nvcsr

Management’s Discussion of Fund Performance

Performance summary

This is the annual report for Invesco Van Kampen Senior Loan Fund. Please note that the Fund’s fiscal year-end has changed to February 28. Therefore, the period covered by this report is from July 31, 2010, the date of the last annual report, through February 28, 2011, the Fund’s new fiscal year-end.

For the fiscal year ended February 28, 2011, Class A shares of Invesco Van Kampen Senior Loan Fund at net asset value (NAV) returned 9.97%.

Your Fund’s long-term performance appears later in this report.

Fund Performance

Cumulative total returns, 7/31/10 to 2/28/11, 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.


Class A Shares	9.97	%

Class B Shares	9.50

Class C Shares	9.50

Class IB Shares	9.97

Class IC Shares	9.97

How we invest

We believe a highly diversified pool of bank loans from the broadest spectrum of issuers and consisting of the highest credit quality available in line with portfolio objectives may provide the best risk-to-reward potential.

Our credit analysts review all holdings and prospective holdings. Key consideration is given to the following:

n		Management. Factors include direct operating experience in managing the business, management depth and incentives and track record operating in a leveraged environment.

n		Industry position and dynamics. Factors include the company’s industry position, life cycle phase of the industry, barriers to entry and current industry capacity and utilization.

n		Asset quality. Considerations may include valuations of hard and intangible assets, how easily those assets can be converted to cash and appropriateness to leverage those assets.

n		Divisibility. This factor focuses on operating and corporate structures, ability to divide easily and efficiently, examination of non-core assets and valuation of multiple brand names.

n		Sponsors. Considerations include the firm’s track record of quality transactions, access to additional capital and control or ownership of the sponsoring firm.

n		Cash flow. We examine the firm’s sales and earnings breakdown by product, divisions and subsidiaries. We look at the predictability of corporate earnings and the cash requirements of the

		business and conduct an examination of the business cycles, seasonality, international pressures and so forth.

n		Recovery and loan-to-value. These factors focus on examination of the default probability and the rate of recovery associated with loans.

The portfolio is constructed using a conservative bias to help manage credit risk, while focusing on optimization of return relative to appropriate benchmarks. We constantly monitor the holdings in the portfolio and conduct daily, weekly and monthly meetings with portfolio managers and analysts, as well as with borrowers and loan sponsors.

Our proprietary systems generate “alert lists” that trigger immediate reviews of credits when they fall below price targets, are rated BB or lower or are performing off plan.

The active sell discipline considers two key factors for each portfolio position:

n		Company objective. Will unfavorable industry trends, poor performance or lack of access to capital cause the company to underperform?

n		Investment objective. Has the earnings potential or price potential been met or exceeded, or do better relative valuation opportunities exist in the market?

Market conditions and your Fund

During the seven months covered by this report, the bank loan market continued its recovery and most of the market traded at or near what would be considered “normal” ranges. As discussed in the Fund’s previous annual report, we attribute much of this improvement to a

Portfolio Composition*

By credit quality


Baa	1.6	%

Ba	33.8

B	40.6

Caa	9.1

Ca	0.9

Non-Rated	14.0


*		Source: Moody’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 C (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 Moody’s rating methodology, please visit moodys.com and select “Rating Methodologies” under Research and Ratings on the homepage.

Top 10 Issuers



1.	Texas Competitive Electric Holdings Co., LLC	2.8	%

2.	First Data Corp.	2.5

3.	Harrah’s Operating Co.	2.3

4.	Charter Communications Operating, LLC	1.9

5.	Univision Communications, Inc.	1.7

6.	Federal-Mogul Corp.	1.3

7.	Asurion Corp.	1.2

8.	Pinnacle Foods Holdings Corp.	1.1

9.	General Nutrition Centers, Inc.	1.0

10.	Surgical Care Affiliates, Inc.	1.0


Total Net Assets	$1.0 billion

Total Number of Holdings		450

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

broader buyer base and a better balance between supply and demand. The trend also was buoyed by steady demand and strong flows into retail loan funds.

These trends pushed the prices of previously issued loans in the S&P/LSTA Leveraged Loan Index back to levels not seen since the disruption in 2008.

The bank loan market continued to become more visible and there was a greater correlation between performance and market, economic and other trends. We also saw an improvement in credit quality as evidenced by steady declines in the trailing 12-month default rate.

Furthermore, the London Interbank Offered Rate (LIBOR) component of bank loan interest payments is reset when the contracts change – typically between 30 and 90 days – so investors may benefit from future increases in interest rates with little or no corresponding price exposure. This is one of the unique features of the bank loan asset class and provides investors with a positive component when interest rates are rising. While historically low LIBOR rates had a negative effect on the performance of the bank loan asset class during the reporting period, we expect these rates likely will increase at some point in the future. During the reporting period, the U.S. Federal Reserve maintained an accommodative monetary policy amid concerns of a slowing economic recovery.

The Fund largely exited its positions in the directory space, a decision that helped the Fund’s performance. Our exposure to broad cyclicals, including chemicals and autos, also helped performance. The decision to reduce our exposure to newspapers, part of our broad strategy to reduce risk within the Fund, hurt performance as many newspaper holdings appreciated during the reporting period.

The Fund remained fully invested in senior secured loans and used leverage, which may allow us to enhance the Fund’s yield while keeping credit standards high. Leverage involves borrowing at a floating short-term rate and investing the proceeds in investments that we believe will have returns in excess of the cost of the leverage. Unlike other fixed income asset classes, using leverage in conjunction with senior loans does not involve the same degree of risk from rising short-term interest rates, since the income from senior loans, assuming no defaults, adjusts to changes in interest rates, as do the rates which determine the Fund’s borrowing costs. (Similarly, should short-term rates fall, borrowing costs would also decline.)

In our view, recent market volatility was driven as much by technical factors as by changes in underlying fundamentals. We did not alter the use of leverage in the Fund as we believe it is difficult to “time” technical events in the market. Therefore, portfolio composition continued to be driven by fundamental credit research.

We remained focused on ensuring the Fund had sufficient liquidity while maintaining a well-diversified portfolio of issuers with stable cash flows, strong management teams and collateral value sufficient to provide a second way out in a worst-case default scenario.

The Fund uses derivatives as part of implementing its investment strategy. A derivative instrument is a security whose value is derived from the value of an underlying asset, reference rate or index. The Fund uses derivative instruments for a variety of reasons, such as to attempt to protect against possible changes in market value or in an effort to generate a gain.

During the reporting period, the Fund had exposure to credit default swaps in an effort to gain credit exposure. Using credit default swaps can be more liquid and cost effective than buying individual bonds or loans. While total exposure to credit default swaps was small relative to the Fund’s total net assets, the impact of these transactions was favorable to overall results.

As always, we appreciate your continued participation in Invesco Van Kampen Senior Loan Fund.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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 Invesco Advisers, Inc. makes no 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.

Thomas Ewald
Portfolio manager, is manager of Invesco Van Kampen Senior Loan Fund. He has been responsible for the Fund since 2010. Mr. Ewald has been associated with Invesco or its investment advisory affiliates in an investment capacity since 2000. He earned an A.B. from Harvard College and an M.B.A. from the Darden School of Business at the University of Virginia.

Phillip Yarrow
Chartered Financial Analyst, portfolio manager, is manager of Invesco Van Kampen Senior Loan Fund. Mr. Yarrow was associated with Van Kampen Asset Management or its investment advisory affiliates in an investment capacity from 2005 until joining Invesco in 2010. He has managed the Fund since 2007. He earned a B.S. in mathematics and economics from the University of Nottingham and an M.B.A. in finance from Northwestern University.

Invesco Van Kampen Senior Loan Fund’s investment objective is to provide a high level of current income, consistent with preservation of capital.

n		Unless otherwise stated, information presented in this report is as of February 28, 2011, and is based on total net assets.

n		Unless otherwise noted, all data provided by Invesco.

n		To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About share classes

Class IB and Class IC shares are not continuously offered and have no early withdrawal charges.

Principal risks of investing in the Fund

No trading market for shares. The Fund is a closed-end investment company designed primarily for long-term investors and not as a trading vehicle. While there is no restriction on transferring the shares, the Fund does not intend to list the shares for trading on any national securities exchange. There is no secondary trading market for shares. An investment in the shares is illiquid. There is no guarantee that you will be able to sell all of the shares that you desire to sell in any repurchase offer by the Fund.

n		Senior loans. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. In addition, there is no minimum rating or other independent evaluation of a borrower or its securities limiting the Fund’s investments, and the adviser relies primarily on its own evaluation of borrower credit quality rather than on any available independent sources. As a result, the Fund is particularly dependent on the analytical abilities of the adviser.

		Senior loans generally are not listed on any national securities exchange or automated quotation system and no active trading market exists for many senior loans. As a result, many senior loans are illiquid, meaning that the Fund may not be able to sell them quickly at a fair price. The market for illiquid securities is more volatile than the market for liquid securities. The market could be disrupted in the event of an economic downturn or a substantial increase or decrease in interest rates. Although the Fund believes that investing in adjustable rate senior loans should limit fluctuations in net asset

value as a result of changes in interest rates, extraordinary and sudden changes in interest rates could nevertheless disrupt the market for senior loans and result in fluctuations in the Fund’s net asset value. However, many senior loans are of a large principal amount and are held by a large number of owners. In the adviser’s opinion, this should enhance their liquidity. In addition, in recent years the number of institutional investors purchasing senior loans has increased. The risks of illiquidity are particularly important when the Fund’s operations require cash, and may in certain circumstances require that the Fund borrow to meet short-term cash requirements. Illiquid securities are also difficult to value.

If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of senior loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain borrowers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to dispose of senior loans that are considered highly leveraged transactions or subject senior loans to increased regulatory scrutiny, financial institutions may determine to sell such senior loans. Such sales could result in prices that, in the opinion of the adviser, do not represent fair value. If the Fund attempts to sell a senior loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the senior loan may be adversely affected.

Selling lenders and other persons positioned between the Fund and the borrower will likely conduct their principal business activities in the banking, finance and financial services industries. The Fund may be more at risk to any single economic, political or

		regulatory occurrence affecting such industries. Persons engaged in such industries may be more susceptible to, among other things, fluctuations in interest rates, changes in the Federal Open Market Committee’s monetary policy, governmental regulations concerning such industries and concerning capital raising activities generally and fluctuations in the financial markets generally.

		Should an agent or lender positioned between the Fund and a borrower become insolvent or enter FDIC receivership or bankruptcy, where the Fund is an original lender or has purchased an assignment, any interest of such person in the senior loan and in any loan payment held by such person for the benefit of the Fund should not be included in the person’s estate. If, however, these items are included in their estate, the Fund would incur costs and delays in realizing payment and could suffer a loss of principal or interest.

		Some senior loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the senior loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders. Such court action could under certain circumstances include invalidation of senior loans.

n		Borrower credit risk. Senior loans, like most other debt obligations, are subject to the risk of default. Default in the payment of interest or principal on a senior loan results in a reduction in income to the Fund, a reduction in the value of the senior loan and a potential decrease in the Fund’s net asset value. The risk of default increases in the event of an economic

		downturn or a substantial increase in interest rates. An increased risk of default could result in a decline in the value of senior loans and in the Fund’s net asset value.

continued on page 5

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Nasdaq Symbols


Class A Shares		VSLAX
Class B Shares		VSLBX
Class C Shares		VSLCX
Class IB Shares		XPRTX
Class IC Shares		XSLCX

		The Fund may acquire senior loans of borrowers that are experiencing, or are more likely to experience, financial difficulty, including senior loans of borrowers that have filed for bankruptcy protection. Borrowers may have outstanding debt obligations that are rated below investment grade. More recently, rating agencies have begun rating senior loans, and senior loans in the Fund’s portfolio may themselves be rated below investment grade. The Fund may invest a substantial portion of its assets in senior loans of borrowers that have outstanding debt obligations rated below investment grade or that are unrated but of comparable quality to such securities. Debt securities rated below investment grade are viewed by the rating agencies as speculative and are commonly known as “junk bonds.” Senior loans may not be rated at the time that the Fund purchases them. If a senior loan is rated at the time of purchase, the adviser may consider the rating when evaluating the senior loan but, in any event, does not view ratings as a determinative factor in investment decisions. As a result, the Fund is more dependent on the adviser’s credit analysis abilities. Because of the protective terms of senior loans, the adviser believes that the Fund is more likely to recover more of its investment in a defaulted senior loan than would be the case for most other types of defaulted debt securities. The values of senior loans of borrowers that have filed for bankruptcy protection or that are experiencing payment difficulty could be affected by, among other things, the assessment of the likelihood that the lenders ultimately will receive repayment of the principal amount of such senior loans, the likely duration, if any, of a lapse in the scheduled payment of interest and repayment of principal and prevailing interest rates. As of February 28, 2011, the Fund held in its portfolio seven holdings (the aggregate value of which represented approximately 0.65% of the value of the Fund’s net assets on such date) of borrowers that were subject to protection under the federal bankruptcy laws. There is no assurance that the Fund will be able to recover any amount on senior loans of such borrowers.

		In the case of collateralized senior loans, there is no assurance that sale of the collateral would raise enough cash to satisfy the borrower’s payment obligation or that the collateral can or

		will be liquidated. In the event of bankruptcy, liquidation may not occur and the court may not give lenders the full benefit of their senior positions. If the terms of a senior loan do not require the borrower to pledge additional collateral in the event of a decline in the value of the original collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the borrower’s obligations under the senior loans. To the extent that a senior loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss.

n		Investment in non-U.S. issuers. The Fund may invest up to 20% of its total assets, measured at the time of investment, in senior loans to borrowers that are organized or located in countries other than the United States provided that no more than 5% of these senior loans or other assets are non-U.S. dollar denominated. 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. Currency risk is the risk that fluctuations in the exchange rates between the U.S. dollar and non-U.S. currencies may negatively affect an investment. The value of investments denominated in non-U.S. currencies may fluctuate based on changes in the value of those currencies relative to the U.S. dollar, and a decline in applicable foreign exchange rates could reduce the value of such investments held by the Fund. The Fund also may hold non-U.S. dollar denominated senior loans or other securities received as part of a reorganization or restructuring.

n		Warrants, equity securities and junior debt securities. Warrants, equity securities and junior debt securities have a subordinate claim on a borrower’s assets as compared with senior loans. As a result, the values of warrants, equity securities and junior debt securities generally are more dependent on the financial condition of

		the borrower and less dependent on fluctuations in interest rates than are the values of many debt securities. The values of warrants, equity securities and junior debt securities may be more volatile than those of senior loans and thus may increase the volatility of the Fund’s net asset value.

n		Participations. The Fund may purchase participations in senior loans. Under a participation, the Fund generally will have rights that are more limited than the rights of lenders or of persons who acquire a senior loan by assignment. In a participation, the Fund typically has a contractual relationship with the lender selling the participation but not with the borrower. As a result, the Fund assumes the credit risk of the lender selling the participation in addition to the credit risk of the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not have a senior claim to the lender’s interest in the senior loan. Certain participations in senior loans are illiquid, meaning the Fund may not be able to sell them quickly at a fair price. Illiquid securities are also difficult to value. The Fund presently does not intend to invest more than 5% of its net assets in participations in senior loans.

n		Repurchase offer risks. If the Fund repurchases more shares than it is able to sell, the Fund’s net assets may decline and expense ratios may increase and the Fund’s ability to achieve its investment objective may be adversely affected. Moreover, this may force the Fund to sell assets it would not otherwise sell and the Fund may be forced to sell Fund assets that may have declined in value. Such sales may affect the market for the assets being sold, which in turn, could diminish the value of an investment in the Fund. In addition, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their shares for repurchase by increasing the Fund’s expenses and reducing any net investment income. If a repurchase offer is oversubscribed, the Fund will repurchase the shares tendered on a pro rata basis, and shareholders will have to wait until the next repurchase offer to make another repurchase request. Thus, there is also a risk that some shareholders, in anticipation of proration, may tender more shares than they wish to have

continued on page 6

		repurchased in a particular repurchase offer, thereby increasing both the likelihood that proration will occur and the likelihood the Fund will repurchase more shares than it is able to sell.

n		Financial leverage. The Fund is authorized to utilize financial leverage to the maximum extent allowable under the 1940 Act. 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 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. The Fund’s use of leverage also may impair the ability of the Fund to maintain its qualification for federal income taxes as a regulated investment company.

		As long as the Fund is able to invest the proceeds of any financial leverage in senior loans or other investments that provide a higher net return than the then cost of such financial leverage (i.e., the current interest rate on any borrowing or dividend rate of any preferred shares after taking into account the expenses of any borrowing or preferred shares offering) and the Fund’s operating expenses, the effect of leverage will be to cause the common shareholders to realize a higher current rate of return than if the Fund were not leveraged. However, if the current costs of financial leverage were to exceed the return on such proceeds after expenses (which the adviser believes to be an unlikely scenario), the common shareholders would have a lower rate of return than if the Fund had an unleveraged capital structure.

		During any annual period when the Fund has a net payable on the interest due on borrowings or the dividends due on any outstanding preferred shares, the failure to pay on such amounts would preclude the Fund from paying dividends on the common shares. The rights of lenders to the Fund to receive interest on and repayment of principal on any borrowings will be senior to those of the holders of the common shares, and the terms of any such borrowings may contain provisions which limit certain activities of the Fund, including the payment of dividends to holders of common shares

		in certain circumstances, and may require the Fund to pledge assets to secure such borrowing. Further, the terms of such borrowing may, and the 1940 Act does (in certain circumstances), grant to the lenders to the Fund certain voting rights in the event of default in the payment of interest on or repayment of principal. In addition, under the 1940 Act, the Fund is not permitted to declare any cash dividend or other distribution on its common shares unless, at the time of such declaration and after deducting the amount of such dividend or distribution, the Fund is in compliance with the asset coverage requirements of the 1940 Act. Such prohibition on the payment of dividends or distributions might impair the ability of the Fund to maintain its qualification, for federal income tax purposes, as a regulated investment company. The Fund intends, however, to the extent possible, to repay borrowings or redeem any outstanding preferred securities from time to time if necessary, which may involve the payment by the Fund of a premium and the sale by the Fund of portfolio securities at a time when it may be disadvantageous to do so, to maintain compliance with such asset coverage requirements.

		Subject to the restrictions of the 1940 Act, the Fund may “releverage” through incurrence of new borrowing, or the reissuance of preferred shares and in connection with which the Fund, and indirectly the common shareholders, would incur the expenses of such releveraging. Any borrowing will likely rank senior to or pari passu with all other existing and future borrowings of the Fund. Interest payments and fees incurred in connection with borrowings will reduce the amount of net income available for payment to common shareholders.

		Although the Fund does not have any immediate intention to do so, the Fund may in the future issue preferred shares as a form of financial leverage. Any such preferred shares of the Fund would be senior to the Fund’s common shares, such that holders of preferred shares would have priority over the distribution of the Fund’s assets, including dividend and liquidating distributions. It is presently believed that any such preferred shares of the Fund would not be listed on any exchange and would be bought and sold in auctions through participating broker-dealers. If the Fund were to

		issue preferred shares, the Fund could be subject to, among other things, (i) more stringent asset coverage provisions, (ii) restrictions on certain investment practices and (iii) the imposition of certain minimum issue size, issuer geographical diversification and other requirements for determining portfolio assets that are eligible for computing compliance with their asset coverage requirements in connection with an investment grade rating for such preferred shares from one or more nationally recognized statistical organizations. Rating shares by the Fund entails certain initial costs and expenses and certain ongoing administrative and accounting expenses, as well as costs of interest payments and dividends on the leverage. Fees based on the net assets of the Fund (such as the Fund’s advisory and administrative fees) will not increase by adding leverage to the Fund. Certain other expenses of the Fund (such as custodian fees or portfolio transaction-related costs, which generally increase with any increase in the amount of assets managed by the Fund) are expected to marginally increase by adding leverage to the Fund. All of these costs and expenses will be borne by the Fund’s common shareholders and will reduce the income or net assets available to common shareholders. If the Fund’s current investment income were not sufficient to meet interest expenses on any borrowing or dividend requirements on any preferred shares, the Fund might have to liquidate certain of its investments in order to meet required interest or dividend payments, thereby reducing the net asset value attributable to the Fund’s common shares. If there are preferred shares issued and outstanding, holders of the preferred shares will elect two trustees. In addition, the terms of any preferred shares or borrowing may entitle holders of the preferred shares or lenders, as the case may be, to elect a majority of the board of trustees in certain other circumstances.

		The Fund could be converted to an open-end investment company at any time by an amendment to the Fund’s declaration of trust. The Fund’s declaration of trust provides that such an amendment would require the approval of (a) a majority of the trustees, including the approval by a majority of the disinterested Trustees of the Fund and (b) the lesser of (i) 67% or more of the Fund’s common

continued on page 7

		shares and preferred shares, each voting as a class, present at a meeting at which holders of more than 50% of the outstanding shares of each class are present in person or by proxy or (ii) more than 50% of the outstanding common shares and preferred shares, each voting as a class. Among other things, conversion of the Fund to an open-end investment company would require the redemption of all outstanding preferred shares and could require the repayment of borrowings, which would eliminate the leveraged capital structure of the Fund with respect to the common shares.

		Certain other practices in which the Fund may engage, including reverse repurchase agreements, may also be considered leverage and subject to the Fund’s leverage policy. However, to the extent that the Fund segregates cash, liquid securities or liquid senior loans in an amount sufficient to cover its obligations with respect to such reverse repurchase agreements, they will not be subject to the Fund’s leverage policy.

		The Fund’s statement of additional information contains additional information about the Fund’s use of financial leverage.

n		Anti-takeover provisions. The Fund’s declaration of trust includes provisions that could limit the ability of other persons to acquire control of the Fund or to change the composition of its board of trustees.

About indexes used in this report

n		The S&P/LSTA Leveraged Loan Index is a weekly total return index that tracks the current outstanding balance and spread over LIBOR for fully funded term loans.

n		The London Interbank Offered Rate (LIBOR) is a daily reference rate based on the interest rates at which banks borrow unsecured funds from other banks in the London wholesale money market (or interbank lending market).

n		The Fund is not managed to track the performance of any particular index, including the index(es) defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

n		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.

Other information

n		The Chartered Financial Analyst^® (CFA^®) designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and research analysis.
n		The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights.

n		Industry classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

Your Fund’s Long-Term Performance

Average Annual Total Returns

As of 2/28/11, including maximum applicable
sales charges


Class A Shares

Inception (2/18/05)			0.96	%

	5	Years	0.32

	1	Year	9.59


Class B Shares

Inception (2/18/05)			0.78	%

	5	Years	0.16

	1	Year	9.44


Class C Shares

Inception (2/18/05)			0.78	%

	5	Years	0.23

	1	Year	11.44


Class IB Shares

Inception (10/4/89)			4.75	%

	10	Years	2.98

	5	Years	0.97

	1	Year	13.27


Class IC Shares

Inception (6/13/03)			3.38	%

	5	Years	0.97

	1	Year	13.28

Effective June 1, 2010, Class A, Class B, Class C, Class IB and Class IC shares of the predecessor fund advised by Van Kampen Asset Management were reorganized into Class A, Class B, Class C, Class IB and Class IC shares, respectively, of Invesco Van Kampen Senior Loan Fund. Returns shown above are blended returns of the Van Kampen Senior Loan Fund and Invesco Van Kampen Senior Loan Fund. Share class returns will differ because of different expenses.

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Average Annual Total Returns

As of 12/31/10, the most recent calendar quarter-end, including maximum applicable sales charges


Class A Shares

Inception (2/18/05)			0.37	%

	5	Years	-0.14

	1	Year	8.22


Class B Shares

Inception (2/18/05)			0.20	%

	5	Years	-0.30

	1	Year	8.08


Class C Shares

Inception (2/18/05)			0.20	%

	5	Years	-0.23

	1	Year	10.08


Class IB Shares

Inception (10/4/89)			4.62	%

	10	Years	2.54

	5	Years	0.53

	1	Year	11.89


Class IC Shares

Inception (6/13/03)			2.98	%

	5	Years	0.53

	1	Year	12.08

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class IB and Class IC shares was 1.85%, 2.60%, 2.60%, 1.85% and 1.85%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class IB and Class IC shares was 2.13%, 2.88%, 2.88%, 1.88% and 2.03%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 3.25% sales charge, and Class B and Class C share performance reflects an early withdrawal charge of 3% for Class B shares (in year one and declining to 0% after year five) and an early withdrawal charge of 1% for Class C shares for the first year after purchase. Class IB and Class IC are not continuously offered and have no early withdrawal charges.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Had the adviser not waived fees and/or reimbursed expenses on Class A, Class B, Class C and Class IC shares, performance would have been lower.

Total annual Fund operating expenses after any contractual fee waivers by the distributor in effect through at least June 30, 2012. See current prospectus for more information.

Schedule of Investments

February 28, 2011


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Variable Rate Senior Loan Interests–113.3%**
Aerospace & Defense–4.3%
Apptis, Inc. Term Loan		4.530	%		12/20/12	$	1,701	$	1,702,728

ARINC Inc. Second Lien Term Loan		6.000	%		10/25/15		1,892		1,839,595

Booz Allen Hamilton, Inc. Term Loan B		4.000	%		08/03/17		2,687		2,721,043

DynCorp International, LLC Term Loan B		6.250	%		07/05/16		2,519		2,547,104

IAP Worldwide Services, Inc. First Lien Term Loan^(a)		8.250	%		12/30/12		6,240		6,243,030

IAP Worldwide Services, Inc. Second Lien Term Loan^(a)		12.500	%		06/28/13		2,634		2,634,218

Primus International, Inc. Incremental Term Loan		2.760	%		06/07/12		3,041		3,037,051

Scitor Corp. Term Loan B		5.750	%		02/15/17		1,703		1,719,771

Sequa Corp. Term Loan		3.560	%		12/03/14		5,189		5,152,683

SI Organization, Inc. New Term Loan B		4.500	%		11/22/16		1,268		1,278,840

TASC, Inc. Term Loan A		5.500	%		12/18/14		378		380,271

TASC, Inc. Term Loan B		5.750	%		12/18/15		3,579		3,601,795

Transdigm, Inc. Term Loan B		5.250	%		02/14/17		3,323		3,351,000

Vangent, Inc. Term Loan B		2.320	%		02/14/13		4,535		4,466,607

Wesco Aircraft Hardware Corp. Second Lien Term Loan		6.020	%		03/28/14		538		539,739

Wyle Services Corp. Incremental Term Loan		7.750	%		03/25/16		2,349		2,363,300

									43,578,775

Air Transport–0.6%
Delta Air Lines, Inc. Revolving Credit Agreement		7.375	%		03/28/13		2,500		2,425,000

Delta Air Lines, Inc. Secured Term Loan		9.000	%		09/27/13		3,241		3,256,793

									5,681,793

Automotive–3.4%
Federal-Mogul Corp. Term Loan B		2.200	%		12/29/14		16,037		15,538,560

Federal-Mogul Corp. Term Loan C		2.198	%		12/28/15		162		156,664

Ford Motor Co. Term Loan		3.020	%		12/16/13		11,570		11,575,069

Key Safety Systems, Inc. First Lien Term Loan		2.550	%		03/08/14		735		716,516

Performance Transportation Services, Inc. Letter of Credit^(b)(c)(d)		3.250	%		01/26/12		500		120,824

Performance Transportation Services, Inc. Term Loan^(b)(c)(d)		7.500	%		01/26/12		344		82,969

Pinafore, LLC Term Loan B		4.250	%		09/29/16		5,685		5,735,852

									33,926,454

Beverage & Tobacco–1.2%
DS Waters of America, Inc. Term Loan B		2.570	%		10/27/12		7,126		7,027,798

DSW Holdings, Inc. Term Loan		4.311	%		03/02/12		4,050		3,908,250

Green Mountain Coffee Roasters, Inc. Term Loan B		5.500	%		12/16/16		1,588		1,602,258

									12,538,306

Building & Development–2.9%
Axia Acquisition Corp. Second Lien Term Loan A^(a)		9.390	%		03/11/16		683		621,520

Axia Acquisition Corp. Second Lien Term Loan B		3.390	%		03/12/16		1,279		1,073,975

Building Materials Holding Corp. Second Lien Term Loan^(a)		8.000	%		01/05/15		1,781		1,585,217

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

9 Invesco Van Kampen Senior Loan Fund


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Building & Development–(continued)

Capital Automotive, LP Term Loan C		4.750	%		12/14/12	$	5,063	$	5,272,159

Contech Construction Products, Inc. Term Loan		5.250	%		01/31/13		794		728,726

CPG International, Inc. Term Loan B		6.000	%		02/18/17		1,378		1,386,395

Custom Building Products, Inc. Term Loan B		5.750	%		03/19/15		3,759		3,806,089

El Ad IDB Las Vegas, LLC Term Loan A1		3.014	%		08/09/12		2,500		1,562,500

Ginn LA CS Borrower First Lien Credit Linked A^(c)		7.750	%		06/08/11		3,143		263,214

Ginn LA CS Borrower First Lien Term Loan^(c)		6.196	%		06/08/11		6,737		564,236

Ginn LA CS Borrower Second Lien Term Loan^(c)		10.196	%		06/08/12		4,000		20,000

Kyle Acquisition Group, LLC Term Loan B^(c)(e)		5.750	%		07/20/09		6,657		632,429

Kyle Acquisition Group, LLC Term Loan C^(c)		4.000	%		07/20/11		3,143		298,571

Lake At Las Vegas Joint Venture, LLC Exit Revolving Credit Agreements^(a)(f)		7.780	%		12/31/12		78		77,171

NLV Holdings, LLC First Lien Term Loan^(a)(c)(d)		5.750	%		03/31/11		805		182,438

NLV Holdings, LLC Second Lien Term Loan^(a)(c)(d)		5.250	%		05/09/12		1,660		12,531

Realogy Corp. Extended Letter of Credit		4.513	%		10/10/16		74		70,890

Realogy Corp. Extended Term Loan		4.562	%		10/10/16		6,597		6,305,513

Realogy Corp. Letter of Credit		3.260	%		10/10/13		776		746,802

Re/Max International, Inc. Term Loan		5.500	%		04/15/16		697		703,567

South Edge, LLC Term Loan A^(c)(e)		5.250	%		10/31/08		1,272		1,021,847

South Edge, LLC Term Loan C^(c)(e)		5.500	%		10/31/09		2,000		1,606,670

Tamarack Resorts, LLC Credit Lined Note A^(c)		8.051	%		05/19/11		1,600		5,504

Tamarack Resorts, LLC Term Loan^(c)(e)		20.250	%		07/02/09		331		298,555

Tamarack Resorts, LLC Term Loan B^(c)		7.500	%		05/19/11		2,364		8,132

WCI Communities, Inc. PIK Term Loan^(a)		11.000	%		09/02/16		707		687,978

									29,542,629

Business Equipment & Services–9.2%
Affinion Group, Inc. Term Loan B		5.000	%		10/10/16		8,564		8,632,762

Asurion Corp. First Lien Term Loan		3.270	%		07/03/14		3,681		3,629,387

Asurion Corp. Incremental Term Loan B2		6.750	%		03/31/15		10,663		10,826,981

Asurion Corp. Second Lien Term Loan		6.764	%		07/03/15		859		857,856

Bright Horizons Family Solutions, Inc. Term Loan B		7.500	%		05/28/15		2,420		2,440,271

CCC Information Services, Inc. Term Loan B		5.500	%		11/11/15		571		578,894

Dealer Computer Services, Inc. Term Loan B		5.250	%		04/21/17		2,034		2,052,019

First Data Corp. Delayed Draw Term Loan		3.012	%		09/24/14		1,785		1,678,100

First Data Corp. Term Loan B1		3.012	%		09/24/14		9,569		9,064,075

First Data Corp. Term Loan B2		3.012	%		09/24/14		15,684		14,857,980

First Data Corp. Term Loan B3		3.012	%		09/24/14		6,011		5,693,523

Interactive Data Corp. Term Loan B		4.750	%		02/12/18		3,575		3,612,237

iPayment, Inc. Term Loan		2.290	%		05/10/13		4,162		4,145,904

Kronos, Inc. Second Lien Term Loan		6.053	%		06/11/15		1,515		1,511,497

Mitchell International, Inc. Second Lien Term Loan		5.563	%		03/30/15		3,897		3,463,177

NCO Financial Systems Term Loan B		7.500	%		05/15/13		4,779		4,751,513

Nielsen Finance, LLC Class C Term Loan		3.764	%		05/02/16		987		992,157

Rovi Solutions Corp. Term Loan B		4.000	%		02/07/18		570		574,769

SMG Holdings, Inc. Term Loan B		3.332	%		07/27/14		1,933		1,860,243

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

10 Invesco Van Kampen Senior Loan Fund


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Business Equipment & Services–(continued)

Sorenson Communications, Inc. Term Loan C		6.000	%		08/16/13	$	612	$	589,860

Sungard Data Systems, Inc. Add on Term Loan		3.763	%		02/28/14		2,197		2,216,575

Sungard Data Systems, Inc. Revolving Credit Agreement^(f)		0.773	%		08/11/11		129		126,538

Sungard Data Systems, Inc. Term Loan B		3.930	%		02/26/16		7,112		7,164,020

Verint Systems, Inc. Term Loan B		5.250	%		05/25/14		1,507		1,513,736

Vertafore, Inc. Term Loan		5.250	%		07/29/16		349		352,339

									93,186,413

Cable & Satellite Television–4.4%
Atlantic Broadband Finance, LLC Term Loan B		5.000	%		11/27/15		1,224		1,228,240

Bresnan Broadband Holdings, LLC Term Loan B		4.500	%		12/14/17		2,305		2,325,890

Charter Communications Operating, LLC Extended Term Loan		3.560	%		09/06/16		12,611		12,652,385

Charter Communications Operating, LLC Third Lien Term Loan		2.762	%		09/06/14		11,000		10,912,880

Knology, Inc. Term Loan B		4.000	%		08/18/17		5,138		5,185,291

MCC Iowa, LLC Term Loan D1		2.010	%		01/31/15		1,159		1,145,663

MCC Iowa, LLC Term Loan D2		2.010	%		01/31/15		1,905		1,883,277

MCC Iowa, LLC Term Loan F		4.500	%		10/23/17		1,462		1,470,638

Mediacom Illinois, LLC Term Loan C		2.010	%		01/31/15		1,536		1,493,760

Mediacom Illinois, LLC Term Loan D		5.500	%		03/31/17		1,402		1,414,171

Mediacom Illinois, LLC Term Loan E		4.500	%		10/23/17		2,075		2,081,151

Midcontinent Communications Term Loan B		6.250	%		12/31/16		981		990,014

UPC Broadband Holding, B.V. Term Loan T (Netherlands)		3.760	%		12/30/16		1,735		1,743,091

									44,526,451

Chemicals & Plastics–3.9%
Armored AutoGroup, Inc. Term Loan		6.000	%		11/05/16		1,971		1,988,258

Brenntag Holdings GmbH & Co. Second Lien Term Loan (Germany)		6.453	%		07/17/15		1,600		1,625,008

Cristal Inorganic Chemicals US, Inc. First Lien Term Loan		2.553	%		05/15/14		2,861		2,859,399

Hexion Specialty Chemicals, Inc. Extended Term Loan C1		4.063	%		05/05/15		3,942		3,937,976

Hexion Specialty Chemicals, Inc. Extended Term Loan C2		4.063	%		05/05/15		1,759		1,757,264

Hexion Specialty Chemicals, Inc. Extended Term Loan C5		4.063	%		05/05/15		1,860		1,859,521

Houghton International, Inc. Term Loan B		6.750	%		01/29/16		1,672		1,696,000

MetoKote Corp. Term Loan		9.000	%		11/27/11		6,496		6,495,937

Nalco Co. Term Loan B1		4.500	%		10/05/17		2,171		2,204,254

Nusil Technology, LLC Term Loan B		6.000	%		02/18/15		2,099		2,109,168

OMNOVA Solutions, Inc. Term Loan B		5.750	%		05/31/17		419		424,952

PQ Corp. Term Loan B		3.540	%		07/30/14		2,183		2,155,521

Rockwood Specialties Group, Inc. Term Loan B		3.750	%		02/09/18		3,783		3,839,613

Styron S.a.r.l, LLC Term Loan B		6.000	%		08/02/17		1,549		1,565,581

Univar, Inc. Term Loan B		5.000	%		07/03/17		4,485		4,530,189

									39,048,641

Clothing/Textiles–1.6%
Gold Toe Investment Corp. First Lien Term Loan B		8.500	%		10/30/13		3,864		3,844,719

Gold Toe Investment Corp. Second Lien Term Loan		11.750	%		04/30/14		6,750		6,221,239

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

11 Invesco Van Kampen Senior Loan Fund


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Clothing/Textiles–(continued)

Levi Strauss & Co. Term Loan		2.510	%		03/27/14	$	4,300	$	4,239,542

Varsity Brands, Inc. Term Loan B		2.830	%		02/22/14		2,098		1,940,985

									16,246,485

Conglomerates–0.8%
Goodman Global Holdings, Inc. First Lien Term Loan		5.750	%		10/28/16		4,598		4,644,450

Goodman Global Holdings, Inc. Second Lien Term Loan		9.000	%		10/30/17		559		579,555

RGIS Holdings, LLC Delayed Draw Term Loan		2.803	%		04/30/14		126		122,846

RGIS Holdings, LLC Term Loan B		2.803	%		04/30/14		2,513		2,456,914

									7,803,765

Containers & Glass Products–4.5%
Anchor Glass Container Corp. First Lien Term Loan		6.000	%		03/02/16		1,681		1,695,874

Anchor Glass Container Corp. Second Lien Term Loan		10.000	%		09/02/16		1,425		1,460,625

Berlin Packaging, LLC Term Loan		3.290	%		08/17/14		3,389		3,291,250

Berry Plastics Group, Inc. Term Loan C		2.310	%		04/03/15		4,000		3,889,062

BWAY Holding Co. Term Loan B		4.500	%		02/23/18		513		517,487

BWAY Holding Co. Term Loan C		4.500	%		02/23/18		46		45,944

Graham Packaging Co., L.P. Term Loan C		6.750	%		04/05/14		5,540		5,579,310

Graham Packaging Co., L.P. Term Loan D		6.000	%		09/23/16		2,102		2,125,584

Kranson Industries, Inc. Term Loan B		2.510	%		07/31/13		6,780		6,570,934

Pelican Products, Inc. Term Loan B		5.750	%		11/30/16		1,729		1,743,873

Pertus Sechszehnte GmbH Term Loan B2 (Germany)		2.639	%		06/13/15		2,022		1,917,025

Pertus Sechszehnte GmbH Term Loan C2 (Germany)		2.889	%		06/13/16		2,022		1,927,138

Reynolds Group Holdings, Inc. Term Loan E		4.250	%		02/09/18		8,455		8,524,241

Smurfit-Stone Container Corp. Exit Term Loan B		6.750	%		07/15/16		5,145		5,180,409

Tegrant Corp. Second Lien Term Loan		5.810	%		03/08/15		675		567,000

									45,035,756

Cosmetics/Toiletries–1.4%
Huish Detergents, Inc. Term Loan B		2.010	%		04/26/14		5,304		5,247,523

KIK Custom Products, Inc. First Lien Term Loan		2.560	%		06/02/14		2,296		2,048,117

KIK Custom Products, Inc. Second Lien Term Loan		5.303	%		11/30/14		4,000		2,753,340

KIK Custom Products, Inc. Term Loan		2.560	%		06/02/14		394		351,106

Marietta Intermediate Holding Corp. Term Loan B^(a)(j)		8.000	%		02/19/15		2,061		1,875,902

Prestige Brands, Inc. Term Loan B		4.750	%		03/24/16		1,996		2,012,990

									14,288,978

Drugs–2.0%
Grifols, Inc. Term Loan B		6.000	%		11/23/16		6,191		6,274,420

Nyco Holdings 2 Aps Term Loan B2 (Denmark)		4.262	%		12/29/14		2,374		2,337,810

Nyco Holdings 2 Aps Term Loan C2 (Denmark)		4.762	%		12/29/15		2,373		2,349,175

Nyco Holdings 3 Aps Facility A1 (Denmark)		3.512	%		12/29/13		89		87,339

Nyco Holdings 3 Aps Facility A2 (Denmark)		3.512	%		12/29/13		460		450,736

Nyco Holdings 3 Aps Facility A3 (Denmark)		3.512	%		12/29/13		14		14,064

Nyco Holdings 3 Aps Facility A4 (Denmark)		3.512	%		12/29/13		9		8,959

Nyco Holdings 3 Aps Facility A5 (Denmark)		3.512	%		12/29/13		65		63,347

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

12 Invesco Van Kampen Senior Loan Fund


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Drugs–(continued)

Warner Chilcott Co., LLC Incremental Term Loan		6.250	%		04/30/15	$	2,342	$	2,365,752

Warner Chilcott Co., LLC Term Loan A		6.000	%		10/30/14		1,007		1,014,018

Warner Chilcott Co., LLC Term Loan B1		6.250	%		04/30/15		1,646		1,662,318

Warner Chilcott Co., LLC Term Loan B2		6.250	%		04/30/15		2,741		2,768,060

Warner Chilcott Co., LLC Term Loan B3		6.500	%		02/22/16		1,215		1,228,216

									20,624,214

Ecological Services & Equipment–1.2%
Environmental Systems Products Holdings Second Lien Term Loan		13.500	%		09/12/14		1,313		1,312,939

ServiceMaster Co. Delayed Draw Term Loan		2.770	%		07/24/14		793		783,931

ServiceMaster Co. Term Loan		2.775	%		07/24/14		7,961		7,871,974

Synagro Technologies, Inc. Second Lien Term Loan		5.020	%		10/02/14		900		828,000

Synagro Technologies, Inc. Term Loan B		2.270	%		04/02/14		1,015		956,056

									11,752,900

Electronics/Electrical–4.1%
Aeroflex, Inc. Term Loan B1		4.313	%		08/15/14		872		875,727

Bentley Systems, Inc. Term Loan B		5.750	%		12/29/16		1,131		1,142,076

CDW Corp. Extended Term Loan B		5.264	%		07/10/17		7,931		7,947,518

CommScope, Inc. Term Loan B		5.000	%		01/14/18		2,302		2,335,736

Datatel, Inc. Extended First Lien Term Loan		5.000	%		02/18/17		1,096		1,103,038

Freescale Semiconductor, Inc. Extended Term Loan B		4.510	%		12/01/16		6,073		6,080,822

Infor Enterprise Solutions Holdings, Inc. Extended Delayed Draw Term Loan		6.020	%		07/28/15		2,149		2,127,598

Infor Enterprise Solutions Holdings, Inc. Extended Initial Term Loan		6.020	%		07/28/15		4,119		4,077,897

Matinvest 2 SAS Term Loan B2 (France)		3.464	%		06/23/14		701		677,182

Matinvest 2 SAS Term Loan C2 (France)		4.214	%		06/22/15		701		680,467

Microsemi Corp. Term Loan B		5.000	%		11/02/17		1,152		1,159,217

Open Solutions, Inc. Term Loan B		2.425	%		01/23/14		6,727		6,146,859

Proquest CSA, LLC Term Loan		3.800	%		02/09/14		1,677		1,678,484

Savvis Communications Corp. Term Loan		6.750	%		08/04/16		1,029		1,040,123

Spectrum Brands, Inc. Term Loan B		5.010	%		06/17/16		3,958		4,004,236

									41,076,980

Farming/Agriculture–0.5%
WM. Bolthouse Farms, Inc. First Lien Term Loan		5.500	%		02/11/16		3,516		3,553,183

WM. Bolthouse Farms, Inc. Second Lien Term Loan		7.500	%		08/11/16		1,773		1,797,466

									5,350,649

Financial Intermediaries–3.9%
Fidelity National Information Solutions, Inc. Term Loan B		5.250	%		07/18/16		6,067		6,132,608

Fifth Third Processing Solutions, LLC Second Lien Term Loan		8.250	%		11/01/17		591		605,334

Fifth Third Processing Solutions, LLC Term Loan B		5.500	%		11/03/16		1,729		1,745,135

Grosvenor Capital Management Holdings, LLP Extended Term Loan C		4.313	%		12/05/16		3,430		3,438,722

LPL Holdings, Inc. Extended Term Loan		4.250	%		06/25/15		4,929		4,960,067

Nuveen Investments, Inc. Extended Term Loan		5.800	%		05/12/17		4,228		4,233,262

Nuveen Investments, Inc. Term Loan		3.300	%		11/13/14		3,191		3,088,847

Oxford Acquisition III, Ltd. Term Loan (United Kingdom)		2.053	%		05/12/14		4,103		4,074,593

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

13 Invesco Van Kampen Senior Loan Fund


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Financial Intermediaries–(continued)

RJO Holdings Corp. FCM Term Loan		6.270	%		12/10/15	$	74	$	67,021

RJO Holdings Corp. HoldCo Term Loan B		6.270	%		12/10/15		2,916		2,138,635

Trans Union, LLC Term Loan B		4.750	%		02/12/18		3,011		3,050,994

Transfirst Holdings, Inc. Second Lien Term Loan^(a)		6.310	%		06/15/15		3,567		3,383,184

Transfirst Holdings, Inc. Term Loan B		3.060	%		06/15/14		2,895		2,825,042

									39,743,444

Food Products–4.7%
Advantage Sales & Marketing, Inc. Second Lien Term Loan		9.250	%		06/18/18		879		896,928

Advantage Sales & Marketing, Inc. Term Loan B		5.250	%		12/18/17		2,625		2,647,065

Coleman Natural Foods, LLC First Lien Term Loan		6.761	%		08/22/12		8,466		8,360,223

DCI Cheese Co. Term Loan		8.000	%		04/15/12		3,913		3,424,211

Dean Foods Co. Extended Term Loan B2		3.540	%		04/02/17		137		137,340

Dole Food Co., Inc. Term Loan B		5.060	%		03/02/17		1,817		1,836,519

Dole Food Co., Inc. Term Loan C		5.040	%		03/02/17		4,513		4,561,453

Earthbound Holdings III, LLC Term Loan B		6.750	%		12/21/16		657		666,448

Farley’s & Sathers Candy Co., Inc. First Lien Term Loan		7.000	%		06/15/11		6,819		6,835,747

Farley’s & Sathers Candy Co., Inc. Second Lien Term Loan		11.250	%		01/02/12		800		796,000

Michael Foods Group, Inc. Term Loan		4.250	%		02/23/18		1,474		1,487,721

Pierre Foods, Inc. First Lien Term Loan		7.000	%		09/30/16		5,872		5,928,411

Pierre Foods, Inc. Second Lien Term Loan		11.250	%		09/29/17		578		593,182

Pinnacle Foods Finance, LLC Term Loan B		2.760	%		04/02/14		6,295		6,288,127

Pinnacle Foods Finance, LLC Term Loan D		6.000	%		04/02/14		1,260		1,272,780

Windsor Quality Food Co., Ltd. Term Loan B		5.000	%		02/16/17		1,239		1,247,392

									46,979,547

Food Service–2.2%
Burger King Corp. Term Loan B		4.500	%		10/19/16		5,889		5,932,062

Center Cut Hospitality, Inc. Term Loan		9.250	%		07/06/14		1,993		1,975,764

Darling International Inc. Term Loan		5.140	%		12/16/16		557		565,280

DineEquity, Inc. Term Loan B		4.250	%		10/19/17		1,742		1,756,928

Dunkin’ Brands, Inc. Term Loan B		4.250	%		11/23/17		6,253		6,303,034

NPC International, Inc. Term Loan B		2.040	%		05/03/13		3,331		3,328,486

OSI Restaurant Partners, LLC Revolving Credit Agreement		2.520	%		06/14/13		210		206,700

OSI Restaurant Partners, LLC Term Loan B		2.625	%		06/14/14		2,171		2,139,350

									22,207,604

Food/Drug Retailers–3.1%
General Nutrition Centers, Inc. Term Loan B		3.300	%		09/16/13		7,084		7,086,556

NBTY, Inc. Term Loan B		6.250	%		10/02/17		3,532		3,576,327

The Pantry, Inc. Delayed Draw Term Loan B		2.020	%		05/15/14		435		427,177

The Pantry, Inc. Term Loan B		2.020	%		05/15/14		1,511		1,483,588

Rite Aid Corp. Term Loan 3		6.000	%		06/04/14		5,986		5,991,513

Rite Aid Corp. Term Loan B		2.020	%		06/04/14		5,867		5,678,886

Roundy’s Supermarkets, Inc. Extended Term Loan		7.000	%		11/03/13		6,600		6,652,510

									30,896,557

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

14 Invesco Van Kampen Senior Loan Fund


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Forest Products–0.8%
Ainsworth Lumber Co., Ltd. Term Loan		5.313	%		06/26/14	$	2,400	$	2,404,872

Cenveo Corp. Term Loan B		6.250	%		12/21/16		4,264		4,310,422

Verso Paper Holding, LLC Term Loan^(a)		6.670	%		02/01/13		442		404,830

White Birch Paper Co. DIP Delayed Draw Term Loan (Canada)^(f)		6.720	%		09/30/11		199		198,279

White Birch Paper Co. DIP Term Loan B (Canada)		12.000	%		09/30/11		1,216		1,212,478

									8,530,881

Health Care–8.2%
Alere, Inc. First Lien Term Loan		2.260	%		06/26/14		2,443		2,438,947

Axcan Intermediate Holdings, Inc. Term Loan B^(f)		3.920	%		02/10/17		993		996,685

Carestream Health, Inc. Term Loan B		5.000	%		02/25/17		7,643		7,595,465

Community Health Systems, Inc. Delayed Draw Term Loan		2.560	%		07/25/14		173		171,991

Community Health Systems, Inc. Extended Term Loan B		3.810	%		01/25/17		4,707		4,729,102

Community Health Systems, Inc. Term Loan		2.560	%		07/25/14		3,672		3,647,515

DJO Finance, LLC Term Loan B		3.262	%		05/20/14		2,401		2,391,140

DSI Renal, Inc. Term Loan^(a)		8.500	%		03/31/13		4,095		4,158,609

Genoa Healthcare Group, LLC Term Loan B		5.500	%		08/10/12		283		276,592

Gentiva Health Services, Inc. Term Loan B		6.750	%		08/15/16		3,027		3,082,934

Harlan Laboratories, Inc. Term Loan B		3.790	%		07/11/14		604		563,531

HCA, Inc. Extended Term Loan B2		3.553	%		03/31/17		10,310		10,362,475

HCR Healthcare, LLC Term Loan B		2.762	%		12/22/14		363		362,344

IMS Health, Inc. Term Loan B		5.250	%		02/26/16		1,916		1,923,798

Rehabcare Group, Inc. Term Loan B		6.000	%		11/24/15		4,048		4,061,937

Rural/Metro Operating Co., LLC Term Loan B		6.000	%		11/24/16		1,152		1,166,425

Select Medical Corp. Term Loan B		2.390	%		02/24/12		1,861		1,858,828

Skilled Healthcare Group, Inc. Term Loan B		5.250	%		04/08/16		2,392		2,400,236

Sun Healthcare Group, Inc. Term Loan B		7.500	%		10/15/16		2,279		2,302,896

Surgical Care Affiliates, LLC Term Loan		2.303	%		12/29/14		10,107		9,921,461

United Surgical Partners, International, Inc. Delayed Draw Term Loan		2.270	%		04/21/14		445		440,989

United Surgical Partners, International, Inc. Term Loan B		2.290	%		04/19/14		8,141		8,069,894

Universal Health Services, Inc. Term Loan B		5.500	%		11/15/16		9,680		9,796,009

									82,719,803

Home Furnishings–0.9%
Brown Jordan International, Inc. Term Loan		6.270	%		04/30/12		1,104		1,082,018

Hunter Fan Co. Revolving Credit Agreement^(f)		2.240	%		04/16/13		911		783,854

Hunter Fan Co. Second Lien Term Loan		7.020	%		10/16/14		1,000		870,000

Hunter Fan Co. Term Loan		2.770	%		04/16/14		953		913,542

Mattress Holdings Corp. Term Loan B		2.560	%		01/18/14		2,259		2,140,305

National Bedding Co., LLC Second Lien Term Loan		5.313	%		02/28/14		3,408		3,376,526

									9,166,245

Industrial Equipment–0.8%
Electrical Components International, Inc. Synthetic Revolving Credit Agreement		6.750	%		02/04/16		36		36,564

Electrical Components International, Inc. Term Loan B		6.750	%		02/03/17		582		585,022

Manitowoc Co., Inc. Term Loan B		8.000	%		11/06/14		514		520,271

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

15 Invesco Van Kampen Senior Loan Fund


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Industrial Equipment–(continued)

Mold-Masters Luxembourg Holdings, SA Term Loan		3.813	%		10/11/14	$	2,788	$	2,578,987

MW Industries, Inc. Acquisition Term Loan		7.250	%		11/01/13		582		479,791

MW Industries, Inc. Term Loan		7.250	%		11/01/13		4,540		3,745,686

									7,946,321

Insurance–2.1%
Alliant Holdings I, Inc. Term Loan B		3.303	%		08/21/14		2,759		2,755,056

Alliant Holdings I, Inc. Term Loan D		6.750	%		08/21/14		1,051		1,066,760

AmWins Group, Inc. First Lien Term Loan		2.820	%		06/08/13		6,840		6,811,067

CNO Financial Group, Inc. Term Loan B		7.500	%		09/30/16		65		65,437

HMSC Corp. Second Lien Term Loan		5.762	%		10/03/14		675		568,687

Sedgwick CMS Holdings, Inc. First Lien Term Loan		5.500	%		05/27/16		3,757		3,764,506

Sedgwick CMS Holdings, Inc. Second Lien Term Loan		9.000	%		05/26/17		2,700		2,733,750

USI Holdings Corp. Term Loan		2.760	%		05/05/14		3,022		3,015,357

									20,780,620

Leisure Goods/Activities/Movies–4.2%
24 Hour Fitness Worldwide, Inc. Term Loan		6.750	%		04/22/16		1,101		1,093,972

Alpha Topco, Ltd. Second Lien Term Loan (United Kingdom)		3.960	%		06/30/14		1,350		1,325,207

Alpha Topco, Ltd. Term Loan B1 (United Kingdom)		2.707	%		12/31/13		4,117		4,059,699

Alpha Topco, Ltd. Term Loan B2 (United Kingdom)		2.707	%		12/31/13		2,781		2,742,211

Bombardier Recreational Products, Inc. Term Loan (Canada)		2.810	%		06/28/13		2,233		2,223,542

Cedar Fair, L.P. Term Loan B		4.000	%		12/15/17		4,393		4,424,297

Fender Musical Instruments Corp. Delayed Draw Term Loan		2.520	%		06/09/14		2,061		1,988,564

Fender Musical Instruments Corp. Term Loan B		2.520	%		06/09/14		4,079		3,936,294

Gibson Guitar Corp. Term Loan		11.250	%		09/30/11		1,627		1,616,690

Hicks Sports Group, LLC Term Loan^(f)		10.298	%		06/30/11		151		152,774

Live Nation Entertainment, Inc. Term Loan B		4.500	%		11/07/16		4,305		4,339,062

Playcore Holdings, Inc. Term Loan B		2.820	%		02/21/14		3,358		3,139,831

Regal Cinemas, Inc. Term Loan B		3.553	%		08/23/17		1,299		1,306,967

Sabre Holdings Corp. Term Loan		2.280	%		09/30/14		7,039		6,614,692

Six Flags Theme Parks, Inc. Add on Term Loan B		5.500	%		06/30/16		1,428		1,448,713

SRAM, LLC Term Loan B		5.010	%		04/30/15		727		734,753

Travelport, LLC Extended Term Loan B		4.963	%		08/21/15		946		921,717

Travelport, LLC Term Loan S		4.803	%		08/21/15		124		120,624

Universal City Development Partners, Ltd. Term Loan B		5.500	%		11/06/14		401		406,123

									42,595,732

Lodging & Casinos–6.9%
BLB Worldwide Holdings, Inc. Term Loan		8.500	%		11/05/15		3,894		3,931,542

Boyd Gaming Corp. Revolving Credit Agreement		1.625	%		05/24/12		5,500		5,342,838

Cannery Casino Resorts, LLC Delayed Draw Term Loan		4.513	%		05/20/13		2,779		2,751,644

Cannery Casino Resorts, LLC Revolving Credit Agreement^(f)		3.355	%		05/18/12		748		734,119

Cannery Casino Resorts, LLC Second Lien Term Loan		4.513	%		05/16/14		500		455,000

Cannery Casino Resorts, LLC Term Loan B		4.513	%		05/17/13		3,361		3,327,488

CCM Merger Corp. Term Loan B		8.500	%		07/13/12		3,630		3,639,481

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

16 Invesco Van Kampen Senior Loan Fund


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Lodging & Casinos–(continued)

Chester Downs And Marina, LLC Incremental Term Loan		12.375	%		07/29/16	$	320	$	330,423

Golden Nugget, Inc. Delayed Draw Term Loan^(a)		3.270	%		06/30/14		1,262		1,099,253

Golden Nugget, Inc. Term Loan B^(a)		3.270	%		06/30/14		2,217		1,931,081

Harrah’s Operating Co., Inc. Term Loan B1		3.303	%		01/28/15		13,390		12,443,521

Harrah’s Operating Co., Inc. Term Loan B2		3.303	%		01/28/15		8,987		8,351,406

Harrah’s Operating Co., Inc. Term Loan B3		3.300	%		01/28/15		8,823		8,199,244

Isle Of Capri Casinos, Inc. Delayed Draw Term Loan A		5.000	%		11/25/13		796		795,750

Isle Of Capri Casinos, Inc. Delayed Draw Term Loan B		5.000	%		11/25/13		905		904,738

Isle Of Capri Casinos, Inc. Term Loan B		5.000	%		11/25/13		2,262		2,261,846

Las Vegas Sands, LLC/Venetian Casino Extended Delayed Draw Term Loan		3.040	%		11/23/16		144		143,023

Las Vegas Sands, LLC/Venetian Casino Extended Delayed Draw Term Loan 2		3.040	%		11/23/15		1,005		1,000,988

Las Vegas Sands, LLC/Venetian Casino Extended Term Loan B		3.040	%		11/23/16		2,637		2,626,710

Magnolia Hill, LLC Delayed Draw Term Loan		3.510	%		10/30/13		910		819,125

Magnolia Hill, LLC Term Loan		3.510	%		10/30/13		3,160		2,843,665

Venetian Macau, Ltd. Delayed Draw Term Loan B		4.790	%		05/25/12		297		297,760

Venetian Macau, Ltd. Project Term Loan		4.790	%		05/27/13		3,389		3,399,626

Venetian Macau, Ltd. Term Loan B		4.790	%		05/27/13		2,403		2,410,217

									70,040,488

Nonferrous Metals/Minerals–0.6%
Novelis, Inc. New Term Loan B		5.250	%		12/19/16		5,762		5,847,571

Oil & Gas–2.0%
Big West Oil, LLC New Term Loan		7.000	%		03/31/16		1,154		1,171,848

CCS, Inc. Term Loan B		3.300	%		11/14/14		3,010		2,894,591

Citgo Petroleum Corp. Term Loan B		8.000	%		06/24/15		3,127		3,276,789

Dynegy Holdings, Inc. Synthetic Letter of Credit		4.020	%		04/02/13		2,316		2,304,904

Dynegy Holdings, Inc. Term Loan B		4.020	%		04/02/13		184		183,647

Obsidian Natural Gas Trust Term Loan (United Kingdom)		7.000	%		11/02/15		2,555		2,631,268

RAM Energy, Inc. Term Loan B^(a)		12.750	%		11/29/12		1,961		1,963,321

Western Refining, Inc. Term Loan B		10.750	%		05/30/14		2,573		2,643,817

Willbros United States Holdings, Inc. Term Loan B		9.500	%		06/30/14		2,735		2,776,525

									19,846,710

Publishing–5.3%
Affiliated Media, Inc. Term Loan		8.500	%		03/19/14		2,325		2,338,246

Cengage Learning Holdings II, LP Incremental 1		7.500	%		07/03/14		1,970		1,988,340

Cengage Learning Holdings II, LP Term Loan		2.550	%		07/03/14		10,716		10,308,691

Cygnus Business Media, Inc. Term Loan^(a)(j)		9.750	%		06/30/13		3,905		2,440,871

Endurance Business Media, Inc. First Lien Term Loan^(j)		6.750	%		12/15/14		4,971		1,615,426

F&W Publications, Inc. Term Loan		7.750	%		06/09/14		3,084		2,760,368

Gatehouse Media, Inc. Delayed Draw Term Loan		2.270	%		08/28/14		593		263,261

Gatehouse Media, Inc. Term Loan B		2.270	%		08/28/14		972		431,716

Getty Images, Inc. New Term Loan		5.250	%		11/07/16		5,055		5,128,538

Harland Clarke Holdings Corp. Term Loan B		2.790	%		06/30/14		4,069		3,891,674

Knowledgepoint360 Group, LLC First Lien Term Loan		3.570	%		04/14/14		467		373,885

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

17 Invesco Van Kampen Senior Loan Fund


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Publishing–(continued)

Knowledgepoint360 Group, LLC Second Lien Term Loan		7.314	%		04/13/15	$	1,000	$	610,000

MC Communications, LLC Term Loan^(a)		6.750	%		12/31/12		1,163		232,511

Merrill Communications, LLC Second Lien Term Loan^(a)		13.758	%		11/15/13		2,738		2,741,351

Nelson Education, Ltd. Term Loan (Canada)		2.803	%		07/05/14		5,007		4,580,993

Network Communications, Inc. Term Loan		5.510	%		11/30/12		3,450		2,397,814

Newsday, LLC Term Loan		6.553	%		08/01/13		2,333		2,387,770

Tribune Co. Term Loan B^(c)(d)		5.250	%		06/04/14		8,573		6,143,419

Yell Group PLC Term Loan A3 (United Kingdom)		3.762	%		04/30/14		1,588		765,467

Yell Group PLC Term Loan B1 (United Kingdom)		4.012	%		07/31/14		4,467		2,106,046

									53,506,387

Radio & Television–7.2%
Barrington Broadcasting, LLC Term Loan		4.550	%		08/12/13		892		874,022

Citadel Broadcasting Corp. New Term Loan B		4.250	%		12/30/16		1,255		1,266,052

Clear Channel Communications, Inc. Term Loan B		3.912	%		01/28/16		13,215		12,115,063

CMP KC, LLC Term Loan^(c)		6.250	%		05/03/11		7,826		1,173,881

CMP Susquehanna Corp. Term Loan		2.313	%		05/05/13		9,390		9,270,062

Cumulus Media, Inc. Term Loan B		4.012	%		06/11/14		4,790		4,739,384

FoxCo Acquisition Sub, LLC Term Loan		7.500	%		07/14/15		2,591		2,602,655

High Plains Broadcasting Operating Co., LLC Term Loan		9.000	%		09/14/16		947		953,018

Intelsat Jackson Holdings S.A. New Term Loan		5.250	%		04/02/18		5,713		5,767,376

LBI Media, Inc. Term Loan B		1.762	%		03/31/12		1,143		1,095,371

Multicultural Radio Broadcasting, Inc. Second Lien Term Loan		6.013	%		06/18/13		2,025		1,468,125

Multicultural Radio Broadcasting, Inc. Term Loan		3.010	%		12/18/12		1,490		1,367,262

Newport Television, LLC Term Loan B		9.000	%		09/14/16		3,461		3,484,452

TWCC Holding Corp. New Term Loan B		4.250	%		02/13/17		4,608		4,656,678

Univision Communications, Inc. Extended Term Loan		4.512	%		03/31/17		22,249		21,688,685

									72,522,086

Retailers (except food & drug)–2.2%
Amscan Holdings, Inc. Term Loan B		6.750	%		12/04/17		5,544		5,617,784

Educate, Inc. Second Lien Term Loan		8.500	%		06/16/14		248		241,398

FTD Group, Inc. Term Loan B		6.750	%		08/26/14		935		940,846

Guitar Center, Inc. Term Loan B		3.770	%		10/09/14		3,699		3,665,407

Gymboree Corp. New Term Loan		5.000	%		02/23/18		1,538		1,541,721

Michaels Stores, Inc. Term Loan B2		4.834	%		07/31/16		1,757		1,774,350

Neiman Marcus Group, Inc. Extended Term Loan B2		4.303	%		04/06/16		1,139		1,147,229

Petco Animal Supplies, Inc. New Term Loan		4.500	%		11/24/17		4,637		4,665,307

Savers, Inc. Term Loan B		5.750	%		03/11/16		3,075		3,109,733

									22,703,775

Surface Transport–0.8%
Avis Budget Car Rental, LLC Term Loan		5.750	%		04/19/14		1,181		1,188,366

Cardinal Logistics Management, Inc. First Lien Term Loan^(a)		12.500	%		09/23/13		776		663,543

JHCI Acquisition, Inc. First Lien Term Loan		2.770	%		06/19/14		901		851,290

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

18 Invesco Van Kampen Senior Loan Fund


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Surface Transport–(continued)

Kenan Advantage Group, Inc. New Term Loan		5.500	%		06/10/16	$	2,902	$	2,942,354

Swift Transportation Co., Inc. Term Loan B		6.000	%		12/21/16		2,738		2,760,280

									8,405,833

Telecommunications–4.2%
Avaya, Inc. Term Loan B1		3.061	%		10/24/14		3,259		3,169,251

Avaya, Inc. Extended Term Loan B3		4.811	%		10/26/17		4,530		4,446,391

Fairpoint Communications, Inc. New Term Loan B		6.500	%		01/22/16		11,883		11,736,843

Global Tel*Link Corp. Incremental Term Loan		7.250	%		11/10/16		3,449		3,468,266

Level 3 Communications, Inc. Add on Term Loan		11.500	%		03/13/14		1,417		1,524,695

Level 3 Communications, Inc. Term Loan A		2.553	%		03/13/14		5,025		4,905,028

MetroPCS Wireless, Inc. Term Loan B		2.563	%		11/04/13		467		467,005

NTELOS, Inc. Term Loan B		6.000	%		08/07/15		7,761		7,775,257

Orius Corp. Term Loan A^(b)(c)(d)		6.750	%		01/23/09		3,115		0

Orius Corp. Term Loan B1^(b)(c)(d)		7.250	%		01/23/10		2,308		0

Syniverse Holdings, Inc. Term Loan B		5.250	%		12/21/17		3,453		3,501,015

TowerCo Finance, LLC Term Loan B		5.250	%		02/02/17		1,141		1,152,390

									42,146,141

Utilities–7.2%
BRSP, LLC Term Loan B		7.500	%		06/04/14		4,792		4,852,120

EquiPower Resources Holdings, LLC Term Loan B		5.750	%		01/26/18		774		782,039

FirstLight Power Resources, Inc. Second Lien Term Loan		4.813	%		05/01/14		4,500		4,320,000

FirstLight Power Resources, Inc. Synthetic Letter of Credit		2.813	%		11/01/13		92		92,248

FirstLight Power Resources, Inc. Term Loan B		2.813	%		11/01/13		4,548		4,536,675

Great Point Power, Inc. Delayed Draw Term Loan		5.500	%		03/10/17		1,406		1,413,426

Longview Power LLC Delayed Draw Term Loan		2.563	%		02/28/14		1,307		1,228,273

Longview Power LLC Synthetic Letter of Credit		0.163	%		02/28/14		373		350,935

Longview Power LLC Term Loan B		2.563	%		02/28/14		1,120		1,052,806

Mach Gen, LLC Letter of Credit		2.303	%		02/22/13		187		174,611

New Development Holdings, LLC Term Loan		7.000	%		07/03/17		11,259		11,400,871

NRG Energy, Inc. Extended Letter of Credit		3.553	%		08/31/15		5,721		5,769,574

Primary Energy Operations, LLC Term Loan		6.500	%		10/23/14		3,398		3,377,152

Texas Competitive Electric Holdings Co., LLC Delayed Draw Term Loan		3.770	%		10/10/14		14,428		12,113,959

Texas Competitive Electric Holdings Co., LLC Term Loan B1		3.766	%		10/10/14		6,659		5,616,558

Texas Competitive Electric Holdings Co., LLC Term Loan B2		3.790	%		10/10/14		2,549		2,150,232

Texas Competitive Electric Holdings Co., LLC Term Loan B3		3.770	%		10/10/14		11,601		9,769,382

TPF Generation Holdings, LLC Second Lien Term Loan C		4.553	%		12/15/14		4,300		4,153,068

									73,153,929

Total Variable Rate** Senior Loan Interests–113.3%									1,143,948,863

Notes–2.9%
Air Transport–0.1%
Continental Airlines, Inc.^(g)		6.750	%		09/15/15		1,090		1,128,150

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

19 Invesco Van Kampen Senior Loan Fund


						Principal
				Stated		Amount
	Coupon			Maturity*		(000)		Value

Building & Development–0.0%
Realogy Corp.		7.875	%		02/15/19	$	542	$	546,065

Chemicals & Plastics–0.4%
Lyondell Chemical Co.		11.000	%		05/01/18		3,149		3,613,919

Wellman, Inc.^(a)		5.000	%		01/29/19		912		620,120

									4,234,039

Containers & Glass Products–0.2%
Berry Plastics Group, Inc.^(h)		5.053	%		02/15/15		1,900		1,900,000

Ecological Services & Equipment–0.0%
Environmental Systems Products Holdings, Inc.^(a)		18.000	%		03/31/15		372		371,761

Forest Products–0.4%
Builders FirstSource, Inc.^(h)		13.000	%		02/15/16		2,641		2,231,584

Verso Paper Holdings, LLC^(h)		4.037	%		08/01/14		1,500		1,470,000

									3,701,584

Health Care–0.7%
Apria Healthcare Group, Inc.^(g)		11.250	%		11/01/14		6,167		6,767,917

Home Furnishings–0.1%
Targus Group International, Inc.^(a)		10.000	%		12/15/15		554		553,765

Utilities–1.0%
Calpine Corp.^(g)		7.500	%		02/15/21		5,380		5,528,201

Calpine Corp.^(g)		7.875	%		01/15/23		4,561		4,709,344

									10,237,545

Total Notes–2.9%									29,440,826

						Shares		Value

Common Stocks–2.2%
Building & Development–0.3%
Axia Acquisition Corp.^(i)(g)							397	$	992,450

Building Materials Holding Corp.^(i)(g)							940,471		940,471

Contech Construction Products, Inc.⁽ⁱ⁾							376,989		0

Lake At Las Vegas Joint Venture, LLC, Class A⁽ⁱ⁾							780		315,959

Lake At Las Vegas Joint Venture, LLC, Class B⁽ⁱ⁾							9		3,749

Newhall Holdings Co., LLC⁽ⁱ⁾							280,899		421,349

WCI Communities, Inc.⁽ⁱ⁾							4,504		405,360

									3,079,338

Chemicals & Plastics–0.2%
Lyondell Chemical Co., Class A⁽ⁱ⁾							49,995		1,903,810

Wellman, Inc.⁽ⁱ⁾							845		0

									1,903,810

Conglomerates–0.1%
Euramax International, Inc., Class A^(i)(g)							3,272		867,133

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

20 Invesco Van Kampen Senior Loan Fund


	Shares		Value

Cosmetics/Toiletries–0.2%
Marietta Intermediate Holdings Corp. (acquired 04/22/10, Cost $3,726,330)^(i)(j)		2,679,615	$	2,197,284

Ecological Services & Equipment–0.1%
Environmental Systems Products Holdings, Inc. (acquired 09/27/07, Cost $0)⁽ⁱ⁾		6,195		681,450

Financial Intermediaries–0.0%
RJO Holdings Corp. (acquired 01/13/11, Cost $0)⁽ⁱ⁾		4,290		0

Health Care–0.0%
Quality Home Brands Holdings, LLC (acquired 01/26/10, Cost $0)⁽ⁱ⁾		7,523		0

Targus Group International, Inc. (acquired 12/17/09, Cost $0)⁽ⁱ⁾		22,469		64,486

				64,486

Leisure Goods/Activities/Movies–1.0%
MB2, L.P. (Canada)^(i)(g)		436,213		279,710

Metro-Goldwyn-Mayer, Inc.⁽ⁱ⁾		362,395		8,735,532

True Temper Sports, Inc. (acquired 12/17/09, Cost $3,787,500)⁽ⁱ⁾		107,143		729,644

				9,744,886

Lodging & Casinos–0.1%
BLB Worldwide Holdings, Inc., Class A⁽ⁱ⁾		134,134		1,341,340

BLB Worldwide Holdings, Inc., Class B⁽ⁱ⁾		1,250		8,750

				1,350,090

Oil & Gas–0.0%
Vitruvian Exploration, LLC⁽ⁱ⁾		26,740		277,428

Publishing–0.2%
Affiliated Media, Inc.⁽ⁱ⁾		81,915		2,170,751

Cygnus Business Media, Inc. (acquired 09/29/09, Cost $1,229,265)^(i)(j)		5,776		0

Endurance Business Media, Inc., Class A^(i)(j)		10,092		100,922

F&W Publications, Inc.⁽ⁱ⁾		10,490		1,311

MC Communications, LLC (acquired 07/02/09, Cost $0)⁽ⁱ⁾		222,056		0

SuperMedia, Inc.⁽ⁱ⁾		1,898		15,981

				2,288,965

Telecommunications–0.0%
CTM Media Holdings, Inc.⁽ⁱ⁾		2,543		5,289

IDT Corp., Class B⁽ⁱ⁾		7,632		198,661

				203,950

Total Common Stocks–2.2%				22,658,820

Warrants–0.1%
Aerospace & Defense–0.1%
IAP Worldwide Services, Inc., Series A, expiring 06/11/15 (acquired 06/18/08, Cost $0)⁽ⁱ⁾		58,792		549,117

IAP Worldwide Services, Inc., Series B, expiring 06/11/15 (acquired 06/18/08, Cost $0)⁽ⁱ⁾		17,219		57,511

IAP Worldwide Services, Inc., Series C, expiring 06/11/15 (acquired 06/18/08, Cost $0)⁽ⁱ⁾		8,717		0

				606,628

Building & Development–0.0%
Lake at Las Vegas Joint Venture, LLC, Class C, expiring 07/15/15⁽ⁱ⁾		39		0

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

21 Invesco Van Kampen Senior Loan Fund


	Shares		Value

Building & Development–(continued)

Lake at Las Vegas Joint Venture, LLC, Class D, expiring 07/15/15⁽ⁱ⁾		54	$	0

Lake at Las Vegas Joint Venture, LLC, Class E, expiring 07/15/15⁽ⁱ⁾		60		0

Lake at Las Vegas Joint Venture, LLC, Class F, expiring 07/15/15⁽ⁱ⁾		67		0

Lake at Las Vegas Joint Venture, LLC, Class G, expiring 07/15/15⁽ⁱ⁾		76		0

				0

Cosmetics/Toiletries–0.0%
Marietta Intermediate Holding Corp., expiring 02/20/19 (acquired 03/17/10, Cost $0)^(i)(j)		519,444		0

Publishing–0.0%
F&W Publications, Inc., expiring 06/09/14⁽ⁱ⁾		1,874		234

Radio & Television–0.0%
Cumulus Media, Inc., expiring 06/29/19 (acquired 01/14/10, Cost $0)⁽ⁱ⁾		9,213		34,181

Total Warrants–0.1%				641,043

Preferred Stock–0.0%
Ecological Services & Equipment–0.0%
Environmental Systems Products Holdings, Inc. (acquired 09/27/07, Cost $35,450)⁽ⁱ⁾		1,418		215,536

Financial Intermediaries–0.0%
RJO Holdings Corp. (acquired 01/13/11, Cost $0)⁽ⁱ⁾		324		0

Total Preferred Stock–0.0%				215,536

Total Long-Term Investments–118.5% (Cost $1,282,611,464)				1,196,905,088

Time Deposit–2.9%
State Street Bank & Trust Co. ($28,805,527 par, 0.01% coupon, dated 02/28/11, to be sold on 03/01/11 at $28,805,535) (Cost $28,805,527)				28,805,527

TOTAL INVESTMENTS–121.4% (Cost $1,311,416,991)				1,225,710,615

BORROWINGS–(17.6%)				(178,000,000	)

OTHER ASSETS LESS LIABILITIES–(3.8%)				(37,915,284	)

NET ASSETS–100.0%			$	1,009,795,331

Notes to Schedule of Investments:


^(a)		All or a portion of this security is payment-in-kind.
^(b)		This borrower is currently in liquidation.
^(c)		Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at February 28, 2011 was $12,435,220, which represented 1.23% of the Fund’s Net Assets.
^(d)		This borrower has filed for protection in federal bankruptcy court.
^(e)		The borrower is in the process of restructuring or amending the terms of this loan.
^(f)		All or a portion of this security is designated in connection with unfunded loan commitments. See Note 10.
^(g)		Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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, 2011 was $21,213,376, which represented 2.10% of the Fund’s Net Assets.
^(h)		Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2011.
⁽ⁱ⁾		Non-income producing security acquired through the restructuring of senior loans.
^(j)		Affiliated company.
*		Senior Loans in the Fund’s portfolio generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a Borrower to prepay, prepayments of Senior Loans in the Fund’s portfolio may occur. As a result, the actual remaining maturity of Senior Loans held in the Fund’s portfolio may be substantially less than the stated maturities shown.
**		Senior Loans in which the Fund invests generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”), (ii) the prime rate offered by one or more major United States banks or (iii) the certificate of deposit rate. Senior Loans are generally considered to be restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or Borrower prior to the disposition of a Senior Loan. The stated coupon rates reflect the weighted average rate of the outstanding contracts for each loan as of February 28, 2011.

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

22 Invesco Van Kampen Senior Loan Fund

Statement of Assets and Liabilities

February 28, 2011


Assets:
Unaffiliated investments (Cost $1,281,274,256)	$	1,217,480,210

Affiliated investments (Cost $30,142,735)		8,230,405

Total investments (Cost $1,311,416,991)		1,225,710,615

Cash		63,060

Receivables:
Investments sold		37,322,833

Interest and fees		5,469,363

Fund shares sold		1,373,664

Unrealized appreciation of swap agreements		10,406

Other assets		59,443

Total assets		1,270,009,384

Liabilities:
Payables:
Borrowings		178,000,000

Investments purchased		74,082,588

Income distributions		2,320,451

Fund shares repurchased		187,123

Accrued fees to affiliates		481,790

Unrealized depreciation on unfunded commitments		3,860,573

Accrued other operating expenses		1,233,528

Accrued interest expense		48,000

Total liabilities		260,214,053

Net assets	$	1,009,795,331

Net assets consist of:
Shares of beneficial interest	$	2,019,253,715

Accumulated undistributed net investment income (loss)		(7,591,093	)

Net unrealized appreciation (depreciation)		(89,379,043	)

Accumulated net realized gain (loss)		(912,488,248	)

Net assets	$	1,009,795,331

Net asset value and maximum offering price per share:
Class A shares:
Net asset value and redemption price per share (based on net assets of $173,137,282 and 25,732,825 shares of beneficial interest issued and outstanding)	$	6.73

Maximum sales charge (3.25% of offering price)		0.23

Maximum offering price to public	$	6.96

Class B shares:
Net asset value and offering price per share (based on net assets of $19,454,907 and 2,892,450 shares of beneficial interest issued and outstanding)	$	6.73

Class C shares:
Net asset value and offering price per share (based on net assets of $195,962,833 and 29,130,141 shares of beneficial interest issued and outstanding)	$	6.73

Class IB shares:
Net asset value and offering price per share (based on net assets of $526,800,424 and 78,223,413 shares of beneficial interest issued and outstanding)	$	6.73

Class IC shares:
Net asset value and offering price per share (based on net assets of $94,439,885 and 14,031,126 shares of beneficial interest issued and outstanding)	$	6.73

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

24 Invesco Van Kampen Senior Loan Fund

Statement of Operations

For the period August 1, 2010 to February 28, 2011 and the year ended July 31, 2010


	Seven months
	ended			Year ended
	February 28,			July 31,
	2011			2010

Investment income:
Interest from unaffiliated investments	$	38,044,959		$	65,252,321

Interest from affiliated investments		241,882			312,322

Other		677,078			2,569,925

Total income		38,963,919			68,134,568

Expenses:
Investment advisory fee		5,189,272			9,261,237

Interest expense		1,997,651			3,403,665

Distribution fees
Class A		263,077			470,302

Class B		105,161			182,974

Class C		1,170,988			2,121,281

Class IC		83,002			147,920

Administrative services fees		1,483,549			2,806,349

Transfer agent fees		731,501			930,634

Custodian fees		257,155			411,490

Trustees’ and officers’ fees and benefits		62,247			309,396

Other		443,963			2,898,687

Total expenses		11,787,566			22,943,935

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(666,070	)		(1,194,285	)

Net expenses		11,121,496			21,749,650

Net investment income		27,842,423			46,384,918

Realized and unrealized gain (loss):
Realized gain (loss):
Unaffiliated investments		(14,455,395	)		(128,741,778	)

Affiliated investments		(133,178	)		(3,456,365	)

Foreign currency transactions		—			(31	)

Swap agreements		176,944			748,111

Net increase from payments by affiliates*		—			2,497,273

Net realized gain (loss)		(14,411,629	)		(128,952,790	)

Unrealized appreciation (depreciation):
Beginning of the period		(172,147,504	)		(433,715,739	)

End of the period:
Investments		(85,706,376	)		(166,651,409	)

Swap agreements		187,906			180,206

Unfunded commitments		(3,860,573	)		(5,676,301	)

		(89,379,043	)		(172,147,504	)

Net unrealized appreciation during the period		82,768,461			261,568,235

Net realized and unrealized gain		68,356,832			132,615,445

Net increase in net assets from operations	$	96,199,255		$	179,000,363


*	See Note 2 in the Notes to Financial Statements for further information.

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

25 Invesco Van Kampen Senior Loan Fund

Statement of Changes in Net Assets

For the period August 1, 2010 to February 28, 2011 and the years ended July 31, 2010 and 2009


	Seven months
	ended			Year ended			Year ended
	February 28,			July 31,			July 31,
	2011			2010			2009

From investment activities:
Operations:
Net investment income	$	27,842,423		$	46,384,918		$	73,954,965

Net realized gain (loss)		(14,411,629	)		(128,952,790	)		(335,312,870	)

Net unrealized appreciation (depreciation) during the period		82,768,461			261,568,235			(75,835,049	)

Change in net assets from operations		96,199,255			179,000,363			(337,192,954	)

Distributions from net investment income:
Class A shares		(5,018,297	)		(9,403,005	)		(12,786,270	)

Class B shares		(421,663	)		(794,596	)		(1,260,255	)

Class C shares		(4,699,451	)		(9,212,195	)		(14,031,871	)

Class IB shares		(14,512,886	)		(27,157,593	)		(41,631,579	)

Class IC shares		(2,632,994	)		(4,934,432	)		(7,686,216	)

		(27,285,291	)		(51,501,821	)		(77,396,191	)

Return of capital distributions:
Class A shares		-0-			(1,173,947	)		-0-

Class B shares		-0-			(99,204	)		-0-

Class C shares		-0-			(1,150,125	)		-0-

Class IB shares		-0-			(3,390,574	)		-0-

Class IC shares		-0-			(616,054	)		-0-

		-0-			(6,429,904	)		-0-

Total distributions		(27,285,291	)		(57,931,725	)		(77,396,191	)

Net change in net assets from investment activities		68,913,964			121,068,638			(414,589,145	)

From capital transactions:
Proceeds from shares sold		38,085,215			102,307,151			64,893,876

Net asset value of shares issued through dividend reinvestment		9,701,918			25,705,665			36,493,499

Cost of shares repurchased		(144,262,396	)		(206,709,610	)		(312,396,148	)

Net change in net assets from capital transactions		(96,475,263	)		(78,696,794	)		(211,008,773	)

Total increase (decrease) in net assets		(27,561,299	)		42,371,844			(625,597,918	)

Net assets:
Beginning of the period		1,037,356,630			994,984,786			1,620,582,704

End of the period (including accumulated undistributed net investment income (loss) of $(7,591,093), $(9,446,964) and $(7,958,494), respectively)	$	1,009,795,331		$	1,037,356,630		$	994,984,786

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

26 Invesco Van Kampen Senior Loan Fund

Statement of Cash Flows

For the period August 1, 2010 to February 28, 2011 and the year ended July 31, 2010


	Seven months
	ended			Year ended
	February 28,			July 31,
	2011			2010

Net increase in net assets from operations	$	96,199,255		$	179,000,363

Adjustments to reconcile the increase in net assets from operations to net cash provided by operating activities:
Purchases of investments		(592,551,151	)		(677,083,023	)

Sales/principal repayments of investments		732,770,312			709,649,624

Amortization of loan fees		1,081,041			4,637,791

Net loan fees		(598,040	)		(147	)

Accretion of discounts		(6,413,220	)		(11,820,302	)

Net realized gain on investments		14,588,573			132,198,143

Net change in unrealized appreciation (depreciation) on investments		(80,945,033	)		(252,937,303	)

Increase in interest and fees receivable and other assets		(341,465	)		(570,793	)

Decrease in accrued expenses and other payables		(199,026	)		(1,766,567	)

(Decrease)/increase in accrued interest expense		(15,431	)		26,075

Net change in unrealized appreciation (depreciation) on swap agreements		(7,700	)		(35,922	)

Net change in unrealized depreciation on unfunded commitments		(1,815,728	)		(8,340,010	)

Net cash provided by operating activities		161,752,387			72,957,929

Cash flows provided by (used in) financing activities:
Proceeds from shares sold		37,993,820			101,847,110

Net proceeds and repayments from borrowings		(20,000,000	)		66,000,000

Payments on shares repurchased		(144,269,111	)		(206,534,195	)

Distributions paid		(18,158,018	)		(30,347,619	)

Net cash provided by (used in) financing activities		(144,433,309	)		(69,034,704	)

Net increase in cash		17,319,078			3,923,225

Cash and cash equivalents at beginning of the period		11,549,509			7,626,284

Cash and cash equivalents at end of the period	$	28,868,587		$	11,549,509

Supplemental disclosures of cash flow information
Cash paid during the period for interest	$	2,013,082		$	3,661,403

Non-cash interest received during the period	$	837,585		$	5,007,257

Notes to Financial Statements

February 28, 2011

NOTE 1—Significant Accounting Policies

Invesco Van Kampen Senior Loan Fund, (the “Fund”) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end management investment company. As part of Invesco’s June 1, 2010 acquisition of Morgan Stanley’s retail asset management business (the “Transaction”), the Fund changed its name from Van Kampen Senior Loan Fund to Invesco Van Kampen Senior Loan Fund.

On February 28, 2011, the Fund’s fiscal year-end changed from July 31 to February 28.

The Fund’s investment objective is to provide a high level of current income, consistent with preservation of capital. The Fund invest primarily in adjustable rate senior loans (“Senior Loans”). Senior Loans are business loans that have a senior right to payment and are made to borrowers that may be corporations, partnerships, or other entities. These borrowers 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.

27 Invesco Van Kampen Senior Loan Fund

The Fund continuously offers Class A Shares, Class B Shares and Class C Shares. The Fund also has outstanding Class IB Shares and Class IC Shares which are not continuously offered. Each class of shares differs by its initial sales load, contingent deferred sales charges, the allocation of class-specific expenses and voting rights on matters affecting a single class.

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


A.		Security Valuations — Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated 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 (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security may be valued at the closing bid 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 final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
		Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
		Swap agreements are fair valued using an evaluated quote 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, and company performance.
		Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
		Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 trade is not the current value as of the close of the NYSE. Foreign securities meeting the approved 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 economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
		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 last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
		Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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.
		Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.		Securities Transactions and Investment Income — Securities and investment 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 is recorded on the accrual basis from the settlement date. Facility fees received are amortized over the life of the loan. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
		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 Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
		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

28 Invesco Van Kampen Senior Loan Fund


		investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the 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 Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the 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.
		Other income is compromised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of a loan or note.
C.		Country Determination — For the purposes of making investment selection decisions and presentation in the 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 and the country that has the primary market for the issuer’s securities, 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 — Distributions from income are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally paid annually and recorded on 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 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. Therefore, no provision for federal income taxes is recorded in the financial statements.
		The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.		Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
G.		Indemnifications — Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. 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.
H.		Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk.
		Interest rate, total return, index, and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.
		A CDS is an agreement between two parties (“Counterparties”) to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. In the event of a default by the counterparty, the Fund will seek withdrawal of this collateral and may incur certain costs exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

29 Invesco Van Kampen Senior Loan Fund


		Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.
		Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations.
I.		Cash and Cash Equivalents — For the purposes of the Statement of Cash Flows the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.
J.		Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in Corporate Loans and Corporate Debt Securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.
K.		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 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 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.
L.		Industry Concentration — To the extent that the Fund is concentrated 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.
M.		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.
N.		Bank Loan Risk Disclosures — 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. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
O.		Other Risks — The Fund may invest all or substantially of its assets in senior secured floating rate loans, senior secured debt securities or other securities 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

30 Invesco Van Kampen Senior Loan Fund


		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”.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Fund has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Net Assets	Rate

First $500 million		0	.900%

Next $1 billion		0	.850%

Next $1 billion		0	.825%

Next $500 million		0	.800%

Over $3 billion		0	.775%

Prior to the Transaction, the Fund paid $7,736,570 in advisory fees to Van Kampen Asset Management (“Van Kampen”) based on the annual rate above of the Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to the Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2012, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class IB and Class IC shares to 1.85%, 2.60%, 2.60%, 1.85% and 1.85% of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the Trust’s expenses after fee waiver and/or expense reimbursement to exceed the limit reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Trust has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012. For the periods August 1, 2010 to February 28, 2011 and June 1, 2010 to June 30, 2010 the Adviser did not waive fees and/or reimburse expenses under this expense limitation.

For the year ended July 31, 2010, the Adviser reimbursed Fund expenses of $2,497,273 for an economic loss due to a trading error.

The Fund has entered into an administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative services at an annual rate of 0.25% of the average daily net assets of the Fund. The administrative services provided include monitoring the provisions of the loan agreements and any agreements with respect to participations and assignments, record keeping responsibilities with respect to interest in the Senior Loans in the Fund’s portfolio and providing certain services to the holders of the Fund’s securities. Prior to the Transaction, the Fund paid $2,214,221 in administrative service fees to Van Kampen Investments Inc. The Fund has also entered into a master administrative services agreement with Invesco whereby Invesco provides accounting services to the Fund. For the period August 1, 2010 to February 28, 2011 and the year ended July 31, 2010, expenses incurred under these agreements are shown in the Statement of Operations as administrative services fees. Also, Invesco has entered into service agreements whereby State Street Bank and Trust Company (“SSB”) serves as the custodian and fund accountant and provides certain administrative services to the Fund.

Prior to the Transaction, under separate legal services and chief compliance officer (“CCO”) employment agreements, Van Kampen Investments Inc. also provided legal services and the CCO provided compliance services to the Fund. Pursuant to such agreements, the Fund paid $52,290 to Van Kampen Investments Inc.

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. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Fund’s Board of Trustees. Prior to the Transaction, the Fund paid $572,073 to Van Kampen Investor Services Inc., which served as the Fund’s transfer agent. For the period August 1, 2010 to February 28, 2011 and the year ended July 31, 2010, expenses incurred under these agreements are shown in the Statement of Operations as transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (the “Distributor”), an affiliate of the Adviser. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A Shares, Class B Shares, Class C Shares and Class IC Shares to compensate the Distributor for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25%, 1.00%, 1.00%, and 0.15% (0.25% maximum) per year of the average daily net assets of Class A Shares, Class B Shares, Class C Shares, and Class IC Shares, respectively. The Fund’s Board of Trustees has authorized the Fund to make service fee payments not to exceed 0.15% of the Fund’s average daily net assets attributable to Class IC Shares for any fiscal year. For the period August 1, 2010 to February 28, 2011 and the year ended July 31, 2010, expenses incurred under these agreements are shown in the Statement of Operations as distribution fees.

31 Invesco Van Kampen Senior Loan Fund

Due to voluntary fee waivers by the Distributor, the aggregate distribution and service fees are currently 0.00%, 0.75%, 0.75% and 0.00% per year of average daily net assets for Class A Shares, Class B Shares, Class C Shares and Class IC Shares, respectively. For the periods August 1, 2010 to February 28, 2011 and June 1, 2010 to June 30, 2010, the Distributor waived service fees of $665,116 and $310,459, respectively.

With respect to Class B and Class C Shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class B and Class C maximum annual reimbursement rate, respectively. With respect to Class A Shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse the Distributor for any such expenses.

Prior to the Transaction, the Fund had entered into a distribution agreement with Van Kampen Funds Inc. to serve as the distributor for the Class A Shares, Class B Shares and Class C Shares and a service plan with respect to Class A Shares, Class B Shares, Class C Shares and Class IC Shares. Pursuant to such agreements, Van Kampen Funds Inc. was paid $2,437,919 and waived fees of $883,826.

Front-end sales commissions and CDSC (collectively the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A Shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. For the period August 1, 2010 to February 28, 2011, Invesco Distributors, Inc. (“IDI”) advised the Fund that IDI retained $4,784 in front-end sales commissions from the sale of Class A Shares and $9,520, $8,214 and $10,286 from Class A, Class B and Class C Shares, respectively, for CDSC imposed on redemptions by shareholders. For the period June 1, 2010 to July 31, 2010, IDI advised the Fund that IDI retained $4,461 in front-end sales commissions from the sale of Class A Shares and $0, $5,806 and $1,114 from Class A, Class B and Class C Shares, respectively, for CDSC imposed on redemptions by shareholders. Prior to the Transaction, Van Kampen Funds Inc., as distributor for the Fund, advised the Fund that it received commissions on sales of the Fund’s Class A Shares of $33,485 and CDSC on redeemed shares of $40,169.

Certain officers and trustees of the Trust are officers and directors of Invesco.

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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


	Level 1 —	Prices are determined using quoted prices in an active market for identical assets.
	Level 2 —	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
	Level 3 —	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own 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, 2011. The Schedule of Investments includes disclosure of each security type by category and/or industry. 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 financial statements may materially differ from the value received upon actual sale of those investments.

During the period August 1, 2010 to February 28, 2011, there were no significant transfers between investment levels.


	Level 1		Level 2			Level 3		Total

Investments in an Asset Position
Variable Rate Senior Loan Interests	$	—	$	1,139,098,394		$	4,850,469	$	1,143,948,863

Notes		—		28,266,941			1,173,885		29,440,826

Equities		18,670,230		—			4,845,169		23,515,399

Time Deposit		—		28,805,527			—		28,805,527

Credit Default Swaps		—		23,858			—		23,858

Total Investments in an Asset Position	$	18,670,230	$	1,196,194,720		$	10,869,523	$	1,225,734,473

Investments in a Liability Position
Credit Default Swaps	$	—	$	(13,452	)	$	—	$	(13,452	)

Unfunded Commitments		—		(3,860,573	)		—		(3,860,573	)

Total Investments in a Liability Position	$	—	$	(3,874,025	)	$	—	$	(3,874,025	)

NOTE 4—Derivative Investments

The Fund has implemented the required disclosures about derivative instruments and hedging activities in accordance with GAAP. This disclosure is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their

32 Invesco Van Kampen Senior Loan Fund

effects on an entity’s financial position and financial performance. The enhanced disclosure has no impact on the results of operations reported in the financial statements.

Value of Derivative Instruments at Period-End

The table below summarizes the value of the Fund’s derivative instruments, detailed by primary risk exposure, held as of February 28, 2011:


	Value
Risk Exposure/ Derivative Type	Assets		Liabilities

Credit risk
Swap agreements	$	23,858	$	(13,452	)

Effect of Derivative Instruments for the period August 1, 2010 to February 28, 2011 and the year ended July 31, 2010

The table below summarizes the gains (losses) on derivative instruments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on
	Statement of Operations
	Swap Agreements
	Seven months
	ended		Year ended
	February 28, 2011*		July 31, 2010

Realized Gain (Loss)
Credit risk	$	176,944	$	748,111

Change in Unrealized Appreciation (Depreciation)
Credit risk	$	7,700	$	290,922


*	The average notional value of swap agreements outstanding during the period was $7,000,000.

NOTE 5—Investments in Other Affiliates

The Investment Company Act of 1940 defines affiliates as those issuances in which a trust 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 following is a summary of the investments in affiliates for the period August 1, 2010 to February 28, 2011 and the year ended July 31, 2010.


							Change in
							Unrealized								Interest/
	Value		Purchases		Proceeds		Appreciation			Realized			Value		Dividend
Name	7/31/2010		at Cost		from Sales		(Depreciation)			Gain (Loss)			2/28/2011		Income


Cygnus Business Media — Common Shares*	$	—	$	—	$	—	$	—		$	—		$	—	$	—

Cygnus Business Media — Term Loan*		3,778,298		—		30,333		(1,307,640	)		546			2,440,871		147,396

Endurance Business Media — Common Shares*		—		6,833,184		—		(6,732,262	)		—			100,922		—

Endurance Business Media — Term Loan*		—		7,083,060		428,835		(4,905,075	)		(133,724	)		1,615,426		70,822

Marietta Intermediate Holdings — Common Shares*		991,993		—		—		1,205,291			—			2,197,284		—

Marietta Intermediate Holdings — Term Loan*		1,798,756		112,745		—		(35,599	)		—			1,875,902		23,664

Marietta Intermediate Holdings — Warrants*		—		—		—		—			—			—		—

Total	$	6,569,047	$	14,028,989	$	459,168	$	(11,775,285	)	$	(133,178	)	$	8,230,405	$	241,882


							Change in
							Unrealized								Interest/
	Value		Purchases		Proceeds		Appreciation			Realized			Value		Dividend
Name	7/31/2009		at Cost		from Sales		(Depreciation)			Gain (Loss)			7/31/2010		Income


Cygnus Business Media — Common Shares*	$	—	$	1,229,265	$	—	$	(1,229,265	)	$	—		$	—	$	—

Cygnus Business Media — Term Loan*		—		3,866,332		29,741		(58,934	)		641			3,778,298		240,708

DecorateToday.com — Common Shares*		—		3,505,909		—		—			(3,505,909	)		—		—

Marietta Intermediate Holdings — Common Shares*		—		3,726,330		—		(2,734,337	)		—			991,993		—

Marietta Intermediate Holdings — Term Loan*		—		7,876,035		—		(6,077,279	)		—			1,798,756		71,614

Marietta Intermediate Holdings — Warrants*		—		—		—		—			—			—		—

Safelite Realty — Common Shares*		—		—		48,903		—			48,903			—		—

Total	$	—	$	20,203,871	$	78,644	$	(10,099,815	)	$	(3,456,365	)	$	6,569,047	$	312,322


^*		Par/shares were acquired through restructuring of senior loan interests.

33 Invesco Van Kampen Senior Loan Fund

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the period August 1, 2010 to February 28, 2011 and the year ended July 31, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $954 and $0, respectively.

NOTE 7—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.

For the period August 1, 2010 to February 28, 2011 and the year ended July 31, 2010, the Fund paid legal fees of $98,000 and $154,420 for services rendered by Skadden, Arps, Slate, Meagher & Flom LLP, as counsel to the Fund. A member of that Firm is a Trustee of the Fund.

Prior to June 1, 2010, the Fund provided retirement plans for its independent trustees. Such plans were terminated and the amounts owed to the trustees were distributed.

NOTE 8—Cash Balances and Borrowings

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act. Under the 1940 Act, a fund generally may not borrow money greater than 331/3% of the Fund’s total assets.

The Fund has entered into a $300 million revolving credit and security agreement, which will expire on August 19, 2011. The revolving credit agreement is secured by the assets of the Fund. In connection with this agreement, for the period August 20, 2010 to February 28, 2011, the Fund incurred interest of $1,778,689, as disclosed on the Statement of Operations. For the period August 20, 2010 to February 28, 2011, the average daily balance of borrowings under the revolving credit and security agreement was $185,082,902, with a weighted average interest rate of 0.31%.

The Fund had entered into a $300 million revolving credit and security agreement which closed on August 19, 2010. This revolving credit agreement was secured by the assets of the Fund. In connection with this agreement, for the period August 1, 2010 to August 19, 2010 and for the year ended July 31, 2010, the Fund incurred interest of $218,962 and $3,225,419, respectively. The average daily balance of borrowings under this agreement was $192,473,684 and $190,061,404 with a weighted average interest rate of 0.37% and 0.27% for the period August 1, 2010 to August 19, 2010 and the year ended July 31, 2010, respectively.

The Fund had entered into a $500 million revolving credit and security agreement which closed on August 21, 2009. This revolving credit agreement was secured by the assets of the Fund. In connection with this agreement, for the period August 1, 2009 to August 21, 2009, the Fund incurred interest of approximately $178,246. The average daily balance of borrowings under this agreement was $124,043,478 with a weighted average interest rate of 0.30%.

NOTE 9—Repurchase of Shares

The Fund has a policy of making monthly 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; however, the Fund’s present intent for monthly offers is between 5% and 8%, (The Board of Trustees may authorize an additional 2%, if necessary, without extending the repurchase offer.) The repurchase request deadline will be the third Friday of each calendar month (or the preceding business day if such third Friday is not a business day). To accommodate monthly Repurchase Offers, the Fund has shorter notice periods before each offer, shorter repurchase periods and shorter payment periods after each offer. During the period ended August 1, 2010 to February 28, 2011, the Fund had seven monthly Repurchase Offers as follows:


	Percentage of
	Outstanding Shares			Number of		Percent of
	the Fund Offered to			Shares Tendered		Outstanding Shares Tendered
Repurchase Request Deadlines	Repurchase			(all classes)		(all classes)

August 20, 2010		6.0	%		3,325,868		2.0	%

September 17, 2010		6.0			2,641,967		1.6

October 15, 2010		6.0			2,671,146		1.7

November 19, 2010		6.0			4,312,211		2.7

December 17, 2010		6.0			2,557,864		1.6

January 21, 2011		6.0			3,799,787		2.5

February 18, 2011		6.0			3,110,984		1.8

34 Invesco Van Kampen Senior Loan Fund

NOTE 10—Unfunded Loan Commitments

As of February 28, 2011, the Fund had unrealized depreciation on unfunded loan commitments of $3,860,573, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:


		Unfunded		Appreciation
Borrower	Type	Commitments		(Depreciation)

AX Acquisition Corp.	Revolving Credit Agreement	$	2,500,000	$	(225,000	)

Axcan Intermediate Holdings, Inc	Term Loan		496,419		-0-

Axia Acquisition Corporation	Revolving Credit Agreement		1,374,671		(61,860	)

Bright Horizons Family Solutions, Inc.	Revolving Credit Agreement		6,000,000		(420,000	)

Cannery Casino Resorts, LLC	Revolving Credit Agreement		365,909		(6,660	)

Catalent Pharma Solutions	Revolving Credit Agreement		2,500,000		(178,125	)

Hicks Sporting Group LLC	Term Loan		72,598		-0-

Education Management LLC	Revolving Credit Agreement		2,000,000		(44,520	)

GateHouse Media Operating, Inc.	Revolving Credit Agreement		1,500,000		(187,500	)

General Nutrition Centers, Inc.	Revolving Credit Agreement		6,000,000		(330,000	)

Graphic Packaging International, Inc.	Revolving Credit Agreement		5,000,000		(450,000	)

Hunter Fan Company	Revolving Credit Agreement		2,630,208		(368,229	)

Kranson Industries, Inc.	Revolving Credit Agreement		2,500,000		(162,500	)

Lake at Las Vegas Joint Venture	Revolving Credit Agreement		112,307		(1,123	)

Pinnacle Foods Holdings Corp.	Revolving Credit Agreement		7,000,000		(560,000	)

Sungard Data Systems, Inc.	Revolving Credit Agreement		1,517,180		(30,344	)

Surgical Care Affiliates, Inc.	Revolving Credit Agreement		3,000,000		(270,000	)

USI Holdings Corporation	Revolving Credit Agreement		6,666,667		(564,017	)

White Birch Paper Co.	Term Loan		222,826		(695	)

		$	51,458,785	$	(3,860,573	)

NOTE 11—Senior Loan Participation Commitments

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

At February 28, 2011, there were no interests in Senior Loans purchased by the Fund on a participation basis.

NOTE 12—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the period August 1, 2010 to February 28, 2011 and the years ended July 31, 2010 and 2009:


	February 28, 2011		July 31, 2010		July 31, 2009

Ordinary income	$	27,285,291	$	51,501,821	$	77,978,765

Return of capital		-0-		6,429,904		-0-

Total distributions	$	27,285,291	$	57,931,725	$	77,978,765

Tax Components of Net Assets at Period-End:


	2011

Undistributed ordinary income	$	2,670,611

Net unrealized appreciation (depreciation) — investments		(113,496,478	)

Net unrealized appreciation (depreciation) — other investments		(3,788,014	)

Post-October deferrals		(16,694,641	)

Capital loss carryforward		(878,149,862	)

Shares of beneficial interest		2,019,253,715

Total net assets	$	1,009,795,331

35 Invesco Van Kampen Senior Loan Fund

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 bond premium amortization.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses.

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, 2011 which expires as follows:


	Capital Loss
Expiration	Carryforward*

February 29, 2012	$	153,257,861

February 28, 2013		68,141,145

February 28, 2014		21,900,119

February 28, 2015		48,144,741

February 29, 2016		10,160,798

February 28, 2017		197,862,074

February 28, 2018		285,679,451

February 28, 2019		93,003,673

Total capital loss carryforward	$	878,149,862


*	Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 13—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the period August 1, 2010 to February 28, 2011 was $613,981,505 and $716,506,680, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis

Aggregate unrealized appreciation of investment securities	$	37,438,014

Aggregate unrealized (depreciation) of investment securities		(150,934,492	)

Net unrealized appreciation (depreciation) of investment securities	$	(113,496,478	)

Cost of investments for tax purposes is $1,339,207,093.

NOTE 14—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and net operating losses, on February 28, 2011, accumulated undistributed net investment income (loss) was increased by $1,298,739, accumulated net realized gain (loss) was increased by $214,456,280 and shares of beneficial interest decreased by $215,755,019. This reclassification had no effect on the net assets of the Fund.

36 Invesco Van Kampen Senior Loan Fund

NOTE 15—Share Information


	For the seven months
	ended February 28,						For the years ended July 31,
	2011^(a)						2010						2009
	Shares			Value			Shares			Value			Shares			Value

Sales:
Class A		3,010,095	^(b)	$	19,629,290	^(b)		9,845,465		$	60,615,249			5,685,543		$	28,429,561

Class B		430,666			2,822,756			457,420			2,816,081			361,979			1,791,818

Class C		1,754,728			11,438,310			5,303,046			32,558,729			5,247,263			25,877,745

Class IB		493,663			3,200,688			780,432			4,812,998			1,238,284			6,221,721

Class IC		152,805			994,171			243,737			1,504,094			486,531			2,573,031

Total sales		5,841,957		$	38,085,215			16,630,100		$	102,307,151			13,019,600		$	64,893,876

Dividend reinvestment:
Class A		200,103		$	1,298,956			688,142		$	4,235,453			1,254,213		$	6,322,925

Class B		22,049			143,103			60,236			370,866			103,290			517,974

Class C		170,918			1,109,100			576,804			3,546,107			1,061,421			5,349,681

Class IB		975,856			6,340,953			2,492,433			15,358,953			4,234,017			21,185,914

Class IC		124,699			809,806			356,249			2,194,286			622,587			3,117,005

Total dividend reinvestment		1,493,625		$	9,701,918			4,173,864		$	25,705,665			7,275,528		$	36,493,499

Repurchases:
Class A		(7,466,488	)	$	(48,574,424	)		(10,278,445	)	$	(63,336,379	)		(14,818,255	)	$	(79,770,415	)

Class B		(407,951	)^(b)		(2,633,772	)^(b)		(702,577	)		(4,343,561	)		(1,388,635	)		(7,115,414	)

Class C		(5,852,683	)		(37,974,752	)		(7,943,623	)		(48,963,345	)		(16,450,106	)		(87,850,496	)

Class IB		(6,987,876	)		(45,354,601	)		(12,365,524	)		(76,168,518	)		(21,469,718	)		(110,878,705	)

Class IC		(1,494,883	)		(9,724,847	)		(2,262,940	)		(13,897,807	)		(5,016,795	)		(26,781,118	)

Total repurchases		(22,209,881	)	$	(144,262,396	)		(33,553,109	)	$	(206,709,610	)		(59,143,509	)	$	(312,396,148	)


^(a)		There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% 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.
^(b)		Includes automatic conversion of 74,804 Class B Shares into 74,789 Class A Shares at a value of $482,998.

NOTE 16—Dividends

The Fund declared the following monthly dividends from net investment income subsequent to February 28, 2011:


			Amount Per Share
Share Class	Record Date		Payable March 31, 2011		Payable April 29, 2011

Class A		Daily	$	0.0250	$	0.0275

Class B		Daily		0.0208		0.0233

Class C		Daily		0.0208		0.0233

Class IB		Daily		0.0250		0.0275

Class IC		Daily		0.0250		0.0275

NOTE 17—Legal Matters

The Fund is part of a group of defendants (Lenders) that have been named in an adversary proceeding pending in the Bankruptcy Court of the Southern District of Florida, brought in connection with the bankruptcy proceeding styled In re: TOUSA, Inc. et al.,, filed on July 14, 2008, by the Official Committee of Unsecured Creditors of TOUSA, Inc. et al., home building companies to which the Lenders loaned money through different lending facilities. An amended complaint was filed on October 17, 2008. Plaintiff alleges that monies used to repay the Lenders or allocated to repay the Lenders should be avoided as fraudulent and preferential transfers under the bankruptcy laws. More specifically, Plaintiff alleges that subsidiaries of the home building companies were allegedly forced to become co-borrowers and guarantors of the monies used/allocated to repay the Lenders, and that the subsidiaries did not receive fair consideration or reasonably equivalent value for incurring those obligations. Plaintiff seeks to avoid the transfers and other equitable relief. The Fund, along with numerous other defendants hereafter referred to as the Senior Transeastern Lenders, is named in two separate lending capacities. The first capacity is in connection with the Fund’s position as a lender in a revolving credit agreement and the second capacity is in connection with its position as lenders in a term

37 Invesco Van Kampen Senior Loan Fund

loan. The case went to trial on October 13, 2009, resulting in the Bankruptcy Court rendering final judgment and requiring Lenders to post bonds equal to 110% of damages and disgorgement against them. Bonds were posted in December 12, 2009. On May 28, 2010, the Bankruptcy Court entered an order for revolving credit lenders to pay additional interest in connection with damages awarded against them. On July 13, 2010, Bankruptcy Court entered an order setting amounts of disgorgement awards against term loan lenders. The Senior Transeastern Lenders, including the Funds, appealed to district court. Oral argument on the appeal of the Final Judgment was heard on October 22, 2010. Objections to the disclosure statement were filed with the Bankruptcy Court on behalf of Debtors and the United States Trustee on December 20, 2010, and December 23, 2010, respectively. On February 11, 2011, the District Court issued an order that: 1) quashed the Bankruptcy Court’s Order as it relates to the liability of the Senior Transeastern Lenders; 2) made null and void the Bankruptcy Court’s imposition of remedies as to the Senior Transeastern Lenders; 3) discharged all bonds deposited by Senior Transeastern Lenders, unless any further appeals are filed, in which case the bonds would remain in effect pending resolution of appeals; 4) dismissed as moot additional appeal proceedings of the Senior Transeastern Lenders that were contingent upon the District Court’s decision concerning liability; and 5) closed all District Court appeal proceedings concerning the Senior Transeastern Lenders.

Management of Invesco and the Trust believe that the outcome of the proceedings described above will have no material adverse effect on the Trust or on the ability of Invesco to provide ongoing services to the Trust.

NOTE 18—Significant Event

The Board of Trustees unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would acquire all of the assets and liabilities of Invesco Prime Income Trust (the “Target Fund”) in exchange for shares of the Fund. The Agreement requires approval of the Target Fund’s shareholders and will be submitted to the shareholders for their consideration at a meeting to be held in or around April 2011.

38 Invesco Van Kampen Senior Loan Fund

NOTE 19—Financial Highlights

The following schedules present financial highlights for one share of the Fund outstanding throughout the periods indicated.


	Class A shares
	Seven months ended
	February 28,			Year ended July 31,
	2011			2010			2009			2008			2007			2006

Net asset value, beginning of the period	$	6.29		$	5.60		$	7.48		$	8.65		$	8.99		$	9.10

Net investment income^(a)		0.18			0.28			0.40			0.61			0.66			0.54

Net realized and unrealized gain (loss)		0.44			0.76			(1.86	)		(1.17	)		(0.29	)		(0.15	)

Total income (loss) from investment operations		0.62			1.04			(1.46	)		(0.56	)		0.37			0.39

Less:
Distributions from net investment income		0.18			0.31			0.42			0.61			0.71			0.50

Return of capital distributions		-0-			0.04			-0-			-0-			-0-			-0-

Total distributions		0.18			0.35			0.42			0.61			0.71			0.50

Net asset value, end of the period	$	6.73		$	6.29		$	5.60		$	7.48		$	8.65		$	8.99

Total return		9.97	%^(b)(g)		18.78	%^(b)		(18.60	)%^(c)		(6.70	)%^(c)		4.06	%^(c)		4.39	%^(c)

Net assets at end of the period (000’s omitted)	$	173,137		$	188,589		$	166,448		$	281,436		$	544,723		$	90,951

Portfolio turnover^(e)		44	%		55	%		33	%		35	%		74	%		84	%

Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		1.71	%^(d)(g)		1.89	%		2.34	%		2.51	%		2.50	%		1.49	%

With fee waivers and/or expense reimbursements excluding interest expense		1.37	%^(d)(g)		1.57	%		1.86	%		1.44	%		1.41	%		1.39	%

Without fee waivers and/or expense reimbursements		1.96	%^(d)(g)		2.14	%		2.59	%		2.76	%		2.75	%		1.74	%

Ratio of net investment income with fee waivers and/or expense reimbursements		4.86	%^(d)(g)		4.53	%		7.57	%		7.55	%		7.34	%		5.95	%

Ratio of net investment income without fee waivers and/or expense reimbursements		4.61	%^(d)(g)		4.28	%		7.32	%		7.30	%		7.09	%		5.70	%

Senior indebtedness:
Total borrowing outstanding (000’s omitted)	$	178,000		$	198,000		$	132,000		$	458,000		$	555,000		$	195,000

Asset coverage per $1,000 unit of senior indebtedness^(f)	$	6,673		$	6,239		$	8,538		$	4,538		$	5,543		$	10,127


^(a)		Based on average shares outstanding.
^(b)		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.
^(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 3.25% or early withdrawal charge. On purchases of $1 million or more, an early withdrawal charge of 1% may be imposed on certain repurchases by the Fund made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined distribution and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchases by the Fund of Fund shares.
^(d)		Ratios are annualized and based on average daily net assets (000’s omitted) of $181,176.
^(e)		Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests and is not annualized for periods less than one year, if applicable.
^(f)		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.
^(g)		The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.00% for the seven months ended February 28, 2011.

39 Invesco Van Kampen Senior Loan Fund

NOTE 19—Financial Highlights—(continued)


	Class B shares
	Seven months ended
	February 28,			Year ended July 31,
	2011			2010			2009			2008			2007			2006

Net asset value, beginning of the period	$	6.29		$	5.60		$	7.48		$	8.65		$	8.99		$	9.10

Net investment income^(a)		0.15			0.23			0.36			0.55			0.60			0.47

Net realized and unrealized gain (loss)		0.44			0.77			(1.86	)		(1.17	)		(0.30	)		(0.14	)

Total income (loss) from investment operations		0.59			1.00			(1.50	)		(0.62	)		0.30			0.33

Less:
Distributions from net investment income		0.15			0.28			0.38			0.55			0.64			0.44

Return of capital distributions		-0-			0.03			-0-			-0-			-0-			-0-

Total distributions		0.15			0.31			0.38			0.55			0.64			0.44

Net asset value, end of the period	$	6.73		$	6.29		$	5.60		$	7.48		$	8.65		$	8.99

Total return		9.50	%^(b)(g)		17.90	%^(b)		(19.24	)%^(c)		(7.43	)%^(c)		3.29	%^(c)		3.63	%^(c)

Net assets at end of the period (000’s omitted)	$	19,455		$	17,902		$	16,974		$	29,589		$	41,461		$	17,759

Portfolio turnover^(e)		44	%		55	%		33	%		35	%		74	%		84	%

Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		2.46	%^(d)(g)		2.64	%		3.11	%		3.24	%		3.28	%		2.24	%

With fee waivers and/or expense reimbursements excluding interest expense		2.12	%^(d)(g)		2.32	%		2.63	%		2.20	%		2.18	%		2.14	%

Without fee waivers and/or expense reimbursements		2.71	%^(d)(g)		2.89	%		3.36	%		3.49	%		3.53	%		2.49	%

Ratio of net investment income with fee waivers and/or expense reimbursements		4.10	%^(d)(g)		3.79	%		6.85	%		6.76	%		6.67	%		5.24	%

Ratio of net investment income without fee waivers and/or expense reimbursements		3.85	%^(d)(g)		3.54	%		6.60	%		6.51	%		6.42	%		4.99	%

Senior indebtedness:
Total borrowing outstanding (000’s omitted)	$	178,000		$	198,000		$	132,000		$	458,000		$	555,000		$	195,000

Asset coverage per $1,000 unit of senior indebtedness^(f)	$	6,673		$	6,239		$	8,538		$	4,538		$	5,543		$	10,127


^(a)		Based on average shares outstanding.
^(b)		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.
^(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum early withdrawal charge of 3%, charged on certain repurchases by the Fund made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined distribution and service fees of up to 1% and not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchases by the Fund of Fund shares.
^(d)		Ratios are annualized and based on average daily net assets (000’s omitted) of $18,089.
^(e)		Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests and is not annualized for periods less than one year, if applicable.
^(f)		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.
^(g)		The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.75% for the seven months ended February 28, 2011.

40 Invesco Van Kampen Senior Loan Fund

NOTE 19—Financial Highlights—(continued)


	Class C shares
	Seven months ended
	February 28,			Year ended July 31,
	2011			2010			2009			2008			2007			2006

Net asset value, beginning of the period	$	6.29		$	5.60		$	7.48		$	8.65		$	8.99		$	9.10

Net investment income^(a)		0.15			0.23			0.36			0.55			0.59			0.47

Net realized and unrealized gain (loss)		0.44			0.77			(1.86	)		(1.17	)		(0.29	)		(0.14	)

Total income (loss) from investment operations		0.59			1.00			(1.50	)		(0.62	)		0.30			0.33

Less:
Distributions from net investment income		0.15			0.28			0.38			0.55			0.64			0.44

Return of capital distributions		-0-			0.03			-0-			-0-			-0-			-0-

Total distributions		0.15			0.31			0.38			0.55			0.64			0.44

Net asset value, end of the period	$	6.73		$	6.29		$	5.60		$	7.48		$	8.65		$	8.99

Total return		9.50	%^(b)(g)		17.90	%^(b)		(19.24	)%^(c)		(7.43	)%^(c)		3.29	%^(c)		3.63	%^(c)

Net assets at end of the period (000’s omitted)	$	195,963		$	207,828		$	196,591		$	338,551		$	563,548		$	72,459

Portfolio turnover^(e)		44	%		55	%		33	%		35	%		74	%		84	%

Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		2.46	%^(d)(g)		2.64	%		3.10	%		3.26	%		3.25	%		2.24	%

With fee waivers and/or expense reimbursements excluding interest expense		2.12	%^(d)(g)		2.32	%		2.62	%		2.20	%		2.16	%		2.14	%

Without fee waivers and/or expense reimbursements		2.71	%^(d)(g)		2.89	%		3.35	%		3.51	%		3.50	%		2.49	%

Ratio of net investment income with fee waivers and/or expense reimbursements		4.11	%^(d)(g)		3.79	%		6.83	%		6.79	%		6.55	%		5.19	%

Ratio of net investment income without fee waivers and/or expense reimbursements		3.86	%^(d)(g)		3.54	%		6.58	%		6.54	%		6.30	%		4.94	%

Senior indebtedness:
Total borrowing outstanding (000’s omitted)	$	178,000		$	198,000		$	132,000		$	458,000		$	555,000		$	195,000

Asset coverage per $1,000 unit of senior indebtedness^(f)	$	6,673		$	6,239		$	8,538		$	4,538		$	5,543		$	10,127


^(a)		Based on average shares outstanding.
^(b)		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.
^(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum early withdrawal charge of 1%, charged on certain repurchases by the Fund made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined distribution and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchases by the Fund of Fund shares.
^(d)		Ratios are annualized and based on average daily net assets (000’s omitted) of $201,608.
^(e)		Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests and is not annualized for periods less than one year, if applicable.
^(f)		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.
^(g)		The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.75% for the seven months ended February 28, 2011.

41 Invesco Van Kampen Senior Loan Fund

NOTE 19—Financial Highlights—(continued)


	Class IB shares
	Seven months ended
	February 28,			Year ended July 31,
	2011			2010			2009			2008			2007			2006

Net asset value, beginning of the period	$	6.29		$	5.60		$	7.49		$	8.66		$	9.01		$	9.11

Net investment income^(a)		0.18			0.28			0.40			0.61			0.68			0.54

Net realized and unrealized gain (loss)		0.44			0.76			(1.87	)		(1.17	)		(0.32	)		(0.14	)

Total income (loss) from investment operations		0.62			1.04			(1.47	)		(0.56	)		0.36			0.40

Less:
Distributions from net investment income		0.18			0.31			0.42			0.61			0.71			0.50

Return of capital distributions		-0-			0.04			-0-			-0-			-0-			-0-

Total distributions		0.18			0.35			0.42			0.61			0.71			0.50

Net asset value, end of the period	$	6.73		$	6.29		$	5.60		$	7.49		$	8.66		$	9.01

Total return		9.97	%^(b)		18.77	%^(b)		(18.56	)%^(c)		(6.69	)%^(c)		4.05	%^(c)		4.38	%^(c)

Net assets at end of the period (000’s omitted)	$	526,800		$	527,108		$	520,252		$	815,141		$	1,131,807		$	1,307,242

Portfolio turnover^(e)		44	%		55	%		33	%		35	%		74	%		84	%

Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		1.71	%^(d)		1.89	%		2.34	%		2.49	%		2.54	%		1.49	%

With fee waivers and/or expense reimbursements excluding interest expense		1.37	%^(d)		1.57	%		1.88	%		1.45	%		1.43	%		1.39	%

Ratio of net investment income with fee waivers and/or expense reimbursements		4.85	%^(d)		4.54	%		7.60	%		7.51	%		7.49	%		5.87	%

Senior indebtedness:
Total borrowing outstanding (000’s omitted)	$	178,000		$	198,000		$	132,000		$	458,000		$	555,000		$	195,000

Asset coverage per $1,000 unit of senior indebtedness^(f)	$	6,673		$	6,239		$	8,538		$	4,538		$	5,543		$	10,127


^(a)		Based on average shares outstanding.
^(b)		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.
^(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum early withdrawal charge of 3%, charged on repurchases by the Fund made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or repurchases by the Fund of Fund shares.
^(d)		Ratios are annualized and based on average daily net assets (000’s omitted) of $525,446.
^(e)		Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests and is not annualized for periods less than one year, if applicable.
^(f)		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.

42 Invesco Van Kampen Senior Loan Fund

NOTE 19—Financial Highlights—(continued)


	Class IC shares
	Seven months ended
	February 28,			Year ended July 31,
	2011			2010			2009			2008			2007			2006

Net asset value, beginning of the period	$	6.29		$	5.60		$	7.49		$	8.66		$	9.00		$	9.11

Net investment income^(a)		0.18			0.28			0.40			0.61			0.68			0.54

Net realized and unrealized loss		0.44			0.76			(1.87	)		(1.17	)		(0.31	)		(0.15	)

Total income (loss) from investment operations		0.62			1.04			(1.47	)		(0.56	)		0.37			0.39

Less:
Distributions from net investment income		0.18			0.31			0.42			0.61			0.71			0.50

Return of capital distributions		-0-			0.04			-0-			-0-			-0-			-0-

Total distributions		0.18			0.35			0.42			0.61			0.71			0.50

Net asset value, end of the period	$	6.73		$	6.29		$	5.60		$	7.49		$	8.66		$	9.00

Total return		9.97	%^(b)(g)		18.77	%^(b)		(18.71	)%^(c)		(6.69	)%^(c)		4.06	%^(c)		4.50	%^(c)

Net assets at end of the period (000’s omitted)	$	94,440		$	95,928		$	94,721		$	155,865		$	239,587		$	291,281

Portfolio turnover^(e)		44	%		55	%		33	%		35	%		74	%		84	%

Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		1.71	%^(d)(g)		1.89	%		2.35	%		2.49	%		2.54	%		1.49	%

With fee waivers and/or expense reimbursements excluding interest expense		1.37	%^(d)(g)		1.57	%		1.88	%		1.45	%		1.43	%		1.39	%

Without fee waivers and/or expense reimbursements		1.86	%^(d)(g)		2.04	%		2.50	%		2.64	%		2.69	%		1.64	%

Ratio of net investment income with fee waivers and/or expense reimbursements		4.85	%^(d)(g)		4.54	%		7.60	%		7.52	%		7.49	%		5.85	%

Ratio of net investment income without fee waivers and/or expense reimbursements		4.70	%^(d)(g)		4.40	%		7.45	%		7.37	%		7.34	%		5.70	%

Senior indebtedness:
Total borrowing outstanding (000’s omitted)	$	178,000		$	198,000		$	132,000		$	458,000		$	555,000		$	195,000

Asset coverage per $1,000 unit of senior indebtedness^(f)	$	6,673		$	6,239		$	8,538		$	4,538		$	5,543		$	10,127


^(a)		Based on average shares outstanding.
^(b)		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.
^(c)		Assumes reinvestment of all distributions for the period and does not include payment of the maximum early withdrawal charge of 1%, charged on repurchases by the Fund made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include service fees of up to 0.15% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or repurchases by the Fund of Fund shares.
^(d)		Ratios are annualized and based on average daily net assets (000’s omitted) of $95,262.
^(e)		Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests and is not annualized for periods less than one year, if applicable.
^(f)		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.
^(g)		The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.00% for the seven months ended February 28, 2011.

43 Invesco Van Kampen Senior Loan Fund

NOTE 19—Financial Highlights—(continued)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Invesco Van Kampen Senior Loan Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of Invesco Van Kampen Senior Loan Fund (hereafter referred to as the “Fund”) at February 28, 2011, and the results of its operations, changes in its net assets, its cash flows and the financial highlights for the period ended February 28, 2011 and the year ended July 31, 2010, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The statement of changes in net assets for the year ended July 31, 2009 and the financial highlights of the Fund for the periods ended July 31, 2009 and prior were audited by other independent auditors whose report dated September 22, 2009 expressed an unqualified opinion on those financial statements.

PRICEWATERHOUSECOOPERS LLP

Houston, TX

April 13, 2011

44 Invesco Van Kampen Senior Loan Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2010 through February 28, 2011.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions, and redemption fees, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(09/01/10)		(02/28/11)¹		Period²		(02/28/11)		Period²		Ratio
A	$	1,000.00	$	1,095.10	$	8.73	$	1,016.46	$	8.40		1.68	%

B		1,000.00		1,091.00		12.60		1,012.74		12.13		2.43

C		1,000.00		1,091.00		12.60		1,012.74		12.13		2.43

IB		1,000.00		1,095.00		8.73		1,016.46		8.40		1.68

IC		1,000.00		1,095.10		8.73		1,016.46		8.40		1.68

45 Invesco Van Kampen Senior Loan Fund

Trustees and Officers

The address of each trustee and officer is 1555 Peachtree, N.E., Atlanta, Georgia 30309. The trustees serve for the life of the Fund, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Fund’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Number of

Funds in

Fund

Complex

Name, Year of Birth and

Trustee and/

Principal Occupation(s)

Overseen by

Other Directorship(s)

Position(s) Held with the Trust

or Officer Since

During Past 5 Years

Trustee

Held by Trustee

Interested Persons

Colin Meadows — 1971
Trustee, President and Principal Executive Officer

2010

Chief Administrative Officer, Invesco Advisers, Inc., since 2006; Prior to 2006, Senior Vice President of business development and mergers and acquisitions at GE Consumer Finance; Prior to 2005, Senior Vice President of strategic planning and technology at Wells Fargo Bank; From 1996 to 2003, associate principal with McKinsey & Company, focusing on the financial services and venture capital industries, with emphasis in banking and asset management sectors.

None

Independent Trustees

Wayne M. Whalen¹ — 1939
Trustee and Chair

1997

Of Counsel, and prior to 2010, partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to funds in the Fund Complex

227

Director of the Abraham Lincoln Presidential Library Foundation

David C. Arch — 1945
Trustee

1997

Chairman and Chief Executive Officer of Blistex Inc., a consumer health care products manufacturer.

227

Member of the Heartland Alliance Advisory Board, a nonprofit organization serving human needs based in Chicago. Board member of the Illinois Manufacturers’ Association. Member of the Board of Visitors, Institute for the Humanities, University of Michigan

Jerry D. Choate — 1938
Trustee

2003

From 1995 to 1999, Chairman and Chief Executive Officer of the Allstate Corporation (‘‘Allstate’’) and Allstate Insurance Company. From 1994 to 1995, President and Chief Executive Officer of Allstate. Prior to 1994, various management positions at Allstate.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Director since 1998 and member of the governance and nominating committee, executive committee, compensation and management development committee and equity award committee, of Amgen Inc., a biotechnological company. Director since 1999 and member of the nominating and governance committee and compensation and executive committee, of Valero Energy Corporation, a crude oil refining and marketing company. Previously, from 2006 to 2007, Director and member of the compensation committee and audit committee, of H&R Block, a tax preparation services company.

Rodney Dammeyer — 1940
Trustee

1997

President of CAC, LLC, a private company offering capital investment and management advisory services.

Formerly: Prior to January 2004, Director of TeleTech Holdings Inc.; Prior to 2002, Director of Arris Group, Inc.; Prior to 2001, Managing Partner at Equity Group Corporate Investments. Prior to 1995, Vice Chairman of Anixter International. Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc, Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.

227

Director of Quidel Corporation and Stericycle, Inc. Prior to May 2008, Trustee of The Scripps Research Institute. Prior to February 2008, Director of Ventana Medical Systems, Inc. Prior to April 2007, Director of GATX Corporation. Prior to April 2004, Director of TheraSense, Inc.

Mr. Whalen is considered an “interested person” (within the meaning of Section 2(a)(19) of the 1940 Act) of certain Funds in the Fund Complex by reason of he and his firm currently providing legal services as legal counsel to such Funds in the Fund Complex.

T-1

Trustees and Officers — (continued)

Number of

Funds in

Fund

Complex

Name, Year of Birth and

Trustee and/

Principal Occupation(s)

Overseen by

Other Directorship(s)

Position(s) Held with the Trust

or Officer Since

During Past 5 Years

Trustee

Held by Trustee

Independent Trustees

Linda Hutton Heagy — 1948
Trustee

2003

Prior to June 2008, Managing Partner of Heidrick & Struggles, the second largest global executive search firm, and from 2001-2004, Regional Managing Director of U.S. operations at Heidrick & Struggles. Prior to 1997, Managing Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO, N.A., a bank holding company, with oversight for treasury management operations including all non-credit product pricing. Prior to 1990, experience includes Executive Vice President of The Exchange National Bank with oversight of treasury management including capital markets operations, Vice President of Northern Trust Company and an Associate at Price Waterhouse.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Prior to 2010, Trustee on the University of Chicago Medical Center Board, Vice Chair of the Board of the YMCA of Metropolitan Chicago and a member of the Women’s Board of the University of Chicago.

R. Craig Kennedy — 1952
Trustee

2003

Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and member of the Investment Committee of the Joyce Foundation, a private foundation.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of First Solar, Inc.

Howard J Kerr — 1935
Trustee

1997

Retired. Previous member of the City Council and Mayor of Lake Forest, Illinois from 1988 through 2002. Previous business experience from 1981 through 1996 includes President and Chief Executive Officer of Pocklington Corporation, Inc., an investment holding company, President and Chief Executive Officer of Grabill Aerospace, and President of Custom Technologies Corporation. United States Naval Officer from 1960 through 1981, with responsibilities including Commanding Officer of United States Navy destroyers and Commander of United States Navy Destroyer Squadron Thirty-Three, White House experience in 1973 through 1975 as military aide to Vice Presidents Agnew and Ford and Naval Aid to President Ford, and Military Fellow on the Council of Foreign Relations in 1978-through 1979.

Trustee/Director/Managing General Partner of funds in the Fund Complex. Director of the Lake Forest Bank & Trust. Director of the Marrow Foundation.

Jack E. Nelson — 1936
Trustee

2003

President of Nelson Investment Planning Services, Inc., a financial planning company and registered investment adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of the Financial Industry Regulatory Authority (“FINRA”), Securities Investors Protection Corp. and the Municipal Securities Rulemaking Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated companies.

Trustee/Director/Managing General Partner of funds in the Fund Complex.

Hugo F. Sonnenschein — 1940
Trustee

1997

President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to July 2000, President of the University of Chicago.

227

Trustee of the University of Rochester and a member of its investment committee. Member of the National Academy of Sciences, the American Philosophical Society and a fellow of the American Academy of Arts and Sciences

Suzanne H. Woolsey, Ph.D. — 1941
Trustee

2003

Chief Communications Officer of the National Academy of Sciences and Engineering and Institute of Medicine/National Research Council, an independent, federally chartered policy institution, from 2001 to November 2003 and Chief Operating Officer from 1993 to 2001. Executive Director of the Commission on Behavioral and Social Sciences and Education at the National Academy of Sciences/National Research Council from 1989 to 1993. Prior to 1980, experience includes Partner of Coopers & Lybrand (from 1980 to 1989), Associate Director of the US Office of Management and Budget (from 1977 to 1980) and Program Director of the Urban Institute (from 1975 to 1977).

Trustee/Director/Managing General Partner of funds in the Fund Complex. Independent Director and audit committee chairperson of Changing World Technologies, Inc., an energy manufacturing company, since July 2008. Independent Director and member of audit and governance committees of Fluor Corp., a global engineering, construction and management company, since January 2004. Director of Intelligent Medical Devices, Inc., a private company which develops symptom-based diagnostic tools for viral respiratory infections. Advisory Board member of ExactCost LLC, a private company providing activity-based costing for hospitals, laboratories, clinics, and physicians, since 2008.

T-2

Trustees and Officers — (continued)

Number of

Funds in

Fund

Complex

Name, Year of Birth and

Trustee and/

Principal Occupation(s)

Overseen by

Other Directorship(s)

Position(s) Held with the Trust

or Officer Since

During Past 5 Years

Trustee

Held by Trustee

Independent Trustees

Chairperson of the Board of Trustees of the Institute for Defense Analyses, afederally funded research and development center, since 2000. Trustee from 1992 to 2000 and 2002 to present, current chairperson of the finance committee, current member of the audit committee, strategic growth committee and executive committee, and former Chairperson of the Board of Trustees (from 1997 to 1999), of the German Marshall Fund of the United States, a public foundation. Lead Independent Trustee of the Rocky Mountain Institute, a non-profit energy and environmental institute; Trustee since 2004. Chairperson of the Board of Trustees of the Colorado College; Trustee since 1995. Trustee of California Institute of Technology. Previously, Independent Director and member of audit committee and governance committee of Neurogen Corporation from 1998 to 2006; and Independent Director of Arbros Communications from 2000 to 2002

Other Officers

John M. Zerr — 1962
Senior Vice President, Chief Legal Officer and Secretary

2010

Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.), Van Kampen Investments Inc. and Van Kampen Exchange Corp., Senior Vice President, Invesco Advisers, Inc. formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Manager, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Van Kampen Asset Management; Director and Secretary, Van Kampen Advisors Inc.; Secretary and General Counsel, Van Kampen Funds Inc.; and Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust

Formerly: Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Advisers, Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)

N/A

Lisa O. Brinkley — 1959
Vice President

2010

Global Compliance Director, Invesco Ltd.; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.; and Vice President, The Invesco Funds

Formerly: Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company

N/A

T-3

Trustees and Officers — (continued)

Number of

Funds in

Fund

Complex

Name, Year of Birth and

Trustee and/

Principal Occupation(s)

Overseen by

Other Directorship(s)

Position(s) Held with the Trust

or Officer Since

During Past 5 Years

Trustee

Held by Trustee

Other Officers

Karen Dunn Kelley — 1960
Vice President

2010

Head of Invesco’s World Wide Fixed Income and Cash Management Group; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) and Van Kampen Investments Inc.; Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); and Director, Invesco Mortgage Capital Inc.; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) and Short-Term Investments Trust); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) and Short-Term Investments Trust only).

Formerly: Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; President and Principal Executive Officer, Tax-Free Investments Trust; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Tax-Free Investments Trust only)

N/A

Sheri Morris — 1964
Vice President, Principal Financial Officer and Treasurer

2010

Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; and Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)

Formerly: Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

N/A

Lance A. Rejsek — 1967
Anti-Money Laundering Compliance Officer

2010

Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.), The Invesco Funds, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Trust II, PowerShares India Exchange- Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, Van Kampen Asset Management, Van Kampen Investor Services Inc., and Van Kampen Funds Inc.

Formerly: Anti-Money Laundering Compliance Officer, Fund Management Company, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

N/A

Todd L. Spillane — 1958
Chief Compliance Officer

2010

Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.), Van Kampen Investments Inc. and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, INVESCO Private Capital Investments, Inc. (holding company), and Invesco Private Capital, Inc. (registered investment adviser); Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen Investor Services Inc.

Formerly: Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance Officer, Invesco Global Asset Management (N.A.), Inc. and Invesco Senior Secured Management, Inc. (registered investment adviser); Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company

N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
1555 Peachtree Street, N.E.	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Atlanta, GA 30309	1555 Peachtree Street, N.E.	11 Greenway Plaza,	1201 Louisiana Street,
	Atlanta, GA 30309	Suite 2500	Suite 2900
		Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Transfer Agent	Custodian
Skadden, Arps, Slate, Meagher & Flom , LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
155 West Wacker Drive	11 Greenway Plaza, Suite 2500	225 Franklin
Chicago, IL 60606	Houston, TX 77046-1173	Boston, MA 02110-2801

T-4

Invesco mailing information

Send general correspondence to Invesco, P.O. Box 4739, Houston, TX 77210-4739.

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file number for the Fund is 811-05845.

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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the period between June 1, 2010, and June 30, 2010, is available at invesco.com/proxysearch. In addition, this information is available on the SEC website, sec.gov. Proxy voting information for the predecessor fund prior to its reorganization with the Fund on June 1, 2010, is not available on the Invesco website but is or will be available on the SEC website under the predecessor fund.

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 U.S. 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.

VK-SLO-AR-1 Invesco Distributors, Inc.

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the Registrant had adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer (“PEO”) and principal financial officer (“PFO”). There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy. Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Fees Billed by PWC Related to the Registrant

PWC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:


			Percentage of Fees					Percentage of Fees
			Billed Applicable to					Billed Applicable to
			Non-Audit Services					Non-Audit Services
	Fees Billed for		Provided for fiscal			Fees Billed for		Provided for fiscal
	Services Rendered to		year end 2/28/2011			Services Rendered to		year end 7/31/2010
	the Registrant for		Pursuant to Waiver of			the Registrant for		Pursuant to Waiver of
	fiscal year end		Pre-Approval			fiscal year end		Pre-Approval
	2/28/2011		Requirement⁽¹⁾			7/31/2010		Requirement⁽¹⁾
Audit Fees	$	48,200		N/A		$	62,600		N/A
Audit-Related Fees	$	0		0	%	$	0		0	%
Tax Fees⁽²⁾	$	2,800		0	%	$	6,000		0	%
All Other Fees⁽³⁾	$	1,667		0	%	$	0		0	%

Total Fees	$	52,667		0	%	$	68,600		0	%

PWC billed the Registrant aggregate non-audit fees of $4,467 for the fiscal year ended February 28, 2011, and $6,000 for the fiscal year ended July 31, 2010, for non-audit services rendered to the Registrant.


(1)		With respect to the provision of non-audit services, the pre-approval requirement is waived pursuant to a de minimis exception if (i) such services were not recognized as non-audit services by the Registrant at the time of engagement, (ii) the aggregate amount of all such services provided is no more than 5% of the aggregate audit and non-audit fees paid by the Registrant to PWC during a fiscal year; and (iii) such services are promptly brought to the attention of the Registrant’s Audit Committee and approved by the Registrant’s Audit Committee prior to the completion of the audit.

(2)		Tax fees for the fiscal year end February 28, 2011 includes fees billed for reviewing tax returns. Tax fees for the fiscal year end July 31, 2010 includes fees billed for reviewing tax returns.

(3)		All Other fees for the fiscal year end February 28, 2011 includes fees billed for completing professional services related to benchmark analysis.

Fees Billed by PWC Related to Invesco and Invesco Affiliates

PWC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as follows:


	Fees Billed for Non-					Fees Billed for Non-
	Audit Services					Audit Services
	Rendered to Invesco		Percentage of Fees			Rendered to Invesco		Percentage of Fees
	and Invesco Affiliates		Billed Applicable to			and Invesco Affiliates		Billed Applicable to
	for fiscal year end		Non-Audit Services			for fiscal year end		Non-Audit Services
	2/28/2011 That Were		Provided for fiscal year			7/31/2010 That Were		Provided for fiscal year
	Required		end 2/28/2011			Required		end 7/31/2010
	to be Pre-Approved		Pursuant to Waiver of			to be Pre-Approved		Pursuant to Waiver of
	by the Registrant’s		Pre-Approval			by the Registrant’s		Pre-Approval
	Audit Committee		Requirement⁽¹⁾			Audit Committee		Requirement⁽¹⁾
Audit-Related Fees	$	0		0	%	$	0		0	%
Tax Fees	$	0		0	%	$	0		0	%
All Other Fees	$	0		0	%	$	0		0	%

Total Fees⁽²⁾	$	0		0	%	$	0		0	%


(1)		With respect to the provision of non-audit services, the pre-approval requirement is waived pursuant to a de minimis exception if (i) such services were not recognized as non-audit services by the Registrant at the time of engagement, (ii) the aggregate amount of all such services provided is no more than 5% of the aggregate audit and non-audit fees paid by the Registrant, Invesco and Invesco Affiliates to PWC during a fiscal year; and (iii) such services are promptly brought to the attention of the Registrant’s Audit Committee and approved by the Registrant’s Audit Committee prior to the completion of the audit.

(2)		Including the fees for services not required to be pre-approved by the registrant’s audit committee, PWC billed Invesco and Invesco Affiliates aggregate non-audit fees of $0 for the fiscal year ended February 28, 2011, and $0 for the fiscal year ended July 31, 2010, for non-audit services rendered to Invesco and Invesco Affiliates.

		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. To the extent that such services were provided, the Audit Committee determined that the provision of such services is compatible with PWC maintaining independence with respect to the Registrant.

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 May 4, 2010

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committees of the Funds’ (the “Audit Committees”) Board of Trustees (the “Board”) are responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committees pre-approve the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committees (“general pre-approval”) or require the specific pre-approval of the Audit Committees (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committees. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committees before payment is made. The Audit Committees will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committees will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee generally on an annual basis. The term of any general pre-approval runs from the date of such pre-approval through September 30^th of the following year, unless the Audit Committees consider a different period and state otherwise. The Audit Committees will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committees in fulfilling their responsibilities.

Delegation

The Audit Committees may from time to time delegate pre-approval authority to one or more of its members who are Independent Trustees. All decisions to pre-approve a service by a delegated member shall be reported to the Audit Committees at the next quarterly meeting.

Audit Services

The annual audit services engagement terms will be subject to specific pre-approval of the Audit Committees. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committees will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committees may grant either general or specific pre-approval of other audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the

inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committees may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committees believe that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committees’ general principles and policies as set forth herein.

Audit-Related Services

“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 the 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; and agreed-upon procedures related to mergers, compliance with ratings agency requirements and interfund lending activities.

Tax Services

“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 Committees will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committees will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committees’ pre-approval of permissible Tax services, the Auditor shall:

Describe in writing to the Audit Committees, which writing may be in the form of the proposed engagement letter:

	a.		The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and

	b.		Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;

	2.		Discuss with the Audit Committees the potential effects of the services on the independence of the Auditor; and

	3.		Document the substance of its discussion with the Audit Committees.

All Other Auditor Services

The Audit Committees may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committees. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committees at the quarterly Audit Committees meeting and will require specific approval by the Audit Committees before payment is made. The Audit Committees will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

Generally on an annual basis, Invesco Advisers, Inc. (“Invesco”) will submit to the Audit Committees for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committees will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committees. The Audit Committees will be informed at the next quarterly scheduled Audit Committees meeting of any such services for which the Auditor rendered an invoice and whether such services and fees had been pre-approved and if so, by what means.

Each request to provide services that require specific approval by the Audit Committees shall be submitted to the Audit Committees jointly by the Fund’s Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the policies and procedures and the SEC Rules.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committees will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committees the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committees for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committees have designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committees on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management of Invesco will immediately report to the chairman of the Audit Committees any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management of Invesco.

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures

Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s 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

	•		Internal audit outsourcing services

Categorically Prohibited 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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

	(a)		The registrant has a separately-designed standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. Members of the audit committee are: Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy.

	(b)		Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.


ITEM 7.		DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

I.2. PROXY POLICIES AND PROCEDURES — RETAIL


Applicable to		Retail Accounts
Risk Addressed by Policy		breach of fiduciary duty to client under Investment Advisers Act of 1940 by placing Invesco personal interests ahead of client best economic interests in voting proxies
Relevant Law and Other Sources		Investment Advisers Act of 1940
Last Tested Date
Policy/Procedure Owner		Advisory Compliance
Policy Approver		Fund Board
Approved/Adopted Date		January 1, 2010

The following policies and procedures apply to certain funds and other accounts managed by Invesco Advisers, Inc. (“Invesco”).

A. POLICY STATEMENT

Introduction

Our Belief

The Invesco Funds Boards of Trustees and Invesco’s investment professionals expect a high standard of corporate governance from the companies in our portfolios so that Invesco may fulfill its fiduciary obligation to our fund shareholders and other account holders. Well governed companies are characterized by a primary focus on the interests of shareholders, accountable boards of directors, ample transparency in financial disclosure, performance-driven cultures and appropriate consideration of all stakeholders. Invesco believes well governed companies create greater shareholder wealth over the long term than poorly governed companies, so we endeavor to vote in a manner that increases the value of our investments and fosters good governance within our portfolio companies.

In determining how to vote proxy issues, Invesco considers the probable business consequences of each issue and votes in a manner designed to protect and enhance fund shareholders’ and other account holders’ interests. Our voting decisions are intended to enhance each company’s total shareholder value over Invesco’s typical investment horizon.

Proxy voting is an integral part of Invesco’s investment process. We believe that the right to vote proxies should be managed with the same care as all other elements of the investment process. The objective of Invesco’s proxy-voting activity is to promote good governance and advance the economic interests of our clients. At no time will Invesco exercise its voting power to advance its own



January 2010		I.2 — 1

commercial interests, to pursue a social or political cause that is unrelated to our clients’ economic interests, or to favor a particular client or business relationship to the detriment of others.

B. OPERATING PROCEDURES AND RESPONSIBLE PARTIES

Proxy administration

The Invesco Retail Proxy Committee (the “Proxy Committee”) consists of members representing Invesco’s Investments, Legal and Compliance departments. Invesco’s Proxy Voting Guidelines (the “Guidelines”) are revised annually by the Proxy Committee, and are approved by the Invesco Funds Boards of Trustees. The Proxy Committee implements the Guidelines and oversees proxy voting.

The Proxy Committee has retained outside experts to assist with the analysis and voting of proxy issues. In addition to the advice offered by these experts, Invesco uses information gathered from our own research, company managements, Invesco’s portfolio managers and outside shareholder groups to reach our voting decisions.

Generally speaking, Invesco’s investment-research process leads us to invest in companies led by management teams we believe have the ability to conceive and execute strategies to outperform their competitors. We select companies for investment based in large part on our assessment of their management teams’ ability to create shareholder wealth. Therefore, in formulating our proxy-voting decisions, Invesco gives proper consideration to the recommendations of a company’s Board of Directors.

Important principles underlying the Invesco Proxy Voting Guidelines

I. Accountability

Management teams of companies are accountable to their boards of directors, and directors of publicly held companies are accountable to their shareholders. Invesco endeavors to vote the proxies of its portfolio companies in a manner that will reinforce the notion of a board’s accountability to its shareholders. Consequently, Invesco votes against any actions that would impair the rights of shareholders or would reduce shareholders’ influence over the board or over management.

The following are specific voting issues that illustrate how Invesco applies this principle of accountability.

•

Elections of directors. In uncontested director elections for companies that do not have a controlling shareholder, Invesco votes in favor of slates if they are comprised of at least a majority of independent directors and if the boards’ key committees are fully independent. Key committees include the Audit, Compensation and Governance or Nominating Committees. Invesco’s standard of independence excludes directors who, in addition to the directorship, have any material business or family relationships with the companies they serve.



January 2010		I.2 — 2

Contested director elections are evaluated on a case-by-case basis and are decided within the context of Invesco’s investment thesis on a company.

	•		Director performance. Invesco withholds votes from directors who exhibit a lack of accountability to shareholders, either through their level of attendance at meetings or by enacting egregious corporate-governance or other policies. In cases of material financial restatements, accounting fraud, habitually late filings, adopting shareholder rights plan (“poison pills”) without shareholder approval, or other areas of poor performance, Invesco may withhold votes from some or all of a company’s directors. In situations where directors’ performance is a concern, Invesco may also support shareholder proposals to take corrective actions such as so-called “clawback” provisions.

	•		Auditors and Audit Committee members. Invesco believes a company’s Audit Committee has a high degree of responsibility to shareholders in matters of financial disclosure, integrity of the financial statements and effectiveness of a company’s internal controls. Independence, experience and financial expertise are critical elements of a well-functioning Audit Committee. When electing directors who are members of a company’s Audit Committee, or when ratifying a company’s auditors, Invesco considers the past performance of the Committee and holds its members accountable for the quality of the company’s financial statements and reports.

	•		Majority standard in director elections. The right to elect directors is the single most important mechanism shareholders have to promote accountability. Invesco supports the nascent effort to reform the U.S. convention of electing directors, and votes in favor of proposals to elect directors by a majority vote.

	•		Classified boards. Invesco supports proposals to elect directors annually instead of electing them to staggered multi-year terms because annual elections increase a board’s level of accountability to its shareholders.

	•		Supermajority voting requirements. Unless proscribed by law in the state of incorporation, Invesco votes against actions that would impose any supermajority voting requirement, and supports actions to dismantle existing supermajority requirements.

	•		Responsiveness. Invesco withholds votes from directors who do not adequately respond to shareholder proposals that were approved by a majority of votes cast the prior year.

	•		Cumulative voting. The practice of cumulative voting can enable minority shareholders to have representation on a company’s board. Invesco supports proposals to institute the practice of cumulative voting at companies whose overall corporate-governance standards indicate a particular need to protect the interests of minority shareholders.



January 2010		I.2 — 3

•

Shareholder access. On business matters with potential financial consequences, Invesco votes in favor of proposals that would increase shareholders’ opportunities to express their views to boards of directors, proposals that would lower barriers to shareholder action and proposals to promote the adoption of generally accepted best practices in corporate governance.

II. Incentives

Invesco believes properly constructed compensation plans that include equity ownership are effective in creating incentives that induce managements and employees of our portfolio companies to create greater shareholder wealth. Invesco supports equity compensation plans that promote the proper alignment of incentives, and votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features, and plans that appear likely to reduce the value of an account’s investment.

Following are specific voting issues that illustrate how Invesco evaluates incentive plans.

	•		Executive compensation. Invesco evaluates compensation plans for executives within the context of the company’s performance under the executives’ tenure. Invesco believes independent compensation committees are best positioned to craft executive-compensation plans that are suitable for their company-specific circumstances. We view the election of those independent compensation committee members as the appropriate mechanism for shareholders to express their approval or disapproval of a company’s compensation practices. Therefore, Invesco generally does not support shareholder proposals to limit or eliminate certain forms of executive compensation. In the interest of reinforcing the notion of a compensation committee’s accountability to shareholders, Invesco supports proposals requesting that companies subject each year’s compensation record to an advisory shareholder vote, or so-called “say on pay” proposals.

	•		Equity-based compensation plans. When voting to approve or reject equity-based compensation plans, Invesco compares the total estimated cost of the plans, including stock options and restricted stock, against a carefully selected peer group and uses multiple performance metrics that help us determine whether the incentive structures in place are creating genuine shareholder wealth. Regardless of a plan’s estimated cost relative to its peer group, Invesco votes against plans that contain structural features that would impair the alignment of incentives between shareholders and management. Such features include the ability to reprice or reload options without shareholder approval, the ability to issue options below the stock’s current market price, or the ability to automatically replenish shares without shareholder approval.



January 2010		I.2 — 4

	•		Employee stock-purchase plans. Invesco supports 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 is at most a 15 percent discount from the market price.

	•		Severance agreements. Invesco generally votes in favor of proposals requiring advisory shareholder ratification of executives’ severance agreements. However, we oppose proposals requiring such agreements to be ratified by shareholders in advance of their adoption.

III. Capitalization

Examples of management proposals related to a company’s capital structure include authorizing or issuing additional equity capital, repurchasing outstanding stock, or enacting a stock split or reverse stock split. On requests for additional capital stock, Invesco analyzes the company’s stated reasons for the request. Except where the request could adversely affect the fund’s ownership stake or voting rights, Invesco generally supports a board’s decisions on its needs for additional capital stock. Some capitalization proposals require a case-by-case analysis within the context of Invesco’s investment thesis on a company. Examples of such proposals include authorizing common or preferred stock with special voting rights, or issuing additional stock in connection with an acquisition.

IV. Mergers, Acquisitions and Other Corporate Actions

Issuers occasionally require shareholder approval to engage in certain corporate actions such as mergers, acquisitions, name changes, dissolutions, reorganizations, divestitures and reincorporations. Invesco analyzes these proposals within the context of our investment thesis on the company, and determines its vote on a case-by-case basis.

V. Anti-Takeover Measures

Practices designed to protect a company from unsolicited bids can adversely affect shareholder value and voting rights, and they create conflicts of interests among directors, management and shareholders. Except under special issuer-specific circumstances, Invesco votes to reduce or eliminate such measures. These measures include adopting or renewing “poison pills”, requiring supermajority voting on certain corporate actions, classifying the election of directors instead of electing each director to an annual term, or creating separate classes of common or preferred stock with special voting rights. Invesco generally votes against management proposals to impose these types of measures, and generally votes for shareholder proposals designed to reduce such measures. Invesco supports shareholder proposals directing companies to subject their anti-takeover provisions to a shareholder vote.

VI. Shareholder Proposals on Corporate Governance

Invesco generally votes for shareholder proposals that are designed to protect shareholder rights if a company’s corporate-governance standards indicate that such additional protections are warranted.



January 2010		I.2 — 5

VII. Shareholder Proposals on Social Responsibility

The potential costs and economic benefits of shareholder proposals seeking to amend a company’s practices for social reasons are difficult to assess. Analyzing the costs and economic benefits of these proposals is highly subjective and does not fit readily within our framework of voting to create greater shareholder wealth over Invesco’s typical investment horizon. Therefore, Invesco abstains from voting on shareholder proposals deemed to be of a purely social, political or moral nature.

VIII. Routine Business Matters

Routine business matters rarely have a potentially material effect on the economic prospects of fund holdings, so we generally support the board’s discretion on these items. However, Invesco votes against proposals where there is insufficient information to make a decision about the nature of the proposal. Similarly, Invesco votes against proposals to conduct other unidentified business at shareholder meetings.

Summary

These Guidelines provide an important framework for making proxy-voting decisions, and should give fund shareholders and other account holders insight into the factors driving Invesco’s decisions. The Guidelines cannot address all potential proxy issues, however. Decisions on specific issues must be made within the context of these Guidelines and within the context of the investment thesis of the funds and other accounts that own the company’s stock. Where a different investment thesis is held by portfolio managers who may hold stocks in common, Invesco may vote the shares held on a fund-by-fund or account-by-account basis.

Exceptions

In certain circumstances, Invesco may refrain from voting where the economic cost of voting a company’s proxy exceeds any anticipated benefits of that proxy proposal.

Share-lending programs

One reason that some portion of Invesco’s position in a particular security might not be voted is the securities lending program. When securities are out on loan and earning fees for the lending fund, they are transferred into the borrower’s name. Any proxies during the period of the loan are voted by the borrower. The lending fund would have to terminate the loan to vote the company’s proxy, an action that is not generally in the best economic interest of fund shareholders. However, whenever Invesco determines that the benefit to shareholders or other account holders of voting a particular proxy outweighs the revenue lost by terminating the loan, we recall the securities for the purpose of voting the fund’s full position.

“Share-blocking”

Another example of a situation where Invesco may be unable to vote is in countries where the exercise of voting rights requires the fund to submit to short-term trading restrictions, a practice known as “share-blocking.” Invesco generally



January 2010		I.2 — 6

refrains from voting proxies in share-blocking countries unless the portfolio manager determines that the benefit to fund shareholders and other account holders of voting a specific proxy outweighs the fund’s or other account’s temporary inability to sell the security.

International constraints

An additional concern that sometimes precludes our voting non-U.S. proxies is our inability to receive proxy materials with enough time and enough information to make a voting decision. In the great majority of instances, however, we are able to vote non-U.S. proxies successfully. It is important to note that Invesco makes voting decisions for non-U.S. issuers using these Guidelines as our framework, but also takes into account the corporate-governance standards, regulatory environment and generally accepted best practices of the local market.

Exceptions to these Guidelines

Invesco retains the flexibility to accommodate company-specific situations where strictly adhering to the Guidelines would lead to a vote that the Proxy Committee deems not to be in the best interest of the funds’ shareholders and other account holders. In these situations, the Proxy Committee will vote the proxy in the manner deemed to be in the best interest of the funds’ shareholders and other account holders, and will promptly inform the funds’ Boards of Trustees of such vote and the circumstances surrounding it.

Resolving potential conflicts of interest

A potential conflict of interest arises when Invesco votes a proxy for an issuer with which it also maintains a material business relationship. Examples could include issuers that are distributors of Invesco’s products, or issuers that employ Invesco to manage portions of their retirement plans or treasury accounts. Invesco reviews each proxy proposal to assess the extent, if any, to which there may be a material conflict between the interests of the fund shareholders or other account holders and Invesco.

Invesco takes reasonable measures to determine whether a potential conflict may exist. A potential conflict is deemed to exist only if one or more of the Proxy Committee members actually knew or should have known of the potential conflict.

If a material potential conflict is deemed to exist, Invesco may resolve the potential conflict in one of the following ways: (1) if the proposal that gives rise to the potential conflict is specifically addressed by the Guidelines, Invesco may vote the proxy in accordance with the predetermined Guidelines; (2) Invesco may engage an independent third party to determine how the proxy should be voted; or (3) Invesco may establish an ethical wall or other informational barrier between the persons involved in the potential conflict and the persons making the proxy-voting decision in order to insulate the potential conflict from the decision makers.

Because the Guidelines are pre-determined and crafted to be in the best economic interest of shareholders and other account holders, applying the Guidelines to vote client proxies should, in most instances, adequately resolve any potential conflict of



January 2010		I.2 — 7

interest. As an additional safeguard against potential conflicts, persons from Invesco’s marketing, distribution and other customer-facing functions are precluded from becoming members of the Proxy Committee.

On a quarterly basis, the Invesco Funds Boards of Trustees review a report from Invesco’s Internal Compliance Controls Committee. The report contains a list of all known material business relationships that Invesco maintains with publicly traded issuers. That list is cross-referenced with the list of proxies voted over the period. If there are any instances where Invesco’s voting pattern on the proxies of its material business partners is inconsistent with its voting pattern on all other issuers, they are brought before the Trustees and explained by the Chairman of the Proxy Committee.

Personal conflicts of interest. If any member of the Proxy Committee has a personal conflict of interest with respect to a company or an issue presented for voting, that Proxy Committee member will inform the Proxy Committee of such conflict and will abstain from voting on that company or issue.

Funds of funds. Some Invesco Funds offering diversified asset allocation within one investment vehicle own shares in other Invesco Funds. A potential conflict of interest could arise if an underlying Invesco Fund has a shareholder meeting with any proxy issues to be voted on, because Invesco’s asset-allocation funds or target-maturity funds may be large shareholders of the underlying fund. In order to avoid any potential for a conflict, the asset-allocation funds and target maturity funds vote their shares in the same proportion as the votes of the external shareholders of the underlying fund.

C. RECORDKEEPING

Records are maintained in accordance with Invesco’s Recordkeeping Policy.

Policies and Vote Disclosure

A copy of these Guidelines and the voting record of each Invesco Fund are available on our web site, www.invesco.com. In accordance with Securities and Exchange Commission regulations, all funds file a record of all proxy-voting activity for the prior 12 months ending June 30th. That filing is made on or before August 31st of each year.



January 2010		I.2 — 8

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a)		As of March 21, 2011, 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 Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of March 21, 2011, 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 second fiscal quarter of 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 12. EXHIBITS.


12(a) (1)		Code of Ethics.

12(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

12(a) (3)		Not applicable.

12(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.



2		Performance Summary
2		Management Discussion
4		Supplemental Information
8		Long-Term Fund Performance
9		Schedule of Investments
24		Financial Statements
27		Notes to Financial Statements
39		Financial Highlights
44		Auditor’s Report
45		Fund Expenses
46		Tax Information
T-1		Trustees and Officers


Federal and State Income Tax

Long-Term Capital Gain Dividends	$	0
Qualified Dividend Income*		0.00%
Corporate Dividends Received Deduction*		0.00%
U.S. Treasury Obligations*		0.00%


	*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


By:		/s/ Colin Meadows Colin D. Meadows
		Principal Executive Officer

Date:		April 15, 2011


12(a)(1)		Code of Ethics.

12(a)(2)		Certifications of principal executive officer and principal Financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

12(a)(3)		Not applicable.

12(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.