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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05845

Invesco Senior Loan Fund

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 2/28

Date of reporting period: 2/28/18

Item 1. Report to Stockholders.

	Annual Report to Shareholders	February 28, 2018
	Invesco Senior Loan Fund
	Nasdaq:
	A: VSLAX ∎ C: VSLCX ∎ Y: VSLYX ∎ IB: XPRTX ∎ IC: XSLCX

Letters to Shareholders

	Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. For much of the reporting period, major US stock market indexes rose to record highs – but in early 2018, volatility returned to the US stock and bond markets. Investors worried about how rising interest rates might affect economic growth; those concerns caused the US stock market, which many investors believed had risen too far, too fast, to pull back. Throughout the reporting period, economic data remained generally positive, corporate earnings remained strong and consumer sentiment remained positive, particularly after passage of legislation cutting personal and corporate tax rates in December. The US economy expanded throughout the reporting period, and the first signs of rising inflation appeared. In response, the US Federal Reserve raised
interest rates three times, and the tone of its statements grew more hawkish regarding potential rate increases in 2018. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.
Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.
You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.
Visit our website for more information on your investments
Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it. Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.
Have questions?
For questions about your account, contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2                          Invesco Senior Loan Fund

Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                          Invesco Senior Loan Fund

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended February 28, 2018, Class A shares of Invesco Senior Loan Fund (the Fund), at net asset value (NAV), outperformed the Fund’s benchmark, the Credit Suisse Leveraged Loan Index.    Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 2/28/17 to 2/28/18, 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	4.79%
Class C Shares	3.86
Class Y Shares	5.05
Class IB Shares	4.89
Class IC Shares	4.90
Credit Suisse Leveraged Loan Indexq	4.39
Source(s): qBloomberg L.P.

Market conditions and your Fund

Senior loans’ senior position in the capital structure, secured status and short duration positioned the asset class defensively against some of the key risks that influenced capital markets’ performance during the fiscal year: mainly, the potential for elevated defaults as well as the potential for rising interest rates. Senior loans’ defensive positioning, particularly as it relates to rising interest rates, benefited the asset class when compared to other fixed income investments paying fixed interest rates.

For the fiscal year ended February 28, 2018, the senior loan market, as represented by the Credit Suisse Leveraged

Loan Index, returned 4.39%. The market produced positive results in all but two months of the fiscal year as price stability and coupon income drove favorable absolute and volatility-adjusted performance. Libor increased from 1.09% to 2.01% during the fiscal year, enhancing the floating rate component of coupon income.¹ (Libor is the London Interbank Offered Rate – the rate that international banks charge for short-term loans to one another.) However, the trajectory of Libor was flatter than expected at the beginning of the fiscal year. This both delayed the benefit of rising short-term rates to loan investors and eased duration concerns at times, prompting investors to

Portfolio Composition†
By credit quality, based on total investments
A+	0.1%
BBB	0.1
BBB-	4.2
BB+	8.1
BB	9.0
BB-	17.9
B+	17.3
B	19.4
B-	5.9
CCC+	3.7
CCC	2.1
CCC-	0.5
CC	1.6
D	0.4
Non-Rated	4.0
Equity	5.7

Top Five Debt Holdings
Based on total investments
1.	NRG Energy, Inc., Revolver Loan A	1.9%
2.	Asurion LLC, Term Loan B-6	1.0
3.	iHeartCommunications, Inc., Term Loan E	1.0
4.	Sinclair Television Group, Inc., Term Loan B	0.9
5.	JBS USA Lux S.A., Term Loan	0.9

Total Net Assets	$740.2 million
Total Number of Holdings	682

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

Data presented here are as of February 28, 2018.

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

periodically rotate into longer-duration fixed income asset classes.

  Demand for US credit was bolstered throughout the fiscal year due to accelerating economic growth, improving corporate earnings and a low default rate. Speculation over US Federal Reserve (the Fed) monetary policy and fiscal stimulus prospects further added to the demand for loans. This dynamic fostered an environment that was supportive of refinancing and re-pricing transactions, offering issuers the opportunity to reduce spreads and extend maturities. The technical support for loans stemmed mostly from greater-than-expected collateralized loan obligation (CLO) formation and a relative scarcity of new supply. All of these factors contributed to stable loan prices throughout the fiscal year and the aforementioned re-pricing activity.

  Credit fundamentals of the loan market remained stable as economic growth accelerated, corporate earnings improved, commodity prices stabilized and the hunt for yield continued – all of which led to strong outperformance in the lower-quality end of the credit ratings spectrum during the fiscal year. Loan defaults remained below their long-term historical averages. With issuer distress isolated largely to the retail sector as well as other highly levered and/or secularly challenged companies, we believe default rates are likely to remain below their historical averages and to be driven by a few individual issuers with large capital structures.

  At the close of the fiscal year, we continued to believe senior loans were well positioned for the economic and interest rate environment, providing investors with a relatively high level of current income as well as protection from rising rates due to their floating rate structure. With the market again poised to benefit from supportive fundamental and technical conditions, we believed that loans were positioned to deliver an attractive total return based on strong current income, price stability and limited near-term default risk. Loans also provide some insulation from interest rate-driven volatility, which is more likely to impact longer-duration asset classes. Historically, loans have performed well through periods of rising interest rates, and we believed loans were attractive on a relative basis as the differential between yields in high yield bonds and loans remained near historical lows. As such, we believed that senior loans offered investors the opportunity to own secured

4                          Invesco Senior Loan Fund

credit exposure providing a similar yield as unsecured credit exposure with less duration risk.

During the fiscal year, the Fund used leverage, which allowed us to enhance the Fund’s yield while keeping credit standards high relative to the benchmark. As of the close of the fiscal year, leverage accounted for 19% of the Fund’s NAV plus borrowings. Leverage involves borrowing at a floating short-term rate and reinvesting the proceeds at a higher rate. 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 generally 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 also would decline.) For more information about the Fund’s use of leverage, see the Notes to Financial Statements later in this report.

Twin River Management Group, IAP Worldwide Services and Samson Investment Company were the largest individual contributors to Fund performance for the fiscal year. On an industry basis, the Fund’s gaming/leisure, aerospace and information technology holdings contributed to the Fund’s absolute performance. HGIM, Adria Group Holding and Drill Rigs Holdings were the largest individual detractors from Fund performance for the fiscal year. We eliminated Adria Group Holding and Drill Rigs Holdings from the Fund before the close of the fiscal year.

The senior loan asset class behaves differently from many traditional fixed income investments. The interest income generated by a portfolio of senior loans is usually determined by a fixed credit spread over Libor. Because senior loans generally have a very short duration and the coupons or interest rates are usually adjusted every 30 to 90 days as Libor changes, the yield on the portfolio adjusts. Interest rate risk refers to the tendency for traditional fixed income prices to decline when interest rates rise. For senior loans, however, interest rates and income are variable and the prices of senior loans are therefore less sensitive to interest rate changes than traditional fixed income bonds. We are monitoring interest rates, the market and economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the

Fed and certain central banks. If interest rates rise faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments or the market price of the Fund’s shares.

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

1   Source: Federal Reserve Bank of St. Louis

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.

	Scott Baskind Portfolio Manager, is manager of Invesco Senior Loan Fund. He joined Invesco or its investment advisory
affiliates in 1999. Mr. Baskind earned a BS in business administration, with majors in finance and management information systems, from the University at Albany, State University of New York.
	Tom Ewald Portfolio Manager, is manager of Invesco Senior Loan Fund. He joined Invesco or its investment advisory
affiliates in 2000. Mr. Ewald earned a BA from Harvard College and an MBA from the Darden School of Business at the University of Virginia.
	Philip Yarrow Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Senior Loan Fund. He joined
Invesco in 2010. Mr. Yarrow earned a BS in mathematics and economics from The University of Nottingham and a master of management degree in finance from Northwestern University.

5                          Invesco Senior Loan Fund

Your Fund’s Long-Term Performance

Average Annual Total Returns
As of 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (2/18/05)	3.38%
10 Years	4.37
5 Years	4.20
1 Year	1.45
Class C Shares
Inception (2/18/05)	2.88%
10 Years	3.94
5 Years	4.11
1 Year	2.86
Class Y Shares
Inception (11/8/13)	4.66%
1 Year	5.05
Class IB Shares
Inception (10/4/89)	4.99%
10 Years	4.85
5 Years	5.12
1 Year	4.89
Class IC Shares
Inception (6/13/03)	4.43%
10 Years	4.77
5 Years	4.99
1 Year	4.90

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.

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 Y, Class IB and Class IC shares was 2.06%, 2.06%, 2.81%, 1.81%, 1.81% and 1.96%, 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. Class B share performance reflects an early withdrawal charge of 3% for the

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (2/18/05)	3.32%
10 Years	3.28
5 Years	4.36
1 Year	1.96
Class B Shares*
Inception (2/18/05)	3.16%
10 Years	3.28
5 Years	4.99
1 Year	2.35
Class C Shares
Inception (2/18/05)	2.82%
10 Years	2.84
5 Years	4.28
1 Year	3.58
Class Y Shares
Inception (11/8/13)	4.52%
1 Year	5.62
Class IB Shares
Inception (10/4/89)	4.97%
10 Years	3.74
5 Years	5.32
1 Year	5.62
Class IC Shares
Inception (6/13/03)	4.39%
10 Years	3.66
5 Years	5.17
1 Year	5.47
* Effective January 26, 2018, Class B shares were converted to Class A shares.

first year after purchase. Note: Effective January 26, 2018, Class B shares were converted to Class A shares. No CDSC was paid in connection with this early conversion. Class C share performance reflects an early withdrawal charge of 1% for the first year after purchase. Class IB shares, Class IC shares and Class B shares (after November 30, 2010) are not continuously offered and have no early withdrawal charges. Class Y shares do not have a front-end sales charge or a CDSC, therefore performance is at net asset value. Class Y shares do not have early withdrawal charges.

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

6                          Invesco Senior Loan Fund

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

∎ Unless otherwise stated, information presented in this report is as of February 28, 2018, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

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

∎ Effective January 26, 2018, all outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

∎ Class Y shares are available to only certain investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

∎ Asset-backed securities risk. Asset-backed securities, including collateralized debt obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans, which could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Asset-backed securities also are subject to extension risk, which is the risk that a rise in interest rates could reduce the rate of prepayments, causing the price of the asset-backed securities and the Fund’s share price to fall.

∎ Banking and financial services industry focus risk. From time to time, the Fund may invest more than 25% of its assets in unsecured bank instruments, including but not limited to certificates of deposit and time deposits, or securities that may have guarantees or credit and liquidity enhancements provided by banks, insurance companies or other financial institutions. To the extent the Fund focuses its investments in these instruments or securities, the Fund’s performance will depend on the overall condition of those industries and the individual banks and financial institutions in which the Fund invests (directly or indirectly), the supply of short-term financing, changes in government

regulation, changes in interest rates, and economic downturns in the United States and abroad.

∎ Bank loan risk. There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates. Bank loans held by the Fund might not be considered securities for purposes of the Securities Act of 1933 or the Securities Exchange Act of 1934, and therefore a risk exists that purchasers, such as the Fund, may not be entitled to rely on the anti-fraud provisions of those Acts.

∎ 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 will result in a reduction in income to the Fund, a reduction in the

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

value of the Senior Loan and a potential decrease in the Fund’s net asset value. The risk of default will increase in the event of an economic downturn or a substantial increase in interest rates.

    The Fund may acquire Senior Loans of Borrowers that are experiencing, or are more likely to experience, financial difficulty, including Senior Loans issued in highly leveraged transactions. The Fund may even acquire and retain in its portfolio Senior Loans of Borrowers that have filed for bankruptcy protection. 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. Nevertheless, even 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 case of bankruptcy, liquidation may not occur and the court may not give Lenders the full benefit of their senior position. Uncollateralized Senior Loans involve a greater risk of loss.

∎ Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

continued on page 8

7 Invesco Senior Loan Fund

continued from page 7

∎ Collateralized loan obligations risk. CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if the Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

∎ Credit linked notes risk. Risks of credit linked notes include those risks associated with the underlying reference obligation including but not limited to market risk, interest rate risk, credit risk, default risk and, in some cases, foreign currency risk. An investor in a credit linked note bears counterparty risk or the risk that the issuer of the credit linked note will default or become bankrupt and not make timely payment of principal and interest of the structured security. Credit linked notes may be less liquid than other investments and therefore harder to dispose of at the desired time and price. In addition, credit linked notes may be leveraged and, as a result, small changes in the value of the underlying reference obligation may produce disproportionate losses to the Fund.

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial

strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Defaulted securities risk. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

∎ Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

∎ Financial leverage risk. 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 tax purposes, 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 current 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 borrowings. Further, the terms of such borrowings may, and the 1940 Act does (in certain circumstances), grant to the lenders to the Fund certain voting

8 Invesco Senior Loan Fund

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.

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 may be converted to an open-end investment company only upon approval by the Board of Trustees followed by the approval of shareholders as required by the 1940 Act. 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.

∎ Foreign investments risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls.

Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

∎ High yield senior loans risk. Investments in high yield Senior Loans (“junk investments”) and other lower-rated Senior Loans will subject the Fund to substantial risk of loss. These Senior Loans are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield Senior Loans tend to be very volatile.

∎ Inflation-indexed securities risk. The values of inflation-indexed securities generally fluctuate in response to changes in real interest rates, and the Fund’s income from its investments in these securities is likely to fluctuate considerably more than the income distributions of its investments in more traditional fixed-income securities.

∎ Liquidity risk. The Fund may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. Liquid securities can become illiquid during periods of market stress. If a significant amount of the Fund’s securities become illiquid, the Fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets,

interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ 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.

∎ Repurchase offer risks. If the Fund repurchases more Shares than it is able to sell, the Fund’s net assets may decline and its 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 dispose of Fund assets that may have declined in value. The Fund may borrow money to, among other things, finance repurchases of Shares. The rights of any lenders to the Fund to receive payments of interest on and repayments of principal of any borrowings will be senior to the rights of shareholders. The loan agreement for any borrowing likely will limit certain activities of the Fund, including the payment of dividends to holders of

continued on page 10

9                          Invesco Senior Loan Fund

continued from page 9

Shares in certain circumstances. Interest payments and fees incurred in connection with borrowings to finance repurchases of Shares will reduce the amount of net income available for payment to shareholders and may increase volatility of the net asset value of the Common Shares. See also the next section above on “Financial leverage” and the section of the Prospectus entitled “Repurchase of Shares.”

∎ 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. Additionally, warrants may be significantly less valuable on their relevant expiration date resulting in a loss of money or they may expire worthless resulting in a total loss of the investment. Warrants may also be postponed or terminated early resulting in a partial or total loss of the investment. Warrants may also be illiquid.

About indexes used in this report

∎ The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, non-investment grade loans.

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

∎ 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

∎ The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) 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 NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

∎ 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.

10 Invesco Senior Loan Fund

Schedule of Investments

February 28, 2018

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Variable Rate Senior Loan Interests–109.91%(b)(c)
Aerospace & Defense–3.30%
Consolidated Aerospace Manufacturing, LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		08/11/2022	$	1,454	$	1,456,509
DAE Aviation Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		07/07/2022		303		306,727
Greenrock Finance, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		5.19	%		06/28/2024		1,358		1,375,413
IAP Worldwide Services,
Revolver Loan (Acquired 08/05/2014; Cost $1,350,691)(d)(e)		0.00	%		07/18/2018		1,351		1,350,690
Revolver Loan (3 mo. USD LIBOR + 5.50%) (Acquired 08/05/2014; Cost $150,077)(e)		1.39	%		07/18/2018		150		150,078
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%)		8.19	%		07/18/2019		1,712		1,696,732
Maxar Technologies Ltd. (Canada), Term Loan B (1 mo. USD LIBOR + 2.75%)		4.33	%		10/05/2024		1,689		1,699,226
Peraton Corp., Term Loan (3 mo. USD LIBOR + 5.25%)		6.95	%		04/29/2024		902		913,214
TransDigm Inc.,
Term Loan E (1 mo. USD LIBOR + 2.75%)		4.40	%		05/14/2022		4,676		4,712,395
Term Loan F (1 mo. USD LIBOR + 2.75%)		4.40	%		06/09/2023		5,490		5,530,366
Term Loan F (3 mo. USD LIBOR + 2.75%)		4.41	%		06/09/2023		2,864		2,885,125
Vectra Co.,
First Lien Term Loan(f)		—			03/01/2025		593		594,075
Second Lien Term Loan(f)		—			03/01/2026		348		349,327
Wesco Aircraft Hardware Corp., Term Loan B (3 mo. USD LIBOR + 2.50%)		3.84	%		02/28/2021		919		910,615
Xebec Global Holdings, LLC, Term Loan (3 mo. USD LIBOR + 5.50%)(e)		7.32	%		02/12/2024		524		518,796
									24,449,288
Air Transport–1.23%
American Airlines, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		3.59	%		12/14/2023		1,561		1,562,364
Avolon TLB Borrower 1 (US) LLC, Term Loan B-2 (1 mo. USD LIBOR + 2.25%)		3.84	%		03/21/2022		4,448		4,447,266
Gol LuxCo S.A. (Luxembourg), Term Loan (Acquired 08/21/2015; Cost $2,981,644)(e)		6.50	%		08/31/2020		2,998		3,072,914
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 2.00%)		3.77	%		04/01/2024		54		54,264
									9,136,808
Automotive–1.88%
Allison Transmission, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		3.65	%		09/23/2022		21		21,034
American Axle & Manufacturing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.88	%		04/06/2024		1,217		1,223,891
Belron Finance US LLC, Term Loan B (3 mo. USD LIBOR + 2.50%)		4.29	%		11/07/2024		868		873,678
Britax US Holdings Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		10/15/2020		512		455,278
CH Hold Corp., Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		02/01/2024		780		785,807
Dayco Products, LLC, Term Loan (3 mo. USD LIBOR + 5.00%)(e)		6.65	%		05/19/2023		662		672,322
Dealer Tire, LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		5.00	%		12/22/2021		227		230,207
Key Safety Systems, Inc., Term Loan (3 mo. USD LIBOR + 4.50%)		6.28	%		08/29/2021		294		294,984
Midas Intermediate Holdco II, LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		4.44	%		08/18/2021		83		83,830
Navistar, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		5.08	%		11/06/2024		952		957,356
Superior Industries International, Inc., Term Loan (1 mo. USD LIBOR + 4.50%)		6.15	%		05/22/2024		895		907,084
ThermaSys Corp., Term Loan (3 mo. USD LIBOR + 4.00%)		5.72	%		05/03/2019		1,413		1,377,462
Tower Automotive Holdings USA, LLC, Term Loan (1 mo. USD LIBOR + 2.75%)		4.38	%		03/07/2024		1,651		1,656,273
Transtar Holding Co.,
First Lien Term Loan (3 mo. USD LIBOR + 4.25%)(e)		5.60	%		04/11/2022		2,134		1,984,386
PIK Term Loan, 7.75% PIK Rate; 1.00% Cash Rate (Acquired 04/11/2017-10/11/2017; Cost $635,806)(e)(g)		7.75	%		04/11/2022		673		628,860
Term Loan(d)(e)		0.00	%		04/11/2022		170		169,110
Term Loan (3 mo. USD LIBOR + 4.25%)(e)		4.55	%		04/11/2022		695		691,252
Wand Intermediate I L.P., Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		9.14	%		09/19/2022		913		919,326
									13,932,140

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

11                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Beverage & Tobacco–0.49%
AI Aqua Merger Sub, Inc.,
First Lien Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		5.15	%		12/13/2023	$	1,464	$	1,471,419
Incremental First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		12/13/2023		559		561,880
Arctic Glacier U.S.A. Inc., Term Loan (1 mo. USD LIBOR + 4.25%)		5.90	%		03/20/2024		505		507,150
Constellation Brands Canada, Inc. (Canada), First Lien Term Loan (3 mo. USD LIBOR + 2.75%)		4.38	%		12/15/2023		454		457,675
Winebow Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(e)		9.15	%		01/02/2022		655		612,067
									3,610,191
Building & Development–2.97%
American Builders & Contractors Supply Co., Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.50%)		4.15	%		10/31/2023		879		885,463
Beacon Roofing Supply, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.83	%		01/02/2025		1,436		1,445,279
Capital Automotive L.P.,
First Lien Term Loan B-2 (1 mo. USD LIBOR + 2.50%)		4.15	%		03/25/2024		3,172		3,192,097
Second Lien Term Loan B (1 mo. USD LIBOR + 6.00%)		7.65	%		03/24/2025		1,479		1,509,492
DiversiTech Holdings, Inc.,
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)(e)		9.20	%		06/02/2025		202		205,124
Term Loan (3 mo. USD LIBOR + 3.50%)		5.20	%		06/03/2024		485		486,916
Term Loan B-1(f)		—			06/03/2024		147		147,829
Forterra Finance, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		10/25/2023		1,474		1,386,285
HD Supply Waterworks, Ltd., Term Loan (1 mo. USD LIBOR + 3.00%)		4.57	%		08/01/2024		998		1,002,509
HD Supply, Inc.,
Term Loan B-3 (3 mo. USD LIBOR + 2.25%)		3.94	%		08/13/2021		37		36,777
Term Loan B-4 (3 mo. USD LIBOR + 2.50%)		4.19	%		10/17/2023		1,555		1,567,702
Janus International Group, LLC, Term Loan(f)		—			02/28/2025		346		346,159
Mueller Water Products, Inc.,
Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		11/25/2021		155		157,052
Term Loan B (3 mo. USD LIBOR + 2.50%)		4.16	%		11/25/2021		70		70,301
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		11/15/2023		3,200		3,217,603
RE/MAX, LLC, Term Loan (3 mo. USD LIBOR + 2.75%) (Acquired 12/14/2016; Cost $2,329,276)(e)		4.44	%		12/15/2023		2,339		2,345,049
Realogy Group LLC, Term Loan(f)		—			02/08/2025		2,883		2,902,534
Werner FinCo L.P., Term Loan (1 mo. USD LIBOR + 4.00%)		5.65	%		07/24/2024		1,067		1,080,553
									21,984,724
Business Equipment & Services–9.96%
Allied Universal Holdco LLC,
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		5.44	%		07/28/2022		1,636		1,620,478
Incremental Delayed Draw Term Loan(d)		0.00	%		07/28/2022		458		453,303
Alorica Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)		5.40	%		06/30/2022		1,115		1,121,454
Altran Technologies (France), Term Loan B(f)		—			02/01/2025		357		360,226
Asurion LLC,
Second Lien Term Loan B-2 (1 mo. USD LIBOR + 6.00%)		7.65	%		08/04/2025		5,242		5,385,961
Term Loan B-4 (1 mo. USD LIBOR + 2.75%)		4.40	%		08/04/2022		146		146,903
Term Loan B-6 (1 mo. USD LIBOR + 2.75%)		4.40	%		11/03/2023		9,343		9,402,450
Blucora, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		05/22/2024		1,034		1,041,993
Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)		6.00	%		06/21/2024		2,481		2,504,027
Brickman Group Ltd. LLC,
First Lien Revolver Loan (Acquired 10/14/2016; Cost $396,296)(d)		0.00	%		12/18/2018		418		386,515
Second Lien Term Loan (1 mo. USD LIBOR + 6.50%)		8.09	%		12/17/2021		234		235,847
Caraustar Industries, Inc., Term Loan (3 mo. USD LIBOR + 5.50%)		7.19	%		03/14/2022		1,616		1,625,505
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		03/01/2024		2,288		2,294,903
Checkout Holding Corp., First Lien Term Loan B (1 mo. USD LIBOR + 3.50%)		5.15	%		04/09/2021		2,676		2,121,942

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

12                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Business Equipment & Services–(continued)
Cotiviti Corp.,
First Lien Term Loan B (3 mo. USD LIBOR + 2.25%)		3.95	%		09/28/2023	$	686	$	691,191
Term Loan A (3 mo. USD LIBOR + 2.25%)		3.95	%		09/28/2021		887		886,569
CRCI Holdings, Inc., Term Loan (3 mo. USD LIBOR + 5.50%)		7.19	%		08/31/2023		958		961,560
Crossmark Holdings, Inc.,
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		12/20/2019		1,584		814,446
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		9.19	%		12/21/2020		826		77,217
Dakota Holding Corp., Term Loan(f)		—			02/13/2025		823		831,294
First Data Corp.,
Term Loan A (1 mo. USD LIBOR + 2.25%)		3.87	%		04/26/2024		3,073		3,082,783
Term Loan D (1 mo. USD LIBOR + 2.25%)		3.87	%		07/08/2022		22		21,980
FleetCor Technologies Operating Co., LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.00%)		3.65	%		08/02/2024		231		232,187
Genesys Telecom Holdings, U.S., Inc., Term Loan B-2 (3 mo. USD LIBOR + 3.75%)		5.44	%		12/01/2023		4,035		4,057,940
Hillman Group, Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		06/30/2021		1,520		1,537,242
IndigoCyan Midco Ltd. (Jersey), Term Loan B (3 mo. GBP LIBOR + 5.00%)(e)		5.58	%		06/23/2024	GBP	609		836,759
Information Resources, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		6.19	%		01/18/2024		1,193		1,203,190
ION Trading Technologies S.a.r.l. (Luxembourg), Term Loan (2 mo. USD LIBOR + 2.75%)		4.40	%		11/21/2024		343		340,917
KAR Auction Services, Inc.,
Term Loan B-4 (3 mo. USD LIBOR + 2.25%)		4.00	%		03/11/2021		73		73,148
Term Loan B-5 (3 mo. USD LIBOR + 2.50%)		4.25	%		03/09/2023		1,304		1,313,351
Karman Buyer Corp.,
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		5.02	%		07/23/2021		331		327,210
Incremental Term Loan B-2 (3 mo. USD LIBOR + 3.25%)		5.02	%		07/23/2021		3,009		2,970,918
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%)		8.27	%		07/25/2022		1,088		1,054,094
Learning Care Group (US) No. 2 Inc.,
Term Loan (1 mo. USD LIBOR + 4.00%)		5.65	%		05/05/2021		316		320,108
Term Loan (2 mo. USD LIBOR + 4.00%)		5.63	%		05/05/2021		874		886,998
LegalZoom.com, Inc., Term Loan (1 mo. USD LIBOR + 4.50%)(e)		6.09	%		11/21/2024		692		698,132
ON Assignment, Inc., Term Loan B(f)		—			04/02/2025		646		650,162
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 2.00%)		3.62	%		03/18/2024		94		94,623
Peak 10, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		08/01/2024		1,213		1,218,049
Prime Security Services Borrower, LLC,
First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		4.40	%		05/02/2022		1,079		1,089,349
Revolver Loan(d)(e)		0.00	%		05/02/2022		1,431		1,430,133
Prometric Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.77	%		01/29/2025		573		578,645
Red Ventures, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		5.65	%		11/08/2024		1,439		1,450,622
Spin Holdco Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.25%)		5.08	%		11/14/2022		5,718		5,759,848
Tempo Acquisition LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		05/01/2024		627		629,479
TNS Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.78	%		08/14/2022		358		360,789
Travelport Finance S.a.r.l. (Luxembourg), Term Loan D (3 mo. USD LIBOR + 2.75%)		4.59	%		09/02/2021		825		828,617
U.S. Security Associates Holdings, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		5.69	%		07/14/2023		1,260		1,273,213
Ventia Deco LLC, Term Loan B (3 mo. USD LIBOR + 3.50%)(e)		5.19	%		05/21/2022		1,270		1,288,685
Wash MultiFamily Acquisition Inc.,
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		05/13/2022		155		156,562
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		05/16/2022		1,111		1,119,346
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(e)		8.65	%		05/12/2023		121		120,757
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(e)		8.65	%		05/14/2023		21		21,150
West Corp., Term Loan B (1 mo. USD LIBOR + 4.00%)		5.65	%		10/10/2024		2,968		2,997,756
WEX Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.25%)		3.90	%		06/30/2023		726		732,213
									73,720,739

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

13                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Cable & Satellite Television–6.78%
Altice Financing S.A. (Luxembourg),
Term Loan (3 mo. USD LIBOR + 2.75%)		4.47	%		07/15/2025	$	960	$	949,378
Term Loan (3 mo. USD LIBOR + 2.75%)		4.47	%		01/31/2026		539		533,910
Altice US Finance I Corp., Term Loan (1 mo. USD LIBOR + 2.25%)		3.90	%		07/28/2025		2,108		2,109,025
Atlantic Broadband Finance, LLC, Term Loan B (1 mo. USD LIBOR + 2.38%)		4.02	%		01/04/2025		3,237		3,239,100
Cable One, Inc., Incremental Term Loan B-1 (3 mo. USD LIBOR + 2.25%)(e)		3.95	%		05/01/2024		367		368,393
CSC Holdings, LLC,
Term Loan (1 mo. USD LIBOR + 2.25%)		3.84	%		07/17/2025		6,669		6,663,663
Term Loan (2 mo. USD LIBOR + 2.50%)		4.14	%		01/25/2026		2,030		2,034,786
Mediacom Illinois LLC, Term Loan K (1 wk. USD LIBOR + 2.25%)		3.73	%		02/15/2024		1,751		1,761,217
Numericable-SFR S.A. (France), Term Loan B-12 (3 mo. USD LIBOR + 3.00%)		4.72	%		01/31/2026		5,500		5,308,529
Telenet Financing USD LLC, Term Loan AL (1 mo. USD LIBOR + 2.50%)		4.09	%		03/31/2026		3,183		3,197,390
Unitymedia Finance LLC,
Term Loan B (1 mo. USD LIBOR + 2.25%)		3.84	%		09/30/2025		1,532		1,531,688
Term Loan D (1 mo. USD LIBOR + 2.25%)		3.84	%		01/15/2026		1,496		1,496,763
UPC Financing Partnership, Term Loan AR (1 mo. USD LIBOR + 2.50%)		4.09	%		01/15/2026		7,159		7,163,945
Virgin Media Bristol LLC (United Kingdom), Term Loan K (1 mo. USD LIBOR + 2.50%)		4.09	%		01/15/2026		7,792		7,827,075
WideOpenWest Finance, LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		4.85	%		08/18/2023		2,974		2,970,851
Ziggo Secured Finance Partnership, Term Loan E (1 mo. USD LIBOR + 2.50%)		4.09	%		04/15/2025		3,015		2,990,856
									50,146,569
Chemicals & Plastics–3.78%
Alpha US Bidco, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		4.69	%		01/31/2024		758		763,814
Avantor Inc.,
Term Loan (1 mo. EURIBOR + 4.25%)		4.25	%		11/21/2024	EUR	1,592		1,955,159
Term Loan (1 mo. USD LIBOR + 4.00%)		5.65	%		11/21/2024		3,784		3,825,374
Charter NEX US, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		05/16/2024		323		324,137
Chemours Co., (The), Term Loan B-1 (1 mo. USD LIBOR + 2.50%)		4.15	%		05/12/2022		509		512,732
Colouroz Investment LLC (Germany),
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.00%)		4.74	%		09/07/2021		1,846		1,742,517
Second Lien Term Loan B-2 (3 mo. USD LIBOR + 7.25%)		8.99	%		09/05/2022		2,104		1,801,877
Term Loan C (3 mo. USD LIBOR + 3.00%)		4.74	%		09/07/2021		305		288,058
Diamond (BC) B.V. (Netherlands), Term Loan B (2 mo. USD LIBOR + 3.00%)		4.65	%		09/06/2024		1,050		1,049,526
Encapsys, LLC,
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		11/07/2024		223		225,291
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)		9.15	%		11/07/2025		114		116,241
H.B. Fuller Co., Term Loan (1 mo. USD LIBOR + 2.25%)		3.84	%		10/20/2024		2,083		2,094,650
HII Holding Corp.
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		12/20/2019		397		398,102
Second Lien Term Loan (1 mo. USD LIBOR + 8.50%)(e)		10.15	%		12/21/2020		202		203,451
Ineos US Finance LLC, Term Loan (1 mo. USD LIBOR + 2.00%)		3.65	%		03/31/2024		1,494		1,500,371
Invictus US NewCo LLC,
First Lien Term Loan(f)		—			02/15/2025		717		723,405
Second Lien Term Loan(f)		—			02/15/2026		379		383,007
KMG Chemicals Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		06/15/2024		610		614,540
KPEX Holdings Inc.,
Delayed Draw Term Loan(d)		0.00	%		01/31/2025		35		34,585
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(e)		8.57	%		01/31/2026		149		150,984
Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		01/31/2025		348		349,699

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

14                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Chemicals & Plastics–(continued)
MacDermid, Inc.,
First Lien Multicurrency Revolver Loan(d)(e)		0.00	%		06/07/2018	$	450	$	449,020
First Lien Multicurrency Revolver Loan (Prime Rate + 2.00%)(e)		3.00	%		06/07/2018		320		319,850
First Lien Revolver Loan(d)(e)		0.00	%		06/07/2018		154		153,774
First Lien Revolver Loan (1 mo. USD LIBOR + 3.00%)(e)		3.76	%		06/07/2018		616		615,096
Term Loan B-6 (1 mo. USD LIBOR + 3.00%)		4.65	%		06/07/2023		665		670,056
Term Loan B-7 (1 mo. USD LIBOR + 2.50%)		4.15	%		06/07/2020		54		54,384
Oxea Corp., Term Loan B-2 (3 mo. USD LIBOR + 3.50%)		5.25	%		10/11/2024		2,282		2,298,661
PQ Corp., Term Loan B-1(f)		—			02/05/2025		400		402,349
Proampac PG Borrower LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.09	%		11/20/2023		1,029		1,042,011
Tata Chemicals North America Inc., Term Loan (3 mo. USD LIBOR + 2.75%)		4.50	%		08/07/2020		902		907,340
Trinseo Materials Finance, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		09/06/2024		369		371,955
Tronox Finance LLC,
Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		09/22/2024		355		358,008
Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		09/22/2024		820		826,173
Venator Finance S.a.r.l., Term Loan (1 mo. USD LIBOR + 3.00%)(e)		4.65	%		08/08/2024		469		472,330
									27,998,527
Clothing & Textiles–0.88%
ABG Intermediate Holdings 2 LLC,
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		09/29/2024		2,284		2,304,954
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		9.44	%		09/29/2025		823		836,525
Ascena Retail Group, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)		6.19	%		08/21/2022		1,633		1,470,291
Oak Parent, Inc., Term Loan (1 mo. USD LIBOR + 4.50%)(e)		6.15	%		10/26/2023		1,207		1,162,962
Varsity Brands Holding Co., Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		12/16/2024		754		763,827
									6,538,559
Conglomerates–0.43%
CTC AcquiCo GmbH (Germany),
Term Loan B-1(f)		—			11/29/2024	EUR	458		560,167
Term Loan B-2(f)		—			11/29/2024		612		613,511
Penn Engineering & Manufacturing Corp., Term Loan B (1 mo. USD LIBOR + 2.75%)		4.40	%		06/27/2024		671		674,780
RGIS Services, LLC,
Term Loan (1 mo. USD LIBOR + 7.50%)		9.15	%		03/31/2023		410		390,824
Term Loan (3 mo. USD LIBOR + 7.50%)		9.19	%		03/31/2023		89		84,962
Term Loan (6 mo. USD LIBOR + 7.50%)		9.23	%		03/31/2023		315		300,000
Safe Fleet Holdings LLC,
First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.78	%		02/03/2025		326		327,495
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		8.53	%		02/01/2026		187		188,915
									3,140,654
Containers & Glass Products–2.40%
Berlin Packaging, LLC,
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		8.33	%		09/30/2022		435		439,291
Term Loan (1 mo. USD LIBOR + 3.25%)		4.85	%		10/01/2021		464		467,497
Term Loan (3 mo. USD LIBOR + 3.25%)		4.89	%		10/01/2021		276		277,668
Berry Plastics Corp.,
Term Loan Q (1 mo. USD LIBOR + 2.00%)		3.65	%		10/01/2022		152		152,544
Term Loan Q (3 mo. USD LIBOR + 2.00%)		3.62	%		10/01/2022		98		98,353
Term Loan R (1 mo. USD LIBOR + 2.00%)		3.58	%		01/19/2024		531		533,417
Berry Plastics Group, Inc.,
Term Loan O (1 mo. USD LIBOR + 2.00%)		3.58	%		02/08/2020		95		95,612
Term Loan P (1 mo. USD LIBOR + 2.00%)		3.58	%		01/06/2021		155		156,107

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

15                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Containers & Glass Products–(continued)
BWAY Holding Co., Term Loan (3 mo. USD LIBOR + 3.25%)		4.96	%		04/03/2024	$	365	$	367,189
Consolidated Container Co. LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		05/22/2024		792		797,425
Crown Americas LLC, Term Loan B		0.00	%		01/29/2025		327		330,082
Duran Group (Germany), Term Loan B-2 (3 mo. USD LIBOR + 4.00%) (Acquired 03/24/2017; Cost $2,493,750)(e)		5.71	%		03/21/2024		2,522		2,534,364
Fort Dearborn Holding Co., Inc.,
First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.70	%		10/19/2023		882		882,785
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)(e)		10.20	%		10/19/2024		166		159,160
Hoffmaster Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		6.19	%		11/21/2023		1,472		1,488,450
Klockner Pentaplast of America, Inc.,
Term Loan (3 mo. EURIBOR + 4.75%)		4.75	%		06/30/2022	EUR	302		362,820
Term Loan (3 mo. USD LIBOR + 4.25%)		5.94	%		06/30/2022		897		885,419
Multi-Color Corp., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.90	%		10/31/2024		350		352,414
Ranpak Corp.,
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		8.84	%		10/03/2022		145		146,299
Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		4.90	%		10/01/2021		410		412,699
Refresco Group, N.V. (Netherlands),
Term Loan B (3 mo. USD LIBOR + 2.75%)		4.59	%		01/26/2025		571		572,170
Term Loan B-1(f)		—			12/15/2024	EUR	445		542,653
Term Loan B-3(f)		—			12/15/2024		578		582,855
Reynolds Group Holdings Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		02/05/2023		3,155		3,173,018
Tekni-Plex, Inc.,
Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		4.90	%		10/17/2024		345		346,768
Term Loan B-2 (3 mo. EURIBOR + 3.50%)		3.50	%		10/17/2024	EUR	158		194,466
TricorBraun Inc.,
First Lien Delayed Draw Term Loan (3 mo. USD LIBOR + 3.75%)		5.39	%		11/30/2023		126		126,983
Term Loan (3 mo. USD LIBOR + 3.75%)		5.44	%		11/30/2023		1,251		1,260,286
									17,738,794
Cosmetics & Toiletries–1.10%
Alphabet Holding Co., Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		09/26/2024		1,174		1,134,605
Coty Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)		4.08	%		10/27/2022		1,190		1,197,555
Galleria Co., Term Loan B (1 mo. USD LIBOR + 3.00%)		4.63	%		09/29/2023		2,678		2,697,900
Parfums Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.75%)		6.44	%		06/30/2024		1,468		1,488,772
Prestige Brands, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.50%)		4.40	%		01/26/2024		1,629		1,641,742
									8,160,574
Drugs–1.32%
BPA Laboratories,
First Lien Term Loan (3 mo. USD LIBOR + 2.50%)		4.19	%		04/29/2020		2,466		2,404,677
Second Lien Term Loan (3 mo. USD LIBOR + 2.50%)		4.19	%		04/29/2020		2,144		1,983,643
Catalent Pharma Solutions, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)		3.90	%		05/20/2024		89		89,335
Endo LLC, Term Loan (1 mo. USD LIBOR + 4.25%)		5.94	%		04/27/2024		3,356		3,354,855
Valeant Pharmaceuticals International, Inc. (Canada), Term Loan B F-4 (1 mo. USD LIBOR + 3.50%)		5.08	%		04/01/2022		1,895		1,919,592
									9,752,102
Ecological Services & Equipment–0.89%
Advanced Disposal Services Inc., Term Loan (1 wk. USD LIBOR + 2.25%)		3.72	%		11/10/2023		2,927		2,941,937
Casella Waste Systems, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.50%)		4.09	%		10/17/2023		462		463,757
Charah, LLC,
Term Loan (1 mo. USD LIBOR + 6.25%)		7.90	%		10/25/2024		16		15,824
Term Loan (2 mo. USD LIBOR + 6.25%)		8.04	%		10/25/2024		200		202,550
Term Loan (3 mo. USD LIBOR + 6.25%)		8.18	%		10/25/2024		618		625,582

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

16                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Ecological Services & Equipment–(continued)
Gopher Resource, LLC, Term Loan(f)		—			02/09/2025	$	159	$	160,376
WCA Waste Systems Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		08/11/2023		873		875,262
Wrangler Buyer Corp., Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		09/28/2024		1,304		1,312,412
									6,597,700
Electronics & Electrical–12.68%
4L Technologies Inc., Term Loan (1 mo. USD LIBOR + 4.50%)		6.15	%		05/08/2020		2,654		2,109,671
Almonde, Inc. (United Kingdom),
First Lien Term Loan (3 mo. EURIBOR + 3.25%)		4.25	%		06/13/2024	EUR	758		932,744
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		5.48	%		06/13/2024		3,241		3,243,493
Applied Systems, Inc.,
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.94	%		09/19/2024		657		661,847
Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		8.69	%		09/19/2025		58		60,076
Barracuda Networks, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		5.06	%		02/12/2025		505		508,228
Blackboard Inc., Term Loan B-4 (3 mo. USD LIBOR + 5.00%)		6.73	%		06/30/2021		2,856		2,779,007
BMC Software Finance, Inc., Term Loan B-2 (3 mo. EURIBOR + 3.75%)		3.75	%		09/10/2022	EUR	114		140,252
Canyon Valor Companies, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.94	%		06/16/2023		1,517		1,529,035
Cavium, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.25%)(e)		3.90	%		08/16/2022		252		252,781
Compuware Corp., Term Loan B-3 (2 mo. USD LIBOR + 3.50%)		5.15	%		12/15/2021		866		878,329
CPI International, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		07/26/2024		401		402,837
Dell International LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		3.65	%		09/07/2023		1,586		1,587,876
Diebold Nixdorf, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		4.38	%		11/06/2023		1,782		1,785,665
DigiCert Holdings, Inc.,
First Lien Term Loan (3 mo. USD LIBOR + 4.75%)		6.52	%		10/31/2024		1,799		1,822,380
Second Lien Term Loan (3 mo. USD LIBOR + 8.00%)		9.77	%		10/31/2025		293		297,318
Epicor Software Corp., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.90	%		06/01/2022		165		166,014
Go Daddy Operating Co., LLC, Term Loan (1 mo. USD LIBOR + 2.25%)		3.90	%		02/15/2024		1,866		1,871,902
Hyland Software, Inc.,
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		07/01/2022		569		573,473
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)		8.65	%		07/07/2025		83		85,583
I-Logic Technologies Bidco Ltd. (United Kingdom),
Term Loan(f)		—			12/20/2024	EUR	180		221,729
Term Loan(f)		—			12/21/2024		704		709,058
IGT Holding IV AB (Sweden), Term Loan B(f)		—			07/26/2024		1,040		1,042,896
Integrated Device Technology, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%) (Acquired 04/04/2017; Cost $689,680)(e)		4.65	%		04/04/2024		691		695,086
Kemet Corp., Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 04/21/2017; Cost $1,066,157)(e)		7.65	%		04/26/2024		1,096		1,116,703
Lattice Semiconductor Corp., Term Loan (1 mo. USD LIBOR + 4.25%)(e)		5.83	%		03/10/2021		1,610		1,629,864
Lully Finance LLC,
Second Lien Term Loan B-1 (1 mo. USD LIBOR + 8.50%)(e)		10.12	%		10/16/2023		731		725,027
Second Lien Term Loan B-2 (1 mo. EURIBOR + 7.25%) (Acquired 11/30/2016; Cost $241,682)(e)		7.25	%		10/16/2023	EUR	228		272,638
MA Finance Co., LLC,
Term Loan B-2 (1 mo. USD LIBOR + 2.50%)		4.15	%		11/19/2021		3,753		3,754,808
Term Loan B-3 (1 mo. USD LIBOR + 2.75%)		4.40	%		06/21/2024		819		822,786
MACOM Technology Solutions Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)		3.90	%		05/17/2024		1,113		1,100,988
McAfee, LLC,
Term Loan (1 mo. USD LIBOR + 4.50%)		6.15	%		09/30/2024		1,470		1,479,657
Term Loan (3 mo. EURIBOR + 4.25%)		4.25	%		09/30/2024	EUR	537		659,562
Mediaocean LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		5.90	%		08/15/2022		1,696		1,708,799
Micro Holding, L.P., Term Loan (3 mo. USD LIBOR + 3.75%)		5.34	%		09/13/2024		1,200		1,202,030
Micron Technology, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		3.65	%		04/26/2022		48		47,918

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

17                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Electronics & Electrical–(continued)
Mirion Technologies, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.75%)		6.44	%		03/31/2022	$	1,069	$	1,066,932
MTS Systems, Term Loan B (1 mo. USD LIBOR + 3.25%)		4.84	%		07/05/2023		1,051		1,061,249
NeuStar, Inc.,
Term Loan B-1 (2 mo. USD LIBOR + 3.25%)		4.92	%		01/08/2020		329		329,820
Term Loan B-2 (2 mo. USD LIBOR + 3.75%)		5.42	%		08/08/2024		1,702		1,707,834
Oberthur Technologies of America Corp.,
Term Loan B (3 mo. EURIBOR + 3.75%)		3.75	%		01/10/2024	EUR	1,015		1,230,754
Term Loan B-1 (3 mo. USD LIBOR + 3.75%)		5.44	%		01/10/2024		1,280		1,274,709
OEConnection LLC,
First Lien Term Loan (3 mo. USD LIBOR + 4.00%)(e)		5.69	%		11/22/2024		768		769,757
Second Lien Term Loan (3 mo. USD LIBOR + 8.00%) (Acquired 11/22/2017; Cost $193,385)(e)		9.69	%		11/22/2025		195		195,312
Omnitracs, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		9.45	%		05/25/2021		131		131,997
ON Semiconductor Corp., Term Loan B-2 (1 mo. USD LIBOR + 2.00%)		3.65	%		03/31/2023		75		75,889
Optiv Inc.,
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		8.88	%		01/31/2025		417		388,162
Term Loan (1 mo. USD LIBOR + 3.25%)		4.88	%		02/01/2024		2,008		1,918,960
Project Accelerate Parent, LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)(e)		5.94	%		01/02/2025		687		696,087
Project Leopard Holdings, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		5.78	%		07/07/2023		726		731,092
Quest Software US Holdings Inc., Term Loan (3 mo. USD LIBOR + 5.50%)		7.27	%		10/31/2022		4,514		4,600,611
Ramundsen Holdings, LLC,
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)		10.19	%		01/31/2025		98		99,644
Term Loan (3 mo. USD LIBOR + 4.25%)		5.94	%		02/01/2024		245		247,218
Riverbed Technology, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		04/24/2022		1,874		1,851,045
Rocket Software, Inc.,
Second Lien Term Loan (3 mo. USD LIBOR + 9.50%)		11.19	%		10/14/2024		412		417,740
Term Loan (3 mo. USD LIBOR + 4.25%)		5.94	%		10/14/2023		2,087		2,110,487
Sandvine Corp., Term Loan B (3 mo. USD LIBOR + 5.75%)		7.32	%		09/21/2022		1,267		1,266,830
Seattle Spinco, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		06/21/2024		5,534		5,556,476
SS&C Technologies, Inc.,
Term Loan B-3(f)		—			02/28/2025		5,990		6,026,974
Term Loan B-4(f)		—			02/28/2025		2,137		2,150,019
Sybil Software LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		4.44	%		09/30/2023		4,128		4,160,208
Symantec Corp., Term Loan A-5 (2 mo. USD LIBOR + 1.75%)		3.39	%		08/01/2021		447		447,845
TIBCO Software, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		5.15	%		12/04/2020		470		471,580
TTM Technologies, Inc.,
Incremental Term Loan(e)(f)		—			09/28/2024		1,850		1,861,331
Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		09/28/2024		197		197,497
VeriFone Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		3.65	%		01/31/2025		185		186,025
Verint Systems Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		3.58	%		06/29/2024		357		358,263
Veritas US Inc.,
Term Loan (3 mo. EURIBOR + 4.50%)		5.50	%		01/27/2023	EUR	4,723		5,782,091
Term Loan B (3 mo. USD LIBOR + 4.50%)		6.19	%		01/27/2023		1,615		1,609,062
VF Holding Corp., Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		4.90	%		06/30/2023		1,327		1,341,327
Viewpoint, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)		5.94	%		07/19/2024		505		506,520
Wall Street Systems Delaware, Inc., Term Loan (2 mo. USD LIBOR + 3.00%)		4.65	%		11/21/2024		674		676,232
Xperi Corp., Term Loan B-1 (1 mo. USD LIBOR + 2.50%)		4.15	%		12/01/2023		1,478		1,487,702
									93,869,341
Financial Intermediaries–1.20%
GEO Group, Inc., Term Loan (3 mo. USD LIBOR + 2.25%)		3.95	%		03/23/2024		763		767,500
iPayment Inc., Term Loan (3 mo. USD LIBOR + 5.00%)		6.62	%		04/11/2023		1,088		1,099,922
LPL Holdings, Inc., Incremental Term Loan B (3 mo. USD LIBOR + 2.25%)		3.81	%		09/23/2024		201		201,281

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

18                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Financial Intermediaries–(continued)
MoneyGram International, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		4.94	%		03/27/2020	$	3,853	$	3,852,795
RJO Holdings Corp.,
Term Loan (1 mo. USD LIBOR + 12.00%) (Acquired 04/12/2017; Cost $441,976)(e)		13.65	%		05/05/2022		442		444,186
Term Loan (1 mo. USD LIBOR + 8.02%) (Acquired 04/12/2017; Cost $1,243,058)(e)		9.67	%		05/05/2022		1,243		1,249,273
Stiphout Finance LLC,
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		10/26/2022		142		143,031
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		8.90	%		10/26/2023		22		22,074
TMF Group Holdco B.V., Term Loan B (1 mo. EURIBOR + 3.50%)		3.50	%		10/13/2023	EUR	882		1,076,827
									8,856,889
Food & Drug Retailers–1.12%
Adria Group Holding B.V. (Netherlands), Term Loan(h)		0.00	%		06/04/2018	EUR	2,986		60,719
Albertsons LLC,
Term Loan B-4 (1 mo. USD LIBOR + 2.75%)		4.40	%		08/25/2021		4,610		4,556,103
Term Loan B-5 (3 mo. USD LIBOR + 3.00%)		4.67	%		12/21/2022		1,040		1,028,313
Term Loan B-6 (3 mo. USD LIBOR + 3.00%)		4.96	%		06/22/2023		1,156		1,140,308
Supervalu Inc.,
Delayed Draw Term Loan B (1 mo. USD LIBOR + 3.50%)		5.15	%		06/08/2024		579		575,381
Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		06/08/2024		966		958,968
									8,319,792
Food Products–2.38%
Chefs’ Warehouse Parent, LLC, Term Loan (1 mo. USD LIBOR + 4.00%)		5.65	%		06/22/2022		857		865,606
CSM Bakery Supplies LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.70	%		07/03/2020		802		795,977
Dole Food Co., Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		4.36	%		04/06/2024		2,914		2,929,623
Hearthside Group Holdings, LLC,
Revolver Loan(d)(e)		0.00	%		06/02/2019		1,570		1,564,815
Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		06/02/2021		573		576,318
Jacobs Douwe Egberts International B.V., Term Loan B-5 (3 mo. USD LIBOR + 2.25%)		4.06	%		07/04/2022		63		63,078
JBS USA Lux S.A., Term Loan (3 mo. USD LIBOR + 2.50%)		4.10	%		10/30/2022		8,247		8,217,410
Nomad Foods US LLC (United Kingdom), Term Loan B-4 (1 mo. USD LIBOR + 2.25%)		3.84	%		05/15/2024		989		993,311
Post Holdings, Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.25%)		3.90	%		05/24/2024		949		951,478
Shearer’s Foods, LLC,
First Lien Term Loan (3 mo. USD LIBOR + 3.94%)		5.63	%		06/30/2021		443		446,332
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		8.44	%		06/30/2022		250		235,450
									17,639,398
Food Service–2.54%
EG Finco Ltd. (Netherlands),
Term Loan B(f)		—			02/06/2025		407		407,914
Term Loan B-1(f)		—			02/06/2025	EUR	584		712,125
Term Loan B-2(f)		—			02/06/2025	EUR	175		213,211
Term Loan B-3(d)		0.00	%		02/06/2025	EUR	469		469,484
IRB Holding Corp., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.83	%		02/05/2025		1,556		1,573,876
NPC International, Inc.,
First Lien Term Loan (2 mo. USD LIBOR + 3.50%)		5.15	%		04/19/2024		1,093		1,105,667
Second Lien Term Loan (2 mo. USD LIBOR + 7.50%)		9.15	%		04/18/2025		346		351,651
Red Lobster Management, LLC, First Lien Term Loan (1 mo. USD LIBOR + 5.25%)		6.90	%		07/28/2021		317		318,755
Restaurant Holding Co., LLC, First Lien Term Loan (1 mo. USD LIBOR + 7.75%)(e)		9.40	%		02/28/2019		1,093		1,087,213
Steak ’n Shake Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		03/19/2021		1,002		892,113
Tacala Investment Corp.,
First Lien Term Loan(f)		—			01/26/2025		528		531,780
Second Lien Term Loan(f)		—			01/26/2026		310		317,010
TKC Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		6.03	%		02/01/2023		1,653		1,673,466

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

19                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Food Service–(continued)
TMK Hawk Parent, Corp., Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		09/26/2024	$	1,061	$	1,068,468
US Foods, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		4.15	%		06/27/2023		6,698		6,759,228
Weight Watchers International, Inc.,
Term Loan (1 mo. USD LIBOR + 4.75%)		6.33	%		11/29/2024		242		245,339
Term Loan (3 mo. USD LIBOR + 4.75%)		6.43	%		11/29/2024		1,042		1,057,493
									18,784,793
Health Care–4.33%
Acadia Healthcare Co., Inc.,
Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		4.40	%		02/11/2022		735		740,870
Term Loan B-2 (1 mo. USD LIBOR + 2.75%)		4.40	%		02/16/2023		953		960,095
Air Medical Group Holdings, Inc., Term Loan(f)		—			09/30/2024		1,304		1,319,991
Argon Medical Devices Holdings, Inc.,
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)(e)		5.40	%		01/23/2025		320		321,668
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		9.65	%		01/23/2026		76		77,020
ATI Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)(e)		5.20	%		05/10/2023		562		568,450
Community Health Systems, Inc.,
Incremental Term Loan G (3 mo. USD LIBOR + 2.75%)		4.73	%		12/31/2019		224		222,802
Revolver Loan(d)(e)		0.00	%		01/27/2019		843		824,325
Convatec Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		3.94	%		10/31/2023		266		267,340
Diplomat Pharmacy, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)		6.10	%		12/20/2024		779		787,231
DJO Finance LLC,
Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		06/07/2020		1,520		1,508,903
Term Loan (3 mo. USD LIBOR + 3.25%)		4.92	%		06/07/2020		1,548		1,536,441
Envision Healthcare Corp., Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		12/01/2023		538		540,630
Explorer Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.75%)		5.52	%		05/02/2023		1,235		1,246,516
Global Healthcare Exchange, LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		06/30/2024		849		853,738
Greatbatch Ltd., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.83	%		10/27/2022		1,115		1,126,613
HC Group Holdings III, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.00%)(e)		6.65	%		04/07/2022		1,524		1,553,024
INC Research Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.90	%		08/01/2024		165		165,336
IWH UK Midco Ltd. (United Kingdom), Term Loan B (2 mo. EURIBOR + 4.00%)		4.00	%		10/20/2024	EUR	411		504,373
Kinetic Concepts, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		4.94	%		02/03/2024		2,974		2,987,335
MPH Acquisition Holdings LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		06/07/2023		4,941		4,970,184
Nidda Healthcare Holding AG (Germany), Term Loan B-1(d)		0.00	%		08/21/2024	GBP	239		238,601
Ortho-Clinical Diagnostics, Inc., Term Loan (3 mo. USD LIBOR + 3.75%)		5.44	%		06/30/2021		1,009		1,018,273
PAREXEL International Corp., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		09/27/2024		3,105		3,106,988
Pearl Intermediate Parent LLC,
First Lien Delayed Draw Term Loan(d)		0.00	%		02/01/2025		76		75,044
First Lien Term Loan(f)		—			02/01/2025		257		255,149
Quintiles IMS Inc., Term Loan B-2 (3 mo. USD LIBOR + 2.00%)		3.69	%		01/17/2025		72		72,136
Surgery Center Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		08/31/2024		743		743,803
Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		02/06/2024		1,967		1,920,510
Unilabs Diagnostics AB (Sweden), Revolver Loan(d)(e)		0.00	%		03/12/2021	EUR	926		926,446
WP CityMD Bidco LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		5.69	%		06/07/2024		579		581,397
									32,021,232
Home Furnishings–0.99%
Comfort Holding, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		6.33	%		02/05/2024		1,044		1,020,741
Global Appliance Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		5.65	%		09/29/2024		1,267		1,284,885
Hayward Industries, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		08/05/2024		580		583,182
Hilding Anders International AB (Sweden), Term Loan B(f)		—			11/30/2024	EUR	387		475,673
Lifetime Brands, Inc., Term Loan B(e)(f)		—			03/31/2025		394		396,964

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

20                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Home Furnishings–(continued)
Serta Simmons Bedding, LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		5.22	%		11/08/2023	$	2,460	$	2,384,176
TGP Holdings III, LLC,
First Lien Delayed Draw Term Loan(d)		0.00	%		09/25/2024		131		130,545
First Lien Term Loan (3 mo. USD LIBOR + 5.00%)		6.69	%		09/25/2024		821		830,148
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) (Acquired 09/21/2017; Cost $235,354)		10.19	%		09/25/2025		239		242,395
									7,348,709
Industrial Equipment–3.16%
Accudyne Industries LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		08/18/2024		1,465		1,475,803
CIRCOR International, Inc., Term Loan (1 mo. USD LIBOR + 3.50%)		5.08	%		12/11/2024		1,609		1,619,007
Clark Equipment Co., Term Loan B (3 mo. USD LIBOR + 2.50%)		4.19	%		05/18/2024		2,286		2,295,410
Columbus McKinnon Corp., Term Loan B-2 (1 mo. USD LIBOR + 2.50%)		4.12	%		01/31/2024		337		338,812
Crosby US Acquisition Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.90	%		11/23/2020		1,673		1,647,173
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 5.50%) (Acquired 08/17/2017; Cost $509,562)(e)		7.15	%		08/29/2023		514		520,814
Engineered Machinery Holdings, Inc.,
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.94	%		07/19/2024		447		449,101
Second Lien Delayed Draw Term Loan(d)		0.00	%		07/18/2025		6		5,568
Second Lien Delayed Draw Term Loan (3 mo. USD LIBOR + 7.25%)		8.67	%		07/18/2025		29		29,231
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		8.94	%		07/18/2025		289		292,310
Filtration Group Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.98	%		11/23/2020		2,183		2,208,030
Gardner Denver, Inc., Term Loan B-1 (3 mo. USD LIBOR + 2.75%)		4.44	%		07/30/2024		1,685		1,693,006
Generac Power Systems, Inc., Term Loan (3 mo. USD LIBOR + 2.00%)		3.69	%		05/31/2023		352		353,279
LSFX Flavum Bidco (Spain), Term Loan B (3 mo. EURIBOR + 4.50%)		4.50	%		10/03/2024	EUR	508		613,973
Milacron LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		4.40	%		09/25/2023		1,190		1,195,337
MX Holdings US, Inc., Term Loan B-1-B (1 mo. USD LIBOR + 2.50%)		4.15	%		08/14/2023		996		1,001,095
New VAC US LLC, Term Loan B(f)		—			02/26/2025		428		428,353
North American Lifting Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		6.19	%		11/27/2020		1,263		1,195,113
Pro Mach Group, Inc., Term Loan B(f)		—			03/07/2025		1,236		1,241,819
Rexnord LLC, Term Loan B (1 mo. USD LIBOR + 2.25%)		3.85	%		08/21/2024		113		113,807
Robertshaw US Holding Corp.,
First Lien Term Loan(f)		—			02/28/2025		882		891,439
Second Lien Term Loan(f)		—			02/28/2026		388		387,398
Tank Holding Corp., Term Loan (3 mo. USD LIBOR + 4.25%)		5.93	%		03/16/2022		594		595,565
Terex Corp., Term Loan (1 mo. USD LIBOR + 2.00%)		3.65	%		01/31/2024		516		518,356
Vantiv, LLC,
Incremental Term Loan B (1 mo. USD LIBOR + 2.00%)		3.59	%		08/07/2024		2,209		2,225,450
Term Loan B-3 (1 mo. USD LIBOR + 2.00%)		3.59	%		10/14/2023		13		13,277
									23,348,526
Insurance–0.97%
Alliant Holdings I, L.P., Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		08/12/2022		238		239,343
AmWINS Group, LLC,
First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		4.38	%		01/25/2024		821		826,382
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		8.40	%		01/25/2025		143		144,960
Hub International Ltd., Term Loan (3 mo. USD LIBOR + 3.00%)		4.84	%		10/02/2020		1,406		1,413,556
Sedgwick Claims Management Services, Inc., First Lien Term Loan(f)		—			03/01/2021		1,563		1,564,771
USI Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		05/16/2024		2,982		2,982,746
									7,171,758

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

21                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Leisure Goods, Activities & Movies–4.24%
Alpha Topco Ltd. (United Kingdom), Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		02/01/2024	$	7,242	$	7,236,183
AMC Entertainment Inc.,
Incremental Term Loan (1 mo. USD LIBOR + 2.25%)		3.84	%		12/15/2023		1,289		1,293,813
Term Loan (1 mo. USD LIBOR + 2.25%)		3.84	%		12/15/2022		940		943,933
Ancestry.com Operations Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		10/19/2023		824		829,724
Bright Horizons Family Solutions, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		3.65	%		11/07/2023		58		58,410
Cinemark USA, Inc., Term Loan (3 mo. USD LIBOR + 2.00%)		3.59	%		05/09/2022		128		128,902
Crown Finance US, Inc., Term Loan B(f)		—			02/07/2025		5,473		5,473,233
CWGS Group, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.58	%		11/23/2023		2,380		2,405,088
Cyan Blue Holdco 3 Ltd. (Jersey), Term Loan B-2 (3 mo. USD LIBOR + 3.25%)		4.94	%		08/23/2024		1,057		1,061,479
Dorna Sports, S.L. (Spain), Term Loan B2 (6 mo. USD LIBOR + 3.25%)		5.09	%		04/12/2024		854		851,812
Equinox Holdings, Inc.,
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)		8.65	%		09/06/2024		132		136,858
Term Loan B-1 (1 mo. USD LIBOR + 3.00%)		4.65	%		03/08/2024		1,171		1,181,499
Fitness International, LLC, Term Loan B (3 mo. USD LIBOR + 3.50%)		5.19	%		07/01/2020		1,617		1,637,039
Lakeland Tours, LLC,
Delayed Draw Term Loan(d)		0.00	%		12/16/2024		55		55,232
Term Loan (3 mo. USD LIBOR + 4.00%)		5.59	%		12/16/2024		662		670,675
MTL Publishing LLC, Term Loan B-6 (3 mo. USD LIBOR + 2.25%)		3.98	%		08/20/2023		1,586		1,593,189
Orbiter International S.a.r.l. (Luxembourg), Term Loan B-2 (3 mo. CHF LIBOR + 4.25%)		4.25	%		07/11/2024	CHF	369		392,752
Sabre GLBL Inc., Incremental Term Loan B-1 (1 mo. USD LIBOR + 2.25%)		3.90	%		02/22/2024		114		114,549
Shutterfly, Inc.,
Incremental Term Loan(f)		—			08/17/2024		1,085		1,092,502
Term Loan B (1 mo. USD LIBOR + 2.50%)		4.10	%		08/17/2024		461		461,813
UFC Holdings, LLC,
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		08/18/2023		3,216		3,236,966
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)		9.15	%		08/18/2024		525		537,311
									31,392,962
Lodging & Casinos–4.78%
B&B Hotels S.A.S. (France), Term Loan B (3 mo. EURIBOR + 3.25%)		3.25	%		03/14/2023	EUR	1,024		1,256,336
Belmond Interfin Ltd. (Bermuda), Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		07/03/2024		1,395		1,401,689
Boyd Gaming Corp., Term Loan B (1 wk. USD LIBOR + 2.50%)		3.97	%		09/15/2023		199		199,832
Caesars Entertainment Operating Co., LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		04/04/2024		230		231,368
Caesars Resort Collection, LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		4.40	%		12/23/2024		7,804		7,864,994
CityCenter Holdings, LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		04/18/2024		755		759,196
Four Seasons Hotels Ltd. (Canada), Term Loan (1 mo. USD LIBOR + 2.50%)		4.15	%		11/30/2023		1,168		1,177,762
Golden Nugget, Inc.,
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		10/04/2023		4		4,330
First Lien Incremental Term Loan (2 mo. USD LIBOR + 3.25%)		5.04	%		10/04/2023		957		966,227
First Lien Incremental Term Loan (3 mo. USD LIBOR + 3.25%)		4.98	%		10/04/2023		732		738,614
La Quinta Intermediate Holdings LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		4.47	%		04/14/2021		3,995		4,018,524
Las Vegas Sands, LLC/Venetian Casino Resort, LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		3.65	%		03/29/2024		11		11,452
RHP Hotel Properties, L.P., Term Loan B (3 mo. USD LIBOR + 2.25%)		4.07	%		05/11/2024		127		128,354
Scientific Games International, Inc.,
Multicurrency Revolver Loan (Acquired 04/29/2016-10/04/2017; Cost $2,099,631)(d)(e)		0.00	%		10/18/2018		2,186		2,169,702
Multicurrency Revolver Loan (1 mo. USD LIBOR + 3.00%) (Acquired 04/29/2016-10/04/2017; Cost $865,134)(e)		1.71	%		10/18/2018		901		894,006
Revolver Loan (Acquired 10/04/2017; Cost $995,322)(d)(e)		0.00	%		10/18/2018		1,003		995,179
Term Loan B-5 (2 mo. USD LIBOR + 2.75%)		4.45	%		08/14/2024		6,281		6,316,761
Station Casinos LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		06/08/2023		2,576		2,584,203

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

22                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Lodging & Casinos–(continued)
Twin River Management Group, Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		07/10/2020	$	2,763	$	2,797,684
VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		3.60	%		12/20/2024		821		826,140
									35,342,353
Nonferrous Metals & Minerals–0.23%
American Rock Salt Co. LLC,
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		05/20/2021		546		547,053
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		05/20/2021		202		202,357
Dynacast International LLC,
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.25%)		4.94	%		01/28/2022		927		936,429
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) (Acquired 01/29/2015; Cost $15,163)(e)		10.19	%		01/30/2023		15		15,429
									1,701,268
Oil & Gas–6.71%
Ascent Resources — Marcellus, LLC, First Lien Term Loan (Prime Rate + 3.25%)		7.75	%		08/04/2020		3,021		1,770,035
BCP Raptor, LLC, Term Loan (2 mo. USD LIBOR + 4.25%)		6.04	%		06/24/2024		1,448		1,460,778
BCP Renaissance Parent LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		5.77	%		10/31/2024		2,436		2,460,369
Bronco Midstream Funding, LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		5.87	%		08/17/2020		2,255		2,283,710
California Resources Corp.,
Term Loan (1 mo. USD LIBOR + 10.38%)		11.97	%		12/31/2021		623		707,389
Term Loan (1 mo. USD LIBOR + 4.75%)		6.34	%		12/31/2022		1,687		1,714,301
Citgo Petroleum Corp., Term Loan B (3 mo. USD LIBOR + 3.50%)		5.19	%		07/29/2021		1,349		1,345,941
Crestwood Holdings LLC,
Term Loan(f)		—			03/05/2023		1,990		1,950,644
Term Loan B-1 (1 mo. USD LIBOR + 8.00%)		9.59	%		06/19/2019		1,942		1,946,779
Fieldwood Energy LLC,
Second Lien Term Loan(h)(i)		0.00	%		09/30/2020		1,369		280,729
Term Loan (3 mo. USD LIBOR + 2.88%)(i)		4.57	%		10/01/2018		147		146,833
Term Loan (3 mo. USD LIBOR + 7.00%)(i)		8.69	%		08/31/2020		3,280		3,272,726
Floatel International Ltd., Term Loan (3 mo. USD LIBOR + 5.00%)		6.69	%		06/27/2020		3,493		2,908,188
Glass Mountain Pipeline Holdings, LLC, Term Loan (3 mo. USD LIBOR + 4.50%)		6.16	%		12/23/2024		1,041		1,045,223
Gulf Finance, LLC, Term Loan B (3 mo. USD LIBOR + 5.25%)		6.95	%		08/25/2023		3,395		3,117,669
HGIM Corp., Term Loan B (Prime Rate + 3.50%)		8.00	%		06/18/2020		3,789		1,591,382
Lucid Energy Group II Borrower, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.59	%		02/17/2025		940		943,124
Medallion Midland Acquisition, LLC, Term Loan (1 mo. USD LIBOR + 3.25%)(e)		4.90	%		10/30/2024		797		800,215
Navitas Midstream Midland Basin, LLC, Term Loan (1 mo. USD LIBOR + 4.50%)(e)		6.09	%		12/13/2024		1,204		1,205,607
Ocean Rig 1 Inc., Term Loan		8.00	%		09/20/2024		681		709,337
Osum Production Corp. (Canada), Term Loan (3 mo. USD LIBOR + 5.50%)		7.19	%		07/31/2020		2,096		1,781,966
Pacific Drilling S.A. (Luxembourg), Term Loan(h)(i)		0.00	%		06/03/2018		692		280,444
Paragon Offshore Finance Co. (Cayman Islands),
PIK Term Loan, 6.73% PIK Rate, 1.00% Cash Rate(g)(i)		1.00	%		07/18/2022		93		79,521
Term Loan (Acquired 07/11/2014; Cost $11,863)(e)(h)(i)		6.25	%		07/16/2021		12		0
Petroleum GEO-Services ASA, Term Loan (3 mo. USD LIBOR + 2.50%)		4.19	%		03/19/2021		4,587		4,257,928
Seadrill Operating L.P., Term Loan (3 mo. USD LIBOR + 6.00%)		4.69	%		02/21/2021		6,930		6,025,556
Southcross Energy Partners, L.P., Term Loan (3 mo. USD LIBOR + 4.25%)		5.94	%		08/04/2021		1,041		1,031,707
Traverse Midstream Partners LLC, Term Loan (6 mo. USD LIBOR + 4.00%)		5.85	%		09/27/2024		1,505		1,517,955
Veresen Midstream US LLC, Term Loan B-3 (3 mo. USD LIBOR + 3.00%)		4.69	%		03/31/2022		984		991,019
Weatherford International Ltd. (Bermuda), Term Loan (1 mo. USD LIBOR + 2.30%)		3.95	%		07/13/2020		2,085		2,069,338
									49,696,413

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

23                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Publishing–1.55%
Ascend Learning, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		07/12/2024	$	1,020	$	1,025,082
Merrill Communications LLC, Term Loan (3 mo. USD LIBOR + 5.25%)		7.02	%		06/01/2022		31		30,840
Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%)		3.58	%		10/04/2023		4,552		4,570,339
ProQuest LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		10/24/2021		1,069		1,084,690
Southern Graphics, Inc., Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		12/31/2022		1,231		1,243,992
Tribune Media Co., Term Loan C (1 mo. USD LIBOR + 3.00%)		4.65	%		01/27/2024		3,492		3,500,193
									11,455,136
Radio & Television–3.40%
E.W. Scripps Co., Term Loan (1 mo. USD LIBOR + 2.25%)		3.90	%		10/02/2024		441		443,813
Gray Television, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.25%)		3.83	%		02/07/2024		66		66,428
iHeartCommunications, Inc.,
Term Loan D (3 mo. USD LIBOR + 6.75%)		8.44	%		01/30/2019		6,757		5,395,251
Term Loan E (3 mo. USD LIBOR + 7.50%)		9.19	%		07/30/2019		11,492		9,178,460
Mission Broadcasting, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.50%)(f)		—			01/17/2024		1		139
Nexstar Broadcasting, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.50%)(f)		—			01/17/2024		1		1,097
Raycom TV Broadcasting, LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.25%)		3.87	%		08/23/2024		1,275		1,279,541
Sinclair Television Group, Inc.,
Term Loan B(f)		—			12/12/2024		8,302		8,330,160
Term Loan B (1 mo. USD LIBOR + 2.25%)		3.90	%		01/03/2024		503		504,229
									25,199,118
Retailers (except Food & Drug)–3.13%
Bass Pro Group, LLC, Term Loan (1 mo. USD LIBOR + 5.00%)		6.65	%		09/25/2024		2,842		2,838,888
BJ’s Wholesale Club, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		5.08	%		02/03/2024		566		565,831
CVS Holdings I, LP,
First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.79	%		02/06/2025		552		550,687
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		8.54	%		02/06/2026		181		180,888
David’s Bridal, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		5.70	%		10/11/2019		952		815,001
Fullbeauty Brands Holdings Corp., Term Loan (1 mo. USD LIBOR + 4.75%)		6.40	%		10/14/2022		2,049		1,201,490
J. Crew Group, Inc.,
Term Loan (1 mo. USD LIBOR + 3.22%)		4.84	%		03/05/2021		148		103,775
Term Loan (3 mo. USD LIBOR + 3.22%)		4.88	%		03/05/2021		225		157,100
Lands’ End, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.82	%		04/02/2021		2,425		2,246,199
Moran Foods LLC, Term Loan (1 mo. USD LIBOR + 6.00%)		7.65	%		12/05/2023		1,365		1,218,103
National Vision, Inc.,
Revolver Loan(d)(e)		0.00	%		03/13/2019		1,250		1,149,948
Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		11/20/2024		499		502,381
Payless Inc.,
Term Loan A-1 (3 mo. USD LIBOR + 8.00%)		9.54	%		02/10/2022		880		873,825
Term Loan A-2 (3 mo. USD LIBOR + 9.00%)		10.54	%		08/10/2022		1,651		1,532,904
Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.77	%		01/26/2023		2,633		1,842,914
Savers Inc., Term Loan (3 mo. USD LIBOR + 3.75%)		5.49	%		07/09/2019		3,676		3,530,200
Staples, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		5.79	%		09/12/2024		2,009		1,999,100
Toys ’R’ Us-Delaware, Inc.,
Term Loan B-2 (Prime Rate + 2.75%)(i)		7.25	%		05/25/2018		153		49,457
Term Loan B-3 (Prime Rate + 2.75%)(i)		7.25	%		05/25/2018		20		6,312
Vivarte (France), PIK Term Loan, 7.00% PIK Rate, 4.00% Cash Rate(g)		4.00	%		10/29/2019	EUR	1,593		1,797,196
									23,162,199
Steel–0.23%
Atkore International, Inc., First Lien Incremental Term Loan (3 mo. USD LIBOR + 2.75%)		4.45	%		12/22/2023		1,052		1,060,539
Phoenix Services International, LLC, Term Loan B(f)		—			01/30/2025		661		668,506
									1,729,045

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

24                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Surface Transport–1.27%
Agro Merchants North American Holdings, Inc, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		12/06/2024	$	521	$	527,174
Commercial Barge Line Co., First Lien Term Loan(f)		—			11/12/2020		330		196,437
Kenan Advantage Group, Inc.,
Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		07/29/2022		565		567,979
Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		07/29/2022		2,301		2,312,191
Odyssey Logistics & Technology Corp., Term Loan (1 mo. USD LIBOR + 4.25%) (Acquired 10/06/2017; Cost $636,843)		5.90	%		10/12/2024		640		648,706
PODS LLC, Term Loan B-3 (1 mo. USD LIBOR + 3.00%)		4.58	%		12/06/2024		2,633		2,653,901
U.S. Shipping Corp., Term Loan B-2 (1 mo. USD LIBOR + 4.25%)		5.90	%		06/26/2021		1,704		1,540,199
XPO Logistics, Inc., Term Loan B (3 mo. USD LIBOR + 2.00%)		3.92	%		02/23/2025		953		956,859
									9,403,446
Telecommunications–8.38%
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		4.40	%		01/31/2025		7,360		7,244,824
Colorado Buyer Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.78	%		05/01/2024		1,319		1,327,733
Communications Sales & Leasing, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		4.65	%		10/24/2022		4,859		4,682,658
Consolidated Communications, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		10/05/2023		5,613		5,533,991
Frontier Communications Corp.,
Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		03/31/2021		2,675		2,655,059
Term Loan A(e)(f)		—			10/12/2021		65		64,184
GTT Communications, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.94	%		01/09/2024		1,628		1,641,858
Hargray Communications Group, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		05/16/2024		372		373,494
Intelsat Jackson Holdings S.A.,
Term Loan B-3 (3 mo. USD LIBOR + 3.75%)		5.71	%		11/30/2023		71		70,425
Term Loan B-5		6.63	%		01/02/2024		2,037		2,049,983
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.85	%		02/22/2024		6,316		6,334,520
MTN Infrastructure TopCo, Inc.,
Delayed Draw Term Loan(f)		—			11/17/2024		675		680,207
Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		11/17/2024		984		993,504
Radiate Holdco, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		02/01/2024		2,415		2,413,776
Sprint Communications Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		4.19	%		02/02/2024		6,203		6,215,367
Syniverse Holdings, Inc., Term Loan C(f)		—			02/09/2023		2,958		2,986,268
Telesat LLC, Term Loan B-4 (3 mo. USD LIBOR + 3.00%)		4.70	%		11/17/2023		6,558		6,606,865
U.S. Telepacific Corp., Term Loan (3 mo. USD LIBOR + 5.00%)		6.69	%		05/02/2023		3,052		2,963,702
Windstream Services, LLC,
Term Loan B-6 (1 mo. USD LIBOR + 4.00%)		5.59	%		03/29/2021		4,700		4,464,797
Term Loan B-7 (1 mo. USD LIBOR + 3.25%)		4.84	%		02/17/2024		550		490,531
Zayo Group, LLC,
Incremental Term Loan B-1 (1 mo. USD LIBOR + 2.00%)		3.65	%		01/19/2021		124		124,254
Term Loan B-2 (1 mo. USD LIBOR + 2.25%)(f)		—			01/19/2024		2,123		2,134,929
									62,052,929
Utilities–9.21%
AES Corp., (The), Term Loan (3 mo. USD LIBOR + 2.00%)		3.94	%		05/24/2022		994		996,332
APLP Holdings L.P. (Canada), Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		04/13/2023		677		685,847
Aria Energy Operating LLC, Term Loan (1 mo. USD LIBOR + 4.50%)		6.15	%		05/27/2022		697		704,827
Calpine Corp.,
Term Loan (3 mo. USD LIBOR + 2.50%)		4.20	%		01/15/2023		5,227		5,257,401
Term Loan (3 mo. USD LIBOR + 2.50%)		4.20	%		05/31/2023		2,794		2,806,757
Term Loan (3 mo. USD LIBOR + 2.50%)		4.20	%		01/15/2024		2,966		2,976,743
Compass Power Generation, Term Loan (3 mo. USD LIBOR + 3.75%)		5.39	%		12/20/2024		1,513		1,529,467
Dynegy Inc., Term Loan C-2 (1 mo. USD LIBOR + 2.75%)		4.35	%		02/07/2024		4,901		4,936,867

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

25                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Utilities–(continued)
Eastern Power, LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		10/02/2023	$	2,227	$	2,258,089
Energy Future Intermediate Holding Co. LLC, DIP Term Loan (1 wk. USD LIBOR + 3.00%)		4.47	%		06/30/2018		5,307		5,313,259
ExGen Renewables IV, LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		4.99	%		11/28/2024		1,018		1,030,131
Granite Acquisition Inc.,
First Lien Term Loan B (3 mo. USD LIBOR + 3.50%)		5.19	%		12/17/2021		2,567		2,603,379
First Lien Term Loan C (3 mo. USD LIBOR + 3.50%)		5.19	%		12/17/2021		357		362,340
Second Lien Term Loan B (3 mo. USD LIBOR + 7.25%)		8.94	%		12/19/2022		592		600,737
Lightstone Holdco LLC,
Term Loan B (1 mo. USD LIBOR + 3.75%)		5.40	%		01/30/2024		3,531		3,558,321
Term Loan C (1 mo. USD LIBOR + 3.75%)		5.40	%		01/30/2024		224		225,943
Nautilus Power, LLC, Term Loan (1 mo. USD LIBOR + 4.25%)		5.90	%		05/16/2024		1,320		1,340,887
NRG Energy Inc.,
Revolver Loan A(d)(e)		0.00	%		07/01/2018		17,507		17,461,071
Term Loan (3 mo. USD LIBOR + 2.25%)		3.94	%		06/30/2023		2,176		2,188,465
Pike Corp., Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		09/20/2024		619		626,028
PowerTeam Services, LLC, First Lien Term Loan(f)		—			03/05/2025		906		903,357
Southeast PowerGen LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		5.15	%		12/02/2021		644		624,754
TerraForm Power Operating, LLC, Term Loan (1 mo. USD LIBOR + 2.75%)		4.33	%		11/08/2022		285		287,261
USIC Holding, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		5.00	%		12/08/2023		1,710		1,724,073
Vistra Operations Co. LLC,
Incremental Term Loan (1 mo. USD LIBOR + 2.25%)		3.85	%		12/14/2023		261		262,580
Term Loan (1 mo. USD LIBOR + 2.50%)		4.15	%		08/04/2023		5,807		5,846,237
Term Loan C (1 mo. USD LIBOR + 2.50%)		4.15	%		08/04/2023		1,029		1,036,016
									68,147,169
Total Variable Rate Senior Loan Interests									813,549,845
Bonds & Notes–7.60%
Air Transport–0.35%
Mesa Airlines, Inc., Class B(j)		5.75	%		07/15/2025		2,612		2,593,746
Automotive–0.28%
Federal-Mogul Holdings Corp. (3 mo. EURIBOR + 4.88%)(j)(k)		4.88	%		04/15/2024	EUR	641		788,472
Federal-Mogul Holdings Corp.(j)		5.00	%		07/15/2024	EUR	173		205,020
Schaeffler AG (Germany)(j)		4.13	%		09/15/2021		271		271,000
Schaeffler AG (Germany)(j)		4.75	%		09/15/2026		833		805,927
									2,070,419
Building & Development–0.02%
Haya Finance 2017 S.A. (Spain) (3 mo. EURIBOR + 5.13%)(j)(k)		5.13	%		11/15/2022	EUR	100		121,390
Business Equipment & Services–0.40%
Dream Secured Bondco AB (Sweden)(j)		5.75	%		12/01/2023	EUR	1,178		1,440,818
ICBPI (United Kingdom) (6 mo. EURIBOR + 8.00%)(j)(k)		8.00	%		05/30/2021	EUR	1,250		1,543,605
									2,984,423
Cable & Satellite Television–1.74%
Altice Financing S.A. (Luxembourg)(j)		4.75	%		01/15/2028	EUR	419		462,597
Altice Financing S.A. (Luxembourg)(j)		6.63	%		02/15/2023		520		520,650
Altice Financing S.A. (Luxembourg)(j)		7.50	%		05/15/2026		3,966		4,005,660
Altice US Finance I Corp.(j)		5.50	%		05/15/2026		5,666		5,623,505
Numericable-SFR S.A. (France)(j)		7.38	%		05/01/2026		1,020		988,431
Telenet Financing USD LLC(j)		3.50	%		03/01/2028	EUR	400		480,143
UPC Financing Partnership(j)		3.63	%		06/15/2029	EUR	235		280,923
Virgin Media Bristol LLC (United Kingdom)(j)		5.50	%		08/15/2026		554		549,790
									12,911,699

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

26                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Chemicals & Plastics–0.57%
Avantor Inc.(j)		4.75	%		10/01/2024	EUR	628	$	763,563
Avantor Inc.(j)		6.00	%		10/01/2024	$	963		965,407
Hexion Specialty Chemicals, Inc.		6.63	%		04/15/2020		2,516		2,352,273
Perstorp Holding AB (Sweden)(j)		10.00	%		12/15/2022	EUR	125		158,254
									4,239,497
Containers & Glass Products–0.40%
Ardagh Glass Finance PLC(j)		4.25	%		09/15/2022		504		503,370
Ardagh Glass Finance PLC(j)		4.63	%		05/15/2023		852		854,130
Reynolds Group Holdings Inc.		5.75	%		10/15/2020		576		584,284
Reynolds Group Holdings Inc. (3 mo. USD LIBOR + 3.50%)(j)(k)		5.22	%		07/15/2021		969		982,324
									2,924,108
Electronics & Electrical–0.46%
Blackboard Inc.(j)		9.75	%		10/15/2021		2,907		2,645,370
Dell International LLC(j)		5.45	%		06/15/2023		720		760,927
									3,406,297
Financial Intermediaries–0.50%
AnaCap Financial Europe S.A. (United Kingdom) (3 mo. EURIBOR + 5.00%)(j)(k)		5.00	%		07/30/2024	EUR	200		231,046
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 3.50%)(j)(k)		3.50	%		09/01/2023	EUR	467		531,975
Garfunkelux Holdco 3 S.A. (Luxembourg)(j)		11.00	%		11/01/2023	GBP	876		1,260,160
Nassa Midco AS (Sweden)(j)		2.88	%		04/06/2024	EUR	850		1,049,933
Nemean Bondco PLC (United Kingdom) (3 mo. GBP LIBOR + 6.50%)(j)(k)		7.02	%		02/01/2023	GBP	491		628,281
									3,701,395
Health Care–0.98%
Care UK Health & Social Care PLC (United Kingdom) (3 mo. GBP LIBOR + 5.00%)(j)(k)		5.52	%		07/15/2019	GBP	1,750		2,403,201
DJO Finance LLC(j)		8.13	%		06/15/2021		1,062		1,035,450
DJO Finance LLC		10.75	%		04/15/2020		3,085		2,822,775
IDH Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 6.00%)(j)(k)		6.55	%		08/15/2022	GBP	750		955,890
									7,217,316
Home Furnishings–0.28%
Shop Direct Funding PLC (United Kingdom)(j)		7.75	%		11/15/2022	GBP	1,634		2,103,924
Lodging & Casinos–0.30%
ESH Hospitality, Inc.(j)		5.25	%		05/01/2025		755		755,000
Scientific Games International, Inc.(j)		3.38	%		02/15/2026	EUR	211		252,475
Travelodge Hotels Ltd. (United Kingdom) (3 mo. GBP LIBOR + 4.88%)(j)(k)		5.42	%		05/15/2023	GBP	800		1,101,943
VICI Properties 1 LLC		8.00	%		10/15/2023		86		96,309
									2,205,727
Nonferrous Metals & Minerals–0.44%
TiZir Ltd. (United Kingdom)(j)		9.50	%		07/19/2022		3,050		3,266,355
Oil & Gas–0.17%
Pacific Drilling S.A. (Luxembourg)(i)(j)		5.38	%		06/01/2020		2,928		1,222,440
Radio & Television–0.35%
Clear Channel International B.V.(j)		8.75	%		12/15/2020		2,436		2,557,800
Retailers (except Food & Drug)–0.07%
Claire’s Stores Inc.(j)		6.13	%		03/15/2020		780		522,600

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

27                         Invesco Senior Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Telecommunications–0.26%
Communications Sales & Leasing, Inc.(j)		6.00	%		04/15/2023	$	623	$	604,310
Goodman Networks Inc.		8.00	%		05/11/2022		1,870		1,308,718
Windstream Services, LLC		6.38	%		08/01/2023		25		14,750
									1,927,778
Utilities–0.03%
Calpine Corp.(j)		5.25	%		06/01/2026		241		234,674
Total Bonds & Notes									56,211,588
						Shares
Common Stocks & Other Equity Interests–7.09%(l)
Aerospace & Defense–0.50%
IAP Worldwide Services (Acquired 07/18/2014-08/18/2014; Cost $249,110)(e)(j)(m)							229		3,705,469
Automotive–0.03%
Transtar Holding Co., Class A (Acquired 04/11/2017; Cost $184,961)(e)(j)(m)							2,935,894		199,641
Building & Development–0.51%
BMC Stock Holdings, Inc.(m)							129,856		2,434,800
Five Point Holdings LLC, Class A(m)							98,198		1,326,655
Lake at Las Vegas Joint Venture, LLC, Class A (Acquired 07/15/2010; Cost $7,938,060)(e)(j)(m)							780		0
Lake at Las Vegas Joint Venture, LLC, Class B (Acquired 07/15/2010; Cost $93,975)(e)(j)(m)							9		0
									3,761,455
Chemicals & Plastics–0.00%
Lyondell Chemical Co., Class A							142		15,367
Conglomerates–0.04%
Euramax International, Inc.(j)(m)							3,272		278,137
Cosmetics & Toiletries–0.10%
Levlad, LLC(e)(j)(m)							4,893		733,890
Drugs–0.00%
BPA Laboratories, Class A, Wts. expiring 04/29/2024 (Acquired 04/29/2014; Cost $0)(e)(j)(m)							7,160		0
BPA Laboratories, Class B, Wts. expiring 04/29/2024 (Acquired 04/29/2014; Cost $0)(e)(j)(m)							11,479		0
									0
Financial Intermediaries–0.00%
RJO Holdings Corp. (Acquired 12/10/2010; Cost $0)(e)(j)(m)							2,852		2,852
RJO Holdings Corp., Class A (Acquired 12/10/2010; Cost $0)(e)(j)(m)							2,314		2,545
RJO Holdings Corp., Class B (Acquired 12/10/2010; Cost $0)(e)(j)(m)							3,000		30
									5,427
Forest Products–0.15%
Verso Corp., Class A(m)							65,375		1,146,677
Health Care–0.00%
New Millennium Holdco(j)(m)							136,135		13,477
Lodging & Casinos–2.96%
Caesars Entertainment Operating Co., LLC(m)							35,315		448,500
Twin River Management Group, Inc.(j)(m)							189,050		21,457,175
									21,905,675

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

28                         Invesco Senior Loan Fund

						Shares		Value
Oil & Gas–0.99%
Ameriforge Group Inc.(j)(m)							499	$	22,954
CJ Holding Co.(m)							27,250		654,000
Ocean Rig 1 Inc.(m)							118,969		3,077,728
Paragon Offshore Finance Co. (Cayman Islands)(i)(j)(m)							2,645		107,871
Paragon Offshore Finance Co. (Cayman Islands), Class A(i)(j)(m)							2,645		3,439
Paragon Offshore Finance Co. (Cayman Islands), Class B(i)(j)(m)							1,323		42,171
Samson Investment Co.(j)							144,254		3,426,032
									7,334,195
Publishing–0.77%
Affiliated Media, Inc., Class B (Acquired 10/03/2007; Cost $5,259,391)(e)(j)(m)							81,915		1,843,090
Cygnus Business Media, Inc. (Acquired 07/19/2004; Cost $1,793,148)(e)(j)(m)(n)							8,426		0
F&W Publications, Inc. (Acquired 06/09/2010; Cost $23,348)(e)(j)(m)							18,385		11,031
MC Communications, LLC (Acquired 07/02/2009; Cost $0)(e)(j)(m)							739,818		0
Merrill Communications LLC, Class A(j)(m)							326,686		3,756,889
Tronc, Inc.(m)							4,756		90,983
									5,701,993
Retailers (except Food & Drug)–0.06%
Payless Inc.(j)(m)							83,461		459,036
Vivarte (France), Class A Preference Shares (Acquired 06/21/2017; Cost $0)(e)(j)(m)							259		0
Vivarte (France), Class A Preference Shares (Acquired 06/21/2017; Cost $0)(e)(j)(m)							259		0
Telecommunications–0.01%
CTM Media Holdings Inc.(m)							1,270		54,610
Goodman Networks Inc.(e)(m)							117,618		0
									54,610
Utilities–0.97%
Vistra Operations Co. LLC(m)							357,798		6,780,272
Vistra Operations Co. LLC(e)(j)(m)							585,868		169,902
Vistra Operations Co. LLC, Rts. expiring 12/31/2046(j)(m)							357,798		256,541
									7,206,715
Total Common Stocks & Other Equity Interests									52,521,764
	Interest Rate			Maturity Date		Principal Amount (000)(a)
Structured Products–1.28%
Apidos CLO X, Series 2012-10A, Class E (3 mo. USD LIBOR + 6.25%)(j)(k)		8.02	%		10/30/2022	$	610		612,698
Atrium X LLC, Series 2013-10A, Class E (3 mo. USD LIBOR + 4.50%)(j)(k)		6.22	%		07/16/2025		251		251,141
Clontarf Park CLO (Ireland), Series 2017-1A, Class D (3 mo. EURIBOR + 5.10%)(j)(k)		5.10	%		08/05/2030	EUR	136		167,464
ING Investment Management CLO IV, Ltd., Series 2007-4A, Class D (3 mo. USD LIBOR + 4.25%)(j)(k)		5.99	%		06/14/2022		542		544,324
Madison Park Funding XIV, Ltd., Series 2014-14A, Class F (3 mo. USD LIBOR + 5.40%)(j)(k)		7.14	%		07/20/2026		1,075		1,051,799
NewStar Berkeley Fund CLO LLC, Series 2016-1A, Class D (3 mo. USD LIBOR + 5.10%)(j)(k)		6.85	%		10/25/2028		1,220		1,230,380
OCP Euro CLO (Ireland), Series 2017-2, Class E (3 mo. EURIBOR + 5.00%)(j)(k)		5.00	%		01/15/2032	EUR	153		187,721
Octagon Investment Partners XIX Ltd., Series 2014-1A, Class E (3 mo. USD LIBOR + 4.85%)(j)(k)		6.57	%		04/15/2026		1,741		1,716,039
Octagon Investment Partners XVIII Ltd., Series 2013-1A, Class D (3 mo. USD LIBOR + 5.25%)(j)(k)		7.10	%		12/16/2024		1,575		1,595,997
Symphony CLO VIII, Ltd., Series 2012-8A, Class ER (3 mo. USD LIBOR + 6.00%)(j)(k)		7.70	%		01/09/2023		2,140		2,152,367
Total Structured Products									9,509,930

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

29                         Invesco Senior Loan Fund

	Shares		Value
Preferred Stocks–0.04%(l)
Financial Intermediaries–0.00%
RJO Holdings Corp. (Acquired 12/10/2010; Cost $0)(e)(j)(m)		584	$	5,840
Retailers (except Food & Drug)–0.00%
Vivarte (France), Class A (Acquired 06/21/2017; Cost $0)(e)(j)(m)		7,780		0
Telecommunications–0.03%
Goodman Networks Inc. (Acquired 05/31/2017; Cost $1,399)(e)(j)(m)		139,938		209,907
Utilities–0.01%
Genie Energy Ltd. (Acquired 01/29/2004; Cost $165,021)		7,632		55,332
Total Preferred Stocks				271,079
TOTAL INVESTMENTS IN SECURITIES(o)–125.92% (Cost $944,430,343)				932,064,206
BORROWINGS–(22.97)%				(170,000,000	)
OTHER ASSETS LESS LIABILITIES–(2.95)%				(21,876,443	)
NET ASSETS–100.00%			$	740,187,763

Investment Abbreviations:

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

Notes to Schedule of Investments:

^(a)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(b)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”), and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the LIBOR, on set dates, typically every 30 days but not greater than one year; and/or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(c)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(d)  All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 9.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(f)  This variable rate interest will settle after February 28, 2018, at which time the interest rate will be determined.

^(g)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(h)  Defaulted security. Currently, the issuer is partially or fully in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2018 was $621,892, which represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾  The borrower has filed for protection in federal bankruptcy court.

^(j)  Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2018 was $95,250,328, which represented 12.87% of the Fund’s Net Assets.

^(k)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.

^(l)  Acquired as part of a bankruptcy restructuring.

^(m)  Non-income producing security.

⁽ⁿ⁾  Affiliated company during the period. The Investment Company Act of 1940 defines an "affiliated person" as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of February 28, 2018 represented less than 1% of the Fund’s Net Assets. See Note 5.

^(o)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Fund’s use of leverage.

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

30                         Invesco Senior Loan Fund

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
03/15/2018	Citibank, N.A.		SEK	49,210		USD	6,070	$	126
03/15/2018	J.P. Morgan Chase Bank, N.A.		SEK	49,481		USD	6,101		124
04/16/2018	Barclays Bank PLC		GBP	2,833,565		USD	3,947,014		37,882
04/16/2018	Citibank, N.A.		EUR	8,842,769		USD	10,980,676		155,311
04/16/2018	Citibank, N.A.		SEK	49,345		USD	6,174		199
04/16/2018	Goldman Sachs International		EUR	8,845,422		USD	10,983,263		154,650
04/16/2018	Goldman Sachs International		GBP	2,832,715		USD	3,945,023		37,064
04/16/2018	J.P. Morgan Chase Bank, N.A.		SEK	49,345		USD	6,168		193
04/16/2018	Royal Bank of Canada		CHF	404,543		USD	435,456		5,376
04/16/2018	Royal Bank of Canada		EUR	8,842,769		USD	10,977,060		151,694
04/16/2018	Royal Bank of Canada		GBP	2,832,715		USD	3,948,054		40,094
Subtotal — Appreciation									582,713
03/15/2018	Barclays Bank PLC		EUR	605,010		USD	737,502		(1,296	)
03/15/2018	Barclays Bank PLC		GBP	2,877,747		USD	3,898,772		(65,118	)
03/15/2018	Barclays Bank PLC		USD	468,442		EUR	382,508		(1,348	)
03/15/2018	Barclays Bank PLC		USD	3,943,143		GBP	2,835,099		(37,999	)
03/15/2018	Citibank, N.A.		EUR	8,749,821		USD	10,575,997		(108,708	)
03/15/2018	Citibank, N.A.		USD	10,914,368		EUR	8,810,102		(156,053	)
03/15/2018	Citibank, N.A.		USD	6,254		SEK	50,107		(202	)
03/15/2018	Goldman Sachs International		EUR	8,749,837		USD	10,573,259		(111,465	)
03/15/2018	Goldman Sachs International		GBP	2,820,811		USD	3,826,797		(58,668	)
03/15/2018	Goldman Sachs International		USD	10,965,069		EUR	8,851,778		(155,862	)
03/15/2018	Goldman Sachs International		USD	3,952,040		GBP	2,842,135		(37,203	)
03/15/2018	J.P. Morgan Chase Bank, N.A.		USD	6,058		SEK	48,583		(190	)
03/15/2018	Royal Bank of Canada		CHF	404,314		USD	416,297		(12,291	)
03/15/2018	Royal Bank of Canada		EUR	8,749,821		USD	10,579,496		(105,208	)
03/15/2018	Royal Bank of Canada		GBP	2,820,811		USD	3,826,543		(58,921	)
03/15/2018	Royal Bank of Canada		USD	434,004		CHF	404,314		(5,416	)
03/15/2018	Royal Bank of Canada		USD	10,910,651		EUR	8,810,102		(152,335	)
03/15/2018	Royal Bank of Canada		USD	3,955,138		GBP	2,842,135		(40,301	)
04/16/2018	Royal Bank of Canada		USD	1,304,595		EUR	1,039,480		(32,058	)
Subtotal — Depreciation									(1,140,642	)
Total Forward Foreign Currency Contracts — Currency Risk								$	(557,929	)

Currency Abbreviations:

CHF	– Swiss Franc
EUR	– Euro
GBP	– British Pound Sterling
SEK	– Swedish Krona
USD	– U.S. Dollar

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

31                         Invesco Senior Loan Fund

Statement of Assets and Liabilities

February 28, 2018

Assets:
Investments in securities, at value (Cost $942,637,195)	$	932,064,206
Investments in affiliates, at value (Cost $1,793,148)		0
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		582,713
Cash		27,719,274
Foreign currencies, at value (Cost $5,130,558)		5,027,956
Receivable for:
Investments sold		37,854,257
Interest and fees		5,244,305
Fund shares sold		185,855
Investments matured (Cost $23,346,999)		413,661
Investment for trustee deferred compensation and retirement plans		38,660
Other assets		142,891
Total assets		1,009,273,778
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,140,642
Payable for:
Borrowings		170,000,000
Investments purchased		65,049,824
Fund shares repurchased		23,876
Dividends		1,180,427
Accrued fees to affiliates		100,096
Accrued interest expense		53,386
Accrued trustees' and officers' fees and benefits		5,202
Accrued other operating expenses		945,777
Trustee deferred compensation and retirement plans		93,695
Unfunded loan commitments		30,493,090
Total liabilities		269,086,015
Net assets applicable to common shares	$	740,187,763
Net assets applicable to common shares consist of:
Shares of beneficial interest	$	1,046,472,350
Undistributed net investment income		(314,971	)
Undistributed net realized gain (loss)		(269,925,358	)
Net unrealized appreciation (depreciation)		(36,044,258	)
	$	740,187,763

Net Assets:
Class A	$	108,896,503
Class C	$	95,893,686
Class Y	$	2,161,388
Class IB	$	491,279,306
Class IC	$	41,956,880
Common shares outstanding, no par value, with an unlimited number of common shares authorized:
Class A		16,203,116
Class C		14,241,370
Class Y		321,543
Class IB		73,070,028
Class IC		6,241,259
Class A:
Net asset value per share	$	6.72
Maximum offering price per share
(Net asset value of $6.72 ¸ 96.75%	$	6.95
Class C:
Net asset value and offering price per share	$	6.73
Class Y:
Net asset value and offering price per share	$	6.72
Class IB:
Net asset value and offering price per share	$	6.72
Class IC:
Net asset value and offering price per share	$	6.72

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

32                         Invesco Senior Loan Fund

Statement of Operations

For the year ended February 28, 2018

Investment income:
Interest	$	47,494,278
Dividends		57,255
Other income		964,546
Total investment income		48,516,079
Expenses:
Advisory fees		6,983,612
Administrative services fees		1,980,474
Custodian fees		381,628
Distribution fees:
Class A		292,609
Class B		2,844
Class C		1,061,430
Class IC		66,140
Interest, facilities and maintenance fees		4,066,975
Transfer agent fees		915,504
Trustees' and officers' fees and benefits		33,611
Registration and filing fees		73,034
Reports to shareholders		931,000
Professional services fees		204,706
Taxes		113,590
Other		108,504
Total expenses		17,215,661
Less: Expense offset arrangement(s)		(7,061	)
Net expenses		17,208,600
Net investment income		31,307,479
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investment securities		(1,706,030	)
Foreign currencies		421,610
Forward foreign currency contracts		(4,816,762	)
		(6,101,182	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		12,396,826
Foreign currencies		(227,087	)
Forward foreign currency contracts		(552,435	)
		11,617,304
Net realized and unrealized gain		5,516,122
Net increase in net assets resulting from operations	$	36,823,601

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

33                         Invesco Senior Loan Fund

Statement of Changes in Net Assets

For the years ended February 28, 2018 and 2017

	2018			2017
Operations:
Net investment income	$	31,307,479		$	45,087,285
Net realized gain (loss)		(6,101,182	)		(1,138,691	)
Change in net unrealized appreciation		11,617,304			115,307,240
Net increase in net assets resulting from operations		36,823,601			159,255,834
Distributions to shareholders from net investment income:
Class A		(4,610,171	)		(5,775,753	)
Class B		(44,741	)		(103,441	)
Class C		(3,402,789	)		(4,966,347	)
Class Y		(92,948	)		(69,061	)
Class IB		(21,853,885	)		(28,511,016	)
Class IC		(1,783,866	)		(2,327,793	)
Total distributions to shareholders from net investment income		(31,788,400	)		(41,753,411	)
Return of capital:
Class A		(181,886	)		(218,745	)
Class B		(1,929	)		(3,875	)
Class C		(164,636	)		(220,587	)
Class Y		(3,457	)		(2,521	)
Class IB		(810,162	)		(1,026,953	)
Class IC		(68,500	)		(86,317	)
Total return of capital		(1,230,570	)		(1,558,998	)
Share transactions–net:
Class A		(13,292,398	)		(9,734,001	)
Class B		(1,636,984	)		(1,082,254	)
Class C		(22,251,249	)		(15,030,726	)
Class Y		114,263			753,012
Class IB		(64,226,654	)		(46,726,612	)
Class IC		(4,906,593	)		(3,405,514	)
Net increase (decrease) in net assets resulting from share transactions		(106,199,615	)		(75,226,095	)
Net increase (decrease) in net assets		(102,394,984	)		40,717,330
Net assets:
Beginning of year		842,582,747			801,865,417
End of year (includes undistributed net investment income of $(314,971) and $(733,988), respectively)	$	740,187,763		$	842,582,747

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

34                         Invesco Senior Loan Fund

Statement of Cash Flows

For the year ended February 28, 2018

Cash provided by operating activities:
Net increase in net assets resulting from operations	$	36,823,601
Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:
Purchases of investments		(557,907,392	)
Proceeds from sales of investments		607,685,705
Accretion of discount on investment securities		(3,594,518	)
Amortization of loan fees		2,052,689
Decrease in interest receivables and other assets		1,094,725
Increase in accrued expenses and other payables		133,361
Net realized gain (loss) on investment securities		1,706,030
Net change in unrealized appreciation on investments		(12,396,826	)
Net change in unrealized depreciation of forward foreign currency contracts		552,435
Net cash provided by operating activities		76,149,810
Cash provided by (used in) financing activities:
Proceeds from shares of beneficial interest sold		17,065,105
Proceeds from borrowings		20,000,000
Disbursements for shares of beneficial interest repurchased		(140,749,580	)
Dividends paid to shareholders from net investment income		(14,541,919	)
Return of capital		(1,230,570	)
Net cash provided by (used in) financing activities		(119,456,964	)
Net decrease in cash and cash equivalents		(43,307,154	)
Cash and cash equivalents at beginning of period		76,054,384
Cash and cash equivalents at end of period	$	32,747,230
Supplemental disclosure of cash flow information:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	17,545,361
Conversion of Class B Shares to Class A Shares	$	1,140,125
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$	4,206,020

Notes to Financial Statements

February 28, 2018

NOTE 1—Significant Accounting Policies

Invesco Senior Loan Fund (the “Fund”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end management investment company.

The Fund's investment objective is to provide a high level of current income, consistent with preservation of capital. The Fund invests 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.

The Fund continuously offers Class A, Class C and Class Y shares. The Fund also has outstanding Class IB and Class IC shares which are not continuously offered. Each class of shares differs in its initial sales load, contingent deferred sales charges (“CDSC”), the allocation of class-specific expenses and voting rights on matters affecting a single class. Effective January 26, 2018, all of the Fund's outstanding Class B shares were converted to Class A shares in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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

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

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

35                         Invesco Senior Loan Fund

Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible securities) 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 asked 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 asked prices. For purposes of determining net asset value (“NAV”) 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.

Debt obligations (including convertible securities) 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 (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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 the investment adviser determines 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 trades is not the current value as of the close of the NYSE. Foreign securities’ prices 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 economic 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 became 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general 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 transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Facility fees received may be amortized over the life of the loan. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

36                         Invesco Senior Loan Fund

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the 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 the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

C. Country Determination — For the purposes of making investment selection decisions and presentation in the 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 net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

F. Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining the credit agreement.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the 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.

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,

37                         Invesco Senior Loan Fund

interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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

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

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

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

P. Leverage Risk — The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing. There are risks associated with borrowing in an effort to increase the yield and distributions on the 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 shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the shareholders. There can be no assurance that the Fund's leverage strategy will be successful.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

Average Daily Net Assets	Rate
First $500 million		0	.90%
Next $1 billion		0	.85%
Next $1 billion		0	.825%
Next $500 million		0	.80%
Over $3 billion		0	.775%

For the year ended February 28, 2018, the effective advisory fees incurred by the Fund was 0.88%.

38                         Invesco Senior Loan Fund

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 Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Fund has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended February 28, 2018, expenses incurred under these agreements are shown in the Statement of Operations as Transfer agent fees.

The Fund has entered into an administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs related to monitoring the provisions of the loan agreements and any agreements with respect to participations and assignments, record keeping responsibilities with respect to interests in Senior Loans in the Fund's portfolio and providing certain services to the holders of the Fund's securities. For the year ended February 28, 2018, 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”) serve as custodian and fund accountant and provides certain administrative services of the Fund.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). 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 C shares and Class IC shares to compensate IDI 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% of the average daily net assets of Class A shares and up to 1.00% of the average daily net assets of Class C shares and up to 0.15% (0.25% maximum) of the average daily net assets of Class IC shares. Prior to their conversion to Class A shares, the Fund incurred annual fees of up to 1.00% of Class B average daily net assets. The fees are accrued daily and paid monthly.

With respect to 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 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 IDI for any such expenses.

For the year ended February 28, 2018, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

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. During the year ended February 28, 2018, IDI advised the Fund that IDI retained $3,540 in front-end sales commissions from the sale of Class A shares and $16,750, $11,301 and $0 from Class A, Class C and Class IC shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Fund 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, 2018. 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.

39                         Invesco Senior Loan Fund

The Fund's policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended February 28, 2018, there were transfers from Level 2 to Level 3 of $17,410,193 due to third-party vendor quotations utilizing single market quotes and from Level 3 to Level 2 of $5,790,410, due to third-party vendor quotations utilizing more than one market quote.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Variable Rate Senior Loan Interest	$	—	$	747,737,095		$	65,812,750	$	813,549,845
Bonds & Notes		—		56,211,588			—		56,211,588
Structured Products		—		9,509,930			—		9,509,930
Common Stocks & Other Equity Interests		16,029,592		29,823,722			6,668,450		52,521,764
Preferred Stocks		55,332		—			215,747		271,079
Investments Matured		—		—			413,661		413,661
Total Investments in Securities		16,084,924		843,282,335			73,110,608		932,477,867
Other Investments — Assets*
Forward Foreign Currency Contracts		—		582,713			—		582,713
Other Investments — Liabilities*
Forward Foreign Currency Contracts		—		(1,140,642	)		—		(1,140,642	)
Total Other Investments		—		(557,929	)		—		(557,929	)
Total Investments	$	16,084,924	$	842,724,406		$	73,110,608	$	931,919,938

* Unrealized appreciation (depreciation).

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended February 28, 2018:

	Value February 28, 2017		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers out of Level 3			Value February 28, 2018
Variable Rate Senior Loan Interests	$	85,103,222	$	24,732,376	$	(55,634,245	)	$	636,338	$	629,702		$	704,188		$	15,153,442	$	(5,512,273	)	$	65,812,750
Common Stocks & Other Equity Interests		8,318,991		186,138		(7,398,546	)		—		4,991,297			(994,383	)		1,843,090		(278,137	)		6,668,450
Preferred Stocks		5,840		1,399		—			—		(119,180	)		327,688			—		—			215,747
Investments Matured		—		—		—			—		—			—			413,661		—			413,661
Total	$	93,428,053	$	24,919,913	$	(63,032,791	)	$	636,338	$	5,501,819		$	37,493		$	17,410,193	$	(5,790,410	)	$	73,110,608

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2018:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	582,713
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	582,713

40                         Invesco Senior Loan Fund

	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(1,140,642	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(1,140,642	)

Offsetting Assets and Liabilities

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2018.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Barclays Bank PLC	$	37,882	$	(105,761	)	$	(67,879	)	$	—	$	—	$	(67,879	)
Citibank, N.A.		155,636		(264,963	)		(109,327	)		—		—		(109,327	)
Goldman Sachs International		191,714		(363,198	)		(171,484	)		—		—		(171,484	)
J.P. Morgan Chase Bank, N.A.		317		(190	)		127			—		—		127
Royal Bank of Canada		197,164		(406,530	)		(209,366	)		—		—		(209,366	)
Total	$	582,713	$	(1,140,642	)	$	(557,929	)	$	—	$	—	$	(557,929	)

Effect of Derivative Investments for the year ended February 28, 2018

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts	$	(4,816,762	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(552,435	)
Total	$	(5,369,197	)

The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.

	Forward Foreign Currency Contracts
Average notional value	$	149,922,196

NOTE 5—Investments in Other Affiliates

The 1940 Act defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates (excluding affiliated money market funds) for the year ended February 28, 2018.

	Value 02/28/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value 02/28/18		Dividend Income
Axia Inc., Common Shares(a)	$	4,532,541	$	—	$	(6,024,745	)	$	(2,263,656	)	$	3,755,860	$	—	$	—
Cygnus Business Media, Inc., Common Shares		0		—		—			—			—		0		—
Total	$	4,532,541	$	—	$	(6,024,745	)	$	(2,263,656	)	$	3,755,860	$	0	$	—

^(a)  As of February 28, 2018, this security is no longer held by the 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 used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $7,061.

41                         Invesco Senior Loan Fund

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. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” includes amounts accrued by the Fund to fund such deferred compensation amounts.

NOTE 8—Cash Balances and Borrowings

Effective November 18, 2017, the Fund entered into a $325 million revolving credit and security agreement, which will expire on November 16, 2018. Prior to November 18, 2017, the revolving credit and security agreement was for $375 million. The revolving credit agreement is secured by the assets of the Fund.

During the year ended February 28, 2018, the average daily balance of borrowing under the revolving credit and security agreement was $157,904,110 with a weighted interest rate of 2.06%. The carrying amount of the Fund's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.

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

NOTE 9—Unfunded Loan Commitments

As of February 28, 2018, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:

Borrower	Type	Principal Amount*		Value
Allied Universal Holdco LLC	Incremental Delayed Draw Term Loan	$	457,593	$	453,303
Brickman Group Ltd. LLC	First Lien Revolver Loan		417,854		386,515
Community Health Systems, Inc.	Revolver Loan		843,260		824,325
EG Finco Ltd.	Term Loan B-3	EUR	469,484		469,484
Engineered Machinery Holdings, Inc.	Second Lien Delayed Draw Term Loan		5,568		5,568
Hearthside Group Holdings, LLC	Revolver Loan		1,569,838		1,564,815
IAP Worldwide Services, Inc.	Revolver Loan		1,350,690		1,350,690
KPEX Holdings Inc.	Delayed Draw Term Loan		34,585		34,585
Lakeland Tours, LLC	Delayed Draw Term Loan		55,232		55,232
MacDermid, Inc.	First Lien Multicurrency Revolver Loan		449,747		449,020
MacDermid, Inc.	First Lien Revolver Loan		154,023		153,774
National Vision, Inc.	Revolver Loan		1,249,944		1,149,948
Nidda Healthcare Holding AG	Term Loan B-1	GBP	238,601		238,601
NRG Energy, Inc.	Revolver Loan A		17,507,378		17,461,071
Pearl Intermediate Parent LLC	First Lien Delayed Draw Term Loan		75,500		75,044
Prime Security Services Borrower, LLC	Revolver Loan		1,431,027		1,430,133
Scientific Games International, Inc.	Multicurrency Revolver Loan		2,186,098		2,169,702
Scientific Games International, Inc.	Revolver Loan		1,002,699		995,179
TGP Holdings III, LLC	First Lien Delayed Draw Term Loan		130,545		130,545
Transtar Holding Co.	Term Loan		169,960		169,110
Unilabs Diagnostics AB	Revolver Loan	EUR	926,446		926,446
				$	30,493,090

* Principal amounts are denominated in U.S. Dollars unless otherwise noted.

Currency Abbreviations:

EUR	– Euro
GBP	– British Pound Sterling

42                         Invesco Senior Loan Fund

NOTE 10—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2018 and 2017:

	2018		2017
Ordinary income	$	31,788,400	$	41,753,411
Return of capital		1,230,570		1,558,998
Total distributions	$	33,018,970	$	43,312,409

Tax Components of Net Assets at Period-End:

	2018
Net unrealized appreciation (depreciation) — investments	$	(36,182,424	)
Net unrealized appreciation (depreciation) — foreign currencies		(186,855	)
Temporary book/tax differences		(88,275	)
Capital loss carryforward		(269,827,033	)
Shares of beneficial interest		1,046,472,350
Total net assets	$	740,187,763

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization of bond premium and interest accrual on defaulted bonds.

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

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards 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, 2018, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
February 28, 2019	$	93,431,312	$	—	$	93,431,312
Not subject to expiration		267,076		176,128,645		176,395,721
	$	93,698,388	$	176,128,645	$	269,827,033

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

NOTE 11—Investment Transactions

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 year ended February 28, 2018 was $527,437,156 and $622,717,250, respectively. Cost of investments, including any derivatives, 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 Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	38,392,711
Aggregate unrealized (depreciation) of investments		(74,575,135	)
Net unrealized appreciation (depreciation) of investments	$	(36,182,424	)

Cost of investments for tax purposes is $968,102,362.

NOTE 12—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of expired capital loss carryforward, on February 28, 2018, undistributed net investment income was increased by $2,130,508, undistributed net realized gain (loss) was increased by $312,079,272 and shares of beneficial interest was decreased by $314,209,780. This reclassification had no effect on the net assets of the Fund.

43                         Invesco Senior Loan Fund

NOTE 13—Share Information

	Summary of Share Activity
	Years ended February 28,
	2018(a)						2017
	Shares			Amount			Shares			Amount
Sold:
Class A		1,424,258		$	9,488,031			2,382,957		$	15,363,694
Class B(b)		686			4,567			14,328			91,473
Class C		595,173			3,979,496			809,124			5,241,547
Class Y		124,307			829,494			149,867			977,502
Class IB		213,181			1,422,966			159,913			1,032,516
Class IC		24,547			163,801			11,251			72,941
Issued as reinvestment of dividends:
Class A		339,450			2,263,445			487,986			3,104,403
Class B(b)		3,315			22,084			9,192			58,299
Class C		296,605			1,981,967			460,548			2,934,531
Class Y		11,069			73,860			7,297			46,696
Class IB		1,820,834			12,148,982			2,580,298			16,446,518
Class IC		158,115			1,055,023			231,200			1,472,840
Conversion of Class B shares to Class A shares:(c)
Class A		169,597			1,140,125			69,806			441,369
Class B		(169,597	)		(1,140,125	)		(69,806	)		(441,369	)
Reacquired:
Class A		(3,928,137	)		(26,183,999	)		(4,541,853	)		(28,643,467	)
Class B(b)		(78,664	)		(523,510	)		(124,380	)		(790,657	)
Class C		(4,225,844	)		(28,212,712	)		(3,655,673	)		(23,206,804	)
Class Y		(118,556	)		(789,091	)		(43,097	)		(271,186	)
Class IB		(11,664,836	)		(77,798,602	)		(10,081,514	)		(64,205,646	)
Class IC		(919,049	)		(6,125,417	)		(775,871	)		(4,951,295	)
Net increase (decrease) in share activity		(15,923,546	)	$	(106,199,615	)		(11,918,427	)	$	(75,226,095	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% 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 Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period March 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

NOTE 14—Senior Loan Participation Commitments

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

At the year ended February 28, 2018, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

Selling Participant	Principal Amount		Value
Goldman Sachs Lending Partners LLC	$	1,249,944	$	1,149,948
Mizuho Corporate Bank		17,507,378		17,461,071
Total			$	18,611,019

44                         Invesco Senior Loan Fund

NOTE 15—Dividends

The Fund declared the following monthly dividends from net investment income subsequent to February 28, 2018:

			Amount per Share
Share Class	Record Date		Payable March 29, 2018
Class A		Daily		0.0221
Class C		Daily		0.0179
Class Y		Daily		0.0235
Class IB		Daily		0.0235
Class IC		Daily		0.0227

NOTE 16—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 the offers is for not less than 6% (The Board of Trustees may authorize an additional 2%, if necessary, without extending the Repurchase Offers). 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). During the year ended February 28, 2018, the Fund had Repurchase Offers as follows:

Repurchase request deadlines	Percentage of outstanding shares the Fund offered to repurchase			Number of shares tendered (all classes)		Percentage of outstanding shares tendered (all classes)
March 17, 2017		6.0	%		1,369,119		1.1	%
April 21, 2017		6.0			1,780,389		1.4
May 19, 2017		6.0			1,514,931		1.2
June 16, 2017		6.0			1,441,596		1.2
July 21, 2017		6.0			2,078,798		1.7
August 18, 2017		6.0			1,630,084		1.4
September 15, 2017		6.0			1,145,892		1.0
October 20, 2017		6.0			1,730,228		1.5
November 17, 2017		6.0			2,033,057		1.7
December 15, 2017		6.0			2,133,822		1.9
January 19, 2018		6.0			1,830,497		1.6
February 16, 2018		6.0			1,521,378		1.4

45                         Invesco Senior Loan Fund

NOTE 17—Financial Highlights

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

	Class A
	Years ended February 28,						Year ended February 29, 2016			Years ended February 28,
	2018			2017						2015			2014
Net asset value, beginning of period	$	6.68		$	5.81		$	6.76		$	6.99		$	6.89
Net investment income(a)		0.26			0.34			0.38			0.36			0.34
Net gains (losses) on securities (both realized and unrealized)		0.05			0.86			(0.94	)		(0.23	)		0.17
Total from investment operations		0.31			1.20			(0.56	)		0.13			0.51
Less:
Dividends from net investment income		(0.26	)		(0.32	)		(0.39	)		(0.36	)		(0.40	)
Return of Capital		(0.01	)		(0.01	)		—			—			(0.01	)
Total distributions		(0.27	)		(0.33	)		(0.39	)		(0.36	)		(0.41	)
Net asset value, end of period	$	6.72		$	6.68		$	5.81		$	6.76		$	6.99
Total return at net asset value(b)(c)		4.79	%		20.97	%		(8.65	)%		1.88	%		7.58	%
Net assets, end of period (000's omitted)	$	108,897		$	121,627		$	115,036		$	182,673		$	232,475
Portfolio turnover rate(d)		53	%		73	%		51	%		59	%		95	%
Ratio/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements(c)		2.24	%(e)		2.06	%		1.98	%		1.90	%(c)(e)		1.92	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees(c)		1.73	%(e)		1.67	%		1.68	%		1.66	%(e)(c)		1.66	%
Without fee waivers and/or expense reimbursements(c)		2.24	%(e)		2.06	%		1.98	%		1.90	%(e)(c)		1.92	%
Ratio of net investment income with fee waivers and/or expense reimbursements(c)		3.88	%(e)		5.34	%		5.82	%		5.16	%(c)(e)		4.92	%
Senior indebtedness:
Total borrowings (000's omitted)	$	170,000		$	150,000		$	150,000		$	224,000		$	254,000
Asset coverage per $1,000 unit of senior indebtedness(f)	$	5,354		$	6,617		$	6,346		$	5,949		$	6,164

^(a)  Calculated using 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)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.25%, 0.25%, 0.25%, 0.25% and 0.25% for the years ended February 28, 2018, February 28, 2017, February 29, 2016, February 28, 2015 and February 28, 2014, respectively.

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

^(e)  Ratios are based on average daily net assets (000's omitted) of $117,043.

^(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.

46                         Invesco Senior Loan Fund

NOTE 17—Financial Highlights—(continued)

	Class B
	Years ended February 28,						Year ended February 29, 2016			Years ended February 28,
	2018(a)			2017						2015			2014
Net asset value, beginning of period	$	6.68		$	5.81		$	6.76		$	7.02		$	6.91
Net investment income(b)		0.24			0.34			0.38			0.36			0.34
Net gains (losses) on securities (both realized and unrealized)		0.07			0.86			(0.94	)		(0.23	)		0.18
Total from investment operations		0.31			1.20			(0.56	)		0.13			0.52
Less:
Dividends from net investment income		(0.24	)		(0.32	)		(0.39	)		(0.39	)		(0.40	)
Return of Capital		(0.01	)		(0.01	)		—			—			(0.01	)
Total distributions		(0.25	)		(0.33	)		(0.39	)		(0.39	)		(0.41	)
Net asset value, end of period	$	6.74		$	6.68		$	5.81		$	6.76		$	7.02
Total return at net asset value(c)(d)		4.76	%		20.97	%		(8.65	)%		1.82	%		7.72	%
Net assets, end of period (000's omitted)	$	—		$	1,633		$	2,411		$	6,704		$	10,575
Portfolio turnover rate(e)		53	%		73	%		51	%		59	%		95	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements(d)		2.24	%(f)(g)		2.06	%		1.98	%		1.90	%		1.92	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees(d)		1.73	%(f)(g)		1.67	%		1.68	%		1.66	%		1.66	%
Without fee waivers and/or expense reimbursements(d)		2.24	%(f)(g)		2.06	%		1.98	%		1.90	%		1.92	%
Ratio of net investment income with fee waivers and/or expense reimbursements(d)		3.88	%(f)(g)		5.34	%		5.82	%		5.16	%		4.92	%
Senior indebtedness:
Total borrowings (000's omitted)	$	170,000		$	150,000		$	150,000		$	224,000		$	254,000
Asset coverage per $1,000 unit of senior indebtedness(h)	$	5,354		$	6,617		$	6,346		$	5,949		$	6,164

^(a)  Reflects activity for the period March 1, 2017 through January 26, 2018 (date of conversion).

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(d)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.25%, 0.25%, 0.25%, 0.25% and 0.25%, for the years ended February 28, 2018, February 28, 2017, February 29, 2016, February 28, 2015 and February 28, 2014 respectively.

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

^(f)  Ratios are based on average daily net assets (000's omitted) of $1,135.

^(g)  Annualized.

^(h)  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.

47                         Invesco Senior Loan Fund

NOTE 17—Financial Highlights—(continued)

	Class C
	Years ended February 28,						Year ended February 29, 2016			Years ended February 28,
	2018			2017						2015			2014
Net asset value, beginning of period	$	6.70		$	5.82		$	6.77		$	7.00		$	6.89
Net investment income(a)		0.21			0.29			0.33			0.31			0.29
Net gains (losses) on securities (both realized and unrealized)		0.04			0.87			(0.94	)		(0.24	)		0.18
Total from investment operations		0.25			1.16			(0.61	)		0.07			0.47
Less:
Dividends from net investment income		(0.21	)		(0.27	)		(0.34	)		(0.30	)		(0.35	)
Return of Capital		(0.01	)		(0.01	)		—			—			(0.01	)
Total distributions		(0.22	)		(0.28	)		(0.34	)		(0.30	)		(0.36	)
Net asset value, end of period	$	6.73		$	6.70		$	5.82		$	6.77		$	7.00
Total return at net asset value(b)(c)		3.86	%		20.24	%		(9.38	)%		1.06	%		6.93	%
Net assets, end of period (000's omitted)	$	95,894		$	117,699		$	116,229		$	178,395		$	195,205
Portfolio turnover rate(d)		53	%		73	%		51	%		59	%		95	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements(c)		2.99	%(e)		2.81	%		2.73	%		2.65	%		2.67	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees(c)		2.48	%(e)		2.42	%		2.43	%		2.41	%		2.41	%
Without fee waivers and/or expense reimbursements(c)		2.99	%(e)		2.81	%		2.73	%		2.65	%		2.67	%
Ratio of net investment income with fee waivers and/or expense reimbursements(c)		3.13	%(e)		4.59	%		5.07	%		4.41	%		4.17	%
Senior indebtedness:
Total borrowings (000's omitted)	$	170,000		$	150,000		$	150,000		$	224,000		$	254,000
Asset coverage per $1,000 unit of senior indebtedness(f)	$	5,354		$	6,617		$	6,346		$	5,949		$	6,164

^(a)  Calculated using 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)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 1.00%, 1.00%, 1.00%, 1.00% and 1.00% for the years ended February 28, 2018, February 28, 2017, February 29, 2016, February 28, 2015 and February 28, 2014, respectively.

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

^(e)  Ratios are based on average daily net assets (000's omitted) of $106,143.

^(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.

48                         Invesco Senior Loan Fund

NOTE 17—Financial Highlights—(continued)

	Class Y
	Years ended February 28,						Year ended February 29, 2016			Years ended February 28,
	2018			2017						2015			2014(a)
Net asset value, beginning of period	$	6.68		$	5.81		$	6.77		$	7.00		$	6.96
Net investment income(b)		0.28			0.36			0.40			0.38			0.11
Net gains (losses) on securities (both realized and unrealized)		0.05			0.85			(0.95	)		(0.23	)		0.04
Total from investment operations		0.33			1.21			(0.55	)		0.15			0.15
Less:
Dividends from net investment income		(0.28	)		(0.33	)		(0.41	)		(0.38	)		(0.10	)
Return of Capital		(0.01	)		(0.01	)		—			—			(0.01	)
Total distributions		(0.29	)		(0.34	)		(0.41	)		(0.38	)		(0.11	)
Net asset value, end of period	$	6.72		$	6.68		$	5.81		$	6.77		$	7.00
Total return at net asset value(c)		5.05	%		21.27	%		(8.53	)%		2.16	%		2.22	%
Net assets, end of period (000's omitted)	$	2,161		$	2,037		$	1,108		$	2,433		$	2,357
Portfolio turnover rate(d)		53	%		73	%		51	%		59	%		95	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		1.99	%(e)		1.81	%		1.73	%		1.65	%		1.60	%(f)
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		1.48	%(e)		1.42	%		1.43	%		1.41	%		1.37	%(f)
Without fee waivers and/or expense reimbursements		1.99	%(e)		1.81	%		1.73	%		1.65	%		1.60	%(f)
Ratio of net investment income with fee waivers and/or expense reimbursements		4.13	%(e)		5.59	%		6.07	%		5.41	%		5.24	%(f)
Senior indebtedness:
Total borrowings (000's omitted)	$	170,000		$	150,000		$	150,000		$	224,000		$	254,000
Asset coverage per $1,000 unit of senior indebtedness(g)	$	5,354		$	6,617		$	6,346		$	5,949		$	6,164

^(a)  Commencement date of November 8, 2013.

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are based on average daily net assets (000's omitted) of $2,225.

^(f)  Annualized.

^(g)  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.

49                         Invesco Senior Loan Fund

NOTE 17—Financial Highlights—(continued)

	Class IB
	Years ended February 28,						Year ended February 29, 2016			Years ended February 28,
	2018			2017						2015			2014
Net asset value, beginning of period	$	6.69		$	5.81		$	6.77		$	7.00		$	6.89
Net investment income(a)		0.28			0.36			0.39			0.37			0.36
Net gains (losses) on securities (both realized and unrealized)		0.04			0.86			(0.94	)		(0.22	)		0.18
Total from investment operations		0.32			1.22			(0.55	)		0.15			0.54
Less:
Dividends from net investment income		(0.28	)		(0.33	)		(0.41	)		(0.38	)		(0.42	)
Return of Capital		(0.01	)		(0.01	)		—			—			(0.01	)
Total distributions		(0.29	)		(0.34	)		(0.41	)		(0.38	)		(0.43	)
Net asset value, end of period	$	6.72		$	6.69		$	5.81		$	6.77		$	7.00
Total return at net asset value(b)		4.89	%		21.45	%		(8.53	)%		2.16	%		8.00	%
Net assets, end of period (000's omitted)	$	491,279		$	552,939		$	523,422		$	682,816		$	805,123
Portfolio turnover rate(c)		53	%		73	%		51	%		59	%		95	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		1.99	%(d)		1.81	%		1.73	%		1.65	%		1.67	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		1.48	%(d)		1.42	%		1.43	%		1.41	%		1.41	%
Without fee waivers and/or expense reimbursements		1.99	%(d)		1.81	%		1.73	%		1.65	%		1.67	%
Ratio of net investment income with fee waivers and/or expense reimbursements		4.13	%(d)		5.59	%		6.07	%		5.41	%		5.17	%
Senior indebtedness:
Total borrowings (000's omitted)	$	170,000		$	150,000		$	150,000		$	224,000		$	254,000
Asset coverage per $1,000 unit of senior indebtedness(e)	$	5,354		$	6,617		$	6,346		$	5,949		$	6,164

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

^(d)  Ratios are based on average daily net assets (000's omitted) of $521,550.

^(e)  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.

50                         Invesco Senior Loan Fund

NOTE 17—Financial Highlights—(continued)

	Class IC
	Years ended February 28,						Year ended February 29, 2016			Years ended February 28,
	2018			2017						2015			2014
Net asset value, beginning of period	$	6.69		$	5.81		$	6.77		$	7.00		$	6.89
Net investment income(a)		0.27			0.35			0.38			0.36			0.36
Net gains (losses) on securities (both realized and unrealized)		0.05			0.86			(0.94	)		(0.22	)		0.18
Total from investment operations		0.32			1.21			(0.56	)		0.14			0.54
Less:
Dividends from net investment income		(0.28	)		(0.32	)		(0.40	)		(0.37	)		(0.42	)
Return of Capital		(0.01	)		(0.01	)		—			—			(0.01	)
Total distributions		(0.29	)		(0.33	)		(0.40	)		(0.37	)		(0.43	)
Net asset value, end of period	$	6.72		$	6.69		$	5.81		$	6.77		$	7.00
Total return at net asset value(b)(c)		4.74	%		21.28	%		(8.68	)%		1.99	%		7.83	%
Net assets, end of period (000's omitted)	$	41,957		$	46,648		$	43,660		$	55,548		$	66,029
Portfolio turnover rate(d)		53	%		73	%		51	%		59	%		95	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements(c)		2.14	%(e)		1.96	%		1.88	%		1.80	%		1.82	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees(c)		1.63	%(e)		1.57	%		1.58	%		1.56	%		1.56	%
Without fee waivers and/or expense reimbursements(c)		2.14	%(e)		1.96	%		1.88	%		1.80	%		1.82	%
Ratio of net investment income with fee waivers and/or expense reimbursements(c)		3.98	%(e)		5.44	%		5.92	%		5.26	%		5.02	%
Senior indebtedness:
Total borrowings (000's omitted)	$	170,000		$	150,000		$	150,000		$	224,000		$	254,000
Asset coverage per $1,000 unit of senior indebtedness(f)	$	5,354		$	6,617		$	6,346		$	5,949		$	6,164

^(a)  Calculated using 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)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.15%, 0.15%, 0.15%, 0.15% and 0.15% for the years ended February 28, 2018, February 28, 2017, February 29, 2016, February 28, 2015 and February 28, 2014, respectively.

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

^(e)  Ratios are based on average daily net assets (000's omitted) of $44,094.

^(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.

NOTE 18—Legal Proceedings

Terms used in the Legal Proceedings Note are defined terms solely for the purpose of this note.

Pending Litigation and Regulatory Inquiries

The Fund is named as a defendant in an adversary proceeding in the Bankruptcy Court of the Southern District of Florida. The complaint was filed on July 14, 2008 by the Official Committee of Unsecured Creditors of TOUSA, Inc., on behalf of certain subsidiaries of TOUSA, Inc. (the “Conveying Subsidiaries”), and filed as amended on October 17, 2008. The Committee made allegations against the Fund in two separate capacities: as “Transeastern Lenders” and as “First Lienholders” (collectively, the “Lenders”). The Transeastern Lenders loaned money to form a joint venture between TOUSA, Inc. and Falcone/Ritchie LLC. TOUSA, Inc. later repaid the loans from the Transeastern Lenders as part of a global settlement of claims against it. The repayment was financed using proceeds of new loans (the “New Loans”), for which the Conveying Subsidiaries conveyed first and second priority liens on their assets to two groups of lienholders (the First and Second Lienholders, collectively “New Lenders”). The Conveying Subsidiaries were not obligated on the original debt to the Transeastern Lenders. The Committee alleged, inter alia, that both the repayment to the Transeastern Lenders and the grant of liens to the First and Second Lienholders should be avoided as fraudulent transfers under the bankruptcy laws. More specifically, the Committee alleged: (1) that the Conveying Subsidiaries' transfer of liens to secure the New Loans was a fraudulent transfer under 11 U.S.C. § 548 because the Conveying Subsidiaries were insolvent at the time of the transfer and did not receive reasonably equivalent value for the liens; and (2) that the Transeastern Lenders were, under 11 U.S.C. § 550, entities for whose benefit the liens were fraudulently transferred to the New Lenders. The case was tried in 2009 and on October 13, 2009, the Bankruptcy Court rendered a Final Judgment against the Lenders, which was later amended on October 30, 2009, requiring the Lenders to post bonds equal to 110% of the damages and disgorgement ordered against them. The Transeastern Lenders and First Lienholders separately appealed the decision to the District Court for the Southern District of Florida. On February 11, 2011, the District Court, issued an order in the Transeastern Lenders' appeal that: 1) quashed the Bankruptcy Court's Order as it relates to the liability of the Transeastern Lenders; 2) made null and void the Bankruptcy Court's imposition of remedies as to the Transeastern Lenders; 3) discharged all bonds deposited by Transeastern Lenders, unless any further appeals are filed, in which case the bonds would remain in

51                         Invesco Senior Loan Fund

effect pending resolution of appeals; 4) dismissed as moot additional appeal proceedings of the Transeastern Lenders that were contingent upon the District Court's decision concerning liability; and 5) closed all District Court appeal proceedings concerning the Transeastern Lenders. The Committee appealed to the Eleventh Circuit Court of Appeals. In a decision filed on May 15, 2012, the Eleventh Circuit reversed the District Court's opinion, affirmed the liability findings of the Bankruptcy Court against the Transeastern Lenders, and remanded the case to the District Court to review the remedies ordered by the Bankruptcy Court. The appeal of the Transeastern Lenders is currently pending before the District Court. The First Lienholders, having paid its obligations under the bankruptcy plan, have been fully and finally released pursuant to a court order dated August 30, 2013. The review of the Transeastern Lenders remedies obligation is currently pending before the District Court. The parties argued the effects of the Supreme Court decisions in Executive Benefits Ins. Agency v. Arkison (In re Bellingham) (No. 12-1200) and Wellness International Network, Ltd. v. Sharif (No. 13-935) on liabilities before the District Court, which denied that the cases were an intervening change in law that affected the liabilities decision. The District Court remanded to the Bankruptcy Court a question on the effect of the settlement with other parties on the Transeastern Lenders remedies obligations. On April 1, 2016, the Bankruptcy Court issued its report and recommendation, which was unfavorable in many respects to the Transeastern Lenders.

On March 8, 2017, the District Court adopted the Bankruptcy Court's report and recommendation on the impact of the interim settlements, holding that the settlement with the Transeastern Lenders and settlement of the D&O litigation had no impact on the remedial scheme. The Transeastern Lenders appealed this decision in April 2017. On January 11, 2018, the parties’ settlement of the TOUSA, Inc. matter was approved by the Bankruptcy Court. The Fund paid out $2,533,902. On February 6, 2018, the Eleventh Circuit Court of Appeals dismissed the TOUSA, Inc. matter with prejudice. The TOUSA, Inc. matter is concluded.

52                         Invesco Senior Loan Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Invesco Senior Loan Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Senior Loan Fund (the “Fund”) as of February 28, 2018, the related statements of operations and cash flows for the year ended February 28, 2018, the statement of changes in net assets for each of the two years in the period ended February 28, 2018, including the related notes, and the financial highlights for the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2018, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2018 and the financial highlights for the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, TX

April 27, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

53                         Invesco 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, 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, 2017 through February 28, 2018.

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 or contingent deferred sales charges on redemptions, 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.

Class	Beginning Account Value (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,032.30	$	11.59	$	1,013.39	$	11.48		2.30	%
C		1,000.00		1,028.50		15.34		1,009.67		15.20		3.05
IB		1,000.00		1,033.60		10.34		1,014.63		10.24		2.05
IC		1,000.00		1,032.80		11.09		1,013.88		10.99		2.20
Y		1,000.00		1,033.60		10.34		1,014.63		10.24		2.05

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2017 through February 28, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

54                         Invesco Senior Loan Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2018:

Federal and State Income Tax
Qualified Dividend Income*	0.11%
Corporate Dividends Received Deduction*	0.11%
U.S. Treasury Obligations*	0.00%

Distribution Information

The following table sets forth on a per share basis the distribution that was paid in September 2017. Included in the table is a written statement of the sources of the distribution on a generally accepted accounting principles (“GAAP”) basis.

		Net Income		Gain from Sale of Securities		Return of Principal		Total Distribution
09/30/17	Class A	$	0.0202	$	0.000	$	0.0019	$	0.0221
09/30/17	Class B	$	0.0202	$	0.000	$	0.0019	$	0.0221
09/30/17	Class C	$	0.0161	$	0.000	$	0.0019	$	0.0180
09/30/17	Class Y	$	0.0216	$	0.000	$	0.0019	$	0.0235
09/30/17	Class IB	$	0.0216	$	0.000	$	0.0019	$	0.0235
09/30/17	Class IC	$	0.0208	$	0.000	$	0.0019	$	0.0227

Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This Notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.

55                         Invesco Senior Loan Fund

Trustees and Officers

The address of each trustee and officer is 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. Generally, each trustee serves for a three year term or until his or her successor has been duly elected and qualified, and each officer serves for a one year term or until his or her successor has been duly elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Persons
Martin L. Flanagan1 — 1960 Trustee	2014	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2014	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	158	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1                         Invesco Senior Loan Fund

Trustees and Officers—(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2014	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	1988	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2014	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2014	Retired.	158	None
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2014	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson — 1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

T-2                         Invesco Senior Loan Fund

Trustees and Officers—(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2010	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim 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.; and Treasurer, 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	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2014	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor — 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Senior Vice President and Secretary, 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.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Secretary, W.L. Ross & Co., LLC; Secretary and Vice President, Jemstep, Inc. Formerly: Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
John M. Zerr — 1962 Senior Vice President	2010	Chief Operating Officer of the Americas; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC Formerly: Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco	N/A	N/A

T-3                         Invesco Senior Loan Fund

Trustees and Officers—(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Other Officers— (continued)
		Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments 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)
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2010	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2010	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

Office of the Fund 1555 Peachtree Street, N.E. Atlanta, GA 30309	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Investment Sub-Adviser Invesco Senior Secured Management, Inc. 1166 Avenue of the Americas New York, NY 10036	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Senior Loan Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its 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 shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.  

SEC file number: 811-05845                                                     Invesco Distributors, Inc.                                                                          VK-SLO-AR-1            04252018     0932

ITEM 2. CODE OF ETHICS.

On May 2, 2018, the Board of Trustees of the Invesco Funds amended the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) 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 David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Teresa M. Ressel, Raymond Stickel, Jr. and Robert C. Troccoli. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Teresa M. Ressel, Raymond Stickel, Jr. and Robert Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

PricewaterhouseCoopers LLP informed the Trust that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PricewaterhouseCoopers LLP informed the Trust it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Funds’ financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

(a) to (d)

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:

	Fees Billed for Services Rendered to the Registrant for fiscal year end 2018		Fees Billed for Services Rendered to the Registrant for fiscal year end 2017
Audit Fees	$	72,775	$	69,975
Audit-Related Fees(1)	$	14,000	$	12,500
Tax Fees(2)	$	10,395	$	6,125
All Other Fees	$	0	$	0
Total Fees	$	97,170	$	88,600

(g) PWC billed the Registrant aggregate non-audit fees of $24,395 for the fiscal year ended 2018, and $18,625 for the fiscal year ended 2017, for non-audit services rendered to the Registrant.

(1) Audit-Related fees for the fiscal year end February 28, 2018 includes fees billed for agreed upon procedures related to line of credit compliance. Audit-Related fees for the fiscal year end February 28, 2017 includes fees billed for agreed upon procedures related to line of credit compliance.

(2) Tax fees for the fiscal year end February 28, 2018 includes fees billed for reviewing tax returns and/or services related to tax compliance. Tax fees for fiscal year end February 28, 2017 includes fees billed for reviewing tax returns and/or services related to tax compliance.

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- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2018 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2017 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees	$	662,000	$	635,000
Tax Fees	$	0	$	0
All Other Fees	$	611,000	$	2,827,000
Total Fees(1)	$	1,273,000	$	3,462,000

(1) Audit-Related fees for the year end 2018 include fees billed related to reviewing controls at a service organization. Audit-Related fees for the year end 2017 include fees billed related to reviewing controls at a service organization.

All other fees for the year end 2018 include fees billed related to the assessments for certain of the company’s risk management tools, current state analysis against regulatory requirements and identification of structural and organizational alternatives, informed by industry practices, for certain of the company’s administrative activities and functions. All other fees for the year end 2017 include fees billed related to the identification of structural and organizational alternatives, informed by industry practices, for certain of the company’s administrative activities and functions.

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

(f) Not applicable.

(g) 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 $4,101,000 for the fiscal year ended February 28, 2018, and $6,075,000 for the fiscal year ended February 28, 2017, for non-audit services rendered to Invesco and Invesco Affiliates.

PWC provided audit services to the Investment Company complex of approximately $23 million.

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

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended May 4, 2016

I. Statement of Principles

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

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

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

II. Pre-Approval of Fund Audit Services

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

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

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

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

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

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

IV. Non-Audit Service Types

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

a. 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 an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. 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 Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

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

c. Other Services

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

V. Pre-Approval of Service Affiliate’s Covered Engagements

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

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

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

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

VI. Pre-Approved Fee Levels or Established Amounts

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

VII. Delegation

The Audit Committee may from time to time delegate specific pre-approval authority to its Chair and/or Vice Chair, so that the Chair or, in his or her absence, Vice Chair may grant specific pre-approval for audit and non-audit services by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement between Audit Committee meetings. Any such delegation shall be reflected in resolutions adopted by the Audit Committee and may include such limitations as to dollar amount(s) and/or scope of service(s) as the Audit Committee may choose to impose. Any such delegation shall not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000 and any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000 must be pre-approved by the Audit Committee and may not be delegated to the Chair or Vice Chair.

VIII. Compliance with Procedures

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

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

IX. Amendments to Procedures

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

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

• Management functions;

• Human resources;

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

• Legal services;

• Expert services unrelated to the audit;

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

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

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

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

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

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

• Financial information systems design and implementation;

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

• Actuarial services; and

• Internal audit outsourcing services.

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: David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Teresa M. Ressel, Raymond Stickel, Jr. and Robert C. Troccoli.

(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.

Invesco’s Policy Statement on Global Corporate Governance and Proxy Voting

I. Guiding Principles and Philosophy

Public companies hold shareholder meetings, attended by the company’s executives, directors, and shareholders, during which important issues, such as appointments to the company’s board of directors, executive compensation, and auditors, are addressed and where applicable, voted on. Proxy voting gives shareholders the opportunity to vote on issues that impact the company’s operations and policies without being present at the meetings.

Invesco views proxy voting as an integral part of its investment management responsibilities and believes that the right to vote proxies should be managed with the same high standards of care and fiduciary duty to its clients as all other elements of the investment process. Invesco’s proxy voting philosophy, governance structure and process are designed to ensure that proxy voles are cast in accordance with clients’ best interests, which Invesco interprets to mean clients’ best economic interests, this Policy and the operating guidelines and procedures of Invesco’s regional investment centers.

Invesco investment teams vote proxies on behalf of Invesco-sponsored funds and non-fund advisory clients that have explicitly granted Invesco authority in writing to vote proxies on their behalf.

The proxy voting process at Invesco, which is driven by investment professionals, Focuses on maximizing long-term value for our clients, protecting clients’ rights and promoting governance structures and practices that reinforce the accountability of corporate management and boards of directors to shareholders. Invesco takes a nuanced approach to voting and, therefore, many matters to be voted upon are reviewed on a case by case basis.

Votes in favor of board or management proposals should not be interpreted as an indication of insufficient consideration by lnvesco fund managers. Such votes may reflect the outcome of past or ongoing engagement and active ownership by Invesco with representatives of the companies in which we invest.

II. Applicability of this Policy

This Policy sets forth the framework of Invesco’s corporate governance approach, broad philosophy and guiding principles that inform the proxy voting practices of Invesco’s investment teams around the world. Given the different nature of these teams and their respective investment processes, as well as the significant differences in regulatory regimes and market practices across jurisdictions, not all aspects of this Policy may apply to all Invesco investment teams at all times. In the case of a conflict between this Policy and the operating guidelines and procedures of a regional investment center the latter will control.

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III. Proxy Voting for Certain Fixed Income, Money Market Accounts and Index

For proxies held by certain client accounts managed in accordance with fixed income, money market and index strategies (including exchange traded funds), lnvesco will typically vote in line with the majority holder of the active-equity shares held by Invesco outside of those strategies (“Majority Voting”). In this manner Invesco seeks to leverage the active-equity expertise and comprehensive proxy voting reviews conducted by teams employing active-equity strategies, which typically incorporate analysis of proxy issues as a core component of the investment process. Portfolio managers for accounts employing Majority Voting still retain full discretion to override Majority Voting and to vote the shares as they determine to be in the best interest of those accounts, absent certain types of conflicts of interest, which are discussed elsewhere in this Policy.

IV. Conflicts of Interest

There may be occasions where voting proxies may present a real or perceived conflict of interest between Invesco, as investment manager, and one or more of Invesco’s clients or vendors. Under Invesco’s Code of Conduct, Invesco entities and individuals are strictly prohibited from putting personal benefit, whether tangible or intangible, before the interests of clients. “Personal benefit” includes any intended benefit for Invesco, oneself or any other individual, company, group or organization of any kind whatsoever, except a benefit for the relevant lnvesco client.

Firm-level Conflicts of Interest

A conflict of interest may exist if Invesco has a material business relationship with, or is actively soliciting business from, either the company soliciting a proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote (e.g., issuers that are distributors of Invesco’s products, or issuers that employ lnvesco to manage portions of their retirement plans or treasury accounts). Invesco’s proxy governance team maintains a list of all such issuers for which a conflict of interest exists.

If the proposal that gives rise to the potential conflict is specifically addressed by this Policy or the operating guidelines and procedures of the relevant regional investment center, Invesco generally will vote the proxy in accordance therewith. Otherwise, based on a majority vote of its members, the Global IPAC (as described below) will vote the proxy.

Because this Policy and the operating guidelines and procedures of each regional investment center are pre-determined and crafted to be in the best economic interest of clients, applying them to vote client proxies should, in most instances, adequately resolve any potential conflict of interest. As an additional safeguard, persons from Invesco’s marketing, distribution and other customer-facing functions may not serve on the Global IPAC. For the avoidance of doubt, Invesco may not consider Invesco Ltd.’s pecuniary interest when voting proxies on behalf of clients.

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Personal Conflicts of Interest

A conflict also may exist where an Invesco employee has a known personal relationship with other proponents of proxy proposals, participants in proxy contests, corporate directors, or candidates for directorships.

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

Other Conflicts of Interest

In order to avoid any appearance of a conflict of interest, Invesco will not vote proxies issued by, or related to matters involving, Invesco Ltd. that may be held in client accounts from time to time.¹ Shares of an Invesco-sponsored fund held by other lnvesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund.

V. Use of Third-Party Proxy Advisory Services

Invesco may supplement its internal research with information from third-parties, such as proxy advisory firms. However, Invesco generally retains full and independent discretion with respect to proxy voting decisions.

As part of its fiduciary obligation to clients, Invesco performs extensive initial and ongoing due diligence on the proxy advisory firms it engages. This includes reviews of information regarding the capabilities of their research staffs and internal controls, policies and procedures, including those relating to possible conflicts of interest. In addition, lnvesco regularly monitors and communicates with these firms and monitors their compliance with Invesco’s performance and policy standards.

VI. Global Proxy Voting Platform and Administration

Guided by its philosophy that investment teams should manage proxy voting, Invesco has created the Global lnvesco Proxy Advisory Committee (“Global IPAC”). The Global IPAC is a global investments-driven committee comprised of representatives from various investment management teams and Invesco’s Global Head of Proxy Governance and Responsible Investment (“Head of Proxy Governance”). The Global IPAC provides a forum for investment teams to monitor, understand and discuss key proxy issues and voting trends within the lnvesco complex. Absent a conflict of interest, the Global IPAC representatives, in consultation with the respective investment team, are responsible for voting proxies for the securities the team manages (unless such responsibility is explicitly delegated to the portfolio managers of the securities in question) In addition to the Global IPAC, for some clients, third parties (e.g., U.S. mutual fund boards) provide oversight of the proxy process. The Global IPAC and Invesco’s

¹  Generally speaking, Invesco does not invest for its clients in the shares of Invesco Ltd., however, limited exceptions apply in the case of funds or accounts designed to track an index that includes Invesco Ltd. as a component.

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proxy administration and governance team, compliance and legal teams regularly communicate and review this Policy and the operating guidelines and procedures of each regional investment center to ensure that they remain consistent with clients’ best interests, regulatory requirements, governance trends and industry best practices.

Invesco maintains a proprietary global proxy administration platform, known as the “fund manager portal” and supported by the Head of Proxy Governance and a dedicated team of internal proxy specialists. The platform streamlines the proxy voting and ballot reconciliation processes, as well as related functions, such as share blocking and managing conflicts of interest issuers. Managing these processes internally, as opposed to relying on third parties, gives Invesco greater quality control, oversight and independence in the proxy administration process.

The platform also includes advanced global reporting and record-keeping capabilities regarding proxy matters that enable Invesco to satisfy client, regulatory and management requirements. Historical proxy voting information, including commentary by investment professionals regarding the votes they cast, where applicable, is stored to build institutional knowledge across the Invesco complex with respect to individual companies and proxy issues. Certain investment teams also use the platform to access third-party proxy research.

VII. Non-Votes

In the great majority of instances, Invesco is able to vote proxies successfully. However, in certain circumstances Invesco may refrain from voting where the economic or other opportunity costs of voting exceeds any anticipated benefits of that proxy proposal. In addition, there may be instances in which Invesco is unable to vote all of its clients’ proxies despite using commercially reasonable efforts to do so. For example:

• Invesco may not receive proxy materials from the relevant fund or client custodian with sufficient time and information to make an informed independent voting decision. In such cases, Invesco may choose not to vote, to abstain from voting, to vote in line with management or to vote in accordance with proxy advisor recommendations. These matters are left to the discretion of the fund manager.

• If the security in question is on loan as part of a securities lending program, lnvesco may determine that the benefit to the client of voting a particular proxy is outweighed by the revenue that would be lost by terminating the loan and recalling the securities.

• In some countries the exercise of voting rights imposes temporary transfer restrictions on the related securities (“share blocking”). Invesco generally refrains from voting proxies in share-blocking countries unless Invesco determines that the benefit to the client(s) of voting a specific proxy outweighs the client’s temporary inability to sell the security.

• Some companies require a representative to attend meetings in person in order to vote a proxy. In such cases, Invesco may determine that the costs of sending a representative or signing a power-of-attorney outweigh the benefit of voting a particular proxy.

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VIII.  Proxy Voting Guidelines

The following guidelines describe Invesco’s general positions on various common proxy voting issues. This list is not intended to be exhaustive or prescriptive. As noted above, Invesco’s proxy process is investor-driven, and each fund manager retains ultimate discretion to vote proxies in the manner they deem most appropriate, consistent with Invesco’s proxy voting principles and philosophy discussed in Sections I through IV. Individual proxy votes therefore will differ from these guidelines from time to time.

A. Shareholder Access and Treatment of Shareholder Proposals

Invesco reviews on a case by case basis but generally 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, provided that such proposals would not require a disproportionate amount of management attention or corporate resources or otherwise that may inappropriately disrupt the company’s business and main purpose. usually set out in their reporting disclosures and business model. Likewise, Invesco reviews on a case by case basis but 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 (for example, where minority shareholders’ rights are not adequately protected).

B. Environmental, Social and Corporate Responsibility Issues

Invesco believes that a company’s long-term response to environmental, social and corporate responsibility issues can significantly affect its long-term shareholder value. We recognize that to manage a corporation effectively, directors and management may consider not only the interests of shareholders, but also the interests of employees, customers, suppliers, creditors and the local community, among others. While Invesco generally affords management discretion with respect to the operation of a company’s business, Invesco will evaluate such proposals on a case by case basis and will vote proposals relating to these issues in a manner intended to maximize long-term shareholder value.

C. Capitalization Structure Issues

i. Stock Issuances

Invesco generally supports a board’s decisions about the need for additional capital stock to meet ongoing corporate needs, except where the request could adversely affect Invesco clients’ ownership stakes or voting rights. Some capitalization proposals, such as those to authorize common or preferred stock with special voting rights or to issue additional stock in connection with an acquisition, may require additional analysis. lnvesco generally opposes proposals to authorize classes of preferred stock with unspecified voting, conversion, dividend or other rights (“blank check” stock) when they appear to be intended as an anti-takeover mechanism; such issuances may be supported when used for general financing purposes.

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ii. Stock Splits

Invesco generally supports a board’s proposal to increase common share authorization for a stock split, provided that the increase in authorized shares would not result in excessive dilution given the company’s industry and performance in terms of shareholder returns.

iii. Share Repurchases

lnvesco generally supports a board’s proposal to institute open-market share repurchase plans only if all shareholders participate on an equal basis.

D. Corporate Governance Issues

i. Board of Directors

1. Director Nominees in Uncontested Elections

Subject to the other considerations described below, in an uncontested director election for a company without a controlling shareholder, lnvesco generally votes in favor of the director slate if it is comprised of at least a majority of independent directors and if the board’s key committees are fully independent, effective and balanced. Key committees include the audit, compensation/remuneration and governance/nominating committees. lnvesco’s standard of independence excludes directors who, in addition to the directorship, have any material business or family relationships with the companies they serve.

2. Director Nominees in Contested Elections

Invesco recognizes that short-term investment sentiments influence the corporate governance landscape and may influence companies in Invesco clients’ portfolios and more broadly across the market. Invesco recognizes that short-term investment sentiment may conflict with long-term value creation and as such looks at each proxy contest matter on a case by case basis, considering factors such as:

• Long-term financial performance of the company relative to its industry,

• Management’s track record,

• Background to the proxy contest,

• Qualifications of director nominees (both slates),

• Evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met, and

• Stock ownership positions in the company.

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3. Director Accountability

Invesco generally withholds votes from directors who exhibit a lack of accountability to shareholders. Examples include, without limitation, poor attendance (less than 75%, absent extenuating circumstances) at meetings, failing to implement shareholder proposals that have received a majority of votes and/or by adopting or approving 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.

4. Director Independence

lnvesco generally supports proposals to require a majority of directors to be independent unless particular circumstances make this not Feasible or in the best interests of shareholders, We generally vote for proposals that would require the board’s audit, compensation/remuneration, and/or governance/nominating committees to be composed exclusively of independent directors since this minimizes the potential for conflicts of interest.

5. Director Indemnification

Invesco recognizes that individuals may be reluctant to serve as corporate directors if they are personally liable for all related lawsuits and legal costs. As a result, reasonable limitations on directors’ liability can benefit a company and its shareholders by helping to attract and retain qualified directors while preserving recourse for shareholders in the event of misconduct by directors, Invesco, therefore, generally supports proposals to limit directors’ liability and provide indemnification and/or exculpation, provided that the arrangements are limited to the director acting honestly and in good faith with a view to the best interests of the company and, in criminal matters, are limited to the director having reasonable grounds for believing the conduct was lawful.

6. Separate Chairperson and CEO

Invesco evaluates these proposals on a case by case basis, recognizing that good governance requires either an independent chair or a qualified, proactive, and lead independent director.

Voting decisions may take into account, among other factors, the presence or absence of:

• a designated lead director, appointed from the ranks of the independent board members, with an established term of office and clearly delineated powers and duties;

• a majority of independent directors;

• completely independent key committees;

• committee chairpersons nominated by the independent directors;

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• CEO performance reviewed annually by a committee of independent directors; and

• established governance guidelines.

7. Majority/Supermajority/Cumulative Voting for Directors

The right to elect directors is the single most important mechanism shareholders have to promote accountability. Invesco generally votes in favor of proposals to elect directors by a majority vote. Except in cases where required by law in the jurisdiction of incorporation or when a company has adopted formal governance principles that present a meaningful alternative to the majority voting standard, Invesco generally votes against actions that would impose any supermajority voting requirement. and generally supports actions to dismantle existing supermajority requirements.

The practice of cumulative voting can enable minority shareholders to have representation on a company’s board. Invesco generally opposes such proposals as unnecessary where the company has adopted a majority voting standard. However, Invesco generally 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.

8. Staggered Boards/Annual Election of Directors

Invesco generally supports proposals to elect each director annually rather than electing directors to staggered multi-year terms because annual elections increase a board’s level of accountability to its shareholders.

9. Board Size

lnvesco believes that the number of directors is an important factor to consider when evaluating the board’s ability to maximize long-term shareholder value. Invesco approaches proxies relating to board size on a case by case basis but generally will defer to the board with respect to determining the optimal number of board members, provided that the proposed board size is sufficiently large to represent shareholder interests and sufficiently limited to remain effective.

10. Term Limits for Directors

lnvesco believes it is important for a board of directors to examine its membership regularly with a view to ensuring that the company continues to benefit from a diversity of director viewpoints and experience. We generally believe that an individual board’s nominating committee is best positioned to determine whether director term limits would be an appropriate measure to help achieve these goals and, if so, the nature of such limits.

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ii. Audit Committees and Auditors

1. Qualifications of Audit Committee and Auditors

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 Audit Committee and holds its members accountable for the quality of the company’s financial statements and reports.

2. Auditor Indemnifications

A company’s independent auditors play a critical role in ensuring and attesting to the integrity of the company’s financial statements. It is therefore essential that they perform their work in accordance with the highest standards. Invesco generally opposes proposals that would limit the liability of or indemnify auditors because doing so could serve to undermine this obligation.

3. Adequate Disclosure of Auditor Fees

Understanding the fees earned by the auditors is important for assessing auditor independence. Invesco’s support for the re-appointment of the auditors will take into consideration the availability of adequate disclosure concerning the amount and nature of audit versus non-audit fees. Invesco generally will support proposals that call for this disclosure if it is not already being made.

E. Remuneration and Incentives

Invesco believes properly constructed compensation plans that include equity ownership are effective in creating incentives that induce management and employees of portfolio companies to create greater shareholder wealth. Invesco generally supports equity compensation plans that promote the proper alignment of incentives with shareholders’ long-term interests! and generally votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features. and plans that appear likely to reduce the value of the client’s investment.

i. Independent Compensation/Remuneration Committee

Invesco believes that an independent, experienced and well-informed compensation/remuneration committee is critical to ensuring that a company’s remuneration practices align with shareholders’ interests and, therefore, generally supports proposals calling for a compensation/remuneration committee to be comprised solely of independent directors.

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ii. Advisory Votes on Executive Compensation

Invesco believes that an independent compensation/remuneration committee of the board, with input from management, is generally best positioned to determine the appropriate components and levels of executive compensation, as well as the appropriate frequency of related shareholder advisory votes. This is particularly the case where shareholders have the ability to express their views on remuneration matters through annual votes for or against the election of the individual directors who comprise the compensation/remuneration committee. Invesco, therefore, generally will support management’s recommendations with regard to the components and levels of executive compensation and the frequency of shareholder advisory votes on executive compensation. However, Invesco will vote against such recommendations where Invesco determines that a company’s executive remuneration policies are not properly aligned with shareholder interests or may create inappropriate incentives for management.

iii. Equity Based Compensation Plans

Invesco generally votes against plans that contain structural features that would impair the alignment of incentives between shareholders and management. Such features include, without limitation, 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 replenish shares automatically without shareholder approval.

iv. Severance Arrangements

lnvesco considers proposed severance arrangements (sometimes known as “golden parachute” arrangements) on a case-by-case basis due to the wide variety among their terms. Invesco acknowledges that in some cases such arrangements, if reasonable, may be in shareholders’ best interests as a method of attracting and retaining high quality executive talent. lnvesco generally votes in favor of proposals requiring advisory shareholder ratification of senior executives’ severance agreements while generally opposing proposals that require such agreements to be ratified by shareholders in advance of their adoption.

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v. “Claw Back” Provisions

lnvesco generally supports so called “claw back” policies intended to recoup remuneration paid to senior executives based upon materially inaccurate financial reporting (as evidenced by later restatements) or fraudulent accounting or business practices.

vi. Employee Stock Purchase Plans

Invesco generally 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 represents a reasonable discount from the market price.

F. Anti-Takeover Defenses; Reincorporation

Measures designed to protect a company from unsolicited bids can adversely affect shareholder value and voting rights, and they have the potential to create conflicts of interests among directors, management and shareholders. Such measures include adopting or renewing shareholder rights plans (“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. In determining whether to support a proposal to add, eliminate or restrict anti-takeover measures, Invesco will examine the particular elements of the proposal to assess the degree to which it would adversely affect shareholder rights of adopted. Invesco generally supports shareholder proposals directing companies to subject their anti-takeover provisions to a shareholder vote. Invesco generally opposes payments by companies to minority shareholders intended to dissuade such shareholders from pursuing a takeover or other changes (sometimes known as “greenmail”) because these payments result in preferential treatment of some shareholders over others.

Reincorporation involves re-establishing the company in a different legal jurisdiction. Invesco generally will vote for proposals to reincorporate a company provided that the board and management have demonstrated sound financial or business reasons for the move. Invesco generally will oppose proposals to reincorporate if they are solely part of an anti-takeover defense or intended to limit directors’ liability.

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PROXY VOTING GUIDELINES

Applicable to	All Advisory Clients, including the Invesco Funds
Risk Addressed by the Guidelines	Breach of fiduciary duty to client under Investment Advisers Act of 1940 by placing Invesco’s interests ahead of client’s best interests in voting proxies
Relevant Law and Other Sources	U.S. Investment Advisers Act of 1940, as amended
Last     ☒Reviewed     ☒Revised     by Compliance for Accuracy	April 19, 2016
Guideline Owner	U.S. Compliance and Legal
Policy Approver	Invesco Advisers, Inc., Invesco Funds Board
Approved/Adopted Date	May 3-4, 2016

The following guidelines apply to all institutional and retail funds and accounts that have explicitly authorized Invesco Advisers, Inc. (“Invesco”) to vote proxies associated with securities held on their behalf (collectively, “Clients”).

A. INTRODUCTION

Invesco Ltd. (“IVZ”), the ultimate parent company of Invesco, has adopted a global policy statement on corporate governance and proxy voting (the “Invesco Global Proxy Policy”). The policy describes IVZ’s views on governance matters and the proxy administration and governance approach. Invesco votes proxies by using the framework and procedures set forth in the Invesco Global Proxy Policy, while maintaining the Invesco-specific guidelines described below.

B. PROXY VOTING OVERSIGHT: THE MUTUAL FUNDS’ BOARD OF TRUSTEES

In addition to the Global Invesco Proxy Advisory Committee, the Invesco mutual funds’ board of trustees provides oversight of the proxy process through quarterly reporting and an annual in-person presentation by Invesco’s Global Head of Proxy Governance and Responsible Investment.

C. USE OF THIRD PARTY PROXY ADVISORY SERVICES

Invesco has direct access to third-party proxy advisory analyses and recommendations (currently provided by Glass Lewis (“GL”) and Institutional Shareholder Services, Inc. (“ISS”)), among other research tools, and uses the information gleaned from those sources to make independent voting decisions.

Invesco’s proxy administration team performs extensive initial and ongoing due diligence on the proxy advisory firms that it engages. When deemed appropriate, representatives from the proxy advisory firms are asked to deliver updates directly to the mutual funds’ board of trustees. Invesco conducts semi-annual, in-person policy roundtables with key heads of research from ISS and GL to ensure transparency, dialogue and engagement with the firms. These meetings provide Invesco with an opportunity to assess the firms’ capabilities, conflicts of interest and service levels, as well as provide investment professionals with direct insight into the advisory firms’ stances on key governance and proxy topics and their policy framework/methodologies. Invesco’s proxy administration team also reviews the annual SSAE 16 reports for, and the periodic proxy guideline updates published by, each proxy advisory firm to ensure that their guidelines remain consistent with Invesco’s policies and procedures. Furthermore, each proxy advisory firm completes an annual due diligence questionnaire submitted by Invesco, and Invesco conducts on-site due diligence at each firm, in part to discuss their responses to the questionnaire.

If Invesco becomes aware of any material inaccuracies in the information provided by ISS or GL, Invesco’s proxy administration team will investigate the matter to determine the cause, evaluate the adequacy of the proxy advisory firm’s control structure and assess the efficacy of the measures instituted to prevent further errors.

ISS and GL provide updates to previously issued proxy reports when necessary to incorporate newly available information or to correct factual errors. ISS also has a Feedback Review Board, which provides a mechanism for stakeholders to communicate with ISS about issues related to proxy voting and policy formulation, research, and the accuracy of data contained in ISS reports.

D. PROXY VOTING GUIDELINES

The following guidelines describe Invesco’s general positions on various common proxy issues. The guidelines are not intended to be exhaustive or prescriptive. Invesco’s proxy process is investor-driven, and each portfolio manager retains ultimate discretion to vote proxies in the manner that he or she deems to be the most appropriate, consistent with the proxy voting principles and philosophy discussed in the Invesco Global Proxy Policy. Individual proxy votes therefore will differ from these guidelines from time to time.

I. Corporate Governance

Management teams of companies are accountable to the boards of directors and directors of publicly held companies are accountable to shareholders. Invesco endeavors to vote the proxies of companies in a manner that will reinforce the notion of a board’s accountability. Consequently, Invesco generally votes against any actions that would impair the rights of shareholders or would reduce shareholders’ influence over the board.

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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 generally 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. Contested director elections are evaluated on a case-by-case basis.

Director performance

Invesco generally withholds votes from directors who exhibit a lack of accountability to shareholders, either through their Level of attendance at meetings or by adopting or approving 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 generally votes in favor of proposals to elect directors by a majority vote.

Staggered Boards/Annual Election of Directors

Invesco generally supports proposals to elect each director annually rather than electing directors to staggered multi-year terms because annual elections increase a board’s level of accountability to its shareholders.

Supermajority voting requirements

Unless required by law in the state of incorporation, Invesco generally votes against actions that would impose any supermajority voting requirement, and generally supports actions to dismantle existing supermajority requirements.

Responsiveness of Directors

Invesco generally withholds votes for directors who do not adequately respond to shareholder proposals that were approved by a majority of votes cast the prior year.

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Cumulative voting

The practice of cumulative voting can enable minority shareholders to have representation on a company’s board, Invesco generally 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.

Proxy access

Invesco generally supports shareholders’ nominations of directors in the proxy statement and ballot because it increases the accountability of the board to shareholders. Invesco will generally consider the proposed minimum period of ownership (e.g., three years), minimum ownership percentage (e.g., three percent), limitations on a proponent’s ability to aggregate holdings with other shareholders and the maximum percentage of directors who can be nominated when determining how to vote on proxy access proposals.

Shareholder access

On business matters with potential financial consequences, Invesco generally 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. Furthermore, 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.

Exclusive Forum

Invesco generally supports proposals that would designate a specific jurisdiction in company bylaws as the exclusive venue for certain types of shareholder lawsuits in order to reduce costs arising out of multijurisdidional litigation.

II. Compensation and Incentives

Invesco believes properly constructed compensation plans that include equity ownership are effective in creating incentives that induce management and employees of companies to create greater shareholder wealth. Invesco generally supports equity compensation plans that promote the proper alignment of incentives with shareholders’ long-term interests, and generally votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features, and plans that appear likely to reduce the value of the Client’s investment.

Following are specific voting issues that illustrate how Invesco evaluates incentive plans.

Executive compensation

Invesco evaluates executive compensation plans 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. Invesco views the election of 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 generally supports proposals requesting that companies subject each year’s compensation record to an advisory shareholder vote, or so-called “say on pay” proposals.

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Equity-based compensation plans

Invesco generally 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 automatically to replenish shares without shareholder approval.

Employee stock-purchase plans

Invesco generally 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, Invesco generally opposes proposals requiring such agreements to be ratified by shareholders in advance of their adoption. Given the vast differences that may occur in these agreements, some severance agreements are evaluated on an individual basis.

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 Client’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. 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 and the votes for these types of corporate actions are generally determined 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 potentially create conflicts of interests among directors, management and shareholders. Except under special issuer-specific circumstances, Invesco generally 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 generally supports shareholder proposals directing companies to subject their anti-takeover provisions to a shareholder vote.

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VI. Environmental, Social and Corporate Responsibility Issues

Invesco believes that a company’s response to environmental, social and corporate responsibility issues and the risks attendant to them can have a significant effect on its long-term shareholder value. Invesco recognizes that to manage a corporation effectively, directors and management must consider not only the interest of shareholders, but also the interests of employees, customers, suppliers and creditors, among others. While Invesco generally affords management discretion with respect to the operation of a company’s business, Invesco will evaluate such proposals on a case-by-case basis and will vote proposals relating to these issues in a manner intended to maximize long-term shareholder value.

VII. Routine Business Matters

Routine business matters rarely have the potential to have a material effect on the economic prospects of Clients’ holdings, so Invesco generally supports a board’s discretion on these items. However, Invesco generally votes against proposals where there is insufficient information to make a decision about the nature of the proposal. Similarly, Invesco generally votes against proposals to conduct other unidentified business at shareholder meetings.

D. EXCEPTIONS

Client Maintains Right to Vote Proxies

In the case of institutional or sub-advised Clients, Invesco will vote the proxies in accordance with these guidelines and the Invesco Global Proxy Policy, unless the Client retains in writing the right to vote or the named fiduciary of a Client (e.g., the plan sponsor of an ERISA Client) retains in writing the right to direct the plan trustee or a third party to vote proxies.

Voting for Certain Investment Strategies

For cash sweep investment vehicles selected by a Client but for which Invesco has proxy voting authority over the account and where no other Client holds the same securities, Invesco will vote proxies based on ISS recommendations.

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.

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F. POLICIES AND VOTE DISCLOSURE

A copy of these guidelines, the Invesco Global Proxy Policy and the voting record of each Invesco Retail Fund are available on Invesco’s web site, www.invesco.com. In accordance with Securities and Exchange Commission regulations, all Invesco 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. In the case of institutional and sub-advised Clients, Clients may contact their client service representative to request information about how Invesco voted proxies on their behalf. Absent specific contractual guidelines, such requests may be made on a semi-annual basis.

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ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

As of February 28, 2018, the following individuals are jointly and primarily responsible for the day-to-day management of the Fund:

• Scott Baskind, Portfolio Manager, who has been responsible for the Trust since 2013 and has been associated with Invesco Senior Secured and/or its affiliates since 1999.

• Thomas Ewald, Portfolio Manager, who has been responsible for the Trust since 2010 and has been associated with Invesco Senior Secured and/or its affiliates since 2000.

• Philip Yarrow, Portfolio Manager, who has been responsible for the Trust (or the predecessor Trust) since 2007 and has been associated with Invesco Senior Secured and/or its affiliates since 2010.

Portfolio Manager Fund Holdings and Information on Other Managed Accounts

Invesco’s portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The ‘Investments’ chart reflects the portfolio managers’ investments in the Funds that they manage. Accounts are grouped into three categories: (i) investments in the Fund’s shares beneficially owned by a portfolio manager, as determined in accordance with Rule 16a-1(a) (2) under the Securities Exchange Act of 1934, as amended (beneficial ownership includes ownership by a portfolio manager’s immediate family members sharing the same household); (ii) investments made either directly or through a deferred compensation or similar plan in Invesco pooled investment vehicles with the same or similar objectives and strategies as the Fund; and (iii) total investments made in any Invesco Fund or Invesco pooled investment vehicle. The ‘Assets Managed’ chart reflects information regarding accounts other than the Funds for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other registered investment companies; (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance (performance-based fees), information on those accounts is specifically noted. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date.

Investments

The following information is as of February 28, 2018 (unless otherwise noted):

Portfolio Manager	Dollar Range of Investments in the Fund	Dollar Range of Investments in Invesco Pooled Investment Vehicles with the Same or Similar Objectives and Strategies as the Fund	Dollar Range of Investments in All Invesco Funds and Invesco Pooled Investment Vehicles
Invesco Senior Loan Fund
Scott Baskind	$50,001 - $100,000	N/A	Over $1,000,000
Thomas Ewald	$10,001 - $50,000	N/A	Over $1,000,000
Philip Yarrow	$10,001 - $50,000	N/A	$500,001 - $1,000,000

Assets Managed

The following information is as of February 28, 2018 (unless otherwise noted):

Portfolio Manager	Other Registered Investment Companies Managed		Other Pooled Investment Vehicles Managed		Other Accounts Managed
	Number of Accounts	Assets (in millions)	Number of Accounts	Assets (in millions)	Number of Accounts	Assets (in millions)
Invesco Senior Loan Fund
Scott Baskind	4	$12,915.2	4	$10,564.4	41	$12,998.0
Thomas Ewald	3	$3,856.3	3	$10,110.3	None	None
Philip Yarrow	3	$5,247.8	3	$10,110.3	None	None

Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other account. More specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented with one or more of the following potential conflicts:

• The management of multiple Funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each Fund and/or other account. The Adviser and each Sub-Adviser seek to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Funds.

• If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts. To deal with these situations, the Adviser, each Sub-Adviser and the Funds have adopted procedures for allocating portfolio transactions across multiple accounts.

• The Adviser and each Sub-Adviser determine which broker to use to execute each order for securities transactions for the Funds, consistent with its duty to seek best execution of the transaction. However, for certain other accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Adviser and each Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved.

• Finally, the appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive, such as a performance-based management fee, which relates to the management of one Fund or account but not all Funds and accounts for which a portfolio manager has day-to-day management responsibilities. None of the Invesco Fund accounts managed has a performance fee.

The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Description of Compensation Structure

For the Adviser and each affiliated Sub-Adviser

The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager’s compensation consists of the following three elements:

Base Salary. Each portfolio manager is paid a base salary. In setting the base salary, the Adviser and each Sub-Adviser’s intention is to be competitive in light of the particular portfolio manager’s experience and responsibilities.

Annual Bonus. The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).

Each portfolio manager’s compensation is linked to the pre-tax investment performance of the Funds/accounts managed by the portfolio manager as described in Table 1 below.

Table 1

Sub-Adviser	Performance time period1
Invesco 2 Invesco Deutschland Invesco Hong Kong2 Invesco Asset Management Invesco Asset Management (India) Private Limited (Invesco India)	One-, Three- and Five-year performance against Fund peer group
Invesco- U.S. Real Estate Division2,3 Invesco Senior Secured2,4 Invesco PowerShares2,5	Not applicable
Invesco Canada2	One-year performance against Fund peer group Three- and Five-year performance against entire universe of Canadian funds
Invesco Japan6	One-, Three- and Five-year performance

¹  Rolling time periods based on calendar year-end.

²  Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four year period.

³  Portfolio Managers for Invesco Global Infrastructure Fund, Invesco Global Real Estate Fund, Invesco MLP Fund, Invesco Real Estate Fund, Invesco Global Real Estate Income Fund and Invesco V.I. Global Real Estate Fund base their bonus on net operating profits of the U.S. Real Estate Division of Invesco.

⁴  Invesco Senior Secured’s bonus is based on annual measures of equity return and standard tests of collateralization performance.

⁵  Portfolio Managers for Invesco PowerShares base their bonus on Invesco results as well as overall performance of Invesco PowerShares.

⁶  Portfolio Managers for Invesco Pacific Growth Fund’s compensation is based on the one-, three- and five-year performance against the appropriate Micropol benchmark.

High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.

With respect to Invesco PowerShares, there is no policy regarding, or agreement with, the Portfolio Managers or any other senior executive of the Adviser to receive bonuses or any other compensation in connection with the performance of any of the accounts managed by the Portfolio Managers.

Deferred/Long Term Compensation. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards may take the form of annual deferral awards or long-term equity awards. Annual deferral awards may be granted as an annual stock deferral award or an annual fund deferral award. Annual stock deferral awards are settled in Invesco Ltd. common shares. Annual fund deferral awards are notionally invested in certain Invesco Funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards are settled in Invesco Ltd. common shares. Both annual deferral awards and long-term equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders and encourages retention.

Retirement and health and welfare arrangements. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.

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 February 14, 2018, 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 February 14, 2018, 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1)	Code of Ethics.
13(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.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.

SIGNATURES

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

Registrant: Invesco Senior Loan Fund

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	May 7, 2018

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

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	May 7, 2018

By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	May 7, 2018

EXHIBIT INDEX

13(a) (1)	Code of Ethics.
13(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.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.