N-CSR - SLO

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:	2/28/23

ITEM 1.

REPORTS TO STOCKHOLDERS.

(a) The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e‑1 under the Investment Company Act of 1940 is as follows:



Annual Report to Shareholders		February 28, 2023

Invesco Senior Loan Fund

Nasdaq:

A: VSLAX ∎ C: VSLCX ∎ Y: VSLYX ∎ IB: XPRTX ∎ IC: XSLCX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

28		Financial Statements

32		Financial Highlights

33		Notes to Financial Statements

43		Report of Independent Registered Public Accounting Firm

44		Fund Expenses

45		Tax Information

T‑1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended February 28, 2023, Class A shares of Invesco Senior Loan Fund (the Fund), at net asset value (NAV), underperformed the Credit Suisse Leveraged Loan Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 2/28/22 to 2/28/23, 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	-0.62	%
Class C Shares	-1.50
Class Y Shares	-0.37
Class IB Shares	-0.36
Class IC Shares	-0.51
Credit Suisse Leveraged Loan Index^q(Style-Specific Index)	2.26
Source(s): ^qBloomberg LP

Market conditions and your Fund

During the fiscal year covered by this report, the senior loan market was characterized by risk aversion in reaction to escalating geopolitical turmoil in Ukraine, persistent inflation, rapidly escalating interest rate expectations, rising energy prices and a softening economic growth outlook. The confluence of these various pressures drove flows out of capital markets and caused risk premia to widen. Despite these circumstances, loans outperformed other risk assets through the end of the fiscal year. The past several months of the end of the fiscal year have seen a reversal in overall market performance, with the broad loan market up from their second quarter of 2022 lows. Senior loans’ defensive positioning at the top of the capital structure and floating rate feature benefited the asset class during these bouts of risk aversion and inflation jitters, while the current, relatively high, level of coupons helped the asset class maintain positive performance during the fiscal year relative to traditional asset classes.

Senior loans, as represented by the Credit Suisse Leveraged Loan Index, returned 2.26% during the Fund’s fiscal year.¹ For the first month of 2022, loans performed well, continuing the 2021 trend of positive performance, however geopolitical turmoil and inflation began to influence performance by late February 2022. Loans suffered a weak second quarter of 2022, down 4.35%,¹ driven largely by technical factors and not fundamentals. In particular, the risk‑off sentiment in other markets led to retail outflows and more importantly, a lack of new collateralized loan obligation (CLO)

creation (which typically represents 65% of loan demand) in May and June of 2022. At their low point, loan prices as of June 30, 2022, were implying a 7.9%¹ default rate in the market, in excess of forecasted default rates for 2023 and the rolling twelve-month default rate.² This has been fairly typical of other historical sell-offs where the market overshoots compensating investors for actual defaults and then rallies sharply as buyers step in. Since the end of June 2022, CLO creation has come back in earnest and for the second half of the fiscal year, supportive technical factors played a role as opportunistic CLO managers sought to buy assets for new structures despite a dearth of new issue supply. This increase in CLO demand, as well as supportive fundamentals and other technical drivers, enabled the loan market to produce only one month of negative returns between June 2022 and February 2023 and improving the average loan price from $91.96 to $93.49 as of fiscal year‑end.¹ The increased interest from CLOs was at odds with retail mutual funds and ETFs, which recorded outflows for a tenth consecutive month in February 2023.⁴ Loans are up 3.21% for the first two months of 2023, having outperformed high-yield by approximately 70 basis points (bps) during the fiscal year and likewise outperformed high-yield during the full year 2022 by approximately 950 bps.^1,3 During the fiscal year, BB‑, B‑ and CCC‑rated^† loans returned 5.06%, 2.66% and ‑8.72%, respectively.¹ Energy was the best performing sector, returning 9.38% for the fiscal year, while consumer durables was the worst performing sector, returning ‑3.62% for the same period.¹

The loan market fundamentals have held up well over the fiscal year. As of the third quarter of 2022, overall leverage for loan issuers declined for a sixth consecutive quarter, while at the same time corporate profits remained relatively robust.⁴ The second quarter of 2022 saw interest coverage ratios reach a record high, despite continued rising rates, before creeping down in the second half of the calendar year.⁵ With approximately 4.8% of the market trading at distressed levels,¹ and an inflation readings surprise in February causing investors to rethink the potential rate hiking cycle for 2023, the loan market is expected to experience moderately increasing levels of defaults, with most forecasts between a 3.0% to 3.5% in the last twelve months default rate by year‑end 2023, on par with the long-term average default rate of roughly 3.0%.⁴ Yields remain robust given the rise in interest rates, with average loan coupons continuing to outyield the average coupon for high-yield bonds.⁴

As of February 28, 2023, the 12‑month default rate was 1.02%.² Issuer fundamentals ended the last quarter of 2022 with a strong ability to service their debt, even in a rising rate environment. Interest coverage ratios, while down from their recent highs, are currently 3.9 times,⁵ so companies continue to have the sufficient ability to absorb higher rates. Additionally, leverage levels have returned to pre‑pandemic levels as borrowers have repaired their balance sheets and pushed out their maturities. As of January 31, 2023, only 5.5% of outstanding loans mature in 2023 or 2024, so there is minimal refinancing risk in the market.⁴ The average price in the senior loan market was $93.49 as of February 28, 2023.¹ Given the price of senior loans at the end of the fiscal year, they provided a 10.52% yield (represented by the yield to 3‑year life).¹

During the fiscal year, the Fund employed 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 approximately 16% of the Fund’s total assets. 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

2 Invesco Senior Loan Fund

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 and the associated risks, see the Notes to Financial Statements later in this report.

During the fiscal year ending February 28, 2023, QuarterNorth Energy, Aquadrill and Petroleum GEO‑Services ASA were the largest contributors to the Fund’s relative performance as compared to the benchmark, while IAP Worldwide Services, Crown Finance US and Riverbed Technology were the largest detractors from relative Fund performance.

In managing the Fund, we seek to take advantage of market opportunities by decreasing risk in the Fund when we believe senior loans are overbought and increasing risk when we believe they are oversold. We seek to efficiently allocate risk within the portfolio in order to maximize risk-adjusted returns through five different considerations consisting of credit selection, sector migration, risk positioning, asset selection and trading.

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 a reference rate. Because senior loans generally have a very short duration and the coupons, or interest rates, are usually adjusted every 30 to 90 days as the reference rate 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 loans are therefore less sensitive to interest rate changes than traditional fixed income bonds. As a result, senior loans can provide a natural hedge against rising interest rates.

We are monitoring interest rates, the market, 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 US Federal Reserve and other central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments and the market price of the Fund’s shares.

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

1	Source: Credit Suisse Leveraged Loan Index

2	Source: Morningstar LSTA US Leveraged Loan Index

3	Source: Credit Suisse High Yield Index

4	Source: JP Morgan

5	Source: Pitchbook LCD

† Source: S&P Global Ratings. 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. Not Rated indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit www.spglobal.com and select ’Understanding Credit Ratings’ under About Ratings on the homepage.

Portfolio manager(s):

Scott Baskind

Tom Ewald - Lead

Philip Yarrow

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but 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.

3 Invesco Senior Loan Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 2/28/13

1 Source: Bloomberg LP

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

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including

management fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees;

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



Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (2/18/05)	3.24	%
10 Years	3.54
5 Years	2.19
1 Year	-3.89

Class C Shares
Inception (2/18/05)	2.66	%
10 Years	3.10
5 Years	2.10
1 Year	-2.41

Class Y Shares
Inception (11/8/13)	3.84	%
5 Years	3.14
1 Year	-0.37

Class IB Shares
Inception (10/4/89)	4.71	%
10 Years	4.13
5 Years	3.14
1 Year	-0.36

Class IC Shares
Inception (6/13/03)	4.06	%
10 Years	3.99
5 Years	2.99
1 Year	-0.51

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

Class A share performance reflects the maximum 3.25% sales charge. Class A shares have no early withdrawal charges, except that an early withdrawal charge of 1.00% may be imposed on certain repurchases of Class A shares made by the Fund within eighteen months of purchase upon which a sales charge was not paid; such charge is not reflected in the returns shown above. Class C share performance reflects a maximum early withdrawal charge of 1% for the first

year after purchase. Class IB shares and Class IC shares are not continuously offered. Class Y, Class IB and Class IC shares do not have a front‑end sales charge or a CDSC, therefore performance is at net asset value. Class Y, Class IB and Class IC 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.

4 Invesco Senior Loan Fund

Supplemental Information

Invesco Senior Loan Fund’s investment objective is to seek 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, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎	The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US‑dollar‑denominated, noninvestment-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.

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

5 Invesco Senior Loan Fund

Fund Information

Portfolio Composition^†


By credit quality		% of total investments
BBB-		0.94%
BB+		2.06
BB		5.35
BB-		7.97
B+		10.51
B		21.20
B-		19.81
CCC+		6.23
CCC		2.50
CCC-		0.30
CC		0.06
D		0.46
Non‑Rated		13.41
Equity		9.20

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

Top Five Debt Issuers


		% of total net assets
1.	NAS LLC (d.b.a. Nationwide Marketing Group)	2.04%
2.	Monitronics International, Inc.	1.59
3.	Crown Finance US, Inc.	1.38
4.	HotelBeds	1.33
5.	Al Aqua Merger Sub, Inc.	1.31

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, 2023.

6 Invesco Senior Loan Fund

Schedule of Investments

February 28, 2023


	Interest Rate		Maturity Date		Principal Amount (000)^(a)		Value
Variable Rate Senior Loan Interests–100.89%^(b)(c)

Aerospace & Defense–3.83%
Brown Group Holding LLC (Signature Aviation US Holdings, Inc.)
Incremental Term Loan B‑2 (1 mo. SOFR+ 3.75%)		8.37%		07/01/2029		$ 824	$ 825,346
Term Loan (1 mo. USD LIBOR + 2.50%)		7.13%		06/07/2028		480	476,562
Castlelake Aviation Ltd.
Term Loan (3 mo. USD LIBOR + 2.75%)		7.52%		10/22/2026		1,481	1,470,217
Term Loan^(d)		-		10/22/2027		1,066	1,056,063
CEP IV Investment 16 S.a.r.l. (ADB Safegate) (Luxembourg), Term Loan B (3 mo. EURIBOR + 4.75%)		6.72%		10/03/2026		EUR 161	144,134
Dynasty Acquisition Co., Inc.
Term Loan B‑1 (1 mo. USD LIBOR + 3.50%)		8.22%		04/08/2026		254	249,355
Term Loan B‑2 (1 mo. USD LIBOR + 3.50%)		8.12%		04/08/2026		136	133,176
Gogo Intermediate Holdings LLC, Term Loan B (3 mo. USD LIBOR + 3.75%)		8.70%		04/30/2028		676	673,886
Greenrock Finance, Inc.
Delayed Draw Term Loan (3 mo. SOFR + 4.25%)		9.25%		06/21/2029		109	108,057
Term Loan B (3 mo. SOFR + 4.25%)		8.93%		06/21/2029		236	234,123
IAP Worldwide Services, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) (Acquired 07/18/2014‑02/08/2019; Cost $2,078,617)^(e)(f)		11.23%		07/18/2023		2,085	2,085,084
KKR Apple Bidco LLC
First Lien Term Loan (1 mo. SOFR + 2.75%)		7.38%		09/22/2028		520	517,915
First Lien Term Loan (1 mo. SOFR+ 4.00%)		8.62%		09/22/2028		204	204,123
Second Lien Term Loan (1 mo. USD LIBOR + 5.75%)		10.38%		09/21/2029		212	207,905
Peraton Corp.
First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		8.38%		02/01/2028		155	153,673
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.65%		02/01/2029		1,296	1,273,587
Propulsion (BC) Finco S.a.r.l. (Spain), Term Loan B (3 mo. SOFR + 4.00%)		8.58%		09/13/2029		353	350,889
Rand Parent LLC (Atlas Air), Term Loan B^(d)		-		02/09/2030		801	779,852
Spirit AeroSystems, Inc., First Lien Term Loan (3 mo. SOFR + 4.50%)		9.18%		01/14/2027		857	859,128
Transdigm, Inc.
Term Loan H (1 mo. SOFR + 3.25%)		7.83%		02/28/2027		68	68,580
Term Loan I (1 mo. SOFR + 3.25%)		7.82%		08/10/2028		3,309	3,298,570
							15,170,225

Air Transport–4.08%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan (3 mo. USD LIBOR + 4.75%)		9.56%		04/20/2028		4,894	5,024,870
Air Canada (Canada), Term Loan (3 mo. USD LIBOR + 3.50%)		8.37%		08/11/2028		999	1,000,020
American Airlines, Inc., Term Loan^(d)		-		02/09/2028		856	834,789
Avolon TLB Borrower 1 (US) LLC, Term Loan B‑4 (1 mo. USD LIBOR + 1.50%)		6.10%		02/12/2027		185	183,434
eTraveli Group (Sweden), Term Loan B‑1 (3 mo. EURIBOR + 4.00%)		6.20%		08/02/2024		EUR 405	424,390
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)		10.00%		06/21/2027		1,345	1,402,513
PrimeFlight Aviation Services, Inc., Term Loan (3 mo. SOFR + 5.50%)^(e)		10.30%		05/09/2024		420	419,708
SkyMiles IP Ltd. (Delta Air Lines, Inc.), Term Loan (3 mo. USD LIBOR + 3.75%)		8.56%		10/20/2027		683	707,739
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.57%		04/21/2028		4,601	4,605,397
WestJet Airlines Ltd. (Canada), Term Loan (1 mo. USD LIBOR + 3.00%)		7.59%		12/11/2026		1,606	1,534,155
							16,137,015

Automotive–2.32%
Adient PLC, Term Loan B‑1 (1 mo. USD LIBOR + 3.25%)		7.88%		04/10/2028		1,252	1,252,892
Autokiniton US Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)		9.10%		04/06/2028		1,900	1,888,518

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

7 Invesco Senior Loan Fund


	Interest Rate		Maturity Date		Principal Amount (000)^(a)		Value
Automotive–(continued)
BCA Marketplace (United Kingdom)
Second Lien Term Loan B (6 mo. SONIA + 7.50%)		11.43%		07/27/2029		GBP 481	$ 305,561
Term Loan B (6 mo. SONIA + 4.75%)		8.18%		07/28/2028		GBP 184	178,855
DexKo Global, Inc., First Lien Term Loan (1 mo. SOFR + 6.50%)^(e)		11.08%		10/04/2028		$ 184	175,361
Driven Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.00%)		7.74%		12/16/2028		307	300,818
First Brands Group Intermediate LLC
Term Loan B (6 mo. SOFR + 5.00%)		10.25%		03/30/2027		175	171,274
Term Loan B (1 mo. SOFR + 5.00%)		10.25%		03/30/2027		1,232	1,180,291
Garrett Borrowing LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		8.08%		04/30/2028		288	285,261
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. USD LIBOR + 4.50%)		9.13%		11/09/2027		1,505	1,439,089
Mavis Tire Express Services TopCo L.P., First Lien Term Loan (1 mo. SOFR + 4.00%)		8.73%		05/04/2028		1,598	1,550,524
PowerStop LLC, Term Loan B (3 mo. USD LIBOR + 4.75%)		9.70%		01/24/2029		630	452,374
							9,180,818

Beverage & Tobacco–1.82%
AI Aqua Merger Sub, Inc.
Delayed Draw Term Loan^(d)		-		07/31/2028		250	240,779
Incremental Term Loan B^(d)		-		07/31/2028		1,432	1,381,019
Term Loan B (1 mo. USD LIBOR + 3.75%)		8.32%		07/31/2028		3,664	3,539,526
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		8.23%		03/20/2024		772	718,472
City Brewing Co. LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		8.33%		03/31/2028		1,391	687,858
Naked Juice LLC (Tropicana), Second Lien Term Loan (3 mo. SOFR + 6.00%)		10.68%		01/20/2030		798	622,362
							7,190,016

Brokers, Dealers & Investment Houses–0.27%
AqGen Island Intermediate Holdings, Inc.
Second Lien Term Loan B (3 mo. USD LIBOR + 3.50%)		8.25%		08/02/2028		524	509,099
Second Lien Term Loan B (3 mo. USD LIBOR + 6.50%)		11.31%		08/05/2029		21	18,641
Zebra Buyer LLC, Term Loan (3 mo. SOFR + 4.00%)		8.33%		11/01/2028		540	541,779
							1,069,519

Building & Development–2.66%
Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (3 mo. USD LIBOR + 2.50%)		7.22%		08/27/2025		156	155,013
Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)		9.60%		04/01/2028		1,677	1,359,070
Icebox Holdco III, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.23%		12/22/2028		989	939,493
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)^(e)		11.48%		12/21/2029		302	269,659
LBM Holdings LLC, First Lien Term Loan^(d)		-		12/17/2027		1	1,032
LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. SOFR + 4.75%)		9.47%		02/16/2029		2,003	1,654,924
Mayfair Mall LLC, Term Loan (1 mo. USD LIBOR + 3.25%)^(e)		7.37%		04/20/2023		556	508,793
Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. SOFR + 4.50%)		9.18%		04/29/2029		1,238	1,202,122
Quikrete Holdings, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 2.63%)		7.26%		02/01/2027		611	606,306
Term Loan B (1 mo. USD LIBOR + 3.00%)		7.63%		06/11/2028		1,285	1,282,352
Re/Max LLC, Term Loan (1 mo. USD LIBOR + 2.50%)		7.19%		07/21/2028		1,385	1,326,327
SRS Distribution, Inc., Term Loan (3 mo. SOFR + 3.50%)		7.97%		06/02/2028		191	184,460
TAMKO Building Products LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		7.73%		05/29/2026		165	163,558
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%)		8.73%		07/24/2024		906	850,201
							10,503,310

Business Equipment & Services–12.00%
Aegion Corp., Term Loan (1 mo. USD LIBOR + 4.75%)		9.38%		05/17/2028		485	473,815

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

8 Invesco Senior Loan Fund


	Interest Rate		Maturity Date		Principal Amount (000)^(a)		Value
Business Equipment & Services–(continued)
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM)
Term Loan (1 mo. USD LIBOR + 3.75%)		8.47%		05/12/2028		$ 1,269	$ 1,224,411
Term Loan B (3 mo. EURIBOR + 3.75%)		6.18%		05/12/2028		EUR 110	110,505
Asurion LLC (fka Asurion Corp.), Term Loan B‑7 (1 mo. USD LIBOR + 3.00%)		7.63%		11/03/2024		200	199,862
Camelot Finance L.P.
Incremental Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		10/30/2026		1,637	1,633,665
Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		10/30/2026		1,154	1,151,429
Checkout Holding Corp., Term Loan^(d)		-		06/30/2023		18	18,241
Cimpress USA, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		05/17/2028		741	673,442
Constant Contact
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		12.31%		02/15/2029		587	491,243
Term Loan B (1 mo. USD LIBOR + 4.00%)		8.81%		02/10/2028		1,355	1,284,772
Corp. Service Co., Term Loan B (1 mo. SOFR + 3.25%)		7.97%		08/08/2029		749	750,518
CRCI Longhorn Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		11.88%		08/08/2026		72	67,269
Creation Technologies, Inc., Term Loan B (3 mo. USD LIBOR + 5.50%)^(e)		10.28%		10/05/2028		750	647,119
Dakota Holding Corp., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		04/07/2028		353	331,589
Dun & Bradstreet Corp. (The)
Incremental Term Loan B‑2 (1 mo. SOFR + 3.25%)		7.85%		01/18/2029		412	410,666
Revolver Loan (1 mo. USD LIBOR + 3.00%)^(e)		4.06%		09/11/2025		312	308,501
Revolver Loan^(e)(g)		0.00%		09/11/2025		1,808	1,789,307
Term Loan (1 mo. USD LIBOR + 3.25%)		7.87%		02/06/2026		818	816,652
Garda World Security Corp. (Canada)
Incremental Term Loan (1 mo. SOFR + 4.25%)		8.81%		02/01/2029		1,282	1,276,684
Term Loan B‑2 (1 mo. USD LIBOR + 4.25%)		8.91%		10/30/2026		1,714	1,714,913
GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		05/12/2028		2,690	2,577,879
Grandir (The Education Group) (France)
Delayed Draw Term Loan (3 mo. EURIBOR + 4.00%)		6.70%		09/29/2028		EUR 35	35,772
Term Loan B‑1 (3 mo. EURIBOR + 4.00%)		6.70%		09/29/2028		EUR 209	214,633
ION Trading Technologies S.a.r.l. (Luxembourg), Term Loan B (3 mo. EURIBOR + 4.25%)		6.45%		04/01/2028		EUR 521	524,858
Karman Buyer Corp., First Lien Term Loan B‑1 (1 mo. USD LIBOR + 4.50%)		9.29%		10/28/2027		1,620	1,339,672
Konecta (Kronosnet CX Bidco 2022, S.L.) (Spain), Term Loan (3 mo. EURIBOR + 5.75%)		8.20%		09/30/2029		EUR 102	100,725
Monitronics International, Inc.
Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 08/30/2019‑01/28/2021; Cost $ 4,885,682)^(f)		12.33%		03/29/2024		5,065	3,317,445
Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 08/28/2019‑04/27/2022; Cost $ 3,132,623)^(e)(f)		10.83%		07/03/2024		3,129	2,972,275
NAS LLC (d.b.a. Nationwide Marketing Group)
Incremental Term Loan (3 mo. SOFR + 6.50%)^(e)		11.23%		06/03/2024		1,725	1,699,529
Revolver Loan (1 mo. SOFR + 6.50%)^(e)		0.50%		06/03/2024		103	101,179
Revolver Loan^(e)(g)		0.00%		06/03/2024		411	404,714
Term Loan (3 mo. SOFR + 6.50%)^(e)		11.23%		06/03/2024		4,970	4,895,101
Term Loan (3 mo. SOFR + 6.50%)^(e)		11.23%		06/03/2024		944	929,934
OCM System One Buyer CTB LLC, Term Loan (1 mo. USD LIBOR + 4.00%)		8.73%		03/02/2028		735	731,758
Orchid Merger Sub II LLC, Term Loan (6 mo. SOFR + 4.75%)^(e)		9.48%		07/27/2027		1,618	1,399,470
Protect America, Revolver Loan^(d)(e)		-		09/01/2024		848	788,764
QA Group (IndigoCyan) (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)		8.80%		06/23/2024		GBP 2,109	2,446,891
Sitel Worldwide Corp., Term Loan (1 mo. USD LIBOR + 3.75%)		8.39%		08/28/2028		204	203,944
Skillsoft Corp., Term Loan (1 mo. SOFR + 4.75%)		9.93%		07/14/2028		588	510,036
Solera (Polaris Newco LLC), Term Loan B (1 mo. SONIA + 5.25%)		9.18%		06/05/2028		GBP 234	262,484
Spin Holdco, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		8.77%		03/04/2028		3,959	3,353,774
Tempo Acquisition LLC, Term Loan B (1 mo. SOFR + 3.00%)		7.62%		08/31/2028		33	32,544

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

9 Invesco Senior Loan Fund


	Interest Rate		Maturity Date		Principal Amount (000)^(a)		Value
Business Equipment & Services–(continued)
Thermostat Purchaser III, Inc.
First Lien Delayed Draw Term Loan^(e)(g)		0.00%		08/31/2028		$ 78	$ 74,968
Term Loan B^(d)(e)		-		08/30/2028		501	480,373
Thevelia (US) LLC, First Lien Term Loan B (3 mo. SOFR+ 4.00%)		8.73%		06/17/2029		769	753,060
UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 5.75%)^(e)		10.35%		03/20/2027		528	486,119
Virtusa Corp.
Incremental Term Loan B (1 mo. SOFR + 3.75%)		8.47%		02/08/2029		204	202,888
Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/11/2028		654	651,957
WebHelp (France), Term Loan B (1 mo. USD LIBOR + 4.00%)		8.05%		08/04/2028		623	604,402
							47,471,751

Cable & Satellite Television–1.75%
Altice Financing S.A. (Luxembourg), Term Loan (3 mo. SOFR + 5.00%)^(e)		9.57%		10/31/2027		322	321,330
Atlantic Broadband Finance LLC, Incremental Term Loan B (1 mo. USD LIBOR + 2.50%)		7.13%		09/01/2028		100	98,615
CSC Holdings LLC, Term Loan B (1 mo. SOFR + 4.50%)		9.06%		01/15/2028		926	869,158
Numericable‑SFR S.A. (France)
Incremental Term Loan B‑13 (3 mo. USD LIBOR + 4.00%)		8.86%		08/14/2026		527	513,443
Term Loan B‑11 (3 mo. USD LIBOR + 2.75%)		7.58%		07/31/2025		151	149,503
ORBCOMM, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)		8.88%		09/01/2028		218	178,006
Telenet - LG, Term Loan AR (6 mo. USD LIBOR + 2.00%)		6.59%		04/30/2028		205	200,327
UPC - LG
Term Loan AT (1 mo. USD LIBOR + 2.25%)		6.84%		04/30/2028		193	189,859
Term Loan AX (1 mo. USD LIBOR + 2.93%)		7.51%		01/31/2029		1,980	1,957,040
Virgin Media 02 - LG (United Kingdom), Term Loan Q (1 mo. USD LIBOR + 3.25%)		7.84%		01/31/2029		2,443	2,435,408
Vodafone Ziggo - LG, Term Loan I (1 mo. USD LIBOR + 2.50%)		7.09%		04/30/2028		27	26,198
							6,938,887

Chemicals & Plastics–4.02%
AkzoNoble Chemicals, Term Loan (3 mo. USD LIBOR + 2.75%)		7.53%		10/01/2025		850	846,581
Aruba Investments, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.38%		11/24/2028		611	555,747
Arxada (Switzerland)
Term Loan B (3 mo. EURIBOR + 4.00%)		6.20%		07/03/2028		EUR 184	183,570
Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		07/03/2028		121	114,835
Ascend Performance Materials Operations LLC, Term Loan (6 mo. SOFR + 4.75%)		8.83%		08/27/2026		2,488	2,488,482
Axalta Coating Systems U.S. Holdings, Inc., Term Loan B‑4 (1 mo. SOFR + 3.00%)		7.51%		12/20/2029		1,132	1,138,175
BASF Construction Chemicals (Germany), Term Loan B‑3 (3 mo. USD LIBOR + 3.50%)		7.17%		09/29/2027		547	546,667
BES (Discovery Purchaser Corp.)
First Lien Term Loan (1 mo. SOFR + 7.00%)		11.59%		08/03/2030		347	318,673
Second Lien Term Loan (3 mo. SOFR + 4.38%)		8.96%		10/03/2029		420	403,180
Caldic (Pearls BidCo) (Netherlands), Term Loan B^(d)		-		02/26/2029		263	259,198
Charter NEX US, Inc., Term Loan B^(d)		-		12/01/2027		862	849,547
Colouroz Investment LLC (Germany)
PIK First Lien Term Loan C, 0.75% PIK Rate, 8.57% Cash Rate^(h)		0.75%		09/21/2023		1	1,013
PIK First Lien Term Loan, 0.75% PIK Rate, 5.75% Cash Rate^(h)		0.75%		09/21/2023		EUR 0	64
PIK Second Lien Term Loan B‑2, 5.75% PIK Rate, 9.07% Cash Rate^(h)		5.75%		09/21/2024		26	13,502
Cyanco Intermediate 2 Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.13%		03/16/2025		133	131,173
Eastman Tire Additives (River Buyer, Inc.), First Lien Term Loan (1 mo. USD LIBOR + 5.25%)		9.98%		11/01/2028		1,523	1,390,548
Fusion (Fusion UK Holding Ltd. & US HoldCo VAD, Inc.), Term Loan B (3 mo. SOFR+ 3.75%)		8.30%		05/28/2029		175	166,448
H.B. Fuller Co., Term Loan B^(d)		-		02/08/2030		354	356,936
ICP Group Holdings LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		12/29/2027		523	442,875
Ineos US Finance LLC
Term Loan^(d)		-		11/08/2027		485	484,787
Term Loan^(d)		-		02/09/2030		755	750,448

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

10 Invesco Senior Loan Fund


	Interest Rate		Maturity Date		Principal Amount (000)^(a)		Value
Chemicals & Plastics–(continued)
Kersia International S.A.S. (Belgium), Term Loan B (3 mo. EURIBOR + 3.93%)		6.13%		12/23/2027		EUR 187	$ 184,915
Lummus Technology (Illuminate Buyer LLC), Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		06/30/2027		$ 63	61,438
Nobian Finance B.V., Term Loan B (3 mo. EURIBOR + 3.20%)		5.40%		07/01/2026		EUR 789	796,498
Potters Industries LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		12/14/2027		425	425,511
Proampac PG Borrower LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.58%		11/03/2025		295	290,610
Quantix, Term Loan (3 mo. SOFR + 6.25%)^(e)		10.99%		05/03/2025		2,014	1,973,694
Timber Servicios Empresariales S.A. (Spain), Term Loan B (3 mo. EURIBOR + 4.75%)		6.61%		02/17/2029		EUR 173	160,336
W.R. Grace & Co., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.50%		09/22/2028		570	567,760
							15,903,211

Clothing & Textiles–0.95%
ABG Intermediate Holdings 2 LLC
First Lien Term Loan B‑1 (1 mo. SOFR + 3.50%)		8.22%		12/21/2028		2,266	2,229,004
Second Lien Term Loan (1 mo. SOFR + 6.00%)		10.72%		12/20/2029		405	376,490
BK LC Lux SPV S.a.r.l. (Birkenstock), Term Loan B (1 mo. USD LIBOR + 3.25%)		8.06%		04/28/2028		1,101	1,094,651
International Textile Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 5.00%)		9.21%		05/01/2024		117	74,687
							3,774,832

Conglomerates–0.27%
APi Group DE, Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		7.38%		01/03/2029		474	474,151
CeramTec (CTEC III GmbH) (Germany), Term Loan B (3 mo. EURIBOR + 3.75%)		6.45%		03/16/2029		EUR 234	239,497
Safe Fleet Holdings LLC
Incremental First Lien Term Loan (1 mo. SOFR + 5.00%)^(e)		9.66%		02/23/2029		170	168,880
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		11.39%		02/02/2026		192	175,097
							1,057,625

Containers & Glass Products–3.10%
Berlin Packaging LLC, Term Loan B‑5 (1 mo. USD LIBOR + 3.75%)		8.48%		03/11/2028		994	976,390
Brook & Whittle Holding Corp., First Lien Term Loan (3 mo. SOFR + 4.00%)		9.04%		12/14/2028		603	553,305
Duran Group (Germany), Term Loan B‑2 (3 mo. USD LIBOR + 3.75%) (Acquired 03/24/2017‑03/03/2021; Cost $2,491,825)^(e)(f)		7.88%		03/29/2024		2,498	2,413,269
Keter Group B.V. (Netherlands)
Term Loan B‑1 (3 mo. EURIBOR + 4.25%) (Acquired 04/29/2022‑02/21/2023; Cost $822,770)^(f)		6.74%		10/31/2023		EUR 896	747,280
Term Loan B‑3 (3 mo. EURIBOR + 4.25%) (Acquired 02/21/2023; Cost $361,840)^(f)		6.20%		10/31/2023		EUR 425	354,757
LABL, Inc. (Multi-Color), Term Loan (1 mo. USD LIBOR + 5.00%)		9.63%		10/29/2028		2,095	2,049,633
Libbey Glass, Inc., First Lien Term Loan (3 mo. SOFR + 3.75%) (Acquired 11/22/2022‑02/22/2023; Cost $1,595,402)^(f)		4.75%		11/22/2027		1,708	1,643,711
Logoplaste (Mar Bidco S.a.r.l.) (Portugal), Term Loan B (1 mo. USD LIBOR + 4.30%)		9.03%		07/07/2028		418	388,358
Mold-Rite Plastics LLC (Valcour Packaging LLC)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)^(e)		7.98%		10/04/2028		542	475,284
Second Lien Term Loan (6 mo. USD LIBOR + 7.00%)^(e)		11.23%		10/04/2029		224	156,688
Refresco Group N.V. (Netherlands), Term Loan B (3 mo. SOFR + 4.25%)		9.01%		07/12/2029		2,525	2,516,384
							12,275,059

Cosmetics & Toiletries–1.53%
Bausch and Lomb, Inc., Term Loan (1 mo. SOFR + 3.25%)		7.84%		05/10/2027		2,438	2,389,757
Coty, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		6.84%		04/05/2025		2,747	2,744,000
Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%)		7.49%		06/29/2028		EUR 765	693,376
Wella (Rainbow FinCo S.a.r.l.), Term Loan B (6 mo. EURIBOR + 3.50%)		6.70%		02/24/2029		EUR 220	224,204
							6,051,337

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
Drugs–0.00%
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		6.63%		11/15/2027		$ 5	$ 4,641

Ecological Services & Equipment–1.22%
Anticimex (Sweden)
First Lien Term Loan (3 mo. SOFR + 4.75%)		9.74%		11/16/2028		236	233,519
Term Loan B‑4 (3 mo. USD LIBOR + 4.00%)		8.95%		11/16/2028		412	410,363
EnergySolutions LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		05/11/2025		1,031	998,691
GFL Environmental, Inc. (Canada), Term Loan B (1 mo. SOFR + 3.00%)		7.72%		05/28/2027		412	413,491
Groundworks LLC
Delayed Draw Term Loan (3 mo. USD LIBOR + 4.75%)^(e)		9.48%		01/17/2026		28	28,067
Delayed Draw Term Loan (3 mo. USD LIBOR + 4.75%)^(e)		9.48%		01/17/2026		1,086	1,085,725
Delayed Draw Term Loan^(e)(g)		0.00%		01/17/2026		223	223,250
Term Loan (3 mo. USD LIBOR + 4.75%)^(e)		9.48%		01/17/2026		50	49,779
Term Loan^(e)(g)		0.00%		03/14/2029		50	48,384
Term Loan^(e)(g)		0.00%		03/14/2030		156	151,199
OGF (France), Term Loan B‑2 (6 mo. EURIBOR + 4.75%)		7.11%		12/31/2025		EUR 166	163,536
Patriot Container Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.47%		03/20/2025		437	411,714
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 8.50%)^(e)		13.33%		11/02/2028		827	595,587
							4,813,305

Electronics & Electrical–11.19%
Altar BidCo, Inc. (Brooks Automation, Inc.), Second Lien Term Loan (6 mo. SOFR + 5.60%)		10.49%		02/01/2030		206	182,400
AppLovin Corp., Term Loan (3 mo. SOFR + 3.00%)		9.50%		10/25/2028		980	972,497
Boxer Parent Co., Inc., Term Loan B (1 mo. EURIBOR + 4.00%)		6.43%		10/02/2025		EUR 20	20,799
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		8.63%		04/18/2025		446	441,129
CDK Global, Inc., First Lien Term Loan (3 mo. SOFR+ 4.50%)		9.08%		07/06/2029		837	835,463
CommerceHub, Inc., Term Loan B (3 mo. USD LIBOR + 4.00%)		8.78%		01/01/2028		767	733,839
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		04/06/2026		629	611,895
ConnectWise LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		8.13%		10/01/2028		340	324,112
Cornerstone OnDemand, First Lien Term Loan (1 mo. USD LIBOR + 3.75%) (Acquired 09/21/2021; Cost $451,629)^(f)		8.38%		10/16/2028		453	420,516
Delta Topco, Inc. (Infoblox, Inc.)
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.15%		12/01/2027		382	356,761
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		11.65%		12/01/2028		358	315,589
Diebold Nixdorf, Inc.
Term Loan (1 mo. SOFR + 5.25%)		10.48%		07/15/2025		782	534,503
Term Loan (1 mo. SOFR + 6.40%)		11.63%		07/15/2025		307	320,662
Digi International, Inc., Term Loan (6 mo. USD LIBOR + 5.00%)^(e)		9.63%		11/01/2028		784	785,055
E2Open LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		8.08%		02/04/2028		1,370	1,364,981
Emerald Technologies AcquisitionCo, Inc., Term Loan B (1 mo. SOFR + 6.25%)		10.97%		12/29/2027		196	184,114
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.62%		05/06/2026		82	78,883
EverCommerce, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		07/01/2028		505	504,052
Forcepoint, Term Loan (3 mo. USD LIBOR + 4.25%)		9.08%		01/07/2028		292	275,869
Go Daddy Operating Co. LLC, Term Loan (1 mo. SOFR + 3.25%)		8.06%		11/09/2029		70	69,712
GoTo Group, Inc. (LogMeIn), First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.38%		08/31/2027		3,666	2,033,969
Imperva, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		12.65%		01/11/2027		988	740,683
Inetum (Granite Fin Bidco SAS) (France), Term Loan B (3 mo. EURIBOR + 5.00%)		7.06%		10/17/2028		EUR 274	276,845
Infinite Electronics, Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		11.73%		03/02/2029		253	228,130
Informatica Corp., Term Loan (1 mo. USD LIBOR + 2.75%)		7.44%		10/15/2028		355	355,286
Learning Pool (Brook Bidco Ltd.) (United Kingdom)
Term Loan (1 mo. SONIA + 7.25%)^(e)		10.80%		08/17/2028		GBP 319	375,519
Term Loan 2^(d)(e)		-		08/17/2028		411	394,283
Marcel Bidco LLC, Term Loan (1 mo. USD LIBOR + 4.00%)^(e)		8.42%		12/31/2027		93	92,488

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
Electronics & Electrical–(continued)
Mavenir Systems, Inc., Term Loan B (3 mo. USD LIBOR + 4.75%)		9.65%		08/13/2028		$ 1,661	$ 1,121,294
Maverick Bidco, Inc. (Mitratech), Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)^(e)		11.58%		05/18/2029		49	44,265
McAfee Enterprise
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.08%		07/27/2029		628	495,594
Term Loan B (1 mo. USD LIBOR + 4.75%)		9.58%		07/27/2028		605	517,511
McAfee LLC, Term Loan B‑1 (1 mo. SOFR + 4.50%)		8.42%		03/01/2029		2,363	2,220,170
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 6.25%) (Acquired 04/25/2019‑02/01/2022; Cost $2,054,868)^(f)		10.42%		04/29/2026		2,084	1,870,370
Native Instruments (Germany), Term Loan (3 mo. EURIBOR + 6.00%)^(e)		7.98%		03/03/2028		EUR 784	782,298
NCR Corp., Term Loan B (3 mo. USD LIBOR + 2.50%)		7.33%		08/28/2026		645	641,563
Oberthur Tech, Term Loan B (3 mo. USD LIBOR + 4.50%)		9.23%		01/09/2026		1,289	1,278,061
Open Text Corp. (Canada), Incremental Term Loan B^(d)		-		08/27/2029		2,023	2,022,627
Optiv, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		11.42%		01/31/2025		490	456,315
Term Loan (3 mo. USD LIBOR + 3.25%)		7.42%		02/01/2024		3,136	3,118,968
Project Accelerate Parent LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)^(e)		8.88%		01/02/2025		1,188	1,158,591
Proofpoint, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)		7.88%		08/31/2028		712	693,646
Quest Software US Holdings, Inc.
Second Lien Term Loan (3 mo. SOFR+ 7.50%)		12.33%		01/20/2030		136	88,094
Term Loan B (3 mo. SOFR + 4.25%)		9.08%		01/19/2029		3,035	2,622,905
RealPage, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		7.63%		04/24/2028		1,283	1,244,860
Resideo Funding, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)		6.86%		02/11/2028		0	11
Riverbed Technology, Inc., PIK Term Loan, 2.00% PIK Rate, 10.83% Cash Rate (Acquired 12/06/2021‑02/07/2023; Cost $3,931,221)^(f)(h)		2.00%		12/08/2026		3,171	1,155,609
Sandvine Corp.
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		9.33%		10/31/2025		1,349	1,279,987
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		12.83%		11/02/2026		190	169,295
SmartBear (AQA Acquisition Holdings, Inc), Term Loan B (3 mo. USD LIBOR + 4.25%)		9.20%		03/03/2028		190	185,403
SonicWall U.S. Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.71%		05/16/2025		130	128,445
Ultimate Software Group, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.58%		05/04/2026		1,561	1,543,548
Second Lien Term Loan (3 mo. USD LIBOR + 5.25%)		10.03%		05/03/2027		154	150,922
UST Holdings Ltd., Term Loan B (1 mo. USD LIBOR + 3.75%)		8.48%		11/19/2028		701	698,612
Utimaco (Germany)
Term Loan B (3 mo. EURIBOR + 6.25%)^(e)		8.95%		05/31/2029		EUR 1,940	1,965,497
Term Loan B (3 mo. SOFR + 6.25%)^(e)		11.20%		05/31/2029		1,089	1,051,655
Veritas US, Inc., Term Loan B (3 mo. USD LIBOR + 5.00%)		9.73%		09/01/2025		925	727,605
WebPros, Term Loan (3 mo. USD LIBOR + 5.25%)		9.98%		02/18/2027		1,039	1,021,093
							44,284,848

Financial Intermediaries–0.80%
Edelman Financial Center LLC (The)
Incremental Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		04/07/2028		1,812	1,768,930
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		07/20/2026		112	108,728
LendingTree, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		8.39%		09/15/2028		925	856,573
Stiphout Finance LLC, Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		10/26/2025		122	121,380
Tegra118 Wealth Solutions, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		8.56%		02/18/2027		321	313,582
							3,169,193

Food Products–2.80%
Arnott’s (Snacking Investments US LLC), Term Loan (1 mo. USD LIBOR + 4.00%)		8.56%		12/18/2026		942	940,511
Biscuit Intl (Cookie Acq S.A.S., De Banketgroep Holding) (France), First Lien Term Loan (6 mo. EURIBOR + 4.00%)		5.86%		02/15/2027		EUR 524	435,393

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
Food Products–(continued)
BrightPet (AMCP Pet Holdings, Inc.)
Revolver Loan (3 mo. USD LIBOR + 6.25%)^(e)		11.06%		10/05/2026		$ 336	$ 324,595
Term Loan B (3 mo. USD LIBOR + 6.25%)^(e)		10.98%		10/05/2026		2,303	2,226,721
Florida Food Products LLC
First Lien Term Loan (1 mo. SOFR + 5.00%)^(e)		9.62%		10/18/2028		419	391,284
First Lien Term Loan (1 mo. SOFR + 5.00%)^(e)		9.63%		10/18/2028		3,060	2,861,051
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		12.63%		10/08/2029		609	548,312
H‑Food Holdings LLC
Incremental Term Loan B‑3 (1 mo. USD LIBOR + 5.00%)		9.63%		05/23/2025		749	678,568
Term Loan (3 mo. USD LIBOR + 3.69%)		8.32%		05/23/2025		571	514,898
Nomad Foods US LLC (United Kingdom), Term Loan B (1 mo. SOFR + 3.75%)		8.23%		11/10/2029		310	310,847
Panzani/Pimente (France), Term Loan B (3 mo. EURIBOR + 4.25%)		6.45%		12/02/2028		EUR 174	180,313
Shearer’s Foods LLC
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.39%		09/22/2028		222	207,826
Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		09/23/2027		132	129,280
Sigma Bidco B.V. (Netherlands)
Term Loan B‑1 (3 mo. EURIBOR + 3.50%)		6.24%		07/02/2025		EUR 427	421,492
Term Loan B‑2 (3 mo. USD LIBOR + 3.00%)		7.46%		07/02/2025		496	466,350
Valeo Foods (Jersey) Ltd. (United Kingdom), First Lien Term Loan B (6 mo. EURIBOR + 4.00%)		7.24%		09/29/2028		EUR 492	442,821
							11,080,262

Food Service–0.88%
Euro Garages (Netherlands)
Term Loan B (3 mo. USD LIBOR + 4.00%)		9.15%		02/07/2025		434	407,282
Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		02/07/2025		618	580,286
Term Loan B (3 mo. USD LIBOR + 4.25%)		8.98%		03/31/2026		310	290,383
Financiere Pax S.A.S., Term Loan B (6 mo. EURIBOR + 4.75%)		7.19%		07/01/2026		EUR 1,400	1,353,528
WW International, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.14%		04/13/2028		1,457	846,609
							3,478,088

Health Care–3.41%
Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom)
Term Loan (1 mo. SONIA + 4.75%)		8.68%		06/08/2028		GBP 295	341,855
Term Loan (1 mo. SOFR + 5.25%)^(e)		9.15%		06/08/2028		590	552,040
Ascend Learning LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.12%		12/11/2028		40	38,013
athenahealth Group, Inc.
Term Loan (1 mo. SOFR + 3.50%)		8.06%		02/15/2029		2,630	2,440,555
Delayed Draw Term Loan^(g)		0.00%		02/15/2029		322	299,063
Biogroup‑LCD (France), Term Loan B (3 mo. EURIBOR + 3.25%)		5.85%		02/09/2028		EUR 292	290,227
Cerba (Chrome Bidco) (France), Term Loan (3 mo. EURIBOR + 4.00%)		5.93%		02/14/2029		EUR 248	251,957
Certara Holdco, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		08/14/2026		401	399,425
Cheplapharm Arzneimittel GmbH (Germany), Term Loan B (3 mo. EURIBOR + 4.00%)		6.30%		02/22/2029		EUR 312	321,612
Dermatology Intermediate Holdings III, Inc.
Delayed Draw Term Loan^(d)(e)		-		03/31/2029		12	11,522
Delayed Draw Term Loan^(e)(g)		0.00%		03/31/2029		1	430
Term Loan B (1 mo. SOFR + 4.25%)^(e)		8.93%		03/23/2029		65	63,624
Ethypharm (Financiere Verdi, Orphea Ltf) (France), Term Loan B (3 mo. SONIA + 4.50%)		7.93%		04/17/2028		GBP 371	397,636
ExamWorks Group, Inc./Electron Bidco, Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		11/01/2028		275	273,039
Explorer Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		9.13%		02/04/2027		1,017	939,188
Gainwell Acquisition Corp., First Lien Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		10/01/2027		514	496,071
Global Medical Response, Inc.
Term Loan (1 mo. USD LIBOR + 4.25%)		9.20%		03/14/2025		311	248,922
Term Loan (1 mo. USD LIBOR + 4.25%)		8.83%		10/02/2025		1,030	821,906

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
Health Care–(continued)
ICON PLC
Term Loan (3 mo. USD LIBOR + 2.25%)		7.00%		07/03/2028		$ 13	$ 13,064
Term Loan (3 mo. USD LIBOR + 2.25%)		7.00%		07/03/2028		53	52,435
International SOS L.P., Term Loan B (3 mo. USD LIBOR + 3.75%)^(e)		8.50%		09/07/2028		631	622,038
MedAssets Software Intermediate Holdings, Inc. (nThrive TSG)
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		12/18/2028		998	935,448
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		12/17/2029		401	286,772
MJH Healthcare Holdings LLC, Term Loan B (1 mo. SOFR + 3.50%)		8.22%		01/28/2029		107	105,359
Neuraxpharm (Cerebro BidCo/Blitz F20‑80 GmbH) (Germany)
Term Loan B (3 mo. EURIBOR + 4.25%)		6.74%		12/15/2027		EUR 138	144,081
Term Loan B‑2 (3 mo. EURIBOR + 4.25%)		6.74%		12/15/2027		EUR 80	83,227
Nidda Healthcare Holding AG (Germany), Term Loan F (3 mo. SONIA + 4.50%)		8.45%		08/21/2026		GBP 314	359,655
Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.75%)		9.88%		11/24/2028		914	886,757
TTF Holdings LLC (Soliant), Term Loan B (1 mo. USD LIBOR + 4.00%)		8.69%		03/31/2028		490	489,422
Verscend Holding Corp., Term Loan B‑1 (1 mo. USD LIBOR + 4.00%)		8.63%		08/27/2025		768	768,813
Women’s Care Holdings, Inc. LLC
First Lien Term Loan (6 mo. USD LIBOR + 4.50%)		9.33%		01/15/2028		342	321,562
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.08%		01/15/2029		235	213,418
							13,469,136

Home Furnishings–2.56%
Hilding Anders AB (Sweden)
Term Loan (6 mo. EURIBOR + 5.00%) (Acquired 10/04/2022‑10/31/2022; Cost $ 155,086)^(e)(f)		7.12%		02/28/2026		EUR 213	147,445
Term Loan (6 mo. EURIBOR) (Acquired 10/04/2022‑10/31/2022; Cost $ 1,725)^(e)(f)		1.70%		02/26/2027		EUR 193	0
Hunter Douglas Holding B.V., Term Loan B‑1 (3 mo. SOFR+ 3.50%)		8.37%		02/26/2029		2,617	2,415,242
Hunter Douglas, Inc., First Lien Term Loan (3 mo. EURIBOR + 4.00%)		6.67%		02/26/2029		EUR 1,317	1,276,142
Mattress Holding Corp., Term Loan (6 mo. USD LIBOR + 4.25%)		8.44%		09/25/2028		2,145	2,030,093
Serta Simmons Bedding LLC
First Lien Term Loan^(i)(j)		0.00%		08/10/2023		1,073	1,060,977
Second Lien Term Loan^(i)(j)		0.00%		08/10/2023		1,743	977,264
SIWF Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 4.00%)		8.75%		10/06/2028		1,374	1,186,460
TGP Holdings III LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		8.08%		06/29/2028		477	384,328
VC GB Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		11.38%		07/01/2029		319	253,401
Weber-Stephen Products LLC
Incremental Term Loan B (1 mo. SOFR + 4.25%)		8.97%		10/30/2027		112	98,244
Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		10/30/2027		356	312,660
							10,142,256

Industrial Equipment–4.09%
Chart Industries, Inc., Term Loan B ^(d)		-		12/08/2029		920	920,804
CIRCOR International, Inc., Term Loan (1 mo. USD LIBOR + 5.50%)		10.13%		12/20/2028		685	679,819
Crosby US Acquisition Corp., First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.50%		06/26/2026		228	222,937
Delachaux Group S.A. (France), Term Loan B‑2 (3 mo. USD LIBOR + 4.50%)		9.28%		04/16/2026		320	306,584
Deliver Buyer, Inc. (MHS Holdings), Term Loan B (3 mo. SOFR + 5.50%)		10.08%		06/08/2029		1,158	1,001,435
DXP Enterprises, Inc., Term Loan (1 mo. SOFR + 4.75%)		10.17%		12/23/2027		858	845,064
Engineered Machinery Holdings, Inc., Second Lien Incremental Term Loan (3 mo. USD LIBOR + 6.00%)^(e)		10.73%		05/21/2029		117	109,069
Kantar (Summer BC Bidco) (United Kingdom)
Term Loan B (3 mo. USD LIBOR + 5.00%)^(e)		9.77%		12/04/2026		977	928,464
Term Loan B‑3 (3 mo. EURIBOR + 4.25%)		6.22%		12/04/2026		EUR 700	705,343
Madison IAQ LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		7.99%		06/21/2028		1,329	1,268,367
MKS Instruments, Inc., Term Loan B (1 mo. SOFR + 2.75%)		7.41%		08/17/2029		38	37,924

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
Industrial Equipment–(continued)
MX Holdings US, Inc., Term Loan B‑1‑C (1 mo. USD LIBOR + 2.50%)		7.13%		07/31/2025		$ 260	$ 260,292
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		03/08/2025		775	697,241
Robertshaw US Holding Corp.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.25%		02/28/2025		2,967	1,658,932
Second Lien Term Loan (3 mo. USD LIBOR + 8.00%)		12.75%		02/28/2026		777	268,942
Tank Holding Corp.
Revolver Loan (1 mo. SOFR + 6.00%)^(e)		12.25%		03/31/2028		50	46,224
Revolver Loan^(e)(g)		0.00%		03/31/2028		180	167,121
Term Loan (1 mo. SOFR + 6.00%)		10.47%		03/31/2028		3,431	3,296,036
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (6 mo. USD LIBOR + 3.50%)		8.60%		07/31/2027		1,994	1,953,596
Victory Buyer LLC (Vantage Elevator)
Second Lien Term Loan B (1 mo. USD LIBOR + 7.00%)^(e)		11.59%		11/19/2029		165	132,972
Term Loan B (1 mo. USD LIBOR + 3.75%)^(e)		8.34%		11/15/2028		768	675,971
							16,183,137

Insurance–1.42%
Acrisure LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		02/15/2027		1,152	1,103,154
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		8.88%		02/15/2027		765	739,284
Term Loan (1 mo. SOFR+ 5.75%)		10.45%		02/15/2027		720	721,552
Alliant Holdings Intermediate LLC
Term Loan (1 mo. USD LIBOR + 3.25%)		8.13%		05/09/2025		37	36,665
Term Loan (1 mo. USD LIBOR + 3.50%)		8.09%		11/06/2027		857	848,266
AmWINS Group LLC, Term Loan B^(d)		-		02/19/2028		426	425,111
HUB International Ltd., Incremental Term Loan B‑3 (1 mo. USD LIBOR + 3.25%)		7.23%		04/25/2025		506	506,231
Sedgwick Claims Management Services, Inc., Term Loan B^(d)		-		02/21/2028		198	195,990
USI, Inc.
Term Loan (1 mo. USD LIBOR + 3.25%)		7.98%		12/02/2026		334	333,511
Term Loan (3 mo. SOFR + 3.75%)		8.65%		11/22/2029		725	724,818
							5,634,582

Leisure Goods, Activities & Movies–5.21%
Carnival Corp.
Incremental Term Loan (6 mo. USD LIBOR + 3.25%)		7.88%		10/18/2028		3,812	3,707,190
Term Loan (6 mo. USD LIBOR + 3.00%)		7.63%		06/30/2025		259	255,828
Crown Finance US, Inc.
DIP Term Loan (1 mo. SOFR + 10.00%)		14.80%		09/07/2023		4,439	4,538,988
First Lien Term Loan (Acquired 10/18/2019‑12/23/2022; Cost $2,223,970)^(f)(i)(j)		0.00%		09/30/2026		2,558	417,932
Revolver Loan^(d)(i)		-		03/02/2023		608	102,261
Term Loan (Acquired 08/28/2020‑11/30/2022; Cost $335,125)^(f)(i)(j)		0.00%		02/28/2025		EUR 441	76,196
Term Loan (Acquired 09/13/2021‑02/24/2022; Cost $1,370,670)^(f)(i)(j)		0.00%		02/28/2025		1,642	270,041
CWGS Group LLC, Term Loan (1 mo. USD LIBOR + 2.50%)		7.13%		06/03/2028		801	717,848
Delta 2 Lux S.a.r.l. (United Kingdom), First Lien Term Loan (1 mo. SOFR + 3.25%)		8.06%		01/15/2030		784	787,685
Dorna Sports S.L. (Spain), Term Loan B (3 mo. EURIBOR + 3.50%)		6.25%		03/30/2029		EUR 427	440,143
Eagle Midco Ltd. (United Kingdom), Term Loan (3 mo. SONIA + 4.25%)		8.71%		03/20/2028		GBP 233	263,177
Fitness International LLC, Term Loan B (3 mo. USD LIBOR + 3.25%)		8.08%		04/18/2025		920	884,430
Lakeland Tours LLC
PIK Term Loan, 13.25% PIK Rate (Acquired 09/25/2020‑09/27/2022; Cost $134,626)^(f)(h)		13.25%		09/25/2027		325	219,277
Third Lien Term Loan B (3 mo. USD LIBOR + 6.00%) (Acquired 09/25/2020‑10/31/2022; Cost $210,427)^(e)(f)		10.42%		09/25/2025		271	246,556

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
Leisure Goods, Activities & Movies–(continued)
Nord Anglia Education, Term Loan B^(d)		-		01/25/2028		$ 339	$ 339,395
OEG Borrower LLC (Opry Entertainment), Term Loan B (3 mo. SOFR+ 5.00%)^(e)		9.60%		05/20/2029		850	847,552
Red Ventures LLC (New Imagitas, Inc.), Term Loan^(d)		-		02/24/2030		249	246,834
Royal Caribbean Cruises
Revolver Loan^(d)(e)		-		04/05/2024		2,206	2,112,569
Revolver Loan^(d)		-		04/12/2024		465	444,634
Revolver Loan^(e)(g)		0.00%		04/05/2024		68	65,300
Revolver Loan^(g)		0.00%		04/12/2024		130	123,998
SeaWorld Parks & Entertainment, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		7.69%		08/25/2028		460	459,427
Six Flags Theme Parks, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		6.39%		04/17/2026		229	225,570
USF S&H Holdco LLC
Term Loan A (3 mo. USD LIBOR + 8.00%)^(e)		18.67%		06/30/2025		133	132,716
Term Loan A^(e)(g)		0.00%		06/30/2025		162	162,334
Term Loan B (3 mo. USD LIBOR + 4.75%)^(e)		9.51%		06/30/2025		1,698	1,698,291
Vue International Bidco PLC (United Kingdom)
Term Loan (6 mo. EURIBOR + 8.00%)		9.77%		06/30/2027		EUR 194	179,417
Term Loan (3 mo. EURIBOR + 8.00%)		4.35%		12/31/2027		EUR 988	658,515
							20,624,104

Lodging & Casinos–3.99%
Aimbridge Acquisition Co., Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/02/2026		915	870,155
First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.34%		02/02/2026		1,128	1,075,321
B&B Hotels S.A.S. (France)
Second Lien Term Loan A‑1 (3 mo. EURIBOR + 8.50%)		10.89%		07/31/2027		EUR 387	407,892
Term Loan B‑4 (6 mo. EURIBOR + 5.50%)		7.89%		07/31/2026		EUR 401	422,119
Bally’s Corp., Term Loan B (1 mo. USD LIBOR + 3.25%)		7.85%		10/02/2028		1,079	1,030,404
Caesars Entertainment, Inc., Term Loan B^(d)		-		01/26/2030		1,807	1,807,281
Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. SOFR + 4.00%)		8.62%		01/31/2029		140	136,870
Flutter Financing B.V. (Stars Group), Term Loan B (1 mo. SOFR + 3.25%)		8.09%		07/04/2028		1,101	1,102,687
Four Seasons Holdings, Inc. (Canada), Term Loan (1 mo. SOFR + 3.25%)		8.16%		11/30/2029		228	229,277
GVC Finance LLC, First Lien Term Loan (1 mo. SOFR + 3.50%)		8.18%		10/31/2029		1,268	1,268,472
Hilton Grand Vacations Borrower LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		08/02/2028		516	515,700
HotelBeds (United Kingdom)
Term Loan B (3 mo. EURIBOR + 4.25%)		6.71%		09/12/2025		EUR 1,882	1,870,839
Term Loan D (6 mo. EURIBOR + 5.50%)		7.75%		09/12/2027		EUR 3,398	3,414,916
PCI Gaming Authority, Term Loan B (3 mo. USD LIBOR + 2.50%)		7.13%		05/29/2026		63	63,028
Scientific Games Lottery
Term Loan B (3 mo. EURIBOR + 4.00%)		6.17%		01/31/2029		EUR 247	256,975
Term Loan B (3 mo. SOFR + 3.50%)		8.10%		04/04/2029		959	944,233
Travel + Leisure Co., Incremental Term Loan (1 mo. SOFR + 4.00%)		8.61%		12/14/2029		348	347,832
							15,764,001

Nonferrous Metals & Minerals–1.32%
American Rock Salt Co. LLC
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		06/09/2028		374	362,573
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)^(e)		11.88%		06/11/2029		57	54,247
AZZ, Inc., Term Loan (1 mo. SOFR + 4.25%)		8.97%		05/13/2029		1,182	1,183,552
Corialis (United Kingdom), Term Loan B (1 mo. SONIA + 4.40%)		8.36%		07/06/2028		GBP 109	118,529
Covia Holdings Corp., Term Loan (3 mo. USD LIBOR + 4.00%)		8.78%		07/31/2026		431	426,860
Form Technologies LLC
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		9.46%		07/19/2025		1,029	942,773
First Lien Term Loan (3 mo. USD LIBOR + 9.00%)^(e)		13.96%		10/22/2025		545	441,306

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
Nonferrous Metals & Minerals–(continued)
SCIH Salt Holdings Inc. (Kissner Group), Incremental First Lien Term Loan B‑1 (1 mo. USD LIBOR + 4.00%)		8.83%		03/16/2027		$ 1,714	$ 1,672,869
							5,202,709

Oil & Gas–3.69%
Brazos Delaware II LLC, First Lien Term Loan ^(d)		-		02/01/2030		1,007	1,001,814
Glass Mountain Pipeline Holdings LLC, Term Loan (3 mo. USD LIBOR + 4.50%)		9.14%		10/28/2027		150	127,279
Gulf Finance LLC, Term Loan (1 mo. USD LIBOR + 6.75%)		11.48%		08/25/2026		1,282	1,260,811
McDermott International Ltd.
LOC^(g)		0.00%		06/30/2024		2,136	1,740,930
LOC (3 mo. USD LIBOR + 4.00%)^(e)		5.48%		06/30/2024		999	698,963
PIK Term Loan, 3.00% PIK Rate, 5.63% Cash Rate^(h)		3.00%		06/30/2025		512	340,028
Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		06/30/2024		92	55,660
Par Petroleum LLC and Par Petroleum Finance Corp. (Par Pacific), Term Loan B^(d)		-		02/14/2030		1,167	1,154,810
Petroleum GEO‑Services ASA (Norway)
Term Loan (3 mo. SOFR + 6.75%) (Acquired 05/23/2022; Cost $469,170)^(e)(f)		11.33%		03/18/2024		469	476,208
Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 01/29/2021‑02/09/2021; Cost $3,105,810)^(f)		12.14%		03/19/2024		3,486	3,433,881
QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 08/03/2021‑10/14/2022; Cost $2,814,967)^(f)		12.63%		08/27/2026		2,865	2,859,630
TransMontaigne Partners LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		8.09%		11/17/2028		1,124	1,120,166
WhiteWater Whistler Holdings LLC, Term Loan B^(d)		-		01/25/2030		311	311,081
							14,581,261

Publishing–4.02%
Adtalem Global Education, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		8.63%		08/12/2028		370	370,207
Cengage Learning, Inc., Term Loan B (6 mo. USD LIBOR + 4.75%)		9.88%		06/29/2026		2,664	2,525,460
Clear Channel Worldwide Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		8.33%		08/21/2026		2,304	2,187,299
Dotdash Meredith, Inc., Term Loan B (1 mo. SOFR + 4.00%)^(e)		8.67%		12/01/2028		2,978	2,635,872
Harbor Purchaser, Inc. (Houghton Mifflin Harcourt)
Second Lien Term Loan (1 mo. SOFR +8.50%)^(e)		13.12%		04/08/2030		1,353	1,177,121
Term Loan B (1 mo. SOFR + 5.25%)		9.97%		04/09/2029		2,784	2,561,331
McGraw-Hill Education, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		9.38%		07/30/2028		2,525	2,429,864
Micro Holding L.P., Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		09/13/2024		2,032	2,020,557
							15,907,711

Radio & Television–0.97%
Diamond Sports Holdings LLC, Second Lien Term Loan (1 mo. SOFR + 3.25%) (Acquired 03/01/2022; Cost $860,777)^(f)		8.03%		08/24/2026		1,304	153,372
Gray Television, Inc.
Term Loan C (1 mo. USD LIBOR + 2.50%)		7.07%		01/02/2026		11	10,680
Term Loan D (1 mo. USD LIBOR + 3.00%)		7.57%		12/01/2028		1,216	1,204,169
iHeartCommunications, Inc., Incremental Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		05/01/2026		220	214,891
Sinclair Television Group, Inc.
Term Loan B‑2‑B (1 mo. USD LIBOR + 2.50%)		7.14%		09/30/2026		269	261,209
Term Loan B‑3 (1 mo. USD LIBOR + 3.00%)		7.64%		04/01/2028		578	557,836
Term Loan B‑4 (1 mo. SOFR + 3.75%)		8.47%		04/21/2029		1,202	1,174,375
Univision Communications, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		05/05/2028		267	263,884
							3,840,416

Retailers (except Food & Drug)–3.25%
Bass Pro Group LLC, Term Loan B‑2 (1 mo. USD LIBOR + 3.75%)		8.38%		03/06/2028		3,112	3,072,079
CNT Holdings I Corp. (1‑800 Contacts), First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		11/08/2027		1,590	1,564,703

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
Retailers (except Food & Drug)–(continued)
Kirk Beauty One GmbH (Germany)
Term Loan B‑1 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026		EUR 298	$ 300,879
Term Loan B‑2 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026		EUR 171	173,196
Term Loan B‑3 (3 mo. EURIBOR + 5.25%)		7.45%		04/08/2026		EUR 333	336,353
Term Loan B‑4 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026		EUR 526	531,570
Term Loan B‑5 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026		EUR 117	118,228
Petco Animal Supplies, Inc., First Lien Term loan (3 mo. SOFR + 3.25%)		8.09%		03/02/2028		$ 1,472	1,459,093
PetSmart LLC, Term Loan (1 mo. SOFR + 3.75%)		8.47%		02/11/2028		4,563	4,556,908
Savers, Inc., Term Loan (3 mo. USD LIBOR + 5.50%)		10.34%		04/26/2028		748	741,430
							12,854,439

Surface Transport–2.26%
American Trailer World Corp., First Lien Term Loan (1 mo. SOFR + 3.75%)		8.47%		03/03/2028		732	650,747
Carriage Purchaser, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)		8.88%		09/30/2028		251	247,518
First Student Bidco, Inc.
Delayed Draw Term Loan (3 mo. SOFR + 4.00%)		8.68%		07/21/2028		113	110,550
Incremental Term Loan B (3 mo. SOFR+ 4.00%)		8.68%		07/21/2028		1,630	1,591,915
Term Loan B (3 mo. USD LIBOR + 3.00%)		7.73%		07/21/2028		1,156	1,105,860
Term Loan C (3 mo. USD LIBOR + 3.00%)		7.73%		07/21/2028		431	412,327
Hurtigruten (Explorer II AS) (Norway)
Term Loan B (3 mo. EURIBOR + 4.00%) (Acquired 04/16/2021‑05/25/2021; Cost $2,070,245)^(f)		7.20%		02/24/2025		EUR 1,769	1,704,985
Term Loan C (3 mo. EURIBOR + 8.00%) (Acquired 10/05/2021; Cost $1,164,099)^(f)		10.63%		06/16/2023		EUR 1,000	1,054,394
Novae LLC, Term Loan B (3 mo. SOFR+ 5.00%)		9.70%		12/22/2028		306	265,592
PODS LLC
Term Loan (1 mo. SOFR + 4.00%)^(e)		8.68%		04/01/2028		861	856,496
Term Loan B (1 mo. USD LIBOR + 3.00%)		7.73%		04/01/2028		117	114,798
STG - XPOI Opportunity, Term Loan B (1 mo. SOFR + 6.00%)		10.78%		04/30/2028		864	828,015
							8,943,197

Telecommunications–6.54%
Avaya, Inc.
DIP Term Loan^(e)(i)		12.56%		08/15/2023		233	241,756
DIP Term Loan^(e)(g)(i)		0.00%		08/15/2023		58	60,439
First Lien Term Loan^(i)(j)		0.00%		12/15/2027		588	153,361
Term Loan B‑2^(i)(j)		0.00%		12/15/2027		967	250,323
Cablevision Lightpath LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		7.84%		11/30/2027		523	520,471
CCI Buyer, Inc. (Consumer Cellular), Term Loan^(d)		-		12/17/2027		2,832	2,791,196
CenturyLink, Inc.
Term Loan A^(d)		-		01/31/2025		511	492,467
Term Loan B (1 mo. USD LIBOR + 2.25%)		6.88%		03/15/2027		2,083	1,736,956
Cincinnati Bell, Inc., Term Loan B‑2 (1 mo. SOFR + 3.25%)		7.97%		11/22/2028		18	18,214
Crown Subsea Communications Holding, Inc.
Incremental Term Loan^(d)		-		04/27/2027		581	573,020
Term Loan (1 mo. SOFR + 4.75%)		9.32%		04/27/2027		858	845,786
Eagle Broadband Investments LLC (Mega Broadband), Term Loan (3 mo. USD LIBOR + 3.00%)		7.75%		11/12/2027		109	107,894
Frontier Communications Corp., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.50%		05/01/2028		237	232,835
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		8.14%		12/11/2026		1,142	1,124,991
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B (6 mo. SOFR + 4.25%)		9.08%		02/01/2029		3,308	3,275,647
Iridium Satellite LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		7.22%		11/04/2026		25	25,318
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		6.38%		03/01/2027		92	83,695

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
Telecommunications–(continued)
MLN US HoldCo LLC (dba Mitel)
First Lien Term Loan (6 mo. USD LIBOR + 4.50%)		8.25%		11/30/2025		$ 23	$ 6,824
First Lien Term Loan (6 mo. SOFR + 6.70%)^(e)		11.15%		11/01/2027		3,429	2,486,136
First Lien Term Loan (6 mo. SOFR + 9.25%)		13.70%		11/01/2027		1,357	1,037,691
Term Loan (6 mo. SOFR + 6.44%)		10.89%		11/01/2027		1,459	1,429,874
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		09/25/2026		1,167	972,068
SBA Senior Finance II LLC, Term Loan (3 mo. USD LIBOR + 1.75%)		6.41%		04/11/2025		11	11,317
Telesat LLC, Term Loan B‑5 (1 mo. USD LIBOR + 2.75%)		7.58%		12/07/2026		2,239	1,210,815
U.S. Telepacific Corp., Term Loan (3 mo. SOFR + 1.15%)		7.25%		05/01/2026		2,954	945,297
Viasat, Inc., Term Loan (1 mo. SOFR + 3.75%)		9.23%		03/02/2029		631	625,735
Voyage Digital (NC) Ltd., Term Loan B (3 mo. SOFR + 4.50%)^(e)		9.30%		05/10/2029		841	834,402
Windstream Services LLC, Term Loan (1 mo. SOFR + 6.25%)		10.97%		09/21/2027		2,165	1,949,487
Zayo Group LLC, Incremental Term Loan (1 mo. SOFR + 4.25%)		8.87%		03/09/2027		2,117	1,811,774
							25,855,789

Utilities–2.67%
APLP Holdings L.P. (Canada), Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		05/14/2027		315	315,439
Brookfield WEC Holdings, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		7.38%		08/01/2025		341	340,668
Incremental Term Loan (1 mo. SOFR+ 3.75%)		8.37%		08/01/2025		1,064	1,065,300
Eastern Power LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		10/02/2025		1,079	984,561
Generation Bridge LLC
Term Loan B (3 mo. USD LIBOR + 5.00%)		9.73%		12/01/2028		748	747,227
Term Loan C (1 mo. USD LIBOR + 5.00%)		9.73%		12/01/2028		16	16,445
Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		11/09/2026		1,842	1,768,932
Innio Group Holding GmbH, Term Loan B (3 mo. EURIBOR + 3.75%)		5.48%		10/31/2025		EUR 300	309,924
KAMC Holdings, Inc. (Franklin Energy Group), First Lien Term Loan B (3 mo. USD LIBOR + 4.00%)		8.95%		08/14/2026		728	636,666
Lightstone Holdco LLC
Term Loan B (1 mo. SOFR + 5.75%)		10.37%		02/01/2027		2,462	2,103,113
Term Loan C (1 mo. SOFR + 5.75%)		10.37%		02/01/2027		139	118,951
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%) (Acquired 04/28/2017‑05/22/2019; Cost $1,183,078)^(f)		8.88%		05/16/2024		1,185	881,119
Pike Corp., Term Loan (1 mo. SOFR+ 3.50%)		8.12%		01/21/2028		221	220,883
Urbaser (Spain), Term Loan B (6 mo. EURIBOR + 4.18%)		6.55%		10/23/2028		EUR 643	677,236
USIC Holding, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		05/12/2028		231	224,517
Second Lien Term Loan (1 mo. USD LIBOR + 6.50%)		11.13%		05/14/2029		172	159,870
							10,570,851
Total Variable Rate Senior Loan Interests (Cost $431,760,909)							399,127,531

					Shares
Common Stocks & Other Equity Interests–10.34%^(k)

Aerospace & Defense–0.84%

IAP Worldwide Services, Inc. (Acquired 07/18/2014‑02/08/2019; Cost $587,458)^(e)(f)						342	3,305,240

Automotive–0.01%

ThermaSys Corp. (Acquired 12/31/2018; Cost $474,958)^(e)(f)						676,996	20,310

Building & Development–0.00%
Haya (Holdco2 PLC/Real Estate SAU) (Acquired 06/14/2022; Cost $0)^(e)(f)						298	0
Lake at Las Vegas Joint Venture LLC, Class A (Acquired 07/15/2010; Cost $7,938,060)^(e)(f)						780	0

Lake at Las Vegas Joint Venture LLC, Class B (Acquired 07/15/2010; Cost $93,975)^(e)(f)						9	0
							0

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

20 Invesco Senior Loan Fund


	Shares		Value
Business Equipment & Services–1.02%
Checkout Holding Corp. (Acquired 02/15/2019; Cost $2,251,966)^(f)		6,741	$ 2,106
My Alarm Center LLC, Class A (Acquired 03/09/2021‑12/03/2021; Cost $3,381,699)^(e)(f)		25,611	4,033,698
			4,035,804

Containers & Glass Products–0.02%
Libbey Glass, Inc. (Acquired 11/13/2020‑02/10/2022; Cost $32,297)^(f)		7,940	68,482

Electronics & Electrical–0.00%
Riverbed Technology, Inc. (Acquired 12/06/2021; Cost $316,609)^(e)(f)		18,902	4,820

Financial Intermediaries–0.06%
RJO Holdings Corp.^(e)		2,851	136,875
RJO Holdings Corp., Class A^(e)		2,314	111,065
RJO Holdings Corp., Class B^(e)		3,000	30
			247,970

Health Care–0.01%
Envigo RMS Holding Corp. (Acquired 04/29/2014; Cost $0)^(e)(f)		7,462	53,167

Leisure Goods, Activities & Movies–0.50%
Crown Finance US, Inc., Wts., expiring 11/23/2025 (Acquired 12/09/2020; Cost $0)^(f)(i)		171,770	0
USF S&H Holdco LLC (Acquired 12/02/2019; Cost $1,287,958)^(e)(f)		1,785	1,977,944
Vue International Bidco PLC^(d)(e)		987,581	0
			1,977,944

Lodging & Casinos–0.47%
Bally’s Corp.^(l)		72,757	1,436,950
Caesars Entertainment, Inc.^(l)		8,413	427,044
			1,863,994

Oil & Gas–5.67%
Aquadrill LLC (Acquired 05/27/2021; Cost $1,529,106)^(f)		49,326	2,778,706
HGIM Corp. (Acquired 07/02/2018‑08/31/2021; Cost $769,269)^(e)(f)		8,544	192,240
HGIM Corp., Wts., expiring 07/02/2043 (Acquired 07/02/2018; Cost $487,931)^(e)(f)		5,420	121,950
McDermott International Ltd.^(l)		210,471	81,978
McDermott International Ltd.^(e)		657,235	255,993
NexTier Oilfield Solutions, Inc.^(l)		44,006	401,775
Noble Corp. PLC^(l)		929	38,730
QuarterNorth Energy, Inc. (Acquired 06/02/2021‑10/29/2021; Cost $3,240,271)^(e)(f)		78,026	15,565,407
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $133,695)^(e)(f)		14,855	496,157
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $171,654)^(e)(f)		28,609	288,093
Samson Investment Co., Class A (Acquired 03/01/2017; Cost $3,246,273)^(e)(f)		84,254	52,659
Southcross Energy Partners L.P. (Acquired 08/05/2014‑10/29/2020; Cost $759,465)^(e)(f)		73,367	550
Transocean Ltd.^(l)		191,873	1,341,192
Tribune Resources LLC (Acquired 04/03/2018; Cost $1,947,502)^(f)		382,888	801,768
Tribune Resources LLC, Wts., expiring 04/03/2023 (Acquired 04/03/2018; Cost $8,198)^(e)(f)		99,132	2,478
			22,419,676

Radio & Television–0.19%
iHeartMedia, Inc., Class A^(l)		101,257	735,126
iHeartMedia, Inc., Class B^(e)		17	123
			735,249

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

21 Invesco Senior Loan Fund


						Shares				Value

Retailers (except Food & Drug)–0.09%
Claire’s Stores, Inc. (Acquired 10/12/2018; Cost $716,681)^(f)									446	$	221,142

Toys ’R’ Us‑Delaware, Inc.^(e)									17		41,827

Vivarte S.A.S.^(e)									233,415		109,725

											372,694


Surface Transport–0.08%
Commercial Barge Line Co. (Acquired 02/15/2018‑02/06/2020; Cost $420,320)^(f)									4,992		147,264

Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/03/2023; Cost $0)^(f)									19,526		9,153

Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/03/2023; Cost $0)^(f)									15,443		9,652

Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018‑02/06/2020; Cost $441,875)^(f)									5,248		154,816

											320,885


Utilities–1.38%
Vistra Corp.									227,983		5,013,346

Vistra Operations Co. LLC, Rts., expiring 12/31/2046									366,133		451,625

											5,464,971

Total Common Stocks & Other Equity Interests (Cost $45,201,414)											40,891,206


	Interest Rate			Maturity Date		Principal Amount (000)^(a)
U.S. Dollar Denominated Bonds & Notes–3.34%

Aerospace & Defense–0.43%
Maxar Technologies, Inc. ^(m)		7.75	%		06/15/2027			$	530		554,690

Rand Parent LLC^(m)		8.50	%		02/15/2030				693		666,146

Spirit AeroSystems, Inc.^(m)		9.38	%		11/30/2029				446		471,645

											1,692,481


Air Transport–0.08%
Mesa Airlines, Inc., Class B (Acquired 11/25/2015; Cost $568,104)^(e)(f)		5.75	%		07/15/2025				341		330,366


Building & Development–0.70%
APCOA Parking Holdings GmbH (Germany) ^(m)		4.63	%		01/15/2027		EUR		147		134,336

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 09/22/2021‑12/17/2021; Cost $1,041,663)^(f)(m)		4.50	%		04/01/2027				1,045		896,511

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 10/13/2020‑11/19/2020; Cost $1,699,494)^(f)(m)		5.75	%		05/15/2026				1,873		1,726,334

											2,757,181


Cable & Satellite Television–0.53%
Altice Financing S.A. (Luxembourg) ^(m)		5.75	%		08/15/2029				22		18,016

Altice Financing S.A. (Luxembourg)^(m)		5.00	%		01/15/2028				693		575,731

Altice France Holding S.A. (Luxembourg)^(m)		8.00	%		05/15/2027		EUR		336		283,658

Altice France S.A. (France)^(m)		5.50	%		01/15/2028				328		270,505

Altice France S.A. (France)^(m)		5.50	%		10/15/2029				305		239,023

Virgin Media Secured Finance PLC (United Kingdom)^(m)		4.50	%		08/15/2030				849		699,689

											2,086,622


Chemicals & Plastics–0.21%
SK Invictus Intermediate II S.a.r.l. (Luxembourg) ^(m)		5.00	%		10/30/2029				1,067		850,111


Food Service–0.12%
eG Global Finance PLC (United Kingdom) ^(m)		6.75	%		02/07/2025				412		372,325

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

Food Service–(continued)
WW International, Inc.^(m)		4.50	%		04/15/2029			$	225	$	115,005

											487,330


Health Care–0.06%
Global Medical Response, Inc. ^(m)		6.50	%		10/01/2025				298		223,834


Industrial Equipment–0.02%
Chart Industries, Inc. ^(m)		7.50	%		01/01/2030				93		94,511


Lodging & Casinos–0.06%
Caesars Entertainment, Inc. ^(m)		7.00	%		02/15/2030				218		219,891


Publishing–0.44%
McGraw-Hill Education, Inc. ^(m)		5.75	%		08/01/2028				1,990		1,744,648


Radio & Television–0.10%
Diamond Sports Group LLC/Diamond Sports Finance Co. (Acquired 07/18/2019‑10/16/2020; Cost $773,023)^(f)(m)		5.38	%		08/15/2026				825		93,596

iHeartCommunications, Inc.^(m)		4.75	%		01/15/2028				194		163,315

Univision Communications, Inc.^(m)		7.38	%		06/30/2030				133		126,275

											383,186


Retailers (except Food & Drug)–0.30%
Evergreen Acqco 1 L.P./TVI, Inc. ^(m)		9.75	%		04/26/2028				1,216		1,204,016


Telecommunications–0.29%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom) ^(m)		6.75	%		10/01/2026				352		326,001

Windstream Escrow LLC/Windstream Escrow Finance Corp.^(m)		7.75	%		08/15/2028				1,007		824,114

											1,150,115

Total U.S. Dollar Denominated Bonds & Notes (Cost $15,198,421)											13,224,292


Non‑U.S. Dollar Denominated Bonds & Notes–3.34%⁽ⁿ⁾

Automotive–0.27%
Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)^(m)(o)		12.37	%		04/19/2026		SEK		10,000		878,869

Leather 2 S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)^(m)(o)		6.70	%		09/30/2028		EUR		206		175,255

											1,054,124


Building & Development–0.10%
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)^(m)(o)		7.29	%		01/15/2027		EUR		272		281,638

Haya (Holdco2 PLC/Real Estate SAU) (Spain) (Acquired 06/14/2022; Cost $179,969)^(f)(o)		10.95	%		11/30/2025		EUR		246		102,012

											383,650


Business Equipment & Services–0.18%
Paganini Bidco S.p.A. (Italy) (3 mo. EURIBOR + 4.25%)^(m)(o)		6.73	%		10/30/2028		EUR		694		720,280


Cable & Satellite Television–0.21%
Altice Financing S.A. (Luxembourg)^(m)		3.00	%		01/15/2028		EUR		260		219,719

Altice Finco S.A. (Luxembourg)^(m)		4.75	%		01/15/2028		EUR		756		620,474

											840,193


Chemicals & Plastics–0.09%
Herens Midco S.a.r.l. (Luxembourg)^(m)		5.25	%		05/15/2029		EUR		506		369,954


Electronics & Electrical–0.34%
Castor SpA (Italy)		6.25	%		02/15/2029		EUR		660		680,162

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

Electronics & Electrical–(continued)
Nobel Bidco B.V. (Netherlands)^(m)		3.13	%		06/15/2028		EUR		891	$	662,310

											1,342,472


Financial Intermediaries–1.00%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%)^(m)(o)		7.48	%		08/01/2024		EUR		1,101		971,891

Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)^(m)(o)		8.73	%		05/01/2026		EUR		632		589,687

Garfunkelux Holdco 3 S.A. (Luxembourg)^(m)		6.75	%		11/01/2025		EUR		909		791,494

Kane Bidco Ltd. (United Kingdom)^(m)		5.00	%		02/15/2027		EUR		139		137,380

Kane Bidco Ltd. (United Kingdom)^(m)		6.50	%		02/15/2027		GBP		174		191,070

Sherwood Financing PLC (United Kingdom)^(m)		4.50	%		11/15/2026		EUR		200		186,618

Sherwood Financing PLC (United Kingdom)^(m)		6.00	%		11/15/2026		GBP		202		202,642

Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)^(m)(o)		7.28	%		11/15/2027		EUR		891		897,528

											3,968,310


Health Care–0.13%
Kepler S.p.A. (Italy) (3 mo. EURIBOR + 5.75%)^(m)(o)		7.80	%		05/15/2029		EUR		486		508,388


Home Furnishings–0.32%
Ideal Standard International S.A. (Belgium)^(m)		6.38	%		07/30/2026		EUR		316		188,810

Very Group Funding PLC (The) (United Kingdom)^(m)		6.50	%		08/01/2026		GBP		1,101		1,067,747

											1,256,557


Industrial Equipment–0.10%
Summer (BC) Holdco A S.a.r.l. (Luxembourg)^(m)		9.25	%		10/31/2027		EUR		450		397,045


Leisure Goods, Activities & Movies–0.11%
Deuce Finco PLC (United Kingdom) (3 mo. EURIBOR + 4.75%)^(m)(o)		6.80	%		06/15/2027		EUR		211		211,487

Deuce Finco PLC (United Kingdom)^(m)		5.50	%		06/15/2027		GBP		211		215,555

											427,042


Retailers (except Food & Drug)–0.34%
Douglas GmbH (Germany)^(m)		6.00	%		04/08/2026		EUR		788		735,322

Kirk Beauty SUN GmbH (Germany)^(m)		8.25	%		10/01/2026		EUR		734		592,791

											1,328,113


Surface Transport–0.15%
Zenith Finco PLC (United Kingdom)^(m)		6.50	%		06/30/2027		GBP		632		603,429

Total Non‑U.S. Dollar Denominated Bonds & Notes (Cost $16,712,518)											13,199,557


								Shares
Preferred Stocks–0.75%^(k)

Automotive–0.00%
ThermaSys Corp., Series A, Pfd. (Acquired 12/31/2018; Cost $151,015)^(e)(f)									144,220		4,327


Electronics & Electrical–0.00%
Riverbed Technology, Inc., Pfd. (Acquired 12/06/2021; Cost $0)^(e)(f)									27,194		6,934

Riverbed Technology, Inc., Pfd.^(e)									8,195		2,090

											9,024


Financial Intermediaries–0.05%
RJO Holdings Corp., Series A‑2, Pfd.^(e)									584		208,492


Oil & Gas–0.10%
McDermott International Ltd., Pfd.^(e)									564		366,547

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

24 Invesco Senior Loan Fund


						Shares		Value

Oil & Gas–(continued)
Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019‑08/23/2019; Cost $291,940)^(e)(f)							292,193	$	16,070

									382,617


Surface Transport–0.60%
Commercial Barge Line Co., Series A, Pfd. (Acquired 02/15/2018‑02/06/2020; Cost $938,463)^(f)							18,575		399,362

Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 02/15/2018‑02/06/2020; Cost $986,469)^(f)							19,526		419,809

Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020‑10/27/2020; Cost $505,738)^(f)							21,989		901,549

Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020‑10/27/2020; Cost $355,189)^(f)							15,443		633,163

									2,353,883

Total Preferred Stocks (Cost $3,474,663)									2,958,343


	Interest Rate			Maturity Date		Principal Amount (000)^(a)
Municipal Obligations–0.45%

Arizona–0.45%
Arizona (State of) Industrial Development Authority,(NewLife Forest Restoration, LLC), Series 2022, RB (Acquired 02/22/2022; Cost $1,966,830) (Cost $1,069,699)^(f)(m)		9.00	%		01/01/2028	$	2,154		1,794,300

TOTAL INVESTMENTS IN SECURITIES^(p)-119.11% (Cost $513,417,624)									471,195,229

BORROWINGS-(20.85)%									(82,500,000	)

OTHER ASSETS LESS LIABILITIES-1.74%									6,910,032

NET ASSETS-100.00%								$	395,605,261


Investment Abbreviations:

DIP		– Debtor‑in‑Possession
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
LIBOR		– London Interbank Offered Rate
LOC		– Letter of Credit
Pfd.		– Preferred
PIK		– Pay‑in‑Kind
RB		– Revenue Bonds
Rts.		– Rights
SEK		– Swedish Krona
SOFR		– Secured Overnight Financing Rate
SONIA		– Sterling Overnight Index Average
STIBOR		– Stockholm Interbank Offered Rate
USD		– U.S. Dollar
Wts.		– Warrants

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

25 Invesco Senior Loan Fund

Notes to Schedule of Investments:

^(a)	Principal amounts are denominated in U.S. dollars unless otherwise noted.

^(b)

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

^(c)

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

^(d)	This variable rate interest will settle after February 28, 2023, at which time the interest rate will be determined.

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

^(f)	Restricted security. The aggregate value of these securities at February 28, 2023 was $66,553,487, which represented 16.82% of the Fund’s Net Assets.

^(g)	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 7.

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

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

^(j)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2023 was $3,206,094, which represented less than 1% of the Fund’s Net Assets.

^(k)	Securities acquired through the restructuring of senior loans.

^(l)	Non‑income producing security.

^(m)

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, 2023 was $27,105,609, which represented 6.85% of the Fund’s Net Assets.

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

^(o)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

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

The aggregate value of securities considered illiquid at February 28, 2023 was $65,128,570, which represented 16.46% of the Fund’s Net Assets.


Open Forward Foreign Currency Contracts


									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)


Currency Risk


04/28/2023	Barclays Bank PLC		EUR		667,080	USD		714,307	$	6,376


04/28/2023	Barclays Bank PLC		GBP		2,058,048	USD		2,493,921		15,790


03/31/2023	BNP Paribas S.A.		EUR		13,568,951	USD		14,822,583		445,778


03/31/2023	BNP Paribas S.A.		GBP		2,341,688	USD		2,890,499		72,316


04/28/2023	BNP Paribas S.A.		EUR		13,974,222	USD		14,939,644		109,687


04/28/2023	Canadian Imperial Bank of Commerce		GBP		2,089,231	USD		2,535,419		19,740


03/31/2023	Morgan Stanley and Co. International PLC		EUR		13,911,575	USD		15,212,181		472,354


03/31/2023	Morgan Stanley and Co. International PLC		GBP		167,600	USD		205,236		3,532


03/31/2023	Morgan Stanley and Co. International PLC		USD		43,167	GBP		35,884		18


04/28/2023	Morgan Stanley and Co. International PLC		EUR		13,951,215	USD		14,917,272		111,730


04/28/2023	Morgan Stanley and Co. International PLC		SEK		9,160,630	USD		889,647		11,871


03/31/2023	Royal Bank of Canada		EUR		14,233,570	USD		15,545,004		464,010


03/31/2023	Royal Bank of Canada		GBP		2,380,546	USD		2,931,809		66,863


04/28/2023	Royal Bank of Canada		EUR		13,974,222	USD		14,951,048		121,092


03/31/2023	State Street Bank & Trust Co.		SEK		9,309,201	USD		912,098		21,450


03/31/2023	Toronto-Dominion Bank (The)		GBP		2,341,688	USD		2,889,440		71,258


04/28/2023	Toronto-Dominion Bank (The)		GBP		2,089,231	USD		2,538,435		22,757


Subtotal-Appreciation										2,036,622



Currency Risk


03/31/2023	Bank of America, N.A		USD		28,300	SEK		287,602		(784	)


03/31/2023	Barclays Bank PLC		USD		2,476,192	GBP		2,044,609		(15,539	)


03/31/2023	BNP Paribas S.A.		USD		14,915,538	EUR		13,974,222		(109,333	)


03/31/2023	Canadian Imperial Bank of Commerce		USD		2,517,404	GBP		2,075,588		(19,468	)


04/28/2023	Deutsche Bank AG		USD		595,062	EUR		556,435		(4,553	)


04/28/2023	J.P. Morgan Chase Bank, N.A.		USD		2,132,517	EUR		2,000,000		(10,043	)

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

26 Invesco Senior Loan Fund


Open Forward Foreign Currency Contracts-(continued)


									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)


03/31/2023	Morgan Stanley and Co. International PLC		GBP		88,280	USD		106,164	$	(79	)


03/31/2023	Morgan Stanley and Co. International PLC		SEK		95,704	USD		9,032		(124	)


03/31/2023	Morgan Stanley and Co. International PLC		USD		14,694,833	EUR		13,765,652		(109,616	)


03/31/2023	Morgan Stanley and Co. International PLC		USD		1,343,564	GBP		1,088,133		(34,015	)


03/31/2023	Morgan Stanley and Co. International PLC		USD		884,106	SEK		9,117,302		(11,818	)


03/31/2023	Royal Bank of Canada		USD		14,926,984	EUR		13,974,222		(120,779	)


03/31/2023	Toronto-Dominion Bank (The)		USD		2,520,399	GBP		2,075,588		(22,463	)


Subtotal-Depreciation										(458,614	)


Total Forward Foreign Currency Contracts									$	1,578,008

Abbreviations:

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.

27 Invesco Senior Loan Fund

Statement of Assets and Liabilities

February 28, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $513,417,624)	$	471,195,229
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		2,036,622
Cash		13,684,856
Foreign currencies, at value (Cost $657,648)		655,785
Receivable for:
Investments sold		16,342,335
Fund shares sold		53,526
Interest		5,098,154
Investments matured, at value (Cost $15,329,350)		605,497
Investment for trustee deferred compensation and retirement plans		27,014
Other assets		48,638
Total assets		509,747,656

Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		458,614
Payable for:
Borrowings		82,500,000
Investments purchased		22,773,530
Dividends		1,024,114
Fund shares reacquired		365
Accrued fees to affiliates		264,386
Accrued interest expense		854,468
Accrued trustees’ and officers’ fees and benefits		1,639
Accrued other operating expenses		557,147
Trustee deferred compensation and retirement plans		73,276
Unfunded loan commitments		5,634,856
Total liabilities		114,142,395
Net assets applicable to common shares	$	395,605,261


Net assets applicable to common shares consist of:
Shares of beneficial interest	$	676,651,967

Distributable earnings (loss)		(281,046,706	)

	$	395,605,261


Net Assets:
Class A	$	50,489,486

Class C	$	36,107,573

Class Y	$	983,009

Class IB	$	285,766,551

Class IC	$	22,258,642


Common shares outstanding, no par value, with an unlimited number of common shares authorized:
Class A		8,599,125

Class C		6,133,878

Class Y		167,387

Class IB		48,672,774

Class IC		3,791,607

Class A:
Net asset value per share	$	5.87

Maximum offering price per share (Net asset value of $5.87 ÷ 96.75%)	$	6.07

Class C:
Net asset value and offering price per share	$	5.89

Class Y:
Net asset value and offering price per share	$	5.87

Class IB:
Net asset value and offering price per share	$	5.87

Class IC:
Net asset value and offering price per share	$	5.87

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

28 Invesco Senior Loan Fund

Statement of Operations

For the year ended February 28, 2023


Investment income:
Interest	$	36,910,148

Dividends		1,289,722

Other income		202,966

Total investment income		38,402,836


Expenses:
Advisory fees		3,737,059

Administrative services fees		1,032,833

Custodian fees		75,687

Distribution fees:
Class A		134,732

Class C		395,647

Class IC		34,762

Interest, facilities and maintenance fees		3,301,076

Transfer agent fees		401,253

Trustees’ and officers’ fees and benefits		22,058

Registration and filing fees		45,825

Reports to shareholders		507,386

Professional services fees		177,482

Other		15,972

Total expenses		9,881,772

Net investment income		28,521,064


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(11,183,905	)

Foreign currencies		298,991

Forward foreign currency contracts		4,876,764

		(6,008,150	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(26,780,625	)

Foreign currencies		(481,813	)

Forward foreign currency contracts		1,075,007

		(26,187,431	)

Net realized and unrealized gain (loss)		(32,195,581	)

Net increase (decrease) in net assets resulting from operations	$	(3,674,517	)

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

29 Invesco Senior Loan Fund

Statement of Changes in Net Assets

For the years ended February 28, 2023 and 2022


	2023			2022

Operations:
Net investment income	$	28,521,064		$	18,670,145

Net realized gain (loss)		(6,008,150	)		(6,971,428	)

Change in net unrealized appreciation (depreciation)		(26,187,431	)		13,682,358

Net increase from payments by affiliates		–			874,000

Net increase (decrease) in net assets resulting from operations		(3,674,517	)		26,255,075


Distributions to shareholders from distributable earnings:
Class A		(4,428,637	)		(2,897,166	)

Class C		(2,947,658	)		(1,908,129	)

Class Y		(89,041	)		(76,822	)

Class IB		(25,369,125	)		(17,186,111	)

Class IC		(1,934,890	)		(1,318,835	)

Total distributions from distributable earnings		(34,769,351	)		(23,387,063	)


Return of capital:
Class A		(340,351	)		–

Class C		(226,534	)		–

Class Y		(6,843	)		–

Class IB		(1,949,671	)		–

Class IC		(148,700	)		–

Total return of capital		(2,672,099	)		–

Total distributions		(37,441,450	)		(23,387,063	)


Share transactions–net:
Class A		(3,195,720	)		(1,018,745	)

Class C		(4,666,346	)		(3,400,425	)

Class Y		8,802			36,695

Class IB		(9,101,956	)		(23,134,255	)

Class IC		(794,905	)		(2,253,511	)

Net increase (decrease) in net assets resulting from share transactions		(17,750,125	)		(29,770,241	)

Net increase (decrease) in net assets		(58,866,092	)		(26,902,229	)


Net assets:
Beginning of year		454,471,353			481,373,582

End of year	$	395,605,261		$	454,471,353

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

30 Invesco Senior Loan Fund

Statement of Cash Flows

For the year ended February 28, 2023


Cash provided by operating activities:
Net increase (decrease) in net assets resulting from operations	$	(3,674,517	)


Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:
Purchases of investments		(212,136,154	)

Proceeds from sales of investments		227,014,916

Proceeds from sales of short-term investments, net		3,698,325

Amortization of premium on investment securities		529,120

Accretion of discount on investment securities		(2,903,057	)

Net realized loss from investment securities		11,183,905

Net change in unrealized depreciation on investment securities		26,780,625

Net change in unrealized appreciation of forward foreign currency contracts		(1,075,007	)

Change in operating assets and liabilities:

Increase in receivables and other assets		(883,462	)

Increase in accrued expenses and other payables		679,678

Net cash provided by operating activities		49,214,372


Cash provided by (used in) financing activities:
Dividends paid to shareholders from distributable earnings		(10,245,943	)

Return of capital		(2,672,099	)

Proceeds from shares of beneficial interest sold		7,279,513

Disbursements from shares of beneficial interest reacquired		(49,159,850	)

Net cash provided by (used in) financing activities		(54,798,379	)

Net decrease in cash and cash equivalents		(5,584,007	)

Cash and cash equivalents at beginning of period		19,924,648

Cash and cash equivalents at end of period	$	14,340,641


Non‑cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	24,099,096


Supplemental disclosure of cash flow information:
Cash paid during the period for taxes	$	11,707

Cash paid during the period for interest, facilities and maintenance fees	$	2,515,193

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

31 Invesco Senior Loan Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover ^(c)			Total borrowings (000’s omitted)		Asset Coverage per $1,000 unit of senior indebtedness ^(d)
Class A
Year ended 02/28/23		$6.46		$0.41		$(0.46	)		$(0.05	)		$(0.50	)		$(0.04	)		$(0.54	)		$5.87		(0.46	)%		$ 50,489		2.50	%		2.50	%		1.70	%		6.75	%		24	%		$ 82,500		$5,795
Year ended 02/28/22		6.43		0.25		0.10			0.35			(0.32	)		–			(0.32	)		6.46		5.49	^(e)(f)		59,134		1.97	^(f)		1.97	^(f)		1.73	^(f)		3.86	^(f)		79			82,500		6,509
Year ended 02/28/21		6.34		0.23		0.11			0.34			(0.24	)		(0.01	)		(0.25	)		6.43		5.77	^(f)		59,821		2.05	^(f)		2.05	^(f)		1.71	^(f)		3.80	^(f)		64			82,500		6,835
Year ended 02/29/20		6.61		0.30		(0.26	)		0.04			(0.31	)		–			(0.31	)		6.34		0.58	^(f)		74,640		2.41	^(f)		2.41	^(f)		1.66	^(f)		4.62	^(f)		55			115,000		5,677
Year ended 02/28/19		6.72		0.28		(0.10	)		0.18			(0.29	)		–			(0.29	)		6.61		3.19	^(f)		90,789		2.46	^(f)		2.46	^(f)		1.71	^(f)		4.25	^(f)		44			160,000		5,009
Class C
Year ended 02/28/23		6.48		0.37		(0.46	)		(0.09	)		(0.46	)		(0.04	)		(0.50	)		5.89		(1.18	)		36,108		3.25			3.25			2.45			6.00			24			82,500		5,795
Year ended 02/28/22		6.44		0.20		0.11			0.31			(0.27	)		–			(0.27	)		6.48		4.86	^(e)(f)		44,805		2.72	^(f)		2.72	^(f)		2.48	^(f)		3.11	^(f)		79			82,500		6,509
Year ended 02/28/21		6.36		0.18		0.10			0.28			(0.19	)		(0.01	)		(0.20	)		6.44		4.81	^(f)		47,919		2.80	^(f)		2.80	^(f)		2.46	^(f)		3.05	^(f)		64			82,500		6,835
Year ended 02/29/20		6.63		0.25		(0.26	)		(0.01	)		(0.26	)		–			(0.26	)		6.36		(0.16	)^(f)		58,449		3.16	^(f)		3.16	^(f)		2.41	^(f)		3.87	^(f)		55			115,000		5,677
Year ended 02/28/19		6.73		0.23		(0.09	)		0.14			(0.24	)		–			(0.24	)		6.63		2.50	^(f)		77,951		3.21	^(f)		3.21	^(f)		2.46	^(f)		3.50	^(f)		44			160,000		5,009
Class Y
Year ended 02/28/23		6.46		0.42		(0.45	)		(0.03	)		(0.52	)		(0.04	)		(0.56	)		5.87		(0.21	)		983		2.25			2.25			1.45			7.00			24			82,500		5,795
Year ended 02/28/22		6.43		0.27		0.10			0.37			(0.34	)		–			(0.34	)		6.46		5.75	^(e)		1,077		1.72			1.72			1.48			4.11			79			82,500		6,509
Year ended 02/28/21		6.34		0.24		0.11			0.35			(0.25	)		(0.01	)		(0.26	)		6.43		6.04			1,045		1.80			1.80			1.46			4.05			64			82,500		6,835
Year ended 02/29/20		6.61		0.32		(0.26	)		0.06			(0.33	)		–			(0.33	)		6.34		0.83			2,436		2.16			2.16			1.41			4.87			55			115,000		5,677
Year ended 02/28/19		6.72		0.30		(0.10	)		0.20			(0.31	)		–			(0.31	)		6.61		3.47			2,894		2.21			2.21			1.46			4.50			44			160,000		5,009
Class IB
Year ended 02/28/23		6.46		0.42		(0.45	)		(0.03	)		(0.52	)		(0.04	)		(0.56	)		5.87		(0.21	)		285,767		2.25			2.25			1.45			7.00			24			82,500		5,795
Year ended 02/28/22		6.43		0.27		0.10			0.37			(0.34	)		–			(0.34	)		6.46		5.75	^(e)		324,116		1.72			1.72			1.48			4.11			79			82,500		6,509
Year ended 02/28/21		6.34		0.24		0.11			0.35			(0.25	)		(0.01	)		(0.26	)		6.43		6.04			345,166		1.80			1.80			1.46			4.05			64			82,500		6,835
Year ended 02/29/20		6.61		0.32		(0.26	)		0.06			(0.33	)		–			(0.33	)		6.34		0.83			372,576		2.16			2.16			1.41			4.87			55			115,000		5,677
Year ended 02/28/19		6.72		0.30		(0.10	)		0.20			(0.31	)		–			(0.31	)		6.61		3.46			432,894		2.21			2.21			1.46			4.50			44			160,000		5,009
Class IC
Year ended 02/28/23		6.46		0.41		(0.45	)		(0.04	)		(0.51	)		(0.04	)		(0.55	)		5.87		(0.36	)		22,259		2.40			2.40			1.60			6.85			24			82,500		5,795
Year ended 02/28/22		6.43		0.26		0.10			0.36			(0.33	)		–			(0.33	)		6.46		5.60	^(e)(f)		25,339		1.87	^(f)		1.87	^(f)		1.63	^(f)		3.96	^(f)		79			82,500		6,509
Year ended 02/28/21		6.34		0.23		0.12			0.35			(0.25	)		(0.01	)		(0.26	)		6.43		5.88	^(f)		27,422		1.95	^(f)		1.95	^(f)		1.61	^(f)		3.90	^(f)		64			82,500		6,835
Year ended 02/29/20		6.61		0.31		(0.26	)		0.05			(0.32	)		–			(0.32	)		6.34		0.68	^(f)		29,779		2.31	^(f)		2.31	^(f)		1.56	^(f)		4.72	^(f)		55			115,000		5,677
Year ended 02/28/19		6.72		0.29		(0.10	)		0.19			(0.30	)		–			(0.30	)		6.61		3.30	^(f)		36,854		2.36	^(f)		2.36	^(f)		1.61	^(f)		4.35	^(f)		44			160,000		5,009

^(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)	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.

^(e)	Amount includes the effect of the Adviser pay‑in for an economic loss of $0.01 per share. Had the pay‑in not been made, the total return would have been 5.32%, 4.70%, 5.59%, 5.59% and 5.43% for Class A, Class C, Class Y, Class IB and Class IC shares, respectively.

^(f)

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% for Class A shares, 1.00% for Class C shares and 0.15% for Class IC shares for each of the years ended February 28, 2023, February 28, 2022, February 28, 2021, February 29, 2020 and February 28, 2019, respectively.

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

32 Invesco Senior Loan Fund

Notes to Financial Statements

February 28, 2023

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 that is operated as an interval fund and periodically offers its shares for repurchase.

The Fund’s investment objective is to provide a high level of current income, consistent with preservation of capital. The Fund’s investment adviser seeks to achieve the Fund’s investment objective by investing primarily in adjustable rate senior loans. 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. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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.

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

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

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Non‑U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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

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

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

33 Invesco Senior Loan Fund

and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally 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.

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

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

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

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the 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.

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

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.

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

34 Invesco Senior Loan Fund

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, administrative expenses and other expenses associated with establishing and maintaining the line of credit.

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.

Indemnifications – Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund 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.

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.

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

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the 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 exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non‑deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

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.

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

35 Invesco Senior Loan Fund

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.

LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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 common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, 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 common shareholders. There can be no assurance that the Fund’s leverage strategy will be successful.

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”.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

COVID‑19 Risk - The COVID‑19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre‑existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID‑19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Fund has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets		Rate

First $500 million		0.900%

Next $1 billion		0.850%

Next $1 billion		0.825%

Next $500 million		0.800%

Over $3 billion		0.775%

For the year ended February 28, 2023, the effective advisory fee rate incurred by the Fund was 0.90%.

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

36 Invesco Senior Loan Fund

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 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, 2023, expenses incurred under these agreements are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub‑administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Fund, SSB also serves as the Fund’s custodian.

The Fund has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended February 28, 2023, expenses incurred under these agreements are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b‑1 under the 1940 Act for Class A and Class C shares, and a service plan for Class A, Class C and Class IC shares (collectively, the “Plans”) to pay 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. 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $4,182 in front‑end sales commissions from the sale of Class A shares and $3,593, $2,742 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 the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2023. 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.


	Level 1		Level 2		Level 3		Total

Investments in Securities

Variable Rate Senior Loan Interests	$	–	$	339,861,951	$	59,265,580	$399,127,531

Common Stocks & Other Equity Interests		9,476,141		4,644,714		26,770,351	40,891,206

U.S. Dollar Denominated Bonds & Notes		–		12,893,926		330,366	13,224,292

Non‑U.S. Dollar Denominated Bonds & Notes		–		13,199,557		–	13,199,557

Preferred Stocks		–		2,353,883		604,460	2,958,343

Municipal Obligations		–		1,794,300		–	1,794,300

Total Investments in Securities		9,476,141		374,748,331		86,970,757	471,195,229

Other Investments - Assets*
Investments Matured		–		158,341		447,156	605,497
Forward Foreign Currency Contracts		–		2,036,622		–	2,036,622
		–		2,194,963		447,156	2,642,119

37 Invesco Senior Loan Fund


	Level 1		Level 2			Level 3		Total


Other Investments - Liabilities*


Forward Foreign Currency Contracts	$	–	$	(458,614	)	$	–	$	(458,614	)


Total Other Investments		–		1,736,349			447,156		2,183,505


Total Investments	$	9,476,141	$	376,484,680		$	87,417,913	$	473,378,734

*	Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended February 28, 2023:


													Change in
								Accrued		Realized			Unrealized			Transfers		Transfers
	Value		Purchases		Proceeds			Discounts/		Gain			Appreciation			into		out of			Value
	02/28/22		at Cost		from Sales			Premiums		(Loss)			(Depreciation)			Level 3*		Level 3*			02/28/23
Variable Rate Senior Loan Interests	$	62,917,390	$	17,331,103	$	(18,433,742	)	$	453,594	$	(271,341	)	$	(3,158,261	)	$	13,536,186	$	(13,109,349	)	$59,265,580
Common Stocks & Other Equity Interests		16,171,029		–		–			–		(140,769	)		6,488,882			6,708,493		(2,457,284	)	26,770,351
Preferred Stocks		993,999		154,688		(654,635	)		–		314,569			(673,065	)		468,904		–		604,460
Investments Matured		447,156		–		–			–		–			–			–		–		447,156
U.S. Dollar Denominated Bonds & Notes		877,623		–		(454,266	)		–		–			(92,991	)		–		–		330,366
Total	$	81,407,197	$	17,485,791	$	(19,542,643	)	$	453,594	$	(97,541	)	$	2,564,565		$	20,713,583	$	(15,566,633	)	$87,417,913

*	Transfers into and out of level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price.

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

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

Range of

Fair Value

Valuation

Unobservable

at 02/28/23

Technique

Inputs

Input Used

QuarterNorth Energy, Inc.

$15,565,407

Bid Offer

Bid Offer Price

N/A

$199.49

^(a)

NAS LLC (d.b.a. Nationwide Marketing Group), Term Loan

4,895,101

Valuation Service

N/A

^(b)

^(a)

QuarterNorth Energy, Inc. publicly announced that it has engaged a financial advisor to pursue a sale of the company. The Adviser values the common shares at the first round of bids for the sale of the business. The Adviser periodically reviews the financial statements and monitors such investments for additional market information of the occurrence of a significant event which would warrant a re‑evaluation of the security’s fair valuation.

^(b)

Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The valuations are based on certain methods used to determine market yields in order to establish a discount rate of return given market conditions and prevailing lending standards. Future expected cash flows are discounted back to the present value using these discount rates in the discounted cash flow analysis. The Adviser reviews the valuation reports provided by the valuation service on an on‑going basis and monitors such investments for additional information or the occurrence of a market event which would warrant a re‑evaluation of the security’s fair valuation.

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, 2023:


		Value
		Currency
Derivative Assets		Risk
Unrealized appreciation on forward foreign currency contracts outstanding		$2,036,622
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements		$2,036,622

38 Invesco Senior Loan Fund


	Value
	Currency
Derivative Liabilities	Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(458,614	)


Derivatives not subject to master netting agreements		–


Total Derivative Liabilities subject to master netting agreements	$	(458,614	)

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, 2023.


	Financial		Financial
	Derivative		Derivative					Collateral
	Assets		Liabilities					(Received)/Pledged
	Forward Foreign		Forward Foreign		Net Value of					Net
Counterparty	Currency Contracts		Currency Contracts		Derivatives			Non‑Cash	Cash	Amount


Bank of America, N.A	$	–	$	(784)	$	(784	)	$–	$–	$	(784	)


Barclays Bank PLC		22,166		(15,539)		6,627		–	–		6,627


BNP Paribas S.A.		627,781		(109,333)		518,448		–	–		518,448


Canadian Imperial Bank of Commerce		19,740		(19,468)		272		–	–		272


Deutsche Bank AG		–		(4,553)		(4,553	)	–	–		(4,553	)


J.P. Morgan Chase Bank, N.A.		–		(10,043)		(10,043	)	–	–		(10,043	)


Morgan Stanley and Co. International PLC		599,505		(155,652)		443,853		–	–		443,853


Royal Bank of Canada		651,965		(120,779)		531,186		–	–		531,186


State Street Bank & Trust Co.		21,450		–		21,450		–	–		21,450


Toronto-Dominion Bank (The)		94,015		(22,463)		71,552		–	–		71,552


Total	$	2,036,622	$	(458,614)	$	1,578,008		$–	$–	$	1,578,008

Effect of Derivative Investments for the year ended February 28, 2023

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


	Location of Gain on
	Statement of Operations
	Currency
	Risk
Realized Gain:
Forward foreign currency contracts		$4,876,764
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		1,075,007
Total		$5,951,771

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


	Forward
	Foreign Currency
	Contracts
Average notional value		$175,374,866

NOTE 5–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 6–Cash Balances and Borrowings

Effective December 9, 2022, the Fund entered into a $90 million revolving credit and security agreement, which will expire on December 8, 2023. Prior to December 9, 2022, the revolving credit and security agreement permitted borrowings up to $180 million. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

39 Invesco Senior Loan Fund

During the year ended February 28, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $82,500,000 with an average interest rate of 3.47%. 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 7–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of February 28, 2023. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.


				Unrealized
		Unfunded Loan		Appreciation
Borrower	Type	Commitment		(Depreciation)

athenahealth Group, Inc.	Delayed Draw Term Loan	$	322,296	$	(23,233	)

Avaya, Inc.	DIP Term Loan		56,255		4,184

Dermatology Intermediate Holdings III, Inc.	Delayed Draw Term Loan		437		(7	)

Dun & Bradstreet Corp. (The)	Revolver Loan		1,686,902		102,405

Groundworks LLC	Delayed Draw Term Loan		221,743		1,507

Groundworks LLC	Term Loan		151,199		0

Groundworks LLC	Term Loan		48,384		0

McDermott International Ltd.	LOC		2,136,110		(395,180	)

NAS LLC (d.b.a. Nationwide Marketing Group)	Revolver Loan		408,693		(3,979	)

Royal Caribbean Cruises	Revolver Loan		65,365		(65	)

Royal Caribbean Cruises	Revolver Loan		120,514		3,484

Tank Holding Corp.	Revolver Loan		176,430		(9,309	)

Thermostat Purchaser III, Inc.	First Lien Delayed Draw Term Loan		78,194		(3,226	)

USF S&H Holdco LLC	Term Loan A		162,334		0

		$	5,634,856	$	(323,419	)

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2023 and 2022:


	2023		2022
Ordinary income*	$	34,769,351	$23,387,063
Return of capital		2,672,099	–
Total distributions	$	37,441,450	$23,387,063

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

Tax Components of Net Assets at Period‑End:


	2023


Net unrealized appreciation (depreciation) – investments	$	(58,138,371	)


Net unrealized appreciation (depreciation) – foreign currencies		(340,727	)


Temporary book/tax differences		(66,043	)


Capital loss carryforward		(222,501,565	)


Shares of beneficial interest		676,651,967


Total net assets	$	395,605,261

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 amortization and accretion on debt securities, defaulted bonds and derivative instruments.

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

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

40 Invesco Senior Loan Fund

The Fund has a capital loss carryforward as of February 28, 2023, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	14,393,756	$	208,107,809	$222,501,565

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2023 was $121,911,433 and $183,145,551, 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	$	28,543,162

Aggregate unrealized (depreciation) of investments		(86,681,533	)

Net unrealized appreciation (depreciation) of investments	$	(58,138,371	)

Cost of investments for tax purposes is $531,517,105.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of amortization and accretion on debt securities, foreign currency transactions and return of capital distributions , on February 28, 2023, undistributed net investment income was increased by $7,145,923, undistributed net realized gain (loss) was decreased by $4,473,823 and shares of beneficial interest was decreased by $2,672,100. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Senior Loan Participation Commitments

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

At the year ended February 28, 2023, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.


	Principal
Selling Participant	Amount		Value
Bank of America, N.A.	$	3,268,872	$3,156,485
Barclays Bank PLC		2,136,110	1,772,971

NOTE 12–Dividends

The Fund declared the following monthly dividends from net investment income subsequent to February 28, 2023.


		Amount Per Share
Share Class	Record Date	Payable March 31, 2023

Class A	Daily	$0.0420

Class C	Daily	$0.0384

Class Y	Daily	$0.0432

Class IB	Daily	$0.0432

Class IC	Daily	$0.0425

NOTE 13–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 at net asset value (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

41 Invesco Senior Loan Fund

month (or the preceding business day if such third Friday is not a business day). During the year ended February 28, 2023, the Fund had Repurchase Offers as follows:


	Percentage of
	outstanding shares the		Percentage of
	Fund offered to	Number of shares	outstanding shares
Repurchase request deadlines	repurchase	tendered (all classes)	tendered (all classes)
March 18, 2022	6.0%	448,202	0.6%
April 14, 2022	6.0	464,507	0.7
May 20, 2022	6.0	689,657	1.0
June 17, 2022	6.0	815,499	1.2
July 15, 2022	6.0	860,495	1.2
August 19, 2022	6.0	627,865	0.9
September 16, 2022	6.0	537,162	0.8
October 21, 2022	6.0	819,520	1.2
November 18, 2022	6.0	709,649	1.0
December 16, 2022	6.0	914,612	1.4
January 20, 2023	6.0	683,703	1.0
February 17, 2023	6.0	563,872	0.8

NOTE 14–Share Information


	Summary of Share Activity

	Year ended						Year ended
	February 28, 2023^(a)						February 28, 2022
	Shares			Amount			Shares			Amount

Sold:
Class A		895,123		$	5,540,443			1,138,902		$	7,385,925

Class C		197,424			1,238,609			411,282			2,694,961

Class Y		50,849			308,647			189,487			1,239,653

Class IB		36,722			218,373			47,195			301,816

Class IC		747			4,438			4,523			29,293


Issued as reinvestment of dividends:
Class A		515,781			3,057,598			268,472			1,749,239

Class C		357,480			2,121,998			185,441			1,211,276

Class Y		7,073			42,038			8,284			54,002

Class IB		2,943,496			17,440,366			1,673,065			10,761,089

Class IC		242,618			1,437,096			134,002			873,114


Reacquired:
Class A		(1,962,024	)		(11,793,761	)		(1,563,896	)		(10,153,909	)

Class C		(1,336,433	)		(8,026,953	)		(1,117,433	)		(7,306,662	)

Class Y		(57,202	)		(341,883	)		(193,584	)		(1,256,960	)

Class IB		(4,459,744	)		(26,760,695	)		(5,264,266	)		(34,197,160	)

Class IC		(373,120	)		(2,236,439	)		(483,427	)		(3,155,918	)

Net increase (decrease) in share activity		(2,941,210	)	$	(17,750,125	)		(4,561,953	)	$	(29,770,241	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

42 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, 2023, the related statements of operations and cash flows for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended February 28, 2023 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these 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, 2023 by correspondence with the custodian, portfolio company investees, brokers and agent banks; when replies were not received from portfolio company investees, brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

April 26, 2023

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

43 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, 2022 through February 28, 2023.

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.


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(09/01/22)	(02/28/23)¹	Period²	(02/28/23)	Period²	Ratio
Class A	$1,000.00	$1,036.20	$14.19	$1,010.86	$14.01	2.81%
Class C	1,000.00	1,030.70	17.92	1,007.14	17.72	3.56
Class Y	1,000.00	1,037.50	12.93	1,012.10	12.77	2.56
Class IB	1,000.00	1,037.50	12.93	1,012.10	12.77	2.56
Class IC	1,000.00	1,036.80	13.69	1,011.36	13.51	2.71

The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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.

44 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 advisers.

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:


Federal and State Income Tax
Qualified Dividend Income*	4.19	%
Corporate Dividends Received Deduction*	4.19	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	85.92	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

45 Invesco Senior Loan Fund

Trustees and Officers

The address of each trustee and officer is 1331 Spring Street NW, Suite 2500, 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 Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2014	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, 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)	175	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.

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
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non‑profit) Formerly: President and Director Director of Grahamtastic Connection (non‑profit)
Cynthia Hostetler - 1962 Trustee	2017	Non‑Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School-Texas A&M University Formerly: Dean of Mays Business School - Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2014	Retired Formerly: Co‑Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non‑profit) and HealthCare Chaplaincy Network (non‑profit)

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
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non‑profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non‑profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non‑profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non‑executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

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
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2010	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 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
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2010	Chief Operating Officer of the Americas; 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 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; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); 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, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, 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 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.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 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
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
1331 Spring Street NW, Suite 2500	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Atlanta, GA 30309	1331 Spring Street NW, Suite 2500	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Investment Sub‑Adviser	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Invesco Senior Secured Management, Inc.	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	225 Liberty Street	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10281	Houston, TX 77046-1173	Boston, MA 02110-2801

Counsel to the Independent Trustees
Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019

T-6 Invesco Senior Loan Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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


SEC file number(s): 811‑05845		Invesco Distributors, Inc.		VK‑SLO‑AR‑1

There were no amendments to 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.

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 Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following two matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Partner held a financial interest directly in an investment company within the complex that includes 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 Funds Investment Company Complex”) that was inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting the matter to the Audit Committee, PwC noted, among other things, that the impermissible holding was disposed of by the individual, the individual was not in the chain of command of the audit or the audit partners of the Funds, the financial interest was not material to the net worth of the individual or his or her respective immediate family members and the Funds’ audit engagement team was unaware of the impermissible holdings until after the matter was confirmed to be an independence exception . In addition, PwC considered that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

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 shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.

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.

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.

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.

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.

“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.

“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.

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.

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.

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.

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

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

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.

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.

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

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:

(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.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $8,440,000 for the fiscal year ended February 28, 2023 and $5,931,000 for the fiscal year ended February 28, 2022. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $9,329,053 for the fiscal year ended February 28, 2023 and $6,750,020 for the fiscal year ended February 28, 2022.

PwC provided audit services to the Investment Company complex of approximately $32 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.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

As of February 28, 2023, the following individuals are jointly and primarily responsible for the day-to-day management of the Trust:

Invesco’s portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The ‘Investments’ chart reflects the portfolio managers’ investments in the Fund(s) that they manage and includes investments in the Fund’s shares beneficially owned by a portfolio manager, as determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (beneficial ownership includes ownership by a portfolio manager’s immediate family members sharing the same household). The ‘Assets Managed’ chart reflects information regarding accounts other than the 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.

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 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.

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.

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

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

Deferred / Long Term Compensation. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards 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.

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

³ Invesco Senior Secured’s bonus is based on annual measures of equity return and standard tests of collateralization performance.

⁴ Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital.

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.

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.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2023	Fees Billed for Services Rendered to the Registrant for fiscal year end 2022

Audit Fees	$ 106,683	$ 103,075
Audit-Related Fees⁽¹⁾	$ 14,500	$ 14,500
Tax Fees⁽²⁾	$ 15,053	$ 18,020
All Other Fees	$ 0	$ 0
Total Fees	$ 136,236	$ 135,595


	Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2023 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 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Audit-Related Fees⁽¹⁾	$ 874,000	$ 801,000
Tax Fees	$ 0	$ 0
All Other Fees	$ 0	$ 0
Total Fees	$ 874,000	$ 801,000



Portfolio Managers		Dollar Range of Investments in the Fund

Invesco Senior Loan Fund

Scott Baskind		None

Thomas Ewald		None

Philip Yarrow		None


Portfolio Managers	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	5	$8,738.2	6	$5,002.5	16	$6,896.9
Thomas Ewald	5	$8,045.8	4	$4,648.6	15	$6,791.0
Philip Yarrow	5	$8,045.8	4	$4,648.6	16	$6,896.9


Sub-Adviser		Performance time period¹
Invesco² Invesco Canada² Invesco Deutschland² Invesco Hong Kong² Invesco Asset Management² Invesco India² Invesco Listed Real Assets Division²		One-, Three- and Five-year performance against Fund peer group
Invesco Senior Secured^2,³ Invesco Capital^2,⁴		Not applicable
Invesco Japan		One-, Three- and Five-year performance


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 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		May 3, 2023


Date: May 3, 2023		/s/ Sheri Morris
		Sheri Morris, Principal Executive Officer


Date: May 3, 2023		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer