2	Letters to Shareholders
3	Fund Performance
3	Share Repurchase Program Notice
4	Dividend Reinvestment Plan
5	Consolidated Schedule of Investments
28	Consolidated Financial Statements
32	Consolidated Financial Highlights
33	Notes to Consolidated Financial Statements
41	Approval of Investment Advisory and Sub-Advisory Contracts
43	Proxy Results

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Letters to Shareholders

Dear Fellow Shareholders:

Bruce Crockett

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

Andrew Schlossberg

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

Invesco’ s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance and holdings.

In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

For questions about your account, feel free to contact an Invesco client services representative at 800 341 2929.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

Fund Performance

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In September 2019, the Trustees of the Fund approved a share repurchase program that allows the Fund to repurchase up to 25% of the 20-day average trading

volume of the Fund’s common shares when the Fund is trading at a 10% or greater discount to its net asset value. The Fund will repurchase shares pursu-

ant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.

Dividend Reinvestment Plan

The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco closed-end Fund (the Fund). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Fund, allowing you to potentially increase your investment over time. All shareholders in the Fund are automatically enrolled in the Plan when shares are purchased.

Plan benefits

■	Add to your account:
	You may increase your shares in your Fund easily and automatically with the Plan.
■	Low transaction costs:
	Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Fund is trading at a premium to its net asset value (NAV). In addition , transaction costs are low because when new shares are issued by the Fund, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.
■	Convenience:
	You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at invesco.com/closed-end.
■	Safekeeping:
	The Agent will hold the shares it has acquired for you in safekeeping.

Who can participate in the Plan

If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in “street name” — in the name of your brokerage firm, bank, or other financial institution — you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.

How to enroll

If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting invesco.com/closed-end, by calling toll-free 800 341 2929 or by notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40 233-5000. If you are writing to us, please include the Fund name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the "record date," which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.

How the Plan works

If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Fund is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Fund is trading above or below NAV, the price is determined by one of two ways:

1.

Premium: If the Fund is trading at a premium - a market price that is higher than its NAV - you’ll pay either the NAV or 95 percent of the market price, whichever is greater. When the Fund trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.

2.

Discount: If the Fund is trading at a discount - a market price that is lower than its NAV - you’ll pay the market price for your reinvested shares.

Costs of the Plan

There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Fund. If the Fund is trading at or above its NAV, your new shares are issued directly by the Fund and there are no brokerage charges or fees. However, if the Fund is trading at a discount , the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.

Tax implications

The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.

Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.

How to withdraw from the Plan

You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/closed-end or by writing to Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Fund name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:

1.	If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay.
2.	If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.
3.	You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Fund shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.

The Fund and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Fund. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.

To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/closed-end.

Consolidated Schedule of Investments

August 31, 2019

(Unaudited)

	Interest Rate	Maturity Date	Principal Amount (000)(a)			Value
Variable Rate Senior Loan Interests–118.60%(b)(c)(d)
Aerospace & Defense–3.83%
Atlantic Aviation FBO, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)(e)	5.87%	12/06/2025			$       181	$      182,269
Greenrock Finance, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)	6.15%	06/28/2024			1,274	1,276,228
IAP Worldwide Services, Inc.
Revolver Loan (Acquired 07/22/2014; Cost $1,444,403)(e)(f)	0.00%	07/18/2021			1,444	1,444,403
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) (Acquired 07/22/2014-08/18/2014; Cost $1,597,767)(e)	8.83%	07/18/2021			1,622	1,621,621
Maxar Technologies Ltd. (Canada), Term Loan B (1 mo. USD LIBOR + 2.75%)	4.87%	10/04/2024			5,637	4,955,878
NAC Aviation 8 Ltd. (Ireland), Term Loan (1 mo. USD LIBOR + 6.50%)(e)	8.62%	12/31/2020			2,178	2,178,276
Peraton Corp., Term Loan (1 mo. USD LIBOR + 5.25%)(e)	7.37%	04/29/2024			1,190	1,180,186
Perspecta, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)	4.36%	05/31/2025			1,153	1,156,093
Space Exploration Technologies Corp., Term Loan (1 mo. USD LIBOR + 4.25%) (Acquired 11/20/2018-06/06/2019; Cost $3,534,615)(e)	6.36%	11/21/2025			3,549	3,557,583
TransDigm, Inc.
Term Loan E (3 mo. USD LIBOR + 2.50%)	4.83%	05/30/2025			10,801	10,709,832
Term Loan F (3 mo. USD LIBOR + 2.50%)	4.83%	06/09/2023			1,778	1,768,402
Term Loan G (3 mo. USD LIBOR + 2.50%)	4.83%	08/22/2024			1,479	1,467,616
Vectra Co., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	03/08/2025			535	515,952
Wesco Aircraft Hardware Corp., Term Loan B (1 mo. USD LIBOR + 2.50%)	4.62%	02/28/2021			1,968	1,969,585
Xebec Global Holdings, LLC, Term Loan (1 wk. USD LIBOR + 5.25%) (Acquired 02/06/2018-04/04/2019; Cost $1,436,968)(e)	7.93%	02/12/2024			1,442	1,449,000
						35,432,924
Air Transport–3.46%
American Airlines, Inc., Term Loan (1 mo. USD LIBOR + 1.75%)	4.06%	06/27/2025			35	34,583
Avolon TLB Borrower 1 (US) LLC (Ireland), Term Loan B-3 (1 mo. USD LIBOR + 1.75%)	3.92%	01/15/2025			3,277	3,287,727
Etraveli Group Holding AB (Sweden), Term Loan B-1 (3 mo. EURIBOR + 4.25%)	4.25%	08/02/2024	EUR		3,414	3,774,623
Gol LuxCo S.A. (Brazil), Term Loan (6 mo. USD LIBOR + 6.50%)	6.50%	08/31/2020			4,311	4,375,211
Mesa Airlines, Inc.
Term Loan N913FJ (3 mo. USD LIBOR + 4.50%) (e)	7.02%	12/01/2021			187	184,848
Term Loan N914FJ (3 mo. USD LIBOR + 4.50%) (e)	7.02%	12/01/2021			216	214,251
Term Loan N915FJ (3 mo. USD LIBOR + 4.50%)(e)	7.02%	12/01/2021			183	180,941
Term Loan N916FJ (3 mo. USD LIBOR + 4.50%) (e)	7.02%	03/01/2022			234	231,575
Term Loan N917FJ (3 mo. USD LIBOR + 4.50%) (e)	7.02%	03/01/2022			213	210,716
Term Loan N947LR (3 mo. USD LIBOR + 4.50%) (e)	7.02%	09/01/2022			242	239,632
Term Loan N948LR (3 mo. USD LIBOR + 4.50%) (e)	7.02%	09/01/2022			249	246,383
Term Loan N950LR (3 mo. USD LIBOR + 4.50%)(e)	7.02%	09/01/2022			274	271,133
Term Loan N951LR (3 mo. USD LIBOR + 4.50%)(e)	7.02%	09/01/2022			259	256,733
PrimeFlight Aviation Services, Inc.
Delayed Draw Term Loan (e)(g)	—	05/09/2024			3,276	3,210,900
Term Loan (3 mo. USD LIBOR + 5.50%)(e)	7.84%	05/09/2024			9,829	9,632,701
WestJet Airlines Ltd. (Canada), Term Loan B (g)	—	08/07/2026			5,619	5,640,750
						31,992,707
Automotive–4.94%
Dayco Products, LLC, Term Loan (3 mo. USD LIBOR + 4.25%)	6.38%	05/19/2023			989	932,259
Garrett Borrowing LLC (Switzerland), Term Loan B (3 mo. USD LIBOR + 2.50%)	4.82%	09/27/2025			738	732,080
IAA Spinco Inc., Term Loan (g)	—	06/29/2026			1,378	1,386,953

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

5	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Automotive–(continued)
Mavis Tire Express Services Corp.
Delayed Draw Term Loan (f)	3.54%	03/20/2025		$ 201	$ 197,091
Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	03/20/2025		1,579	1,552,497
Muth Mirror Systems, LLC
Revolver Loan (e)(g)	—	04/23/2025		1,677	1,643,656
Term Loan (3 mo. USD LIBOR + 5.25%)(e)	7.51%	04/23/2025		20,336	19,929,326
Navistar, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)	5.70%	11/06/2024		385	384,978
Panther BF Aggregator 2 L.P. (Canada)
Term Loan (1 mo. EURIBOR + 3.75%)	3.75%	04/30/2026	EUR	4,549	5,012,046
Term Loan B (1 mo. USD LIBOR + 3.50%)	5.61%	04/30/2026		1,039	1,025,504
Project Boost Purchaser, LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	5.61%	06/01/2026		472	468,461
Superior Industries International, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)	6.11%	05/22/2024		2,174	2,092,528
Tenneco, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)	5.11%	10/01/2025		4,493	4,198,216
ThermaSys Corp.
Term Loan (3 mo. USD LIBOR + 6.00%) (Acquired 12/31/2018; Cost $167,192)(e)	8.33%	10/02/2023		167	152,144
Term Loan (3 mo. USD LIBOR + 6.00%)	8.33%	01/01/2024		914	830,591
TI Group Automotive Systems, L.L.C. (United Kingdom), Term Loan (1 mo. USD LIBOR + 2.50%)	4.61%	06/30/2022		369	366,949
Tower Automotive Holdings USA, LLC, Term Loan (1 mo. USD LIBOR + 2.75%)	5.00%	03/07/2024		472	472,780
Transtar Holding Co.
Delayed Draw Term Loan (e)(f)	0.00%	04/11/2022		158	157,647
First Lien Term Loan (2 mo. USD LIBOR + 4.25%) (Acquired 10/03/2012-06/13/2016; Cost $1,710,502)(e)	6.43%	04/11/2022		1,707	1,693,957
PIK Term Loan, 7.75% PIK Rate, 1.00% Cash Rate (e)(h)	7.75%	04/11/2022		603	602,920
Wand NewCo 3, Inc., Term Loan (1 mo. USD LIBOR + 3.50%)	5.71%	02/05/2026		663	666,206
Winter Park Intermediate, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)	6.86%	04/04/2025		1,181	1,172,473
					45,671,262
Beverage & Tobacco–0.57%
AI Aqua Merger Sub, Inc.
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	12/13/2023		2,488	2,377,529
First Lien Term Loan B-1 (1 mo. USD LIBOR + 3.25%)	5.36%	12/13/2023		2,679	2,566,410
Incremental Term Loan (1 mo. USD LIBOR + 4.25%)	6.37%	12/13/2023		291	285,341
					5,229,280
Building & Development–2.17%
American Builders & Contractors Supply Co., Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.00%)	4.11%	10/31/2023		1,258	1,249,017
Beacon Roofing Supply, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)	4.36%	01/02/2025		3	3,247
Capital Automotive L.P., Second Lien Term Loan B (1 mo. USD LIBOR + 6.00%)	8.12%	03/24/2025		1,554	1,563,722
DiversiTech Holdings, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)	9.83%	06/02/2025		74	72,300
Term Loan B-1 (3 mo. USD LIBOR + 3.00%)	5.33%	06/03/2024		740	723,131
Financiere Persea (Proxiserve) (France), Term Loan B (6 mo. EURIBOR + 3.75%)	3.75%	03/26/2026	EUR	961	1,061,475
Forterra Finance, LLC, Second Lien Term Loan (1 mo. USD LIBOR + 3.00%)	5.11%	10/25/2023		1,461	1,369,730
HD Supply, Inc., Term Loan B-5 (1 mo. USD LIBOR + 1.75%)	3.86%	10/17/2023		736	739,390
LSF10 Wolverine Investments S.C.A. (Luxembourg), Term Loan B (g)	—	07/04/2024	EUR	2,115	2,319,267
Quimper AB (Sweden)
First Lien Term Loan B-1 (2 mo. EURIBOR + 4.25%)	4.25%	02/15/2026	EUR	4,537	5,017,977
First Lien Term Loan B-2 (2 mo. EURIBOR + 4.25%)	4.25%	02/15/2026	EUR	220	242,964
Second Lien Term Loan (6 mo. EURIBOR + 8.25%) (Acquired 03/04/2019-05/07/2019; Cost $2,024,914)(e)	8.25%	02/13/2027	EUR	1,818	2,013,066
Re/Max, LLC, Term Loan (1 mo. USD LIBOR + 2.75%)	4.86%	12/15/2023		1,431	1,414,654

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

6	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Building & Development–(continued)
SRS Distribution, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	5.37%	05/23/2025		$         1	$          270
TAMKO Building Products, LLC, Term Loan (3 mo. USD LIBOR + 3.25%)	5.55%	05/29/2026		67	66,797
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%)	6.33%	07/24/2024		2,258	2,207,580
					20,064,587
Business Equipment & Services–11.74%
Allied Universal Holdco LLC, Delayed Draw Term Loan (f)	0.00%	06/27/2026		538	537,765
Alorica, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)	5.86%	06/30/2022		1,527	1,431,194
Altran Technologies (France), Term Loan B (3 mo. USD LIBOR + 2.50%)	4.89%	03/20/2025		616	617,312
Asurion LLC
Second Lien Term Loan B-2 (1 mo. USD LIBOR + 6.50%)	8.61%	08/04/2025		7,449	7,571,275
Term Loan B-4 (1 mo. USD LIBOR + 3.00%)	5.11%	08/04/2022		11	11,120
Term Loan B-6 (1 mo. USD LIBOR + 3.00%)	5.11%	11/03/2023		4,817	4,825,572
Term Loan B-7 (1 mo. USD LIBOR + 3.00%)	5.11%	11/03/2024		51	51,487
AVS Group GmbH (Germany), Term Loan B (g)	—	07/17/2026	EUR	1,116	1,235,858
Blackhawk Network Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)	9.25%	06/15/2026		607	609,222
Blucora, Inc., Term Loan (2 mo. USD LIBOR + 3.00%)	5.26%	05/22/2024		1,198	1,201,573
Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)	6.52%	06/21/2024		2,394	2,278,063
Brightview Landscapes, LLC, Term Loan (1 mo. USD LIBOR + 2.50%)	4.66%	08/15/2025		1,171	1,173,496
Camelia Bidco Ltd. (United Kingdom), Term Loan B-1 (3 mo. GBP LIBOR + 4.75%)	5.53%	10/14/2024	GBP	3,188	3,801,886
Cast & Crew Payroll, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)	6.12%	02/09/2026		122	122,655
Checkout Holding Corp.
PIK Term Loan, 9.50% PIK Rate, 3.18% Cash Rate (h)	9.50%	08/15/2023		551	261,707
Term Loan (1 mo. USD LIBOR + 7.50%)	9.68%	02/15/2023		434	360,182
CRCI Longhorn Holdings, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	5.71%	08/08/2025		161	156,948
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)(e)	9.46%	08/08/2026		86	85,487
Crossmark Holdings, Inc., Exit Term Loan (1 mo. USD LIBOR + 10.00%)	12.15%	07/26/2023		383	386,440
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.75%)	7.15%	02/06/2026		2,462	2,471,796
GI Revelation Acquisition LLC
First Lien Term Loan (1 mo. USD LIBOR + 5.00%)	7.11%	04/16/2025		1,240	1,214,846
Second Lien Term Loan (1 mo. USD LIBOR + 9.00%)	11.11%	04/16/2026		596	570,371
Global Payments, Inc.
Term Loan B-3 (1 mo. USD LIBOR + 1.75%)	3.86%	04/21/2023		38	37,629
Term Loan B-4 (1 mo. USD LIBOR + 1.75%)	3.86%	10/17/2025		749	749,695
GlobalLogic Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	08/01/2025		233	233,183
HNVR Holdco Ltd. (United Kingdom), Term Loan C (6 mo. EURIBOR + 4.50%)	4.50%	09/12/2025	EUR	937	1,034,236
Holding Socotec (France), Term Loan B-4 (g)	—	07/27/2024	EUR	2,308	2,544,226
I-Logic Technologies Bidco Ltd. (United Kingdom)
Term Loan (3 mo. USD LIBOR + 3.00%)	5.65%	12/20/2024		340	331,093
Term Loan (3 mo. EURIBOR + 3.00%)	4.00%	12/21/2024	EUR	1,567	1,733,194
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%) (Acquired 07/28/2017; Cost $5,551,424)(e)	5.51%	06/23/2024	GBP	4,254	5,176,384
Institutional Shareholder Services, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)(e)	6.83%	03/05/2026		1,795	1,776,845
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) (Acquired 03/04/2019; Cost $1,182,556)(e)	10.83%	03/05/2027		1,218	1,214,833
ION Trading Technologies S.a.r.l. (Ireland)
Term Loan (3 mo. EURIBOR + 3.25%)	4.25%	11/21/2024	EUR	5,475	5,929,693
Term Loan (6 mo. USD LIBOR + 4.00%)	6.65%	11/21/2024		970	935,356
Iron Mountain, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)	3.86%	01/02/2026		1,489	1,473,879
KAR Auction Services, Inc., Term Loan B-5 (3 mo. USD LIBOR + 2.50%)	4.88%	03/09/2023		440	440,048

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

7	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Business Equipment & Services–(continued)
Karman Buyer Corp.
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)	5.58%	07/23/2021		$ 2,938	$ 2,752,838
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.25%)	5.58%	07/23/2021		2,885	2,673,683
KBR, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)	5.86%	04/25/2025		3,155	3,174,765
Learning Care Group (US) No. 2, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.25%)	5.48%	03/13/2025		32	31,975
LegalZoom.com, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%)	6.61%	11/21/2024		1,172	1,180,478
Monitronics International, Inc.
Term Loan (1 mo. USD LIBOR + 5.00%) (Acquired 06/27/2019; Cost $2,904,166)	7.11%	07/01/2024		2,979	2,978,632
Term Loan B-2 (1 mo. USD LIBOR + 4.50%)	8.61%	09/30/2022		6,034	5,696,293
Refinitiv US Holdings, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)	5.86%	10/01/2025		8,323	8,373,090
Sector Alarm Holding A.S. (Norway), Term Loan B (3 mo. EURIBOR + 3.50%)	3.50%	06/04/2026	EUR	127	140,701
ServPro Borrower, LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	5.61%	03/26/2026		278	277,897
SMS Systems Maintenance Services, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.00%)	7.11%	10/30/2023		2,429	1,998,030
Spin Holdco, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.25%)	5.58%	11/14/2022		5,173	5,068,548
Techem Verwaltungsgesellschaft Gmbh (Germany), Term Loan B-3 (3 mo. EURIBOR + 3.50%)	3.50%	07/31/2025	EUR	1,263	1,397,546
Travelport Finance (Luxembourg) S.a.r.l. (Luxembourg), Term Loan (1 mo. USD LIBOR + 5.00%)	7.54%	03/20/2026		1,400	1,293,280
Ventia Deco LLC (Australia), Term Loan B (3 mo. USD LIBOR + 3.50%)(e)	5.85%	06/25/2026		1,641	1,642,833
Wash MultiFamily Acquisition, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	05/16/2022		994	978,643
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	05/16/2022		103	101,459
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)	9.11%	05/12/2023		133	130,161
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)	9.11%	05/14/2023		23	22,797
West Corp.
Term Loan B (1 mo. USD LIBOR + 4.00%)	6.11%	10/10/2024		3,294	2,958,967
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)	5.61%	10/10/2024		1,524	1,359,223
WEX, Inc., Term Loan B-3 (1 mo. USD LIBOR + 2.25%)	4.36%	05/17/2026		3,370	3,383,888
WowMidco SAS (France)
Term Loan B (g)	—	08/02/2026	EUR	4,065	4,486,218
Term Loan B (g)	—	08/08/2026	GBP	1,531	1,863,477
					108,551,971
Cable & Satellite Television–1.96%
Altice Financing S.A. (France)
Incremental Term Loan B-13 (1 mo. USD LIBOR + 4.00%)	6.20%	08/14/2026		2,761	2,742,354
Term Loan (1 mo. USD LIBOR + 2.75%)	4.95%	07/15/2025		476	462,628
Term Loan (1 mo. USD LIBOR + 2.75%)	4.95%	01/31/2026		1,487	1,440,429
Term Loan B-12 (1 mo. USD LIBOR + 3.69%)	5.88%	01/31/2026		4,242	4,177,426
Atlantic Broadband Finance, LLC, Term Loan B (1 mo. USD LIBOR + 2.25%)	4.36%	01/03/2025		2,763	2,756,506
Charter Communications Operating, LLC, Term Loan B (3 mo. USD LIBOR + 2.00%)	4.33%	04/30/2025		46	46,089
Ion Media Networks, Inc., Term Loan B-4 (1 mo. USD LIBOR + 3.00%)	5.12%	12/18/2024		1,416	1,415,531
Ziggo Secured Finance Partnership (Netherlands)
Term Loan E (1 mo. USD LIBOR + 2.50%)	4.70%	04/15/2025		4,390	4,366,885
Term Loan F (6 mo. EURIBOR + 3.00%)	3.00%	04/15/2025	EUR	620	682,947
					18,090,795
Chemicals & Plastics–3.86%
Alpha US Bidco, Inc. (United Kingdom), Term Loan B-1 (3 mo. USD LIBOR + 3.00%)	5.33%	01/31/2024		529	514,938
BCPE Max Dutch Bidco B.V. (Netherlands), Term Loan B (3 mo. EURIBOR + 4.75%)	4.75%	10/01/2025	EUR	1,328	1,466,085
Cabot Microelectronics Corp., Term Loan (1 mo. USD LIBOR + 2.25%)	4.38%	11/14/2025		1,308	1,312,401

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

8	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Chemicals & Plastics–(continued)
Charter NEX US, Inc.
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.50%)	5.61%	05/16/2024		$ 580	$ 580,687
First Lien Term Loan (1 mo. USD LIBOR + 3.00%)	5.11%	05/16/2024		113	111,727
Chemours Co. (The), Term Loan B-2 (1 mo. USD LIBOR + 1.75%)	3.87%	04/03/2025		93	90,596
Encapsys, LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	5.61%	11/07/2024		9	8,827
Ferro Corp.
Term Loan B-2 (3 mo. USD LIBOR + 2.25%)	4.58%	02/14/2024		170	169,529
Term Loan B-3 (3 mo. USD LIBOR + 2.25%)	4.58%	02/14/2024		166	165,922
H.B. Fuller Co., Term Loan (1 mo. USD LIBOR + 2.00%)	4.17%	10/20/2024		113	112,508
Hexion International Holdings B.V. (Netherlands)
Term Loan B (3 mo. EURIBOR + 4.00%)	4.00%	06/26/2026	EUR	1,636	1,799,321
Term Loan B (3 mo. USD LIBOR + 3.50%)(e)	5.82%	06/26/2026		650	650,098
Ignition Midco B.V. (Netherlands), Term Loan B (6 mo. EURIBOR + 4.00%)	4.00%	07/02/2025	EUR	4,440	4,917,903
Invictus US NewCo LLC
First Lien Term Loan (2 mo. USD LIBOR + 3.00%)	5.15%	03/28/2025		1,229	1,218,980
Second Lien Term Loan (2 mo. USD LIBOR + 6.75%)	8.90%	03/30/2026		598	595,757
KPEX Holdings, Inc.
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%) (Acquired 01/26/2018; Cost $228,669)	9.11%	01/31/2026		230	211,317
Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	01/31/2025		255	238,028
Messer Industries USA, Inc., Term Loan B-1 (3 mo. USD LIBOR + 2.50%)	4.83%	03/01/2026		6,316	6,285,411
Natgasoline LLC, Term Loan (3 mo. USD LIBOR + 3.50%)(e)	5.81%	11/14/2025		1,065	1,065,824
Oxea Corp. (Germany)
Term Loan B-1 (3 mo. EURIBOR + 3.75%)	3.75%	10/11/2024	EUR	1,779	1,956,992
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)	5.75%	10/14/2024		1,458	1,453,937
Perstorp Holding AB (Sweden)
Term Loan B (3 mo. EURIBOR + 4.75%)	4.75%	02/26/2026	EUR	902	951,445
Term Loan B (1 mo. USD LIBOR + 4.75%)	6.89%	02/27/2026		508	486,988
PQ Corp., Term Loan B-1 (3 mo. USD LIBOR + 2.50%)	4.76%	02/05/2025		170	170,224
Proampac PG Borrower LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	5.70%	11/20/2023		1,862	1,788,599
Starfruit US Holdco LLC (Netherlands), Term Loan (1 mo. USD LIBOR + 3.25%)	5.46%	10/01/2025		6,398	6,199,306
Tata Chemicals North America, Inc. (India), Term Loan (3 mo. USD LIBOR + 2.75%)	5.13%	08/07/2020		757	758,261
Trinseo Materials Finance, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)	4.11%	09/06/2024		3	3,126
Tronox Finance LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.75%)	4.95%	09/23/2024		391	388,449
Univar, Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.50%)	4.61%	07/01/2024		1	134
					35,673,320
Clothing & Textiles–1.06%
ABG Intermediate Holdings 2 LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	5.61%	09/27/2024		2,139	2,133,804
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)	9.87%	09/29/2025		1,676	1,683,850
International Textile Group, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.00%)	7.23%	05/01/2024		1,011	910,293
Kontoor Brands, Inc., Term Loan B (3 mo. USD LIBOR + 4.25%)	6.80%	05/17/2026		839	844,986
Mascot Bidco Oy (Finland), Term Loan B (6 mo. EURIBOR + 4.50%)	4.50%	03/20/2026	EUR	3,818	4,217,996
Tumi, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)	3.86%	04/25/2025		54	52,847
					9,843,776
Conglomerates–0.29%
CTC AcquiCo GmbH (Germany), Term Loan B-2 (3 mo. USD LIBOR + 3.00%)	4.87%	03/07/2025		17	16,316
Penn Engineering & Manufacturing Corp., Term Loan C (3 mo. EURIBOR + 2.50%)	3.50%	06/27/2024	EUR	6	6,737

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

9	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Conglomerates–(continued)
Safe Fleet Holdings LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.00%)	5.21%	02/03/2025		$ 2,021	$ 1,944,895
First Lien Term Loan B-1 (1 mo. USD LIBOR + 3.75%)	5.96%	02/03/2025		438	426,083
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)	8.96%	02/02/2026		297	289,962
					2,683,993
Containers & Glass Products–5.06%
Aenova Holding GmbH (Germany)
Term Loan B (3 mo. EURIBOR + 4.00%)	5.00%	08/07/2020	EUR	2,613	2,836,924
Term Loan B (3 mo. EURIBOR + 4.00%)	5.00%	09/29/2020	EUR	77	83,171
Term Loan B (3 mo. EURIBOR + 4.00%)	5.00%	09/29/2020	EUR	32	34,909
Term Loan B (3 mo. EURIBOR + 4.00%)	5.00%	09/29/2020	EUR	12	12,943
Berlin Packaging, LLC
Term Loan (1 mo. USD LIBOR + 3.00%)	5.22%	11/07/2025		770	755,391
Term Loan B-1 (3 mo. USD LIBOR + 3.00%)	5.33%	11/07/2025		1,089	1,065,015
Berry Global, Inc.
Term Loan T (1 mo. USD LIBOR + 2.00%)	4.20%	01/06/2021		69	69,181
Term Loan U (1 mo. USD LIBOR + 2.50%)	4.70%	07/01/2026		12,522	12,535,223
Term Loan V (1 mo. EURIBOR + 2.50%)	2.50%	05/17/2026	EUR	186	205,012
Consolidated Container Co. LLC
First Lien Term Loan (1 mo. USD LIBOR + 2.75%)	4.86%	05/22/2024		1,340	1,321,951
Incremental Term Loan (3 mo. USD LIBOR + 3.50%)	5.61%	06/26/2026		1,216	1,212,662
Duran Group (Germany)
Term Loan B-2 (3 mo. USD LIBOR + 4.00%) (Acquired 03/24/2017; Cost $3,576,343)(e)	6.34%	03/21/2024		3,605	3,533,178
Term Loan B-3 (3 mo. EURIBOR + 4.00%) (Acquired 12/13/2017; Cost $7,980,865)(e)	4.00%	03/21/2024	EUR	6,732	7,250,449
Flex Acquisition Co., Inc.
Incremental Term Loan B (3 mo. USD LIBOR + 3.25%)	5.57%	06/29/2025		5,037	4,814,895
Term Loan (3 mo. USD LIBOR + 3.25%)	5.32%	12/29/2023		40	38,330
Fort Dearborn Holding Co., Inc.
First Lien Term Loan (3 mo. USD LIBOR + 4.00%)	6.31%	10/19/2023		1,208	1,188,821
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)	10.81%	10/21/2024		231	219,774
Hoffmaster Group, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 4.00%)	6.33%	11/21/2023		1,906	1,895,258
Klockner Pentaplast of America, Inc. (Luxembourg), Term Loan (3 mo. EURIBOR + 4.75%)	4.75%	06/30/2022	EUR	5,184	5,087,416
Refresco Group, N.V. (Netherlands), Term Loan B-1 (3 mo. EURIBOR + 3.25%)	3.25%	03/28/2025	EUR	969	1,066,053
TricorBraun, Inc., Term Loan (2 mo. USD LIBOR + 3.75%)	6.02%	11/30/2023		1,325	1,295,337
Trident TPI Holdings, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.25%)	5.36%	10/17/2024		248	237,869
					46,759,762
Cosmetics & Toiletries–1.32%
Alphabet Holding Co., Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	5.61%	09/26/2024		3,652	3,409,332
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)	9.86%	09/26/2025		1,483	1,305,796
Anastasia Parent, LLC, Term Loan (1 mo. USD LIBOR + 3.75%)	5.86%	08/11/2025		569	446,285
Coty, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)	4.47%	04/05/2025		5,475	5,314,789
Rodenstock Holding GmbH (Germany), Term Loan B (3 mo. EURIBOR + 5.25%)	5.25%	06/05/2026	EUR	1,637	1,737,659
					12,213,861
Drugs–1.79%
Catalent Pharma Solutions, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.25%)	4.36%	05/17/2026		1,633	1,641,112
Endo LLC, Term Loan (1 mo. USD LIBOR + 4.25%)	6.37%	04/29/2024		4,729	4,332,059
Grifols Worldwide Operations USA, Inc. (Spain), Term Loan B (1 wk. USD LIBOR + 2.25%)	4.39%	01/31/2025		731	732,634

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

10	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Drugs–(continued)
Valeant Pharmaceuticals International, Inc. (Canada)
Incremental Term Loan (1 mo. USD LIBOR + 2.75%)	4.95%	11/27/2025		$ 4,737	$ 4,741,595
Term Loan (1 mo. USD LIBOR + 3.00%)	5.20%	06/02/2025		5,115	5,129,918
					16,577,318
Ecological Services & Equipment–0.75%
Advanced Disposal Services, Inc., Term Loan (1 wk. USD LIBOR + 2.25%)	4.39%	11/10/2023		197	197,809
EnergySolutions, LLC, Term Loan (3 mo. USD LIBOR + 3.75%)	6.08%	05/11/2025		1,125	1,067,280
GFL Environmental, Inc. (Canada), Incremental Term Loan (1 mo. USD LIBOR + 3.00%)	5.11%	05/30/2025		4,109	4,077,194
Patriot Container Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%) (Acquired 03/16/2018; Cost $467,218)(e)	9.86%	03/20/2026		476	454,180
Tunnel Hill Partners, L.P., Term Loan (1 mo. USD LIBOR + 3.50%)	5.61%	02/06/2026		575	572,443
US Ecology, Inc., Term Loan	4.79%	08/14/2026		563	566,402
					6,935,308
Electronics & Electrical–12.89%
Applied Systems, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)	9.33%	09/19/2025		86	87,011
Blackboard, Inc., Term Loan B-4 (3 mo. USD LIBOR + 5.00%)	7.30%	06/30/2021		6	5,892
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)	6.26%	04/18/2025		1,855	1,767,704
Canyon Valor Cos., Inc., First Lien Term Loan (3 mo. USD LIBOR + 2.75%)	5.08%	06/16/2023		3,291	3,274,488
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	04/06/2026		6,685	6,665,364
Diebold Nixdorf, Inc.
Term Loan A (1 mo. USD LIBOR + 4.75%)	7.00%	04/30/2022		554	547,526
Term Loan A-1 (1 mo. USD LIBOR + 9.25%)	11.38%	08/31/2022		3,146	3,335,245
Term Loan B (1 mo. EURIBOR + 3.00%)	3.00%	11/06/2023	EUR	4,397	4,562,428
Term Loan B (1 mo. USD LIBOR + 2.75%)	5.00%	11/06/2023		1,513	1,433,760
DigiCert Holdings, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)	6.11%	10/31/2024		109	108,855
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)	10.12%	10/31/2025		351	351,075
Energizer Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)	4.50%	12/17/2025		3,767	3,761,964
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (1 mo. USD LIBOR + 4.00%)	6.11%	05/06/2026		1,110	1,112,569
Everest Bidco S.A.S. (France), First Lien Term Loan B (3 mo. EURIBOR + 4.00%)	4.00%	07/04/2025	EUR	5,091	5,556,658
Finastra USA, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	5.70%	06/13/2024		2,707	2,617,196
Hyland Software, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	07/01/2024		915	912,928
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)	9.11%	07/07/2025		413	415,410
Imperva, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)	9.93%	01/11/2027		924	912,752
Marcel Bidco LLC
Term Loan B-1 (1 mo. USD LIBOR + 3.25%)	5.36%	03/11/2025		529	521,586
Term Loan B-2 (3 mo. EURIBOR + 3.50%)	3.50%	03/11/2025	EUR	1,005	1,100,900
Mavenir Systems, Inc., Term Loan (3 mo. USD LIBOR + 6.00%)	8.34%	05/08/2025		3,415	3,423,254
McAfee, LLC, Term Loan B-1 (3 mo. EURIBOR + 3.50%)	3.50%	09/30/2024	EUR	4,129	4,554,937
Mediaocean LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%)	6.37%	08/15/2022		1,900	1,912,011
Microchip Technology, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)	4.12%	05/29/2025		1,481	1,484,068
Mirion Technologies, Inc., Term Loan B-1 (3 mo. USD LIBOR + 4.00%)	6.33%	03/06/2026		36	36,466
MTS Systems, Term Loan B (1 mo. USD LIBOR + 3.25%)(e)	5.40%	07/05/2023		906	908,404
Natel Engineering Co., Inc., Term Loan (1 mo. USD LIBOR + 5.00%)	7.12%	04/29/2026		2,536	2,541,973
NCR Corp.
Delayed Draw Term Loan (g)	—	08/08/2026		1,325	1,324,125
Term Loan (g)	—	08/28/2026		1,514	1,513,286

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

11	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Electronics & Electrical–(continued)
Neustar, Inc.
Term Loan B-4 (1 mo. USD LIBOR + 3.50%)	5.61%	08/08/2024		$ 1,896	$ 1,843,759
Term Loan B-5 (1 mo. USD LIBOR + 4.50%)	6.61%	08/08/2024		1,107	1,088,450
Oberthur Technologies of America Corp. (France), Term Loan B (3 mo. EURIBOR + 3.75%)	3.75%	01/10/2024	EUR	5,975	6,467,422
OEConnection LLC
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)(e)	6.12%	11/22/2024		936	936,235
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 11/22/2017; Cost $222,163)(e)	10.12%	11/22/2025		224	225,958
Optiv, Inc.
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)	9.36%	01/31/2025		632	418,717
Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	02/01/2024		2,991	2,482,425
Plantronics, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)	4.61%	07/02/2025		4,105	4,094,424
Project Accelerate Parent, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%)(e)	6.45%	01/02/2025		1,991	1,986,026
Project Leopard Holdings, Inc.
Incremental Term Loan (6 mo. USD LIBOR + 4.25%)	6.45%	07/07/2023		1,273	1,270,888
Term Loan (6 mo. USD LIBOR + 4.50%)	6.70%	07/07/2023		1,711	1,714,553
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)	6.51%	05/16/2025		6,356	6,207,554
Renaissance Holding Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)	9.11%	05/29/2026		395	379,784
Resideo Funding, Inc, Term Loan B (3 mo. USD LIBOR + 2.00%)	4.33%	10/25/2025		519	520,241
Riverbed Technology, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	5.37%	04/24/2022		6,276	5,278,111
Sandvine Corp.
First Lien Term Loan (1 mo. USD LIBOR + 4.50%)(e)	6.61%	10/31/2025		2,067	2,061,476
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)(e)	10.11%	11/02/2026		302	297,525
Science Applications International Corp., Term Loan B (1 mo. USD LIBOR + 1.75%)	3.86%	10/31/2025		1,606	1,603,345
SonicWall U.S. Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.50%)(e)	5.64%	05/16/2025		277	258,663
SS&C Technologies, Inc.
Term Loan B-3 (1 mo. USD LIBOR + 2.25%)	4.36%	04/16/2025		2,695	2,701,603
Term Loan B-4 (1 mo. USD LIBOR + 2.25%)	4.36%	04/16/2025		1,821	1,825,601
Term Loan B-5 (1 mo. USD LIBOR + 2.25%)	4.36%	04/16/2025		4,558	4,565,663
Sybil Software LLC
Term Loan (3 mo. USD LIBOR + 2.25%)	4.58%	09/29/2023		1,768	1,775,585
Term Loan (3 mo. EURIBOR + 2.50%)	2.50%	09/30/2023	EUR	39	43,354
TTM Technologies, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)	4.73%	09/28/2024		3,661	3,659,653
Ultimate Software Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.75%)	6.08%	05/04/2026		4,674	4,691,194
Veritas US, Inc., Term Loan (3 mo. EURIBOR + 4.50%)	5.50%	01/27/2023	EUR	2,159	2,290,235
Western Digital Corp., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)	3.86%	04/29/2023		42	42,326
Xperi Corp., Term Loan B-1 (1 mo. USD LIBOR + 2.50%)	4.61%	12/01/2023		1,717	1,699,810
					119,180,415
Equipment Leasing–0.23%
Irel AcquiCo. GmbH (Germany), Term Loan B-1 (g)	—	05/29/2026	EUR	1,730	1,920,676
United Rentals (North America), Inc., Term Loan (1 mo. USD LIBOR + 1.75%)	3.86%	10/31/2025		203	203,953
					2,124,629
Financial Intermediaries–2.08%
Evergood 4 APS (Denmark)
Second Lien Term Loan (3 mo. EURIBOR + 7.00%)	8.00%	02/06/2027	EUR	4,631	5,076,975
Term Loan B-1E (2 mo. EURIBOR + 3.25%)(f)	3.00%	02/06/2025	EUR	1,559	1,715,059
Term Loan B-2 (3 mo. EURIBOR + 3.75%)	3.75%	02/06/2025	EUR	1,623	1,791,862
Term Loan B-2 (e)	3.75%	02/06/2025		523	577,907
GEO Group, Inc. (The), Term Loan (1 mo. USD LIBOR + 2.00%)	4.12%	03/22/2024		111	103,720
MoneyGram International, Inc., Term Loan (3 mo. USD LIBOR + 6.00%)	8.33%	05/31/2023		3,449	3,352,457
SGG Holdings S.A. (Luxembourg), Term Loan B (6 mo. EURIBOR + 3.75%)	3.75%	07/11/2025	EUR	4,794	5,176,322

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

12	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Financial Intermediaries–(continued)
Stiphout Finance LLC
Second Lien Term Loan (1 mo. EURIBOR + 7.25%)	7.25%	10/26/2023	EUR	1,303	$ 1,425,374
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)	9.36%	10/26/2023		$ 26	24,889
					19,244,565
Food & Drug Retailers–0.03%
Albertsons Co., Inc., Term Loan B-8 (1 mo. USD LIBOR + 2.75%)	4.86%	08/17/2026		280	281,640
Food Products–3.14%
8th Avenue Food & Provisions, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)	5.96%	10/01/2025		4	4,487
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)	9.97%	10/01/2026		614	609,513
CHG PPC Parent LLC
Term Loan (1 mo. USD LIBOR + 2.75%)	4.86%	03/31/2025		471	468,016
Term Loan B (1 mo. EURIBOR + 4.00%)	4.00%	03/31/2025	EUR	740	821,093
CSM Bakery Supplies LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.00%)	6.29%	07/03/2020		2,539	2,437,504
H-Food Holdings, LLC
Incremental Term Loan B-2 (1 mo. USD LIBOR + 4.00%)	6.11%	05/23/2025		147	143,289
Term Loan (1 mo. USD LIBOR + 3.69%)	5.80%	05/23/2025		3,481	3,394,320
Jacobs Douwe Egberts International B.V. (Netherlands), Term Loan B (1 mo. USD LIBOR + 2.00%)	4.25%	11/01/2025		450	451,120
JBS USA Lux S.A., Term Loan B (1 mo. USD LIBOR + 2.50%)	4.61%	05/01/2026		7,148	7,171,564
Manna Pro Products, LLC
Delayed Draw Loan (Acquired 05/30/2019; Cost $479,208)(e)(g)	—	12/08/2023		484	478,961
Incremental Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 05/30/2019; Cost $1,620,744)(e)	8.15%	12/08/2023		1,636	1,620,028
Mastronardi Produce-USA, Inc. (Canada), Term Loan B (1 mo. USD LIBOR + 3.25%) (Acquired 04/19/2018; Cost $781,832)	5.36%	05/01/2025		783	783,479
Nomad Foods US LLC (United Kingdom), Term Loan B-4 (1 mo. USD LIBOR + 2.25%)	4.45%	05/15/2024		175	174,548
Post Holdings, Inc., Series A, Incremental Term Loan (1 mo. USD LIBOR + 2.00%)	4.15%	05/24/2024		825	826,589
Shearer’s Foods, LLC
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)	6.36%	06/30/2021		1,577	1,577,750
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)	8.86%	06/30/2022		237	235,696
United Natural Foods, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)	6.36%	10/22/2025		9,446	7,847,702
					29,045,659
Food Service–2.27%
Carlisle FoodService Products, Inc.
Delayed Draw Term Loan (g)	—	03/20/2025		77	73,043
Term Loan (1 mo. USD LIBOR + 3.00%)	5.11%	03/20/2025		757	722,199
EG Finco Ltd. (Netherlands)
Term Loan (3 mo. USD LIBOR + 4.00%)	6.33%	02/06/2025		902	891,044
Term Loan B (3 mo. USD LIBOR + 4.00%)	6.33%	02/06/2025		674	666,482
Term Loan B (3 mo. EURIBOR + 4.00%)	4.00%	02/07/2025	EUR	4,025	4,334,384
Houston Foods, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)	5.86%	07/20/2025		1,936	1,838,949
IRB Holding Corp., Term Loan B (3 mo. USD LIBOR + 3.25%)	5.55%	02/05/2025		183	182,301
New Red Finance, Inc. (Canada), Term Loan B-3 (1 mo. USD LIBOR + 2.25%)	4.36%	02/16/2024		2,855	2,854,908
NPC International, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	5.70%	04/19/2024		1,447	1,055,955
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)	9.82%	04/18/2025		344	142,297
Restaurant Technologies, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.50%)	8.61%	10/01/2026		665	665,974
Tacala Investment Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)	9.12%	02/01/2026		273	273,743

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

13	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Food Service–(continued)
US Foods, Inc.
Incremental Term Loan B (g)	—	08/15/2026		$ 5,030	$ 5,046,292
Term Loan (1 mo. USD LIBOR + 2.00%)	4.11%	06/27/2023		2,281	2,286,170
					21,033,741
Forest Products–0.00%
American Greetings Corp., Term Loan (1 mo. USD LIBOR + 4.50%)	6.61%	04/06/2024		20	20,185
Health Care–10.24%
Acadia Healthcare Co., Inc.
Term Loan B-3 (1 mo. USD LIBOR + 2.50%)	4.61%	02/11/2022		932	933,841
Term Loan B-4 (1 mo. USD LIBOR + 2.50%)	4.61%	02/16/2023		1,824	1,827,867
Argon Medical Devices Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 11/03/2017; Cost $117,129)	10.11%	01/23/2026		118	116,378
athenahealth, Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.50%)	6.68%	02/11/2026		3,468	3,458,163
Biogroup-LCD (France)
Term Loan B-4	3.89%	06/30/2024	EUR	2,414	2,671,116
Term Loan B (3 mo. EURIBOR + 3.75%)(e)	3.75%	06/14/2025	EUR	1,244	1,370,594
BVI Medical, Inc., Term Loan (3 mo. EURIBOR + 4.25%)	4.25%	03/02/2026	EUR	956	1,064,075
Cheplapharm Arzneimittel GmbH (Germany), Term Loan B-3 (3 mo. EURIBOR + 4.00%)	4.00%	07/20/2025	EUR	1,026	1,141,776
Convatec, Inc. (United Kingdom), Term Loan B (3 mo. USD LIBOR + 2.25%)	4.58%	10/31/2023		277	276,917
Curium BidCo S.a.r.l. (Luxembourg), Term Loan B (3 mo. USD LIBOR + 4.00%)	6.22%	06/27/2026		965	968,910
Dentalcorp Perfect Smile ULC (Canada), Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)	9.61%	06/08/2026		1,060	1,049,668
Financiere Mendel (France), Term Loan B (3 mo. EURIBOR + 4.75%)	4.75%	04/12/2026	EUR	10,736	11,908,504
Greatbatch, Ltd., Term Loan B (1 mo. USD LIBOR + 3.00%)	5.22%	10/27/2022		201	202,641
HC Group Holdings III, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)	6.61%	08/15/2026		2,007	2,004,486
IWH UK Midco Ltd. (United Kingdom), Term Loan B (3 mo. EURIBOR + 4.00%)	4.00%	01/31/2025	EUR	7,484	8,235,019
Kinetic Concepts, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)	5.58%	02/03/2024		2,320	2,326,083
MED ParentCo., L.P.
First Lien Term Loan (g)	—	08/02/2026		1,566	1,553,061
Second Lien Term Loan (g)	—	08/02/2027		647	649,952
Nemera (Financiere N BidCo) (France), Term Loan B (6 mo. EURIBOR + 4.00%)	4.00%	01/22/2026	EUR	2,133	2,329,870
Nidda Healthcare Holding AG (Germany)
Term Loan C (3 mo. GBP LIBOR + 4.50%)	5.27%	08/21/2024	GBP	1,185	1,448,525
Term Loan D (3 mo. EURIBOR+ 4.00%)	4.00%	08/21/2024	EUR	6,150	6,819,993
Ortho-Clinical Diagnostics, Inc. (Luxembourg), Term Loan (3 mo. USD LIBOR + 3.25%)	5.56%	06/30/2025		3,340	3,159,646
Prophylaxis B.V. (Netherlands), Term Loan B (6 mo. EURIBOR + 4.00%) (Acquired 05/23/2018; Cost $6,561,379)	4.00%	06/05/2025	EUR	4,277	4,183,177
Sunshine Luxembourg VII S.a.r.l. (Luxembourg)
Term Loan (g)	—	07/17/2026	EUR	3,386	3,740,383
Term Loan (3 mo. USD LIBOR + 4.25%)(g)	—	07/23/2026		4,301	4,306,228
Surgery Center Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	5.37%	09/02/2024		8	7,721
Synlab Bondco PLC (United Kingdom), First Lien Term Loan (g)	—	07/01/2026	EUR	6,541	7,219,447
Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)	4.86%	02/06/2024		1,836	1,484,506
Terveys-ja hoivapalvelut Suomi Oy (Finland)
First Lien Term Loan B (3 mo. EURIBOR + 4.25%)	4.25%	08/11/2025	EUR	2,657	2,950,839
Second Lien Term Loan (3 mo. EURIBOR + 7.50%)	7.50%	07/19/2026	EUR	5,109	5,636,393
Unilabs Diagnostics AB (Sweden), Revolver Loan (e)(f)	0.00%	04/01/2021	EUR	6,439	7,027,677
WP CityMD Bidco LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.50%)	6.71%	08/13/2026		2,682	2,658,422
					94,731,878
Home Furnishings–1.76%
Comfort Holding, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.75%)	6.86%	02/05/2024		1,303	1,293,335
Global Appliance, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)	6.12%	09/29/2024		1,532	1,527,325

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

14	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Home Furnishings–(continued)
Hayward Industries, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	5.61%	08/05/2024		$       999	$       963,066
Hilding Anders AB (Sweden)
PIK Term Loan (Acquired 06/17/2014-11/23/2017; Cost $3,260,626)(e)(i)(j)	0.00%	06/30/2020	EUR	4,847	53,273
Term Loan B (3 mo. EURIBOR + 4.50%)	4.50%	11/29/2024	EUR	8,867	7,507,474
Lifetime Brands, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)	5.61%	02/28/2025		704	682,513
PGT Innovations Inc., Term Loan (3 mo. USD LIBOR + 3.50%)	5.69%	02/16/2022		74	73,882
Serta Simmons Bedding, LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	5.70%	11/08/2023		2,706	1,817,571
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)	10.18%	11/08/2024		419	189,542
TGP Holdings III, LLC
First Lien Term Loan (3 mo. USD LIBOR + 4.25%)	6.58%	09/25/2024		1,790	1,696,446
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)	10.83%	09/25/2025		526	494,143
					16,298,570
Industrial Equipment–2.24%
ACTA B.V. (Kiwa) (Netherlands), Term Loan B (3 mo. EURIBOR + 4.00%)	4.00%	12/05/2025	EUR	3,077	3,419,973
Airxcel, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%)	6.61%	04/28/2025		384	371,302
Clark Equipment Co. (South Korea), Term Loan B (3 mo. USD LIBOR + 2.00%)	4.33%	05/18/2024		1,365	1,365,870
Crosby US Acquisition Corp., Term Loan B (1 mo. USD LIBOR + 4.75%)	6.92%	06/20/2026		1,093	1,078,271
Delachaux Group S.A. (France)
Term Loan B-1 (3 mo. EURIBOR + 3.75%)	3.75%	04/16/2026	EUR	2,836	3,135,156
Term Loan B-2 (3 mo. USD LIBOR + 4.50%)	6.82%	04/16/2026		466	464,774
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)	6.86%	08/29/2023		744	749,082
Engineered Machinery Holdings, Inc.
First Lien Incremental Term Loan (3 mo. USD LIBOR + 4.25%)	6.58%	07/19/2024		708	707,967
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)	5.58%	07/19/2024		2,115	2,052,345
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)	9.58%	07/18/2025		1,317	1,304,073
Gardner Denver, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.75%)	4.86%	07/30/2024		1,268	1,272,632
Hamilton Holdco LLC (Australia), Term Loan (3 mo. USD LIBOR + 2.00%)(e)	4.33%	07/02/2025		254	254,091
MX Holdings US, Inc., Term Loan B-1C (1 mo. USD LIBOR + 3.00%)	5.11%	07/31/2025		331	331,743
New VAC US LLC (Germany), Term Loan B (3 mo. USD LIBOR + 4.00%)(e)	6.33%	03/08/2025		667	664,090
North American Lifting Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.50%)	6.83%	11/27/2020		2,204	2,055,544
Robertshaw US Holding Corp.
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)	5.38%	02/28/2025		434	407,488
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)	10.13%	02/28/2026		613	538,443
Terex Corp., Term Loan (1 mo. USD LIBOR + 2.75%)	4.86%	01/31/2024		525	527,053
					20,699,897
Insurance–0.34%
Andromeda Investissements S.A. (France), Term Loan B-1 (g)	—	04/26/2026	EUR	2,040	2,269,395
FrontDoor, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)	4.62%	08/16/2025		376	377,435
Sedgwick Claims Management Services, Inc., First Lien Term Loan	6.10%	08/08/2026		485	484,133
					3,130,963
Leisure Goods, Activities & Movies–4.22%
Alpha Topco Ltd. (United Kingdom), Term Loan B (1 mo. USD LIBOR + 2.50%)	4.61%	02/01/2024		10,210	10,029,495
Ancestry.com Operations, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)	5.87%	10/19/2023		3,499	3,489,557
Callaway Golf Co., Term Loan (1 mo. USD LIBOR + 4.50%)	6.71%	01/04/2026		618	626,704
CWGS Group, LLC, Term Loan (1 mo. USD LIBOR + 2.75%)	4.98%	11/08/2023		1,825	1,582,178
Dorna Sports, S.L. (Spain), Term Loan B-2 (6 mo. USD LIBOR + 3.00%)	5.20%	04/12/2024		1,323	1,292,030
Fitness International, LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)	5.36%	04/18/2025		1,751	1,752,319
International Park Holdings B.V. (Netherlands), Term Loan B (6 mo. EURIBOR + 3.50%)	3.50%	06/13/2024	EUR	1,063	1,162,613

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

15	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Leisure Goods, Activities & Movies–(continued)
Invictus Media S.L.U. (Spain)
Term Loan A-1 (g)	—	06/28/2024	EUR	1,296	$ 1,428,248
Term Loan A-2 (g)	—	06/28/2024	EUR	2,804	3,089,412
Term Loan B-1 (6 mo. EURIBOR + 4.50%)	4.50%	06/26/2025	EUR	1,546	1,708,015
Term Loan B-2 (6 mo. EURIBOR + 4.50%)	4.50%	06/26/2025	EUR	927	1,023,881
Lakeland Tours, LLC, Term Loan (3 mo. USD LIBOR + 4.00%)	6.15%	12/16/2024		$     1,097	1,102,488
Orbiter International S.a.r.l. (Luxembourg), Term Loan B-2 (3 mo. CHF LIBOR + 4.00%) (Acquired 07/07/2017; Cost $3,282,490)(e)	4.00%	07/11/2024	CHF	3,177	3,186,247
Shutterfly, Inc.
Incremental Term Loan (1 mo. USD LIBOR + 2.50%)	4.87%	08/17/2024		1,282	1,282,644
Term Loan B (1 mo. USD LIBOR + 2.50%)	4.69%	08/19/2024		789	789,038
SRAM, LLC, Delayed Draw Term Loan (e)(f)	0.00%	03/15/2024		746	746,715
SSH Group Holdings, Inc.
First Lien Term Loan (2 mo. USD LIBOR + 4.25%)	6.51%	07/30/2025		241	239,072
Second Lien Term Loan (2 mo. USD LIBOR + 8.25%)	10.51%	07/30/2026		264	264,817
UFC Holdings, LLC, Term Loan (1 mo. USD LIBOR + 3.25%)	5.37%	04/29/2026		170	169,809
Vue International Bidco PLC (United Kingdom)
Delayed Draw Term Loan (f)	0.00%	06/21/2026	EUR	1,224	1,354,935
Term Loan B-1 (3 mo. EURIBOR + 4.75%)	4.75%	06/21/2026	EUR	2,453	2,715,995
					39,036,212
Lodging & Casinos–4.96%
AMCP Clean Acquisition Co., LLC
Delayed Draw Term Loan (3 mo. USD LIBOR + 4.25%)	6.58%	06/16/2025		159	157,995
Term Loan (3 mo. USD LIBOR + 4.25%)	6.58%	06/16/2025		658	653,007
Aristocrat Technologies, Inc. (Australia), Term Loan B-3 (3 mo. USD LIBOR + 1.75%)	4.03%	10/19/2024		435	436,371
B&B Hotels SAS (France)
Second Lien Term Loan B (g)	—	07/10/2027	EUR	1,512	1,657,044
Term Loan B-1A (3 mo. EURIBOR + 4.75%)	4.75%	07/10/2026	EUR	4,742	5,269,762
Caesars Entertainment Operating Co., LLC, Term Loan B (3 mo. USD LIBOR + 2.00%)	4.11%	10/06/2024		362	362,078
Caesars Resort Collection, LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)	4.86%	12/23/2024		10,734	10,592,202
CityCenter Holdings, LLC, Term Loan B (1 mo. USD LIBOR + 2.25%)	4.36%	04/18/2024		1,550	1,552,291
ESH Hospitality, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)	4.11%	08/30/2023		168	168,308
Four Seasons Hotels Ltd. (Canada), First Lien Term Loan (1 mo USD LIBOR + 2.00%)	4.11%	11/30/2023		711	712,783
Hilton Worldwide Finance, LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%)	3.90%	06/22/2026		2,075	2,082,787
Markermeer Finance B.V. (Netherlands), Term Loan B-3 (g)	—	12/22/2024	EUR	2,398	2,644,450
MGM Growth Properties Operating Partnership L.P., Term Loan B (1 mo. USD LIBOR + 2.00%)	4.11%	03/24/2025		220	220,715
PCI Gaming Authority, Term Loan B (1 mo. USD LIBOR + 3.00%)	5.12%	05/15/2026		1,774	1,785,365
Penn National Gaming, Inc., Incremental Term Loan B-1 (1 mo. USD LIBOR + 2.25%)	4.36%	10/15/2025		1,358	1,364,018
Scientific Games International, Inc., Term Loan B-5 (2 mo. USD LIBOR + 2.75%)	4.89%	08/14/2024		751	742,826
Stars Group (US) Co-Borrower, LLC (Canada), Term Loan (3 mo. USD LIBOR + 3.50%)	5.83%	07/10/2025		3,099	3,111,914
Tackle Group S.a.r.l. (Luxembourg)
Revolver Loan (e)(f)	0.00%	06/08/2022	EUR	741	808,021
Term Loan B (g)	—	08/02/2024	EUR	8,459	9,310,844
Twin River Management Group, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)	4.86%	05/10/2026		1,328	1,329,237
VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)	4.17%	12/20/2024		860	862,420
Wyndham Hotels & Resorts, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)	3.86%	05/30/2025		80	80,602
					45,905,040
Nonferrous Metals & Minerals–1.04%
American Rock Salt Co. LLC, Term Loan (1 mo. USD LIBOR + 3.75%)	5.86%	03/21/2025		1,120	1,119,459
Covia Holdings Corp., Term Loan (3 mo. USD LIBOR + 4.00%)	6.31%	06/01/2025		3,223	2,672,397

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

16	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Nonferrous Metals & Minerals–(continued)
Form Technologies LLC
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.25%)(e)	5.58%	01/28/2022		$ 2,958	$ 2,847,483
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)	10.83%	01/30/2023		547	535,435
U.S. Silica Co., Term Loan (1 mo. USD LIBOR + 4.00%)	6.13%	05/01/2025		1,144	1,079,358
US Salt, LLC, Term Loan (1 mo. USD LIBOR + 4.75%)(e)	6.86%	01/16/2026		1,357	1,362,291
					9,616,423
Oil & Gas–7.04%
BCP Raptor, LLC, Term Loan (1 mo. USD LIBOR + 4.25%)	6.36%	06/24/2024		1,411	1,292,353
Blackstone CQP Holdco, Term Loan (3 mo. USD LIBOR + 3.50%)	5.89%	09/30/2024		8,995	9,008,634
Brazos Delaware II, LLC, Term Loan (1 mo. USD LIBOR + 4.00%)	6.17%	05/21/2025		1,955	1,765,772
California Resources Corp.
Term Loan (1 mo. USD LIBOR + 10.38%)	12.49%	12/31/2021		2,360	2,106,421
Term Loan (1 mo. USD LIBOR + 4.75%)	6.87%	12/31/2022		2,802	2,562,417
Centurion Pipeline Co., LLC, Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	09/29/2025		837	837,530
Crestwood Holdings LLC, Term Loan (1 mo. USD LIBOR + 7.50%)	9.71%	03/06/2023		3,243	3,115,021
Delek US Holdings, Inc., Term Loan (3 mo. USD LIBOR + 2.25%)	4.58%	03/31/2025		4,011	3,996,531
Encino Acquisition Partners Holdings, LLC, Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)(e)	8.86%	10/29/2025		1,978	1,483,813
Fieldwood Energy LLC
First Lien Term Loan (3 mo. USD LIBOR + 5.25%)	7.51%	04/11/2022		4,543	4,026,339
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)	9.51%	04/11/2023		4,939	3,792,473
Glass Mountain Pipeline Holdings, LLC, Term Loan (3 mo. USD LIBOR + 4.50%)	7.12%	12/23/2024		1,350	1,305,903
Gulf Finance, LLC, Term Loan B (1 mo. USD LIBOR + 5.25%)	7.52%	08/25/2023		1,683	1,335,631
HGIM Corp., Term Loan (3 mo. USD LIBOR + 6.00%)	8.03%	07/02/2023		1,503	1,364,412
Lucid Energy Group II Borrower, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)	5.11%	02/17/2025		1,432	1,327,678
McDermott Technology (Americas), Inc., Term Loan B (1 mo. USD LIBOR + 5.00%)	7.11%	05/12/2025		5,963	5,490,071
Moda Ingleside Energy Center LLC, Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	09/29/2025		431	431,540
Navitas Midstream Midland Basin, LLC, Term Loan (1 mo. USD LIBOR + 4.50%)	6.61%	12/13/2024		2,397	2,254,489
Osum Production Corp. (Canada), Term Loan (3 mo. USD LIBOR + 9.50%)(e)	11.83%	06/27/2022		2,478	2,279,735
Paragon Offshore Finance Co., Term Loan (Acquired 07/11/2014; Cost $9,290)(e)(i)(j)	0.00%	07/16/2021		9	0
Petroleum GEO-Services ASA (Norway), Term Loan (3 mo. USD LIBOR + 2.50%)	4.83%	03/19/2021		4,421	4,193,820
Prairie ECI Acquiror L.P., Term Loan B (3 mo. USD LIBOR + 4.75%)	7.08%	03/11/2026		2,158	2,114,050
Seadrill Operating L.P. (United Kingdom), Term Loan (3 mo. USD LIBOR + 6.00%)	8.33%	02/21/2021		12,827	7,651,255
Southcross Energy Partners, L.P.
DIP Term Loan (3 mo. Prime Rate + 5.25%)	10.50%	10/01/2019		286	277,685
PIK Term Loan (i)(j)	0.00%	08/04/2021		750	561,274
Tribune Resources, Inc., Term Loan (1 mo. USD LIBOR + 6.50%)(e)	8.69%	03/30/2023		524	508,000
					65,082,847
Publishing–1.70%
Adtalem Global Education, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)	5.11%	04/11/2025		897	900,984
Ascend Learning, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)	5.11%	07/12/2024		184	182,432
Cengage Learning, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)	6.37%	06/07/2023		4,096	3,936,402
Clear Channel Outdoor Holdings, Inc., Term Loan B (g)	—	08/15/2026		6,956	6,960,430
Merrill Communications LLC, Term Loan (3 mo. USD LIBOR + 5.25%)	7.51%	06/01/2022		735	738,388
ProQuest LLC, Term Loan (1 mo. USD LIBOR + 3.25%)	5.36%	10/24/2021		1,071	1,072,441
Southern Graphics, Inc., First Lien Term Loan (2 mo. USD LIBOR + 3.25%)	5.38%	12/31/2022		2,067	1,673,461
Tribune Media Co., Term Loan C (1 mo. USD LIBOR + 3.00%)	5.11%	01/27/2024		224	223,674
					15,688,212

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

17	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Radio & Television–2.51%
Diamond Sports Group LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)	5.39%	08/24/2026		$     3,592	$     3,600,175
Gray Television, Inc., Term Loan C (3 mo. USD LIBOR + 2.50%)	4.83%	01/02/2026		2,977	2,982,303
iHeartCommunications, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)	6.23%	05/01/2026		2,379	2,390,051
Mission Broadcasting, Inc., Term Loan B-3 (1 mo. USD LIBOR + 2.25%)	4.48%	01/17/2024		160	159,521
Nexstar Broadcasting, Inc.
Term Loan B-3 (1 mo. USD LIBOR + 2.25%)	4.37%	01/17/2024		803	800,782
Term Loan B-4 (3 mo. USD LIBOR + 2.75%)	4.89%	06/20/2026		10,535	10,553,936
Sinclair Television Group, Inc., Term Loan B-2b (1 mo. USD LIBOR + 2.50%)	4.54%	09/30/2026		2,741	2,743,363
					23,230,131
Retailers (except Food & Drug)–1.73%
Bass Pro Group, LLC, Term Loan (1 mo. USD LIBOR + 5.00%)	7.11%	09/25/2024		4,050	3,862,958
Claire’s Stores, Inc., First Lien Term Loan (6 mo. USD LIBOR + 7.25%)	9.94%	09/15/2038		66	122,765
Fossil Group, Inc., Term Loan (1 mo. USD LIBOR + 8.00%)	10.09%	12/31/2020		341	341,682
Fullbeauty Brands Holdings Corp.
Term Loan (3 mo. USD LIBOR + 10.00%) (Acquired 02/07/2019; Cost $254,177)(e)	12.47%	02/07/2022		254	247,822
Term Loan B-1 (3 mo. USD LIBOR + 8.50%)	11.47%	02/07/2024		386	370,996
Term Loan B-2	10.77%	02/07/2022		16	15,818
Party City Holdings Inc., Term Loan (1 mo. USD LIBOR + 2.50%)	4.62%	08/19/2022		822	813,665
Payless, Inc.
Term Loan A-1 (j)	0.00%	02/10/2022		834	437,934
Term Loan A-2 (j)	0.00%	08/10/2022		1,566	555,852
Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)	5.50%	01/26/2023		5,871	4,236,954
Vivarte (France), PIK Term Loan, 7.00% PIK Rate, 4.00% Cash Rate (h)	7.00%	10/29/2019	EUR	5,850	2,491,239
Watson BidCo B.V. (Netherlands), Term Loan B (6 mo. EURIBOR + 3.50%)	3.50%	05/20/2024	EUR	3,671	2,460,843
					15,958,528
Surface Transport–2.24%
Commercial Barge Line Co., First Lien Term Loan (1 mo. USD LIBOR + 8.75%)	10.87%	11/12/2020		3,875	2,325,074
Kenan Advantage Group, Inc. (The)
Term Loan (1 mo. USD LIBOR + 3.00%)	5.11%	07/29/2022		124	120,439
Term Loan (1 mo. USD LIBOR + 3.00%)	5.11%	07/29/2022		3,080	2,979,707
Odyssey Logistics & Technology Corp., First Lien Term Loan (1 mo. USD LIBOR + 4.00%)	6.11%	10/12/2024		18	17,601
U.S. Shipping Corp., Term Loan B-2 (1 mo. USD LIBOR + 4.25%)	6.36%	06/26/2021		1,892	1,803,103
XPO Logistics, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.50%)	4.68%	02/24/2025		1,651	1,660,413
Zeus Bidco Ltd. (United Kingdom), Term Loan (3 mo. GBP LIBOR + 7.25%) (Acquired 03/24/2017; Cost $12,733,691)(e)	8.03%	03/29/2024	GBP	10,325	11,778,526
					20,684,863
Telecommunications–9.19%
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)	4.86%	01/31/2025		8,720	8,609,261
Colorado Buyer, Inc.
First Lien Incremental Term Loan (1 mo. USD LIBOR + 4.00%)	6.21%	05/01/2024		7,057	6,836,693
Term Loan (1 mo. USD LIBOR + 3.00%)	5.21%	05/01/2024		309	290,115
Consolidated Communications, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)	5.12%	10/05/2023		6,699	6,433,304
Eircom Finco S.a.r.l. (Ireland), Term Loan B-2 (1 mo. EURIBOR + 3.00%)	3.00%	04/26/2026	EUR	982	1,081,982
Frontier Communications Corp., Term Loan B-1 (1 mo. USD LIBOR + 3.75%)	5.87%	06/15/2024		419	415,602
GCI Holdings, Term Loan B (g)	—	02/02/2022		1,157	1,139,983
Hargray Communications Group, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)	5.11%	05/16/2024		259	257,354
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B-5 (2 mo. USD LIBOR + 6.63%)	6.62%	01/02/2024		2,705	2,741,016
Lumentum Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) (Acquired 08/08/2018-07/30/2019; Cost $1,154,169)(e)	4.61%	12/10/2025		1,154	1,159,900

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

18	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Telecommunications–(continued)
Midcontinent Communications, Term Loan B (1 mo. USD LIBOR + 2.25%)	4.28%	07/29/2026		$     2,034	$    2,044,277
MLN US Holdco LLC
First Term Loan B (1 mo. USD LIBOR + 4.50%)	6.61%	11/30/2025		2,746	2,640,832
Second Lien Term Loan (3 mo. USD LIBOR + 8.75%)	10.86%	11/30/2026		1,327	1,158,497
MM Holdphone (Spain)
Delayed Draw Term Loan (f)	0.00%	05/07/2026	EUR	108	119,858
Term Loan B-1 (g)	—	05/04/2026	EUR	432	477,545
MTN Infrastructure TopCo, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)	5.11%	11/15/2024		2,042	2,010,401
Odyssey Investissement S.A.S. (France), Term Loan B (3 mo. EURIBOR + 3.25%)	3.25%	04/25/2025	EUR	5,396	5,950,042
SBA Senior Finance II LLC, Term Loan (1 mo. USD LIBOR + 2.00%)	4.12%	04/11/2025		2,781	2,768,718
Sprint Communications, Inc.
Incremental Term Loan (1 mo. USD LIBOR + 3.00%)	5.13%	02/02/2024		7,501	7,494,958
Term Loan (1 mo. USD LIBOR + 2.50%)	4.63%	02/02/2024		6,938	6,903,678
Syniverse Holdings, Inc., Term Loan C (1 mo. USD LIBOR + 5.00%)	7.20%	03/09/2023		2,406	2,253,706
Telesat LLC (Canada), Term Loan B-4 (3 mo. USD LIBOR + 2.50%)	4.83%	11/17/2023		8,728	8,742,193
U.S. TelePacific Corp., Term Loan (3 mo. USD LIBOR + 5.00%)	7.33%	05/02/2023		1,801	1,762,298
Windstream Services, LLC
DIP Term Loan (1 mo. USD LIBOR + 2.50%)	4.62%	02/26/2021		2,928	2,944,430
Term Loan B-6 (3 mo. Prime Rate + 5.00%)(i)(j)	10.25%	03/29/2021		6,445	6,571,300
Term Loan B-7 (3 mo. Prime Rate + 4.25%)(i)	9.50%	02/17/2024		2,131	2,149,022
					84,956,965
Utilities–5.95%
AI Alpine AT BidCo GmbH, Term Loan B (1 mo. USD LIBOR + 2.75%)(e)	5.00%	10/25/2025		144	141,090
Aria Energy Operating LLC, Term Loan (1 mo. USD LIBOR + 4.50%)	6.61%	05/27/2022		745	746,128
Brookfield WEC Holdings, Inc., Incremental Term Loan (g)	—	08/01/2025		114	114,677
Calpine Construction Finance Co., L.P., Term Loan (1 mo. USD LIBOR + 2.50%)	4.61%	01/15/2025		122	121,646
Calpine Corp.
Term Loan B-10 (1 mo. USD LIBOR + 2.50%)	4.61%	08/12/2026		5,051	5,044,196
Term Loan B-5 (3 mo. USD LIBOR + 2.50%)	4.83%	01/15/2024		2,797	2,798,136
Term Loan B-9 (2 mo. USD LIBOR + 2.75%)	5.08%	04/05/2026		7,698	7,701,775
Eastern Power, LLC, Term Loan (1 mo. USD LIBOR + 3.75%)	5.86%	10/02/2023		5,088	5,112,604
Granite Acquisition, Inc.
First Lien Term Loan B (3 mo. USD LIBOR + 3.50%)	5.82%	12/17/2021		4,371	4,392,355
First Lien Term Loan C (3 mo. USD LIBOR + 3.50%)	5.83%	12/17/2021		502	504,090
Heritage Power, LLC, Term Loan B (3 mo. USD LIBOR + 6.00%)	8.21%	07/01/2026		3,297	3,241,298
Invenergy Thermal Operating I LLC, Term Loan (1 mo. USD LIBOR + 3.50%)	5.61%	08/28/2025		100	100,456
KAMC Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)	6.18%	08/14/2026		1,176	1,175,982
Lightstone Holdco LLC
Term Loan B (1 mo. USD LIBOR + 3.75%)	5.86%	01/30/2024		4,614	4,457,425
Term Loan C (1 mo. USD LIBOR + 3.75%)	5.86%	01/30/2024		260	251,406
Nautilus Power, LLC, Term Loan (1 mo. USD LIBOR + 4.25%)	6.36%	05/16/2024		2,861	2,859,091
Pacific Gas and Electric Co.
Delayed Draw Term Loan (f)	0.00%	01/29/2020		1,129	1,129,077
DIP Term Loan (1 mo. USD LIBOR + 2.25%)	4.50%	12/31/2020		3,366	3,387,230
PowerTeam Services, LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.25%)	5.58%	03/06/2025		894	809,355
Revere Power, LLC
Term Loan B (3 mo. USD LIBOR + 4.25%)	6.58%	03/27/2026		779	774,573
Term Loan C (3 mo. USD LIBOR + 4.25%)	6.58%	03/27/2026		154	153,588
Southeast PowerGen LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)	5.62%	12/02/2021		334	319,631

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

19	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Utilities–(continued)
Vistra Operations Co. LLC
Incremental Term Loan (1 mo. USD LIBOR + 2.00%)	4.15%	12/31/2025		$ 7,982	$ 8,000,845
Term Loan (1 mo. USD LIBOR + 2.00%)	4.11%	08/04/2023		1,681	1,684,975
					55,021,629
Total Variable Rate Senior Loan Interests (Cost $1,148,660,750)					1,096,693,856
U.S. Dollar Denominated Bonds & Notes–10.23%
Aerospace & Defense–1.00%
TransDigm, Inc.(k)	6.25%	03/15/2026		8,533	9,226,136
Air Transport–0.25%
Mesa Airlines, Inc. Class B	5.75%	07/15/2025		2,351	2,338,407
Automotive–0.21%
Allison Transmission, Inc.(k)	5.88%	06/01/2029		929	998,675
Panther BF Aggregator 2 L.P. / Panther Finance Co., Inc.(k)	6.25%	05/15/2026		867	901,680
					1,900,355
Business Equipment & Services–0.84%
Dun & Bradstreet Corp. (The)(k)	6.87%	08/15/2026		846	918,439
Prime Security Services Borrower, LLC / Prime Finance, Inc.(k)	5.25%	04/15/2024		3,442	3,563,881
Prime Security Services Borrower, LLC/Prime Finance, Inc.(k)	5.75%	04/15/2026		3,170	3,312,650
					7,794,970
Cable & Satellite Television–1.57%
Altice Financing S.A. (Luxembourg)(k)	6.62%	02/15/2023		536	554,090
Altice Financing S.A. (Luxembourg)(k)	7.50%	05/15/2026		3,064	3,270,820
CSC Holdings, LLC(k)	5.50%	05/15/2026		7,531	7,982,860
CSC Holdings, LLC(k)	6.50%	02/01/2029		324	363,690
Virgin Media Secured Finance PLC (United Kingdom)(k)	5.50%	08/15/2026		2,252	2,361,785
					14,533,245
Chemicals & Plastics–0.15%
Avantor, Inc.(k)	6.00%	10/01/2024		1,290	1,386,750
Containers & Glass Products–0.62%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(k)	4.13%	08/15/2026		2,078	2,106,531
Berry Global, Inc.(k)	4.87%	07/15/2026		1,560	1,641,900
Reynolds Group Issuer, Inc./LLC (3 mo. USD LIBOR + 3.50%)(k)(l)	5.80%	07/15/2021		1,310	1,311,637
Trivium Packaging Finance B.V. (Netherlands)(k)	5.50%	08/15/2026		664	703,840
					5,763,908
Drugs–0.02%
Catalent Pharma Solutions, Inc.(k)	5.00%	07/15/2027		197	206,872
Electronics & Electrical–2.05%
CommScope, Inc.(k)	8.25%	03/01/2027		1,348	1,326,095
CommScope, Inc.(k)	6.00%	03/01/2026		4,411	4,514,659
Dell International LLC/EMC Corp.(k)	4.90%	10/01/2026		5,132	5,490,859
Dell International LLC/EMC Corp.(k)	5.30%	10/01/2029		6,414	6,959,554
Riverbed Technology, Inc.(k)	8.87%	03/01/2023		1,146	676,140
					18,967,307
Food Service–0.08%
eG Global Finance PLC (United Kingdom)(k)	6.75%	02/07/2025		769	744,969

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

20	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Health Care–0.55%
CHS/Community Health Systems, Inc.(k)	8.00%	03/15/2026		$4,459	$ 4,291,787
IQVIA, Inc.(k)	5.00%	05/15/2027		770	815,238
					5,107,025
Industrial Equipment–0.63%
F-Brasile S.p.A / F-Brasile US LLC (Italy)(k)	7.38%	08/15/2026		5,735	5,849,700
Lodging & Casinos–0.10%
ESH Hospitality, Inc.(k)	5.25%	05/01/2025		834	864,232
VICI Properties 1 LLC / VICI FC, Inc.	8.00%	10/15/2023		81	88,966
					953,198
Nonferrous Metals & Minerals–0.50%
TiZir Ltd. (United Kingdom)(k)	9.50%	07/19/2022		4,337	4,585,728
Oil & Gas–0.01%
Pacific Drilling S.A.(k)	8.38%	10/01/2023		79	72,384
Publishing–0.61%
Clear Channel Worldwide Holdings, Inc.(k)	5.13%	08/15/2027		4,941	5,181,873
Clear Channel Worldwide Holdings, Inc.(k)	9.25%	02/15/2024		385	423,019
					5,604,892
Radio & Television–0.91%
Clear Channel International B.V.(k)	8.75%	12/15/2020		3,093	3,160,644
Diamond Sports Group LLC/Diamond Sports Finance Co.(k)	5.38%	08/15/2026		1,683	1,771,357
iHeartCommunications, Inc.(k)	5.25%	08/15/2027		821	865,277
iHeartCommunications, Inc.	6.37%	05/01/2026		857	929,401
iHeartCommunications, Inc.	8.37%	05/01/2027		1,532	1,660,567
					8,387,246
Telecommunications–0.09%
Goodman Networks, Inc.	8.00%	05/11/2022		1,607	827,689
Windstream Services, LLC / Windstream Finance Corp.(i)(j)(k)	9.00%	06/30/2025		14	8,190
					835,879
Utilities–0.04%
Calpine Corp.(k)	5.25%	06/01/2026		374	380,078
Total U.S. Dollar Denominated Bonds & Notes (Cost $92,808,634)					94,639,049
Non-U.S. Dollar Denominated Bonds & Notes–9.10%(m)
Automotive–1.79%
Federal-Mogul Holdings Corp. (3 mo. EURIBOR + 4.88%)(k)(l)	4.88%	04/15/2024	EUR	8,703	9,492,909
Superior Industries International, Inc.(k)	6.00%	06/15/2025	EUR	1,412	1,319,467
Tenneco, Inc.(k)	5.00%	07/15/2024	EUR	5,144	5,762,228
					16,574,604
Building & Development–0.53%
Haya Finance 2017 S.A. (Spain)(k)	5.25%	11/15/2022	EUR	1,291	1,185,589
Haya Finance 2017 S.A. (Spain) (3 mo. EURIBOR + 5.13%)(k)(l)	5.13%	11/15/2022	EUR	4,086	3,752,039
					4,937,628

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

21	Invesco Dynamic Credit Opportunities Fund

	Interest Rate	Maturity Date	Principal Amount (000)(a)		Value
Cable & Satellite Television–1.52%
Altice Finco S.A. (Luxembourg)(k)	4.75%	01/15/2028	EUR	6,272	$ 6,665,611
Altice Luxembourg S.A. (Luxembourg)(k)	8.00%	05/15/2027	EUR	4,000	4,732,156
Altice Luxembourg S.A. REGS (Luxembourg)(k)	8.00%	05/15/2027	EUR	2,167	2,563,646
Virgin Media Finance PLC (United Kingdom)	5.12%	02/15/2022	GBP	100	123,911
					14,085,324
Containers & Glass Products–0.04%
Trivium Packaging Finance B.V. (Netherlands)(k)	3.75%	08/15/2026	EUR	291	342,499
Financial Intermediaries–3.36%
AnaCap Financial Europe S.A. SICAV-RAIF (Luxembourg) (3 mo. EURIBOR + 5.00%)(k)(l)	5.00%	08/01/2024	EUR	4,277	4,181,243
Arrow Global Finance PLC (United Kingdom)(k)	5.13%	09/15/2024	GBP	3,000	3,625,759
Cabot Financial Luxembourg II S.A. (United Kingdom) (3 mo. EURIBOR + 6.38%)(k)(l)	6.37%	06/14/2024	EUR	1,717	1,952,870
Garfunkelux Holdco 3 S.A. (Luxembourg)	8.50%	11/01/2022	GBP	2,000	2,300,725
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 4.50%)(k)(l)	4.50%	09/01/2023	EUR	6,999	6,795,717
Newday Bondco Plc (Jersey) (3 mo. GBP LIBOR + 6.50%)(k)(l)	7.27%	02/01/2023	GBP	836	941,429
Newday Bondco Plc (Jersey)(k)	7.37%	02/01/2024	GBP	9,994	11,258,372
					31,056,115
Food Service–0.10%
eG Global Finance PLC REGS (United Kingdom)(k)	3.63%	02/07/2024	EUR	367	393,584
eG Global Finance PLC REGS (United Kingdom)(k)	4.37%	02/07/2025	EUR	502	537,930
					931,514
Health Care–0.63%
IDH Finance Plc (United Kingdom)(k)	6.25%	08/15/2022	GBP	1,521	1,647,170
IDH Finance Plc (United Kingdom) (3 mo. GBP LIBOR + 6.00%)(k)(l)	6.77%	08/15/2022	GBP	3,875	4,184,395
					5,831,565
Home Furnishings–0.59%
Shop Direct Funding PLC (United Kingdom)(k)	7.75%	11/15/2022	GBP	5,057	5,432,644
Lodging & Casinos–0.54%
TVL Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 5.38%)(k)(l)	6.14%	07/15/2025	GBP	4,202	4,959,602
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $91,840,350)					84,151,495
			Shares
Common Stocks & Other Equity Interests–7.93%(n)
Aerospace & Defense–0.40%
IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; Cost $239,759)(e)(o)				221	3,694,493
Automotive–0.06%
ThermaSys Corp.(e)(o)				980,474	311,300
Transtar Holding Co., Class A (Acquired 04/11/2017; Cost $147,948)(e)(o)				2,348,384	199,613
					510,913
Building & Development–0.03%
Five Point Holdings LLC, Class A(o)				37,531	263,468
Lake at Las Vegas Joint Venture, LLC, Class A (Acquired 07/15/2010; Cost $24,140,508)(e)(o)				2,338	0
Lake at Las Vegas Joint Venture, LLC, Class B (Acquired 07/15/2010; Cost $285,788)(e)(o)				28	0
					263,468
Business Equipment & Services–0.05%
Checkout Holding Corp.(e)(o)				8,573	45,008

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

22	Invesco Dynamic Credit Opportunities Fund

			Shares		Value
Business Equipment & Services–(continued)
Crossmark Holdings, Inc., Wts. expiring 07/26/2024(e)(o)				5,101	$      412,718
Crossmark Holdings, Inc., Wts. expiring 07/26/2024(e)(o)				610	0
					457,726
Conglomerates–0.02%
Euramax International, Inc. (Acquired 07/09/2009; Cost $1,962,106)(e)(o)				1,870	158,933
Drugs–0.01%
Envigo RMS Holding Corp., Class A, Wts. expiring 04/29/2024 (Acquired 04/29/2014; Cost $0)(e)(o)				4,658	26,644
Envigo RMS Holding Corp., Class B, Wts. expiring 04/29/2024 (Acquired 04/29/2014; Cost $0)(e)(o)				7,468	42,717
					69,361
Financial Intermediaries–0.03%
RJO Holdings Corp. (Acquired 12/10/2010; Cost $0)(e)(o)				2,144	157,803
RJO Holdings Corp., Class A (Acquired 12/10/2010; Cost $0)(e)(o)				1,142	84,072
RJO Holdings Corp., Class B (Acquired 12/10/2010; Cost $0)(e)(o)				3,334	33
					241,908
Health Care–0.00%
Millennium International, Ltd.				148,019	12,952
Insurance–0.00%
Western and Southern Life Insurance Co. (The)				14	388
Lodging & Casinos–0.45%
Caesars Entertainment Corp.(o)				33,147	381,522
Twin River Worldwide Holdings, Inc.				167,864	3,802,120
					4,183,642
Oil & Gas–0.87%
AF Global, Inc.(e)(o)				409	22,904
C&J Energy Services, Inc.(o)				28,759	274,936
Fieldwood Energy LLC(o)				36,438	1,056,702
Fieldwood Energy LLC(o)				9,210	267,090
HGIM Corp.(e)(o)				3,536	44,200
HGIM Corp., Wts. expiring 07/02/2043(e)(o)				15,803	197,538
Pacific Drilling S.A.(o)				11,290	68,643
Paragon Offshore Finance Co., Class A (Cayman Islands) (e)(o)				2,560	755
Paragon Offshore Finance Co., Class B (Cayman Islands)(e)(o)				1,280	36,160
Samson Investment Co., Class A(o)				163,748	3,991,357
Transocean Ltd.(o)				232,965	1,059,991
Tribune Resources, Inc., Wts., expiring 04/03/2023 (Acquired 04/03/2018; Cost $8,064)(e)(o)				97,410	2,922
Tribune Resources, Inc.(o)				376,237	1,020,543
					8,043,741
Publishing–1.56%
Affiliated Media, Inc., Class B (Acquired 10/11/2007; Cost $5,595,972)(o)				87,369	1,747,376
Clear Channel Outdoor Holdings, Inc.(o)				356,175	926,055
Merrill Communications LLC, Class A (Acquired 03/08/2013; Cost $1,384,908)(e)(o)				602,134	11,741,613
Tribune Publishing Co.				6,064	46,389
					14,461,433

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

23	Invesco Dynamic Credit Opportunities Fund

			Shares		Value
Radio & Television–0.22%
iHeartCommunications, Inc., Wts., expiring 05/01/2039(o)				133,678	$    1,785,537
iHeartMedia, Inc.(o)				17,790	245,502
					2,031,039
Retailers (except Food & Drug)–0.05%
Claire’s Stores, Inc.(o)				734,420	262,500
Fullbeauty Brands Holdings Corp.(e)(o)				2,065	170,362
Payless, Inc.(e)(o)				79,627	0
Toys ’R’ Us-Delaware, Inc.				14	65,308
					498,170
Surface Transport–3.03%
Nobina AB(p)				4,969,706	28,026,799
Telecommunications–0.00%
Goodman Networks, Inc. (Acquired 05/31/2017; Cost $1,011)(e)(o)				101,108	0
Utilities–1.15%
Bicent Power, LLC, Series A, Wts. expiring 08/21/2022 (Acquired 08/21/2012; Cost $0)(e)(o)				2,024	0
Bicent Power, LLC, Series B, Wts. expiring 08/21/2022 (Acquired 08/21/2012; Cost $0)(e)(o)				3,283	0
Vistra Energy Corp.				412,446	10,290,527
Vistra Operations Co. LLC, Rts. expiring 12/31/2046(o)				412,446	338,206
Vistra Operations Co. LLC(e)(o)				608,256	33,454
					10,662,187
Total Common Stocks & Other Equity Interests (Cost $70,266,016)					73,317,153
	Interest Rate	Maturity Date	Principal Amount (000)
Structured Products–3.66%
Adagio V CLO DAC, REGS, Series V-X, Class E (3 mo. EURIBOR + 5.15%)(k)(l)	5.15%	10/15/2031	EUR	263	270,478
Avoca CLO XVII, REGS, Series 17X, Class E (3 mo. EURIBOR + 5.95%)(k)(l)	5.95%	01/15/2030	EUR	3,750	4,129,929
Avoca CLO XX DAC, Class E, REGS (3 mo. EURIBOR + 5.75%)(k)(l)	5.75%	07/15/2032	EUR	606	641,321
Cadogan Square CLO XIII DAC (Ireland),
REGS, Series 13X, Class E (3 mo. EURIBOR + 5.75%)(k)(l)	5.75%	01/15/2032	EUR	515	544,906
REGS, Series 13X, Class D (3 mo. EURIBOR + 3.75%)(k)(l)	3.75%	01/15/2032	EUR	173	191,916
Clontarf Park CLO, REGS, Series 2017-1A, Class D (3 mo. EURIBOR + 5.10%)(k)(l)	5.10%	08/05/2030	EUR	4,988	5,322,981
CVC Cordatus Loan Fund XIV DAC CLO (Ireland),
Class E, REGS (3 mo. EURIBOR + 5.90%)(k)(l)	5.90%	05/22/2032	EUR	2,225	2,384,701
Class D1E, REGS (3 mo. EURIBOR + 3.87%)(k)(l)	3.87%	05/22/2032	EUR	890	988,009
Diamond CLO Ltd., Series 2019-1A, Class C (3 mo. USD LIBOR + 3.60%)(k)(l)	6.22%	04/25/2029	$	1,921	1,919,047
Elm Park CLO, Ltd., REGS, Series 1X, Class D (3 mo. EURIBOR + 5.25%)(k)(l)	5.25%	04/16/2029	EUR	3,000	3,287,332
FS KKR Capital Corp., Series 2019-1A, Class A2 (3 mo. USD LIBOR + 3.00%)(k)(l)	4.89%	07/15/2030	$	2,044	2,044,002
NewStar Berkeley Fund CLO LLC, Series 2016-1A, Class DR (3 mo. USD LIBOR + 4.75%)(k)(l)	7.03%	10/25/2028	$	1,694	1,694,009
OCP Euro CLO (Ireland),
REGS, Series 2017-1, Class E (3 mo. EURIBOR + 5.35%)(k)(l)	5.35%	06/18/2030	EUR	2,850	3,076,536
REGS, Series 2017-2, Class E (3 mo. EURIBOR + 5.00%)(k)(l)	5.00%	01/15/2032	EUR	1,405	1,497,187
Octagon Investment Partners XIX Ltd., Series 2014-1A, Class E (3 mo. USD LIBOR + 4.85%)(k)(l)	7.15%	04/15/2026	$	1,639	1,604,554
Palmerston Park CLO, REGS, Series 2017, Class D (3 mo. EURIBOR + 5.37%)(k)(l)	5.37%	04/18/2030	EUR	4,000	4,289,201
Total Structured Products (Cost $35,020,926)					33,886,109

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

24	Invesco Dynamic Credit Opportunities Fund

			Shares		Value
Preferred Stocks–0.05%(n)
Automotive–0.02%
ThermaSys Corp., Series A				208,860	$       166,827
Financial Intermediaries–0.03%
RJO Holdings Corp., Series A-2 (Acquired 12/10/2010; Cost $0)(e)				649	259,560
Retailers (except Food & Drug)–0.00%
Claire’s Stores, Inc., Series A(e)				120	21,000
Vivarte, Class A (France) (Acquired 01/12/2018; Cost $0)(e)				39,369	0
Vivarte, Class A Preference Shares (France) (Acquired 01/12/2018; Cost $0)(e)				1,313	0
Vivarte, Class B Preference Shares (France) (Acquired 01/12/2018; Cost $0)(e)				1,313	0
					21,000
Telecommunications–0.00%
Goodman Networks, Inc., Series A-1(e)				120,295	48,118
Total Preferred Stocks (Cost $286,115)					495,505
Money Market Funds–3.97%
Invesco Government & Agency Portfolio,Institutional Class, 2.02%(q)				21,999,622	21,999,622
Invesco Treasury Portfolio,Institutional Class, 1.98%(q)				14,666,415	14,666,415
Total Money Market Funds (Cost $36,666,037)					36,666,037
TOTAL INVESTMENTS IN SECURITIES–153.54% (Cost $1,475,548,828)					1,419,849,204
BORROWINGS–(35.36)%					(327,000,000)
VARIABLE RATE DEMAND PREFERRED SHARES–(13.47)%					(124,596,963)
OTHER ASSETS LESS LIABILITIES–(4.71)%					(43,527,444)
NET ASSETS APPLICABLE TO COMMON SHARES–100.00%					$ 924,724,797

Investment Abbreviations:

CHF	– Swiss Franc
CLO	– Collateralized Loan Obligation
DAC	– Designated Activity Co.
DIP	– Debtor-in-Possession
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
LIBOR	– London Interbank Offered Rate
PIK	– Pay-in-Kind
REGS	– Regulation S
Rts.	– Rights
USD	– U.S. Dollar
Wts.	– Warrants

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

25	Invesco Dynamic Credit Opportunities Fund

Notes to Consolidated Schedule of Investments:

(a)	Principal amounts are denominated in U.S. dollars unless otherwise noted.
(b)	Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.
(c)	Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the "1933 Act") and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(d)	Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Fund’s use of leverage.
(e)	Security valued using significant unobservable inputs (Level 3). See Note 3.
(f)	All or a portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 8.
(g)	This variable rate interest will settle after August 31, 2019, at which time the interest rate will be determined.
(h)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(i)	The borrower has filed for protection in federal bankruptcy court.
(j)	Defaulted security. Currently, the issuer is partially or fully in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2019 was $8,187,823, which represented less than 1% of the Fund’s Net Assets.
(k)	Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $204,406,987, which represented 22.10% of the Fund’s Net Assets.
(l)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019.
(m)	Foreign denominated security. Principal amount is denominated in the currency indicated.
(n)	Securities acquired through the restructuring of senior loans.
(o)	Non-income producing security.
(p)	Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of August 31, 2019 represented 3.03% of the Fund’s Net Assets. See Note 5.
(q)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of August 31, 2019.

Portfolio Composition†

By credit quality, based on total investments
as of August 31, 2019

AA+	0.15%
A	0.14
BBB-	4.77
BB+	3.71
BB	8.68
BB-	8.47
B+	17.48
B	20.04
B-	11.43
CCC+	4.19
CCC	0.91
CCC-	0.10
CC	0.18
D	0.05
Non-Rated	14.41
Equity	5.29

† 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.

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