# EDGAR Filing Document

**Accession Number:** 0001860151
**File Stem:** 0001193125-26-210688
**Filing Date:** 2026-5
**Character Count:** 421070
**Document Hash:** 1759d9ba517f22e74666ae10b3108b13
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-210688.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-210688

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23665
- **FILM NUMBER:** 26951304

**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-CSR

### 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 811-23665

## Invesco Dynamic Credit Opportunity Fund

#### (Exact name of registrant as specified in charter)

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

#### (Address of principal executive offices) (Zip code)

#### 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: (713) 626-1919

#### Date of fiscal year end: February 28

#### Date of reporting period: February 28, 2026

------

Item 1. Reports to Stockholders.

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

(b) Not applicable.

------

![LOGO](g120572g00z01.jpg)

 <br> Annual Report to Shareholders February 28, 2026

### Invesco Dynamic Credit Opportunity Fund
Nasdaq:

A: XCRTX

∎ AX: XAXCX

∎ Y: XCYOX

∎ R6: XCRRX

---

| | |
|:---|:---|
| 2 | [Management's Discussion](#edg120572_1) |
| 2 | [Performance Summary](#edg120572_2) |
| 4 | [Long-Term Fund Performance](#edg120572_3) |
| 6 | [Supplemental Information](#edg120572_4) |
| 8 | [Consolidated Schedule of Investments](#edg120572_5) |
| 19 | [Consolidated Financial Statements](#edg120572_6) |
| 23 | [Consolidated Financial Highlights](#edg120572_7) |
| 27 | [Notes to Consolidated Financial Statements](#edg120572_8) |
| 37 | [Report of Independent Registered Public Accounting Firm](#edg120572_9) |
| 38 | [Tax Information](#edg120572_10) |
| T-1 | [Trustees and Officers](#edg120572_11) |
| T-6 | [Proxy Results](#edg120572_12) |

---

------

### Management's Discussion of Fund Performance

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Performance summary** | &nbsp;&nbsp;**Performance summary** |
| &nbsp;&nbsp;For the fiscal year ended February 28, 2026, Class A shares of Invesco Dynamic Credit Opportunity Fund (the Fund), at net asset value (NAV), underperformed the S&P UBS Leveraged Loan Index. | &nbsp;&nbsp;For the fiscal year ended February 28, 2026, Class A shares of Invesco Dynamic Credit Opportunity Fund (the Fund), at net asset value (NAV), underperformed the S&P UBS Leveraged Loan Index. |
| &nbsp;&nbsp; Your Fund's long-term performance appears later in this report. | &nbsp;&nbsp; Your Fund's long-term performance appears later in this report. |
| &nbsp;&nbsp;**Fund vs. Indexes** | &nbsp;&nbsp;**Fund vs. Indexes** |
| &nbsp;&nbsp;Total returns, 2/28/25 to 2/28/26, 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;Total returns, 2/28/25 to 2/28/26, 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;Class A Shares | 2.42% |
| &nbsp;&nbsp;Class AX Shares | 2.67 |
| &nbsp;&nbsp;Class Y Shares | 2.59 |
| &nbsp;&nbsp;Class R6 Shares | 2.78 |
| &nbsp;&nbsp;S&P UBS Leveraged Loan Index▼<br>| 3.88 |
| &nbsp;&nbsp;&nbsp;Source(s):▼<br>Bloomberg LP |  |

---

#### Market conditions and your Fund
During the fiscal year covered by this report, senior loans compared favorably with longer-duration areas of the credit markets at various points, benefiting from meaningfully lower interest-rate sensitivity and steadier return patterns<sup>.1,2,3,4</sup> Loan returns were supported by robust coupon income, with yields remaining elevated throughout the fiscal year, including 7.86% at 2025 year-end and 8.38% by February 2026,<sup>1</sup> as markets continued to price in a higher-for-longer rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the full twelve-month period, the loan market navigated distinct shifts in sentiment. Following the volatility associated with tariff developments in early April 2025,<sup>4</sup> secondary trading conditions improved as market participants absorbed the initial shock and as corporate fundamentals remained stable. Through mid-2025, loan market activity reflected healthy demand from institutional investors,<sup>5</sup> steady refinancing activity, and borrower earnings that generally kept pace with higher interest burdens.<sup>6</sup> Late in the calendar year, however, certain cyclical sectors, including chemicals and housing, faced pressure as end-market softness and cost dynamics weighed on sentiment.<sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early 2026 brought another bout of volatility driven by concerns around potential AI-related disruption. These pressures were most visible in the Software industry, where loan prices declined more sharply than the rest of the market. In February, the weighted-average bid for performing Software loans fell by 392 basis points (bps) to 87.64 bps compared with a 75 bps decline to 96.12 bps for performing non-Software loans.<sup>6</sup> This divergence highlighted how sector-specific narratives influenced trading levels even as overall credit conditions remained manageable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite episodic volatility, core credit metrics remained relatively stable during the fiscal period. The trailing 12-month par-weighted default rate remained below long-term averages, fluctuating over the course of the fiscal year and ending modestly higher at

1.23% in December 2025, 1.29% in January, and 1.38% in February.<sup>6</sup> The percentage of loans trading below $80 increased from 4.34% in December to 6.43% by February,<sup>6</sup> after remaining near multi-year lows for much of mid-2025, reflecting broader market repricing but not a widespread deterioration in borrower fundamentals. Throughout the twelve-month period, loan issuers generally maintained balanced liquidity positions and continued to refinance near-term maturities as market windows allowed.<sup>6</sup>

Mergers and acquisitions (M&A) and leveraged buyout (LBO) activity remained inconsistent,<sup>5</sup> which, combined with steady institutional participation4 and collateralized loan obligation (CLO) issuance, supported healthy demand for loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After three rate cuts in 2025<sup>4</sup> and a pause at the US Federal Reserve's January 2026 meeting,<sup>4</sup> the pace of additional easing may be more measured given evolving geopolitical developments.<sup>4</sup> Issuer fundamentals remained generally stable<sup>6</sup> over the prior fiscal year and loan income levels ended the period at elevated levels.<sup>1</sup> Given the price of senior loans at the end of the fiscal year, they provided an 8.38% yield<sup>1</sup> (represented by the yield to three-year life).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We remain constructive on Direct Lending as all-in yields remain attractive for senior positioning, especially in the core middle market. Significant private equity dry powder and a backlog of exits point to a continuation of recently improved deal activity, despite competition from the broadly syndicated market. As clarity improves on rates, we anticipate direct lending will continue to offer high single-digit to low double-digit returns, supported by floating-rate structures, strong demand from private equity sponsors, and a favorable credit outlook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pockets of stress and uncertainty remain where we see opportunities for Opportunistic Credit to provide financing. Interest is growing in new-money and super-senior deals tied to amend-and-extend transactions. Capital solutions are increasing in volume and quality,

driven by longer private equity (PE) holding periods and high base rates. Stress is emerging in loans trading below par, while par credit has remained well bid. We believe these dynamics should persist, potentially creating attractive, risk-adjusted returns for investors willing to navigate complexity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In managing the Fund, we take a multi-strategy approach to private credit – allocating across direct lending, broadly syndicated loans, opportunistic credit, CLOs and, most recently, asset-backed finance and specialty corporate finance; and adjusting those allocations based on market environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common thread across the Fund's broadly syndicated loans, direct lending and opportunistic credit strategies is its focus on senior secured floating rate loans. We believe this aspect provides capital preservation potential given these loans are senior and secured in the capital structure which has historically resulted in lower volatility with higher recovery rates versus unsecured high-yield bonds and equity.<sup>5</sup> Meanwhile, the loan coupons are floating rate, meaning they have very little interest rate risk relative to traditional fixed income investments and sensitivity in rising rate environments, as was the case during the fiscal year.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year ended February 28, 2026, on a strategy basis, Direct Lending and Syndicated Loans were the primary contributors to absolute Fund performance. There were no strategies that acted as detractors on an absolute basis. On an industry basis, service, financial, and energy industries acted as the largest absolute contributors, while food and drug, packaging, and manufacturing were the largest detractors from absolute returns. On an individual issuer basis, RJO Holdings, Keg Logistics, and My Alarm Center, were the largest contributors to the Fund's absolute performance, while NewLife Forest Restoration, Teasdale Foods, and Muth Mirror Systems were the largest detractors from absolute returns. RJO Holdings went through an acquisition and was no longer held by fiscal year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund employs leverage, which allows us to enhance the Fund's yield while keeping credit standards high relative to the Benchmark. As of the close of the fiscal year, leverage accounted for approximately 11% of the Fund's total assets. For more information about the Fund's use of leverage and the associated risks, see the Notes to Financial Statements later in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the course of the fiscal year, the Fund's exposure to broadly syndicated loans and opportunistic credit increased while exposure to direct lending decreased. As of February 28, 2026, the Fund was well diversified across direct lending, broadly syndicated loans and opportunistic credit. We believe the Fund's current composition balances income/ return potential with ex-ante volatility relative to the broader syndicated loan market.

2 Invesco Dynamic Credit Opportunity Fund

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

1 Source: S&P UBS Leveraged Loan Index

2 Source: Morningstar LSTA US Leveraged Loan Index

3 Source: Bloomberg US Corporate High Yield Bond Index

4 Source: Bloomberg LP

5 Source: JP Morgan

6 Source: PitchBook Data, Inc.

#### Portfolio manager(s):
Scott Baskind - Lead

Nuno Caetano

Matt Freund

Ron Kantowitz

Michael Searles

Philip Yarrow

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc., Barings LLC and their affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but neither Invesco Advisers, Inc. or Barings LLC makes any representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco Dynamic Credit Opportunity Fund

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### Your Fund's Long-Term Performance
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Results of a $10,000 Investment - Oldest Share Class(es)
Fund and index data from 2/29/16

![LOGO](g120572g00z04.jpg)

1 Sources: Bloomberg LP

\* The Fund's oldest share class (AX shares) does not have a sales charge; therefore, the second-oldest share class with a sales charge (Class A) is also included in the chart.

Past performance cannot guarantee future results.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 shares prior to November 1, 2021 are those of the Common Shares of the predecessor fund restated to reflect applicable Rule 12b-1 fees and sales charges.

4 Invesco Dynamic Credit Opportunity Fund

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp;As of 2/28/26, including maximum applicable sales charges | &nbsp;&nbsp;&nbsp;&nbsp;As of 2/28/26, including maximum applicable sales charges |
| &nbsp;&nbsp;**Class A Shares** |  |
| &nbsp;&nbsp;10 Years | 7.11% |
| &nbsp;&nbsp; 5 Years | 5.41 |
| &nbsp;&nbsp; 1 Year | -0.94 |
| &nbsp;&nbsp;**Class AX Shares** |  |
| &nbsp;&nbsp;Inception (6/26/07) | 5.55% |
| &nbsp;&nbsp;10 Years | 7.74 |
| &nbsp;&nbsp; 5 Years | 6.37 |
| &nbsp;&nbsp; 1 Year | 2.67 |
| &nbsp;&nbsp;**Class Y Shares** |  |
| &nbsp;&nbsp;10 Years | 7.75% |
| &nbsp;&nbsp; 5 Years | 6.39 |
| &nbsp;&nbsp; 1 Year | 2.59 |
| &nbsp;&nbsp;**Class R6 Shares** |  |
| &nbsp;&nbsp;10 Years | 7.79% |
| &nbsp;&nbsp; 5 Years | 6.48 |
| &nbsp;&nbsp; 1 Year | 2.78 |

---

**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.** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

5 Invesco Dynamic Credit Opportunity Fund

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### Supplemental Information

#### Invesco Dynamic Credit Opportunity Fund's investment objective is to seek a high level of current income, with a secondary objective of capital appreciation.
∎ Unless otherwise stated, information presented in this report is as of February 28, 2026, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund's reports/prospectus, visit invesco.com/fundreports.

#### About indexes used in this report
&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 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;∎ 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;**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.**<br>

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

6 Invesco Dynamic Credit Opportunity Fund

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### Fund Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Portfolio Composition <sup>\*</sup>

---

| | |
|:---|:---|
| By credit quality | % of total investments |
| BB+ | 0.37% |
| BB | 0.51 |
| BB- | 1.49 |
| B+ | 3.50 |
| B | 13.19 |
| B- | 9.21 |
| CCC+ | 6.14 |
| CCC | 2.85 |
| CCC- | 1.01 |
| D | 0.08 |
| Non-Rated | 48.99 |
| Equity | 12.66 |

---

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

#### Top Five Debt Issuers\*

---

| | | |
|:---|:---|:---|
|  |  | % of total net assets |
| 1. | Keg Logistics LLC | 8.70% |
| 2. | Lightning Finco Ltd. (LiveU) | 8.04 |
| 3. | NAS LLC (d.b.a. Nationwide Marketing Group) | 5.27 |
| 4. | Muth Mirror Systems LLC | 4.40 |
| 5. | Lamark Media Group LLC | 3.65 |

---

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

\* Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2026.

7 Invesco Dynamic Credit Opportunity Fund

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### Consolidated Schedule of Investments
February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal | |
|  | Interest | Maturity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | |
|  | Rate | Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<sup>(a)</sup> | Value |
| **Variable Rate Senior Loan Interests–105.17%<sup>(b)(c)</sup>** |  |  |  |  |
| **Aerospace & Defense–2.02%** |  |  |  |  |
| CACI International, Inc., Term Loan B <sup>(d)</sup> |  | 02/25/2033 | $642 | $642567 |
| FDH Group Acquisition, Inc.<br>Delayed Draw Term Loan (3 mo. Term SOFR + 4.75%)<sup>(e)(f)</sup> | 8.42% | 10/21/2031 | 105 | 105054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(f)(g)</sup> | 0.00% | 11/04/2031 | 167 | 167880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 4.75%)<sup>(e)(f)</sup> | 8.42% | 11/04/2031 | 721 | 723495 |
| Gogo Intermediate Holdings LLC, Term Loan (1 mo. Term SOFR + 3.75%) | 7.54% | 04/30/2028 | 984 | 818043 |
| NAC Aviation 8 Ltd. (Ireland), Revolver Loan<sup>(f)(g)</sup> | 0.00% | 12/31/2026 | 1642 | 1642458 |
| Peraton Corp., First Lien Term Loan B<sup>(d)</sup> |  | 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217 | 1046439 |
| Titan Acquisition Holdings L.P. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(d)</sup> |  | 03/24/2026 | 34 | 33359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(g)</sup> | 0.00% | 03/24/2026 | 2 | 2129 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5181424 |
| **Automotive–4.81%** |  |  |  |  |
| Autokiniton US Holdings, Inc., Term Loan B (1 mo. Term SOFR + 4.11%) | 7.79% | 04/06/2028 | 869 | 866830 |
| Highline Aftermarket Acquisition LLC, Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 02/15/2030 | 216 | 216371 |
| Muth Mirror Systems LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Acquired 04/23/2019-12/31/2025; Cost $1,691,206)<sup>(e)(f)(h)</sup> | 7.00% | 03/31/2027 | 1189 | 632647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(f)(g)</sup> | 0.00% | 03/31/2027 | 503 | 267681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (6 mo. USD LIBOR + 5.25%)<sup>(f)</sup> | 7.00% | 03/31/2027 | 19459 | 10352039 |
|  |  |  |  | 12335568 |
| **Beverage & Tobacco–0.05%** |  |  |  |  |
| City Brewing Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Term Loan (3 mo. Term SOFR + 7.00%)<sup>(f)</sup> | 10.67% | 09/30/2030 | 462 | 69349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 7.00%)<sup>(f)</sup> | 10.67% | 09/30/2030 | 155 | 69646 |
|  |  |  |  | 138995 |
| **Brokers, Dealers & Investment Houses–0.70%** |  |  |  |  |
| Ascensus Group Holdings, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 11/24/2032 | 528 | 516558 |
| GC Ferry Acquisition I, Inc. (First Eagle Investment Management LLC) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(g)</sup> | 0.00% | 08/16/2032 | 192 | 187887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B<sup>(d)</sup> |  | 08/16/2032 | 1123 | 1100484 |
|  |  |  |  | 1804929 |
| **Building & Development–1.96%** |  |  |  |  |
| Empire Today LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 5.00%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Acquired 11/18/2024-06/25/2025; Cost $1,599,908)<sup>(f)(h)</sup> | 8.93% | 08/03/2029 | 2133 | 1278409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A (3 mo. Term SOFR + 5.50%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Acquired 11/18/2024-06/25/2025; Cost $584,433)<sup>(f)(h)</sup> | 9.43% | 08/03/2029 | 641 | 612526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 5.50%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Acquired 11/18/2024-06/25/2025; Cost $624,901)<sup>(f)(h)</sup> | 9.43% | 08/03/2029 | 635 | 606726 |
| Interior Logic Group, Inc. (Signal Parent), Term Loan B (3 mo. Term SOFR + 3.60%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Acquired 09/11/2023-12/08/2025; Cost $1,256,204)<sup>(h)</sup> | 7.27% | 04/01/2028 | 1462 | 1076532 |
| IPS Corp./CP Iris Holdco |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(g)</sup> | 0.00% | 10/27/2032 | 81 | 80441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 4.00%) | 7.67% | 10/18/2032 | 804 | 801437 |
| Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. Term SOFR + 4.25%) | 7.92% | 04/29/2029 | 855 | 575495 |
|  |  |  |  | 5031566 |
| **Business Equipment & Services–15.36%** |  |  |  |  |
| Cloud Software Group, Inc., Term Loan B (3 mo. Term SOFR + 3.25%) | 6.92% | 08/09/2032 | 733 | 682570 |
| Constant Contact, Inc., Term Loan (3 mo. Term SOFR + 4.26%) | 7.93% | 02/10/2028 | 1711 | 1491137 |
| DTI HoldCo, Inc., Term Loan B (1 mo. Term SOFR + 4.00%) | 7.67% | 04/26/2029 | 687 | 594342 |
| GI Revelation Acquisition LLC, Term Loan B-4 (1 mo. Term SOFR + 3.75%) | 7.42% | 05/12/2028 | 1705 | 1362288 |

---

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

8 Invesco Dynamic Credit Opportunity Fund

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal | |
|  | Interest | Maturity | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | |
|  | Rate | Date | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<sup>(a)</sup> | Value |
| **Business Equipment & Services–(continued)** |  |  |  |  |  |
| Heron BidCo, LLC (Heidrick & Struggles International Inc), Term Loan B (3 mo. Term SOFR + 4.00%) | 7.74% | 12/10/2032 |  | $686 | $685237 |
| Lamark Media Group LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (3 mo. Term SOFR + 5.00%)<sup>(e)(f)</sup> | 8.67% | 10/14/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 | 1482097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(f)(g)</sup> | 0.00% | 10/14/2027 |  | 204 | 203725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan (3 mo. Term SOFR + 5.00%)<sup>(e)(f)</sup> | 8.66% | 10/14/2027 |  | 815 | 814899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 5.00%)<sup>(e)(f)</sup> | 8.67% | 10/14/2027 |  | 6845 | 6845150 |
| Learning Care Group (US) No. 2, Inc., Term Loan B (3 mo. Term SOFR + 4.00%) | 7.67% | 08/11/2028 |  | 646 | 512708 |
| Monitronics International, Inc., DIP Term Loan A (3 mo. Term SOFR + 7.76%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Acquired 06/30/2023; Cost $4,477,339)<sup>(f)(h)</sup> | 11.43% | 06/30/2028 |  | 4477 | 4475101 |
| NAS LLC (d.b.a. Nationwide Marketing Group) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(e)(f)(i)</sup> | 0.00% | 05/15/2026 |  | 598 | 597685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(g)</sup> | 0.00% | 05/15/2026 |  | 322 | 321831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan<sup>(e)(f)(i)</sup> | 0.00% | 05/15/2026 |  | 8581 | 8581501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan<sup>(e)(f)(i)</sup> | 0.00% | 05/15/2026 |  | 2688 | 2687559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan<sup>(e)(f)(i)</sup> | 0.00% | 05/15/2026 |  | 1630 | 1630248 |
| Netrix LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(e)(f)(g)</sup> | 0.00% | 10/31/2031 |  | 294 | 290952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 5.50%)<sup>(e)(f)</sup> | 9.17% | 10/31/2031 |  | 1706 | 1689048 |
| Ryan LLC (Ryan Tax), Term Loan (1 mo. Term SOFR + 3.50%) | 7.17% | 11/05/2032 |  | 1626 | 1576313 |
| Spin Holdco, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. Term SOFR + 4.00%) | 7.93% | 09/04/2030 |  | 1765 | 1384229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 5.43%) | 9.10% | 09/28/2030 |  | 765 | 784288 |
| UnitedLex Corp., Term Loan<sup>(f)(j)</sup> | 0.00% | 03/20/2027 |  | 910 | 682902 |
|  |  |  |  |  | 39375810 |
| **Cable & Satellite Television–13.52%** |  |  |  |  |  |
| Altice Financing S.A. (Altice-Int'l) (Luxembourg) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incremental Term Loan (3 mo. EURIBOR + 5.00%) | 7.02% | 10/31/2027 | EUR | 3043 | 2686905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. EURIBOR + 5.00%) | 7.02% | 10/31/2027 | EUR | 2253 | 1989132 |
| Atlantic Broadband Finance LLC (Cogeco), Term Loan B-1<sup>(d)</sup> |  | 09/18/2030 |  | 857 | 799384 |
| Lightning Finco Ltd. (LiveU) (United Kingdom) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B-1 (3 mo. Term SOFR + 5.50%)<sup>(e)(f)</sup> | 9.83% | 08/31/2028 |  | 18375 | 18375146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B-2 (6 mo. EURIBOR + 5.50%)<sup>(e)(f)</sup> | 7.62% | 08/31/2028 | EUR | 1886 | 2228233 |
| SFR-Numericable (YPSO, Altice France) (France), Term Loan B-14 (3 mo. EURIBOR + 6.88%) | 8.89% | 05/31/2031 | EUR | 5598 | 6680754 |
| Versant Media Group, Inc., Term Loan B<sup>(d)</sup> |  | 01/30/2031 |  | 469 | 469321 |
| Virgin Media 02 - LG (United Kingdom), Term Loan Y (6 mo. Term SOFR + 3.28%) | 7.05% | 03/31/2031 |  | 1518 | 1422708 |
|  |  |  |  |  | 34651583 |
| **Chemicals & Plastics–6.87%** |  |  |  |  |  |
| A-Gas Finco, Inc., Term Loan (3 mo. Term SOFR + 5.25%) | 8.92% | 12/14/2029 |  | 1072 | 963723 |
| Hexion International Holdings B.V., Term Loan B<sup>(d)</sup> |  | 03/15/2029 |  | 831 | 817343 |
| Ineos Quattro (STYRO), Term Loan B<sup>(d)</sup> |  | 04/02/2029 |  | 367 | 300219 |
| Ineos US Finance LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. Term SOFR + 3.25%) | 6.92% | 02/18/2030 |  | 1019 | 861321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 02/07/2031 |  | 391 | 334005 |
| MicroCare Holdings LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(e)(f)(g)</sup> | 0.00% | 08/08/2031 |  | 604 | 601662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(e)(f)(g)</sup> | 0.00% | 08/08/2031 |  | 604 | 601662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 5.00%)<sup>(e)(f)</sup> | 8.64% | 08/08/2031 |  | 3712 | 3696974 |
| Oxea Corp. (OQ Chemicals), Term Loan B-2 (3 mo. Term SOFR + 4.35%) | 8.00% | 04/07/2031 |  | 1508 | 1110903 |
| Proampac PG Borrower LLC, Term Loan (3 mo. Term SOFR + 4.00%) | 7.67% | 09/15/2028 |  | 1231 | 1217210 |
| V Global Holdings LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan (1 mo. Term SOFR + 5.85%)<sup>(e)(f)</sup> | 9.52% | 01/02/2029 |  | 310 | 288744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(f)(g)</sup> | 0.00% | 01/02/2029 |  | 536 | 499952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (6 mo. Term SOFR + 5.75%)<sup>(e)(f)</sup> | 9.55% | 01/02/2029 |  | 6767 | 6306476 |
|  |  |  |  |  | 17600194 |
| **Containers & Glass Products–11.87%** |  |  |  |  |  |
| BradyPLUS Holdings LLC, Term Loan B (3 mo. Term SOFR + 3.50%) | 7.19% | 12/13/2032 |  | 1033 | 1026869 |

---

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

9 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal | |
|  | Interest | Maturity | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | |
|  | Rate | Date | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<sup>(a)</sup> | Value |
| **Containers & Glass Products–(continued)** |  |  |  |  |  |
| Consolidated Container Co. LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 06/11/2031 |  | $840 | $813396 |
| Flex Acquisition Co., Inc., Term Loan B<sup>(d)</sup> |  | 04/30/2032 |  | 1038 | 1028388 |
| Iris Holding, Inc. (Intertape), First Lien Term Loan (3 mo. Term SOFR + 4.85%) | 8.52% | 06/28/2028 |  | 998 | 977474 |
| Keg Logistics LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan (3 mo. Term SOFR + 6.90%)<sup>(e)(f)</sup> | 10.58% | 11/23/2027 |  | 1366 | 1366251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 6.40%)<sup>(e)(f)</sup> | 7.90% | 11/23/2027 |  | 20949 | 20949208 |
| Klockner (KPERST/Kleopatra) (Luxembourg), Term Loan (3 mo. EURIBOR + 2.00%) | 7.03% | 01/30/2031 | EUR | 1030 | 1089077 |
| Libbey Glass LLC, Term Loan B (3 mo. Term SOFR + 6.50%)<sup>(f)</sup> | 10.32% | 11/22/2027 |  | 1893 | 1829624 |
| Mold-Rite Plastics LLC (Valcour Packaging LLC), Term Loan A-2 (1 mo. Term SOFR + 3.75%) | 7.42% | 10/04/2028 |  | 948 | 718643 |
| TricorBraun, Inc., Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 03/03/2031 |  | 664 | 637242 |
|  |  |  |  |  | 30436172 |
| **Cosmetics & Toiletries–0.80%** |  |  |  |  |  |
| Bausch and Lomb, Inc., Term Loan B (1 mo. Term SOFR + 3.75%) | 7.42% | 01/30/2031 |  | 1248 | 1250979 |
| KDC/ONE Development Corp., Inc. (Canada), Term Loan (1 mo. Term SOFR + 3.50%) | 7.17% | 08/15/2028 |  | 810 | 804071 |
|  |  |  |  |  | 2055050 |
| **Ecological Services & Equipment–0.22%** |  |  |  |  |  |
| Groundworks LLC, Term Loan (3 mo. Term SOFR + 3.50%) | 6.67% | 03/14/2031 |  | 564 | 565041 |
| **Electronics & Electrical–7.54%** |  |  |  |  |  |
| Boxer Parent Co., Inc., Term Loan (3 mo. Term SOFR + 3.00%) | 6.67% | 07/30/2031 |  | 740 | 683993 |
| GoTo Group, Inc. (LogMeIn), First Lien Term Loan (3 mo. Term SOFR + 4.90%) | 8.57% | 04/28/2028 |  | 1398 | 1161410 |
| Infinite Electronics |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Term Loan (3 mo. Term SOFR + 4.01%) | 7.68% | 03/02/2028 |  | 859 | 832090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Term Loan (3 mo. Term SOFR + 7.26%) | 10.93% | 03/02/2029 |  | 473 | 445071 |
| ION Platform Finance US, Inc., Term Loan (3 mo. Term SOFR + 4.75%) | 8.57% | 09/30/2032 |  | 1955 | 1616243 |
| KnowBe4 (aka Oranje MidCo. LLC), Term Loan B (3 mo. Term SOFR + 3.75%) | 7.42% | 07/26/2032 |  | 945 | 819804 |
| Learning Pool (Brook Bidco Ltd.) (United Kingdom) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (6 mo. Term SOFR + 7.00%)<sup>(f)</sup> | 10.62% | 08/17/2028 |  | 900 | 874382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (6 mo. Term SOFR + 7.28%)<sup>(f)</sup> | 11.50% | 07/10/2028 | GBP | 674 | 882019 |
| Mavenir Systems, Inc., Second Lien Term Loan<sup>(f)</sup> | 12.00% | 07/26/2030 |  | 167 | 121254 |
| McAfee LLC, Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 03/01/2029 |  | 1217 | 1067469 |
| Modena Buyer LLC (End User Computing), Term Loan (3 mo. Term SOFR + 4.25%) | 7.92% | 07/01/2031 |  | 1328 | 1175843 |
| Native Instruments (Music Creation Group GmbH/APTUS) (Germany), Term Loan B (3 mo. Term SOFR + 7.00%) (Acquired 01/14/2022-06/10/2025; Cost $1,486,229)<sup>(f)(h)</sup> | 9.07% | 03/03/2028 | EUR | 1311 | 388863 |
| Proofpoint, Inc., Term Loan<sup>(d)</sup> |  | 08/31/2028 |  | 710 | 681710 |
| Quest Software US Holdings, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Term Loan (3 mo Term SOFR + 4.25%) | 8.07% | 02/01/2029 |  | 1605 | 1092868 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Term Loan (3 mo. Term SOFR + 6.00%) | 9.67% | 02/01/2029 |  | 625 | 623488 |
| RANGE RED OPER, Inc., Second Lien Term Loan (3 mo. Term SOFR + 8.00%)<sup>(f)</sup> | 11.76% | 10/01/2029 |  | 0 | 0 |
| Renaissance Holding Corp., Term Loan (3 mo. Term SOFR + 4.00%) | 7.67% | 04/05/2030 |  | 1767 | 1339370 |
| Riverbed Technology LLC, PIK Term Loan, 2.00% PIK Rate, 6.17% Cash Rate<sup>(k)</sup> | 2.00% | 07/01/2028 |  | 1640 | 753721 |
| SonicWall U.S. Holdings, Inc., First Lien Term Loan (3 mo. Term SOFR + 5.00%) (Acquired 08/16/2023; Cost $1,038,860)<sup>(h)</sup> | 8.67% | 05/18/2028 |  | 1056 | 345350 |
| Ultimate Software Group, Inc., First Lien Term Loan (3 mo. Term SOFR + 2.50%) | 6.17% | 02/10/2031 |  | 725 | 688206 |
| Utimaco (SGT Ultimate BidCo GmbH) (Germany) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B-1 (6 mo. EURIBOR + 5.50%)<sup>(f)</sup> | 7.62% | 05/31/2029 | EUR | 2134 | 2521471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B-2 (6 mo. Term SOFR + 5.50%)<sup>(f)</sup> | 9.84% | 05/31/2029 |  | 1205 | 1204687 |
|  |  |  |  |  | 19319312 |
| **Financial Intermediaries–3.64%** |  |  |  |  |  |
| AnaCap (AFE S.A. SICAV-RAIF) (Italy) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(f)(g)</sup> | 0.00% | 10/01/2032 | EUR | 664 | 784400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. EURIBOR + 1.50%)<sup>(f)</sup> | 10.50% | 01/01/2030 | EUR | 505 | 596762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. EURIBOR + 4.00%)<sup>(f)</sup> | 6.02% | 01/15/2030 | EUR | 4937 | 5472241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 yr. EURIBOR + 0.02%)<sup>(f)</sup> | 0.02% | 10/31/2031 | EUR | 4039 | 0 |
| Broadstreet Partners, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 06/13/2031 |  | 721 | 691856 |
| Edelman Financial Center LLC (The), Second Lien Term Loan (1 mo. Term SOFR + 5.25%) | 8.92% | 10/06/2028 |  | 93 | 92439 |

---

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 |
| **Financial Intermediaries–(continued)** |  |  |  |  |  |
| Eisner Advisory Group LLC<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (1 mo. Term SOFR + 4.00%)<sup>(f)(g)</sup> | 0.00% | 02/28/2031 |  | $269 | $268110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incremental Term Loan (1 mo. Term SOFR + 4.00%) | 7.67% | 02/28/2031 |  | 590 | 574665 |
| Grant Thornton Advisors LLC, Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 06/02/2031 |  | 922 | 859433 |
|  |  |  |  |  | 9339906 |
| **Food Products–8.28%** |  |  |  |  |  |
| 80-20 (Spain), Delayed Draw Term Loan <sup>(e)(f)(g)</sup> | 0.00% | 11/30/2032 | EUR | 381 | 379048 |
| Arnott's (Snacking Investments US LLC), Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 10/08/2032 |  | 541 | 541937 |
| Biscuit Holding S.A.S. (BISPOU/Cookie Acq) (France), Term Loan B (6 mo. EURIBOR + 4.00%) | 6.12% | 02/12/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | 2631527 |
| BrightPet (AMCP Pet Holdings, Inc.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incremental Term Loan B (3 mo. Term SOFR + 4.00%)<sup>(e)(f)</sup> | 7.82% | 10/05/2026 |  | 4185 | 3436153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan (3 mo. Term SOFR + 7.00%)<sup>(e)(f)</sup> | 10.82% | 10/05/2026 |  | 1544 | 1267940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 4.00%)<sup>(e)(f)</sup> | 7.82% | 10/05/2026 |  | 4071 | 3342244 |
| Flora Foods (Netherlands), Term Loan (3 mo. Term SOFR + 4.25%) | 7.90% | 10/31/2030 |  | 1327 | 1299573 |
| Florida Food Products LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Term Loan<sup>(d)</sup> |  | 10/15/2030 |  | 206 | 204128 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Term Loan B (3 mo. Term SOFR + 5.50%) | 9.15% | 10/15/2030 |  | 175 | 172903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Term Loan (3 mo. Term SOFR + 5.00%) | 8.91% | 10/15/2030 |  | 18 | 12994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Term Loan A (3 mo. Term SOFR + 5.00%) | 8.76% | 10/15/2030 |  | 922 | 677067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Term Loan C (3 mo. Term SOFR + 5.00%) | 8.76% | 10/15/2030 |  | 163 | 119428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Lien Term Loan (3 mo. Term SOFR + 8.00%) | 11.76% | 04/15/2031 |  | 866 | 303046 |
| Glacier/Iceberg Acquisitions UK Ltd. (United Kingdom), Term Loan<sup>(d)</sup> |  | 02/11/2033 | EUR | 2000 | 2325779 |
| Shearer's Foods LLC, Term Loan B<sup>(d)</sup> |  | 02/12/2031 |  | 710 | 690315 |
| TreeHouse Foods, Inc., Term Loan B<sup>(d)</sup> |  | 02/03/2033 |  | 854 | 843649 |
| Western Smokehouse Partners |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(f)(g)</sup> | 0.00% | 03/31/2029 |  | 76 | 75534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(e)(f)(g)</sup> | 0.00% | 03/31/2029 |  | 343 | 339129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (1 mo. Term SOFR + 5.50%)<sup>(e)(f)</sup> | 9.17% | 03/31/2030 |  | 74 | 72977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(e)(f)(g)</sup> | 0.00% | 03/31/2030 |  | 184 | 182436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. Term SOFR + 5.50%)<sup>(e)(f)</sup> | 11.50% | 03/31/2029 |  | 1029 | 1017387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (1 mo. Term SOFR + 5.50%)<sup>(e)(f)</sup> | 9.17% | 03/31/2029 |  | 1311 | 1296713 |
|  |  |  |  |  | 21231907 |
| **Food Service–0.48%** |  |  |  |  |  |
| Selecta Group B.V. (Switzerland) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(f)(g)</sup> | 0.00% | 08/01/2030 | EUR | 291 | 335104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan (6 mo. EURIBOR + 5.50%)<sup>(f)</sup> | 7.66% | 08/01/2030 | EUR | 779 | 896007 |
|  |  |  |  |  | 1231111 |
| **Forest Products–1.11%** |  |  |  |  |  |
| NewLife Forest Restoration LLC, Term Loan<br>(Acquired 01/29/2024-02/27/2026; Cost $1,348,436)<sup>(f)(h)</sup> | 10.00% | 04/10/2029 |  | 1268 | 1268249 |
| Proampac PG Borrower LLC, Term Loan<sup>(d)(f)</sup> |  | 09/15/2028 |  | 1605 | 1586272 |
|  |  |  |  |  | 2854521 |
| **Health Care–8.16%** |  |  |  |  |  |
| Capitol Imaging Services LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(f)(g)</sup> | 0.00% | 01/03/2030 |  | 94 | 93801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (3 mo. Term SOFR + 5.00%)<sup>(e)(f)</sup> | 8.67% | 01/03/2030 |  | 281 | 279997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(f)(g)</sup> | 0.00% | 01/03/2030 |  | 60 | 59692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan (3 mo. Term SOFR + 5.00%)<sup>(e)(f)</sup> | 8.67% | 01/03/2030 |  | 68 | 68219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 5.00%)<sup>(e)(f)</sup> | 8.65% | 12/31/2029 |  | 1975 | 1967015 |
| Cerba (Chrome Bidco) (France)<br>Incremental Term Loan D (6 mo. EURIBOR + 5.45%) | 7.59% | 02/16/2029 | EUR | 3000 | 2673861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (6 mo. EURIBOR + 3.70%) | 5.84% | 06/30/2028 | EUR | 4000 | 3529227 |
| Global Medical Response, Inc., Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 10/01/2032 |  | 1573 | 1575348 |

---

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

11 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | | Principal<br>Amount<br>(000)<sup>(a)</sup> | Value |
| **Health Care–(continued)** |  |  |  |  |  |
| MedAssets Software Intermediate Holdings, Inc. (nThrive TSG) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Term Loan (3 mo. Term SOFR + 5.25%) | 8.94% | 12/17/2028 |  | $286 | $247543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 4.00%) | 7.69% | 12/17/2028 |  | 677 | 571667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. Term SOFR + 4.00%) | 7.79% | 12/17/2028 |  | 437 | 205913 |
| Organon & Co., Term Loan (1 mo. Term SOFR + 2.25%) | 5.92% | 05/19/2031 |  | 241 | 233181 |
| Precision Medicine Group LLC, Term Loan B<sup>(d)</sup> |  | 08/13/2032 |  | 786 | 786851 |
| Quidel Ortho Corp., Term Loan B (1 mo. Term SOFR + 4.00%) | 7.67% | 08/13/2032 |  | 970 | 970937 |
| SDB Holdco LLC (Specialty Dental Brands) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (1 mo. Term SOFR + 7.11%)<sup>(e)(f)</sup> | 1.25% | 03/18/2027 |  | 772 | 807426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(f)(g)</sup> | 0.00% | 03/18/2027 |  | 20 | 20456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A (1 mo. Term SOFR + 7.11%)<sup>(e)(f)</sup> | 10.77% | 03/18/2027 |  | 6808 | 4969555 |
| Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. Term SOFR + 4.25%) | 8.18% | 12/31/2029 |  | 518 | 442112 |
| TEAM Services Group LLC, Term Loan B (3 mo. Term SOFR + 5.25%) | 8.92% | 12/20/2027 |  | 104 | 103827 |
| TTF Holdings LLC (Soliant), Term Loan B (6 mo. Term SOFR + 3.75%) | 7.38% | 07/18/2031 |  | 922 | 682588 |
| US Fertility Enterprises LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(g)</sup> | 0.00% | 12/30/2032 |  | 82 | 82148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 12/10/2032 |  | 540 | 542174 |
|  |  |  |  |  | 20913538 |
| **Home Furnishings–1.79%** |  |  |  |  |  |
| Hunter Douglas Holding B.V. (Netherlands), Term Loan B-1 (3 mo. Term SOFR + 3.00%) | 6.67% | 01/17/2032 |  | 993 | 993826 |
| Kidde Global Solutions, Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 12/02/2031 |  | 680 | 681274 |
| Serta Simmons Bedding LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Term Loan (3 mo. Term SOFR + 7.50%)<sup>(f)</sup> | 11.28% | 06/29/2028 |  | 119 | 119510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 7.61%) | 11.29% | 06/29/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | 1582318 |
| Weber-Stephen Products LLC, Term Loan (3 mo. Term SOFR + 3.75%) | 7.41% | 10/01/2032 |  | 1211 | 1213315 |
|  |  |  |  |  | 4590243 |
| **Industrial Equipment–2.63%** |  |  |  |  |  |
| 80-20 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(e)(f)(g)</sup> | 0.00% | 12/12/2031 |  | 254 | 251429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A (3 mo. Term SOFR + 4.50%)<sup>(e)(f)</sup> | 8.23% | 12/12/2031 |  | 1365 | 1351429 |
| Columbus Mckinnon Corp., Term Loan B (1 mo. Term SOFR + 3.50%) | 7.16% | 01/31/2033 |  | 449 | 448716 |
| Kantar (Summer BC Bidco/KANGRP) (Luxembourg)<br>Revolver Loan<sup>(f)(g)</sup> | 0.00% | 06/04/2026 |  | 2500 | 2312500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B (3 mo. Term SOFR + 5.00%) | 8.93% | 02/15/2029 |  | 456 | 405758 |
| LSF12 Helix Parent LLC (Hillenbrand), Term Loan B (1 mo. Term SOFR + 3.50%) | 7.17% | 01/21/2033 |  | 491 | 490805 |
| Rehlko, Term Loan (3 mo. Term SOFR + 3.00%) | 6.66% | 05/01/2031 |  | 317 | 317253 |
| STS Operating, Inc. (Sunsource), Term Loan (1 mo. Term SOFR + 4.10%) | 7.77% | 03/25/2031 |  | 600 | 599983 |
| Tank Holding Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(f)(g)</sup> | 0.00% | 03/31/2028 |  | 176 | 162347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. Term SOFR + 5.85%) | 9.52% | 03/31/2028 |  | 439 | 400021 |
|  |  |  |  |  | 6740241 |
| **Insurance–0.61%** |  |  |  |  |  |
| Acrisure LLC, Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 11/06/2030 |  | 883 | 857614 |
| Sedgwick Claims Management Services, Inc., Term Loan<sup>(d)</sup> |  | 07/31/2031 |  | 717 | 696565 |
|  |  |  |  |  | 1554179 |
| **Leisure Goods, Activities & Movies–3.08%** |  |  |  |  |  |
| Crown Finance US, Inc., First Lien Term Loan (1 mo. Term SOFR + 4.50%) | 8.17% | 12/02/2031 |  | 2597 | 2530915 |
| Fitness International LLC, Term Loan B<sup>(d)</sup> |  | 02/05/2029 |  | 644 | 647683 |
| Parques Reunidos (Piolin Bidco S.A.U.) (Spain), Revolver Loan<sup>(g)</sup> | 0.00% | 03/16/2026 | EUR | 1529 | 1770543 |
| Spring Education Group, Inc., Term Loan<sup>(d)</sup> |  | 10/04/2030 |  | 313 | 313065 |
| VUE Cinemas (VUECIN) (United Kingdom), Second Lien Term Loan (6 mo. EURIBOR + 8.50%) (Acquired 02/20/2024-10/08/2025; Cost $725,519)<sup>(f)(h)</sup> | 10.60% | 12/31/2027 | EUR | 854 | 1362383 |

---

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

12 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | | Principal<br>Amount<br>(000)<sup>(a)</sup> | Value |
| **Leisure Goods, Activities & Movies–(continued)** |  |  |  |  |  |
| Vue International Bidco PLC (United Kingdom) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (6 mo. EURIBOR + 8.50%)<br>(Acquired 02/20/2024-10/08/2025; Cost $565,781)<sup>(f)(h)</sup> | 10.60% | 06/30/2027 | EUR | 528 | $841527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan 6 mo. EURIBOR + 9.00%) (Acquired 02/21/2024-10/08/2025; Cost $252,615)<sup>(f)(h)</sup> | 11.10% | 12/31/2027 | EUR | 237 | 429090 |
|  |  |  |  |  | 7895206 |
| **Lodging & Casinos–1.43%** |  |  |  |  |  |
| Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. Term SOFR + 3.25%) | 6.92% | 01/27/2029 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | 1262763 |
| Turquoise/TRQ Sales LLC, Term Loan B (3 mo. Term SOFR + 3.25%) | 6.94% | 12/30/2032 |  | 630 | 621338 |
| Voyager Parent LLC, Term Loan B (3 mo. Term SOFR + 4.25%) | 7.91% | 07/01/2032 |  | 1775 | 1771426 |
|  |  |  |  |  | 3655527 |
| **Nonferrous Metals & Minerals–0.10%** |  |  |  |  |  |
| Form Technologies LLC, Term Loan (1 mo. Term SOFR + 5.75%) | 9.42% | 07/19/2030 |  | 268 | 245789 |
| **Oil & Gas–2.26%** |  |  |  |  |  |
| McDermott International Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LOC (3 mo. Term SOFR + 4.00%)<sup>(f)</sup> | 7.92% | 06/30/2027 |  | 1193 | 1032264 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK Term Loan, 3.00% PIK Rate, 4.79% Cash Rate<sup>(k)</sup> | 3.00% | 12/31/2027 |  | 1221 | 1020434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(g)</sup> | 0.00% | 06/30/2027 |  | 2601 | 2340721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (1 mo. Term SOFR +3.11%) | 6.79% | 06/30/2027 |  | 180 | 150601 |
| Third Coast Super Holdings LLC, Term Loan B<sup>(d)</sup> |  | 09/25/2030 |  | 1243 | 1249484 |
|  |  |  |  |  | 5793504 |
| **Publishing–1.37%** |  |  |  |  |  |
| Cengage Learning, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 03/24/2031 |  | 1566 | 1532587 |
| Harbor Purchaser, Inc. (Houghton Mifflin Harcourt), First Lien Term Loan B<br>(1 mo. Term SOFR + 5.35%) | 9.02% | 04/09/2029 |  | 2315 | 1969893 |
|  |  |  |  |  | 3502480 |
| **Retailers (except Food & Drug)–0.71%** |  |  |  |  |  |
| Bass Pro Group LLC, Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 01/31/2032 |  | 1191 | 1191162 |
| PetSmart, Inc., Term Loan B (1 mo. Term SOFR + 4.00%) | 7.68% | 08/18/2032 |  | 627 | 624621 |
|  |  |  |  |  | 1815783 |
| **Surface Transport–0.75%** |  |  |  |  |  |
| Source Holding Delaware LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan<sup>(f)(g)</sup> | 0.00% | 02/07/2031 |  | 370 | 364249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (3 mo. Term SOFR + 4.75%)<sup>(e)(f)</sup> | 8.41% | 02/07/2031 |  | 19 | 18864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan<sup>(f)(g)</sup> | 0.00% | 02/07/2031 |  | 97 | 95790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolver Loan (3 mo. Term SOFR + 4.75%)<sup>(e)(f)</sup> | 10.50% | 02/07/2031 |  | 97 | 95790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A (3 mo. Term SOFR + 4.75%)<sup>(e)(f)</sup> | 8.40% | 02/07/2031 |  | 897 | 884488 |
| STG Distribution LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DIP Term Loan<br>(Acquired 01/16/2026-02/02/2026; Cost $115,354)<sup>(f)(h)(l)</sup> | 8.00% | 04/15/2026 |  | 131 | 127475 |
| &nbsp;&nbsp;&nbsp;&nbsp;DIP Term Loan<sup>(f)(l)</sup> | 11.65% | 07/13/2026 |  | 46 | 46603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan (3 mo. Term SOFR + 3.65%) (Acquired 10/03/2024-01/08/2026; Cost $278,504)<sup>(f)(h)(j)(l)</sup> | 0.00% | 10/03/2029 |  | 291 | 284086 |
|  |  |  |  |  | 1917345 |
| **Telecommunications–2.70%** |  |  |  |  |  |
| Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. Term SOFR + 4.50%) | 8.17% | 09/27/2029 |  | 971 | 971345 |
| Iridium Satellite LLC, Term Loan B<sup>(d)</sup> |  | 09/20/2030 |  | 504 | 486831 |
| MLN US HoldCo LLC (dba Mitel) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A-1 (1 mo. Term SOFR + 6.50%)<br>(Acquired 06/25/2025-02/26/2026; Cost $545,050)<sup>(f)(h)</sup> | 10.18% | 06/20/2028 |  | 553 | 544185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A-2 (1 mo. Term SOFR + 8.00%)<br>(Acquired 06/20/2025-02/26/2026; Cost $1,883,694)<sup>(f)(h)</sup> | 11.68% | 06/20/2030 |  | 2142 | 1845614 |
| U.S. TelePacific Corp., Third Lien Term Loan (3 mo. Term SOFR + 1.00%)<sup>(f)</sup> | 6.50% | 05/02/2027 |  | 100 | 0 |
| ViaSat, Inc., Term Loan B (1 mo. Term SOFR + 4.61%) | 8.29% | 05/30/2030 |  | 972 | 973530 |
| Windstream Services LLC, Term Loan B (1 mo. Term SOFR + 4.00%)<sup>(f)</sup> | 7.67% | 10/06/2032 |  | 795 | 796568 |

---

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

13 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal<br>Amount<br>(000)<sup>(a)</sup> | Value |
| **Telecommunications–(continued)** |  |  |  |  |
| Zayo Group Holdings, Inc., Term Loan (1 mo. Term SOFR + 3.11%) | 6.79% | 03/11/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | $1292212 |
|  |  |  |  | 6910285 |
| **Utilities–0.35%** |  |  |  |  |
| Eastern Power LLC, Term Loan (1 mo. Term SOFR + 4.75%) | 8.42% | 04/03/2029 | 879 | 883279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Variable Rate Senior Loan Interests (Cost $292,063,743) |  |  |  | 269570488 |
|  |  |  | Shares |  |
| **Common Stocks & Other Equity Interests–13.55%<sup>(m)</sup>** |  |  |  |  |
| **Automotive–0.04%** |  |  |  |  |
| Cabonline, Class D (Acquired 10/30/2023; Cost $57,053) (Sweden)<sup>(f)(h)</sup> |  |  | 63547434 | 95030 |
| Cabonline, Class D1 (Acquired 10/30/2023; Cost $2) (Sweden)<sup>(f)(h)</sup> |  |  | 2236496 | 249 |
| Cabonline, Class D2 (Acquired 10/31/2023; Cost $2) (Sweden)<sup>(f)(h)</sup> |  |  | 1908761 | 107 |
| Muth Mirror Systems LLC<sup>(f)</sup> |  |  | 29146 | 0 |
| Muth Mirror Systems LLC, Wts.<sup>(e)(f)</sup> |  |  | 195471 | 0 |
|  |  |  |  | 95386 |
| **Beverage & Tobacco–0.00%** |  |  |  |  |
| BrewCo Borrower LLC<sup>(f)</sup> |  |  | 3052 | 2469 |
| **Building & Development–0.00%** |  |  |  |  |
| Lake at Las Vegas Joint Venture LLC, Class A<sup>(f)</sup> |  |  | 2338 | 0 |
| Lake at Las Vegas Joint Venture LLC, Class B<sup>(f)</sup> |  |  | 28 | 0 |
|  |  |  |  | 0 |
| **Business Equipment & Services–8.13%** |  |  |  |  |
| Monitronics International, Inc. (Acquired 06/30/2023-12/16/2025; Cost $2,380,776)<sup>(f)(h)</sup> |  |  | 122556 | 5464772 |
| My Alarm Center LLC, Class A (Acquired 03/09/2021-05/17/2024; Cost $4,158,157)<sup>(f)(h)</sup> |  |  | 47743 | 15386103 |
|  |  |  |  | 20850875 |
| **Chemicals & Plastics–0.00%** |  |  |  |  |
| Flint Group (ColourOz Inv), Class A (Germany)<sup>(f)</sup> |  |  | 18948 | 0 |
| **Containers & Glass Products–0.52%** |  |  |  |  |
| Klockner (KPERST/Kleopatra) (Luxembourg) |  |  | 313884 | 540380 |
| Libbey Glass LLC (Acquired 11/13/2020-09/05/2025; Cost $344,530)<sup>(f)(h)</sup> |  |  | 76695 | 805298 |
|  |  |  |  | 1345678 |
| **Electronics & Electrical–0.00%** |  |  |  |  |
| Riverbed Technology LLC, Class B (Acquired 07/03/2023; Cost $5,458)<sup>(f)(h)</sup> |  |  | 41987 | 2309 |
| Sandvine Corp.<sup>(f)</sup> |  |  | 5849 | 0 |
|  |  |  |  | 2309 |
| **Food Service–0.67%** |  |  |  |  |
| Selecta Group B.V., Class A1 (Acquired 07/31/2025; Cost $1,303,380) (Switzerland)<sup>(f)(h)</sup> |  |  | 11326 | 1349522 |
| Selecta Group B.V., Class A2 (Acquired 07/31/2025; Cost $345,121) (Switzerland)<sup>(f)(h)</sup> |  |  | 2999 | 357338 |
|  |  |  |  | 1706860 |
| **Forest Products–0.59%** |  |  |  |  |
| NewLife Forest Restoration LLC (Acquired 02/22/2022-04/17/2025; Cost $6,861,929)<sup>(f)(h)</sup> |  |  | 46235 | 1502159 |
| **Health Care–0.00%** |  |  |  |  |
| SDB Holdco LLC (Specialty Dental Brands)<sup>(f)</sup> |  |  | 5863446 | 6 |
| **Home Furnishings–0.22%** |  |  |  |  |
| Serta Simmons Bedding LLC (Acquired 06/29/2023; Cost $9,550)<sup>(h)</sup> |  |  | 61610 | 557571 |
| **Industrial Equipment–0.01%** |  |  |  |  |
| North American Lifting Holdings, Inc. (Acquired 11/26/2013-10/27/2021; Cost $1,576,038)<sup>(h)</sup> |  |  | 62889 | 29621 |

---

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

14 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | Shares | Value |
| **Leisure Goods, Activities & Movies–0.71%** |  |  |  |  |  |
| Crown Finance US, Inc. |  |  |  | 109222 | $1813086 |
| VUE Cinemas (VUECIN), Class A1 (Acquired 02/20/2024; Cost $0) (United Kingdom)<sup>(f)(h)</sup> |  |  |  | 2084 | 0 |
| VUE Cinemas (VUECIN), Class A2 (Acquired 02/20/2024; Cost $0) (United Kingdom)<sup>(f)(h)</sup> |  |  |  | 1026420 | 1 |
| VUE Cinemas (VUECIN), Class A3 (Acquired 02/20/2024; Cost $0) (United Kingdom)<sup>(f)(h)</sup> |  |  |  | 638918 | 1 |
| VUE Cinemas (VUECIN), Class A4 (United Kingdom)<sup>(f)</sup> |  |  |  | 445416 | 0 |
|  |  |  |  |  | 1813088 |
| **Oil & Gas–1.26%** |  |  |  |  |  |
| McDermott International Ltd.<sup>(n)</sup> |  |  |  | 106979 | 2995412 |
| Samson Investment Co., Class A (Acquired 03/01/2017; Cost $2,932,743)<sup>(f)(h)</sup> |  |  |  | 163748 | 11463 |
| Tribune Resources LLC (Acquired 04/03/2018; Cost $1,915,487)<sup>(f)(h)</sup> |  |  |  | 376237 | 225742 |
|  |  |  |  |  | 3232617 |
| **Radio & Television–0.00%** |  |  |  |  |  |
| iHeartMedia, Inc., Class B<sup>(f)(n)</sup> |  |  |  | 42 | 110 |
| **Retailers (except Food & Drug)–0.00%** |  |  |  |  |  |
| Claire's Stores, Inc.<sup>(f)</sup> |  |  |  | 420 | 23 |
| Vivarte S.A.S.U. (France)<sup>(f)</sup> |  |  |  | 1220502 | 2 |
|  |  |  |  |  | 25 |
| **Surface Transport–0.77%** |  |  |  |  |  |
| Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $743,133)<sup>(f)(h)</sup> |  |  |  | 8956 | 880285 |
| Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 08/18/2023-02/20/2026; Cost $157,030)<sup>(f)(h)</sup> |  |  |  | 265824 | 166140 |
| Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $781,183)<sup>(f)(h)</sup> |  |  |  | 9414 | 925302 |
|  |  |  |  |  | 1971727 |
| **Telecommunications–0.63%** |  |  |  |  |  |
| MLN US HoldCo. LLC (dba Mitel) (Acquired 06/20/2025; Cost $949,642)<sup>(f)(h)</sup> |  |  |  | 263002 | 1625352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests (Cost $64,340,920) |  |  |  |  | 34735853 |
|  | Interest<br>Rate | Maturity<br>Date |  | Principal<br>Amount<br>(000)<sup>(a)</sup> |  |
| **Non-U.S. Dollar Denominated Bonds & Notes–3.13%<sup>(o)</sup>** |  |  |  |  |  |
| **Automotive–0.40%** |  |  |  |  |  |
| Cabonline Group Holding AB (Sweden) (Acquired 10/13/2023; Cost $168,233)<sup>(h)(p)</sup> | 10.00% | 03/19/2028 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909 | 202450 |
| Cabonline Group Holding AB (Sweden) (Acquired 10/12/2023; Cost $347,109)<sup>(h)(j)(p)</sup> | 12.00% | 03/19/2028 | SEK | 3818 | 404900 |
| Cabonline Group Holding AB (Sweden) (Acquired 03/24/2022; Cost $784,118)<sup>(h)(j)(p)</sup> | 13.16% | 04/19/2029 | SEK | 7380 | 422037 |
|  |  |  |  |  | 1029387 |
| **Financial Intermediaries–2.30%** |  |  |  |  |  |
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)<sup>(i)(p)</sup> | 7.60% | 12/15/2029 | EUR | 3000 | 3533082 |
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)<sup>(i)(p)</sup> | 7.60% | 12/15/2029 | EUR | 2000 | 2355388 |
|  |  |  |  |  | 5888470 |
| **Food Service–0.43%** |  |  |  |  |  |
| Selecta Group B.V. (Switzerland)<sup>(f)</sup> | 15.00% | 10/01/2030 | EUR | 940 | 1111014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $7,836,782) |  |  |  |  | 8028871 |
|  |  |  |  | Shares |  |
| **Preferred Stocks–2.86%<sup>(m)</sup>** |  |  |  |  |  |
| **Health Care–0.00%** |  |  |  |  |  |
| SDB Holdco LLC (Specialty Dental Brands), Pfd.<sup>(f)</sup> |  |  |  | 2844928 | 3 |
| **Insurance–0.11%** |  |  |  |  |  |
| Pinion Insurance Group, Pfd.<sup>(f)</sup> |  |  |  | 288816 | 288816 |
| **Oil & Gas–0.00%** |  |  |  |  |  |
| Southcross Energy Partners L.P., Pfd. (Acquired 05/07/2019-05/09/2019;<br>Cost $285,287)<sup>(f)(h)</sup> |  |  |  | 288393 | 1702 |

---

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

15 Invesco Dynamic Credit Opportunity Fund

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Shares | Value |
| **Surface Transport–2.75%** |  |  |  |  |
| Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020;<br>Cost $978,436)<sup>(f)(h)</sup> |  |  | 42058 | $4133881 |
| Commercial Barge Line Co., Series B, Pfd.,Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $687,140)<sup>(f)(h)</sup> |  |  | 29536 | 2903093 |
|  |  |  |  | 7036974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stocks (Cost $3,120,185) |  |  |  | 7327495 |
|  | Interest<br>Rate | Maturity<br>Date | Principal<br>Amount<br>(000)<sup>(a)</sup> |  |
| **U.S. Dollar Denominated Bonds & Notes–1.84%** |  |  |  |  |
| **Aerospace & Defense–0.36%** |  |  |  |  |
| Rand Parent LLC <sup>(p)</sup> | 8.50% | 02/15/2030 | $890 | 929152 |
| **Building & Development–0.13%** |  |  |  |  |
| Signal Parent, Inc. (Acquired 09/11/2023-09/27/2023; Cost $429,406)<sup>(f)(h)(p)</sup> | 6.13% | 04/01/2029 | 564 | 338174 |
| **Electronics & Electrical–0.17%** |  |  |  |  |
| ION Platform Finance US, Inc. <sup>(p)</sup> | 7.88% | 09/30/2032 | 243 | 195146 |
| ION Platform Finance US, Inc./ION Platform Finance S.a.r.l.<sup>(p)</sup> | 9.00% | 08/01/2029 | 261 | 242762 |
|  |  |  |  | 437908 |
| **Food Products–0.47%** |  |  |  |  |
| Industrial F&B Investments III, Inc. <sup>(p)</sup> | 7.75% | 02/11/2033 | 107 | 109902 |
| Teasdale Foods, Inc.<sup>(e)(f)(q)</sup> | 0.00% | 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565 | 0 |
| Viking Baked Goods Acquisition Corp.<sup>(p)</sup> | 8.63% | 11/01/2031 | 1072 | 1087864 |
|  |  |  |  | 1197766 |
| **Health Care–0.09%** |  |  |  |  |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V. <sup>(p)</sup> | 6.75% | 05/15/2034 | 230 | 223388 |
| **Industrial Equipment–0.11%** |  |  |  |  |
| Columbus McKinnon Corp. <sup>(p)</sup> | 7.13% | 02/01/2033 | 268 | 275706 |
| **Retailers (except Food & Drug)–0.18%** |  |  |  |  |
| PetSmart LLC/PetSmart Finance Corp. <sup>(p)</sup> | 7.50% | 09/15/2032 | 470 | 475936 |
| **Telecommunications–0.33%** |  |  |  |  |
| Level 3 Financing, Inc. <sup>(p)</sup> | 7.00% | 03/31/2034 | 176 | 183093 |
| Uniti Services LLC<sup>(p)</sup> | 7.50% | 10/15/2033 | 634 | 660097 |
|  |  |  |  | 843190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes (Cost $7,442,349) |  |  |  | 4721220 |
| **Asset-Backed Securities–0.24%** |  |  |  |  |
| **Structured Products–0.24%** |  |  |  |  |
| Rad CLO 19 Ltd., Series 2023-19A, Class D2R (Cayman Islands)<br>(3 mo. Term SOFR + 5.00%) <sup>(i)(p)</sup><br>(Cost $600,000) | 8.67% | 03/20/2038 | 600 | 601123 |
| TOTAL INVESTMENTS IN SECURITIES–126.79% (Cost $375,403,979) |  |  |  | 324985050 |
| BORROWINGS–(27.31)% |  |  |  | (70000000) |
| OTHER ASSETS LESS LIABILITIES–0.52% |  |  |  | 1333048 |
| NET ASSETS–100.00% |  |  |  | $256318098 |

---

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

16 Invesco Dynamic Credit Opportunity Fund

------

---

| | |
|:---|:---|
| 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 |
| SEK | – Swedish Krona |
| SOFR | – Secured Overnight Financing Rate |
| USD | – U.S. Dollar |
| Wts. | – Warrants |

---

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> This variable rate interest will settle after February 28, 2026, at which time the interest rate will be determined.

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

<sup>(g)</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>(h)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $53,909,365, which represented 21.03% of the Fund's Net Assets. 

<sup>(i)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026.

<sup>(j)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $1,793,925, which represented less than 1% of the Fund's Net Assets. 

<sup>(k)</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>(l)</sup> The borrower has filed for protection in federal bankruptcy court.

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

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

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

<sup>(p)</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 February 28, 2026 was $12,240,200, which represented 4.78% of the Fund's Net Assets. 

<sup>(q)</sup> Zero coupon bond issued at a discount.

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, 2025** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** | **Realized**<br>**Gain** | **Value**<br>**February 28, 2026** | Dividend Income |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $33196427 | $(33196427) | $- | $- | $- | $48499 |
| Invesco Treasury Portfolio, Institutional Class |  | 22130951 | (22130951) |  |  |  | 12855 |
| Total | $- | $55327378 | $(55327378) | $- | $- | $- | $61354 |

---

The aggregate value of securities considered illiquid at February 28, 2026 was $197,187,946, which represented 76.93% of the Fund's Net Assets.

#### Open Forward Foreign Currency Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | Unrealized |
| Settlement |  | Contract to | Contract to | Contract to | Contract to | Appreciation |
| Date | Counterparty | Deliver | Deliver | Receive | Receive | (Depreciation) |
| **Currency Risk** |  |  |  |  |  |  |
| 03/30/2026 | BNP Paribas S.A. | EUR | 17242724 | USD | 20669810 | $269284 |
| 03/30/2026 | BNP Paribas S.A. | SEK | 114850 | USD | 12743 | 3 |
| 04/30/2026 | BNP Paribas S.A. | EUR | 51312027 | USD | 60863284 | 64811 |
| 04/30/2026 | BNP Paribas S.A. | GBP | 857143 | USD | 1161244 | 5901 |
| 03/30/2026 | Canadian Imperial Bank of Commerce | EUR | 17242724 | USD | 20674064 | 273537 |
| 03/30/2026 | Canadian Imperial Bank of Commerce | GBP | 852320 | USD | 1176023 | 27317 |

---

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

17 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 | Deliver | Receive | Receive | (Depreciation) |
| 04/30/2026 | Canadian Imperial Bank of Commerce | EUR | 253717 | USD | 300940 | $317 |
| 03/30/2026 | Goldman Sachs International | EUR | 17056672 | USD | 20441705 | 261304 |
| 04/30/2026 | Goldman Sachs International | USD | 452449 | EUR | 382843 | 1174 |
| 03/30/2026 | Royal Bank of Canada | SEK | 10178186 | USD | 1157627 | 28568 |
| 04/30/2026 | Royal Bank of Canada | SEK | 10649150 | USD | 1188680 | 5448 |
| 03/30/2026 | State Street Bank & Trust Co. | EUR | 419907 | USD | 503328 | 6520 |
| 03/30/2026 | State Street Bank & Trust Co. | SEK | 349204 | USD | 39317 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal–Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal–Appreciation |  |  |  |  | 944764 |
| **Currency Risk** |  |  |  |  |  |  |
| 03/30/2026 | BNP Paribas S.A. | USD | 60774114 | EUR | 51312027 | (64892) |
| 03/30/2026 | BNP Paribas S.A. | USD | 1154575 | GBP | 852320 | (5869) |
| 04/30/2026 | BNP Paribas S.A. | SEK | 253040 | USD | 28037 | (78) |
| 03/30/2026 | J.P. Morgan Chase Bank, N.A | USD | 773185 | EUR | 650000 | (4146) |
| 03/30/2026 | Royal Bank of Canada | USD | 1186053 | SEK | 10642240 | (5517) |
| 04/30/2026 | State Street Bank & Trust Co. | SEK | 161076 | USD | 17815 | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal–Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal–Depreciation |  |  |  |  | (80584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Forward Foreign Currency Contracts |  |  |  |  | $864180 |

---

Abbreviations:

---

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

---

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

18 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Statement of Assets and Liabilities
February 28, 2026

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost $375,403,979) | $324985050 |
| Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts outstanding | 944764 |
| Cash | 7602565 |
| Foreign currencies, at value (Cost $531,291) | 512018 |
| Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | 11639186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 70480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 44741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 7425313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments matured, at value (Cost $16,397,122) | 12229277 |
| Investment for trustee deferred compensation and retirement plans | 40670 |
| Other assets | 486123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 365980187 |

---

---

| | |
|:---|:---|
| **Liabilities:** | **Liabilities:** |
| Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts outstanding | 80584 |
| Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 70000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | 21419657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1591637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued fees to affiliates | 75628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest expense | 384421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued trustees' and officers' fees and benefits | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other operating expenses | 596207 |
| Trustee deferred compensation and retirement plans | 40670 |
| Unfunded loan commitments | 15470987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 109662089 |
| Net assets applicable to shares outstanding | $256318098 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | $450453752 |
| Distributable earnings (loss) | (194135654) |
|  | $256318098 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | $936307 |
| Class AX | $139385721 |
| Class Y | $795027 |
| Class R6 | $115201043 |

---

---

| | |
|:---|:---|
| **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 | 93128 |
| Class AX | 13865560 |
| Class Y | 78990 |
| Class R6 | 11449622 |
| Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Net asset value of $10.05 ÷ 96.75%) | $10.39 |
| Class AX: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value and offering price per share | $10.05 |
| Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value and offering price per share | $10.06 |
| Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value and offering price per share | $10.06 |

---

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

19 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Statement of Operations
For the year ended February 28, 2026

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | $26949090 |
| Dividends | 1591071 |
| Dividends from affiliated money market funds | 61354 |
| Pay-in-kind interest income | 4106630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 32708145 |
| **Expenses:** |  |
| Advisory fees | 3986286 |
| Administrative services fees | 31001 |
| Custodian fees | 36139 |
| Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1405 |
| Interest, facilities and maintenance fees | 4733638 |
| Transfer agent fees | 184714 |
| Transfer agent fees - R6 | 37624 |
| Trustees' and officers' fees and benefits | 24287 |
| Registration and filing fees | 52648 |
| Reports to shareholders | 202452 |
| Professional services fees | 722850 |
| Other | 22682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 10035726 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | (13518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 10022208 |
| Net investment income | 22685937 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | (16258116) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | 199084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (9266571) |
|  | (25325603) |
| Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities | 9692369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | (755) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 1885554 |
|  | 11577168 |
| Net realized and unrealized gain (loss) | (13748435) |
| Net increase in net assets resulting from operations | $8937502 |

---

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

20 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Statement of Changes in Net Assets
For the years ended February 28, 2026 and 2025

---

| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $22685937 | $36132073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (25325603) | 2894415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 11577168 | (13200080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 8937502 | 25826408 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (54162) | (21621) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX | (15714863) | (30819518) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | (29602) | (21257) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (9444067) | (4395585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions from distributable earnings | (25242694) | (35257981) |
| **Return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (4921) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX | (1427662) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | (2689) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (857974) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (27535940) | (35257981) |
| **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 730225 | 127338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX | (26439768) | (168254068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | 802992 | (283901) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 37723019 | 85000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 12816468 | (83410631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | (5781970) | (92842204) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 262100068 | 354942272 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $256318098 | $262100068 |

---

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

21 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Statement of Cash Flows
For the year ended February 28, 2026

---

| | |
|:---|:---|
| **Cash provided by operating activities:** |  |
| Net increase in net assets resulting from operations | $8937502 |
| **Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (102510784) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments | 109677605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term investments, net | (5297157) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization (accretion) of premiums and discounts, net | (1013981) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from investment securities | 16258116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investment securities | (9692369) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on forward foreign currency contracts and foreign currency | (1868962) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in receivables and other assets | (3289391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued expenses and other payables | 270600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 11471179 |
| **Cash provided by (used in) financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to shareholders from distributable earnings | (21878653) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (2293246) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares of beneficial interest sold | 39387837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disbursements from shares of beneficial interest reacquired | (33438132) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings | 120000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment from borrowings | (114500000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (12722194) |
| **Cash impact from foreign exchange fluctuations:** |  |
| Net change in appreciation (depreciation) on foreign currency | $(16592) |
| Net decrease in cash and cash equivalents | (1267607) |
| Cash and cash equivalents at beginning of period | 9382190 |
| Cash and cash equivalents at end of period | $8114583 |
| **Non-cash financing activities:** |  |
| Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders | $6796328 |
| **Supplemental disclosure of cash flow information:** |  |
| Cash paid during the period for taxes | $25909 |
| Cash paid during the period for interest, facilities and maintenance fees | $4595580 |

---

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

22 Invesco Dynamic Credit Opportunity Fund

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended<br>February 28, | Years Ended<br>February 28, | Year Ended<br>February 29, | Year Ended<br>February 28, | Period Ended<br>February 28, |
| Class A | 2026 | 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> | 0.92 | 1.24 | 1.21 | 0.79 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on securities (both realized and unrealized) | (0.40) | (0.35) | (0.14) | (0.92) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.52 | 0.89 | 1.07 | (0.13) | (0.05) |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Dividends from net investment income | (1.23) | (1.21) | (1.13) | (0.90) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (0.10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.33) | (1.21) | (1.13) | (0.90) | (0.14) |
| Net asset value, end of period | $10.05 | $10.86 | $11.18 | $11.24 | $12.27 |
| Total return at net asset value<sup>(c)</sup> | 4.82% | 8.28% | 9.92% | (1.03)% | (0.38) |
| Net assets, end of period (000's omitted) | $936 | $258 | $137 | $91 | $12 |
| Portfolio turnover rate<sup>(d)</sup> | 35% | 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 | 4.27% | 4.25% | 4.40 %<sup>(e)</sup> | 4.27 %<sup>(e)</sup> | 2.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | 2.38% | 2.32% | 2.34% | 2.37% | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Without fee waivers and/or expense reimbursements | 4.28% | 4.26% | 4.40% | 4.27% | 2.84 |
| Ratio of net investment income | 8.76% | 11.31% | 10.87% | 7.06% | 4.91 |
| **Senior indebtedness:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings (000's omitted) | $70000 | $64500 | $87000 | $136000 | $217000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness<sup>(g)</sup> | $4662 | $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> Includes fee waivers which were less than 0.005% per share. 

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

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

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

23 Invesco Dynamic Credit Opportunity Fund

------

### Consolidated Financial Highlights –(continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended February 28, | Years Ended February 28, | Year Ended<br>February 29, | Years Ended February 28, | Years Ended February 28, |
| Class AX<sup>(a)</sup> | 2026 | 2025 | 2024 | 2023 | 2022 |
| Net asset value, beginning of period | $10.85 | $11.18 | $11.23 | $12.27 | $12.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.96 | 1.27 | 1.24 | 0.88 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on securities (both realized and unrealized) | (0.39) | (0.36) | (0.13) | (0.99) | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.57 | 0.91 | 1.11 | (0.11) | 1.03 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (1.27) | (1.24) | (1.16) | (0.93) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (0.10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.37) | (1.24) | (1.16) | (0.93) | (0.78) |
| Net asset value, end of period | $10.05 | $10.85 | $11.18 | $11.23 | $12.27 |
| Total return at net asset value<sup>(c)</sup> | 5.22% | 8.44% | 10.29% | (0.86)% | 8.75% |
| Net assets, end of period (000's omitted) | $139386 | $177284 | $354477 | $425833 | $622174 |
| Portfolio turnover rate<sup>(d)</sup> | 35% | 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 | 4.02% | 4.00% | 4.15 %<sup>(e)</sup> | 3.68 %<sup>(e)</sup> | 2.52 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | 2.13% | 2.07% | 2.09% | 2.12% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Without fee waivers and/or expense reimbursements | 4.03% | 4.01% | 4.15% | 3.68% | 2.52% |
| Ratio of net investment income | 9.01% | 11.56% | 11.12% | 7.65% | 5.23% |
| **Senior indebtedness:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings (000's omitted) | $70000 | $64500 | $87000 | $136000 | $217000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness<sup>(f)</sup> | $4662 | $5064 | $5080 | $4132 | $3867 |

---

<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> 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> Includes fee waivers which were less than 0.005% per share. 

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

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

24 Invesco Dynamic Credit Opportunity Fund

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended<br>February 28, | Years Ended<br>February 28, | Year Ended<br>February 29, | Year Ended<br>February 28, | Period Ended<br>February 28, |
| Class Y | 2026 | 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> | 0.93 | 1.28 | 1.23 | 0.87 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on securities (both realized and unrealized) | (0.37) | (0.35) | (0.13) | (0.97) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.56 | 0.93 | 1.10 | (0.10) | (0.04) |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Dividends from net investment income | (1.27) | (1.24) | (1.16) | (0.93) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (0.10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.37) | (1.24) | (1.16) | (0.93) | (0.15) |
| Net asset value, end of period | $10.06 | $10.87 | $11.18 | $11.24 | $12.27 |
| Total return at net asset value<sup>(c)</sup> | 5.13% | 8.64% | 10.19% | (0.75)% | (0.34) |
| Net assets, end of period (000's omitted) | $795 | $28 | $319 | $10 | $11 |
| Portfolio turnover rate<sup>(d)</sup> | 35% | 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 | 4.02% | 4.00% | 4.15 %<sup>(e)</sup> | 3.68 %<sup>(e)</sup> | 2.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | 2.13% | 2.07% | 2.09% | 2.12% | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Without fee waivers and/or expense reimbursements | 4.03% | 4.01% | 4.15% | 3.68% | 2.59 |
| Ratio of net investment income | 9.01% | 11.56% | 11.12% | 7.65% | 5.16 |
| **Senior indebtedness:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings (000's omitted) | $70000 | $64500 | $87000 | $136000 | $217000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness<sup>(g)</sup> | $4662 | $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> Includes fee waivers which were less than 0.005% per share. 

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

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

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

25 Invesco Dynamic Credit Opportunity Fund

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended<br>February 28, | Years Ended<br>February 28, | Year Ended<br>February 29, | Year Ended<br>February 28, | Period Ended<br>February 28, |
| Class R6 | 2026 | 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> | 0.96 | 1.29 | 1.25 | 0.89 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on securities (both realized and unrealized) | (0.38) | (0.36) | (0.13) | (0.98) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.58 | 0.93 | 1.12 | (0.09) | (0.04) |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Dividends from net investment income | (1.28) | (1.26) | (1.17) | (0.94) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (0.10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.38) | (1.26) | (1.17) | (0.94) | (0.15) |
| Net asset value, end of period | $10.06 | $10.86 | $11.19 | $11.24 | $12.27 |
| Total return at net asset value<sup>(c)</sup> | 5.36% | 8.59% | 10.41% | (0.70)% | (0.33) |
| Net assets, end of period (000's omitted) | $115201 | $84530 | $9 | $9 | $10 |
| Portfolio turnover rate<sup>(d)</sup> | 35% | 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> | 3.85 %<sup>(e)</sup> | 4.05 %<sup>(e)</sup> | 3.58 %<sup>(e)</sup> | 2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | 2.06% | 1.92% | 1.99% | 2.02% | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Without fee waivers and/or expense reimbursements | 3.95% | 3.85 %<sup>(e)</sup> | 4.05% | 3.58% | 2.55 |
| Ratio of net investment income | 9.08% | 11.71% | 11.22% | 7.75% | 5.20 |
| **Senior indebtedness:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings (000's omitted) | $70000 | $64500 | $87000 | $136000 | $217000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset coverage per $1,000 unit of senior indebtedness<sup>(g)</sup> | $4662 | $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> Includes fee waivers which were less than 0.005% per share. 

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

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

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

26 Invesco Dynamic Credit Opportunity Fund

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### Notes to Consolidated Financial Statements
February 28, 2026

#### 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 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. The Fund owns all beneficial and economic interests in the Subsidiary and each of the Subsidiary's two series. Effective February 26, 2026, one of the Subsidiary's series liquidated all of its portfolio investments and is in the process of winding down operations. The accompanying consolidated financial statements reflect, on a consolidated basis, the financial position and results of operations of the Fund, its Loan Origination Trust, the Subsidiary and each of the Subsidiary's two series.

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, as of the approximate official closing time of that exchange. 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.

Private 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.

27 Invesco Dynamic Credit Opportunity Fund

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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 well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Effective January 1, 2026, distributions from net investment income, if any, are declared daily and paid monthly. Prior to January 1, 2026, distributions from net investment income, if any, were 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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

28 Invesco Dynamic Credit Opportunity Fund

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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 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, portfolio managers and senior executives at the Adviser act 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 consolidated 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 that qualify as a cash equivalent and other investments held in lieu of cash.

L. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell 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 invest sand 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

29 Invesco Dynamic Credit Opportunity Fund

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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.

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.

By investing through the LLC and Subsidiary, the Fund is exposed to the risks associated with the investments of the LLC and Subsidiary (which risks are generally the same as the Fund's investment risks). The LLC and Subsidiary are not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, are not subject to the investor protections of the 1940 Act. However, the Fund will comply with the applicable requirements of the 1940 Act on a consolidated basis with its LLC and Subsidiary, and the LLC and Subsidiary will be subject to the same investment restrictions and limitations, and will adhere to the same compliance policies and procedures, as the Fund. Changes in the laws of the United States and/or the jurisdiction in which the LLC and Subsidiary are organized, including any changes in the interpretations of, or treatment with respect to, applicable federal tax-related matters impacting the Fund and its status as a regulated investment company, could result in the inability of the Fund, the LLC and/or the Subsidiary to operate as intended and could adversely affect the Fund and its shareholders.

Investments through the Subsidiary, which is taxable as a corporation for U.S. federal income tax purposes, may incur entity-level income taxes on their earnings, which ultimately may reduce the return to shareholders.

#### 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.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 1.59%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective September 26, 2025, the Adviser, on behalf of the Fund, has also entered into a sub-advisory agreement with Barings LLC ("Barings") to provide investment advice, order execution and discretionary investment management services to all or a portion of the Fund, subject to the oversight of the Adviser and the Board of Trustees of the Fund. Under this sub-advisory agreement, the Adviser will pay Barings up to 40% of the advisory fees the Adviser receives from the Fund. Barings has entered into a sub-sub-advisory agreement with Baring International Investment Limited ("BIIL"). Barings will compensate BIIL out of the sub-advisory fees it receives from the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended February 28, 2026, the Adviser waived advisory fees of $659.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, 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

30 Invesco Dynamic Credit Opportunity Fund

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Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Fund, SSB also serves as the Fund's custodian.

The Fund has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended February 28, 2026, expenses incurred under these agreements are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Fund has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class AX, Class Y and Class R6 shares of the Fund.

The Fund has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the Fund's average daily net assets of Class A shares may be paid to furnish continuing personal shareholder services to customers who purchase and own Class A shares. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") also impose a cap on the total sales charges, including asset-based sales charges, that may be paid by Class A shares of the Fund. For the year ended February 28, 2026, 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.

#### 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:

---

| | |
|:---|:---|
| Level 1 - | Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 - | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service. |
| Level 3 - | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect 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 February 28, 2026. 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 | $– | $116154214 | $153416274 | $269570488 |
| Common Stocks & Other Equity Interests | 2995412 | 2940658 | 28799783 | 34735853 |
| Non-U.S. Dollar Denominated Bonds & Notes |  | 6917857 | 1111014 | 8028871 |
| Preferred Stocks |  |  | 7327495 | 7327495 |
| U.S. Dollar Denominated Bonds & Notes |  | 4383046 | 338174 | 4721220 |
| Asset-Backed Securities |  | 601123 |  | 601123 |
| **Total Investments in Securities** | 2995412 | 130996898 | 190992740 | 324985050 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured |  |  | 12229277 | 12229277 |
| Forward Foreign Currency Contracts |  | 944764 |  | 944764 |
|  |  | 944764 | 12229277 | 13174041 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts |  | (80584) |  | (80584) |
| **Total Other Investments** |  | 864180 | 12229277 | 13093457 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $2995412 | $131861078 | $203222017 | $338078507 |

---

\* 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.

31 Invesco Dynamic Credit Opportunity Fund

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The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended February 28, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>02/28/25\* | **Purchases**<br>**at Cost** | Proceeds<br>from Sales | Accrued<br>Discounts/<br>Premiums | **Realized<br>Gain**<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Transfers<br>into<br>Level 3\*\* | Transfers<br>out of<br>Level 3\*\* | **Value**<br>**02/28/26** |
| Variable Rate Senior Loan Interests | $152610259 | $29681764 | $(32386653) | $432957 | $(2989446) | $(3534301) | $11076782 | $(1475088) | $153416274 |
| Common Stocks & Other Equity Interests | 24954728 | 3202230 | (5950336) |  | 4647414 | 1461091 | 484656 |  | 28799783 |
| Investments Matured | 15324979 | 575917 | (124533) | (45605) | 839 | (3502320) |  |  | 12229277 |
| Preferred Stocks | 7817236 | 288817 |  |  |  | (778558) |  |  | 7327495 |
| Non-U.S. Dollar Denominated Bonds & Notes | 1494500 | 1073565 | (1649516) | 54333 | 9217 | 128915 |  |  | 1111014 |
| U.S. Dollar Denominated Bonds & Notes | 1356019 | 531542 |  | 60234 |  | (1973823) | 364202 |  | 338174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $203557721 | $35353835 | $(40111038) | $501919 | $1668024 | $(8198996) | $11925640 | $(1475088) | $203222017 |

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\* 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.

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<br>at 02/28/26 | Valuation<br>Technique | Unobservable<br>Inputs | Range of<br>Unobservable<br>Inputs | Weighted Average of<br>Unobservable Inputs<br>Based on Fair Value |
| Variable Rate Senior Loan Interests | $153416274 | Comparable Companies | EBITDA Multiple | 7.25x -10.50x | 8.30x |
|  |  | Discounted Cash Flow Model | Discount Rate | 7.79% - 17.08% | 12.43% |
|  |  | Third-Party Pricing | Broker Quote | 92.50% -98.88% of Par | 95.58% of Par |
| Common Stocks & Other Equity Interests | 28799783 | Comparable Companies | EBITDA Multiple | 3.44x-5.75x | 5.10x |
| Investments Matured | 12229277 | Comparable Companies | EBITDA Multiple | 6.25x |  |
| Preferred Stocks | 7327495 | Comparable Companies | EBITDA Multiple | 8.50x | 8.50x |
| Non-U.S. Dollar Denominated Bonds & Notes | 1111014 | Valued at Cost | Acquisition Cost | 100.00% of Par |  |
| U.S. Dollar Denominated Bonds & Notes | 338174 | Discounted Cash Flow Model | Discount Rate | 19.85% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $203222017 |  |  |  |  |

---

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

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

#### Value of Derivative Investments at Period-End
The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | Value |
| Derivative Assets | **Currency**<br>**Risk** |
| Unrealized appreciation on forward foreign currency contracts outstanding | $944764 |
| Derivatives not subject to master netting agreements |  |
| Total Derivative Assets subject to master netting agreements | $944764 |
|  | Value |
| Derivative Liabilities | **Currency**<br>**Risk** |
| Unrealized depreciation on forward foreign currency contracts outstanding | $(80584) |
| Derivatives not subject to master netting agreements |  |
| Total Derivative Liabilities subject to master netting agreements | $(80584) |

---

32 Invesco Dynamic Credit Opportunity Fund

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Offsetting Assets and Liabilities** | **Offsetting Assets and Liabilities** | **Offsetting Assets and Liabilities** | **Offsetting Assets and Liabilities** | **Offsetting Assets and Liabilities** | **Offsetting Assets and Liabilities** | **Offsetting Assets and Liabilities** |
| Counterparty | Financial<br>Derivative<br>Assets | Financial<br>Derivative<br>Liabilities | **Net Value of**<br>**Derivatives** | Collateral<br>(Received)/Pledged | Collateral<br>(Received)/Pledged | **Net**<br>**Amount** |
| Counterparty | **Forward Foreign**<br>**Currency Contracts** | **Forward Foreign**<br>**Currency Contracts** | **Net Value of**<br>**Derivatives** |  |  | **Net**<br>**Amount** |
| Counterparty | **Forward Foreign**<br>**Currency Contracts** | **Forward Foreign**<br>**Currency Contracts** | **Net Value of**<br>**Derivatives** | Non-Cash | Cash | **Net**<br>**Amount** |
| BNP Paribas S.A. | $339999 | $(70839) | $269160 | $– | $– | $269160 |
| Canadian Imperial Bank of Commerce | 301171 |  | 301171 |  |  | 301171 |
| Goldman Sachs International | 262478 |  | 262478 |  |  | 262478 |
| J.P. Morgan Chase Bank, N.A |  | (4146) | (4146) |  |  | (4146) |
| Royal Bank of Canada | 34016 | (5517) | 28499 |  |  | 28499 |
| State Street Bank & Trust Co. | 7100 | (82) | 7018 |  |  | 7018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $944764 | $(80584) | $864180 | $– | $– | $864180 |

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#### Effect of Derivative Investments for the year ended February 28, 2026
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**<br>**Risk** |
| Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | $(9266571) |
| Change in Net Unrealized Appreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 1885554 |
| Total | $(7381017) |

---

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

---

| | |
|:---|:---|
|  | Forward |
|  | Foreign Currency |
|  | Contracts |
| Average notional value | $212598485 |

---

#### 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 year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $12,859.

#### 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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

#### NOTE 7–Cash Balances and Borrowings
Effective October 30, 2025, the Fund entered into a $200 million revolving credit and security agreement with U.S. Bank National Association and PNC Bank, National Association (the "U.S. Bank Credit Agreement"), which will expire on April 27, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

The Fund had previously entered into a $80 million revolving credit and security agreement with BNP Paribas (the "BNP Credit Agreement"), which terminated on October 30, 2025. The Fund paid off all fees and no longer has any outstanding obligations under the BNP Credit Agreement as of October 30, 2025.

The LLC had previously entered into a revolving credit and security agreement with Natixis (the "Natixis Credit Agreement"), which terminated on October 30, 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 LLC paid off all fees and no longer has any outstanding obligations under the Natixis Credit Agreement as of October 30, 2025.

During the period October 30, 2025 through February 28, 2026, the average daily balance of borrowing under the Fund's U.S. Bank Credit Agreement was $80,163,934 with an average interest rate of 5.63%.

During the period March 1, 2025 through October 30, 2025, the average daily balance of borrowing under the Fund's BNP Credit Agreement was $45,481,481 with an average interest rate of 6.13%.

During the period March 1, 2025 through October 30, 2025, the average daily balance of borrowing under the LLC's Natixis Credit Agreement was $16,117,284 with an average interest rate of 7.16%.

The carrying amount of the Fund's payables for borrowings as reported on the Consolidated Statement of Assets and Liabilities approximates its 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

33 Invesco Dynamic Credit Opportunity Fund

------

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 February 28, 2026. 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) |
| 80-20 | Delayed Draw Term Loan | $379107 | $(59) |
| 80-20 | Revolver Loan | 251506 | (77) |
| AnaCap (AFE S.A. SICAV-RAIF) | Delayed Draw Term Loan | 767837 | 16563 |
| Capitol Imaging Services LLC | Delayed Draw Term Loan | 93632 | 169 |
| Capitol Imaging Services LLC | Revolver Loan | 59237 | 455 |
| Eisner Advisory Group LLC | Delayed Draw Term Loan | 266962 | 1148 |
| FDH Group Acquisition, Inc. | Delayed Draw Term Loan | 166530 | 1350 |
| GC Ferry Acquisition I, Inc. (First Eagle Investment Management LLC) | Delayed Draw Term Loan | 192042 | (4155) |
| IPS Corp./CP Iris Holdco | Delayed Draw Term Loan | 80682 | (241) |
| Kantar (Summer BC Bidco/KANGRP) | Revolver Loan | 2482417 | (169917) |
| Lamark Media Group LLC | Revolver Loan | 203166 | 559 |
| McDermott International Ltd. | Revolver Loan | 2600801 | (260080) |
| MicroCare Holdings LLC | Delayed Draw Term Loan | 599957 | 1705 |
| MicroCare Holdings LLC | Revolver Loan | 595843 | 5819 |
| Muth Mirror Systems LLC | Revolver Loan | 502821 | (235140) |
| NAC Aviation 8 Ltd. | Revolver Loan | 1642458 | 0 |
| NAS LLC (d.b.a. Nationwide Marketing Group) | Revolver Loan | 321769 | 62 |
| Netrix LLC | Revolver Loan | 289723 | 1229 |
| Parques Reunidos (Piolin Bidco S.A.U.) | Revolver Loan | 1776513 | (5970) |
| SDB Holdco LLC (Specialty Dental Brands) | Delayed Draw Term Loan | 19263 | 1193 |
| Selecta Group B.V. | Revolver Loan | 326086 | 9018 |
| Source Holding Delaware LLC | Delayed Draw Term Loan | 367510 | (3261) |
| Source Holding Delaware LLC | Revolver Loan | 96147 | (357) |
| Tank Holding Corp. | Revolver Loan | 174800 | (12453) |
| Titan Acquisition Holdings L.P. | Delayed Draw Term Loan | 2129 | 0 |
| US Fertility Enterprises LLC | Delayed Draw Term Loan | 81841 | 307 |
| V Global Holdings LLC | Revolver Loan | 532167 | (32215) |
| Western Smokehouse Partners | Delayed Draw Term Loan | 75734 | (200) |
| Western Smokehouse Partners | Delayed Draw Term Loan | 340505 | (1376) |
| Western Smokehouse Partners | Revolver Loan | 181802 | 634 |
|  |  | $15470987 | $(685290) |

---

#### NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

---

| | | |
|:---|:---|:---|
| Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025: | Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025: | Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025: |
|  | 2026 | 2025 |
| Ordinary income\* | $25242694 | $35257981 |
| Return of capital | 2293246 |  |
| Total distributions | $27535940 | $35257981 |

---

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

34 Invesco Dynamic Credit Opportunity Fund

------

#### Tax Components of Net Assets at Period-End:

---

| | |
|:---|:---|
|  | 2026 |
| Net unrealized appreciation (depreciation) – investments | $(55486785) |
| Net unrealized appreciation (depreciation) – foreign currencies | (972993) |
| Temporary book/tax differences | (24641) |
| Capital loss carryforward | (137651235) |
| Shares of beneficial interest | 450453752 |
| Total net assets | $256318098 |

---

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

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

For the year ended February 28, 2026, 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 has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| Expiration | Short-Term | Long-Term | Total |
| Not subject to expiration | $17754507 | $118928994 | $136683501 |
| Expiring 2031 | 967734 |  | 967734 |
| Total | $18722241 | $118928994 | $137651235 |

---

\* 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 year ended February 28, 2026 was $120,640,743 and $115,215,858, respectively. As of February 28, 2026, 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | $29975723 |
| Aggregate unrealized (depreciation) of investments | (85462508) |
| Net unrealized appreciation (depreciation) of investments | $(55486785) |

---

Cost of investments for tax purposes is $393,565,292.

#### NOTE 11–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of foreign currency transactions, return of capital distributions, income from the Subsidiary, litigation settlement and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was decreased by $5,062,128, undistributed net realized gain (loss) was increased by $7,450,393 and shares of beneficial interest was decreased by $2,388,265. This reclassification had no effect on the net assets of the Fund.

#### NOTE 12–Senior Loan Participation Commitments
The Fund invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

At the year ended February 28, 2026, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

---

| | | |
|:---|:---|:---|
| Selling Participant | Principal<br>Amount | Value |
| Barclays Bank PLC | $2600801 | $2340721 |

---

35 Invesco Dynamic Credit Opportunity Fund

------

#### NOTE 13–Dividends
The Fund declared the following monthly dividends from net investment income subsequent to February 28, 2026.

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount Per Share |
| Share Class | Record Date | Payable March 31, 2026 |
| Class A | Daily | $0.2537 |
| Class AX | Daily | $0.2600 |
| Class Y | Daily | $0.2603 |
| Class R6 | Daily | $0.2604 |

---

#### NOTE 14–Repurchase of Shares
The Fund has a policy of making quarterly repurchase offers ("Repurchase Offers") for the Fund's common shares pursuant to Rule 23c-3(b) of the 1940 Act.

The Repurchase Offers will be for between 5% and 25% of the Fund's outstanding shares at net asset value (The Board of Trustees may authorize an additional 2%, if necessary, without extending the Repurchase Offers). Written notification of each quarterly repurchase offer is sent to shareholders no less than 21 days and no more than 42 days before each repurchase request deadline. During the year ended February 28, 2026, the Fund had Repurchase Offers as follows:

---

| | | | |
|:---|:---|:---|:---|
| Repurchase request deadlines | **Percentage of**<br>**outstanding shares the<br>Fund offered to<br>repurchase** | Number of shares<br>tendered (all classes) | Percentage of<br>outstanding shares<br>tendered (all classes) |
| March 21, 2025 | 10.0% | 1025923 | 4.2% |
| June 20, 2025 | 10.0 | 569190 | 2.3 |
| September 19, 2025 | 5.0 | 881233 | 3.7 |
| December 19, 2025 | 5.0 | 658805 | 2.8 |

---

#### NOTE 15–Share Information

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Summary of Share Activity | Summary of Share Activity | Summary of Share Activity | Summary of Share Activity |
|  | Year ended | Year ended | Year ended | Year ended |
|  | February 28, 2026<sup>(a)</sup> | February 28, 2026<sup>(a)</sup> | February 28, 2025 | February 28, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Amount |
| **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 66288 | $698263 | 12530 | $138151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX | 130193 | 1373452 | 105996 | 1168267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | 78020 | 819780 | 197 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 3555021 | 36566777 | 7783882 | 85000000 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 4701 | 49490 | 1663 | 18333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX | 526736 | 5580038 | 701494 | 7734041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | 1008 | 10558 | 1238 | 13684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 109915 | 1156242 |  |  |
| **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (1633) | (17528) | (2667) | (29146) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class AX | (3132025) | (33393258) | (16186015) | (177156376) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | (2626) | (27346) | (27384) | (299776) |
| Net increase (decrease) in share activity | 1335598 | $12816468 | (7609066) | $(83410631) |

---

(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% 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, 31% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

36 Invesco Dynamic Credit Opportunity Fund

------

### Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of Invesco Dynamic Credit Opportunity Fund

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Dynamic Credit Opportunity Fund and its subsidiary (the "Fund") as of February 28, 2026, the related consolidated statements of operations and cash flows for the year ended February 28, 2026, the consolidated statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, transfer agents, agent banks, portfolio company investees and brokers; when replies were not received from transfer agents, agent banks, portfolio company investees and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

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

37 Invesco Dynamic Credit Opportunity Fund

------

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** | |
| Qualified Dividend Income\* | 4.83% |
| Corporate Dividends Received Deduction\* | 4.51% |
| U.S. Treasury Obligations\* | 0.00% |
| Qualified Business Income\* | 0.00% |
| Business Interest Income\* | 95.49% |
| \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. | \* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |
| **Non-Resident Alien Shareholders** |  |
| Qualified Interest Income\*\* | 70.26% |
| \*\* The above percentage is based on income dividends paid to shareholders during the Fund's fiscal year. | \*\* The above percentage is based on income dividends paid to shareholders during the Fund's fiscal year. |

---

38 Invesco Dynamic Credit Opportunity Fund

------

### Trustees and Officers
The address of each trustee and officer is 11 Greenway Plaza, Houston, Texas 77046-1173. Column two below includes length of time served with predecessor entities, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name, Year of Birth and**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Position(s)**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held with the Trust** | **Trustee** <br>**and/or**<br>**Officer**<br>**Since** | **Principal Occupation(s)**<br>**During Past 5 Years** | **Number of**<br>**Funds in**<br>**Fund Complex**<br>**Overseen by**<br>**Trustee** | **Other**<br>**Directorship(s)**<br>**Held by Trustee**<br>**During At Least**<br>**The Past 5 Years** |
| &nbsp;&nbsp;&nbsp;Interested Trustees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Jeffrey H. Kupor<sup>1</sup>– 1968<br>Trustee | 2024 | Senior Managing Director, Company Secretary and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd; and Vice President, Invesco Group Services, Inc.<br>Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, Oppenheimer Funds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC | 149 |  |
| &nbsp;&nbsp;&nbsp;Douglas Sharp<sup>1</sup>– 1974<br>Trustee | 2024 | Senior Managing Director and Head of Americas & EMEA, Invesco Ltd.<br>Formerly: Director and Chairman, Invesco UK Limited; and Director, Chairman and Chief Executive, Invesco Fund Managers Limited | 149 |  |

---

<sup>1</sup> Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Dynamic Credit Opportunity Fund

------

### Trustees and Officers –(continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Trustee |  | Number of Funds in | **Other**<br>**Directorship(s)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name, Year of Birth and | and/or |  | Fund Complex | Held by Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Position(s) | Officer | Principal Occupation(s) | Overseen by | During Past 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held with the Trust | Since | During Past 5 Years | Trustee | Years |
| &nbsp;&nbsp;&nbsp;Independent Trustees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beth Ann Brown - 1968<br>Trustee (2019) and Chair (2022) | 2021 | Independent Consultant<br>Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President and Key Account Manager, Liberty Funds Distributor, Inc. | 149 | Director, Board of Directors of Caron Engineering Inc.; Formerly: Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) President and Director Director of Grahamtastic Connection (non-profit); and Trustee of certain Oppenheimer Funds |
| &nbsp;&nbsp;&nbsp;Carol Deckbar - 1962<br>Trustee | 2024 | Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA | 149 | Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company |
| &nbsp;&nbsp;&nbsp;Cynthia Hostetler - 1962<br>Trustee | 2021 | Non-Executive Director and Trustee of a number of public and private business corporations<br>Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 149 | Resideo Technologies (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Investment Company Institute (professional organization) and Independent Directors Council (professional organization); Formerly: Textainer Global Holdings (holding company) |
| &nbsp;&nbsp;&nbsp;Eli Jones - 1961<br>Trustee | 2021 | Professor and Dean Emeritus, Mays Business School - Texas A&M University<br>Formerly: Board Member of the regional board, First Financial Bank Texas; Dean of Mays Business School at Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 149 | Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas |
| &nbsp;&nbsp;&nbsp;Elizabeth Krentzman - 1959 Trustee | 2021 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of theU.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; and Associate at Ropes & Gray LLP | 149 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee; and Trustee of certain Oppenheimer Funds |
| &nbsp;&nbsp;&nbsp;Anthony J. LaCava, Jr. - 1956 Trustee | 2021 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 149 | Member and Chairman, of the Bentley University, Business School Advisory Council; and Board Member and Chair of the Audit and Finance Committee and Nominating Committee, KPMG LLP |
| &nbsp;&nbsp;&nbsp;James "Jim" Liddy - 1959<br>Trustee | 2024 | Formerly: Chairman, Global Financial Services, Americas and Retired Partner, KPMG LLP | 149 | Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School |
| &nbsp;&nbsp;&nbsp;Edward Perkin - 1972<br>Trustee | 2025 | Former: Chief Investment Officer, Equity, Eaton Vance | 149 |  |

---

T-2 Invesco Dynamic Credit Opportunity Fund

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Trustee |  | Number of<br>Funds in | **Other**<br>**Directorship(s)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name, Year of Birth and | and/or |  | Fund Complex | Held by Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Position(s) | Officer | Principal Occupation(s) | Overseen by | During Past 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held with the Trust | Since | During Past 5 Years | Trustee | Years |
| &nbsp;&nbsp;&nbsp;Independent Trustees–(continued) | &nbsp;&nbsp;&nbsp;Independent Trustees–(continued) | &nbsp;&nbsp;&nbsp;Independent Trustees–(continued) |  |  |
| &nbsp;&nbsp;&nbsp;Teresa M. Ressel – 1962<br>Trustee | 2021 | Non-executive director and trustee of a number of public and private business corporations; Managing Partner, Radiate Capital (private equity sponsor)<br>Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Group Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury | 149 |  |
| &nbsp;&nbsp;&nbsp;Daniel S. Vandivort –1954<br>Trustee | 2021 | President, Flyway Advisory Services LLC (consulting and property management) and Member, Investment Committee of Historic Charleston Foundation<br>Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 149 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |

---

T-3 Invesco Dynamic Credit Opportunity Fund

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Trustee |  | Number of<br>Funds in | **Other**<br>**Directorship(s)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name, Year of Birth and | and/or |  | Fund Complex | Held by Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Position(s) | Officer | Principal Occupation(s) | Overseen by | During Past 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held with the Trust | Since | During Past 5 Years | Trustee | Years |
| &nbsp;&nbsp;&nbsp;Officers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Glenn Brightman - 1972<br>President and Principal Executive Officer | 2023 | Chief Operating Officer, Americas, Invesco Ltd.; Senior Vice President, Invesco Advisers, Inc.; President and Principal Executive Officer, The Invesco Funds; Manager, Invesco Investment Advisers LLC.<br>Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Melanie Ringold - 1975<br>Senior Vice President, Chief Legal Officer and Secretary | 2023 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC and Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Exchange-Traded Self-Indexed Fund Trust and Invesco QQQ Trust, Series 1; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; Secretary and Senior Vice President, Trinity Investment Management Corporation; Manager, Invesco Specialized Products, LLC and Invesco Capital Management LLC; Manager, Tremont Group Holdings, LLC; Director, Tremont (Bermuda) Limited; Assistant Secretary, W.L. Ross & Co., LLC and Assistant Secretary, Invesco Private Capital, Inc.<br>Formerly: Secretary and Senior Vice President, OFI SteelPath, Inc.; Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Assistant Vice President, Invesco Funds | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Adrien Deberghes - 1967<br>Principal Financial Officer, Treasurer and Senior Vice President | 2021 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Director, Invesco Trust Company; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Exchange-Traded Self-Indexed Fund Trust and Invesco QQQ Trust, Series 1.<br>Formerly: Director, Invesco Trust Company; Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Crissie M. Wisdom - 1969<br>Anti-Money Laundering Compliance Officer | 2021 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Todd F. Kuehl - 1969<br>Chief Compliance Officer and Senior Vice President | 2021 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds<br>Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;James Bordewick, Jr. - 1959<br>Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds<br>Formerly, Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett. | N/A | N/A |

---

T-4 Invesco Dynamic Credit Opportunity Fund

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| | | | |
|:---|:---|:---|:---|
| Office of the Fund | Investment Adviser | Distributor | Auditors |
| 1331 Spring Street NW, Suite 2500 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP |
| Atlanta, GA 30309 | 1331 Spring Street NW, Suite 2500 | 11 Greenway Plaza | 1000 Louisiana Street, Suite 5800 |
|  | Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 |
| Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent |  |
| Stradley Ronon Stevens & Young, LLP | Sidley Austin | Invesco Investment Services, Inc. |  |
| 2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza, Suite 1000 |  |
| Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 |  |
| Custodian | Investment Sub-Adviser | Invesco Asset Management Limited | Barings LLC |
| State Street Bank and Trust Company | Invesco Senior Secured Management, Inc. | Perpetual Park | 300 S. Tyron Street, Suite 2500 |
| 225 Franklin Street | 225 Liberty Street | Perpetual Park Drive | Charlotte, NC 28002 |
| Boston, MA 02110-2801 | New York, NY 10281 | Henley-on-Thames |  |
|  |  | Oxfordshire |  |
|  |  | RG9 1HH |  |
|  |  | United Kingdom |  |

---

T-5 Invesco Dynamic Credit Opportunity Fund

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### Proxy Results
A Special Meeting ("Meeting") of Shareholders of Invesco Dynamic Credit Opportunity Fund (the "Fund") was held on September 24, 2025. The Meeting was held for the following purposes:

(1). To approve a new investment sub-advisory agreement by and between Invesco Advisers, Inc. and Barings LLC.

(2). To approve a new investment sub-sub-advisory agreement by and between Barings and Baring International Investment Limited.

The results of the voting on the above matter were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Matters | Votes For | Votes<br>Against/Withheld | Votes Abstain |
|  | To approve new investment sub-advisory agreement by and between Invesco |  |  |  |
| (1). | Advisers, Inc. and Barings LLC | 13480871 | 163548 | 204849 |
|  | To approve a new investment sub-sub-advisory agreement by and between Barings |  |  |  |
| (2). | and Baring International Investment Limited | 13475365 | 173261 | 200643 |

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T-6 Invesco Dynamic Credit Opportunity Fund

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![LOGO](g120572g00v48.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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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](g120572g00z48.jpg)

SEC file number(s): Invesco Distributors, Inc. VK-CE-DCO-AR-1

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended February 28, 2026.

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that the Registrant has two audit committee financial experts serving on its Audit Committee: Anthony J. LaCava, Jr. and James Liddy. Each of these audit committee financial experts is "independent" within the meaning of that term as used in Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) to (d)

#### Fees Billed by PwC Related to the Registrant
PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

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| | | |
|:---|:---|:---|
|  | Fees Billed by PwC<br>for Services<br>Rendered to the<br>Registrant for Fiscal<br>Year Ended 2026 | Fees Billed by PwC<br>for Services<br>Rendered to the<br>Registrant for Fiscal<br>Year Ended 2025 |
|  Audit Fees | $118170 | $115853 |
|  Audit-Related Fees<sup>(1)</sup> | $50889 | $39400 |
|  Tax Fees<sup>(2)</sup> | $40797 | $52055 |
|  All Other Fees | $0 | $0 |
|  Total Fees | $209856 | $207308 |

---

(1) Audit-Related Fees for the fiscal year ended 2026 and 2025 includes fees billed for reviewing regulatory filings.

(2) Tax Fees for the fiscal years ended 2026 and 2025 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

------

#### Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

---

| | | |
|:---|:---|:---|
|  | Fees Billed for Non-<br>Audit Services<br>Rendered to<br>Invesco and<br>Affiliates for Fiscal<br>Year Ended 2026 That<br>Were Required<br>to be Pre-Approved<br>by the Registrant's<br>Audit Committee | Fees Billed for Non-<br>Audit Services<br>Rendered to<br>Invesco and<br>Affiliates for Fiscal<br>Year Ended 2025 That<br>Were Required<br>to be Pre-Approved<br>by the Registrant's Audit<br>Committee |
|  Audit-Related Fees<sup>(1)</sup> | $1195000 | $1141000 |
|  Tax Fees | $0 | $0 |
|  All Other Fees | $0 | $0 |
|  Total Fees | $1195000 | $1141000 |

---

(1) Audit-Related Fees for the fiscal years ended 2026 and 2025 include fees billed related to reviewing controls at a service organization.

#### (e)(1)

#### PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

#### POLICIES AND PROCEDURES
As adopted by the Audit Committees

of the Invesco Funds (the "Funds")

Last Amended March 29, 2017

**I.** **Statement of Principles** 

The Audit Committees (the "Audit Committee") of the Boards of Trustees of the Funds (the "Board") have adopted these policies and procedures (the "Procedures") with respect to the pre-approval of audit and non-audit services to be provided by the Funds' independent auditor (the "Auditor") to the Funds, and to the Funds' investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, "Service Affiliates").

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a "Service Affiliate's Covered Engagement").

------

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate's Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission ("SEC") and other organizations and regulatory bodies applicable to the Funds ("Applicable Rules").<sup>1</sup> They address both general pre-approvals without consideration of specific case-by-case services ("general pre-approvals") and pre-approvals on a case-by-case basis ("specific pre-approvals"). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

**II.** **Pre-Approval of Fund Audit Services** 

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor's qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

**III.** **General and Specific Pre-Approval of Non-Audit Fund Services** 

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee's review and approval of General Pre-Approved Non-Audit Services, the Funds' Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

<sup>1</sup> Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-end funds managed by Invesco and listed on NYSE.

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**IV.** **Non-Audit Service Types** 

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

a. <u>Audit-Related Services</u> 

"Audit-related services" are assurance and related services that are reasonably related to the performance of the audit or review of the Fund's financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. <u>Tax Services</u> 

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c. <u>Other Services</u> 

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. <u>Appendix I</u> includes a list of services that the Auditor is prohibited from performing by the SEC rules. <u>Appendix I</u> also includes a list of services that would impair the Auditor's independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements.

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**V.** **Pre-Approval of Service Affiliate's Covered Engagements** 

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a "Service Affiliate's Covered Engagement".

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate's Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate's Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate's Covered Engagement must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds' Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds. The Funds' Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Fund.

**VI.** **Pre-Approved Fee Levels or Established Amounts** 

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate's Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

**VII.** **Delegation** 

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate's Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case-by-case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

------

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate's Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

**VIII.** **Compliance with Procedures** 

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds' Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds' Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds' Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

**IX.** **Amendments to Procedures** 

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

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#### Appendix I

#### Non-Audit Services That May Impair the Auditor's Independence
The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

• Management functions;

• Human resources;

• Broker-dealer, investment adviser, or investment banking services;

• Legal services;

• Expert services unrelated to the audit;

• Any service or product provided for a contingent fee or a commission;

• Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

• Tax services for persons in financial reporting oversight roles at the Fund; and

• Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements:

• Bookkeeping or other services related to the accounting records or financial statements of the audit client;

• Financial information systems design and implementation;

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

• Actuarial services; and

• Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,726,000 for the fiscal year ended February 28, 2026 and $6,489,000 for the fiscal year ended February 28, 2025. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,961,797 for the fiscal year ended February 28, 2026 and $7,682,055 for the fiscal year ended February 28, 2025.

PwC provided audit services to the Investment Company complex of approximately $35 million.

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(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Anthony LaCava, Jr., Cynthia Hostetler, Eli Jones, James Liddy, Teresa Ressel and Daniel Vandivort.

(b) Not applicable.

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.

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

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![](g98382invesco_global.jpg)

**Invesco's Policy Statement on Global**

**Corporate Governance**

**and Proxy Voting**

Effective March 2026

------

**Table of Contents** 

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| | | |
|:---|:---|:---|
| I. | Introduction | 3 |
|  | A. Our Approach to Proxy Voting | 3 |
|  | B. Scope of Policy | 3 |
| II. | Global Proxy Voting Operational Procedures | 3 |
|  | A. Oversight and Governance | 3 |
|  | B. The Proxy Voting Process | 4 |
|  | C. Proxy Voting Administration | 4 |
|  | D. Retention and Oversight of Proxy Service Providers | 5 |
|  | E. Disclosures and Recordkeeping | 6 |
|  | F. Market and Operational Limitations | 7 |
|  | G. Securities Lending | 7 |
|  | H. Conflicts of Interest | 8 |
|  | I. Voting of Affiliated Holdings and Funds of Funds | 9 |
|  | J. Review of Policy | 9 |
| III. | Our Good Governance Principles | 9 |
|  | A. Transparency | 10 |
|  | B. Accountability | 11 |
|  | C. Board Composition and Effectiveness | 13 |
|  | D. Capitalization | 15 |
|  | E. Environmental and Social Issues | 16 |
|  | F. Executive Compensation and Performance Alignment | 17 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**I.** **Introduction**

Invesco Ltd. and its wholly owned investment adviser subsidiaries (collectively, "Invesco," the "Company," "our" or "we") have adopted and implemented this Policy Statement on Global Corporate Governance and Proxy Voting (this "Global Proxy Voting Policy" or "Policy"), which we believe describes policies and procedures reasonably designed to assure proxy voting matters are conducted in the best interests of our clients. The policy generally applies where Invesco invests and manages investments on behalf of its clients and has been delegated proxy voting authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Our Approach to Proxy Voting**

Proxy voting is an integral aspect of the investment management services Invesco provides to clients. As an investment adviser, Invesco has a fiduciary duty to act in the best interests of our clients. Where Invesco has been delegated the authority to vote proxies with respect to securities held in client portfolios, we exercise such authority in the manner we believe best serves the interests of such clients and their investment objectives. We recognize that proxy voting is an important tool that enables us to drive long-term shareholder value.

A summary of our global operational procedures and governance structure is included in Part II of this Policy. Invesco's good governance principles, which are included in Part III of this Policy, and our internal proxy voting guidelines are both principles and rules, and cover topics that typically appear on voting ballots. Invesco's investment teams retain ultimate authority to vote proxies. Given the complexity of proxy issues across our clients' holdings globally, our investment teams consider many factors when determining how to cast votes. We seek to evaluate and make voting decisions that favor proxy proposals and governance practices that, in our view, promote long-term shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Scope of Policy**

Invesco's investment teams vote proxies on behalf of Invesco funds and both fund and non-fund advisory clients that have explicitly granted Invesco authority in writing to vote proxies on their behalf. In the case of institutional or sub-advised clients, Invesco will vote the proxies in accordance with this Policy unless the client agreement specifies that the client retains the right to vote or has designated a named fiduciary to direct voting. This Policy is implemented by all entities listed in Exhibit A, except as noted below. Due to regional or asset class-specific considerations, certain entities may have local proxy voting guidelines or policies and procedures that differ from this Policy. In the event local policies and this Policy differ, the local policy will apply. These entities subject to local policies are listed in Exhibit A. Additionally, eligible exchange-traded funds may participate in Invesco's Proxy Voting Choice Program Pilot. Eligible funds are listed in Exhibit B.

**II.** **Global Proxy Voting Operational Procedures**

Invesco's global proxy voting operational procedures (the "Procedures") are in place to implement the provisions of this Policy. Invesco aims to vote all proxies for which it has voting authority in accordance with this Policy, as implemented by the Procedures outlined in this Section II. It is the responsibility of Invesco's Global Corporate Governance & Advisory team to maintain and facilitate the review of the Procedures annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Oversight and Governance**

The Global Corporate Governance & Advisory team and the Global Invesco Proxy Advisory Committee ("Global IPAC") provides oversight of the proxy voting process. For some clients, third parties (e.g., U.S. fund boards) and internal sub-committees also provide oversight of the proxy voting process.

Guided by its philosophy that investment teams should manage proxy voting, Invesco has created the Global IPAC. The Global IPAC is an investments-driven committee comprising representatives from various investment management teams. Representatives from Invesco's Legal, Compliance, Risk, Investment Stewardship and Government Affairs departments may also participate in Global IPAC

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meetings. The Global Head of Corporate Governance & Advisory chairs the committee. The Global IPAC provides a forum for investment teams to:

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monitor, understand and discuss key proxy issues and voting trends within the Invesco complex;

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assist Invesco in meeting regulatory obligations;

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review votes not aligned with our good governance principles; and

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consider conflicts of interest in the proxy voting process.

In fulfilling its responsibilities, the Global IPAC meets as necessary (but no less than semi-annually) and has the following responsibilities and functions: (i) acts as a key liaison between the Global Corporate Governance & Advisory team and investment teams to assure compliance with this Policy; (ii) provides insight on market trends as it relates to stewardship practices; (iii) monitors proxy votes that present potential conflicts of interest; and (iv) reviews and provides input, at least annually, on this Policy and related internal procedures and recommends any changes to this Policy based on, but not limited to, Invesco's experience, evolving industry practices, or developments in applicable laws or regulations. In addition, when necessary, the Global IPAC Conflict of Interest Sub-committee makes voting decisions on proxies that require an override of this Policy due to an actual or perceived conflict of interest. The Global IPAC reviews Global IPAC Conflict of Interest Sub-committee voting decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**The Proxy Voting Process**

When making voting decisions, Invesco's investment teams may take a wide array of factors into consideration and may utilize information from various sources, including, but not limited to, company filings, company site visits, management engagements, industry trade groups, third-party research, internal proprietary research and Invesco's internal Good Governance Principles set out in Section III of this policy.

Our Global Voting Policy and Good Governance Principles apply to all relevant asset classes, however, there may be different approaches to voting for certain asset classes. For example, voting decisions with respect to investments in fixed income securities and privately held securities will generally be made by the relevant investment teams based on their evaluation of the specific transactions or matters under consideration. In the event this Policy or Invesco's Good Governance Principles do not provide a vote recommendation, and an investment team does not make a voting decision, Invesco will vote the proxy item consistent with the recommendation of the issuer.

Invesco's investment teams are supported by a centralized investment stewardship function, including the Global Corporate Governance & Advisory team which evaluates proxy proposals. For certain investment teams of actively-managed products, the Global Corporate Governance & Advisory team evaluates proxy ballot items, analyzes proxy proposals to facilitate decision-making by the investment teams, and casts votes in accordance with the investment team's instructions. For certain passively-managed investment strategies that seek to track an index, the Global Corporate Governance & Advisory team may evaluate and execute votes on proposals that meet pre-defined criteria, including materiality thresholds. This team may utilize information from various sources, including but not limited to company filings, management engagements, industry trade groups, third-party research, internal proprietary research and the Good Governance Principles in Section III of this Policy. Investment teams retain discretion to vote proxies independently of, or consistent with, this Policy, the Good Governance Principles and any recommendations from the Global Corporate Governance & Advisory team. There may also be instances where different investment teams reach different positions on voting issues for the same proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Proxy Voting Administration**

At Invesco, investment teams execute voting decisions through our proprietary voting platform and are supported by the Global Corporate Governance & Advisory team and a dedicated technology team. Invesco's proprietary voting platform streamlines the proxy voting process by providing our investment

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teams with direct access to proxy meeting materials, including ballots, Invesco's internal proxy voting guidelines and recommendations, as well as proxy research and vote recommendations issued by Proxy Service Providers (as such term is defined in Part C below). Votes executed on Invesco's proprietary voting platform are transmitted to our proxy voting agent electronically and are then delivered to the respective designee for tabulation.

Invesco's Global Corporate Governance & Advisory team monitors whether we have received proxy ballots for shareholder meetings in which we are entitled to vote. This involves coordination among various parties in the proxy voting ecosystem, including, but not limited to, our proxy voting agent, custodians and ballot distributors. If necessary, we may choose to escalate a matter in accordance with our internal procedures to facilitate our ability to exercise our right to vote.

Our proprietary systems are designed to facilitate internal control and oversight of the voting process. To facilitate the casting of votes in an efficient manner, Invesco may choose to pre-populate and leverage the capabilities of these proprietary systems to automatically submit votes based on internal proxy voting guidelines. To efficiently execute proxy voting for clients' holdings, votes may be cast by Invesco or via the Proxy Service Providers Web platform at our direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Retention and Oversight of Proxy Service Providers**

Invesco has retained two independent third-party proxy voting service providers to provide proxy support globally: Institutional Shareholder Services Inc. ("ISS") and Glass Lewis ("GL"). In addition to ISS and GL, Invesco may retain certain local proxy service providers to access regionally specific research (such local proxy service providers, collectively with ISS and GL, "Proxy Service Providers"). The services may include one or more of the following: providing a comprehensive analysis of each voting item and interpretations of each voting item based on Invesco's internal proxy voting guidelines; and providing assistance with the administration of the proxy process and certain proxy voting-related functions, including, but not limited to, operational, reporting and recordkeeping services. To the extent Proxy Service Providers consider non-financial factors in their proxy research and recommendations, Invesco may take that into account when evaluating their proxy research and recommendations.

While Invesco may take into consideration the information and recommendations provided by the Proxy Service Providers, including recommendations based upon Invesco's internal proxy voting guidelines and recommendations provided to such Proxy Service Providers, Invesco's investment teams retain full and independent discretion with respect to proxy voting decisions.

Updates to previously issued proxy research reports and recommendations may be provided to investment teams to incorporate newly available information or additional disclosure provided by an issuer regarding a matter to be voted on, or to correct factual errors that may result in the issuance of revised proxy vote recommendations. Invesco's Global Corporate Governance & Advisory team periodically monitors for these research alerts issued by Proxy Service Providers with our investment teams.

Invesco performs extensive initial and ongoing due diligence on the Proxy Service Providers it engages globally. Invesco conducts annual due diligence meetings as part of its ongoing due diligence. The topics included in these annual due diligence meetings include material changes in service levels, leadership and control, conflicts of interest, methodologies for formulating vote recommendations, operations, and research personnel, among other topics. In addition, Invesco monitors and communicates with the Proxy Service Providers throughout the year and monitors their compliance with Invesco's performance and policy standards.

As part of our annual policy development process, Invesco may engage with other external proxy and governance experts to understand market trends and developments. These meetings provide Invesco with an opportunity to assess the Proxy Service Providers' capabilities, conflicts of interest and service levels, as well as provide investment professionals with direct insight into the Proxy Service Providers' stances on key corporate governance and proxy topics and their policy framework/methodologies.

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Invesco reviews the System and Organizational Controls ("SOC") Reports for Proxy Service Providers to confirm that their related controls were in place and to provide reasonable assurance that the related controls operated effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Disclosures and Recordkeeping**

This Policy is maintained by the Global Corporate Governance and Advisory team and accessible on the Invesco website. Records of votes cast by Invesco on behalf of clients are retained electronically for at least seven (7) years unless otherwise required by local or regional requirements by Invesco's Technology Department and by our Proxy Service Provider. Invesco makes its proxy voting records publicly available in compliance with regulatory requirements and industry best practices in the regions below:

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In accordance with the U.S. Securities and Exchange Commission ("SEC") regulations, Invesco will file a record of all proxy voting activity for the prior 12 months ending June 30 for each U.S. registered fund. In addition, Invesco, as an institutional investment manager that is required to file Form 13F, will file a record of its votes on certain executive compensation ("say on pay") matters. The proxy voting filings will generally be made on or before August 31 of each year and are available on the SEC's website at www.sec.gov. In addition, each year, the Form N-PX proxy voting records for Invesco mutual funds' and closed-end funds', and Invesco ETF's are made available on Invesco's website here.

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To the extent applicable, the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), including Department of Labor regulations and guidance thereunder, provide that the named fiduciary generally should be able to review not only the investment adviser's voting procedure with respect to plan-owned stock, but also the actions taken in individual proxy voting situations. In the case of institutional and sub-advised clients, clients may contact their client service representative to request information about how Invesco voted proxies on their behalf. Absent specific contractual guidelines, such requests may be made on a semi-annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

In the UK and Europe, Invesco publicly discloses our proxy votes monthly in compliance with the UK Stewardship Code here. Additionally, in accordance with the European Shareholder Rights Directive and the UK Financial Conduct Authority's Conduct of Business Sourcebook ("UK COBS"), Invesco publishes an annual report on implementation of our engagement policies, including a general description of voting behavior, an explanation of the most significant votes and the use of proxy voting advisors.

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In Canada, Invesco publicly discloses a record of all proxy voting activity for the prior 12 months ending June 30th for each Invesco Canada registered mutual fund and ETF. In compliance with the National Instrument 81-106 Investment Fund Continuous Disclosure, the proxy voting records will generally be made available on or before August 31st of each year here.

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In Japan, Invesco publicly discloses our proxy votes annually in compliance with the Japan Stewardship Code here.

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In India, Invesco publicly discloses our proxy votes quarterly here in compliance with The Securities and Exchange Board of India ("SEBI") Circular on stewardship code for all Mutual Funds and all categories of Alternative Investment Funds in relation to their investment in listed equities. SEBI has implemented principles on voting for Mutual Funds through circulars dated March 15, 2010, March 24, 2014, and March 5, 2021, which prescribed detailed mandatory requirements for Mutual Funds in India to disclose their voting policies and actual voting by Mutual Funds on different resolutions of investee companies.

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In Hong Kong, Invesco Hong Kong Limited will provide proxy voting records upon request in compliance with the Securities and Futures Commission Principles of Responsible Ownership.

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In Taiwan, Invesco publicly discloses our proxy voting policy and proxy votes annually in compliance with Taiwan's Stewardship Principles for Institutional Investors here.

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In Australia, Invesco publicly discloses a summary of its proxy voting record annually here.

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In Singapore, Invesco Asset Management Singapore Ltd. will provide proxy voting records upon request in compliance with the Singapore Stewardship Principles for Responsible Investors.

Invesco may engage Proxy Service Providers to make available or maintain certain required proxy voting records in accordance with the above stated applicable regulations. Separately managed account clients that have authorized Invesco to vote proxies on their behalf will receive proxy voting information with respect to those accounts upon request. Certain other clients may obtain information about how we voted proxies on their behalf by contacting their client service representative or advisor. Invesco does not publicly disclose voting intentions in advance of shareholder meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Market and Operational Limitations**

In the great majority of instances, Invesco will vote proxies. However, in certain circumstances, Invesco may refrain from voting where the economic or other opportunity costs of voting exceed any benefit to clients. Moreover, ERISA fiduciaries must not subordinate the economic interests of plan participants and beneficiaries to unrelated objectives when voting proxies or exercising other shareholder rights. These matters are left to the discretion of the relevant investment team. Such circumstances could include, for example:

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Certain countries impose temporary trading restrictions, a practice known as "share blocking." This means that once the shares have been voted, the shareholder does not have the ability to sell the shares for a certain period of time, usually until the day after the conclusion of the shareholder meeting. Unless a client directs otherwise, Invesco generally refrains from voting proxies at companies or in markets where share blocking applies. In some instances, Invesco may determine that the benefit to the client(s) of voting a specific proxy outweighs the client's temporary inability to sell the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Some companies require a representative to attend shareholder meetings in person to vote a proxy or issuer-specific additional documentation, certification or the disclosure of beneficial owner details to vote. Invesco may determine that the costs of sending a representative or submitting additional documentation, including power of attorney documentation, or disclosures outweigh the benefit of voting a particular proxy.

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Invesco may not receive proxy materials from the relevant fund or custodian used by our clients with sufficient time and information to make an informed independent voting decision.

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Invesco held shares on the record date but sold them prior to the meeting date.

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Although Invesco uses reasonable efforts to vote a proxy, proxies may not be accepted or may be rejected for various reasons, including due to changes in the agenda for a shareholder meeting for which Invesco does not have sufficient notice, when certain custodians used by our clients do not offer a proxy voting in a jurisdiction, or due to operational issues experienced by third parties involved in the process or by an issuer or sub-custodian.

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Additionally, despite the best efforts of Invesco and its proxy voting agent, there may be instances where our votes may not be received or properly tabulated by an issuer or an issuer's agent. Invesco will generally endeavor to vote and maintain any paper ballots received provided they are delivered in a timely manner ahead of the vote deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Securities Lending**

Invesco's funds may participate in a securities lending program. In circumstances where Invesco fund shares are on loan, the voting rights of those shares are transferred to the borrower. If the security in question is on loan as part of a securities lending program, Invesco may determine that the vote is

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material to the investment, and therefore, the benefit to the client of voting a particular proxy outweighs the economic benefits of securities lending. In those instances, Invesco may determine to recall securities that are on loan prior to the meeting record date, so we will be entitled to vote those shares. For example, for certain actively managed funds, the lending agent has standing instructions to recall all securities on loan systematically in a timely manner on a best efforts basis for Invesco to vote the proxies on those previously loaned shares. There may be instances where Invesco may be unable to recall shares or may choose not to recall shares. Such circumstances may include instances when Invesco does not receive timely notice of the meeting, or when Invesco deems the opportunity for a fund to generate securities lending revenue outweighs the benefits of voting at a specific meeting. The relevant investment team will make these determinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**Conflicts of Interest**

There may be occasions where voting proxies may present a perceived or actual conflict of interest between Invesco, as investment adviser, and one or more of Invesco's clients or vendors.

**Firm-Level Conflicts of Interest**

A conflict of interest may exist if Invesco has a material business relationship with either the company soliciting a proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Such relationships may include, among others, a client relationship, serving as a vendor whose products/services are material or significant to Invesco, serving as a distributor of Invesco's products, or serving as a significant research provider or broker to Invesco.

Invesco identifies potential conflicts of interest based on a variety of factors, including, but not limited to, the materiality of the relationship between the issuer or its affiliates to Invesco.

Material firm-level conflicts of interests are identified by individuals and groups within Invesco globally using criteria established by the Global Corporate Governance & Advisory team. These criteria are monitored and updated periodically by the Global Corporate Governance & Advisory team so up-to-date information is available when conducting conflicts checks. Operating procedures and associated governance are designed to assure conflicts of interest are appropriately considered ahead of voting proxies. The Global IPAC Conflict of Interest Sub-committee maintains oversight of the process. Companies identified as conflicted will be voted in line with the principles below as implemented by Invesco's internal proxy voting guidelines. To the extent an investment team disagrees with the Policy, our processes and procedures seek to assure that justifications and rationales are fully documented and presented to the Global IPAC Conflict of Interest Sub-committee for approval by a majority vote of the Sub-committee.

As an additional safeguard, persons from Invesco's marketing, distribution and other customer-facing functions may not serve on the Global IPAC. For the avoidance of doubt, Invesco may not consider Invesco Ltd.'s pecuniary interest when voting proxies on behalf of clients. To avoid any appearance of a conflict of interest, Invesco will instruct "abstain" on proxies issued by Invesco Ltd. that are held in client accounts. If an "abstain" vote is not operationally possible, Invesco will not vote the shares.

**Personal Conflicts of Interest**

A conflict also may exist where an Invesco employee has a known personal or business relationship with other proponents of proxy proposals, participants in proxy contests, corporate directors, or candidates for directorships. Under Invesco's Global Code of Conduct, Invesco entities and individuals must act in the best interests of clients and must avoid any situation that gives rise to an actual or perceived conflict of interest.

All Invesco personnel with proxy voting responsibilities are required to report any known personal or business conflicts of interest regarding proxy issues with which they are involved. In such instances, the individual(s) with the conflict will be excluded from the decision-making process relating to such issue.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**

**Voting of Affiliated Holdings and Funds of Funds**

Funds of funds holdings can create various special situations for proxy voting, including operational challenges in certain markets. The scenarios below set out examples of how Invesco votes funds of funds:

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When required by law or regulation, securities issued by an Invesco fund held by other Invesco funds will be voted in the same proportion as the votes of external holders of the underlying fund. If such proportional voting is not operationally possible, Invesco will not vote the securities.

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When required by law or regulation, securities issued by an unaffiliated registered fund held by one or more Invesco funds will be voted in the same proportion as the votes of external holders of the underlying fund. If such proportional voting is not operationally possible, Invesco will not vote the securities.

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For U.S. funds of funds where proportional voting is not required by law or regulation, securities issued by Invesco funds held by other Invesco funds generally will be voted in the same proportion as the votes of external holders of the underlying fund. If such proportional voting is not operationally possible, Invesco will vote in line with internal proxy voting guidelines. Investment teams retain full discretion over proxy voting decisions for funds of funds where proportional voting is not required by law or regulation and may choose to vote differently.

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For U.S. funds of funds where proportional voting is not required by law or regulation, securities issued by unaffiliated registered funds held by one or more Invesco funds generally will be voted in the same proportion as the votes of external holders of the underlying fund. If such proportional voting is not operationally possible, Invesco will vote in line with internal proxy voting guidelines. Investment teams retain full discretion over proxy voting decisions for funds of funds where proportional voting is not required by law or regulation and may choose to vote differently.

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Securities issued by non-U.S. funds of funds will not be voted proportionally due to operational limitations. The applicable Invesco entity will vote in line with its local policies, as indicated in Exhibit A. If no local policies exist, Invesco will vote in line with the firm level conflicts of interest process described above.

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Where client accounts are invested directly in securities issued by Invesco affiliates and Invesco has proxy voting authority, securities will be voted in the same proportion as the votes of external shareholders of the underlying securities. If proportional voting is not possible, the securities will be voted in line with a Proxy Service Provider's recommendation.

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Where Invesco invests in its own products (either as seed capital or otherwise), securities will be voted in line with recommendations of the issuer's management or board.

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Unless it decides to solicit investor instructions, Invesco shall not vote the securities of an Invesco fund held by a fund, client or proprietary account managed by Invesco Canada Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.**

**Review of Policy**

It is the responsibility of the Global IPAC to review this Policy and the internal proxy voting guidelines annually to consider whether any changes are warranted. This annual review seeks to assure that this Policy and the internal proxy voting guidelines remain consistent with clients' best interests, regulatory requirements, local market standards and best practices. Further, this Policy and our internal proxy voting guidelines are reviewed at least annually by various departments within Invesco to seek to ensure that they remain consistent with Invesco's views on best practice in corporate governance and long-term investment stewardship.

**III.** **Our Good Governance Principles**

Invesco's good governance principles outline our views on best practice in corporate governance and long-term investment stewardship. These principles have been developed by our global investment teams in

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collaboration with the Global Corporate Governance & Advisory team and various departments internally. The broad philosophy and guiding principles in this section inform our approach to long-term investment stewardship and proxy voting. The principles and positions reflected in this Policy are designed to guide Invesco's investment professionals in voting proxies; they are not intended to be exhaustive or prescriptive.

Our investment teams retain full discretion on vote execution in the context of our good governance principles and internal proxy voting guidelines, except where otherwise specified in this Policy. The final voting decisions may consider the unique facts and circumstances applicable to each company, issue, and individual ballot item. These include relevant market laws and regulations, country-specific best practices or corporate governance codes, the issuer's public disclosures, internal research, input from external research providers, and any dialogue we have had with company management. As a result, investment teams may reach different conclusions on portfolio companies and may cast different votes at the same shareholder meeting. When investment teams choose to vote a proxy that is contrary to the principles below or internal proxy voting guidelines, they are required to document their rationales.

The following guiding principles apply to proxy voting with respect to operating companies. We apply a separate approach to open-end and closed-end investment companies and unit investment trusts. Where appropriate, these guidelines may be supplemented by additional internal guidance that considers regional variations in best practices, company disclosure and region-specific voting items. Invesco may vote on proposals not specifically addressed by these principles or guidelines based on an evaluation of a proposal's likelihood to enhance long-term shareholder value.

Our good governance principles are organized around six broad pillars:

**A.** **Transparency**

We expect companies to provide accurate, timely and complete information that enables investors to make informed investment decisions and effectively carry out their stewardship activities. Invesco supports the highest standards in corporate transparency and believes that these disclosures should be made available ahead of the voting deadlines for an annual general meeting or special meeting to allow for timely review and decision-making.

***Financial reporting:*** Company accounts and reporting must accurately reflect the underlying economic position of a company. Arrangements that may constitute an actual or perceived conflict with this objective should be avoided.

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We will generally support proposals to accept the annual financial statements, statutory accounts and similar proposals. However, if these reports are not presented in a timely manner or significant issues are identified regarding their integrity (e.g., the external auditor's opinion is absent or qualified), we will generally review the matter on a case-by-case basis.

***External auditor ratification and audit fees:***

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We will generally not support the ratification of the independent auditor and/or ratification of their fees payable if non-audit fees exceed audit and audit related fees or if there are significant auditing controversies or questions regarding the independence of the external auditor. We will consider an auditor's length of service as a company's independent auditor in applying this policy.

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We will generally vote against the incumbent audit committee chair, or nearest equivalent, where the non-audit fees paid to the independent auditor exceed audit fees for two consecutive years or other problematic accounting practices are identified such as fraud, misapplication of audit standards or persistent material weaknesses/deficiencies in internal controls over financial reporting.

***Other business:*** Generally, we vote against proposals to transact other business matters where disclosure is insufficient and we are not given the opportunity to review and understand what issues may be raised.

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***Related-party transactions:*** Invesco will generally consider the following factors when evaluating related party transactions, among others:

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disclosure of the transaction details must be full and transparent (such as details of the related parties and of the transaction subject, timeframe, pricing, potential conflicts of interest, and other terms and conditions);

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the transaction must be fair and appropriate, with a sound strategic rationale;

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the company should provide an independent opinion either from the supervisory board or an external financial adviser;

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minority shareholders' interests should be protected; and

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the transactions should be on an arm's length basis.

***Routine business items and formalities:*** Invesco generally votes non-contentious routine business items and formalities as recommended by the issuer's management and board of directors. Routine business items and formalities generally include proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

accept or approve a variety of routine reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

approve provisionary financial budgets and strategy for the current year.

**B.** **Accountability**

Robust shareholder rights and strong board oversight help ensure that management adhere to the highest standards of ethical conduct, are held to account for poor performance and responsibly deliver value creation for stakeholders over the long term. We encourage companies to adopt governance features that ensure board and management accountability. In particular, we consider the following as key mechanisms for enhancing accountability to investors:

***One share one vote:*** Voting rights are an important tool for investors to hold boards and management teams accountable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally do not support proposals that establish or perpetuate dual classes of voting shares, double voting rights or other means of differentiated voting or disproportionate board nomination rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally support proposals to decommission differentiated voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Where unequal voting rights are established, we expect these to be accompanied by reasonable safeguards to protect minority shareholders' interests.

***Anti-takeover devices:*** Mechanisms designed to prevent or delay takeover attempts may unduly limit the accountability of boards and management teams to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally will not support proposals to adopt anti-takeover devices such as poison pills. Exceptions may be warranted at entities without significant operations and to preserve the value of net operating losses carried forward or where the applicability of the pill is limited in scope and duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

In addition, we will generally not support capital authorizations or amendments to corporate articles or bylaws at operating companies that may be utilized for anti-takeover purposes, for example, the authorization of classes of shares of preferred stock with unspecified voting, dividend, conversion or other rights ("blank check" authorizations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally support proposals for the removal of anti-takeover provisions.

***Shareholder rights:*** We support the rights of shareholders to hold boards and management teams accountable for company performance. We generally support best-practice-aligned proposals to enhance shareholder rights:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

***Proxy access:*** Within the US market, we generally vote for management and shareholder proposals for proxy access that employ guidelines reflecting the SEC framework for proxy access with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Ownership threshold: at least three percent (3%) of the voting power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Ownership duration: at least three (3) years of continuous ownership for each member of the nominating group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Aggregation: minimal or no limits on the number of shareholders permitted to form a nominating group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Cap: cap on nominees of one (1) director or twenty-five percent (25%) of the board, whichever is higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

***Shareholder ability to call special meetings:*** Generally, we vote for management and shareholder proposals that provide shareholders with the ability to call special meetings with a minimum threshold of 10% but not greater than 25%. We generally will not support proposals to prohibit shareholders' right to call special meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

***Shareholder ability to act by written consent:*** Generally, we assess shareholder proposals that provide shareholders with the ability to act by written consent case-by-case taking into account the following factors, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Shareholders' current right to call special meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Investor ownership structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

***Supermajority vote requirements:*** Generally, we vote against proposals to require a supermajority shareholder vote. We will vote for management and shareholder proposals to reduce supermajority vote requirements, in favor of a simple majority threshold. Lowering this requirement can democratize corporate governance and facilitate a more fair and dynamic decision-making that empowers and represents a wider shareholder base, especially for key corporate actions such as mergers, changes in control, or proposals to amend or repeal a portion of a company's articles of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

***Bundling of proposals:*** It is our view that the bundling of multiple proposals or articles amendments in one single voting item restricts shareholders' ability to express their views, with an all-or-nothing vote. We generally oppose such proposals unless all bundled resolutions are deemed acceptable and conducive of long-term shareholder value.

***Virtual shareholder meetings***: Companies should hold their annual or special shareholder meetings in a manner that best serves the needs of its shareholders and the company. Shareholders should have an opportunity to participate in such meetings. Shareholder meetings provide an important mechanism by which shareholders provide feedback or raise concerns and hear from the board and management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally support management proposals seeking to allow for the convening of hybrid shareholder meetings (allowing shareholders the option to attend and participate either in person or through a virtual platform).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We may support management or shareholder proposals that seek to authorize the company to hold virtual-only meetings (held entirely through virtual platform with no corresponding in-person physical meeting), if companies fulfill their responsibility to provide strong justification and establish safeguards to preserve comparable rights and opportunities for shareholders to participate virtually as they would have during an in-person meeting. In particular, Invesco will consider, among other things, a company's practices, jurisdiction and disclosure, including the items set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. meeting procedures and requirements are disclosed in advance of a meeting detailing the rationale for eliminating the in-person meeting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. clear and comprehensive description of which shareholders are qualified to participate, how shareholders can join the virtual-only meeting, how and when shareholders submit and ask questions either in advance of or during the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. disclosure regarding procedures for questions received during the meeting, but not answered due to time or other restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. description of how shareholder rights will be protected in a virtual-only meeting format including the ability to vote shares during the time the polls are open.

**C.** **Board Composition and Effectiveness**

***Voting on director nominees in uncontested elections***

***Definition of independence:*** Invesco considers local market definitions of director independence but applies a proprietary standard for assessing director independence considering a director's status as a current or former employee of the business, any commercial or consulting relationships with the company, the level of shares beneficially owned or represented and familial relationships, among others.

***Board and committee independence:*** The board of directors, board committees and regional equivalents should be sufficiently independent from management, substantial shareholders and should be free from conflicts of interest. We consider local market practices in this regard and in general we look for a balance across the board of directors. Above all, we like to see signs of robust challenge and discussion in the boardroom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally vote against one or more non-independent directors when a board is less than majority independent, but we will take into account local market practice with regards to board independence in limited circumstances where this standard is not appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally vote against non-independent directors serving on the audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally vote against non-independent directors serving on the compensation committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally vote against non-independent directors serving on the nominating committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

In relation to the board, compensation committee and nominating committee we will consider the appropriateness of significant shareholder representation in applying this policy. This exception will generally not apply to the audit committee.

***Independent Board Chair:*** It is our view that independent board leadership generally enhances management accountability to investors. Companies deviating from this best practice should provide a strong justification and establish safeguards to ensure that there is independent oversight of a board's activities (e.g., by appointing a lead or senior independent director with clearly defined powers and responsibilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally vote against the incumbent nominating committee chair, or nearest equivalent, where the board chair is not independent unless a lead independent or senior director is appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will review shareholder proposals requesting that the board chair be an independent director on a case-by-case basis, taking into account several factors, including, but not limited to, the presence of a lead independent director and a sufficiently independent board, a sound governance structure with no record of recent material governance failures or controversies, and sound financial performance. Invesco will also positively consider less disruptive proposals that will enter into force at the subsequent leadership transition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally not vote against a CEO or executive serving as board chair solely on the basis of this issue, however, we may do so in instances where we have significant concerns regarding a company's corporate governance, capital allocation decisions and/or compensation practices.

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***Attendance and over boarding:*** Director attendance at board and committee meetings is a fundamental part of their responsibilities and provides efficient oversight for the company and its investors. In addition, directors should not have excessive external board or managerial commitments that may interfere with their ability to execute the duties of a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally vote against or withhold votes from directors who attend less than 75% of board and committee meetings for two consecutive years. We expect companies to disclose any extenuating circumstances, such as health matters or family emergencies, that would justify a director's low attendance, in line with good practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally vote against directors who have more than four total mandates at public operating companies, if their attendance is not disclosed or below 75% of all board and committee meetings in the year under review, or if material governance failures have been identified. We apply a lower threshold for directors with significant commitments such as executive positions and chairmanships.

***Other Board Qualifications:*** In our view, an effective board should be comprised of qualified and engaged directors with a mix of skills, experience, perspectives and characteristics. We recognize that the presence of a variety of these factors in the boardroom may contribute to robust challenge, debate, and innovation, and allows the board to make informed judgements. We expect companies to comply with their local market legal requirements or listing standards for board diversity and to the extent that a company fails to comply with such requirements, Invesco will generally vote against the nominating committee chair, or nearest equivalent. Invesco will also consider the professional experience of the individuals on the board and how they underpin the company's performance and long-term shareholder value, among other factors.

***Director term limits and retirement age:*** It is important for a board of directors to examine its membership regularly with a view to ensuring that the board is effective, and the company continues to benefit from a variety of director viewpoints and experience. It is our view that an individual board's nominating committee is best positioned to determine whether director term limits or establishing a mandatory retirement age would be an appropriate measure to help achieve these goals and, if so, the nature of such limits. Therefore, Invesco generally opposes shareholder proposals to limit the tenure of board directors or to impose a mandatory retirement age.

***Governance failures:*** A board of directors is ultimately responsible for overseeing management and ensuring that proper governance, oversight and control mechanisms are in place at the company it oversees. Invesco considers the adequacy of a company's response to material oversight failures when determining whether any voting action is warranted. Invesco may take voting action against director nominees in response to material failures of governance, risk oversight or fiduciary responsibilities at the company that adversely affect shareholder value. This may include, bribery, fines or sanctions from regulatory bodies, demonstrably poor risk oversight, or adverse legal judgments, among other things. In addition, Invesco will consider the responsibilities delegated to board sub-committees when determining if it is appropriate to hold the incumbent chair of the relevant committee, or nearest equivalent, accountable for these material failures.

***Director Indemnification:*** Invesco recognizes that individuals may be reluctant to serve as corporate directors if they are personally liable for all related lawsuits and legal costs. As a result, reasonable limitations on directors' liability can benefit a company and its shareholders by helping to attract and retain qualified directors while preserving recourse for shareholders in the event of misconduct by directors. Invesco will evaluate shareholder proposals to amend directors' indemnification and exculpation provisions on a case-by-case basis.

***Discharge of directors:*** We will generally support proposals to ratify the actions of the board of directors, supervisory board and/or executive decision-making bodies, provided there are no material oversight failures and legal controversies, or other wrongdoings in the relevant fiscal year – committed or yet to be confirmed. When such oversight concerns are identified, we will consider a company's

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response to any issues raised and may vote against ratification proposals instead of, or in addition to, director nominees.

***Director election process:*** Board members should generally stand for election annually and individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally support proposals requesting that directors stand for election annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally vote against the incumbent governance committee chair or nearest equivalent, if a company has a classified board structure that is not being phased out. We may make exceptions to this guideline in regions where market practice is for directors to stand for election on a staggered basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally support shareholder proposals to repeal a classified board and elect all directors annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

When a board is presented for election as a slate (e.g., shareholders are unable to vote against individual nominees and must vote for or against the entire nominated slate of directors) and this approach is not aligned with local market practice, we will generally vote against the slate in cases where we otherwise would vote against an individual nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Where market practice is to elect directors as a slate, we will generally support the nominated slate unless there are governance concerns with several of the individuals included on the slate or we have broad concerns with the composition of the board such as a lack of independence.

***Majority vote standard:*** Invesco generally votes in favor of proposals to elect directors by a majority vote, except in cases where a company has adopted formal governance principles that present a meaningful alternative to the majority voting standard.

***Board size:*** We will generally defer to the board with respect to determining the optimal number of board members given the size of the company and complexity of the business, provided that the proposed board size is sufficiently large to represent shareholder interests and sufficiently limited to remain effective.

***Board assessment and succession planning:*** Invesco will consider and vote case-by-case on shareholder proposals to adopt a policy on succession planning. When evaluating board effectiveness, Invesco considers whether periodic performance reviews and skills assessments are conducted to ensure the board represents the interests of shareholders. In addition, boards should have a robust succession plan in place for key management and board personnel.

***Voting on director nominees in contested elections***

***Proxy contests:*** We will review case-by-case dissident shareholder proposals based on their individual merits. We consider the following factors, among others, when evaluating the merits of each list of nominees: the long-term performance of the company relative to its industry, management's track record, any relevant background information related to the contest, the qualifications of the respective lists of director nominees, the strategic merits of the approaches proposed by both sides, including the likelihood that the proposed goals can be met, and positions of stock ownership in the company.

**D.** **Capitalization**

***Capital allocation:*** Invesco expects companies to responsibly raise and deploy capital toward the long-term, sustainable success of the business. In addition, we expect capital allocation authorizations and decisions to be made with due regard to shareholder dilution, rights of shareholders to ratify significant corporate actions and pre-emptive rights, where applicable.

***Share issuance:*** We generally support authorizations to issue shares without preemptive rights up to 20% of a company's issued share capital for general corporate purposes. However, for issuance requests with preemptive rights, we support authorizations up to a threshold of 50%. Shares should not

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be issued at a substantial discount to the market price. The same requirements are expected for convertible and non-convertible debt instruments.

***Share repurchase programs:*** We generally support share repurchase plans in which all shareholders may participate on equal terms. However, it is our view that such plans should be executed transparently and in alignment with long-term shareholder interests. Therefore, we will not support such plans when there is clear evidence of abuse or no safeguards against selective buybacks, or the terms do not align with market best practices.

***Stock splits:*** We will generally evaluate proposals for forward and reverse stock splits on a case-by-case basis. Each proposal will be evaluated based on its potential impact on shareholder value, local market best practices, and alignment with the company's long-term strategic goals.

***Increases in authorized share capital:*** We will generally support proposals to increase a company's number of authorized common and/or preferred shares, provided we have not identified concerns regarding a company's historical share issuance activity or the potential to use these authorizations for anti-takeover purposes. We will consider the amount of the request in relation to the company's current authorized share capital, any proposed corporate transactions contingent on approval of these requests and the cumulative impact on a company's authorized share capital, for example, if a reverse stock split is concurrently submitted for shareholder consideration.

***Mergers, acquisitions, disposals and other corporate transactions:*** Invesco's investment teams will review proposed corporate transactions including mergers, acquisitions, reorganizations, proxy contests, dissolutions and divestitures based on a proposal's individual investment merits. In addition, we broadly approach voting on other corporate transactions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally support proposals to approve different types of restructurings that provide the necessary financing to save the company from involuntary bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally support proposals to enact corporate name changes and other proposals related to corporate transactions that we believe are in shareholders' best interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will generally support reincorporation proposals, provided that management has provided a compelling rationale for the change in legal jurisdiction and provided further that the proposal will not significantly adversely impact shareholders' rights.

**E.** **Environmental and Social Issues**

***Shareholder proposals addressing environmental and social issues:*** We recognize environmental and social shareholder proposals are nuanced and require company specific analysis, and therefore, Invesco will analyze such proposals on a case-by-case basis. When analyzing such proposals, we will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

whether we consider the adoption of such proposal would promote long-term shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

the materiality of the issue(s) being raised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

whether there are fines or litigation, significant controversies including reputational risks associated with the company's practices or policies related to the issue(s) raised in the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

the board's written response to the proposal in the proxy and whether the company has already responded or taken action to appropriately address the issue(s) raised in the proposal.

Additionally, Invesco may consider the company's existing level of disclosure and track record on environmental and social issues or if the company already complies with relevant local laws and regulations as it relates to the issue(s) raised in the proposal; the intentions of the proponent(s) and how they impact the company's long-term economic success; if the proposal requests greater transparency or disclosure to make an informed assessment; and whether the proposal's requested action is unduly burdensome (scope or timeframe) or overly prescriptive.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F.** **Executive Compensation and Performance Alignment**

Invesco supports compensation policies and equity incentive plans that promote alignment between management incentives and shareholders' long-term interests. We pay close attention to local market practice and may apply stricter or modified criteria where appropriate.

***Advisory votes on executive compensation, remuneration policy and remuneration reports:*** We will generally not support compensation-related proposals where more than one of the following is present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. there is an unmitigated misalignment between executive pay and company performance for at least two consecutive years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. there are problematic compensation practices which may include, among others, incentivizing excessive risk taking or circumventing alignment between management and shareholders' interests via repricing of underwater options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. vesting periods for long-term incentive awards are less than three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the company "front loads" equity awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. there are inadequate risk mitigating features in the program such as clawback provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. excessive, discretionary one-time equity grants are awarded to executives; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. less than half of variable pay is linked to performance targets, except where prohibited by law.

Invesco will consider company reporting on pay ratios as part of our evaluation of compensation proposals, where relevant.

***Equity plans:*** Invesco generally supports equity compensation plans that promote the proper alignment of incentives with shareholders' long-term interests, and generally votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features which may include provisions to reprice options without shareholder approval, plans that include evergreen provisions or plans that provide for automatic accelerated vesting upon a change in control.

***Employee stock purchase plans:*** We generally support employee stock purchase plans that are reasonably designed to provide proper incentives to a broad base of employees, provided that the price at which employees may acquire stock represents a reasonable discount from the market price and that the total shareholder dilution resulting from the plan is not excessive (e.g., more than 10% of outstanding shares).

***Severance Arrangements:*** Invesco considers proposed severance arrangements (sometimes known as "golden parachute" arrangements) on a case-by-case basis due to the wide variety among their terms. Invesco acknowledges that in some cases such arrangements, if reasonable, and aligned with local market best practices, may be in shareholders' best interests as a method of attracting and retaining high-quality executive talent. We generally support proposals requiring submission of severance agreements for certain senior executives for shareholder ratification.

***Frequency of Advisory Vote on Executive Compensation (Say-on-Pay, MSOP) Management Proposals:*** It is our view that shareholders should be given the opportunity to vote on executive compensation and adequately express their potential concerns. Invesco will generally vote in favor of a one-year frequency, in order to foster greater accountability, as well as to grant shareholders a timely intervention on pay practices.

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**Exhibit A**

Harbourview Asset Management Corporation

Invesco Advisers, Inc.

Invesco Asset Management (India) Pvt. Ltd<sup>\*1</sup>

Invesco Asset Management (Japan) Limited<sup>\*1</sup>

Invesco Asset Management (Schweiz) AG

Invesco Asset Management Limited<sup>1</sup>

Invesco Asset Management Singapore Ltd

Invesco Australia Ltd

Invesco Canada Ltd.<sup>1</sup>

Invesco Capital Management LLC

Invesco Capital Markets, Inc.<sup>\*1</sup>

Invesco European RR L.P

Invesco Fund Managers Limited

Invesco Hong Kong Limited

Invesco Investment Advisers LLC

Invesco Investment Management (Shanghai) Limited

Invesco Investment Management Limited

Invesco Loan Manager, LLC

Invesco Managed Accounts, LLC

Invesco Management S.A.

Invesco Overseas Investment Fund Management (Shanghai) Limited

Invesco Pensions Limited

Invesco Private Capital, Inc.

Invesco Real Estate Management S.à r.l.<sup>1</sup>

Invesco RR Fund L.P.

Invesco Senior Secured Management, Inc.

Invesco Taiwan Limited<sup>\*1</sup>

Invesco Trust Company

OppenheimerFunds, Inc.

WL Ross & Co. LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Invesco entities with specific proxy voting guidelines

<sup>1</sup> Invesco entities with specific conflicts of interest policies

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**Exhibit B**

The Invesco Proxy Voting Choice Program (the "Proxy Voting Choice") is available to certain eligible clients and shareholders and provides the ability to choose from a menu of distinct voting policy options that support different voting objectives. As implemented through Invesco's internal Proxy Voting Choice procedures, clients or shareholders that participate in Proxy Voting Choice have the option of selecting a voting policy option which directs how their proportionate shares of the eligible product are voted at corporate shareholder meetings. Invesco Proxy Voting Choice aims to facilitate greater alignment of proxy voting with eligible client/shareholder interests with respect to the products specified below.

The Proxy Voting Choice pilot program is available to shareholders of the following products:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Invesco S&P 100 Equal Weight ETF

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**Proxy Voting Guidelines**

**for**

**Invesco Asset Management (Japan) Limited**

------

**Invesco Japan Proxy Voting Guideline**

Invesco Japan (hereinafter "we" or "our) votes proxies to maximize the interests of our clients (investors) and beneficiaries in the long term, acknowledging the importance of corporate governance based on fiduciary duties to our clients (investors) and beneficiaries. We do not vote proxies for the interests of ourselves and any third party other than clients (investors) and beneficiaries. The interests of clients (investors) and beneficiaries are to expand the corporate value or the shareholders' economic interests or prevent damage thereto. Proxy voting is an integral part of our stewardship activities, and we make voting decisions considering whether the proposal would contribute to corporate value expansion and sustainable growth.

To vote proxies adequately, we have established the Responsible Investment Committee and developed the Proxy Voting Guideline to govern the decision-making process of proxy voting. While we may seek advice from an external service provider based on our own guidelines, our investment professionals make voting decisions in principle, based on the proxy voting guideline, taking into account whether they contribute to increasing the subject company's shareholder value.

Responsible proxy voting and constructive dialogue with investee companies are important components of stewardship activities. While the Proxy Voting Guideline are principles for our voting decisions, depending on the proposals, we may make an exception if we conclude that such a decision is in the best interests of clients (investors) and beneficiaries after having constructive dialogue with the investee companies. In such a case, approval of the Responsible Investment Committee shall be obtained.

The Responsible Investment Committee consists of members including Chief Investment Officer, as the chair, Head of Compliance, Head of ESG, investment professionals nominated by the chair and the other members, including persons in charge at the Client Reporting department.

We have established the Conflict of Interest Management Policy. In the situation that may give rise to a conflict of interest, we aim to control it in the best interests of clients (investors) and beneficiaries. The Compliance department is responsible for governing company-wide control of a conflict of interest. The Compliance department is independent of Investment and Sales departments and shall not receive any command or order for the matters compliant with the laws and regulations, including a conflict of interest, from them.

**Proxy Voting Guidelines**

**1. <u>Appropriations of Retained Earnings and Dividends</u>**

We decide how to vote on proposals seeking approval for appropriations of retained earnings and dividends, taking into account the subject company's financial conditions and business performance, shareholders' economic interests and so on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Taking into account the company's capital adequacy, business strategies, and so on if the total payout ratio, including dividends and share repurchases, is significantly low, we consider voting against the proposals unless reasonable explanations are given by the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

With respect to the company where the Board of Directors determines appropriations of retained earnings, taking into account the subject company's capital adequacy, business strategies, and so on if the total payout ratio, including dividends and share repurchases, is significantly low, we consider voting against the reappointment of board directors unless reasonable explanations are given by the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Taking into account the subject company's capital adequacy, business strategies, and so on if the total payout ratio, including dividends and share repurchases, is significantly low, we consider voting for shareholder proposals increasing shareholder returns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. <u>Appointment of Board Directors</u>**

We decide how to vote on proposals concerning the appointment of board directors, taking into account their independence, competence, anti-social activity records (if any), and so on. Furthermore, we decide how to vote on the reappointment of board directors, taking into account their corporate governance practices, accountability during their tenures, the company's business performance and anti-social records (if any), and so on in addition to the above factors.

Board directors should make best efforts to continuously gain knowledge and skills to fulfill the critical role and responsibilities in the company's governance. A company should also provide sufficient training opportunities.

Independent outside directors are expected to play a significant role, such as safeguarding minority shareholders' interests through action based on their insights to increase the company's corporate value. It is desirable to enhance the board's governance function with independent outside directors accounting for the board majority. However, given the challenge to secure competent candidates, we also recognize that it is difficult for all the companies, irrespective of their size, to deploy the independent outside directors' majority on the Board.

Sufficient disclosure is a prerequisite for reflecting the assessment of independence and suitability of director candidates and board composition in voting decisions. Currently, there are cases where sufficient information cannot be obtained due to insufficient disclosure on a board chair, each committee's function and committee chairs in Notice of Annual General Meeting (AGM) and a corporate governance report, as well as untimeliness of these issuances. We generally make decisions based on Notice of AGM, a corporate governance report and an annual securities report disclosed by the time of voting. However, this shall not apply if we obtain such information from direct engagement with the company or find relevant disclosure elsewhere.

**(1)** **Independence**

We generally vote for the appointment of outside directors. However, we generally vote against if a candidate is not regarded as independent of the subject company. It is desirable that the company discloses information, such as numerical data, which supports our decision on board independence.

<sup>●</sup>

We view the following outside director candidates are not independent enough.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Candidates who have been working for the following companies for the last ten years or are those people's relatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The subject company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Its subsidiary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Its parent company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Candidates who have been working for the following companies for the last five years or are those people's relatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Shareholders who own more than 10% of the subject company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Principal loan lenders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Principal securities brokers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Major business partners

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Audit companies, consulting companies or any related service providers which have any consulting contracts with the subject company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Any other counterparts which have any interests in the subject company

------

In cases other than above, we separately scrutinize the independence of candidates who are regarded as not independent enough.

<sup>●</sup>

We take extra care when we assess the independence of candidates from a company which is regarded as a policy shareholder under cross shareholding, mutually sends outside directors to each other, and so on, as such cases potentially raise doubts about their independence. The company should give reasonable explanations. It is also desirable that the company contrives the timing and method of disclosure to allow investors to understand those relationships enough.

<sup>●</sup>

We judge board independence according to the stock exchange's independence criteria with emphasizing independence ensured practically. We consider each company's business environment and make the best effort to engage with the subject company to determine the independence of the candidates.

<sup>●</sup>

We regard an outside director with a significantly long tenure as non-independent and consider voting against the reappointment of such an outside director. We generally consider voting against the reappointment of outside directors whose tenures are longer than ten years.

<sup>●</sup>

If the subject company is a company with Audit Committee, we judge the independence of outside director candidates who become audit committee board members using the same independence criteria for the appointment of statutory auditors in principle.

<sup>●</sup>

We generally consider voting against the appointment of top executives and a nominating committee chair at a company with three Committees if independent outside directors of the subject company account for less than 1/3 of the Board after the AGM. However, this shall not apply if we confirm sufficient planning or special circumstances on increasing the number of independent outside directors in engagements.

<sup>●</sup>

In case the subject company has a parent company or controlling shareholders, we generally consider voting against the appointment of top executives and a nominating committee chair at a company with three Committees if independent outside directors account for less than half of the Board after the AGM. However, this shall not apply if we confirm sufficient planning or special circumstances on increasing the number of independent outside directors in engagements.

**(2)** **Attendance rate and concurrent duties**

<sup>●</sup>

All members are expected to attend board and respective committee meetings in principle. A Company is generally obligated to facilitate all members to attend these meetings. We generally vote against the reappointment of board directors who attended less than 75% of board or respective committee meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We take into account not only the number of attendance but nomination reasons and candidates' real contributions if disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We take extra care when we assess the capability of board directors who have many concurrent duties as a director or statutory auditor of listed companies, as such cases potentially raise doubts about their capacity given the importance of directors' role and responsibilities. Accordingly, we consider voting against the appointment of board directors who perform five or more duties as a director or statutory auditor of a listed company or equivalent company. However, in case nominees serve as executive director or statutory auditor of a listed company or equivalent company, we consider voting against the appointment of directors who perform three or more duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If a company nominates a board director with many concurrent duties, it should provide reasonable explanations. It is also desirable that the company contrives disclosure timing and methods to allow investors to understand the situation enough.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(3)** **Company's business performance**

<sup>●</sup>

We consider voting against the reappointment of board directors if the subject company made a loss for the three consecutive years during their tenures.

<sup>●</sup>

We consider voting against the reappointment of board directors if we judge that the subject company's business performance significantly lags the peers in the same industry during their tenures.

<sup>●</sup>

We consider voting against top executives if, concerning capital efficiency including return on capital, effective business strategies achieving corporate value expansion and sustainable growth are not demonstrated, and appropriate disclosures and sufficient constructive dialogues are not conducted.

**(4)** **Company's anti-social activities**

<sup>●</sup>

If we judge that a corporate scandal damages or is likely to damage shareholder value with having a significant effect on society during a board tenure, we conduct adequate dialogues with the subject company on the background and subsequent resolutions of the scandal. Based on the dialogues, we decide how to vote on the reappointment of top executives, board directors in charge of those cases and audit committee board members at a company with Audit Committee or three Committees, considering the impact on shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

With respect to domestic corporate scandals, at the time a company receives administrative dispositions to cartel, bid-rigging, and so on from authorities, such as the Fair Trade Commission, we consider voting against the reappointment of top executives, directors in charge and audit committee board members at a company with Audit Committee or three Committees. However, in case final dispositions are subsequently determined based on appeal or complaints resolutions, we do not vote against the reappointment again at that time. We vote on a case-by-case basis concerning compensation orders in a civil case, dispositions from the Consumer Affairs Agency or administrative dispositions from overseas authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

With respect to administrative dispositions to an unlisted subsidiary or affiliate, we consider voting against the reappointment of top executives, directors in charge and audit committee board members at a company with Audit Committee or three Committees of the holding or parent company. If a subsidiary or affiliate is listed, we consider voting against the reappointment of top executives, directors in charge and audit committee board members at a company with Audit Committee or three Committees of both the subsidiary or affiliate and the holding or parent company. However, we may vote on a case-by-case basis, depending on the importance of the disposition to the subsidiary or affiliate, its impact on the holding or parent company's financial performance, and so on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

With respect to employees' scandals, if the scandal damages or is likely to damage shareholder value, and we judge that the subject company owes management responsibility, we consider voting against the reappointment of top executives, directors in charge and audit committee board members at a company with Audit Committee or three Committees.

<sup>●</sup>

We consider voting against the reappointment of board directors if the subject company engages in window dressing or inadequate accounting practices during their tenures.

**(5)** **Activities against shareholder interest**

<sup>●</sup>

If a company raises capital through an excessively dilutive third-party allotment without a shareholders' meeting's approval, we consider voting against the reappointment of board directors, particularly top executives.

<sup>●</sup>

If a company raises capital through a large-scale public offering without reasonable explanations, we consider voting against the reappointment of board directors, particularly top executives.

<sup>●</sup>

If a company does not execute a shareholder proposal regarded as favorable for minority shareholders receiving the majority support from shareholders or does not make a similar company proposal at an AGM in the following year, we consider voting against the appointment of top executives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(6)** **Others**

<sup>●</sup>

If a company insufficiently discloses board director candidates' information, we generally vote against such candidates.

**3. <u>Composition of Board of Directors</u>**

While each company's board structure would differ depending on its size and so on, we believe that a company with three Committees (Nomination, Audit and Remuneration) is desirable to achieve better governance as a listed company. For a company with Board of Statutory Auditors (Kansayaku) or Audit Committee, it is also desirable to voluntarily deploy a Nomination Committee, a Remuneration Committee and other necessary committees. Besides, it is desirable that Board Chair is an independent outside director. We believe that a highly transparent board composition ensures management accountability and contributes to sustained enterprise value expansion. Finally, the disclosure of the third-party assessment on the Board of Directors is desirable.

To strengthen the Board of Directors' monitoring function and increase its transparency and effectiveness, we believe it is important to ensure gender, nationality, career, and age diversity in principle. It is desirable that each company adopts a skills matrix that defines the diversity and expertise required to fulfill the Board's responsibilities reflecting its situation and selects director candidates accordingly.

We are concerned about retired directors assuming consulting, advisory or other similar positions which could negatively impact transparency and decision making of the Board. If such positions exist, and retired directors assume them, it is desirable that the company discloses their existence, their expected roles and contributions and compensations for such posts.

**(1)** **Number of board members and change in board composition**

<sup>●</sup>

We decide how to vote on proposals concerning the number of board members and change in board composition, taking into account the impacts on the subject company and shareholders' economic interests compared to the current situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The number of board members should be optimized to make the right management decision at the right time. We may consider each company's business situation and scale. However, we generally consider voting against the appointment of top executives and a nominating committee chair at a company three Committees if the number of board members is expected to exceed 20 without decreasing from the previous AGM, and reasonable explanations are not given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote against the appointment of top executives and a nomination committee chair at a company three Committees if a decrease in outside directors or an increase in internal directors significantly reduces the percentage of outside directors, which potentially causes governance problems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If there are two or more females on the Board, we consider voting against the appointment of top executives and a nomination committee chair at a company three Committees. However, this shall not apply if 20% or more of board members are females, or we confirm sufficient planning or special circumstances on increasing the number of female directors in engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We believe that board diversity is important and may set a higher target for a female board member ratio in the future. Similarly, we may set a racial and nationality diversity target, especially for companies with global business operations.

**(2)** **Procedures of board director appointment, scope of their responsibilities and so on**

<sup>●</sup>

We decide how to vote on proposals concerning change in board director appointment procedures, taking into account the rationales, and so on, compared to the current procedures.

<sup>●</sup>

We generally vote against proposals reducing board directors' responsibilities for financial damages on fiduciary duty breach.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>●</sup>

Board directors' responsibilities include effective monitoring of top executives succession planning. The Nomination Committee at a company with three Committees or the arbitrary Nomination Committee created at a company with the other governance structures should provide effective monitoring of successor development and appointment with transparency. It is desirable that an independent outside director serves as Nomination Committee Chair. If we judge that the succession procedure significantly lacks transparency and rationality, we consider voting against the appointment of top executives.

**4. <u>Appointment of Statutory Auditors (Kansayaku)</u>**

We decide how to vote on proposals concerning the appointment of statutory auditors, taking into account their independence, competence and anti-social activities records (if any), and so on. We decide how to vote on the reappointment of statutory auditors, taking into account their corporate governance practices and accountability during their tenures, the company's anti-social activity records, and so on in addition to the above factors.

Statutory auditors and audit committee board directors at a company with Audit committee or three Committees should have deep knowledge specialized in accounting, laws and regulations and should make best efforts to continuously gain knowledge and skills to fulfill the critical role and responsibilities in the company's governance. A company should also provide sufficient training opportunities.

**(1)** **Independence**

<sup>●</sup>

We generally vote against the appointment of outside statutory auditors without independency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

In general, a person who has no relationship with the subject company other than a statutory auditor appointment is regarded as independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We regard that an outside statutory auditor with a significantly long tenure is not independent and generally vote against the reappointment of such an outside statutory auditor. We generally consider voting against the candidate whose tenure is longer than ten years.

**(2)** **Attendance rate and concurrent duties**

<sup>●</sup>

All statutory auditors are expected to attend board or board of statutory auditors meetings in principle. A companies is generally obligated to facilitate all statutory auditors to attend these meetings. We generally vote against the reappointment of statutory auditors who attended less than 75% of board or board of statutory auditors meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We take into account not only the number of attendance but nomination reasons and candidates' real contributions if disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We take extra care when we assess the capability of statutory auditors who have many concurrent duties as an director or statutory auditor of listed companies, as such cases potentially rise doubts about their capacity, given the importance of statutory auditors' role and responsibilities. Accordingly, we consider voting against the appointment of statutory auditors who perform five or more duties as a board director or statutory auditor of a listed company or equivalent company. However, in case nominees serve as executive director or statutory auditor of a listed company or equivalent company, we consider voting against the appointment of statutory auditors who perform three or more duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If a company nominates a statutory auditor with many concurrent duties, it should give reasonable explanations. It is also desirable that the company contrives disclosure timing and methods to allow investors to understand the situation enough.

**(3)** **Accountability**

<sup>●</sup>

If there are material concerns about a published audit report or audit procedures, or insufficiencies of required disclosures, we vote against the reappointment of statutory auditors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(4)** **Company's anti-social activities**

<sup>●</sup>

If we judge that a corporate scandal damages or is likely to damage shareholder value with having a significant impact on society during a statutory auditor's tenure, we conduct adequate dialogues with the subject company on the background and subsequent resolutions of the scandal. Based on the dialogues, we decide how to vote on the reappointment of statutory auditors, considering the impact on shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

With respect to domestic corporate scandals, at the time a company receives administrative dispositions to cartel, bid-rigging, and so on from authorities, such as the Fair Trade Commission, we consider voting against the reappointment of statutory auditors. However, in case the final dispositions are subsequently determined based on appeal or complaints resolutions, we do not vote against the reappointment again at that time. We vote on a case-by-case basis concerning compensation orders in a civil case, dispositions from the Consumer Affairs Agency or administrative dispositions from overseas authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

With respect to administrative dispositions to an unlisted subsidiary or affiliate, we consider voting against the reappointment of statutory auditors of the holding or parent company. If a subsidiary or affiliate is listed, we consider voting against the reappointment of statutory auditors of both the subsidiary or affiliate and the holding or parent company. However, we may decide on a case-by-case basis, depending on the importance of the dispositions to the subsidiary or affiliate, its impact on the holding or parent company's financial performance, and so on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

With respect to employees' scandals, if the scandal damages or is likely to damage shareholder value, and we judge that the subject company owes management responsibility, we consider voting against the reappointment of statutory auditors.

<sup>●</sup>

We consider voting against the reappointment of statutory auditors if the subject company engages in window-dressing or inadequate accounting practices during their tenures.

**5. <u>Composition of Board of Statutory Auditors (Kansayaku)</u>**

We decide how to vote on proposals concerning the number of members or change in composition of the board of statutory auditors, taking into account the impact on the subject company and shareholders' economic interests compared to the current situations.

<sup>●</sup>

We consider an increase in statutory auditors favorably. However, in case of a decrease, we consider voting against the reappointment of top executives unless clear and reasonable explanations are given.

<sup>●</sup>

We consider the same for audit committee board members for a company with Audit Committee.

**6. <u>Appointment of Accounting Auditors</u>**

We decide how to vote on proposals concerning the appointment and replacement of accounting auditors, taking into account their competence, audit fee levels, and so on.

<sup>●</sup>

We generally vote against the reappointment of statutory auditors (Kansayaku) or audit committee board members at a company with Audit Committee or three Committees if we judge that a company reappoints an accounting auditor without replacing it despite the following accounting audit problems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

It is determined that an accounting auditor provides an unfair opinion on the company's financial conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

In case there are concerns on financial statements, required disclosures are insufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

In case an accounting auditor has a service contract other than accounting audit services with the subject company, it is regarded that such a contract creates a conflict of interest between them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Excessive audit fees are paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

It is regarded that an accounting auditor makes fraud or negligence.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>●</sup>

If it is regarded that an accounting auditor has issues in other company's audits, in case a company appoints or reappoints the accounting auditor without replacing it, we take the impact on the company's corporate value full consideration into voting decisions.

<sup>●</sup>

We generally vote against proposals concerning accounting auditor replacement if it is regarded that a company changes an incumbent accounting auditor due to a dispute about accounting principles.

**7. <u>Compensation for Board Directors, Statutory Auditors (Kansayaku) and Employees</u>**

**(1)** **Board directors' salaries and bonuses**

<sup>●</sup>

It is desirable to increase the proportion of stock incentive plans in board directors' salaries and bonuses, on condition that a performance-based compensation structure is established, transparency, such as disclosures of a benchmark or formula laying the foundations for calculation, ensures accountability, and the impact on shareholders, such as dilution, are taken into considerations. The Remuneration Committee at a company with three Committees (Nomination, Audit and Remuneration) or the arbitrary Remuneration Committee preferably deployed at a company with the other governance structures should ensure the accountability of compensation schemes. It is desirable that an independent outside director serves as Remuneration Committee Chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We consider voting against proposals seeking approval for salaries and bonuses in the following cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Negative correlation between company's financial performance and directors' salaries and bonuses are observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Inappropriate systems and practices are in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The total amount of salaries and bonuses is not disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Management failures, such as a significant share price decline or serious earnings deterioration, are apparent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The remuneration proposal includes people determined to be responsible for activities against shareholder interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote for shareholder proposals requesting disclosure of individual directors' salaries and bonuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If a company implements any measures ensuring transparency other than disclosure, we take it into consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If there is no proposal seeking approval for directors' salaries and bonuses, and the compensation structure lacks transparency, we consider voting against the appointment of top executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote against bonuses for statutory auditors at a company with Board of Statutory Auditors and audit committee board members at a company with Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We separately consider voting to audit committee board members at a company with three Committees.

**(2)** **Stock incentive plans**

<sup>●</sup>

We decide how to vote on proposals concerning stock incentive plans, including stock options and restricted stock units, taking into account the impact on shareholder value and rights, compensation levels, the scope, the rationales, and so on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote against proposals seeking to lower the strike price of stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote for proposals seeking to change the strike price on condition that shareholders' approval is required every time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote against stock incentive plans if the terms and conditions for exercising options, including equity dilution, lack transparency. We generally consider voting against proposals potentially causing 10% or more equity dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

It is desirable that stock incentive plans is a long-term incentive aligned with sustainable growth and corporate value expansion. As such, we generally vote against stock incentive plans allowing recipients to exercise all the rights within two years after vested for the subject fiscal year. However, this shall not apply to recipients who retire during the subject fiscal year. We assess the validity if a vesting period is regarded as too long.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote against stock incentive plans granted to statutory auditors and audit committee board members at a company with Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We separately consider stock incentive plans granted to audit committee board members, including both inside and outside directors, at a company with three Committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote against stock incentive plans granted to any third parties other than employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote against stock incentive plans in case a company is likely to adopt the plans as takeover defense.

**(3)** **Employee stock purchase plan**

<sup>●</sup>

We decide how to vote on proposals concerning employee stock purchase plans, taking into account the impact on shareholder value and rights, the scope and the rationales, and so on.

**(4)** **Retirement benefits for board directors**

<sup>●</sup>

We decide how to vote on proposals concerning grant of retirement benefits, taking into account the scope and scandals (if any) of recipients and business performance and scandals (if any) of the subject company, and so on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote for proposals granting retirement benefits if all the following criteria are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The granted amount is disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Outside directors, statutory auditors and audit committee board members at a company with Audit Committees are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Recipients do not cause any significant scandals during their tenures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The subject company does not make a loss for the three consecutive years, or its business performance is not determined to significantly lag behind the peers in the same industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The company does not cause scandals that significantly impact society and damage, or are unlikely to damage, shareholder value during their tenures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The company does not engage in window-dressing or inadequate accounting practices during their tenures.

**8. <u>Cross-shareholdings</u>**

If a company holds shares for the sake of business relations (cross shareholdings), the company should explain the medium- to long-term business and financial strategies, including capital costs, and disclose proxy voting guidelines, voting results, and so on. If the company does not give reasonable explanations and engage in constructive dialogues, we consider voting against the appointment of top executives. It is important that the company does not hinder the sales/reduction of cross shareholdings when a policy shareholder intends. In addition, a company should formulate a policy for institutional investor engagements, considering its shareholder composition, and conduct business with an awareness of capital costs and stock prices.

<sup>●</sup>

If a company's cross shareholdings account for 20% or more of its net assets, we generally consider

------

voting against the appointment of top executives. However, this shall not apply if we confirm that the company makes a reduction, does sufficient planning or has industry-specific circumstances that should be taken into consideration in engagement.

**9. <u>Capital Policy</u>**

As a listed companies' capital policy is likely to significantly impact shareholder value and interests, a company should implement a rational capital policy and explain capital policy guidelines to shareholders. We consider voting against proposals concerning capital policies that we judge damage shareholder value. If a company has a capital policy that is not part of proposals at an AGM but regarded to damage shareholder value, we consider voting against the reappointment of board directors.

<sup>●</sup>

It is undesirable that a company intends to maintain or increase so-called "friendly" stable shareholders and infringes minority shareholders' rights by the third-party allotment, treasury stocks transfer or company management holdings' transfer to foundations affiliated with the company.

**(1)** **Change in authorized shares**

<sup>●</sup>

We decide how to vote on proposals seeking to increase authorized shares, taking into account the impact on shareholder value and rights, the rationales, the impact on the sustainability of stock market listing and a going concern, and so on.

<sup>●</sup>

We generally vote for proposals seeking to increase authorized shares if we judge that not increasing authorized shares is likely to lead to delisting or have a significant impact on a going concern.

<sup>●</sup>

We generally vote against proposals seeking to increase authorized shares after an acquirer emerges.

**(2)** **New share issue**

<sup>●</sup>

We decide how to vote on new share issues, taking into account the rationales, the terms and conditions of issues, the impact of dilution on shareholder value and rights and the impact on the sustainability of stock market listing or a going concern, and so on.

**(3)** **Share repurchase and reissue**

<sup>●</sup>

We decide how to vote on proposals concerning share repurchase or reissue, taking into account the rationales, and so on.

**(4)** **Stock split**

<sup>●</sup>

We generally vote for proposals seeking a stock split.

**(5)** **Consolidation of shares (reverse stock split)**

<sup>●</sup>

We decide how to vote on proposals seeking consolidation of shares, taking into account the rationale, and so on.

**(6)** **Preferred shares**

<sup>●</sup>

We generally vote against proposals seeking to issue blank-cheque preferred shares or increase authorized shares without specifying voting rights, dividends, conversion and other rights.

<sup>●</sup>

We generally vote for proposals seeking to issue preferred shares or increase authorized shares if voting rights, dividends, conversion and other rights are specified, and those rights are regarded as reasonable.

<sup>●</sup>

We generally vote for proposals requiring approvals for preferred shares issues from shareholders.

**(7)** **Convertible bonds**

<sup>●</sup>

We decide how to vote on proposals seeking to issue convertible bonds, taking into account the number of new shares, the time to maturity, and so on.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(8) Corporate bonds and credit facilities**

<sup>●</sup>

We decide how to vote on proposals concerning a corporate bond issue or a credit facility expansion, taking into account the subject company's financial conditions, and so on.

**(9) Debt capitalization**

<sup>●</sup>

We decide how to vote on proposals seeking to change the number of authorized shares or issue shares for debt restructuring, taking into account the terms and conditions of the change or the issue, the impact on shareholder value and rights, the rationales, the impact on the sustainability of stock market listing and a going concern, and so on.

**(10) Capital reduction**

<sup>●</sup>

We decide how to vote on proposals concerning capital reduction, taking into account the impact on shareholder value and rights, the rationales and the impact on the sustainability of stock market listing and a going concern, and so on.

<sup>●</sup>

We generally vote for proposals seeking capital reduction following standard accounting procedures.

**(11) Financing plan**

<sup>●</sup>

We decide how to vote on proposals concerning a financing plan, taking into account the impact on shareholder value and rights, the rationales and the impact on the sustainability of stock market listing and a going concern, and so on.

**(12) Capitalization of reserves**

<sup>●</sup>

We decide how to vote on proposals seeking capitalization of reserves, taking into account the rationales, and so on.

**10. <u>Amendment to Articles of Incorporation and Other Legal Documents</u>**

**(1) Change in an accounting period**

<sup>●</sup>

We generally vote for proposals seeking to change an accounting period unless it is regarded as an aim to delay an AGM.

**(2) Amendment to articles of incorporation**

<sup>●</sup>

We decide how to vote on proposals to amend an article of incorporation, taking into account the impact on shareholder value and rights, the necessity, the rationales, and so on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote for proposals seeking to amend an article of incorporation if it is required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote against proposals seeking to amend an article of incorporation if we judge that it is likely to infringe shareholder rights or damage shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote for transition to a company with three Committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We decide how to vote on proposals seeking to relax or eliminate special resolution requirements, taking into account the rationale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We are concerned about retired directors assuming advisory, consulting, or other similar positions which could negatively impact on transparency and decision making of the Board of Directors. We generally vote against proposals seeking to create such a position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote for proposals seeking to authorize a company to hold virtual-only meetings, taking into account the impact on shareholder value and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will consider, among other things, a company's practices, jurisdiction and disclosure, including the items set forth below:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

meeting procedures and requirements are disclosed in advance of a meeting detailing the rationale for eliminating the in-person meeting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

safeguard and clear and comprehensive description as to how and when shareholders submit and ask questions either in advance of or during the meeting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

disclosure regarding procedures for questions received during the meeting, but not answered due to time or other restrictions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

description of how shareholder rights will be protected in a virtual-only meeting format including the ability to vote on proposals during the time the polls are open.

**(3) Change in a quorum for an annual general meeting (AGM)**

<sup>●</sup>

We decide how to vote on proposals concerning change in quorum for an AGM, taking into account the impact on shareholder value and rights, and so on.

**11. <u>Company Organization Change</u>**

**(1) Change in a registered company name and address**

<sup>●</sup>

We decide how to vote on proposals seeking to change a registered company name, taking into account the impact on shareholder value, and so on.

<sup>●</sup>

We generally vote for proposals seeking to change a registered address.

**(2) Company reorganization**

<sup>●</sup>

We decide how to vote on proposals concerning the following company reorganization, taking into account their respective impacts on shareholder value and rights, the subject company's financial conditions and business performance, and the sustainability of stock market listing or a going concern, and so on.

Mergers and acquisitions

Business transfers

Company split (spin-off)

Asset sale

Company sale

Liquidation

**12. <u>Proxy Fight</u>**

**(1)** **Proxy fight**

<sup>●</sup>

We decide how to vote on proposals concerning the appointment of directors with opposition candidates, taking into account their independence, competence, anti-social activity records (if any), corporate governance practices and accountability of the candidates and business performance and anti-social activity records (if any) of the subject company, the proxy fight background, and so on.

**(2)** **Proxy context defense**

<sup>●</sup>

**Classified board**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote against proposals seeking to introduce a classified board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote for proposals seeking to set a director's term of one year.

<sup>●</sup>

**Shareholder rights to remove a director**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We generally vote against proposals seeking to tighten requirements for shareholders to remove a director.

<sup>●</sup>

**Cumulative voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We decide how to vote on proposals seeking to introduce cumulative voting for director appointments, taking into account the background, and so on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We decide how to vote on proposals seeking to terminate cumulative voting for director appointment, taking into account the background, and so on.

**13. <u>Takeover Defense</u>** 

We believe that management and shareholder interest is not always aligned. As such, we generally vote against the creation, amendment and renewal of takeover defense measures that we judge decrease shareholder value or infringes shareholder rights. We generally vote against the reappointment of directors if takeover defense measures are not part of proposals at an AGM but are regarded to decrease shareholder value or infringes shareholder rights.

<sup>●</sup>

**Relaxing requirements to amend articles of incorporation and company policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We decide how to vote on proposals seeking to relax requirements to amend articles of incorporation or company policies, taking into account the impact on shareholder value and rights, and so on.

<sup>●</sup>

**Relaxing of requirements for merger approval**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We decide how to vote on proposals seeking to relaxing requirements for merger approval, taking into account the impact on shareholder value and rights, and so on.

**14. <u>Environment, Social and Governance (ESG)</u>**

We support the United Nations Principles for Responsible Investment (UN PRI) and acknowledge that company's ESG practices are an important factor in investment decision making. Thus, we consider voting against the reappointment of top executives and directors in charge if we judge that there is an issue that could significantly damage corporate value. We consider voting for proposals related to ESG materiality, including climate change or diversity, if we judge that such proposals contribute to preventing from damaging or expanding corporate value. If not, we consider voting against such proposals.

**15. <u>Disclosure</u>**

Disclosure and constructive dialogues based thereon are important in proxy voting and investment decision making. Furthermore, proactive disclosure and effective engagement are desirable as demand for ESG disclosure, including climate change, has been increasing, and the disclosure frameworks have been rapidly progressing.

<sup>●</sup>

We generally vote against proposals that lack sufficient disclosure to make proxy voting decisions.

<sup>●</sup>

We generally vote for proposals seeking to enhance disclosures if such information is beneficial to shareholders.

<sup>●</sup>

If a company's financial and non-financial disclosures is significantly poor, and if the level of investor relations activities by management or people in charge is significantly low, we consider voting against the reappointment of top executives and directors in charge.

**16. <u>Conflict of Interest</u>**

We abstain from voting proxies of the following companies that are likely to have a conflict of interest. We also abstain from voting proxies with respect to the following investment trusts that are managed by us or Invesco group companies, as a conflict of interest may rise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Companies and investment trusts that we abstain from voting proxies:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Invesco Ltd.

We have established the Conflict of Interest Management Policy. In the situation that may give rise to a conflict of interest, we aim to control it in the best interests of clients (investors) and beneficiaries. The Compliance department is responsible for governing company-wide control of a conflict of interest. The Compliance department is independent of the Investment and Sales departments and shall not receive any command or order for the matters compliant with the laws and regulations, including a conflict of interest, from the Investment and Sales departments.

Proxy voting and stewardship activities are reported to the Responsible Investment Committee. The Responsible Investment Committee approves them. Besides, the Compliance department reviews whether conflicts of interest are properly managed in proxy voting and then reports the results to the Conflict of Interest Oversight Committee. Furthermore, the results are reported to the Executive Committee in Tokyo and the Invesco Proxy Advisory Committee.

**17. <u>Shareholder Proposals</u>**

We vote on a case-by-case basis on shareholder proposals while we follow the Proxy Voting Guidelines in principle.

**DISCLAIMER: The English version is a translation of the original in Japanese for information purposes only. In case of a discrepancy, the Japanese original will prevail. You can download the Japanese version from our website:** http://www.invesco.co.jp/footer/proxy.html**.**

**2092318-JP**

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**Proxy Voting Guidelines**

**for**

**Barings**

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**Barings**

**Global Proxy Voting Policy**

**Key Points**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Barings has established a Proxy Voting Policy to establish the manner in which Barings fulfills its proxy voting responsibilities and complies with applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Any proxies received by Barings should be forwarded as soon as possible to the Proxy Voting Team for timely processing and voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Barings has a responsibility to oversee any service providers it may engage to facilitate proxy voting on behalf of its clients.

**Introduction/ Policy Statement**

As an investment adviser or manager, Barings has a fiduciary duty to vote proxies on behalf of its clients ("Clients"). Regulations that apply to Barings, including Rule 206(4)-6 of the Investment Advisers Act of 1940 applicable to US regulated investment advisers, requires that Barings adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of its Clients. The policies and procedures must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Describe how Barings addresses material conflicts that may arise between Barings' interests and those of its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Disclose to Clients how they may obtain information regarding how Barings voted with respect to their securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Describe to Clients Barings' proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures.

The purpose of this Global Proxy Voting Policy ("Policy") is to establish the manner in which Barings will fulfill its proxy voting responsibilities and comply with applicable regulatory requirements. Barings understands that voting proxies is part of its investment advisory and management responsibilities and believes that as a general principle, proxies should be acted upon (voted or abstained) solely in the best interests of its Clients (i.e., in a manner that is most likely to enhance the economic value of the underlying securities held in Client accounts).

No Barings associate ("Associate"), officer, board of managers/directors of Barings or its affiliates (other than those assigned such responsibilities under the Policy) can influence how Barings votes proxies, unless such person has been requested to provide assistance from an authorized investment person or designee ("Proxy Analyst") or from a member of the Governance and Conflicts Committee ("GCC") and has disclosed any known Material Conflict, as discussed in the Procedures section below.

It should be noted that exercising rights related to preferred and private equity, equity related to distressed issuers or where Barings is involved in restructuring or refinancing efforts with an issuer are not covered by this Policy. Exercising rights for these types of securities and in these situations is handled by the relevant investment team, as it is Barings belief that they are in the best position to exercise these rights given their access to confidential or material non-public information. Such rights may also be subject to certain contractual or legal obligations that apply to Barings and its Clients.

**Requirements**

**Standard Proxy Procedures**

Barings engages a proxy voting service provider ("Service Provider") responsible for processing and maintaining records of proxy votes. In addition, the Service Provider, a recognized authority on proxy voting and corporate governance, provides research and recommendations (including environmental, social and governance topics) on proxies to Barings as its research provider ("Research Provider"). Barings' policy is to

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generally vote all Client proxies for which it has proxy voting discretion in accordance with the recommendations of the Research Provider or with the Research Provider's proxy voting guidelines ("Guidelines"), in absence of a recommendation. In circumstances where the Research Provider has not provided a recommendation, the proxy will be analyzed on a case-by-case basis.

Barings recognizes that there may be times when it is in the best interests of Clients to vote proxies: (i) against the Research Provider's recommendations; or (ii) in instances where the Research Provider has not provided a recommendation, against the Guidelines. Barings can vote, in whole or part, against the Research Provider's recommendations or Guidelines as it deems appropriate. Procedures are designed to ensure that votes against the Research Provider's recommendations or Guidelines are made in the best interests of Clients and are not the result of any material conflict of interest ("Material Conflict"). For purposes of this Policy, a Material Conflict is defined as any position, relationship or interest, financial or otherwise, of Barings or Associate that could reasonably be expected to affect the independence or judgment concerning proxy voting.

**Review of Service Provider/Research Provider**

In determining whether to retain, or continue the retention of, the Service Provider and/or Research Provider Barings should consider, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Service Provider and/or Research Provider have the capacity and competency to adequately analyze the matters for which Barings is responsible for voting by, for example, reviewing the adequacy and quality of the Service Provider's and/or Research Provider's staffing, personnel, and/or technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Research Provider has an effective process for seeking timely input from issuers and Research Provider clients with respect to such matters as its proxy voting policies, methodologies, and if applicable, its peer group constructions. If peer group comparisons are a component of the Research Provider's substantive evaluation, Barings should consider how the Research Provider incorporates appropriate input in formulating its methodologies and construction of issuer peer groups, and how, in constructing peer groups, the Research Provider takes into account the unique characteristics regarding the issuer, to the extent available, such as the issuer's size; its governance structure; its industry and any particular practices unique to that industry; and its history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) whether the Research Provider has adequately disclosed to Barings its methodologies in formulating voting recommendations, such that Barings can understand the factors underlying the Research Provider's voting recommendations. In addition, Barings should consider the nature of any third-party information sources that the Research Provider uses as a basis for its voting recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) whether the Research Provider has adequate policies and procedures to identify, disclose, and address actual and potential conflicts of interest, including (1) conflicts relating to the provision of proxy voting recommendations and proxy voting services generally, (2) conflicts relating to activities other than providing proxy voting recommendations and proxy voting services, and (3) conflicts presented by certain affiliations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the effectiveness of the Research Provider's firm's policies and procedures for obtaining current and accurate information relevant to matters included in its research and on which it makes voting recommendations. In assessing such matters, Barings should consider: the Research Provider's engagement with issuers, including the firm's process for ensuring that it has complete and accurate information about the issuer and each particular matter, and the firm's process, if any, for investment advisers to access the issuer's views about the firm's voting recommendations in a timely and efficient manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Barings should consider requiring the Research Provider to update Barings regarding business changes Barings considers relevant (i.e., with respect to the Research Provider's capacity and competency to provide independent proxy voting advice or carry out voting instructions), and should

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consider whether the Research Provider appropriately updates its methodologies, guidelines, and voting recommendations on an ongoing basis, including in response to feedback from issuers and their shareholders.

**Other Considerations**

There could be circumstances where Barings is unable or determines not to vote a proxy on behalf of its Clients. The following is a non-inclusive list of examples whereby Barings may decide not to vote proxies on behalf of its Clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The cost of voting a proxy for a foreign security outweighs the expected benefit to the Client, so long as refraining from voting does not materially harm the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Barings is not given enough time to process the vote (i.e. receives a meeting notice and proxy from the issuer too late to permit voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Barings may hold shares on a company's record date, but sells them prior to the company's meeting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Barings has outstanding sell orders on a particular security and the decision to refrain from voting may be made in order to facilitate such sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The underlying securities have been lent out pursuant to a security lending program; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The company has participated in share blocking, which would prohibit Barings ability to trade or loan shares for a period of time.

**Administration of Proxy Voting**

Barings has designated the Proxy Voting Team to ensure the responsibilities set forth in this Policy are satisfied.

**Handling of Proxies**

Proxy statements and ballots are typically routed directly to Barings' proxy voting Service Provider. In the event that an Associate receives a proxy statement or ballot, the Associate should immediately forward the statement or ballot to the Proxy Voting Team who will record receipt of the proxy, route the materials for review, maintain a record of all action taken and process votes.

**Voting of Proxies**

Typically, Barings will vote all Client proxies for which it has proxy voting discretion, where no Material Conflict exists, in accordance with the Research Provider's recommendation or Guidelines, unless: (i) Barings is unable or determines not to vote a proxy in accordance with the Policy; or (ii) a Proxy Analyst determines that it is in the Clients' best interests to vote against the Research Provider's recommendation or Guidelines. In the event a Proxy Analyst believes a proxy should be voted against the Research Provider's recommendations or Guidelines, the Proxy Voting Team will vote the proxy in accordance with the Proxy Analyst's recommendation so long as (i) no other Proxy Analyst disagrees with such recommendation; and (ii) no known Material Conflict is identified by the Proxy Analyst(s) or the Proxy Voting Team. If a Material Conflict is identified by a Proxy Analyst or the Proxy Voting Team, the proxy will be submitted to the GCC to determine how the proxy is to be voted in order to achieve the Clients' best interests.

Pre-vote communications with proxy-solicitors are prohibited. In the event that a pre-vote communication occurs, it should be reported to the GCC, the relevant Head of Compliance and/or General Counsel prior to voting. Any questions or concerns regarding proxy-solicitor arrangements should be addressed to the relevant Head of Compliance and/or General Counsel, or the respective designees.

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**Oversight**

Compliance will review the Policy at least annually and recommend any necessary changes to Barings' GCC. Compliance or the GCC will be responsible for (ii) approving proxy voting forms as needed; and (iii) reviewing and approving any proposed changes to disclosures. In addition to the above, the Proxy Voting Team will provide materials to the relevant Barings' governance committees or Compliance on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The extent to which potential credible factual errors, potential incompleteness, or potential methodological weaknesses in the Service Provider and or Research Provider (that Barings becomes aware of and deems relevant) are materially affecting the research or recommendations that Barings used or is using in voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Confirm to Compliance that it believes that Barings is casting votes on behalf of its clients consistently with the Policy. This confirmation will be based on the Proxy Voting Team, at least annually, sampling the proxy votes cast on behalf of its clients. The review will consist of sampling of proxy votes that relate to proposals that may require more issuer-specific analysis (e.g., mergers and acquisition transactions, dissolutions, conversions, or consolidations) and providing the results of this testing to Compliance. Any identified issues will be escalated as necessary to the relevant governance committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Periodically reviewing the Service Provider's guidelines used in the voting of proxies and notify the GCC of any material changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Confirm that Barings is casting votes when a conflict of interest exists in compliance with the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Escalating any issues relating to proxy voting identified during internal or external audits or assessments or reviews to Compliance and or the relevant governance committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) In circumstances where either the Proxy Voting Team has not provided a recommendation or has not contemplated an issue within its Guidelines and the proxy is analyzed on a case-by-case basis, or the matter subject to the proxy was contested or highly controversial, considering whether a higher degree of analysis was necessary to assess whether any votes cast on behalf of Barings' clients were cast in the clients' best interest will be presented to the GCC.

**New Account Procedures**

Investment management agreements generally delegate the authority to Barings to vote proxies in accordance with its Policy. In the event that an investment management agreement is silent on proxy voting, Barings should obtain written instructions from the Client as to their voting preference. However, except for those jurisdictions where written explicit delegation is required such as Hong Kong, Taiwan and South Korea, when the Client does not provide written instructions as to their voting preference, Barings will assume proxy voting responsibilities. In the event that a Client makes a written request regarding proxy voting, Barings will vote as instructed.

**Required Disclosures and Client Request for Information**

Barings will include a summary of this Policy in the Form ADV Part 2A for its US registered investment advisers, as well provide instructions as to how a Client may request a copy of this Policy and/or a record of how Barings voted the Client's proxies. Requests will be directed to the Proxy Voting Team, who will provide the information to the appropriate client service representative in order to respond to the Client in a timely manner.

**Conflict Resolution and Escalation Process**

Associates should immediately report any issues they believe are a potential or actual breach of this Policy to their relevant business unit management and to the relevant Chief Compliance Officer (or relevant designee). The relevant Chief Compliance Officer (or relevant designee) will review the matter and determine whether the issue is an actual breach and whether to grant an exception, and/or the appropriate

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course of action. When making such determination, the relevant Chief Compliance Officer (or relevant designee) may, as part of his/her review, discuss the matter with relevant business unit management, members of the Senior Leadership Team, governance committees or other parties (i.e. legal counsel, auditor, etc.).

The relevant Compliance Department can grant exceptions to any provision of this Policy so long as such exceptions are consistent with the purpose of the Policy and applicable law, are documented and such documentation is retained for the required retention period. Any questions regarding the applicability of this Policy should be directed to the appropriate Compliance Department or the relevant Chief Compliance Officer (or relevant designee).

**Books and Records Retained**

The table below identifies each record that is required to be retained under this Policy, unless a different retention period is required by local regulations in the relevant jurisdiction. Records may be unique to a jurisdiction or consolidated with those maintained by Barings LLC. Any required record that is required to be retained under applicable Barings Policies, including those produced and/or created in whole or in part by using Generative AI will be retained based on the nature of the data and will be treated like human-created records under the relevant Barings Policy. To ensure proper retention of these records, all business should be conducted by Barings' Associates using a Barings' approved corporate device and/or an approved and supported Barings platform (e.g. mail system, social media account, recording technology, storage medium, trading platform, Barings' supported application, etc.):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description/**<br> **Requirement**<br>| **Barings Record** | **Creator** | **Owner** | **Retention** <br> **Period**<br>| **Source** |
| The Compliance review and <br> any approvals needed by <br> GCC of Policy, proxy <br> activity, and approval of <br> Proxy Voting Forms <br>| &nbsp;&nbsp; Compliance and <br> GCC meeting <br> materials <br>| &nbsp;&nbsp; Proxy Voting <br> Team and <br> Compliance<br>| GCC Representative  | 7 Years  | &nbsp;&nbsp; Barings Policy <br> Requirement and <br> Investment Advisers <br> Act of 1940, Rule <br> 206(4)-6 Barings Policy <br> requirement for <br> Barings US regulated <br> Advisers<br>|
| Proxy statements, research, <br> recommendations, and <br> records of votes cast <br>| Proxy Records  | &nbsp;&nbsp; Service Provider <br> or Proxy Voting <br> Team <br>| &nbsp;&nbsp; Service Provider or Proxy <br> Voting Team <br>| 7 Years  | &nbsp;&nbsp; Barings Policy <br> Requirement and <br> Investment Advisers <br> Act of 1940, Rule <br> 206(4)-6 Barings Policy <br> requirement for <br> Barings US regulated <br> Advisers<br>|
| Proxy Voting Forms <br> (including supporting <br> documentation used in <br> deciding how to vote)y <br>| &nbsp;&nbsp; Proxy Voting <br> Forms <br>| &nbsp;&nbsp; Proxy Voting <br> Team and/or <br> Proxy Analyst <br>| Proxy Voting Team  | 7 Years  | &nbsp;&nbsp; Barings Policy <br> Requirement and <br> Investment Advisers <br> Act of 1940, Rule <br> 206(4)-6 Barings Policy <br> requirement for <br> Barings US regulated <br> Advisers<br>|
| Client written requests for <br> proxy voting information and <br> responses thereto <br>| &nbsp;&nbsp; Client Proxy <br> Requests <br>| &nbsp;&nbsp; Proxy Voting <br> Team <br>| Proxy Voting Team  | 7 Years  | &nbsp;&nbsp; Barings Policy <br> Requirement and <br> Investment Advisers <br> Act of 1940, Rule <br> 206(4)-6 Barings Policy <br> requirement for <br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description/**<br> **Requirement**<br>| **Barings Record** | **Creator** | **Owner** | **Retention** <br> **Period**<br>| **Source** |
|  |  |  |  |  | &nbsp;&nbsp; Barings US regulated <br> Advisers<br>|
| Form N-PX, for proxies <br> voted on behalf of an <br> investment company for <br> which Barings serves as <br> investment adviser and is <br> responsible for making such <br> filing on behalf of its Clients <br>| Form N-PX  | &nbsp;&nbsp; Proxy Voting <br> Team <br>| Legal Department  | 7 Years  | &nbsp;&nbsp; Barings Policy <br> requirement and <br> Investment Advisers <br> Act of 1940, Rule <br> 206(4)-6 for Barings <br> US regulated <br> AdvisersRule 30b1-4 <br>|
| The Proxy Voting Policy, <br> associated procedures and <br> any amendments thereto <br>| &nbsp;&nbsp; Proxy Voting <br> Policy <br>| &nbsp;&nbsp; Compliance <br> Department <br>| Compliance Department  | 7 Years  | &nbsp;&nbsp; Barings Policy <br> requirement <br>|
| A copy of the Research <br> Provider's proxy voting <br> guidelines <br>| &nbsp;&nbsp; Research <br> Provider's Proxy <br> Voting <br> Guidelines <br>| &nbsp;&nbsp; Research <br> Provider <br>| Proxy Voting Team  | 7 Years  | &nbsp;&nbsp; Barings Policy <br> requirement <br>|

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**Original Date of Policy:** October 2004 (Barings LLC)

**Last Review Date:** July 2025

**Last Revision Date:** August 2023

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

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As of February 28, 2026, the following individuals are jointly and primarily responsible for the day-to-day management of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Scott Baskind (lead manager), Portfolio Manager, who has been responsible for the Fund since 2021 and has been associated with Invesco Senior Secured and/or its affiliates since 1999. Prior to the commencement of the Fund's operations, Mr. Baskind managed the Predecessor Fund since 2010.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Nuno Caetano, Portfolio Manager, who has been responsible for the Fund since 2021 and has been associated with Invesco Asset Management and/or its affiliates since 2010. Prior to the commencement of the Fund's operations, Mr. Caetano managed the Predecessor Fund since 2013.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Ron Kantowitz, Portfolio Manager, who has been responsible for the Fund since 2021 and has been associated with Invesco Senior Secured and/or its affiliates since 2018. From 2013 to 2018, he was employed with Benefit Street Partners, an alternative credit asset manager, where he served as managing director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Philip Yarrow, Portfolio Manager, who has been responsible for the Fund since 2021 and has been associated with Invesco Senior Secured and/or its affiliates since 2010. Prior to the commencement of the Fund's operations, Mr. Yarrow managed the Predecessor Fund since 2007.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Matt Freund, Portfolio Manager, who has been responsible for the Fund since 2025 and has been associated with Barings and/or its affiliates since 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Michael Searles, Portfolio Manager, who has been responsible for the Fund since 2025 and has been associated with Barings and/or its affiliates since 2018.

***Portfolio Manager Fund Holdings and Information on Other Managed Accounts***

Invesco's portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The 'Investments' chart reflects the portfolio managers' investments in the Fund(s) that they manage and includes investments in the Fund's shares beneficially owned by a portfolio manager, as determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the Exchange Act), (beneficial ownership includes ownership by a portfolio manager's immediate family members sharing the same household). The 'Assets Managed' chart reflects information regarding accounts other than the Fund for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other registered investment companies; (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance (performance-based fees), information on those accounts is specifically noted. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date.

***Investments***

The following information is as of February 28, 2026 (unless otherwise noted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio**<br> **Managers**<br>| **Dollar Range of**<br> **Investments in the Fund**<br>|
| **Invesco Dynamic Credit Opportunity Fund** | **Invesco Dynamic Credit Opportunity Fund** | **Invesco Dynamic Credit Opportunity Fund** |
|  | Scott Baskind | None |
|  | Nuno Caetano | None |
|  | Ron Kantowitz | None |
|  | Philip Yarrow | None |
|  | Matt Freund | None |
|  | Michael Searles | None |

---

------

***Assets Managed***

The following information is as of February 28, 2026 (unless otherwise noted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Other Registered**<br> **Investment Companies**<br> **Managed** | **Other Registered**<br> **Investment Companies**<br> **Managed** | **Other Pooled**<br> **Investment Vehicles**<br> **Managed** | **Other Pooled**<br> **Investment Vehicles**<br> **Managed** | **Other**<br> **Accounts**<br> **Managed** | **Other**<br> **Accounts**<br> **Managed** |
|  | **Number of**<br> **Accounts**<br>| **Assets**<br> **(in millions)**<br>| **Number of**<br> **Accounts**<br>| **Assets**<br> **(in millions)**<br>| **Number of**<br> **Accounts**<br>| **Assets**<br> **(in millions)**<br>|
| **Invesco Dynamic Credit Opportunity Fund** | **Invesco Dynamic Credit Opportunity Fund** | **Invesco Dynamic Credit Opportunity Fund** | **Invesco Dynamic Credit Opportunity Fund** | **Invesco Dynamic Credit Opportunity Fund** | **Invesco Dynamic Credit Opportunity Fund** | **Invesco Dynamic Credit Opportunity Fund** |
| Scott Baskind | 5 | $10081.4 | 11 | $8133.4 | 13 | $2884.7 |
| Nuno Caetano |  |  |  |  | 15 | $6739.2 |
| Ron Kantowitz |  |  | 3 | $902.5 |  |  |
| Philip Yarrow | 4 | $5755.3 | 3 | $4774.3 | 13 | $2884.7 |
| Matt Freund | 11<sup>1</sup> <br>| $8432.0<sup>1</sup> <br>| 24<sup>2</sup> <br>| $563.0<sup>2</sup> <br>| 8<sup>3</sup> <br>| $1110.0<sup>3</sup> <br>|
| Michael Searles |  |  | 5<sup>4</sup> <br>| $112.0<sup>4</sup> <br>| 7<sup>5</sup> <br>| $96.0<sup>5</sup> <br>|
| 1 This amount includes 11 funds that pay performance-based fees with $8,432.0M in total assets under management. | 1 This amount includes 11 funds that pay performance-based fees with $8,432.0M in total assets under management. | 1 This amount includes 11 funds that pay performance-based fees with $8,432.0M in total assets under management. | 1 This amount includes 11 funds that pay performance-based fees with $8,432.0M in total assets under management. | 1 This amount includes 11 funds that pay performance-based fees with $8,432.0M in total assets under management. | 1 This amount includes 11 funds that pay performance-based fees with $8,432.0M in total assets under management. | 1 This amount includes 11 funds that pay performance-based fees with $8,432.0M in total assets under management. |
| 2 This amount includes 22 funds that pay performance-based fees with $563.0M in total assets under management. | 2 This amount includes 22 funds that pay performance-based fees with $563.0M in total assets under management. | 2 This amount includes 22 funds that pay performance-based fees with $563.0M in total assets under management. | 2 This amount includes 22 funds that pay performance-based fees with $563.0M in total assets under management. | 2 This amount includes 22 funds that pay performance-based fees with $563.0M in total assets under management. | 2 This amount includes 22 funds that pay performance-based fees with $563.0M in total assets under management. | 2 This amount includes 22 funds that pay performance-based fees with $563.0M in total assets under management. |
| 3 This amount includes 8 funds that pay performance-based fees with $1,110.0M in total assets under management. | 3 This amount includes 8 funds that pay performance-based fees with $1,110.0M in total assets under management. | 3 This amount includes 8 funds that pay performance-based fees with $1,110.0M in total assets under management. | 3 This amount includes 8 funds that pay performance-based fees with $1,110.0M in total assets under management. | 3 This amount includes 8 funds that pay performance-based fees with $1,110.0M in total assets under management. | 3 This amount includes 8 funds that pay performance-based fees with $1,110.0M in total assets under management. | 3 This amount includes 8 funds that pay performance-based fees with $1,110.0M in total assets under management. |
| 4 This amount includes 5 funds that pay performance-based fees with $112.0M in total assets under management. | 4 This amount includes 5 funds that pay performance-based fees with $112.0M in total assets under management. | 4 This amount includes 5 funds that pay performance-based fees with $112.0M in total assets under management. | 4 This amount includes 5 funds that pay performance-based fees with $112.0M in total assets under management. | 4 This amount includes 5 funds that pay performance-based fees with $112.0M in total assets under management. | 4 This amount includes 5 funds that pay performance-based fees with $112.0M in total assets under management. | 4 This amount includes 5 funds that pay performance-based fees with $112.0M in total assets under management. |
| 5 This amount includes 5 funds that pay performance-based fees with $92.0M in total assets under management. | 5 This amount includes 5 funds that pay performance-based fees with $92.0M in total assets under management. | 5 This amount includes 5 funds that pay performance-based fees with $92.0M in total assets under management. | 5 This amount includes 5 funds that pay performance-based fees with $92.0M in total assets under management. | 5 This amount includes 5 funds that pay performance-based fees with $92.0M in total assets under management. | 5 This amount includes 5 funds that pay performance-based fees with $92.0M in total assets under management. | 5 This amount includes 5 funds that pay performance-based fees with $92.0M in total assets under management. |

---

***Potential Conflicts of Interest***

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other account. More specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented with one or more of the following potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The management of multiple Funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each Fund and/or other account. The Adviser and each Sub-Adviser seek to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts. To deal with these situations, the Adviser, each Sub-Adviser and the Funds have adopted procedures for allocating portfolio transactions across multiple accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The Adviser and each Sub-Adviser determine which broker to use to execute each order for securities transactions for the Funds, consistent with its duty to seek best execution of the transaction. However, for certain other accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Adviser and each Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive, such as a performance-based management fee, which relates to the management of one Fund or account but not all Funds and accounts for which a portfolio manager has day-to-day management responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

In the case of a fund-of-funds arrangement, including where a portfolio manager manages both the investing Fund and an affiliated underlying fund in which the investing Fund invests or may invest, a conflict of interest may arise if the portfolio manager of the investing Fund receives material nonpublic information about the underlying fund. For example, such a conflict may restrict the ability of the portfolio manager to buy or sell securities of the underlying Fund, potentially for a prolonged period of time, which may adversely affect the Fund.

The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

------

***Barings Conflict of Interest***

The potential for material conflicts of interest may exist when a portfolio manager has responsibilities for the day-to-day management of multiple accounts. These conflicts may be heightened to the extent a portfolio manager, Barings, and/or an affiliate has an investment in one or more of such accounts or an interest in the performance of one or more such accounts. Barings has identified (and summarized below) areas where material conflicts of interest are most likely to arise, and have adopted policies and procedures that it believes are reasonably designed to address such conflicts.

It is possible that an investment opportunity may be suitable for both a fund and other accounts managed by a portfolio manager, but may not be available in sufficient quantities for both the fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by a fund and another account. A conflict may arise where the portfolio manager may have an incentive to treat an account preferentially as compared to a fund because the account pays Barings a performance-based fee or the portfolio manager, Barings, or an affiliate has an interest in the account. Barings and BIIL have adopted global policies and procedures, including but not limited to a global investment allocation policy and global trade allocation procedures to address allocation of portfolio transactions and investment opportunities across multiple clients. The global policies and procedures are designed to achieve fair and equitable treatment of all clients over time, and specifically prohibit allocations based on performance of an account, the amount or structure of the management fee, performance fee or profit sharing allocations, participation or investment by an employee, Barings, or an affiliate, and whether the account is public, private, proprietary or third party.

Potential material conflicts of interest may also arise related to the knowledge and timing of a fund's trades, investment opportunities and broker selection. Portfolio managers may have information about the size, timing and possible market impact of a fund's trades. It is theoretically possible that portfolio managers could use this information for their personal advantage and/or the advantage of other accounts they manage, or to the possible detriment of a fund. For example, a portfolio manager could front run a fund's trade or short sell a security for an account immediately prior to a fund's sale of that security. To address these conflicts, Barings and BIIL have adopted global policies and procedures governing employees' personal securities transactions, the use of short sales, and trading between the fund and other accounts managed by the portfolio manager or accounts owned by Barings or its affiliates.

With respect to securities transactions for the fund, Barings and BIIL determines which broker to use to execute each order, consistent with their duty to seek best execution of the transaction. Barings and BIIL manage certain other accounts, however, where they may be limited by the client with respect to the selection of brokers or directed to trade such client's transactions through a particular broker. In these cases, trades for a fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Placing separate transaction orders for a security may temporarily affect the market price of the security or otherwise affect the execution of the transaction to the possible detriment of a fund or the other account(s) involved. Barings and BIIL have adopted global policies and procedures that address best execution and directed brokerage.

A portfolio manager may also face other potential conflicts of interest in managing a fund, and the above is not a complete description of every conflict of interest that could be deemed to exist in managing both a fund and the other accounts listed above.

***Description of Compensation Structure***

*For the Adviser and each Sub-Adviser*

The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager's compensation consists of the following three elements:

*Base Salary*. Each portfolio manager is paid a base salary. In setting the base salary, the Adviser and each Sub-Adviser's intention is to be competitive in light of the particular portfolio manager's experience and responsibilities.

*Annual Bonus*. The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance, revenues, enterprise expectations and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e.

------

investment performance and revenues) and non-quantitative factors (which may include, but are not limited to, enterprise expectations, individual performance, risk management and teamwork).

Each portfolio manager's compensation is linked to the pre-tax investment performance of the Funds/accounts managed by the portfolio manager as described in Table 1 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Sub-Adviser** | **Performance time period**<sup>6</sup> <br>|
| Invesco<sup>7</sup> <br>| One-, Three- and Five-year performance against Fund peer group or Market Index |
| Invesco Canada<sup>7</sup> <br>| One-, Three- and Five-year performance against Fund peer group or Market Index |
| Invesco Management S.A.<sup>7</sup> <br>| One-, Three- and Five-year performance against Fund peer group or Market Index |
| Invesco Hong Kong<sup>7</sup> <br>| One-, Three- and Five-year performance against Fund peer group or Market Index |
| Invesco Asset Management<sup>7</sup> <br>| One-, Three- and Five-year performance against Fund peer group or Market Index |
| Invesco Listed Real Assets Division<sup>7</sup> <br>| One-, Three- and Five-year performance against Fund peer group or Market Index |
|  | One-, Three- and Five-year performance against Fund peer group or Market Index |
| Invesco Senior Secured<sup>7, 8</sup> <br>|  |
| Invesco Capital<sup>7, 9</sup> <br>| Not applicable |
|  | Not applicable |
| Invesco Japan | One-, Three- and Five-year performance |
| 6 Rolling time periods are measured from October 1<sup>st</sup> to September 30<sup>th</sup> . | 6 Rolling time periods are measured from October 1<sup>st</sup> to September 30<sup>th</sup> . |
| 7 Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period. | 7 Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period. |
| 8 Invesco Senior Secured's bonus is based on annual measures of equity return and standard tests of collateralization performance. | 8 Invesco Senior Secured's bonus is based on annual measures of equity return and standard tests of collateralization performance. |
| 9 Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital. | 9 Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital. |

---

High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.

With respect to Invesco Capital, there is no policy regarding, or agreement with, the Portfolio Managers or any other senior executive of the Adviser to receive bonuses or any other compensation in connection with the performance of any of the accounts managed by the Portfolio Managers.

*Deferred / Long Term Compensation*. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards largely take the form of long-term awards (LTA) which consist of Fund Deferral (LTF) and Equity (LTE). Fund deferrals are notionally invested in certain Invesco funds selected by the Portfolio Manager and are settled in cash. Equity awards are settled in Invesco Ltd. common shares. Deferred compensation awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders and encourages retention.

*Retirement and health and welfare arrangements*. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.

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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 PEO and 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.

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Item 19. Exhibits.

19(a)(1) [Code of Ethics is attached as Exhibit 99.CODEETH.](d120572dex99codeeth.htm)

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.](d120572dex99cert.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.](d120572dex99906cert.htm)

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

---

| | |
|:---|:---|
| (Registrant) Invesco Dynamic Credit Opportunity Fund | (Registrant) Invesco Dynamic Credit Opportunity Fund |
| By: | /s/ Glenn Brightman |
| Name: | Glenn Brightman |
| Title: | Principal Executive Officer |
| Date: May 7, 2026 | Date: May 7, 2026 |

---

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: | /s/ Glenn Brightman |
| Name: | Glenn Brightman |
| Title: | Principal Executive Officer |
| Date: May 7, 2026 | Date: May 7, 2026 |
| By: | /s/ Adrien Deberghes |
| Name: | Adrien Deberghes |
| Title: | Principal Financial Officer |
| Date: May 7, 2026 | Date: May 7, 2026 |

---

## Ex-99.Code

**Exhibit 99.CODEETH** 

**EXHIBIT (a)(1)** 

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

---

| | |
|:---|:---|
| **APPLICABLE TO** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Invesco Funds;<br>• Invesco ETFs (together with the Invesco Funds, a "Fund," and collectively, the "Funds").<br>|
| **RISK ADDRESSED BY POLICY** | &nbsp;&nbsp; Ethics Violations by Principals |
| **RELEVANT LAW & RELATED RESOURCES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Investment Company Act of 1940;<br>• Sarbanes-Oxley Act of 2002.<br>|
| **DATE OF LAST REVIEW** | &nbsp;&nbsp; July 2025 |
| **POLICY INCEPTION DATE** | &nbsp;&nbsp; August 2003 |

---

**I.**  **<u>PURPOSE</u>** 

This Code of Ethics (the "Code") for the Invesco Funds and the Invesco ETFs applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

The Code shall be administered by the Chief Compliance Officer of the respective Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees<sup>2</sup> of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

<sup>1</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Securities Exchange Act of 1934, of the registrant." 

<sup>2</sup> Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds

------

**II.**  **<u>COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY</u>** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the respective Fund for which he/she serves to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law or the Funds' policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• observe both the form and spirit of laws and governmental rules and regulations and accounting standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adhere to a high standard of business ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• place the interest of the Funds and its shareholders before the Covered Officer's own personal interests.

**III.**  **<u>COVERED OFFICERS SHOULD HANDLE ETHICAL, ACTUAL AND APPARENT CONFLICTS OF INTEREST</u>** 

**<u>Overview</u>**. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict-of-interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects

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on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• avoid conflicts of interest wherever possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• handle any actual or apparent conflict of interest ethically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his/her personal influence or personal relationships to influence investment decisions or financial
reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer
rather than the benefit of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as described in more detail below, discuss any material transactions or relationship that could reasonably be
expected to give rise to a conflict of interest with the applicable Chief Compliance Officer.

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Funds or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service or significant business relationships as a trustee/director on the board of any public or private
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of
any immediate family member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service
providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such
as compensation or equity ownership.

**IV.**  **<u>DISCLOSURE AND COMPLIANCE</u>** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about
the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the
Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**V.**  **<u>REPORTING AND ACCOUNTABILITY</u>** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the
Chief Compliance Officer that he/she has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter, affirm to the Chief Compliance Officers that he/she has complied with the requirements of
the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated
persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure
to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to
him/her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief
Compliance Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant
Trust's Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider
appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer
or other appropriate disciplinary actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as
appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to, or waivers of, this Code will, to the extent required, be disclosed as provided by SEC rules.

**VI.**  **<u>OTHER POLICIES AND PROCEDURES</u>** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

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**VII.**  **<u>AMENDMENTS</u>** 

These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee or other applicable committee of the Board or to the Board at the next scheduled in-person meeting of the committee or Board.

**VIII.**  **<u>CONFIDENTIALITY</u>** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

**IX.**  **<u>INTERNAL USE</u>** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

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**<u>EXHIBIT A</u>**

Persons Covered by this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Invesco Funds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• President and Principal Executive Officer - Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasurer and Principal Financial Officer - Adrian Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Invesco ETFs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• President and Principal Executive Officer — Brian Hartigan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasurer and Principal Financial Officer — Kelli Gallegos

## 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: May 7, 2026 | /s/ Glenn Brightman |
|  | Glenn Brightman |
|  | Principal Executive Officer |

---

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**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: May 7, 2026 | /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 February 28, 2026, 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: May 7, 2026 | /s/ Glenn Brightman |
|  | Glenn Brightman |
|  | 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 February 28, 2026, 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: May 7, 2026 | /s/ Adrien Deberghes |
|  | Adrien Deberghes |
|  | Principal Financial Officer |

---