/2028 | 552 | 526241 |
| Victory Buyer LLC (Vantage Elevator), Second Lien Term Loan<br>(1 mo. Term SOFR + 7.00%)<sup>(d)</sup> | 11.43% | 11/19/2029 | 259 | 250375 |
|  |  |  |  | 4103968 |
| Leisure Goods, Activities & Movies–2.82% |  |  |  |  |
| Crown Finance US, Inc., First Lien Term Loan (1 mo. Term SOFR + 4.50%) | 8.85% | 12/02/2031 | 2610 | 2611032 |
| Fitness International LLC, Term Loan B (1 mo. Term SOFR + 5.25%) | 8.82% | 02/05/2029 | 499 | 502977 |
| Parques Reunidos (Piolin Bidco S.A.U.) (Spain), Revolver Loan<sup>(f)</sup> | 0.00% | 03/16/2026 | 1529 | 1681459 |
| Vue International Bidco PLC (United Kingdom) Second Lien Term Loan<br>(6 mo. EURIBOR + 8.50%) (Acquired 02/20/2024-04/08/2025; Cost $627,494)<sup>(d)(g)</sup> | 2.36% | 12/31/2027 | 810 | 1274347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (6 mo. EURIBOR + 8.50%)<br>(Acquired 02/20/2024-04/08/2025; Cost $531,979)<sup>(d)(g)</sup> | 8.40% | 12/31/2027 | 501 | 781291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (6 mo. EURIBOR + 8.00%)<sup>(d)</sup> | 10.26% | 06/30/2027 | 231 | 402670 |
|  |  |  |  | 7253776 |
| Lodging & Casinos–1.03% |  |  |  |  |
| Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. Term SOFR + 3.75%) | 7.57% | 01/27/2029 | 973 | 973092 |
| Voyager Parent, LLC, Term Loan B (3 mo. Term SOFR + 4.75%) | 9.04% | 05/10/2032 | 1672 | 1677855 |
|  |  |  |  | 2650947 |
| Nonferrous Metals & Minerals–0.10% |  |  |  |  |
| Form Technologies LLC, Term Loan (1 mo. Term SOFR + 5.75%)<sup>(d)</sup> | 10.08% | 05/30/2030 | 269 | 245408 |
| Oil & Gas–1.53% |  |  |  |  |
| McDermott International Ltd.<br>LOC<sup>(f)</sup> | 0.00% | 06/30/2027 | 2601 | 2197677 |
| &nbsp;&nbsp;&nbsp;&nbsp;LOC (3 mo. Term SOFR + 4.26%) | 8.85% | 06/30/2027 | 1306 | 959665 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK Term Loan, 3.00% PIK Rate, 5.43% Cash Rate<sup>(h)</sup> | 3.00% | 12/31/2027 | 1202 | 658370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. Term SOFR + 3.00%) | 7.43% | 06/30/2027 | 180 | 133016 |
|  |  |  |  | 3948728 |

---

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

7 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Interest<br>Rate | Maturity<br>Date | Principal<br>Amount<br>(000)<sup>(a)</sup> | Value |
| Publishing–0.77% |  |  |  |  |
| Harbor Purchaser, Inc. (Houghton Mifflin Harcourt), First Lien Term Loan B<br>(1 mo. Term SOFR + 5.25%) | 9.67% | 04/09/2029 | $2089 | $1969310 |
| Radio & Television–0.16% |  |  |  |  |
| iHeartCommunications, Inc., Term Loan (1 mo. Term SOFR + 5.89%) | 10.21% | 05/01/2029 | 479 | 404714 |
| Retailers (except Food & Drug)–0.60% |  |  |  |  |
| Bass Pro Group LLC, Term Loan B (1 mo. Term SOFR + 3.25%) | 7.57% | 01/31/2032 | 1197 | 1201930 |
| Harbor Freight Tools USA, Inc., Term Loan B (1 mo. Term SOFR + 2.25%) | 6.57% | 06/11/2031 | 29 | 28312 |
| PetSmart, Inc., Term Loan B (1 mo. Term SOFR + 4.00%) | 8.36% | 08/06/2032 | 327 | 324527 |
|  |  |  |  | 1554769 |
| Surface Transport–0.67% |  |  |  |  |
| Source Holding Delaware LLC<br>Delayed Draw Term Loan<sup>(d)(e)(f)</sup> | 0.00% | 02/07/2031 | 389 | 383938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(d)(e)(f)</sup> | 0.00% | 02/07/2031 | 151 | 149736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan (3 mo. Term SOFR + 4.75%)<sup>(d)(e)</sup> | 0.50% | 02/07/2031 | 43 | 42233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A (3 mo. Term SOFR + 4.75%)<sup>(d)(e)</sup> | 8.96% | 02/07/2031 | 902 | 890736 |
| STG Distribution LLC, PIK Term Loan, 7.25% PIK Rate, 5.45% Cash Rate<br>(Acquired 10/03/2024-08/07/2025; Cost $268,442)<sup>(d)(g)(h)</sup> | 7.25% | 10/03/2029 | 282 | 256971 |
|  |  |  |  | 1723614 |
| Telecommunications–2.21% |  |  |  |  |
| Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. Term SOFR + 4.50%) | 8.82% | 09/27/2029 | 672 | 665194 |
| MLN US HoldCo LLC (dba Mitel)<br>Term Loan B (1 mo. Term SOFR + 4.00%)<br>(Acquired 06/25/2025-08/21/2025; Cost $538,897)<sup>(g)</sup> | 2.50% | 05/08/2028 | 549 | 525436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (1 mo. Term SOFR + 2.00%)<br>(Acquired 06/20/2025-08/21/2025; Cost $1,801,683)<sup>(g)</sup> | 6.00% | 06/01/2030 | 2085 | 1730346 |
| U.S. TelePacific Corp., Third Lien Term Loan (3 mo. Term SOFR + 1.00%)<sup>(d)</sup> | 6.50% | 05/02/2027 | 100 | 0 |
| ViaSat, Inc., Term Loan B (1 mo. Term SOFR + 4.62%) | 8.97% | 05/30/2030 | 751 | 746828 |
| Zayo Group Holdings, Inc.<br>Incremental Term Loan (1 mo. Term SOFR + 4.18%)<br>(Acquired 04/29/2022; Cost $1,787,463)<sup>(g)</sup> | 8.49% | 03/09/2027 | 1805 | 1776764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. Term SOFR + 3.00%)<br>(Acquired 08/15/2025-08/20/2025; Cost $251,685)<sup>(g)</sup> | 7.43% | 03/09/2027 | 258 | 250448 |
|  |  |  |  | 5695016 |
| Utilities–0.26% |  |  |  |  |
| Eastern Power LLC, Term Loan (1 mo. Term SOFR + 5.25%) | 9.57% | 04/03/2028 | 668 | 672326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Variable Rate Senior Loan Interests (Cost $229,674,945) |  |  |  | 220183403 |
|  |  |  | Shares |  |
| **Common Stocks & Other Equity Interests–18.98%<sup>(i)</sup>** |  |  |  |  |
| Aerospace & Defense–0.38% |  |  |  |  |
| Black Diamond Therapeutics, Inc.<sup>(d)</sup> |  |  | 1382229 | 746403 |
| IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; Cost $239,759)<sup>(d)(e)(g)</sup> |  |  | 220 | 0 |
| IAP Worldwide Services, Inc., Class A<sup>(d)</sup> |  |  | 221331 | 221331 |
|  |  |  |  | 967734 |
| Automotive–0.04% |  |  |  |  |
| Cabonline, Class D (Acquired 10/30/2023; Cost $57,053) (Sweden)<sup>(d)(g)</sup> |  |  | 63547434 | 90643 |
| Cabonline, Class D1 (Acquired 10/30/2023; Cost $2) (Sweden)<sup>(d)(g)</sup> |  |  | 2236496 | 238 |
| Cabonline, Class D2 (Acquired 10/31/2023; Cost $2) (Sweden)<sup>(d)(g)</sup> |  |  | 1908761 | 102 |
| Muth Mirror Systems LLC<sup>(d)(e)</sup> |  |  | 29146 | 0 |
| Muth Mirror Systems LLC, Wts.<sup>(d)(e)</sup> |  |  | 195471 | 0 |
|  |  |  |  | 90983 |
| Beverage & Tobacco–0.00% |  |  |  |  |
| City Brewing Co. LLC<sup>(d)</sup> |  |  | 3052 | 2469 |

---

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

8 Invesco Dynamic Credit Opportunity Fund

------

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Brokers, Dealers & Investment Houses–1.89% |  |  |
| Seawolf Buyer LLC<sup>(d)</sup> | 3721124 | $3665308 |
| Seawolf Buyer LLC<sup>(d)</sup> | 604079 | 595017 |
| Seawolf Buyer LLC<sup>(d)</sup> | 604079 | 599548 |
|  |  | 4859873 |
| Building & Development–0.00% |  |  |
| Lake at Las Vegas Joint Venture LLC, Class A (Acquired 07/15/2010;<br>Cost $24,140,508)<sup>(d)(g)</sup> | 2338 | 0 |
| Lake at Las Vegas Joint Venture LLC, Class B (Acquired 07/15/2010; Cost $285,788)<sup>(d)(g)</sup> | 28 | 0 |
|  |  | 0 |
| Business Equipment & Services–8.14% |  |  |
| Monitronics International, Inc. (Acquired 06/30/2023; Cost $2,346,937)<sup>(d)(g)</sup> | 116589 | 5471522 |
| My Alarm Center LLC, Class A (Acquired 03/09/2021-05/17/2024; Cost $4,158,157)<sup>(d)(g)</sup> | 47743 | 15466788 |
|  |  | 20938310 |
| Chemicals & Plastics–0.00% |  |  |
| Flint Group (ColourOz Inv), Class A, PIK Term Loan, 6.90% PIK Rate, 4.68% Cash Rate<br>(Acquired 09/19/2023; Cost $0) (Germany)<sup>(d)(g)(h)</sup> | 18948 | 0 |
| Containers & Glass Products–0.32% |  |  |
| Libbey Glass LLC (Acquired 11/13/2020-08/27/2025; Cost $294,274)<sup>(d)(g)</sup> | 64131 | 815105 |
| Electronics & Electrical–0.00% |  |  |
| Riverbed Technology LLC, Class B (Acquired 07/03/2023; Cost $5,458)<sup>(d)(g)</sup> | 41987 | 2120 |
| Sandvine Corp. (Acquired 06/28/2024; Cost $0)<sup>(d)(g)</sup> | 5849 | 0 |
|  |  | 2120 |
| Financial Intermediaries–2.22% |  |  |
| RJO Holdings Corp.<sup>(d)</sup> | 5394 | 4029671 |
| RJO Holdings Corp., Class A<sup>(d)</sup> | 1142 | 720414 |
| RJO Holdings Corp., Class B<sup>(d)</sup> | 3333 | 694733 |
| RJO Holdings Corp., Rts.<sup>(d)</sup> | 155 | 266215 |
|  |  | 5711033 |
| Food Service–0.65% |  |  |
| Selecta Group B.V., Class A1 (Switzerland)<sup>(d)(j)</sup> | 11326 | 1325029 |
| Selecta Group B.V., Class A2 (Switzerland)<sup>(d)(j)</sup> | 2999 | 350853 |
|  |  | 1675882 |
| Forest Products–1.31% |  |  |
| NewLife Forest Restoration LLC<sup>(d)</sup> | 39150 | 3376321 |
| Health Care–0.00% |  |  |
| SDB Holdco LLC (Specialty Dental Brands)<sup>(d)(e)</sup> | 5863446 | 0 |
| Home Furnishings–0.23% |  |  |
| Serta Simmons Bedding LLC (Acquired 06/29/2023; Cost $9,550)<sup>(g)</sup> | 61610 | 603778 |
| Industrial Equipment–0.02% |  |  |
| North American Lifting Holdings, Inc. | 62889 | 56600 |
| Leisure Goods, Activities & Movies–1.31% |  |  |
| Crown Finance US, Inc. | 149869 | 3377449 |
| Vue Entertainment International Ltd., Class A4 (United Kingdom)<sup>(d)</sup> | 445416 | 0 |
| Vue International Bidco PLC, Class A1 (Acquired 02/20/2024; Cost $0) (United Kingdom)<sup>(d)(g)</sup> | 2084 | 0 |
| Vue International Bidco PLC, Class A2 (Acquired 02/20/2024; Cost $0) (United Kingdom)<sup>(d)(g)</sup> | 1026420 | 1 |
| Vue International Bidco PLC, Class A3 (United Kingdom)<sup>(d)</sup> | 638918 | 1 |
|  |  | 3377451 |
| Oil & Gas–1.09% |  |  |
| McDermott International Ltd.<sup>(k)</sup> | 106979 | 1123280 |

---

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

9 Invesco Dynamic Credit Opportunity Fund

------

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Oil & Gas–(continued) |  |  |
| Samson Investment Co., Class A (Acquired 03/01/2017; Cost $2,932,743)<sup>(d)(g)</sup> | 163748 | $8187 |
| Talos Energy, Inc.<sup>(k)</sup> | 110472 | 1091463 |
| Tribune Resources LLC (Acquired 04/03/2018; Cost $1,915,487)<sup>(g)</sup> | 376237 | 583355 |
|  |  | 2806285 |
| Radio & Television–0.00% |  |  |
| iHeartMedia, Inc., Class B<sup>(d)(k)</sup> | 42 | 63 |
| Retailers (except Food & Drug)–0.00% |  |  |
| Claire's Stores, Inc. | 420 | 27 |
| Vivarte S.A.S.U., Pfd. (France)<sup>(d)</sup> | 1220502 | 0 |
|  |  | 27 |
| Surface Transport–0.79% |  |  |
| Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $743,133)<sup>(d)(g)</sup> | 8956 | 931066 |
| Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 08/18/2023-08/20/2025; Cost $120,110)<sup>(d)(g)</sup> | 206752 | 129220 |
| Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $781,183)<sup>(d)(g)</sup> | 9414 | 978679 |
|  |  | 2038965 |
| Telecommunications–0.59% |  |  |
| MLN US HoldCo LLC (dba Mitel) (Acquired 06/20/2025; Cost $949,642)<sup>(d)(g)</sup> | 263002 | 1517521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests (Cost $71,094,887) |  | 48840520 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | | Principal<br>Amount<br>(000)<sup>(a)</sup> | |
| Non-U.S. Dollar Denominated Bonds & Notes–6.08%<sup>(l)</sup> |  |  |  |  |  |
| Automotive–0.36% |  |  |  |  |  |
| Cabonline Group Holding AB (Sweden) (Acquired 10/13/2023; Cost $166,849)<sup>(g)(j)</sup> | 10.00% | 03/19/2028 | SEK | 1909 | 194113 |
| Cabonline Group Holding AB (Sweden) (Acquired 10/12/2023; Cost $347,109)<sup>(g)(j)</sup> | 12.00% | 03/19/2028 | SEK | 3818 | 388226 |
| Cabonline Group Holding AB (Sweden) (Acquired 03/24/2022; Cost $784,118)<sup>(g)(j)(m)</sup> | 0.00% | 04/19/2029 | SEK | 7380 | 347012 |
|  |  |  |  |  | 929351 |
| Financial Intermediaries–5.29% |  |  |  |  |  |
| AnaCap (AFE S.A. SICAV-RAIF) (Italy) (3 mo. EURIBOR + 7.50%)<br>(Acquired 01/31/2018-11/24/2021; Cost $10,605,861)<sup>(d)(g)(j)(n)</sup> | 9.52% | 07/15/2030 | EUR | 8976 | 5408026 |
| Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 7.45%)<sup>(j)(n)</sup> | 9.46% | 05/01/2029 | EUR | 742 | 642958 |
| Garfunkelux Holdco 3 S.A. (Luxembourg)<sup>(j)</sup> | 9.00% | 09/01/2028 | EUR | 1540 | 1852035 |
| Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 7.45%)<sup>(j)(n)</sup> | 9.46% | 05/01/2029 | EUR | 2433 | 2107615 |
| Garfunkelux Holdco 4 S.A. (Luxembourg)<sup>(h)(j)</sup> | 10.50% | 05/01/2030 | EUR | 413 | 87503 |
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)<sup>(j)(n)</sup> | 7.48% | 12/15/2029 | EUR | 3000 | 3513690 |
|  |  |  |  |  | 13611827 |
| Food Service–0.43% |  |  |  |  |  |
| Seagull Bidco Ltd. (Switzerland)<sup>(d)(j)</sup> | 15.00% | 10/01/2030 |  | 940 | 1100014 |
| Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $20,291,397) |  |  |  |  | 15641192 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | |
| Preferred Stocks–2.89%<sup>(i)</sup> |  |  |
| Health Care–0.00% |  |  |
| SDB Holdco LLC (Specialty Dental Brands), Pfd.<sup>(d)(e)</sup> | 2844928 | 0 |
| Oil & Gas–0.00% |  |  |
| Southcross Energy Partners L.P., Pfd.<br>(Acquired 05/07/2019-05/09/2019; Cost $285,287)<sup>(d)(g)</sup> | 288392 | 1701 |
| Surface Transport–2.89% |  |  |
| Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020;<br> Cost $978,436)<sup>(d)(g)</sup> | 42058 | 4372350 |
| Commercial Barge Line Co., Series B, Pfd.,Wts., expiring 04/27/2045<sup>(d)</sup> | 29536 | 3070562 |
|  |  | 7442912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stocks (Cost $2,831,369) |  | 7444613 |

---

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

10 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Interest<br>Rate | Maturity<br>Date | Principal<br>Amount<br>(000)<sup>(a)</sup> | Value |
| U.S. Dollar Denominated Bonds & Notes–1.35% |  |  |  |  |
| Aerospace & Defense–0.36% |  |  |  |  |
| Rand Parent LLC <sup>(j)</sup> | 8.50% | 02/15/2030 | $890 | $923149 |
| Building & Development–0.08% |  |  |  |  |
| Signal Parent, Inc. (Acquired 09/11/2023-09/27/2023; Cost $413,165)<sup>(g)(j)</sup> | 6.13% | 04/01/2029 | 564 | 205860 |
| Business Equipment & Services–0.35% |  |  |  |  |
| Acuris Finance US, Inc./Acuris Finance S.a.r.l. <sup>(j)</sup> | 9.00% | 08/01/2029 | 875 | 902016 |
| Food Products–0.29% |  |  |  |  |
| Teasdale Foods, Inc. (Acquired 12/18/2020-06/30/2025; Cost $3,260,272)<sup>(d)(e)(g)</sup> | 0.00% | 06/18/2026 | 3287 | 0 |
| Viking Baked Goods Acquisition Corp.<sup>(j)</sup> | 8.63% | 11/01/2031 | 762 | 756575 |
|  |  |  |  | 756575 |
| Health Care–0.09% |  |  |  |  |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V. <sup>(j)</sup> | 6.75% | 05/15/2034 | 230 | 218033 |
| Retailers (except Food & Drug)–0.18% |  |  |  |  |
| PetSmart LLC/PetSmart Finance Corp. <sup>(j)</sup> | 7.50% | 09/15/2032 | 470 | 466296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes (Cost $6,790,929) |  |  |  | 3471929 |
| Asset-Backed Securities–0.24% |  |  |  |  |
| Structured Products–0.24% |  |  |  |  |
| Rad CLO 19 Ltd., Series 2023-19A, Class D2R (Cayman Islands) (3 mo. Term SOFR + 5.00%) (j)(n) (Cost $600,000) | 9.33% | 03/20/2038 | 600 | 612856 |
| TOTAL INVESTMENTS IN SECURITIES–115.09% (Cost $331,283,527) |  |  |  | 296194513 |
| BORROWINGS–(23.02)% |  |  |  | (59250000) |
| OTHER ASSETS LESS LIABILITIES–7.93% |  |  |  | 20419493 |
| NET ASSETS–100.00% |  |  |  | $257364006 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | 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 |
| Rts. | – Rights |
| SEK | – Swedish Krona |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Index Average |
| USD | – U.S. Dollar |
| Wts. | – Warrants |

---

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

11 Invesco Dynamic Credit Opportunity Fund

------

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Principal amounts are denominated in U.S. dollars unless otherwise noted. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(e)</sup> Acquired through direct lending. Direct loans may be subject to liquidity and interest rate risk and certain direct loans may be deemed illiquid.

<sup>(f)</sup> All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 8.

<sup>(g)</sup> Restricted security. The aggregate value of these securities at August 31, 2025 was $62,953,811, which represented 24.46% of the Fund's Net Assets. 

<sup>(h)</sup> All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

<sup>(i)</sup> Securities acquired through the restructuring of senior loans.

<sup>(j)</sup> 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 August 31, 2025 was $21,401,859, which represented 8.32% of the Fund's Net Assets. 

<sup>(k)</sup> Non-income producing security.

<sup>(l)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated. 

<sup>(m)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at August 31, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(n)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 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<br>February 28,<br>2025 | **Purchases**<br>**at Cost** | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain | Value<br>August 31,<br>2025 | Dividend<br>Income |
| Investments in Affiliated Money Market Funds: |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $11647471 | $(11647471) | $- | $- | $- | $8166 |
| Invesco Treasury Portfolio, Institutional Class |  | 7764981 | (7764981) |  |  |  | 5403 |
| Total | $- | $19412452 | $(19412452) | $- | $- | $- | $13569 |

---

The aggregate value of securities considered illiquid at August 31, 2025 was $198,590,059, which represented 77.12% of the Trust's Net Assets.

#### Open Forward Foreign Currency Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | Unrealized |
| Settlement |  | Contract to | Contract to | Contract to | Contract to | Appreciation |
| Date | Counterparty |  | Deliver |  | Receive | (Depreciation) |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | Barclays Bank PLC | USD | 466844 | EUR | 401174 | $4228 |
| 09/29/2025 | BNP Paribas S.A. | EUR | 17746605 | USD | 20967498 | 171004 |
| 09/29/2025 | BNP Paribas S.A. | USD | 1122628 | SEK | 10638642 | 3291 |
| 10/31/2025 | BNP Paribas S.A. | EUR | 18396847 | USD | 21660250 | 58049 |
| 10/31/2025 | BNP Paribas S.A. | GBP | 370651 | USD | 501576 | 388 |
| 09/29/2025 | Canadian Imperial Bank of Commerce | GBP | 347947 | USD | 470764 | 361 |
| 09/29/2025 | Citibank N.A. | GBP | 342754 | USD | 463622 | 239 |
| 10/31/2025 | Morgan Stanley and Co. International PLC | EUR | 18396848 | USD | 21666885 | 64685 |
| 09/29/2025 | Royal Bank of Canada | EUR | 18015493 | USD | 21298204 | 186612 |
| 10/31/2025 | Royal Bank of Canada | EUR | 18396848 | USD | 21687400 | 85199 |
| 10/31/2025 | Royal Bank of Canada | GBP | 370651 | USD | 501638 | 450 |
| 09/29/2025 | State Street Bank & Trust Co. | GBP | 347947 | USD | 470588 | 185 |
| 09/29/2025 | Toronto Dominion Bank | EUR | 18015493 | USD | 21286688 | 175096 |
| 10/31/2025 | Toronto Dominion Bank | GBP | 370651 | USD | 501836 | 649 |
| 09/29/2025 | UBS | USD | 1169129 | EUR | 1000000 | 2729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal–Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal–Appreciation |  |  |  |  | 753165 |
| **Currency Risk** |  |  |  |  |  |  |
| 09/29/2025 | BNP Paribas S.A. | SEK | 10417572 | USD | 1099226 | (3297) |
| 09/29/2025 | BNP Paribas S.A. | USD | 21617379 | EUR | 18396847 | (58894) |

---

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

12 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Open Forward Foreign Currency Contracts–(continued) | Open Forward Foreign Currency Contracts–(continued) | Open Forward Foreign Currency Contracts–(continued) | Open Forward Foreign Currency Contracts–(continued) | Open Forward Foreign Currency Contracts–(continued) | Open Forward Foreign Currency Contracts–(continued) | Open Forward Foreign Currency Contracts–(continued) |
|  |  |  |  |  |  | Unrealized |
| Settlement |  | Contract to | Contract to | Contract to | Contract to | Appreciation |
| Date | Counterparty |  | Deliver |  | Receive | (Depreciation) |
| 09/29/2025 | BNP Paribas S.A. | USD | 501487 | GBP | 370651 | $(389) |
| 10/31/2025 | BNP Paribas S.A. | SEK | 10638642 | USD | 1124917 | (3355) |
| 09/29/2025 | JP Morgan Chase Bank | EUR | 2412952 | USD | 2824563 | (3073) |
| 09/29/2025 | Morgan Stanley and Co. International PLC | SEK | 106544 | USD | 11194 | (82) |
| 09/29/2025 | Morgan Stanley and Co. International PLC | USD | 21624272 | EUR | 18396847 | (65787) |
| 09/29/2025 | Royal Bank of Canada | USD | 21644572 | EUR | 18396848 | (86086) |
| 09/29/2025 | Royal Bank of Canada | USD | 501546 | GBP | 370651 | (448) |
| 09/29/2025 | State Street Bank & Trust Co. | GBP | 73305 | USD | 98462 | (641) |
| 09/29/2025 | State Street Bank & Trust Co. | SEK | 114526 | USD | 11967 | (154) |
| 09/29/2025 | Toronto Dominion Bank | USD | 501750 | GBP | 370651 | (652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal–Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal–Depreciation |  |  |  |  | (222858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Forward Foreign Currency Contracts |  |  |  |  | $530307 |

---

Abbreviations:

---

| | |
|:---|:---|
| EUR | – Euro |
| GBP | – British Pound Sterling |
| SEK | – Swedish Krona |
| USD | – U.S. Dollar |

---

### Portfolio Composition †
By credit quality, based on total investments

as of August 31, 2025

---

| | |
|:---|:---|
| BB+ | 0.03 |
| BB | 0.07 |
| BB- | 1.42 |
| B+ | 1.30 |
| B | 8.11 |
| B- | 9.75 |
| CCC+ | 5.64 |
| CCC | 2.33 |
| CCC- | 2.73 |
| CC | 1.25 |
| C | 0.15 |
| D | 3.15 |
| Non-Rated | 48.33 |
| Equity | 15.74 |

---

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

Excluding money market fund holdings, if any.

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

13 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Statement of Assets and Liabilities
August 31, 2025

(Unaudited)

---

| | |
|:---|:---|
| Assets: |  |
| Investments in unaffiliated securities, at value<br>(Cost $331,283,527) | $296194513 |
| Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts outstanding | 753165 |
| Cash | 6693069 |
| Foreign currencies, at value (Cost $1,422,061) | 1421859 |
| Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | 1907353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 32905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees | 5486374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments matured, at value (Cost $34,695,555) | 26034527 |
| Investment for trustee deferred compensation and retirement plans | 35290 |
| Other assets | 33061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 338592145 |
| Liabilities: |  |
| Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts outstanding | 222858 |
| Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 59250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | 4049274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 4778907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued fees to affiliates | 130810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest expense | 614741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued trustees' and officers' fees and benefits | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other operating expenses | 434623 |
| Trustee deferred compensation and retirement plans | 35290 |
| Unfunded loan commitments | 11709471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 81228139 |
| Net assets applicable to shares outstanding | $257364006 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | $438574107 |
| Distributable earnings (loss) | (181210101) |
|  | $257364006 |
| Net Assets: |  |
| Class A | $573836 |
| Class AX | $161170654 |
| Class Y | $239554 |
| Class R6 | $95379962 |
| **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
| Class A | 53555 |
| Class AX | 15049353 |
| Class Y | 22345 |
| Class R6 | 8900211 |
| Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $10.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share<br>(Net asset value of $10.71 ÷ 96.75%) | $11.07 |
| Class AX: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value and offering price per share | $10.71 |
| Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value and offering price per share | $10.72 |
| Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value and offering price per share | $10.72 |

---

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

14 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Statement of Operations
For the six months ended August 31, 2025

(Unaudited)

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | $13756028 |
| Dividends | 193735 |
| Dividends from affiliated money market funds | 13569 |
| Pay-in-kind interest income | 1415412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 15378744 |
| **Expenses:** |  |
| Advisory fees | 2014650 |
| Administrative services fees | 17162 |
| Custodian fees | 19817 |
| Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 469 |
| Interest, facilities and maintenance fees | 2181713 |
| Transfer agent fees | 127805 |
| Transfer agent fees – R6 | 16840 |
| Trustees' and officers' fees and benefits | 11517 |
| Registration and filing fees | 26165 |
| Reports to shareholders | 112485 |
| Professional services fees | 221541 |
| Other | 27521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4777685 |
| Less: Expenses reimbursed and/or expense offset arrangement(s) | (6678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 4771007 |
| Net investment income | 10607737 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | (12246210) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | 72095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (8994429) |
|  | (21168544) |
| Change in net unrealized appreciation of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | 20529101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | 23716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 1551681 |
|  | 22104498 |
| Net realized and unrealized gain | 935954 |
| Net increase in net assets resulting from operations | $11543691 |

---

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

15 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Statement of Changes in Net Assets
For the six months ended August 31, 2025 and the year ended February 28, 2025

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | August 31, | February 28, |
|  | 2025 | 2025 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $10607737 | $36132073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (21168544) | 2894415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 22104498 | (13200080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 11543691 | 25826408 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (20823) | (21621) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX | (9435271) | (30819518) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | (7850) | (21257) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (5364367) | (4395585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions from distributable earnings | (14828311) | (35257981) |
| **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 317997 | 127338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX | (13853543) | (168254068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | 212360 | (283901) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 11871744 | 85000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (1451442) | (83410631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | (4736062) | (92842204) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 262100068 | 354942272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $257364006 | $262100068 |

---

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

16 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Statement of Cash Flows
For the six months ended August 31, 2025

(Unaudited)

---

| | |
|:---|:---|
| **Cash provided by operating activities:** |  |
| Net increase in net assets resulting from operations | $11543691 |
| **Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (47993257) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments | 68926219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term investments, net | (1873143) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization (accretion) of premiums and discounts, net | 229723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from investment securities | 12246210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investment securities | (20529101) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on forward foreign currency contracts and foreign currency | (1554160) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in receivables and other assets | (847298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued expenses and other payables | 389005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 20537889 |
| **Cash provided by (used in) financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to shareholders from distributable earnings | (12022873) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares of beneficial interest sold | 12593502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disbursements from shares of beneficial interest reacquired | (17128259) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings | 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment from borrowings | (25250000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (21807630) |
| **Cash impact from foreign exchange fluctuations:** |  |
| Net change in appreciation on foreign currency | $2479 |
| Net decrease in cash and cash equivalents | (1267262) |
| Cash and cash equivalents at beginning of period | 9382190 |
| Cash and cash equivalents at end of period | $8114928 |
| **Non-cash financing activities:** |  |
| Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders | $3050455 |
| **Supplemental disclosure of cash flow information:** |  |
| Cash paid during the period for taxes | $25443 |
| Cash paid during the period for interest, facilities and maintenance fees | $1813335 |

---

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

17 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Financial Highlights
(Unaudited)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended | Year Ended | Year Ended | Year Ended | Period Ended |
|  | August 31, | February 28, | February 29, | February 28, | February 28, |
| Class A | 2025 | 2025 | 2024 | 2023 | 2022<sup>(a)</sup> |
| Net asset value, beginning of period | $10.86 | $11.18 | $11.24 | $12.27 | $12.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.42 | 1.24 | 1.21 | 0.79 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on securities (both realized and unrealized) | 0.04 | (0.35) | (0.14) | (0.92) | (0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.46 | 0.89 | 1.07 | (0.13) | (0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Dividends from net investment income | (0.61) | (1.21) | (1.13) | (0.90) | (0.14) |
| Net asset value, end of period | $10.71 | $10.86 | $11.18 | $11.24 | $12.27 |
| Total return at net asset value<sup>(c)</sup> | 4.28% | 8.28% | 9.92% | (1.03)% | (0.38 |
| Net assets, end of period (000's omitted) | $574 | $258 | $137 | $91 | $12 |
| Portfolio turnover rate<sup>(d)</sup> | 14% | 27% | 27% | 22% | 96 |
| **Ratios/supplemental data based on average net assets:** |  |  |  |  |  |
| Ratio of expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements | 3.95 %<sup>(e)</sup> | 4.25% | 4.40 %<sup>(f)</sup> | 4.27 %<sup>(f)</sup> | 2.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | 2.27 %<sup>(e)</sup> | 2.32% | 2.34% | 2.37% | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Without fee waivers and/or expense reimbursements | 3.96 %<sup>(e)</sup> | 4.26% | 4.40% | 4.27% | 2.84 |
| Ratio of net investment income | 7.86 %<sup>(e)</sup> | 11.31% | 10.87% | 7.06% | 4.91 |
| **Senior indebtedness:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings (000's omitted) | $59250 | $64500 | $87000 | $136000 | $217000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness<sup>(g)</sup> | $5344 | $5064 | $5080 | $4132 | $3867 |

---

<sup>(a)</sup> Commencement date of November 1, 2021.

<sup>(b)</sup> Calculated using average shares outstanding.

<sup>(c)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(d)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Includes fee waivers which were less than 0.005% per share. 

<sup>(g)</sup> Calculated at the fund level by subtracting the Fund's total liabilities (not including preferred shares, at liquidation value and the Borrowings) from the Fund's total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. 

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

18 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Financial Highlights –(continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended August 31, | Year Ended<br>February 28, | Year Ended<br>February 29, | Years Ended February 28, | Years Ended February 28, | Years Ended February 28, |
| Class AX<sup>(a)</sup> | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of period | $10.85 | $11.18 | $11.23 | $12.27 | $12.02 | $12.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.44 | 1.27 | 1.24 | 0.88 | 0.65 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on securities (both realized and unrealized) | 0.04 | (0.36) | (0.13) | (0.99) | 0.38 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.48 | 0.91 | 1.11 | (0.11) | 1.03 | 0.57 |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.62) | (1.24) | (1.16) | (0.93) | (0.78) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | – | – | – | – | – | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.62) | (1.24) | (1.16) | (0.93) | (0.78) | (0.90) |
| Net asset value, end of period | $10.71 | $10.85 | $11.18 | $11.23 | $12.27 | $12.02 |
| Market value per common share, end of period | N/A | N/A | N/A | N/A | N/A | $11.00 |
| Total return at net asset value<sup>(c)</sup> | 4.50% | 8.44% | 10.29% | (0.86)% | 8.75% | 7.11% |
| Total return at market value<sup>(d)</sup> | N/A | N/A | N/A | N/A | N/A | 11.77% |
| Net assets, end of period<br>(000's omitted) | $161171 | $177284 | $354477 | $425833 | $622174 | $756881 |
| Portfolio turnover rate<sup>(e)</sup> | 14% | 27% | 27% | 22% | 96% | 83% |
| **Ratios/supplemental data based on average net assets:** |  |  |  |  |  |  |
| Ratio of expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements | 3.70 %<sup>(f)</sup> | 4.00% | 4.15 %<sup>(g)</sup> | 3.68 %<sup>(g)</sup> | 2.52 %<sup>(g)</sup> | 2.68 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | 2.02 %<sup>(f)</sup> | 2.07% | 2.09% | 2.12% | 1.96% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Without fee waivers and/or expense reimbursements | 3.71 %<sup>(f)</sup> | 4.01% | 4.15% | 3.68% | 2.52% | 2.68% |
| Ratio of net investment income | 8.11 %<sup>(f)</sup> | 11.56% | 11.12% | 7.65% | 5.23% | 5.66% |
| **Senior indebtedness:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings (000's omitted) | $59250 | $64500 | $87000 | $136000 | $217000 | $191000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness<sup>(h)</sup> | $5344 | $5064 | $5080 | $4132 | $3867 | $5486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total amount of preferred shares outstanding (000's omitted) | N/A | N/A | N/A | N/A | N/A | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per preferred share<sup>(i)</sup> | N/A | N/A | N/A | N/A | N/A | $856881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidating preference per preferred share | N/A | N/A | N/A | N/A | N/A | $100000 |

---

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

<sup>(b)</sup> Calculated using average shares outstanding.

<sup>(c)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

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

<sup>(e)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes fee waivers which were less than 0.005% per share. 

<sup>(h)</sup> Calculated at the fund level by subtracting the Fund's total liabilities (not including preferred shares, at liquidation value and the Borrowings) from the Fund's total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. 

<sup>(i)</sup> Calculated by subtracting the Fund's total liabilities (not including the preferred shares, at liquidation value) from the Fund's total assets and dividing by the total number of preferred shares outstanding. 

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

19 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended | Year Ended | Year Ended | Year Ended | Period Ended |
|  | August 31, | February 28, | February 29, | February 28, | February 28, |
| Class Y | 2025 | 2025 | 2024 | 2023 | 2022<sup>(a)</sup> |
| Net asset value, beginning of period | $10.87 | $11.18 | $11.24 | $12.27 | $12.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.44 | 1.28 | 1.23 | 0.87 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on securities (both realized and unrealized) | 0.03 | (0.35) | (0.13) | (0.97) | (0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.47 | 0.93 | 1.10 | (0.10) | (0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Dividends from net investment income | (0.62) | (1.24) | (1.16) | (0.93) | (0.15) |
| Net asset value, end of period | $10.72 | $10.87 | $11.18 | $11.24 | $12.27 |
| Total return at net asset value<sup>(c)</sup> | 4.41% | 8.64% | 10.19% | (0.75)% | (0.34 |
| Net assets, end of period (000's omitted) | $240 | $28 | $319 | $10 | $11 |
| Portfolio turnover rate<sup>(d)</sup> | 14% | 27% | 27% | 22% | 96 |
| **Ratios/supplemental data based on average net assets:** |  |  |  |  |  |
| Ratio of expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements | 3.70 %<sup>(e)</sup> | 4.00% | 4.15 %<sup>(f)</sup> | 3.68 %<sup>(f)</sup> | 2.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | 2.02 %<sup>(e)</sup> | 2.07% | 2.09% | 2.12% | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Without fee waivers and/or expense reimbursements | 3.71 %<sup>(e)</sup> | 4.01% | 4.15% | 3.68% | 2.59 |
| Ratio of net investment income | 8.11 %<sup>(e)</sup> | 11.56% | 11.12% | 7.65% | 5.16 |
| **Senior indebtedness:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings (000's omitted) | $59250 | $64500 | $87000 | $136000 | $217000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness<sup>(g)</sup> | $5344 | $5064 | $5080 | $4132 | $3867 |

---

<sup>(a)</sup> Commencement date of November 1, 2021.

<sup>(b)</sup> Calculated using average shares outstanding.

<sup>(c)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(d)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Includes fee waivers which were less than 0.005% per share. 

<sup>(g)</sup> Calculated at the fund level by subtracting the Fund's total liabilities (not including preferred shares, at liquidation value and the Borrowings) from the Fund's total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. 

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

20 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended | Year Ended | Year Ended | Year Ended | Period Ended |
|  | August 31, | February 28, | February 29, | February 28, | February 28, |
| Class R6 | 2025 | 2025 | 2024 | 2023 | 2022<sup>(a)</sup> |
| Net asset value, beginning of period | $10.86 | $11.19 | $11.24 | $12.27 | $12.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.44 | 1.29 | 1.25 | 0.89 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on securities (both realized and unrealized) | 0.05 | (0.36) | (0.13) | (0.98) | (0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.49 | 0.93 | 1.12 | (0.09) | (0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Dividends from net investment income | (0.63) | (1.26) | (1.17) | (0.94) | (0.15) |
| Net asset value, end of period | $10.72 | $10.86 | $11.19 | $11.24 | $12.27 |
| Total return at net asset value<sup>(c)</sup> | 4.60% | 8.59% | 10.41% | (0.70)% | (0.33 |
| Net assets, end of period (000's omitted) | $95380 | $84530 | $9 | $9 | $10 |
| Portfolio turnover rate<sup>(d)</sup> | 14% | 27% | 27% | 22% | 96 |
| **Ratios/supplemental data based on average net assets:** |  |  |  |  |  |
| Ratio of expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements | 3.60 %<sup>(e)</sup> | 3.85 %<sup>(f)</sup> | 4.05 %<sup>(f)</sup> | 3.58 %<sup>(f)</sup> | 2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | 1.92 %<sup>(e)</sup> | 1.92% | 1.99% | 2.02% | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Without fee waivers and/or expense reimbursements | 3.60 %<sup>(e)</sup> | 3.85 %<sup>(f)</sup> | 4.05% | 3.58% | 2.55 |
| Ratio of net investment income | 8.21 %<sup>(e)</sup> | 11.71% | 11.22% | 7.75% | 5.20 |
| **Senior indebtedness:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings (000's omitted) | $59250 | $64500 | $87000 | $136000 | $217000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness<sup>(g)</sup> | $5344 | $5064 | $5080 | $4132 | $3867 |

---

<sup>(a)</sup> Commencement date of November 1, 2021.

<sup>(b)</sup> Calculated using average shares outstanding.

<sup>(c)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(d)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Includes fee waivers which were less than 0.005% per share. 

<sup>(g)</sup> Calculated at the fund level by subtracting the Fund's total liabilities (not including preferred shares, at liquidation value and the Borrowings) from the Fund's total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. 

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

21 Invesco Dynamic Credit Opportunity Fund

------

### Notes to Consolidated Financial Statements
August 31, 2025

(Unaudited)

#### NOTE 1–Significant Accounting Policies
Invesco Dynamic Credit Opportunity Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company that is operated as an interval fund and periodically offers its shares for repurchase.

The Fund may participate in direct lending opportunities through its indirect investment in the Invesco Dynamic Credit Opportunities Loan Origination LLC (the "LLC"), a Delaware limited liability company. The Fund owns all beneficial and economic interests in the Invesco Dynamic Credit Opportunities Loan Origination Trust, a Massachusetts Business Trust (the "Loan Origination Trust"), which in turn owns all beneficial and economic interests in the LLC. The Fund may invest up to 60% of its total net assets in originated loans.

The Fund may also invest a portion of its assets indirectly through a wholly-owned subsidiary, Invesco Dynamic Credit Opportunity TB, LLC, a Delaware limited liability series company (the "Subsidiary"), which formed two separate series (together, the "Series"). The Fund owns all beneficial and economic interests in the Subsidiary and each of the Subsidiary's two series. The accompanying consolidated financial statements reflect the financial position of the Fund, its Loan Origination Trust, the Subsidiary and each of the Subsidiary's two series and the results of operations on a consolidated basis.

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

The Fund currently consists of four different classes of shares: Class A, Class AX, Class Y and Class R6 shares. Class AX shares are closed to new investors. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class AX, Class Y and Class R6 shares are sold at net asset value.

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

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

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

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

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

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

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

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

22 Invesco Dynamic Credit Opportunity Fund

------

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. The Subsidiary is treated as a corporation for U.S. federal income tax purposes and generally is subject to U.S. federal and state income tax on its taxable income.

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

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

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

G. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining a line of credit.

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

I. Indemnifications – Under the Fund's organizational documents, each Trustee, officer, employee or other agent of the Fund, under the LLC's organizational

23 Invesco Dynamic Credit Opportunity Fund

------

documents, each member of the LLC and certain affiliated persons, and under the Subsidiary's organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund, the LLC and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. Segment Reporting – The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

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

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

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

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

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

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

---

| | |
|:---|:---|
| **24** | **Invesco Dynamic Credit Opportunity Fund** |

---

------

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

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

The Fund invests in corporate loans from U.S. or non-U.S. companies (the "Borrowers"). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders ("Lenders") or one of the participants in the syndicate ("Participant"), one or more of which administers the loan on behalf of all the Lenders (the "Agent Bank"), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund's rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as "Intermediate Participants".

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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

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

#### NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Fund has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 1.25% of the Fund's average daily managed assets. Managed assets for this purpose means the Fund's net assets, plus assets attributable to any outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Fund's consolidated financial statements for purposes of GAAP.)

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of 1.25% of the Subsidiary's average daily net assets. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

For the six months ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 1.55%.

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

The Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2025, the Adviser waived advisory fees of $294.

The Fund has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2025, expenses incurred under this agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Fund, SSB also serves as the Fund's custodian.

The Fund has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended August 31, 2025, expenses incurred under these agreements are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Fund has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class AX, Class Y and Class R6 shares of the Fund. The Fund has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the Fund's average daily net assets of Class A shares may be paid to furnish continuing personal shareholder services to customers who purchase and own Class A shares. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") also impose a cap on the total sales charges, including asset-based sales charges, that may be paid by Class A shares of the Fund. For the six months ended August 31, 2025, expenses incurred under the Plan are shown in the Consolidated Statement of Operations as Distribution fees.

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

25 Invesco Dynamic Credit Opportunity Fund

------

#### NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – Prices are determined using quoted prices in an active market for identical assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's 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 August 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 | $– | $98177003 | $122006400 | $220183403 |
| Common Stocks & Other Equity Interests | 2214743 | 4621209 | 42004568 | 48840520 |
| Non-U.S. Dollar Denominated Bonds & Notes |  | 9133152 | 6508040 | 15641192 |
| Preferred Stocks |  |  | 7444613 | 7444613 |
| U.S. Dollar Denominated Bonds & Notes |  | 3471929 | 0 | 3471929 |
| Asset-Backed Securities |  | 612856 |  | 612856 |
| **Total Investments in Securities** | 2214743 | 116016149 | 177963621 | 296194513 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured |  |  | 26034527 | 26034527 |
| Forward Foreign Currency Contracts |  | 753165 |  | 753165 |
|  |  | 753165 | 26034527 | 26787692 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts |  | (222858) |  | (222858) |
| **Total Other Investments** |  | 530307 | 26034527 | 26564834 |
| **Total Investments** | $2214743 | $116546456 | $203998148 | $322759347 |

---

\* 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 six months ended August 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | Change in | | | |
|  | | | | Accrued | Realized | Unrealized | Transfers | Transfers | |
|  | Value | Purchases | Proceeds | Discounts/ | Gain | Appreciation | into | out of | Value |
|  | 02/28/25\* | at Cost | from Sales | Premiums | (Loss) | (Depreciation) | Level 3\*\* | Level 3\*\* | 08/31/25 |
| Variable Rate Senior Loan Interests | $138681178 | $5851283 | $(23695105) | $149252 | $(2516500) | $1673430 | $4458303 | $(2595441) | $122006400 |
| Common Stocks & Other Equity Interests | 24954728 | 7941089 | (95430) | 607 |  | 9203574 |  |  | 42004568 |
| Investments Matured | 29254060 | 410149 | (271122) | (90176) | 676 | (3269060) |  |  | 26034527 |
| Preferred Stocks | 7817236 |  |  |  |  | (372623) |  |  | 7444613 |
| Non-U.S. Dollar Denominated Bonds & Notes | 1494500 | 1073565 | (1649516) | 68696 | 9218 | 635682 | 4875895 |  | 6508040 |
| U.S. Dollar Denominated Bonds & Notes | 1356019 | 252912 |  | 13124 |  | (1622055) |  |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $203557721 | $15528998 | $(25711173) | $141503 | $(2506606) | $6248948 | $9334198 | $(2595441) | $203998148 |

---

\* 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.

26 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 | Valuation | Unobservable | Range of<br>Unobservable | Weighted Average of<br>Unobservable Inputs |
|  | at 08/31/25 | Technique | Inputs | Inputs | Based on Fair Value |
| Variable Rate Senior Loan Interests | $122006400 | Comparable Companies | EBITDA Multiple | 11.68x |  |
|  |  | Discounted Cash Flow Model | Discount Rate | 7.93% - 19.50% | 13.52% |
|  |  | Loan Origination Value | Original Cost | 98.5% of Par |  |
| Common Stocks & Other Equity Interests | 42004568 | Comparable Companies | EBITDA Multiple | 3.63x - 8.75x | 5.81x |
|  |  | Discounted Cash Flow Model | Discount Rate | 14.50% - 77.50% | 48.78% |
|  |  |  | EBITDA Multiple | 21.24x |  |
| Investments Matured | 42004568 | Expected Recovery | Anticipated Proceeds | 61.40% -95.10% of Par | 75.29% of Par |
| Preferred Stocks | 7444613 | Comparable Companies | EBITDA Multiple | 8.75x |  |
| Non-U.S. Dollar Denominated Bonds & Notes | 6508040 | Third-Party Pricing | Broker Quote | 60.25% of Par |  |
| U.S. Dollar Denominated Bonds & Notes | 0 | Discounted Cash Flow Model | Discount Rate | 17.69% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $219968189 |  |  |  |  |

---

#### NOTE 4–Derivative Investments
The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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

#### Value of Derivative Investments at Period-End
The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

---

| | |
|:---|:---|
|  | Value |
| Derivative Assets | Currency<br>Risk |
| Unrealized appreciation on forward foreign currency contracts outstanding | $753165 |
| Derivatives not subject to master netting agreements |  |
| Total Derivative Assets subject to master netting agreements | $753165 |
|  | Value |
| Derivative Liabilities | Currency<br>Risk |
| Unrealized depreciation on forward foreign currency contracts outstanding | $(222858) |
| Derivatives not subject to master netting agreements |  |
| Total Derivative Liabilities subject to master netting agreements | $(222858) |

---

27 Invesco Dynamic Credit Opportunity Fund

------

#### Offsetting Assets and Liabilities
The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Financial<br>Derivative<br>Assets | Financial<br>Derivative<br>Liabilities | | Collateral<br>(Received)/Pledged | Collateral<br>(Received)/Pledged | |
| Counterparty | Forward Foreign<br>Currency Contracts | Forward Foreign<br>Currency Contracts | Net Value of<br>Derivatives | Non-Cash | Cash | Net<br>Amount |
| Barclays Bank PLC | $4228 | $– | $4228 | $– | $– | $4228 |
| BNP Paribas S.A. | 232732 | (65935) | 166797 |  |  | 166797 |
| Canadian Imperial Bank of Commerce | 361 |  | 361 |  |  | 361 |
| Citibank N.A. | 239 |  | 239 |  |  | 239 |
| JP Morgan Chase Bank |  | (3073) | (3073) |  |  | (3073) |
| Morgan Stanley and Co. International PLC | 64685 | (65869) | (1184) |  |  | (1184) |
| Royal Bank of Canada | 272261 | (86534) | 185727 |  |  | 185727 |
| State Street Bank & Trust Co. | 185 | (795) | (610) |  |  | (610) |
| Toronto Dominion Bank | 175745 | (652) | 175093 |  |  | 175093 |
| UBS | 2729 |  | 2729 |  |  | 2729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $753165 | $(222858) | $530307 | $– | $– | $530307 |

---

#### Effect of Derivative Investments for the six months ended August 31, 2025
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | Location of Gain (Loss) on<br>Consolidated Statement of Operations |
|  | **Currency** |
|  | **Risk** |
| Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | $(8994429) |
| Change in Net Unrealized Appreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 1551681 |
| Total | $(7442748) |

---

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

---

| | |
|:---|:---|
|  | Forward<br>Foreign Currency<br>Contracts |
| Average notional value | $223212030 |

---

#### NOTE 5–Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $6,384.

#### NOTE 6–Trustees' and Officers' Fees and Benefits
Trustees' and Officers' Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and "Trustees' and Officers' Fees and Benefits" includes amounts accrued by the Fund to fund such deferred compensation amounts.

#### NOTE 7–Cash Balances and Borrowings
The Fund has entered into a $80 million revolving credit and security agreement with BNP Paribas (the "BNP Credit Agreement"), which will expire on April 6, 2026.

The LLC has entered into a revolving credit and security agreement with Natixis (the "Natixis Credit Agreement"), which will expire on November 14, 2025. The LLC's Natixis Credit Agreement permitted borrowings as follows: up to $30 million prior to April 25, 2025; and up to $19 million effective April 25, 2025.

The revolving credit and security agreements are secured by the assets of the Fund and the LLC, respectively. The Fund and the LLC are subject to certain covenants relating to their respective revolving credit and security agreements. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreements.

During the six months ended August 31, 2025, the average daily balance of borrowing under the Fund's BNP Credit Agreement was $44,576,087 with an average interest rate of 6.17%.

During the six months ended August 31, 2025, the average daily balance of borrowing under the LLC's Natixis Credit Agreement was $16,716,033 with an average interest rate of 7.18%.

28 Invesco Dynamic Credit Opportunity Fund

------

The combined carrying amount of the Fund's and LLC's payables for borrowings as reported on the Consolidated Statement of Assets and Liabilities approximates their fair value. Expenses under the revolving credit and security agreements are shown in the Consolidated Statement of Operations as Interest, facilities and maintenance fees.

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

#### NOTE 8–Unfunded Loan Commitments
Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of August 31, 2025. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Consolidated Statement of Assets and Liabilities.

---

| | | | |
|:---|:---|:---|:---|
| Borrower | Type | Unfunded Loan<br>Commitment | **Unrealized<br>Appreciation**<br>(Depreciation) |
| Capitol Imaging Services LLC | Delayed Draw Term Loan | $93563 | $(543) |
| Capitol Imaging Services LLC | Revolver Loan | 92950 | 70 |
| Eisner Advisory Group LLC | Delayed Draw Term Loan | 571679 | 6442 |
| FDH Group Acquisition, Inc. | Delayed Draw Term Loan | 166472 | (114) |
| Kantar (Summer BC Bidco/KANGRP) | Revolver Loan | 2340152 | (59703) |
| Lamark Media Group LLC | Revolver Loan | 1014983 | 3641 |
| McDermott International Ltd. | LOC | 2600801 | (403124) |
| NAC Aviation 8 Ltd. | Revolver Loan | 1642458 | 0 |
| Parques Reunidos (Piolin Bidco S.A.U.) | Revolver Loan | 1749520 | (68061) |
| SDB Holdco LLC (Specialty Dental Brands) | Delayed Draw Term Loan | 26129 | 1831 |
| Selecta Group B.V. | Term Loan | 453320 | 8748 |
| Source Holding Delaware LLC | Delayed Draw Term Loan | 386395 | (2457) |
| Source Holding Delaware LLC | Revolver Loan | 149836 | (100) |
| Tank Holding Corp. | Revolver Loan | 174468 | (12121) |
| V Global Holdings LLC | Revolver Loan | 70658 | (3399) |
| Western Smokehouse Partners | Delayed Draw Term Loan | 121024 | (1000) |
| Western Smokehouse Partners | Revolver Loan | 55063 | 8 |
|  |  | $11709471 | $(529882) |

---

#### NOTE 9–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

For the six months ended August 31, 2025, the Subsidiary did not incur any current or deferred federal income tax expense.

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

The Fund had a capital loss carryforward as of February 28, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Capital Loss Carryforward\* | Capital Loss Carryforward\* | Capital Loss Carryforward\* | Capital Loss Carryforward\* |
| Expiration | Short-Term | Long-Term | Total |
| Not subject to expiration | $18364881 | $101490514 | $119855395 |

---

\* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

#### NOTE 10–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2025 was $44,991,317 and $64,732,639, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| Unrealized Appreciation (Depreciation) of Investments on a Tax Basis |  |
| Aggregate unrealized appreciation of investments | $35133525 |
| Aggregate unrealized (depreciation) of investments | (78416696) |
| Net unrealized appreciation (depreciation) of investments | $(43283171) |

---

Cost of investments for tax purposes is $366,042,518.

29 Invesco Dynamic Credit Opportunity Fund

------

#### NOTE 11–Senior Loan Participation Commitments
The Fund invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

At the six months ended August 31, 2025, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

---

| | | |
|:---|:---|:---|
|  | Principal | |
| Selling Participant | Amount | Value |
| Barclays Bank PLC | $2600801 | $2379733 |

---

#### NOTE 12–Dividends
The Fund declared the following quarterly dividends from net investment income subsequent to August 31, 2025.

---

| | | |
|:---|:---|:---|
|  | | Amount Per Share |
| Share Class | Record Date | Payable September 30, 2025 |
| Class A | Daily | $0.2895 |
| Class AX | Daily | $0.2962 |
| Class Y | Daily | $0.2965 |
| Class R6 | Daily | $0.2987 |

---

#### NOTE 13–Share Information

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Summary of Share Activity | Summary of Share Activity | Summary of Share Activity | Summary of Share Activity |
|  | Six months ended | Six months ended | Year ended | Year ended |
|  | August 31, 2025<sup>(a)</sup> | August 31, 2025<sup>(a)</sup> | February 28, 2025 | February 28, 2025 |
|  | Shares | Amount | Shares | Amount |
| Sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 28207 | $301068 | 12530 | $138151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX | 50894 | 546630 | 105996 | 1168267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | 19713 | 211889 | 197 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 1087103 | 11566775 | 7783882 | 85000000 |
| Issued as reinvestment of dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1576 | 16929 | 1663 | 18333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX | 253907 | 2726976 | 701494 | 7734041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | 147 | 1581 | 1238 | 13684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 28422 | 304969 |  |  |
| Reacquired: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | (2667) | (29146) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX | (1596104) | (17127149) | (16186015) | (177156376) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | (103) | (1110) | (27384) | (299776) |
| Net increase (decrease) in share activity | (126238) | $(1451442) | (7609066) | $(83410631) |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 15% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

In addition, 32% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

#### NOTE 14–Subsequent Events
The Board of Trustees of the Fund unanimously approved the addition of Barings LLC ("Barings") as a sub-adviser to the Fund pursuant to a Sub-Advisory Contract between Barings and the Adviser, and the addition of Baring International Investment Limited ("BIIL") as a sub-sub-adviser to the Fund pursuant to a Sub-Sub-Advisory Contract between Barings and BIIL (collectively, the "Proposal"). The Proposal was subsequently approved by the Fund's shareholders and became effective on September 26, 2025.

Additionally, the Board approved the following strategy changes to the Fund, which became effective on September 26, 2025.

The Fund's 80% investment policy was revised as follows: Under normal market conditions, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in credit-related instruments and in derivatives that have economic characteristics and provide investment exposure similar to credit-related instruments.

The Fund's limitation regarding investing up to 60% of its net assets in originated loans was removed.

30 Invesco Dynamic Credit Opportunity Fund

------

### Approval of Investment Advisory and Sub-Advisory Contracts
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of Invesco Dynamic Credit Opportunity Fund (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund's Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

#### The Board's Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by

which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

#### Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology and other resources used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board also considered Invesco's commitment to the Fund evidenced by its purchase of a significant dollar amount of Fund shares in 2024 to facilitate Fund liquidity and non-prorated repurchase offers. The Board considered the additional services provided to the Fund due to the fact that the Fund is a closed-end interval fund, including, but not limited to, leverage management and facilitation and management of the Fund's quarterly repurchase

offers. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

The Board also considered that at its meeting held on June 17, 2025, it had, based on information provided by, and a recommendation from Invesco Advisers, approved Barings LLC as an unaffiliated sub-adviser to the Fund and Baring International Investment Limited (with Barings LLC, Barings) as an unaffiliated sub-sub-adviser to the Fund (subject to approval of the sub-advisory contract and the sub-sub-advisory contract by the shareholders of the Fund). The Board considered Invesco Advisers' rationale for recommending the addition of Barings as sub-adviser and sub-sub-adviser to the Fund, including why Invesco Advisers believed that Barings may contribute positively to the Fund's performance and may allow the Fund to achieve greater diversification of its investments, as well as the oversight Invesco Advisers would provide to Barings.

The Board was advised of and approved certain related strategy changes for the Fund, with the

31 Invesco Dynamic Credit Opportunity Fund

------

understanding that these changes allow for the potential for improved risk adjusted returns as well as the potential for increased investor interest in the Fund. The Board also was advised that no near-term changes in the Fund's liquidity profile are anticipated as a result of these strategy or subadviser changes. The Board considered information provided by Invesco Advisers with respect to alternatives to these proposed changes, including evaluation by Invesco Advisers of other potential subadviser organizations.

B Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Senior Secured Management, Inc. and Invesco Asset Management Limited currently manage assets of the Fund.

The Board considered that the Fund continued the historical performance information of Invesco Dynamic Credit Opportunities Fund (the Acquired Fund), an exchange-listed closed-end fund with the same investment objective and substantially similar principal investment strategies as the Fund, following the consummation of the reorganization of the Acquired Fund into the Fund in November 2021. The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Credit Suisse Leveraged Loan Index (Index). The Board noted that performance of Class AX shares of the Fund was in the third quintile of its performance universe for the one year period, the second quintile for the three year period and the first quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class AX shares of the Fund was above the performance of the Index for the one and five year periods and below the performance of the Index for the three period. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds, and further noted that the Fund is unique relative to its peers in that it is a closed-end interval fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were the same as and above, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board also noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio

management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual management fees and total expense ratio were in the fifth and fourth quintiles, respectively of its expense group and discussed with management reasons for such relative actual management fees. The independent Trustees reviewed and considered additional information provided by management, including with respect to the Fund's position in a peer group that does not uniformly reflect the Fund's specific investment strategy which dynamically allocates across direct lending, opportunistic credit (including distressed debt), broadly syndicated loans and structured credit, and the additional management skills and the additional resources required by that strategy and asset class exposure as compared to the strategies employed by other funds in its peer group.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered

the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

At a meeting held on June 17, 2025, the Board of Trustees (the Board or the Trustees) of Invesco Dynamic Credit Opportunity Fund (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved (i) an initial sub-advisory contract between Invesco Advisers, Inc. (Invesco Advisers) and Barings LLC (Barings LLC and the sub-advisory contract) and (ii) an initial sub-sub-advisory contract between Barings LLC and Baring International Investment Limited (BIIL and with Barings LLC, Barings and the sub-sub-advisory contract) for the Fund, each for an initial two-year term, subject to approval of the sub-advisory contract and the sub-sub-advisory contract by the shareholders of the Fund. After evaluating the factors discussed below, among others, the Board approved the Fund's sub-advisory contract and sub-sub-advisory contract and determined that the compensation payable thereunder by Invesco Advisers to Barings LLC and by Barings LLC to BIIL, respectively, is fair and reasonable.

32 Invesco Dynamic Credit Opportunity Fund

------

#### The Board's Evaluation Process
In approving the sub-advisory contract and the sub-sub-advisory contract, the Board followed a process similar to the process that it follows in annually reviewing and approving investment advisory agreements and sub-advisory contracts for the series portfolios of funds advised by Invesco Advisers (Invesco Funds). As part of the review process, the Board reviewed and considered information provided in response to detailed requests for information submitted to Invesco Advisers and to Barings by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel). The independent Trustees discussed the approval of the sub-advisory contract and the sub-sub-advisory contract in meetings with Invesco Advisers and fund counsel convened on June 13, 2025 and June 16, 2025, and also in separate sessions with the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees, and with independent legal counsel. The Board also met with Barings, Invesco Advisers and fund counsel on June 17, 2025.

The Board considered Invesco Advisers' rationale for recommending the addition of Barings LLC as a subadviser to the Fund and BIIL as a sub-subadviser to the Fund, including why Invesco Advisers believed that Barings may contribute positively to the Fund's performance and may allow the Fund to achieve greater diversification of its investments, as well as how the addition of Barings could attract investors into the Fund given the current demand in the market for a diversified private credit solution. The Board considered information provided by Invesco Advisers with respect to alternatives to these proposed changes, including evaluation by Invesco Advisers of other potential subadviser organizations. The Board also considered information provided by Invesco Advisers with respect to the due diligence conducted by Invesco Advisers of Barings, including as related to compliance, valuation, trading, financial stability and operations, and its ongoing oversight of Barings. The Board noted that Invesco Advisers would retain overall oversight of the Fund and its service providers, ensuring that the operational and compliance infrastructure utilized for the Fund remains consistent. The Board considered the sub-advisory contract and the sub-sub-advisory contract within the context of the overall strategic partnership between MassMutual, the parent company of Barings, Barings and Invesco. The Board considered that the initial addition of Barings as a sub-adviser to the Fund was not intended to result in any material transaction costs to the Fund in light of MassMutual's intention to invest $150 million, provided shareholders approve the Proposals.

The Board also was advised of and approved certain related strategy changes for the Fund, with the understanding that these changes allow for the potential for improved risk adjusted returns as well as the potential for increased investor interest in the Fund. The Board also was advised that no near-term changes in the Fund's liquidity profile are anticipated as a result of these strategy or subadviser changes.

The discussion below is a summary of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's sub-advisory contract and sub-sub-advisory contract. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single

determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

#### Factors and Conclusions
A. Nature, Extent and Quality of Services Provided by Barings

The Board reviewed the nature, extent and quality of the services to be provided to the Fund by Barings under the sub-advisory contract and sub-sub-advisory contract, and the credentials and experience of the officers and employees of Barings who will provide these services, including the Fund's portfolio manager(s) from Barings. The Board's review included consideration of Invesco Advisers' recommendation of the addition of Barings LLC as a subadviser and BIIL as a sub-subadviser to the Fund, including Invesco Advisers' evaluation of Barings' operations, qualifications, performance and experience. The Board also met with representatives from Barings and considered Barings' expertise with respect to certain asset classes and strategies, including their international capabilities in the direct lending space, and how that experience would complement that of Invesco Advisers and the affiliated subadvisers of the Fund. The Board reviewed the evaluation by the Fund's Chief Compliance Officer (CCO) of Barings' compliance program, noting that the CCO believed the program to be reasonably designed to prevent the violation of federal securities laws. The Board considered that the sub-advisory contract and sub-sub-advisory contract may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and differentiated expertise of Barings in managing the Fund. The Board concluded that the nature, extent and quality of the services to be provided to the Fund by Barings supported the approval of the sub-advisory contract and sub-sub-advisory contract.

B. Investment Performance

Because Barings was a newly proposed subadviser to the Fund, the Board could not consider Barings' investment performance in managing the Fund as a factor in evaluating the sub-advisory contract and sub-sub-advisory contract. However, the Board considered and evaluated Barings' performance in other accounts that it manages within its private credit and capital solutions strategies, as such strategies would be employed by Barings in sub-advising the Fund.

C. Sub-Advisory Fees

The Board considered the services that will be provided by Barings pursuant to the sub-advisory contract and the sub-sub-advisory contract, as well as the fees payable by Invesco Advisers to Barings LLC pursuant to the sub-advisory contract and the fees payable by Barings LLC to BIIL pursuant to the sub-sub-advisory contract. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, the Fund, including oversight of Barings. The Board considered that the proposed sub-advisory contract and sub-sub-advisory contract will not result in any changes to the Fund's current fees. The Board considered that the fees to be paid under the sub-advisory contract and the sub-sub-advisory contract appeared to be the result of arms-length negotiations.

The Board considered the amount and structure of the proposed compensation to Barings and received information from Invesco Advisers that such terms were the result of arm's length, competitive negotiation. Invesco Advisers also advised that it had sought to obtain comparative fee information from

public sources, but that such information is limited and was not available.

The Board noted that Barings and BIIL do not manage other mutual funds or client accounts with strategies substantially similar to that of the Fund.

D. Economies of Scale

The Board considered the extent to which there may be economies of scale in the provision of services to the Fund by Barings given the nature of the assets in which the Fund invests, and the extent to which such economies of scale may be shared with the Fund. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty.

E.Profitability and Financial Resources

The Board did not consider Barings' projected profitability because Invesco Advisers would be paying Barings out of the advisory fees that Invesco Advisers receives from the Fund for the sub-advisory contract. The Board therefore believed that Invesco Advisers had an incentive to negotiate competitive sub-advisory fees. The Board also noted that Barings LLC would be paying BIIL for the services provided under the sub-sub-advisory contract. The Board received information from Barings demonstrating that Barings is financially sound and has the resources necessary to perform its obligations under the sub-advisory contract and sub-sub-advisory contract.

F. Collateral Benefits to Barings

The Board considered various other benefits to be received by Barings from the relationship with the Fund, including the opportunity for Barings to scale its investment capabilities within the U.S. wealth market and expand its distribution and product opportunities.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

33 Invesco Dynamic Credit Opportunity Fund

------

(This page intentionally left blank)

------

(This page intentionally left blank)

------

![LOGO](g90241dsp052a.jpg)

#### Go paperless with eDelivery
Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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

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

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

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

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

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

![LOGO](g90241dsp052b.jpg)

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

------

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for a semi-annual report.

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

------

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

None.

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

------

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

19(a)(1) Not applicable.

19(a)(2) Not applicable.

[19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](d90241dex99cert.htm)

19(a)(4) Not applicable.

19(a)(5) Not applicable.

[19(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](d90241dex99906cert.htm)

------

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

---

| | |
|:---|:---|
| (Registrant) <u>Invesco Dynamic Credit Opportunity Fund</u> | (Registrant) <u>Invesco Dynamic Credit Opportunity Fund</u> |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Glenn Brightman |

---

Name: Glenn Brightman <br> Title: Principal Executive Officer

Date: November 7, 2025

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

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Glenn Brightman |

---

---

| | |
|:---|:---|
|  Name: | Glenn Brightman |
|  Title: | Principal Executive Officer |
|  Date: | November 7, 2025 |

---

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Adrien Deberghes |

---

Name: Adrien Deberghes <br> Title: Principal Financial Officer

Date: November 7, 2025

## Ex-99.Cert

**Exhibit 99.CERT** 

**EXHIBIT (a)(3)** 

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Dynamic Credit
Opportunity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 7, 2025 | /s/ Glenn Brightman |
|  | Glenn Brightman<br> Principal Executive Officer |

---

------

**Exhibit 99.CERT** 

**EXHIBIT (a)(3)** 

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Dynamic Credit
Opportunity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 7, 2025 | /s/ Adrien Deberghes |
|  | Adrien Deberghes |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**EXHIBIT (b)** 

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Invesco Dynamic Credit Opportunity Fund (the "Company") on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 7, 2025 | /s/ Glenn Brightman |
|  | Glenn Brightman<br> Principal Executive Officer |

---

------

**Exhibit 99.906CERT** 

**EXHIBIT (b)** 

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Invesco Dynamic Credit Opportunity Fund (the "Company") on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 7, 2025 | /s/ Adrien Deberghes |
|  | Adrien Deberghes<br> Principal Financial Officer |

---