Invesco Senior Loan Fund (XPRTX) N-CSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-05845

Invesco Van Kampen Senior Loan Fund

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Colin Meadows 1555 Peachtree Street, N.E., 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: 8/31/12

Item 1. Reports to Stockholders.

Invesco Van Kampen Senior Loan Fund

Semiannual Report to Shareholders § August 31, 2012

Nasdaq:

A: VSLAX § B: VSLBX § C: VSLCX § IB: XPRTX § IC: XSLCX

2	Fund Performance
3	Schedule of Investments
20	Financial Statements
23	Notes to Financial Statements
33	Financial Highlights
39	Fund Expenses
40	Approval of Investment Advisory and Sub-Advisory Agreements
42	Results of Proxy

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 2/29/12 to 8/31/12, at net asset value (NAV). Performance shown does not include front-end sales charges or early withdrawal charges, which would have reduced performance.

Class A Shares	4.80	%
Class B Shares	4.72
Class C Shares	4.41
Class IB Shares	4.95
Class IC Shares	4.80
CS Leveraged Loan Index▼ (Style-Specific Index)	3.80
Source(s): ▼Invesco, Bloomberg L.P.

The CS 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) defined 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.

Average Annual Total Returns

As of 8/31/12, including maximum applicable sales charges
 

Class A Shares
Inception (2/18/05)			1.77	%
	5	Years	0.75
	1	Year	9.35
Class B Shares
Inception (2/18/05)			1.51	%
	5	Years	0.63
	1	Year	9.51
Class C Shares
Inception (2/18/05)			1.47	%
	5	Years	0.67
	1	Year	11.18
Class IB Shares
Inception (10/4/89)			4.78	%
	10	Years	3.95
	5	Years	1.42
	1	Year	13.01
Class IC Shares
Inception (6/13/03)			3.66	%
	5	Years	1.39
	1	Year	13.02

Effective June 1, 2010, Van Kampen Senior Loan Fund was renamed Invesco Van Kampen Senior Loan Fund. Effective December 3, 2012, Invesco Van Kampen Senior Loan Fund will be renamed Invesco Senior Loan Fund. Returns shown above are blended returns of the Van Kampen Senior Loan

Average Annual Total Returns

As of 6/30/12, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (2/18/05)			1.44	%
	5	Years	-0.62
	1	Year	0.64
Class B Shares
Inception (2/18/05)			1.15	%
	5	Years	-0.80
	1	Year	0.21
Class C Shares
Inception (2/18/05)			1.15	%
	5	Years	-0.72
	1	Year	2.19
Class IB Shares
Inception (10/4/89)			4.69	%
	10	Years	3.36
	5	Years	0.04
	1	Year	4.11
Class IC Shares
Inception (6/13/03)			3.43	%
	5	Years	0.04
	1	Year	4.11

Fund and Invesco Van Kampen Senior Loan Fund. Share class returns will differ because of different expenses.

     The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit

invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class IB and Class IC shares was 1.92%, 2.67%, 2.67%, 1.67% and 1.82%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 3.25% sales charge. Prior to November 30, 2010, Class B share performance reflects an early withdrawal charge of 3% in the first year after purchase and declines to 0% after year five. Class C share performance reflects an early withdrawal charge of 1% for the first year after purchase. Class IB shares, Class IC shares and Class B shares (after November 30, 2010) are not continuously offered and have no early withdrawal charges.

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

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

2 Invesco Van Kampen Senior Loan Fund

Schedule of Investments

August 31, 2012

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Variable Rate Senior Loan Interests–107.91%(a)(b)
Aerospace & Defense–3.34%
ARINC Inc., Second Lien Term Loan		6.24	%		10/25/15	$	2,956	$	2,907,857
AVIO S.p.A. (Italy),
Extended Term Loan B2		3.11	%		06/14/17		438		421,513
Extended Term Loan C2		3.98	%		12/14/17		467		451,713
Camp Systems International, Inc., First Lien Term Loan		6.50	%		05/31/19		1,293		1,306,581
DAE Aviation Holdings, Inc.,
Tranche B-1 Term Loan		5.45	%		07/31/14		2,181		2,181,215
Tranche B-2 Term Loan		5.45	%		07/31/14		1,529		1,528,686
DynCorp International LLC, Term Loan B		6.25	%		07/07/16		3,052		3,055,510
IAP Worldwide Services, Inc., PIK First Lien Term Loan(c)		9.25	%		12/28/12		7,276		6,275,515
PRV Aerospace LLC, Term Loan B (Acquired 05/11/12; Cost $3,094,373)		6.50	%		05/09/18		3,108		3,112,100
Sequa Corp.,
Term Loan		3.72	%		12/03/14		8,108		8,083,191
Term Loan		6.25	%		12/03/14		3,250		3,268,474
SI Organization, Inc., Term Loan B		4.50	%		11/22/16		890		872,078
TASC, Inc., Term Loan B		4.50	%		12/18/15		5,181		5,142,387
Wyle Services Corp., Term Loan B		5.00	%		03/27/17		3,414		3,401,428
									42,008,248
Air Transport–0.94%
Delta Air Lines, Inc.,
Revolver Loan(d)		0.00	%		03/28/13		4,500		4,436,730
Term Loan B		4.25	%		03/07/16		6,509		6,443,576
US Airways Group Inc., Term Loan		2.74	%		03/21/14		972		942,754
									11,823,060
Automotive–4.51%
August Lux U.K. Holding Co.,
Second Lien Term Loan (Acquired 05/04/12; Cost $923,909)		10.50	%		04/29/19		947		953,656
Term Loan		6.25	%		04/27/18		1,022		1,029,488
August U.S. Holding Co., Inc.,
Second Lien Term Loan (Acquired 05/04/12; Cost $711,314)		10.50	%		04/29/19		729		734,230
Term Loan B		6.25	%		04/27/18		786		791,928
Federal-Mogul Corp.,
Term Loan B		2.18	%		12/29/14		2,797		2,676,898
Term Loan C		2.18	%		12/28/15		2,332		2,231,996
General Motors Holdings, Revolver Loan(d)		0.00	%		10/27/15		14,583		13,483,100
Goodyear Tire & Rubber Company (The), Second Lien Term Loan		4.75	%		04/30/19		3,831		3,826,284
Hertz Corp., LOC		3.75	%		03/09/18		2,102		2,018,252
KAR Auction Services, Inc., Term Loan B		5.00	%		05/19/17		5,557		5,577,673
Key Safety Systems, Inc., First Lien Term Loan		2.58	%		03/08/14		6,491		6,391,827
Metaldyne Co., LLC, Term Loan B		5.25	%		05/18/17		3,058		3,084,370
Schaeffler AG (Germany), Term Loan C2		6.00	%		01/27/17		6,147		6,182,734
TI Group Automotive Systems, LLC, Term Loan		6.75	%		03/14/18		7,624		7,430,378

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

3        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Automotive–(continued)
Veyance Technologies, Inc.,
Delayed Draw Term Loan		2.49	%		07/31/14	$	46	$	44,521
Term Loan		2.49	%		07/31/14		318		310,832
									56,768,167
Beverage and Tobacco–0.55%
DS Waters Enterprises, L.P., First Lien Term Loan (Acquired 02/27/12-03/26/12; Cost $3,002,200)		10.50	%		08/29/17		3,058		3,153,443
Smart Balance, Inc., Term Loan		7.00	%		07/02/18		3,707		3,741,317
									6,894,760
Building & Development–4.92%
Axia Acquisition Corp.,
PIK Second Lien Term Loan A (Acquired 05/30/08-06/29/12; Cost $2,606,740)(c)(e)		11.00	%		03/11/16		952		785,006
Revolver Loan(d)(e)		0.00	%		03/11/16		1,750		1,443,558
Second Lien Term Loan B (Acquired 05/30/08; Cost $4,680,183)(e)		5.00	%		03/12/16		1,627		1,342,611
Building Materials Holding Corp., PIK Second Lien Term Loan(c)		8.00	%		01/05/15		2,308		2,035,263
Capital Automotive L.P., Term Loan B		5.25	%		03/10/17		17,979		18,053,534
CB Richard Ellis Services, Inc.,
Term Loan C		3.48	%		03/05/18		320		319,622
Term Loan D		3.74	%		09/04/19		5,081		5,065,044
Champion OPCO, LLC, PIK Term Loan(c)		10.50	%		12/31/13		1,802		1,291,189
Custom Building Products, Inc., Term Loan B		5.75	%		03/19/15		2,620		2,613,024
El Ad IDB Las Vegas, LLC, Term Loan A1		2.99	%		10/09/12		2,500		1,125,000
HD Supply, Inc., Term Loan B		7.25	%		10/12/17		5,703		5,847,939
Lake at Las Vegas Joint Venture, LLC,
PIK Exit Revolver Loan (Acquired 07/16/12; Cost $30,077)(c)(d)		0.00	%		02/28/17		30		27,821
PIK Exit Revolver Loan (Acquired 07/19/10-08/24/12; Cost $184,304)(c)		5.00	%		02/28/17		184		170,481
Nortek, Inc., Term Loan		5.25	%		04/26/17		3,645		3,681,882
Re/Max International, Inc., Term Loan		5.50	%		04/15/16		968		966,512
Realogy Corp.,
Extended LOC		4.49	%		10/10/16		82		79,162
Extended Term Loan		4.49	%		10/10/16		10,350		10,036,067
LOC		3.23	%		10/10/13		1,053		981,926
Revolver Loan(d)		0.00	%		04/08/16		3,793		3,318,854
Revolver Loan		3.46	%		04/08/16		2,678		2,343,439
Rhodes Homes, PIK Term Loan (Acquired 11/23/05-09/30/11; Cost $1,962,337)(c)		2.46	%		03/31/16		489		415,843
									61,943,777
Business Equipment & Services–9.49%
Acosta, Inc., Term Loan C		5.75	%		03/01/18		1,226		1,231,902
Affinion Group, Inc., Term Loan B		5.00	%		07/15/15		9,748		8,347,152
Asurion LLC,
First Lien Term Loan		5.50	%		05/24/18		16,120		16,195,043
Second Lien Term Loan		9.00	%		05/24/19		1,585		1,644,775
Bright Horizons Family Solutions, Inc.,
Revolver Loan(d)		0.00	%		05/28/14		6,000		5,950,800
Term Loan B		4.24	%		05/28/15		4,985		4,972,691
Brock Holdings III, Inc., Term Loan B		6.01	%		03/16/17		425		425,758

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

4        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Business Equipment & Services–(continued)
Connolly Holdings, Inc., First Lien Term Loan		6.50	%		07/13/18	$	3,846	$	3,855,609
Education Management LLC, Extended Revolver Loan(d)		0.00	%		06/01/15		2,000		1,480,760
Emdeon, Inc., Term Loan B1		5.00	%		11/02/18		762		765,178
Expert Global Solutions, Inc., Term Loan B		8.00	%		04/03/18		5,351		5,360,475
First Data Corp.,
Extended Term Loan B		5.24	%		03/24/17		7,396		7,275,599
Extended Term Loan B		4.24	%		03/26/18		13,427		12,730,605
Term Loan B		5.24	%		03/24/17		2,966		2,921,347
Term Loan B3		2.99	%		09/24/14		163		161,514
Hillman Group, Inc., Term Loan B		5.00	%		05/27/16		144		144,588
iPayment, Inc., Term Loan B		5.75	%		05/08/17		6,277		6,304,062
Kronos Inc.,
Second Lien Tranche B1		10.46	%		06/11/18		4,572		4,617,725
Tranche C Term Loan		6.25	%		12/28/17		3,303		3,321,563
Lonestar Intermediate Super Holdings, LLC, Term Loan B		11.00	%		09/02/19		5,164		5,506,336
Mitchell International, Inc.,
First Lien Term Loan		2.50	%		03/28/14		304		301,056
Second Lien Term Loan		5.75	%		03/30/15		3,897		3,834,999
Sabre, Inc.,
Extended Term Loan		5.98	%		12/29/17		6,283		6,201,478
Incremental Term Loan		7.25	%		12/29/17		2,479		2,478,501
SS&C Technologies Inc.,
Term Loan B-1		5.00	%		06/07/19		4,933		4,955,814
Term Loan B-2		5.00	%		06/07/19		510		512,670
SSI Investments II Ltd., Term Loan C		6.50	%		05/26/17		304		306,643
Sungard Data Systems, Inc.,
Term Loan B		3.92	%		02/26/16		4,641		4,647,641
Term Loan C		3.99	%		02/28/17		1,611		1,610,533
Trans Union, LLC, Term Loan B		5.50	%		02/12/18		1,430		1,443,658
									119,506,475
Cable & Satellite Television–3.89%
Atlantic Broadband Finance, LLC,
First Lien Term Loan		5.25	%		04/04/19		4,239		4,259,792
Second Lien Term Loan		9.75	%		10/04/19		4,042		4,238,642
Cequel Communications, LLC, Term Loan B		4.00	%		02/14/19		8,726		8,729,174
Harron Communications Corp., Term Loan B		5.50	%		10/06/17		3,591		3,600,010
Kabel Deutschland GmbH (Germany), Term Loan F		4.25	%		02/01/19		3,578		3,583,996
MCC Illinois, LLC, Term Loan E		4.50	%		10/23/17		4,014		3,972,499
MCC Iowa LLC,
Term Loan D-1		1.94	%		01/30/15		1,141		1,112,495
Term Loan D-2		1.94	%		01/30/15		1,876		1,828,754
Term Loan F		4.50	%		10/23/17		2,240		2,221,065
Mediacom Illinois, LLC, Term Loan C		1.69	%		01/30/15		1,512		1,472,310
UPC Financing Partnership, Facility Term Loan AB		4.75	%		12/29/17		1,998		2,010,023

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

5        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Cable & Satellite Television–(continued)
WideOpenWest Finance LLC, First Lien Term Loan		6.25	%		07/17/18	$	7,413	$	7,429,371
Yankee Cable Acquisition, LLC, Term Loan B		5.25	%		08/26/16		4,581		4,592,456
									49,050,587
Chemicals & Plastics–5.05%
Ascend Performance Materials LLC, Term Loan B		6.75	%		04/10/18		6,448		6,420,624
Emerald Performance Materials, LLC, Term Loan B (Acquired 05/15/12; Cost $3,139,484)		6.75	%		05/18/18		3,155		3,155,070
Houghton International, Inc., Term Loan B		6.75	%		01/29/16		3,315		3,348,045
Ineos Holdings Ltd., Term Loan		6.50	%		04/27/18		9,924		9,964,570
Kronos Inc., Term Loan B		5.75	%		06/13/18		5,494		5,528,008
Momentive Specialty Chemicals, Inc.,
Extended Term Loan C1		4.00	%		05/05/15		613		602,249
Extended Term Loan C4 (Acquired 04/27/11; Cost $3,511,621)		4.25	%		05/05/15		3,520		3,397,213
Extended Term Loan C5 (Acquired 02/09/10; Cost $2,161,831)		4.25	%		05/05/15		2,246		2,167,821
OM Group, Inc., Term Loan B		5.75	%		08/02/17		943		949,621
OMNOVA Solutions, Inc., Term Loan B		5.50	%		05/31/17		6,514		6,566,495
Phillips Plastics Corp., Term Loan		6.50	%		02/10/17		1,275		1,271,372
PolyOne Corp., Term Loan		5.00	%		12/20/17		1,634		1,646,144
Potters Holdings II, L.P., First Lien Term Loan		6.00	%		05/05/17		2,519		2,508,507
PQ Corp., Term Loan B		3.98	%		07/30/14		7,420		7,315,013
Taminco Global Chemical Corp., Term Loan B1		5.25	%		02/15/19		5,003		5,031,303
TricorBraun, Inc., Term Loan B		5.50	%		05/03/18		3,735		3,743,182
									63,615,237
Clothing & Textiles–0.73%
Ascena Retail Group, Inc., Term Loan B		4.75	%		06/14/18		1,485		1,497,768
Levi Strauss & Co., Term Loan		2.50	%		03/27/14		5,988		5,932,890
Warnaco, Inc., Term Loan		3.75	%		06/15/18		323		323,583
Wolverine Worldwide, Inc., Term Loan B(f)		—			07/31/19		1,483		1,497,439
									9,251,680
Conglomerates–1.52%
Goodman Global Holdings, Inc.,
First Lien Term Loan		5.75	%		10/28/16		6,705		6,736,492
Second Lien Term Loan		9.00	%		10/30/17		555		565,278
Rexnord LLC, Term Loan B		5.00	%		04/02/18		6,104		6,149,227
RGIS Services, LLC,
Non Extended Initial Term Loan		2.96	%		04/30/14		1,635		1,625,667
Term Loan C		5.50	%		10/18/17		1,222		1,215,771
Spectrum Brands, Inc., Term Loan B		5.00	%		06/17/16		2,885		2,900,463
									19,192,898
Containers & Glass Products–4.19%
Berlin Packaging, LLC, Term Loan		3.24	%		08/17/14		6,022		5,894,242
BWAY Corp.,
Canadian Term Loan C		4.25	%		02/23/18		240		240,498
Term Loan B		4.25	%		02/23/18		2,380		2,386,339
Consolidated Container Company LLC, Term Loan		6.25	%		07/03/19		1,434		1,448,848

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

6        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Containers & Glass Products–(continued)
Exopack, LLC, Term Loan		6.50	%		05/31/17	$	5,631	$	5,490,239
Hoffmaster Group, Inc., First Lien Term Loan		6.50	%		01/03/18		6,029		6,013,847
��
Pertus Sechszehnte GmbH (Germany),
Term Loan B2		2.71	%		06/12/15		4,045		3,549,439
Term Loan C2		2.96	%		06/13/16		4,045		3,569,664
Ranpak Corp., Term Loan		4.75	%		04/20/17		866		861,115
Reynolds Group Holdings Inc.,
Term Loan B		6.50	%		02/09/18		983		991,932
Term Loan C		6.50	%		08/09/18		21,967		22,306,272
									52,752,435
Cosmetics & Toiletries–2.51%
Bausch & Lomb, Inc., Term Loan B		5.25	%		05/17/19		10,834		10,892,167
Huish Detergents, Inc.,
Incremental Term Loan B		2.24	%		04/25/14		5,714		5,373,097
Second Lien Term Loan		4.49	%		10/26/14		1,000		905,310
KIK Custom Products, Inc.,
Canadian Term Loan		2.50	%		06/02/14		666		615,455
First Lien Term Loan		2.50	%		06/02/14		3,887		3,590,155
Second Lien Term Loan		5.24	%		11/28/14		4,800		3,414,000
Levlad, LLC, Term Loan		10.00	%		03/05/15		707		657,747
Marietta Intermediate Holding Corp., PIK Term Loan B (Acquired 12/22/04-02/04/11; Cost $10,285,012)(c)(e)		7.00	%		02/19/15		3,148		2,864,265
Revlon Consumer Products Corp., Term Loan B		4.75	%		11/17/17		3,286		3,286,956
									31,599,152
Drugs–2.43%
Catalent Pharma Solutions, Inc., Incremental Term Loan		5.25	%		09/15/17		1,856		1,870,228
Grifols Inc., Term Loan B		4.50	%		06/01/17		7,058		7,092,858
Harlan Sprague Dawley, Inc., Term Loan B		3.83	%		07/11/14		4,706		4,409,681
IMS Health, Inc., Term Loan B		4.50	%		08/25/17		2,392		2,405,263
Medpace, Inc., Term Loan (Acquired 06/21/11; Cost $4,095,053)		6.50	%		06/16/17		4,145		3,979,385
Quintiles Transnational Corp.,
Term Loan		7.50	%		02/24/17		1,385		1,406,264
Term Loan B		5.00	%		06/08/18		5,016		5,037,587
Warner Chilcott PLC,
Term Loan B1		4.25	%		03/15/18		1,727		1,722,219
Term Loan B1		4.25	%		03/15/18		656		654,007
Term Loan B2		4.25	%		03/15/18		863		861,109
Term Loan B3		4.25	%		03/15/18		1,187		1,184,025
									30,622,626
Ecological Services & Equipment–0.67%
Environmental Systems Products Holdings, Inc., Second Lien Term Loan (Acquired 01/25/12; Cost $840,495)		15.50	%		03/31/17		840		844,697
Safety-Kleen Systems, Inc., Term Loan B		5.00	%		02/21/17		416		413,964
ServiceMaster Co. (The), Extended Term Loan		4.46	%		01/31/17		4,857		4,860,434

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

7        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Ecological Services & Equipment–(continued)
Synagro Technologies, Inc.,
Second Lien Term Loan		4.99	%		10/02/14	$	900	$	450,000
Term Loan B		2.24	%		04/02/14		899		803,694
WCA Waste Systems, Inc., Term Loan B		5.50	%		03/23/18		1,070		1,074,235
									8,447,024
Electronics & Electrical–4.21%
Aeroflex Inc., Term Loan B		5.75	%		05/09/18		1,473		1,453,443
Blackboard, Inc.,
First Lien Term Loan		7.50	%		10/04/18		6,312		6,234,679
Incremental Term Loan		7.50	%		10/04/18		988		975,890
Second Lien Term Loan		11.50	%		04/04/19		2,142		1,991,768
DEI Sales, Inc., Term Loan B		7.00	%		07/13/17		2,928		2,900,498
DG FastChannel, Inc., Term Loan B		5.75	%		07/26/18		4,364		4,225,690
Eastman Kodak Co., DIP Term Loan B		8.50	%		07/19/13		2,266		2,254,833
Freescale Semiconductor, Inc., Extended Term Loan B		4.50	%		12/01/16		11,079		10,673,811
Lawson Software Inc., Term Loan B		6.25	%		04/05/18		3,659		3,706,330
Mirion Technologies, Inc., First Lien Term Loan (Acquired 04/02/12-04/10/12; Cost $3,239,992)		6.25	%		03/30/18		3,276		3,292,523
Open Solutions, Inc., Term Loan B		2.58	%		01/23/14		7,142		6,849,168
Semtech Corp., Term Loan B		4.25	%		03/20/17		923		926,560
Sophia, L.P., Term Loan B		6.25	%		07/19/18		7,504		7,584,226
									53,069,419
Equipment Leasing–0.44%
BakerCorp International, Inc., Term Loan B		4.75	%		06/01/18		757		756,340
Delos Aircraft Inc., Term Loan 2		4.75	%		04/12/16		733		743,489
Flying Fortress Inc., First Lien Term Loan		5.00	%		06/30/17		3,963		4,000,202
									5,500,031
Financial Intermediaries–2.81%
Grosvenor Capital Management Holdings, LLP, Extended Term Loan C		4.25	%		12/05/16		3,280		3,243,573
Moneygram International, Inc., Term Loan B1		4.25	%		11/17/17		394		391,758
Nuveen Investments, Inc.,
Extended Term Loan		5.95	%		05/12/17		9,467		9,519,276
First Lien Term Loan		5.95	%		05/13/17		4,212		4,224,719
Residential Capital, LLC,
DIP Term Loan A1		5.00	%		11/18/13		3,712		3,735,141
DIP Term Loan A2		6.75	%		11/18/13		625		634,189
RJO Holdings Corp.,
FCM Term Loan (Acquired 12/10/10-01/21/11; Cost $52,683)		6.24	%		12/10/15		151		114,642
HoldCo Term Loan B		6.99	%		12/10/15		5,311		3,956,632
Transfirst Holdings, Inc.,
PIK Second Lien Term Loan(c)		6.24	%		06/15/15		4,958		4,658,432
Term Loan B		2.99	%		06/15/14		5,007		4,927,596
									35,405,958

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

8        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Food & Drug Retailers–1.03%
Pantry, Inc. (The), Term Loan B		5.75	%		08/02/19	$	2,365	$	2,381,151
Rite Aid Corp.,
Term Loan 2		1.99	%		06/04/14		4,304		4,263,297
Term Loan 5		4.50	%		03/02/18		6,389		6,337,641
									12,982,089
Food Products–3.01%
Advantage Sales & Marketing, Inc., Second Lien Term Loan		9.25	%		06/18/18		773		773,479
Candy Intermediate Holdings, Inc., Term Loan		7.50	%		06/18/18		3,712		3,737,925
Dean Foods Co., Extended Term Loan B2		3.49	%		04/02/17		135		134,988
Del Monte Foods Co., Term Loan		4.50	%		03/08/18		9,297		9,204,232
Dole Food Co., Inc.,
Term Loan B2		5.04	%		07/06/18		3,200		3,210,793
Term Loan C2		5.02	%		07/06/18		5,727		5,745,639
JBS USA Holdings Inc., Term Loan B		4.25	%		05/25/18		3,526		3,486,482
Pierre Foods, Inc.,
First Lien Term Loan		7.00	%		09/30/16		9,037		9,105,936
Second Lien Term Loan		11.25	%		09/29/17		902		911,734
Pinnacle Foods Finance LLC, Term Loan E		4.75	%		10/17/18		1,579		1,576,943
									37,888,151
Food Service–1.08%
Focus Brands, Inc., Term Loan B (Acquired 02/22/12; Cost $1,414,512)		6.27	%		02/21/18		1,423		1,440,372
Landry’s, Inc., Term Loan B		6.50	%		04/24/18		4,875		4,940,030
OSI Restaurant Partners, LLC,
Revolver Loan		0.69	%		06/14/13		292		290,451
Term Loan B		2.56	%		06/14/14		2,941		2,927,311
Restaurant Holding Co., LLC, Term Loan B (Acquired 02/28/12-06/07/12; Cost $933,515)		9.00	%		02/17/17		945		954,437
Wendy’s International, Inc., Term Loan B		4.75	%		05/15/19		2,968		2,989,063
									13,541,664
Forest Products–0.31%
Ainsworth Lumber Co, Ltd. (Canada), Term Loan		5.25	%		06/26/14		2,400		2,335,500
Verso Paper Holdings LLC, PIK Term Loan(c)		6.66	%		02/01/13		490		479,717
Xerium Technologies, Inc., Term Loan B		6.25	%		05/22/17		1,093		1,087,276
									3,902,493
Health Care–8.78%
Alere, Inc.,
Incremental Term Loan		4.75	%		06/30/17		453		452,892
Incremental Term Loan B2		4.75	%		06/30/17		2,303		2,303,565
Term Loan B		4.75	%		06/30/17		2,622		2,622,059
AMN Healthcare, Inc., Term Loan B (Acquired 04/12/12; Cost $1,847,947)		6.00	%		04/05/18		1,865		1,884,138
CareStream Health, Inc., Term Loan B		5.00	%		02/25/17		7,515		7,358,022
Community Health Systems, Inc., Extended Term Loan B		3.92	%		01/25/17		1,160		1,163,133
DJO Finance LLC,
Extended Term Loan B2		5.23	%		11/01/16		2,404		2,408,663
Term Loan B3		6.25	%		09/15/17		6,816		6,852,727

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

9        Invesco Van Kampen Senior Loan Fund

							Principal
	Interest			Maturity			Amount
	Rate			Date			(000)		Value
Health Care–(continued)
Drumm Investors, LLC, Term Loan		5.00	%		05/04/18		$	6,030	$	5,789,064
Genoa Healthcare Group, LLC,
PIK Second Lien Term Loan (Acquired 06/08/11-07/31/12; Cost $1,091,657)(c)		13.99	%		02/10/15			1,121		813,044
Term Loan B (Acquired 09/12/05; Cost $638,676)		7.25	%		08/08/14			639		581,195
HCA, Inc.,
Extended Term Loan B2		3.61	%		03/31/17			367		363,048
Extended Term Loan B3		3.48	%		05/01/18			11,928		11,772,322
HCR Healthcare, LLC, Term Loan		5.00	%		04/06/18			3,771		3,689,222
Health Management Associates, Inc., Term Loan B		4.50	%		11/16/18			3,007		3,020,953
Hologic Inc., Term Loan B		4.50	%		08/01/19			5,320		5,365,238
Kindred Healthcare, Inc., Term Loan		5.25	%		06/01/18			4,906		4,804,202
Kinetic Concepts, Inc., Term Loan B		7.00	%		05/04/18			18,093		18,308,354
Sun Healthcare Group Inc., Term Loan B		8.75	%		10/15/16			2,601		2,592,661
Surgery Center Holdings, Inc., Term Loan B (Acquired 05/09/11; Cost $2,552,266)		6.50	%		02/06/17			2,562		2,549,369
Surgical Care Affiliates, Inc.,
Extended Revolver Loan(d)		0.00	%		06/30/16			3,000		2,937,900
Extended Term Loan		4.46	%		12/29/17			7,046		6,957,945
TriZetto Group, Inc., Term Loan B		4.75	%		05/02/18			10		9,430
Valeant Pharmaceuticals International, Inc.,
Add-On Term Loan B		4.25	%		02/13/19			4,575		4,599,499
Series B Tranche B		4.75	%		02/13/19			1,105		1,110,865
Term Loan B1		4.75	%		02/13/19			10,273		10,327,774
										110,637,284
Home Furnishings–1.44%
Hunter Fan Co.,
Revolver Loan (Acquired 05/31/12; Cost $2,604,167)(d)		0.00	%		04/16/14			2,604		2,317,708
Second Lien Term Loan		6.99	%		10/16/14			1,471		1,237,132
Term Loan		2.74	%		04/16/14			850		818,116
National Bedding Co., LLC, Second Lien Term Loan		5.25	%		02/28/14			4,788		4,777,820
Quality Home Brands Holdings, LLC,
PIK Term Loan(c)		10.00	%		06/30/14			999		757,021
PIK Term Loan(c)		11.75	%		06/30/14	��		1,058		798,881
Springs Windows Fashions, LLC, Term Loan B		6.00	%		05/31/17			2,094		2,052,045
Yankee Candle Co., Inc. (The), Term Loan B		5.25	%		04/02/19			5,335		5,371,757
										18,130,480
Industrial Equipment–1.31%
Generac Power Systems, Inc., Term Loan B		6.25	%		05/30/18			2,371		2,423,916
Grede LLC, Term Loan B		7.00	%		04/03/17			3,832		3,836,724
Hupah Finance Inc., Term Loan B		6.25	%		01/21/19			230		231,665
Manitowoc Co., Inc. (The), Term Loan B		4.25	%		11/13/17			975		981,551
Tank Intermediate Holding Corp., Term Loan B		6.75	%		07/09/19			5,175		5,181,046
Terex Corp., Term Loan B		5.50	%		04/28/17			767		774,157
Unifrax Corp., Term Loan		6.50	%		11/28/18			3,060		3,093,026
										16,522,085

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

10        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Insurance–1.29%
HMSC Corp., Second Lien Term Loan		5.73	%		10/03/14	$	1,119	$	845,180
Sedgwick CMS Holdings, Inc.,
Second Lien Term Loan		9.00	%		05/30/17		4,200		4,196,514
Term Loan		5.00	%		12/30/16		3,534		3,542,994
USI Holdings Corp.,
Revolver Loan(d)		0.00	%		05/05/13		6,667		6,191,500
Term Loan		2.74	%		05/05/14		1,451		1,444,373
									16,220,561
Leisure Goods, Activities & Movies–1.76%
24 Hour Fitness Worldwide, Inc., Term Loan		7.50	%		04/22/16		6,268		6,324,177
Alpha D2 Ltd. (United Kingdom), Term Loan B		5.75	%		04/28/17		4,726		4,772,666
AMC Entertainment, Inc., Term Loan B3		4.75	%		02/22/18		723		724,929
EMI Music Publishing Limited, Term Loan B		5.50	%		06/29/18		3,066		3,095,053
IMG Worldwide, Inc., Term Loan B		5.50	%		06/16/16		1,640		1,638,140
Live Nation Entertainment, Inc., Term Loan B		4.50	%		11/07/16		3,385		3,387,661
Zuffa LLC, Incremental Term Loan		7.50	%		06/19/15		2,236		2,244,857
									22,187,483
Lodging & Casinos–4.69%
Boyd Gaming Corp.,
Class A Revolver Loan(d)		0.00	%		12/17/15		1,825		1,723,550
Class A Revolver Loan		3.68	%		12/17/15		3,328		3,142,945
Incremental Term Loan		6.00	%		12/17/15		457		461,847
Caesars Entertainment Operating Co.,
Extended Term Loan B5		4.49	%		01/26/18		4,251		3,596,313
Extended Term Loan B6		5.49	%		01/26/18		24,820		21,896,235
Cannery Casino Resorts, LLC,
Delayed Draw Term Loan		4.48	%		05/17/13		4,147		4,099,182
Second Lien Term Loan		4.48	%		05/16/14		3,000		2,816,250
Term Loan B		4.48	%		05/17/13		5,013		4,955,833
Golden Nugget, Inc.,
PIK Delayed Draw Term Loan(c)		3.24	%		06/30/14		1,083		1,035,954
PIK Term Loan B(c)		3.24	%		06/30/14		1,880		1,798,740
Isle of Capri Casinos, Inc., Term Loan B		4.75	%		03/24/17		3,780		3,803,174
Tropicana Entertainment Inc., Term Loan B		7.50	%		03/16/18		3,058		3,069,351
Twin River Worldwide Holdings, Inc., Term Loan		8.50	%		11/05/15		6,595		6,642,471
									59,041,845
Nonferrous Metals & Minerals–0.66%
Arch Coal Inc., Term Loan B		5.75	%		05/16/18		4,991		5,001,527
Noranda Aluminum Acquisition Corp., Term Loan B		5.75	%		02/28/19		3,312		3,338,496
									8,340,023
Oil & Gas–3.04%
Buffalo Gulf Coast Terminals LLC, Term Loan B		7.50	%		10/31/17		7,205		7,348,954
Chesapeake Energy Corp., Term Loan		8.50	%		12/01/17		9,516		9,557,408
Citgo Petroleum Corp., Term Loan B		8.00	%		06/24/15		1,647		1,661,976

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

11        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Oil & Gas–(continued)
Glenn Pool Oil & Gas Trust, Term Loan		4.50	%		05/02/16	$	2,102	$	2,112,780
NGPL PipeCo LLC, Term Loan B		6.75	%		09/15/17		6,465		6,497,538
Obsidian Natural Gas Trust (United Kingdom), Term Loan (Acquired 12/09/10-05/05/11; Cost $3,550,516)		7.00	%		11/02/15		3,493		3,510,925
Tervita Corporation (Canada), Term Loan B		3.23	%		11/14/14		4,483		4,416,194
Willbros United States Holdings, Inc., Term Loan B		9.50	%		06/30/14		3,130		3,150,380
									38,256,155
Publishing–5.40%
Affiliated Media, Inc., Term Loan		8.50	%		03/19/14		2,724		2,655,498
Cenveo Corp., Term Loan B		6.63	%		12/21/16		8,276		8,296,420
Cygnus Business Media, Inc., PIK Term Loan (Acquired 07/19/04; Cost $5,575,140)(c)(e)		9.75	%		06/30/13		5,606		1,962,112
Endurance Business Media, Inc., First Lien Term Loan(e)		6.50	%		12/15/14		6,525		1,826,894
F&W Media, Inc., Term Loan (Acquired 06/09/10; Cost $10,264,413)		7.75	%		06/09/14		4,835		4,520,639
GateHouse Media, Inc.,
Delayed Draw Term Loan		2.24	%		08/28/14		637		199,919
Revolver Loan(d)		0.00	%		02/28/14		1,500		1,275,000
Term Loan B		2.24	%		08/28/14		1,098		344,752
Harland Clarke Holdings Corp.,
Extended Term Loan B2		5.52	%		06/30/17		3,323		2,960,572
Revolver Loan(d)		0.00	%		06/28/13		2,537		2,207,374
Knowledgepoint360 Group, LLC,
First Lien Term Loan (Acquired 05/18/07; Cost $1,310,402)		3.69	%		04/14/14		1,310		1,146,602
Second Lien Term Loan (Acquired 05/18/07; Cost $1,010,000)		7.43	%		04/13/15		1,000		725,000
MC Communications, LLC, PIK Term Loan(c)		6.75	%		12/31/12		3,957		643,060
MediMedia USA, Inc., Extended Term Loan B		6.25	%		08/15/14		861		788,085
Merrill Communications, LLC,
PIK Second Lien Term Loan(c)		16.00	%		11/15/13		2,854		1,949,959
Term Loan		9.75	%		12/24/12		2,649		2,552,379
Network Communications, Inc., Term Loan (Acquired 08/08/07-01/13/12; Cost $4,222,952)		5.54	%		11/29/13		4,223		2,934,951
Newsday LLC, Term Loan		6.71	%		08/01/13		2,333		2,346,458
ProQuest LLC, Term Loan B		6.00	%		04/13/18		3,353		3,353,404
Tribune Co., Term Loan B(g)(h)		5.25	%		06/04/14		32,911		24,854,912
Yell Group PLC, Term Loan A3		4.20	%		04/30/14		1,431		428,716
									67,972,706
Radio & Television–6.91%
AR Broadcasting, LLC, Term Loan (Acquired 02/17/12-06/19/12; Cost $3,544,470)		5.57	%		02/15/18		3,544		2,924,188
Barrington Broadcasting Group LLC, Term Loan B		7.50	%		06/14/17		1,550		1,566,515
Clear Channel Communications, Inc.,
Term Loan A		3.63	%		07/29/14		10,601		9,992,902
Term Loan B		3.88	%		01/28/16		19,748		15,390,929
FoxCo Acquisition Sub, LLC, Term Loan B		4.75	%		07/14/15		1,365		1,369,808
Granite Broadcasting Corp., Term Loan B		8.50	%		05/23/18		3,395		3,384,721
High Plains Broadcasting Operating Co. LLC, Term Loan		9.00	%		09/14/16		1,327		1,339,764
Intelsat Jackson Holdings S.A., Term Loan B		5.25	%		04/02/18		10,115		10,185,894
LIN Television Corp., Term Loan B		5.00	%		12/21/18		1,302		1,312,207

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

12        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Radio & Television–(continued)
Multicultural Radio Broadcasting, Inc.,
Second Lien Term Loan		6.48	%		06/18/13	$	4,775	$	3,867,750
Term Loan		3.51	%		12/18/12		2,122		1,971,210
NEP II, Inc., Extended Term Loan B2		3.67	%		02/16/17		1,059		1,043,314
Newport Television LLC, Term Loan B		9.00	%		09/14/16		4,800		4,846,628
Raycom TV Broadcasting, Inc., Term Loan B (Acquired 06/01/11; Cost $3,668,684)		4.50	%		05/31/17		3,684		3,665,098
Univision Communications Inc., Extended Term Loan		4.48	%		03/31/17		23,835		23,112,280
WaveDivision Holdings LLC, Term Loan C		2.48	%		06/30/14		1,116		1,115,905
									87,089,113
Retailers (except Food & Drug)–2.26%
Claire’s Stores, Inc., Term Loan B		3.05	%		05/29/14		1,594		1,570,099
Educate, Inc., Term Loan (Acquired 06/27/07-06/23/08; Cost $1,572,242)		8.50	%		06/16/14		1,613		1,604,681
Guitar Center Inc., Extended Term Loan		5.72	%		04/10/17		6,569		6,204,403
Gymboree Corp., Term Loan		5.00	%		02/23/18		52		50,813
J. Crew Operating Corp., Term Loan B		4.75	%		03/07/18		2,012		2,014,498
National Vision, Inc., Term Loan B		7.00	%		08/02/18		2,365		2,400,664
Party City Holdings, Inc., Term Loan B		5.75	%		07/26/19		6,623		6,666,661
Pilot Travel Centers LLC, Term Loan B2		4.25	%		08/07/19		2,815		2,828,268
Savers, Inc., Term Loan B		6.25	%		07/09/19		2,965		3,000,482
Toys ‘R’ Us-Delaware, Inc.,
Term Loan		6.00	%		09/01/16		1,362		1,341,150
Term Loan B2		5.25	%		05/25/18		494		475,049
Term Loan B3		5.25	%		05/25/18		326		314,479
									28,471,247
Steel–0.49%
JMC Steel Group, Inc., Term Loan		4.75	%		04/03/17		2,140		2,148,014
Tube City IMS Corp., Term Loan		5.75	%		03/20/19		1,854		1,870,569
WireCo WorldGroup, Inc., Term Loan		6.00	%		02/15/17		2,151		2,174,884
									6,193,467
Surface Transport–0.52%
Avis Budget Car Rental, LLC, Incremental Term Loan		6.25	%		09/21/18		1,486		1,499,825
JHCI Acquisition, Inc., First Lien Term Loan		2.74	%		06/19/14		1,824		1,730,955
Kenan Advantage Group, Inc., Term Loan (Acquired 12/20/10; Cost $2,159,409)		4.50	%		06/10/16		2,174		2,179,905
Swift Transportation Co. Inc., Term Loan B2		5.00	%		12/21/17		1,093		1,100,115
									6,510,800
Telecommunications–7.80%
Avaya, Inc., Extended Term Loan B3		4.93	%		10/26/17		8,940		8,027,088
Cellular South, Inc., Term Loan B		4.50	%		07/27/17		3,661		3,650,809
Consolidated Communications, Inc., Extended Term Loan B		3.99	%		12/31/17		1,200		1,172,999
Fairpoint Communications, Inc., Term Loan B		6.50	%		01/22/16		5,530		5,166,273
Genesys Telecom Holdings, U.S., Inc., Term Loan B		6.75	%		01/31/19		4,903		4,954,698
Global Tel*Link Corp., Term Loan B		6.00	%		12/14/17		5,687		5,698,983

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

13        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Telecommunications–(continued)
Level 3 Communications, Inc.,
Term Loan B		5.25	%		08/01/19	$	1,514	$	1,519,840
Term Loan B2		5.75	%		09/03/18		1,281		1,289,033
Term Loan B3		5.75	%		08/31/18		10,567		10,631,057
MetroPCS Wireless, Inc., Term Loan B		4.00	%		03/16/18		16,991		16,996,941
NeuStar, Inc., Term Loan B		5.00	%		11/08/18		3,619		3,655,252
NTELOS Inc., Term Loan B		4.00	%		08/07/15		1,393		1,390,870
Securus Technologies Holdings, Inc.,
Add on Term Loan		6.50	%		05/31/17		1,020		1,013,310
Term Loan		6.50	%		05/31/17		2,818		2,810,081
Syniverse Technologies, Inc., Term Loan		5.00	%		04/23/19		7,166		7,157,201
TowerCo Finance LLC, Term Loan B		4.50	%		02/02/17		2,866		2,870,920
U.S. TelePacific Corp., Term Loan B		5.75	%		02/23/17		3,543		3,400,266
West Corp.,
Revolver Loan(d)		0.00	%		01/15/16		3,192		2,873,185
Term Loan B4		5.50	%		07/15/16		1,492		1,499,028
Term Loan B6		5.75	%		06/29/18		4,333		4,358,765
Windstream Corp., Term Loan B3		4.00	%		08/08/19		1,985		1,992,056
Zayo Bandwidth, LLC, Term Loan B		7.13	%		07/02/19		6,075		6,179,404
									98,308,059
Utilities–3.93%
AES Corp., Term Loan		4.25	%		06/01/18		4,510		4,532,582
BRSP, LLC, Term Loan B		7.50	%		06/04/14		7,681		7,710,046
Calpine Corp., Term Loan		4.50	%		04/02/18		1,012		1,016,337
Longview Power LLC,
Extended Term Loan B		7.25	%		10/31/17		2,415		2,064,426
Synthetic LOC		5.25	%		02/28/14		373		329,467
LSP Madison Funding Corp., Term Loan		5.50	%		06/28/19		3,707		3,725,101
Star West Generation LLC, Term Loan B		6.00	%		05/17/18		5,859		5,822,286
Texas Competitive Electric Holdings Co., LLC,
Extended Term Loan		4.77	%		10/10/17		11,455		7,805,690
Term Loan		3.77	%		10/10/14		18,204		13,412,702
TPF Generation Holdings LLC, Second Lien Term Loan C		4.71	%		12/15/14		3,142		3,090,662
									49,509,299
Total Variable Rate Senior Loan Interests (Cost $1,399,371,584)									1,359,156,538
U.S. Dollar Denominated Bonds and Notes–9.72%
Air Transport–0.81%
Air Lease Corp.		7.38	%		01/30/19		7,548		7,793,310
Continental Airlines, Inc.(i)		6.75	%		09/15/15		1,700		1,780,750
Delta Air Lines, Inc.		4.75	%		05/07/20		577		593,589
									10,167,649
Automotive–0.12%
Goodyear Tire & Rubber Co. (The)		7.00	%		05/15/22		1,476		1,546,110

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

14        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Business Equipment & Services–0.28%
First Data Corp.(i)		6.75	%		11/01/20	$	3,608	$	3,580,940
Cable & Satellite Television–0.77%
UPC Broadband Holdings, B.V. (Netherlands)(i)		7.25	%		11/15/21		7,223		7,855,012
UPC Broadband Holdings, B.V. (Netherlands)(i)		6.88	%		01/15/22		328		349,097
UPC Broadband Holdings, B.V. (Netherlands)		6.63	%		07/01/20		1,385		1,472,696
									9,676,805
Chemicals & Plastics–0.10%
INEOS Holdings Ltd.(i)		8.38	%		02/15/19		457		484,420
INEOS Holdings Ltd.(i)		7.50	%		05/01/20		291		299,003
Taminco Global Chemical Corp.(i)		9.75	%		03/31/20		419		446,235
									1,229,658
Containers & Glass Products–1.36%
Berry Plastics Holding Inc.(j)		5.21	%		02/15/15		8,949		8,962,423
Reynolds Group Holdings Inc.		7.88	%		08/15/19		4,239		4,710,589
Reynolds Group Holdings Inc.		9.88	%		08/15/19		3,309		3,507,540
									17,180,552
Ecological Services & Equipment–0.08%
Environmental Systems Products Holdings, Inc., PIK(c)		16.00	%		12/31/19		1,056		1,056,230
Food Products–0.14%
Post Holdings Inc.(i)		7.38	%		02/15/22		1,677		1,769,235
Forest Products–0.25%
Verso Paper Holdings, LLC(i)		11.75	%		01/15/19		3,012		3,109,890
Health Care–1.60%
Accellent Inc.		8.38	%		02/01/17		3,202		3,326,077
Apria Healthcare Group, Inc.		11.25	%		11/01/14		9,167		9,556,250
Biomet Inc.,(i)		6.50	%		08/01/20		866		902,805
Community Health Systems, Inc.		8.00	%		11/15/19		2,561		2,775,484
DJO Finance LLC(i)		8.75	%		03/15/18		2,410		2,590,750
Kindred Healthcare, Inc.		8.25	%		06/01/19		1,004		976,390
									20,127,756
Home Furnishings–0.05%
Targus Group International, Inc., PIK (Acquired 12/16/09-12/14/11; Cost $1,907,226)(c)(i)		10.00	%		06/14/19		672		671,748
Lodging & Casinos–0.37%
Caesars Entertainment Operating Co.(i)		11.25	%		06/01/17		3,462		3,747,615
Chester Downs & Marina LLC(i)		9.25	%		02/01/20		836		861,080
									4,608,695
Oil & Gas–0.62%
Coffeyville Resources LLC(i)		9.00	%		04/01/15		5,732		6,133,240
NGPL PipeCo LLC(i)		9.63	%		06/01/19		1,456		1,616,160
									7,749,400

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

15        Invesco Van Kampen Senior Loan Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Radio & Television–0.46%
Univision Communications Inc.(i)		6.75	%		09/15/22	$	5,774	$	5,824,523
Surface Transport–0.10%
Avis Budget Car Rental LLC(i)		8.25	%		01/15/19		1,193		1,300,370
Telecommunications–1.22%
Goodman Networks, Inc.(i)		12.13	%		07/01/18		4,340		4,578,700
Paetec Holding Corp.		8.88	%		06/30/17		1,028		1,120,520
Wind Acquisition Finance S.A. (Italy)(i)		7.25	%		02/15/18		5,671		5,231,497
Wind Acquisition Finance S.A. (Italy)(i)		7.25	%		02/15/18		2,027		1,869,908
Windstream Corp.		7.50	%		06/01/22		2,483		2,551,282
									15,351,907
Utilities–1.39%
Calpine Corp.(i)		7.88	%		01/15/23		0		361
Calpine Corp.(i)		7.50	%		02/15/21		8,407		9,374,164
NRG Energy Inc.		7.63	%		05/15/19		7,763		8,131,743
									17,506,268
Total U.S. Dollar Denominated Bonds and Notes (Cost $117,479,459)									122,457,736
Structured Products–3.88%
Apidos Cinco CDO Ltd. (Cayman Islands)(i)(j)		4.72	%		05/14/20		639		499,308
Apidos CLO IX Ltd. (Cayman Islands)(i)(j)		6.97	%		07/15/23		1,767		1,570,656
Apidos Quattro CDO Ltd. (Cayman Islands)(i)(j)		4.06	%		01/20/19		721		549,586
Ares XI CLO Ltd.(i)(j)		3.46	%		10/11/21		1,278		973,700
Atrium IV CDO Corp.(i)		9.18	%		06/08/19		594		553,226
Banc of America Large Loan Inc.(i)(j)		1.99	%		11/15/13		18,595		18,228,363
Columbus Nova CLO Ltd.(i)(j)		4.04	%		05/16/19		3,167		2,394,335
Columbus Nova CLO Ltd.(j)		4.04	%		05/16/19		625		472,516
Flagship CLO VI(i)(j)		5.22	%		06/10/21		1,918		1,498,701
Flagship CLO VI(i)(j)		5.22	%		06/10/21		1,671		1,305,925
Four Corners CLO II, Ltd.(i)(j)		2.30	%		01/26/20		573		443,744
Four Corners CLO II, Ltd.(i)(j)		2.30	%		01/26/20		191		147,915
Genesis CLO Ltd.(i)(j)		6.96	%		10/10/14		1,864		1,775,169
Gramercy Park CLO Ltd.(i)(j)		5.97	%		07/17/23		3,695		3,070,175
Halcyon Loan Investors CLO II, Ltd. (Cayman Islands)(i)(j)		4.05	%		04/24/21		2,875		2,168,982
ING Investment Management CLO III, Ltd.(i)(j)		3.96	%		12/13/20		2,098		1,548,734
ING Investment Management CLO IV, Ltd. (Cayman Islands)(i)(j)		4.70	%		06/14/22		542		411,685
Madison Park Funding IV Ltd.(i)(j)		4.07	%		03/22/21		2,424		1,816,478
Pacifica CDO VI, Ltd.(i)(j)		4.18	%		08/15/21		1,059		739,563
Sierra CLO II Ltd.(j)		3.95	%		01/22/21		1,279		910,472
Silverado CLO Ltd.(i)(j)		4.21	%		10/16/20		1,545		1,169,807
Slater Mill Loan Fund, Ltd.(i)(j)		5.81	%		08/17/22		2,023		1,786,980
Symphony CLO IX, Ltd.(i)(j)		5.37	%		04/16/22		3,521		3,103,100
Symphony CLO VIII, Ltd.(i)(j)		6.21	%		01/09/23		1,916		1,781,534
Total Asset-Backed Securities (Cost $47,520,147)									48,920,654

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

16        Invesco Van Kampen Senior Loan Fund

	Shares		Value
Common Stocks & Other Equity Interests–1.36%
Building & Development–0.35%
Axia Acquisition Corp.(e)(i)(k)		505	$	1,263,250
Building Materials Holding Corp.(i)(k)		1,279,379		1,535,255
Lake at Las Vegas Joint Venture, LLC,
Class A (Acquired 07/15/10; Cost $7,938,060)(i)(k)		780		—
Class B (Acquired 07/15/10; Cost $93,975)(i)(k)		9		—
Class C, Wts. expiring 07/15/15 (Acquired 07/15/10; Cost $0)(i)(k)		39		—
Class D, Wts. expiring 07/15/15 (Acquired 07/15/10; Cost $0)(i)(k)		54		—
Class E, Wts. expiring 07/15/15 (Acquired 07/15/10; Cost $0)(i)(k)		60		—
Class F, Wts. expiring 07/15/15 (Acquired 07/15/10; Cost $0)(i)(k)		67		—
Class G, Wts. expiring 07/15/15 (Acquired 07/15/10; Cost $0)(i)(k)		76		—
Newhall Holding Co., LLC, Class A(i)(k)		615,547		769,434
Rhodes Homes(i)(k)		1,038,734		225,405
WCI Communities, Inc.(i)(k)		9,079		599,214
				4,392,558
Chemicals & Plastics–0.04%
Metokote Corp., Wts. expiring 11/22/23(i)(k)		454		491,682
Conglomerates–0.06%
Euramax International, Inc.(i)(k)		3,272		698,068
Containers & Glass Products–0.00%
Nexpak Corp.(i)(k)		70		—
Cosmetics & Toiletries–0.18%
Marietta Intermediate Holding Corp. (Acquired 12/22/04-01/14/05; Cost $4,632,828)(e)(i)(k)		3,872,488		2,284,768
Marietta Intermediate Holding Corp., Wts. expiring 02/20/19 (Acquired 07/25/06; Cost $0)(e)(i)(k)		519,444		—
Natural Products Group, Inc.(i)(k)		4,893		4,892
				2,289,660
Ecological Services & Equipment–0.12%
Environmental Systems Products Holdings, Inc. (Acquired 09/12/07; Cost $0)(i)(k)		13,648		1,528,576
Financial Intermediaries–0.00%
RJO Holdings Corp.(i)(k)		2,852		28,516
RJO Holdings Corp., Class A(i)(k)		2,314		1,157
RJO Holdings Corp., Class B(i)(k)		3,000		1,500
				31,173
Home Furnishings–0.15%
Generation Brands LLC (Acquired 01/29/10; Cost $0)(i)(k)		9,358		—
Targus Group International, Inc. (Acquired 12/16/09; Cost $0)(i)(k)		22,469		162,226
WKI Holding Co. Inc.(i)(k)		52,654		1,730,737
				1,892,963
Leisure Goods, Activities & Movies–0.03%
MEGA Brands Inc. (Canada)(i)(k)		41,386		356,866

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

17        Invesco Van Kampen Senior Loan Fund

	Shares		Value
Lodging & Casinos–0.17%
Twin River Worldwide Holdings Inc.,
Class A(i)(k)		189,050	$	2,174,075
Class B(i)(k)		3,583		17,917
				2,191,992
Oil & Gas–0.12%
Vitruvian Exploration LLC(i)(k)		55,390		1,481,682
Publishing–0.10%
Affiliated Media, Inc.(i)(k)		81,915		1,064,897
Cygnus Business Media, Inc. (Acquired 07/19/04; Cost $1,793,148)(e)(i)(k)		8,426		—
Endurance Business Media, Inc., Class A(e)(i)(k)		13,517		135,172
F&W Publications, Inc.(i)(k)		18,385		2,298
F&W Publications, Inc., Wts. expiring 06/09/14(i)(k)		3,541		443
MC Communications, LLC (Acquired 07/02/09; Cost $0)(i)(k)		739,818		—
SuperMedia, Inc.(i)(k)		4,806		17,782
				1,220,592
Radio & Television–0.04%
AR Broadcasting, LLC, Wts. expiring 02/15/18(i)(k)		1,722		465,073
Cumulus Media, Inc., Wts. expiring 06/29/19 (Acquired 01/14/10; Cost $0)(i)(k)		11,850		18,960
				484,033
Telecommunications–0.00%
CTM Media Holdings Inc., Class B(l)		127		4,572
Utilities–0.00%
Genie Energy Ltd., Class B(l)		7,632		54,187
Total Common Stocks & Other Equity Interests (Cost $61,696,271)				17,118,604
Preferred Stocks–0.05%
Ecological Services & Equipment–0.04%
Environmental Systems Products Holdings, Inc. (Acquired 09/12/07; Cost $78,100)(i)(k)		3,124		542,795
Financial Intermediaries–0.01%
RTS Investor Corp.(i)(k)		584		44,969
Total Preferred Stocks (Cost $78,100)				587,764
Money Market Funds–0.25%
Liquid Assets Portfolio, Institutional Class(m)		1,600,504		1,600,504
Premier Portfolio, Institutional Class(m)		1,600,504		1,600,504
Total Money Market Funds (Cost $3,201,008)				3,201,008
Time Deposit–0.03%
State Street Bank & Trust Co. ($321,397 par, 0.01% coupon, dated 08/31/12, to be sold on 09/03/12 at $321,399)(n) (Cost $321,397)				321,397
TOTAL INVESTMENTS–123.20% (Cost $1,629,667,966)				1,551,763,701
BORROWINGS–(20.01%)				(252,000,000	)
OTHER ASSETS LESS LIABILITIES–(3.19%)				(40,190,649	)
NET ASSETS–100.00%			$	1,259,573,052

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

18        Invesco Van Kampen Senior Loan Fund

Investment Abbreviations:

CDO	– Collateralized Debt Obligations
CLO	– Collateralized Loan Obligations
DIP	– Debtor-in-Possession
LOC	– Letter of Credit
PIK	– Payment-in-Kind
Wts.	– Warrants

Notes to Schedule of Investments:

(a)	Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended 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 Inter-Bank Offered Rate (“LIBOR”), on set dates, typically every 30 days but not greater than one year; and/or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(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 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)	All or a portion of this security is Payment-in-Kind.
(d)	All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at time of funding. See Note 9.
(e)	Affiliated company during the period. The Investment Company Act of 1940 defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The aggregate value of these securities as of August 31, 2012 was $13,907,636, which represented 1.10% of the Fund’s Net Assets. See Note 5.
(f)	This floating rate interest will settle after August 31, 2012, at which time the interest rate will be determined.
(g)	The borrower has filed for protection in federal bankruptcy court.
(h)	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at August 31, 2012 represented 1.97% of the Fund’s Net Assets.
(i)	Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2012 was $129,562,778, which represented 10.29% of the Fund’s Net Assets.
(j)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2012.
(k)	Non-income producing security acquired through the restructuring of senior loans.
(l)	Security acquired through the restructuring of senior loans.
(m)	The money market fund and the Fund are affiliated by having the same investment adviser.
(n)	Security is considered a cash equivalent for the purpose of the Statement of Cash Flows. See Note 1H.

Portfolio Composition

By credit quality, based on Net Assets

as of August 31, 2012

Baa	1.5	%
Ba	36.1
B	40.7
Caa	7.3
Ca	0.3
Non-Rated	13.0
Equity	1.1

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

19        Invesco Van Kampen Senior Loan Fund

Statement of Assets and Liabilities

August 31, 2012

(Unaudited)

Assets:
Investments, at value (Cost $1,576,955,871)	$	1,534,655,057
Investments in affiliates, at value (Cost $52,712,095)		17,108,644
Total investments, at value (Cost $1,629,667,966)		1,551,763,701
Cash		2,268,495
Deposits with broker for Boyd Gaming Revolver		1,732,161
Receivable for:
Investments sold		32,161,522
Interest and fees		9,249,333
Fund shares sold		2,365,118
Fund expenses absorbed		148,554
Investments matured, at value (Cost $40,203,939)		1,896,462
Investment for trustee deferred compensation and retirement plans		8,642
Other assets		26,462
Total assets		1,601,620,450
Liabilities:
Payable for:
Borrowings		252,000,000
Investments purchased		82,140,683
Income distributions		4,600,406
Trust shares repurchased		159,463
Accrued interest, facilities and maintenance fees		93,928
Accrued fees to affiliates		719,498
Accrued other operating expenses		472,528
Trustee deferred compensation and retirement plans		91,339
Upfront commitment fees		1,769,553
Total liabilities		342,047,398
Net assets applicable to shares outstanding	$	1,259,573,052
Net assets consist of:
Shares of beneficial interest	$	2,279,599,381
Undistributed net investment income		(12,900,939	)
Undistributed net realized gain (loss)		(890,913,648	)
Unrealized appreciation (depreciation)		(116,211,742	)
	$	1,259,573,052
Net Assets:
Class A	$	116,856,936
Class B	$	13,717,181
Class C	$	145,608,001
Class IB	$	907,347,455
Class IC	$	76,043,479
Shares outstanding, $0.01 par value per share:
Class A		17,414,468
Class B		2,039,060
Class C		21,698,567
Class IB		135,104,916
Class IC		11,326,457
Class A:
Net asset value per share	$	6.71
Maximum offering price per share (Net asset value of $6.71 divided by 96.75%)	$	6.94
Class B:
Net asset value and offering price per share	$	6.73
Class C:
Net asset value and offering price per share	$	6.71
Class IB:
Net asset value and offering price per share	$	6.72
Class IC:
Net asset value and offering price per share	$	6.71

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

20        Invesco Van Kampen Senior Loan Fund

Statement of Operations

For the six months ended August 31, 2012

(Unaudited)

Investment income:
Interest from unaffiliated investments	$	44,890,388
Interest from affiliated investments		172,139
Dividends (net of foreign withholding taxes of $5,202)		30,813
Total investment income		45,093,340
Expenses:
Advisory fees		5,603,478
Administrative services fees		1,611,015
Custodian fees		178,157
Distribution fees:
Class A		149,467
Class B		36,525
Class C		738,668
Class IC		58,466
Interest, facilities and maintenance fees		2,191,030
Transfer agent fees		481,492
Trustees’ and officers’ fees and benefits		79,802
Other		859,540
Total expenses		11,987,640
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(411,532	)
Net expenses		11,576,108
Net investment income		33,517,232
Realized and unrealized gain (loss): ��
Net realized gain (loss) from:
Investment securities		(5,391,533	)
Swap agreements		282,223
		(5,109,310	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		31,622,671
Swap agreements		(226,113	)
		31,396,558
Net realized and unrealized gain		26,287,248
Net increase in net assets resulting from operations	$	59,804,480

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

21        Invesco Van Kampen Senior Loan Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2012 and the year ended February 29, 2012

(Unaudited)

	August 31,			February 29,
	2012			2012
Operations:
Net investment income	$	33,517,232		$	49,452,245
Net realized gain (loss)		(5,109,310	)		(17,283,771	)
Change in net unrealized appreciation		31,396,558			14,587,741
Net increase in net assets resulting from operations		59,804,480			46,756,215
Distributions to shareholders from net investment income:
Class A		(3,250,582	)		(7,277,131	)
Class B		(339,009	)		(738,609	)
Class C		(25,257,086	)		(7,162,880	)
Class IB		(2,119,640	)		(29,287,550	)
Class IC		(3,466,551	)		(4,244,682	)
Total distributions to shareholders from net investment income		(34,432,868	)		(48,710,852	)
Share transactions–net:
Class A		(7,704,201	)		(46,712,618	)
Class B		(1,548,864	)		(4,054,455	)
Class C		(4,851,366	)		(43,909,612	)
Class IB		(54,439,863	)		407,736,295
Class IC		(4,095,443	)		(14,059,127	)
Net increase (decrease) in net assets resulting from share transactions		(72,639,737	)		299,000,483
Net increase (decrease) in net assets		(47,268,125	)		297,045,846
Net assets:
Beginning of period		1,306,841,177			1,009,795,331
End of period (includes undistributed net investment income of $(12,900,939) and $(11,985,303), respectively)	$	1,259,573,052		$	1,306,841,177

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

22        Invesco Van Kampen Senior Loan Fund

Statement of Cash Flows

For the six months ended August 31, 2012

(Unaudited)

Cash provided by operating activities:
Net increase in net assets resulting from operations	$	59,804,480
Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:
Net realized gain on investments		5,391,533
Net change in unrealized appreciation on investments		(31,622,671	)
Accretion of discounts		(3,963,145	)
Amortization of loan fees		3,034,996
Purchases of investments		(755,403,803	)
Sales of investments		772,108,004
Decrease in interest and fees receivable and other assets		901,647
Decrease in accrued expenses and other payables		(988,131	)
Net change in swap agreements		46,113
Net change in commitment fees		(31,873	)
Net cash provided by operating activities		49,277,150
Cash flows provided by (used in) financing activities:
Proceeds from shares of beneficial interest sold		22,667,727
Disbursements for shares of beneficial interest repurchased		(104,141,113	)
Net proceeds from and repayments of borrowings		24,000,000
Decrease in payable for amount due custodian		(370,576	)
Distributions paid to shareholders from net investment income		(25,891,819	)
Net cash provided by (used in) financing activities		(83,735,781	)
Net increase (decrease) in cash		(34,458,631	)
Cash and cash equivalents at beginning of period		41,981,692
Cash and cash equivalents at end of period	$	7,523,061
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	8,238,500
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$	2,323,318

Notes to Financial Statements

August 31, 2012

(Unaudited)

NOTE 1—Significant Accounting Policies

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

  The Fund’s investment objective is to provide a high level of current income, consistent with preservation of capital. The Fund invest primarily in adjustable rate senior loans (“Senior Loans”). Senior Loans are business loans that have a senior right to payment and are made to borrowers that may be corporations, partnerships, or other entities. These borrowers operate in a variety of industries and geographic regions. The Fund borrows money for investment purposes which may create the opportunity for enhanced return, but also should be considered a speculative technique and may increase the Fund’s volatility.

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

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

23        Invesco Van Kampen Senior Loan Fund

A.	Security Valuations — Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
	Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (“NOCP”) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.
	Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end of day net present values, spreads, ratings, industry, and company performance.
	Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
	Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
	Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from the settlement date. Facility fees received may be amortized over the life of the loan. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from 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

24        Invesco Van Kampen Senior Loan Fund

	the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
	The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
G.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.	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.
I.	Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.
J.	Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in Corporate Loans and Corporate Debt Securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.
K.	Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk.
	Interest rate, total return, index, and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.
	A CDS is an agreement between two parties (“Counterparties”) to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as

25        Invesco Van Kampen Senior Loan Fund

	collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances.
	Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.
	Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations.
L.	Industry Concentration — To the extent that the Fund is concentrated in securities of issuers in the banking and financial services industries, the Fund’s performance will depend to a greater extent on the overall condition of those industries. The value of these securities can be sensitive to changes in government regulation, interest rates and economic downturns in the U.S. and abroad.
M.	Leverage Risk — The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing or issuing preferred shares. There are risks associated with borrowing or issuing preferred shares in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from investments made with such leverage, the higher volatility of the net asset value of the common shares, and that fluctuations in the interest rates on the borrowing or dividend rates on preferred shares may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund’s leverage strategy will be successful.
N.	Bank Loan Risk Disclosures — Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk 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 manages counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
O.	Collateral — To the extent the Fund has pledged or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.
P.	Other Risks — The Fund may invest all or substantially of its assets in senior secured floating rate loans, senior secured debt securities or other securities rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments.
	The Fund invests in Corporate Loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a Corporate Loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of payments due to the Fund under the Corporate Loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

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

26        Invesco Van Kampen Senior Loan Fund

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

  The Adviser has contractually agreed, through at least December 31, 2012, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class IB and Class IC shares to 1.32%, 2.07%, 2.07%, 1.32% and 1.32% of average daily net assets, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the Fund’s expenses after fee waiver and/or expense reimbursement to exceed the limit reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on December 31, 2012. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

  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 six months ended August 31, 2012, expenses incurred under these agreements are shown in the Statement of Operations as Administrative services fees. Also, Invesco has entered into service agreements whereby State Street Bank and Trust Company (“SSB”) serve as custodian and fund accountant and provides certain administrative services of the Fund.

  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 six months ended August 31, 2012, 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, and a service plan (collectively, the “Plans”) for Class A shares, Class B shares, Class C shares and Class IC shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of the average daily net assets of Class A shares, up to 0.51% of the average daily net assets of Class B shares, 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. Due to voluntary waivers by IDI, the aggregate distribution and service fees are currently 0.00%, 0.26%, 0.75% and 0.00% of the average daily net assets of Class A, Class B, Class C and Class IC shares, respectively. For the six months ended August 31, 2012, IDI waived distribution fees of $149,467, $18,054, $184,668 and $58,466 for Class A, Class B, Class C and Class IC shares, respectively. For the six months ended August 31, 2012, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

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

  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 six months ended August 31, 2012, IDI advised the Fund that IDI retained $3,838 in front-end sales commissions from the sale of Class A shares and $2,049, $7,401, $4,658 and $15,024 from Class A, Class B, Class C and Class IB shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

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

27        Invesco Van Kampen Senior Loan Fund

  The following is a summary of the tiered valuation input levels, as of August 31, 2012. 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
Variable Rate Senior Loan Interests	$	—	$	1,359,156,538	$	—	$	1,359,156,538
Bonds & Notes		—		122,457,736		—		122,457,736
Structured Products		—		48,920,654		—		48,920,654
Equity Securities		3,634,416		10,067,104		7,205,856		20,907,376
Time Deposits		—		321,397		—		321,397
Total Investments	$	3,634,416	$	1,540,923,429	$	7,205,856	$	1,551,763,701

NOTE 4—Derivative Investments

Effect of Derivative Instruments for the six months ended August 31, 2012

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

	Location of Gain (Loss) on
	Statement of Operations
	Swap
	Agreements*
Realized Gain (Loss)
Credit risk	$	282,223
Change in Unrealized Appreciation (Depreciation)
Credit risk	$	(226,113	)
Total	$	56,110

*  The average notional value of swap agreements outstanding during the period was $1,333,333.

NOTE 5—Investments in Other Affiliates

The Investment Company Act of 1940 defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The following is a summary of the investments in affiliates for the year ended April 30, 2012.

								Change in
								Unrealized
	Value		Purchases		Proceeds			Appreciation			Realized			Value		Dividend
	02/29/12		at Cost		from Sales			(Depreciation)			Gain (Loss)			08/31/12		Income
Axia Acquisition Corp., Common Shares	$	1,263,250	$	—	$	—		$	—		$	—		$	1,263,250	$	—
Axia Acquisition Corp., PIK Second Lien Term Loan A		577,065		28,219		—			179,722			—			785,006		18,607
Axia Acquisition Corp., Revolver Loan		1,531,046		—		—			(87,488	)		—			1,443,558		—
Axia Acquisition Corp., Second Lien Term Loan B		1,017,130		—		—			325,481			—			1,342,611		14,466
Cygnus Business Media, Inc., Common Shares		0		—		—			—			—			0		—
Cygnus Business Media, Inc., PIK Term Loan		2,537,556		—		(32,979	)		(542,707	)		242			1,962,112		47,789
Endurance Business Media, Inc., Class A Common Shares		135,172		—		—			—			—			135,172		—
Endurance Business Media, Inc., First Lien Term Loan		1,640,161		—		(36,024	)		233,866			(11,109	)		1,826,894		75,396
Marietta Intermediate Holding Corp., Common Shares		2,672,017		—		—			(387,249	)		—			2,284,768		—
Marietta Intermediate Holding Corp., PIK Term Loan B		2,864,265		—		—			—			—			2,864,265		15,881
Marietta Intermediate Holding Corp., Warrants		0		—		—			—			—			0		—
Total	$	14,237,662	$	28,219	$	(69,003	)	$	(278,375	)	$	(10,867	)	$	13,907,636	$	172,139

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2012, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $877.

28        Invesco Van Kampen Senior Loan Fund

NOTE 7—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund.

  During the six months ended August 31, 2012, the Fund paid legal fees of $25,940 for services rendered by Skadden, Arps, Slate, Meagher & Flom LLP as counsel to the Fund. A trustee of the Fund is of counsel with the firm.

NOTE 8—Cash Balances and Borrowings

Effective August 16, 2012, the Fund has entered into a $475 million revolving credit and security agreement which will expire on August 14, 2013. The revolving credit agreement is secured by the assets of the Fund.

  During the six months ended August 31, 2012, the average daily balance of borrowing under the Revolving Credit and Security Agreement was $232,651,075 with a weighted interest rate of 1.06%. Expenses under the credit agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.

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

NOTE 9—Unfunded Loan Commitments

As of August 31, 2012, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:

		Principal
Borrower	Type	Amount		Value
Axia Acquisition Corp.	Revolver Loan	$	1,749,767	$	1,443,558
Boyd Gaming Corp.	Revolver Loan		1,825,070		1,723,550
Bright Horizons Family Solutions, Inc.	Revolver Loan		6,000,000		5,950,800
Clarke American Corp.	Revolver Loan		2,537,211		2,207,374
Delta Air Lines, Inc.	Revolver Loan		4,500,000		4,436,730
Education Management LLC	Extended Revolver Loan		2,000,000		1,480,760
GateHouse Media Operating, Inc.	Revolver Loan		1,500,000		1,275,000
General Motors Holdings	Revolver Loan		14,582,867		13,483,100
Hunter Fan Co.	Revolver Loan		2,604,167		2,317,708
Lake at Las Vegas Joint Venture, LLC	Exit Revolver Loan		30,077		27,821
Realogy Corp.	Extended Revolver Loan		3,792,975		3,318,853
Surgical Care Affiliates, Inc.	Extended Revolver Loan		3,000,000		2,937,900
USI Holdings Corp.	Revolver Loan		6,666,667		6,191,500
West Corp.	Revolver Loan		3,192,428		2,873,185
		$	53,981,229	$	49,667,839

NOTE 10—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to the Trust’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trust’s fiscal year-end.

  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 Trust to utilize. The Regulated Investment Company Modernization Act of 2010 (the “Act”) eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

29        Invesco Van Kampen Senior Loan Fund

  The Trust had a capital loss carryforward as of February 29, 2012 which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
February 28, 2013	$	68,141,145	$		$	68,141,145
February 28, 2014		21,900,119				21,900,119
February 28, 2015		48,144,741				48,144,741
February 28, 2016		10,160,798				10,160,798
February 28, 2017		256,574,455				256,574,455
February 28, 2018		312,979,210				312,979,210
February 28, 2019		92,978,579				92,978,579
Not subject to expiration		1,335,910		50,151,663		51,487,573
	$	812,214,957	$	50,151,663	$	862,366,620

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. To the extent that unrealized gains as of December 19, 2011, the date of reorganization of Invesco Prime Income Trust into the Fund and realized on securities held in each fund at such date of reorganization, the capital loss carryforward may be further limited for up to five years from the date of the reorganization.

NOTE 11—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2012 was $691,159,877 and $774,868,731, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	50,174,315
Aggregate unrealized (depreciation) of investment securities		(166,343,232	)
Net unrealized appreciation (depreciation) of investment securities	$	(116,168,917	)
Cost of investments for tax purposes is $1,667,932,618.

30        Invesco Van Kampen Senior Loan Fund

NOTE 12—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2012(a)						February 29, 2012
	Shares			Amount			Shares			Amount
Sold:
Class A		1,387,636		$	9,194,383			2,151,755		$	13,635,446
Class B		27,605			182,824			215,497			1,354,689
Class C		997,322			6,608,258			1,730,455			10,669,929
Class IB		963,995			6,401,251			1,137,086			2,421,764
Class IC		87,299			579,370			203,675			937,005
Issued as reinvestment of dividends:
Class A		156,655			1,036,627			272,613			1,782,004
Class B		18,669			123,642			34,979			228,476
Class C		154,918			1,024,886			234,970			1,537,151
Class IB		823,799			5,466,302			1,621,906			10,587,121
Class IC		88,532			587,043			195,785			1,277,544
Issued in connection with acquisitions:(b)
Class IB		—			—			76,281,967			485,474,553
Automatic conversion of Class B shares to Class A shares:
Class A		45,822			303,401			125,186			816,005
Class B		(41,503	)		(303,401	)		(125,060	)		(816,005	)
Reacquired:
Class A		(2,761,762	)		(18,238,612	)		(9,696,262	)		(62,946,073	)
Class B		(238,467	)		(1,551,929	)		(745,110	)		(4,821,615	)
Class C		(1,885,387	)		(12,484,510	)		(8,663,852	)		(56,116,692	)
Class IB		(10,011,257	)		(66,307,416	)		(13,935,993	)		(90,747,143	)
Class IC		(793,255	)		(5,261,856	)		(2,486,705	)		(16,273,676	)
Net increase (decrease) in share activity		(10,979,379	)	$	(72,639,737	)		48,552,892		$	299,000,483

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 41% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

(b)

As of the opening of business on December 19, 2011, the Fund acquired all of the net assets of Invesco Prime Income Trust (the “Target Fund”) pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2010 and by the shareholders of the Target Fund on October 19, 2011. The acquisition was accomplished by a tax-free exchange of 76,281,967 shares of the Fund for 67,758,842 outstanding shares of the Target Fund as of the close of business on December 16, 2011. Shares of the Target Fund were exchanged for Class IB shares of the Fund, respectively, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, December 16, 2011. The Target Fund’s net assets at that date of $485,474,553, including $72,816,998 of unrealized depreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $829,059,192. The net assets of the Fund immediately following the acquisition were $1,314,533,745.

  The pro forma results of operations for the year ended February 29, 2012, assuming the reorganization had been completed on March 1, 2011, the beginning of the annual reporting period are as follows:

Net investment income	$	41,624,318
Net realized/unrealized gains (losses)		(16,899,758	)
Change in net assets resulting from operations	$	24,724,560

  The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Fund’s Statement of Operations since December 19, 2011.

31        Invesco Van Kampen Senior Loan Fund

NOTE 13—Senior Loan Participation Commitments

The Trust 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 Trust purchases a participation of a Senior Loan interest, the Trust 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 Trust assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Trust and the borrower.

  At the six months ended August 31, 2012, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Trust on a participation basis.

	Principal
Selling Participant	Amount		Value
Credit Suisse AG, Cayman Branch	$	4,001,225	$	3,699,472
Goldman Sachs Lending Partners LLC		13,774,070		12,656,813
Total	$	17,775,295	$	16,356,285

NOTE 14—Dividends

The Fund declared the following monthly dividends from net investment income subsequent to August 31, 2012:

			Amount Per Share
			Payable		Payable
			September 28,		October 31,
Share Class	Record Date		2012		2012
Class A		Daily		0.0315		0.0315
Class B		Daily		0.0273		0.0315
Class C		Daily		0.0273		0.0273
Class IB		Daily		0.0315		0.0315
Class IC		Daily		0.0315		0.0315

NOTE 15—Repurchase of Shares

The Fund has a policy to make 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 range between 5% and 25% of the Fund’s outstanding shares; however, the Fund’s present intent for the monthly offers range between 5% and 8% (The Board of Trustees may authorize an additional 2%, if necessary, without extending the repurchase offer). The repurchase request deadline will be the third Friday of each calendar month (or the preceding business day if such third Friday is not a business day). To accommodate monthly Repurchase Offers, the Fund has shorter notice periods before each offer, shorter repurchase periods and shorter payment periods after each offer. During the six months ended August 31, 2012, the Fund had six monthly Repurchase Offers as follows:

	Percentage of					Percentage of
	outstanding shares			Number of shares		outstanding shares
Repurchase request	the Fund offered to			tendered (all		tendered (all
deadlines	repurchase			classes)		classes)
March 16, 2012		6.0	%		2,881,840		1.5	%
April 20, 2012		6.0			2,871,146		1.5
May 18, 2012		6.0			2,404,006		1.2
June 15, 2012		6.0			2,694,053		1.4
July 20, 2012		6.0			2,790,443		1.5
August 17, 2012		6.0			2,359,243		1.3

32        Invesco Van Kampen Senior Loan Fund

NOTE 16—Financial Highlights

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

	Class A
	Six months						Seven months
	ended			Year ended			ended
	August 31,			February 29,			February 28,			Years ended July 31,
	2012			2012			2011			2010			2009			2008
Net asset value, beginning of period	$	6.58		$	6.73		$	6.29		$	5.60		$	7.48		$	8.65
Net investment income(a)		0.18			0.33			0.18			0.28			0.40			0.61
Net gains (losses) on securities (both realized and unrealized)		0.13			(0.15	)		0.44			0.76			(1.86	)		(1.17	)
Total from investment operations		0.31			0.18			0.62			1.04			(1.46	)		(0.56	)
Less:
Dividends from net investment income		(0.18	)		(0.33	)		(0.18	)		(0.31	)		(0.42	)		(0.61	)
Return of capital		—			—			—			(0.04	)		—			—
Total distributions		(0.18	)		(0.33	)		(0.18	)		(0.35	)		(0.42	)		(0.61	)
Net asset value, end of period	$	6.71		$	6.58		$	6.73		$	6.29		$	5.60		$	7.48
Total return at net asset value		4.80	%(b)(c)		2.80	%(b)(c)		9.97	%(b)(c)		18.78	%(b)		(18.60	)%(d)		(6.70	)%(d)
Net assets, end of period (000’s omitted)	$	116,857		$	122,252		$	173,137		$	188,589		$	166,448		$	281,436
Portfolio turnover rate(e)		44	%		87	%		44	%		55	%		33	%		35	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		1.71	%(c)(f)		1.74	%(c)		1.71	%(c)(g)		1.89	%		2.34	%		2.51	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		1.37	%(c)(f)		1.47	%(c)		1.37	%(c)(g)		1.57	%		1.86	%		1.44	%
Without fee waivers and/or expense reimbursements		1.96	%(c)(f)		1.99	%(c)		1.96	%(c)(g)		2.14	%		2.59	%		2.76	%
Ratio of net investment income with fee waivers and/or expense reimbursements		5.29	%(c)(f)		5.10	%(c)		4.86	%(c)(g)		4.53	%		7.57	%		7.55	%
Senior indebtedness:
Total borrowings (000’s omitted)	$	252,000		$	228,000		$	178,000		$	198,000		$	132,000		$	458,000
Asset coverage per $1,000 unit of senior indebtedness(h)	$	5,998		$	6,732		$	6,673		$	6,239		$	8,538		$	4,538

(a)	Calculated using average shares outstanding.
(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.00% for the six months ended August 31, 2012, year ended February 29, 2012 and the seven months ended February 28, 2011.
(d)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 3.25% of early withdrawal charge. On purchases of $1 million or more, an early withdrawal charge of 1% may be imposed on certain repurchases by the Fund made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined distribution and service fees of up to 25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchases by the Fund of Fund shares.
(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests. For the period ended February 29, 2012, the portfolio turnover calculation excludes the value of securities purchased of $614,414,753 and sold of $43,505,288 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Prime Income Trust into the Fund.
(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $118,599.
(g)	Annualized.
(h)	Calculated by subtracting the Trust’s total liabilities (not including the Borrowings) from the Trust’s total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

33        Invesco Van Kampen Senior Loan Fund

NOTE 16—Financial Highlights—(continued)

	Class B
	Six months						Seven months
	ended			Year ended			ended
	August 31,			February 29,			February 28,			Years ended July 31,
	2012			2012			2011			2010			2009			2008
Net asset value, beginning of period	$	6.58		$	6.73		$	6.29		$	5.60		$	7.48		$	8.65
Net investment income(a)		0.17			0.28			0.15			0.23			0.36			0.55
Net gains (losses) on securities (both realized and unrealized)		0.14			(0.15	)		0.44			0.77			(1.86	)		(1.17	)
Total from investment operations		0.31			0.13			0.59			1.00			(1.50	)		(0.62	)
Less:
Dividends from net investment income		(0.16	)		(0.28	)		(0.15	)		(0.28	)		(0.38	)		(0.55	)
Return of capital		—			—			—			(0.03	)		—			—
Total distributions		(0.16	)		(0.28	)		(0.15	)		(0.31	)		(0.38	)		(0.55	)
Net asset value, end of period	$	6.73		$	6.58		$	6.73		$	6.29		$	5.60		$	7.48
Total return at net asset value		4.72	%(b)(c)		2.03	%(b)(c)		9.50	%(b)(c)		17.90	%(b)		(19.24	)%(d)		(7.43	)%(d)
Net assets, end of period (000’s omitted)	$	13,717		$	14,948		$	19,455		$	17,902		$	16,974		$	29,589
Portfolio turnover rate(e)		44	%		87	%		44	%		55	%		33	%		35	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		1.96	%(c)(f)		2.49	%(c)		2.46	%(c)(g)		2.64	%		3.11	%		3.24	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		1.62	%(c)(f)		2.22	%(c)		2.12	%(c)(g)		2.32	%		2.63	%		2.20	%
Without fee waivers and/or expense reimbursements		2.21	%(c)(f)		2.74	%(c)		2.71	%(c)(g)		2.89	%		3.36	%		3.49	%
Ratio of net investment income with fee waivers and/or expense reimbursements		5.04	%(c)(f)		4.35	%(c)		4.10	%(c)(g)		3.79	%		6.85	%		6.76	%
Senior indebtedness:
Total borrowing outstanding (000’s omitted)	$	252,000		$	228,000		$	178,000		$	198,000		$	132,000		$	458,000
Asset coverage per $1,000 unit of senior indebtedness(h)	$	5,998		$	6,732		$	6,673		$	6,239		$	8,538		$	4,538

(a)	Calculated using average shares outstanding.
(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.26% for the six months ended August 31, 2012 and 0.75% for the year ended February 29, 2012 and 0.75% for the seven months ended February 28, 2011.
(d)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum early withdrawal charge of 3%, charged on certain repurchases by the Fund made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined distribution and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchases by the Fund of Fund shares.
(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests. For the period ended February 29, 2012, the portfolio turnover calculation excludes the value of securities purchased of $614,414,753 and sold of $43,505,288 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Prime Income Trust into the Fund.
(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $14,326.
(g)	Annualized.
(h)	Calculated by subtracting the Trust’s total liabilities (not including the Borrowings) from the Trust’s total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

34        Invesco Van Kampen Senior Loan Fund

NOTE 16—Financial Highlights—(continued)

	Class C
	Six months						Seven months
	ended			Year ended			ended
	August 31,			February 29,			February 28,			Years ended July 31,
	2012			2012			2011			2010			2009			2008
Net asset value, beginning of period	$	6.58		$	6.73		$	6.29		$	5.60		$	7.48		$	8.65
Net investment income(a)		0.15			0.28			0.15			0.23			0.36			0.55
Net gains (losses) on securities (both realized and unrealized)		0.14			(0.15	)		0.44			0.77			(1.86	)		(1.17	)
Total from investment operations		0.29			0.13			0.59			1.00			(1.50	)		(0.62	)
Less:
Dividends from net investment income		(0.16	)		(0.28	)		(0.15	)		(0.28	)		(0.38	)		(0.55	)
Return of capital		—			—			—			(0.03	)		—			—
Total distributions		(0.16	)		(0.28	)		(0.15	)		(0.31	)		(0.38	)		(0.55	)
Net asset value, end of period	$	6.71		$	6.58		$	6.73		$	6.29		$	5.60		$	7.48
Total return at net asset value		4.41	%(b)(c)		2.03	%(b)(c)		9.50	%(b)(c)		17.90	%(b)		(19.24	)%(d)		(7.43	)%(d)
Net assets, end of period (000’s omitted)	$	145,608		$	147,551		$	195,963		$	207,828		$	196,591		$	338,551
Portfolio turnover rate(e)		44	%		87	%		44	%		55	%		33	%		35	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		2.46	%(c)(f)		2.49	%(c)		2.46	%(c)(g)		2.64	%		3.10	%		3.26	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		2.12	%(c)(f)		2.22	%(c)		2.12	%(c)(g)		2.32	%		2.62	%		2.20	%
Without fee waivers and/or expense reimbursements		2.71	%(c)(f)		2.74	%(c)		2.71	%(c)(g)		2.89	%		3.35	%		3.51	%
Ratio of net investment income with fee waivers and/or expense reimbursements		4.54	%(c)(f)		4.35	%(c)		4.11	%(c)(g)		3.79	%		6.83	%		6.79	%
Senior indebtedness:
Total borrowing outstanding (000’s omitted)	$	252,000		$	228,000		$	178,000		$	198,000		$	132,000		$	458,000
Asset coverage per $1,000 unit of senior indebtedness(h)	$	5,998		$	6,732		$	6,673		$	6,239		$	8,538		$	4,538

(a)	Calculated using average shares outstanding.
(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.75% for the six months ended August 31, 2012, year ended February 29, 2012 and the seven months ended February 28, 2011.
(d)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum early withdrawal charge of 1%, charged on certain repurchases by the Fund made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined distribution and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchases by the Fund of Fund shares.
(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests. For the period ended February 29, 2012, the portfolio turnover calculation excludes the value of securities purchased of $614,414,753 and sold of $43,505,288 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Prime Income Trust into the Fund.
(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $146,529.
(g)	Annualized.
(h)	Calculated by subtracting the Trust’s total liabilities (not including the Borrowings) from the Trust’s total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

35        Invesco Van Kampen Senior Loan Fund

NOTE 16—Financial Highlights—(continued)

	Class IB
	Six months						Seven months
	ended			Year ended			ended
	August 31,			February 29,			February 28,			Years ended July 31,
	2012			2012			2011			2010			2009			2008
Net asset value, beginning of period	$	6.58		$	6.73		$	6.29		$	5.60		$	7.49		$	8.66
Net investment income(a)		0.18			0.33			0.18			0.28			0.40			0.61
Net gains (losses) on securities (both realized and unrealized)		0.14			(0.15	)		0.44			0.76			(1.87	)		(1.17	)
Total from investment operations		0.32			0.18			0.62			1.04			(1.47	)		(0.56	)
Less:
Dividends from net investment income		(0.18	)		(0.33	)		(0.18	)		(0.31	)		(0.42	)		(0.61	)
Return of capital		—			—			—			(0.04	)		—			—
Total distributions		(0.18	)		(0.33	)		(0.18	)		(0.35	)		(0.42	)		(0.61	)
Net asset value, end of period	$	6.72		$	6.58		$	6.73		$	6.29		$	5.60		$	7.49
Total return at net asset value		4.95	%(b)		2.80	%(b)		9.97	%(b)		18.77	%(b)		(18.56	)%(c)		(6.69	)%(c)
Net assets, end of period (000’s omitted)	$	907,347		$	943,491		$	526,800		$	527,108		$	520,252		$	815,141
Portfolio turnover rate(d)		44	%		87	%		44	%		55	%		33	%		35	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		1.71	%(e)		1.74	%		1.71	%(f)		1.89	%		2.34	%		2.49	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		1.37	%(e)		1.47	%		1.37	%(f)		1.57	%		1.88	%		1.45	%
Ratio of net investment income with fee waivers and/or expense reimbursements		5.29	%(e)		5.10	%		4.85	%(f)		4.54	%		7.60	%		7.51	%
Senior indebtedness:
Total borrowing outstanding (000’s omitted)	$	252,000		$	228,000		$	178,000		$	198,000		$	132,000		$	458,000
Asset coverage per $1,000 unit of senior indebtedness(g)	$	5,998		$	6,732		$	6,673		$	6,239		$	8,538		$	4,538

(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)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum early withdrawal charge of 3%, charged on certain repurchases by the Fund made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchases by the Fund of Fund shares.
(d)	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. For the period ended February 29, 2012, the portfolio turnover calculation excludes the value of securities purchased of $614,414,753 and sold of $43,505,288 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Prime Income Trust into the Fund.
(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $921,531.
(f)	Annualized.
(g)	Calculated by subtracting the Trust’s total liabilities (not including the Borrowings) from the Trust’s total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

36        Invesco Van Kampen Senior Loan Fund

NOTE 16—Financial Highlights—(continued)

	Class IC
	Six months						Seven months
	ended			Year ended			ended
	August 31,			February 29,			February 28,			Years ended July 31,
	2012			2012			2011			2010			2009			2008
Net asset value, beginning of period	$	6.58		$	6.73		$	6.29		$	5.60		$	7.49		$	8.66
Net investment income(a)		0.18			0.33			0.18			0.28			0.40			0.61
Net gains (losses) on securities (both realized and unrealized)		0.13			(0.15	)		0.44			0.76			(1.87	)		(1.17	)
Total from investment operations		0.31			0.18			0.62			1.04			(1.47	)		(0.56	)
Less:
Dividends from net investment income		(0.18	)		(0.33	)		(0.18	)		(0.31	)		(0.42	)		(0.61	)
Return of capital		—			—			—			(0.04	)		—			—
Total distributions		(0.18	)		(0.33	)		(0.18	)		(0.35	)		(0.42	)		(0.61	)
Net asset value, end of period	$	6.71		$	6.58		$	6.73		$	6.29		$	5.60		$	7.49
Total return at net asset value		4.80	%(b)(c)		2.80	%(b)(c)		9.97	%(b)(c)		18.77	%(b)		(18.71	)%(d)		(6.69	)%(d)
Net assets, end of period (000’s omitted)	$	76,043		$	78,600		$	94,440		$	95,928		$	94,721		$	155,865
Portfolio turnover rate(e)		44	%		87	%		44	%		55	%		33	%		35	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		1.71	%(c)(f)		1.74	%(c)		1.71	%(c)(g)		1.89	%		2.35	%		2.49	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		1.37	%(c)(f)		1.47	%(c)		1.37	%(c)(g)		1.57	%		1.88	%		1.45	%
Without fee waivers and/or expense reimbursements		1.86	%(c)(f)		1.89	%(c)		1.86	%(c)(g)		2.04	%		2.50	%		2.64	%
Ratio of net investment income with fee waivers and/or expense reimbursements		5.29	%(c)(f)		5.10	%(c)		4.85	%(c)(g)		4.54	%		7.60	%		7.52	%
Senior indebtedness:
Total borrowing outstanding (000’s omitted)	$	252,000		$	228,000		$	178,000		$	198,000		$	132,000		$	458,000
Asset coverage per $1,000 unit of senior indebtedness(h)	$	5,998		$	6,732		$	6,673		$	6,239		$	8,538		$	4,538

(a)	Calculated using average shares outstanding.
(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.00% for the six months ended August 31, 2012, year ended February 29, 2012 and the seven months ended February 28, 2011.
(d)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum early withdrawal charge of 1%, charged on certain repurchases by the Fund made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined service fees of up to 0.15% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchases by the Fund of Fund shares.
(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests. For the period ended February 29, 2012, the portfolio turnover calculation excludes the value of securities purchased of $614,414,753 and sold of $43,505,288 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Prime Income Trust into the Fund.
(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $77,320.
(g)	Annualized.
(h)	Calculated by subtracting the Trust’s total liabilities (not including the Borrowings) from the Trust’s total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

NOTE 17—Subsequent Event

Effective December 3, 2012, the Fund will change its name to Invesco Senior Loan Fund.

37        Invesco Van Kampen Senior Loan Fund

NOTE 18—Legal Proceedings

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

Pending Litigation and Regulatory Inquiries

The Fund is named as a defendant in an adversary proceeding in the Bankruptcy Court of the Southern District of Florida. The complaint was filed on July 14, 2008 by the Official Committee of Unsecured Creditors of TOUSA, Inc., on behalf of certain subsidiaries of TOUSA, Inc. (the “Conveying Subsidiaries”), and filed as amended on October 17, 2008. The Committee made allegations against the Funds in two separate capacities: as “Transeastern Lenders” and as “First Lienholders” (collectively, the “Lenders”). The Transeastern Lenders loaned money to form a joint venture between TOUSA, Inc. and Falcone/Ritchie LLC. TOUSA, Inc. later repaid the loans from the Transeastern Lenders as part of a global settlement of claims against it. The repayment was financed using proceeds of new loans (the “New Loans”), for which the Conveying Subsidiaries conveyed first and second priority liens on their assets to two groups of lienholders (the First and Second Lienholders, collectively “New Lenders”). The Conveying Subsidiaries were not obligated on the original debt to the Transeastern Lenders. The Committee alleged, inter alia, that both the repayment to the Transeastern Lenders and the grant of liens to the First and Second Lienholders should be avoided as fraudulent transfers under the bankruptcy laws. More specifically, the Committee alleged: (1) that the Conveying Subsidiaries’ transfer of liens to secure the New Loans was a fraudulent transfer under 11 U.S.C. § 548 because the Conveying Subsidiaries were insolvent at the time of the transfer and did not receive reasonably equivalent value for the liens; and (2) that the Transeastern Lenders were, under 11 U.S.C. § 550, entities for whose benefit the liens were fraudulently transferred to the New Lenders. The case was tried in 2009 and on October 13, 2009, the Bankruptcy Court rendered a Final Judgment against the Lenders, which was later amended on October 30, 2009, requiring the Lenders to post bonds equal to 110% of the damages and disgorgement ordered against them. The Transeastern Lenders and First Lienholders separately appealed the decision to the District Court for the Southern District of Florida. On February 11, 2011, the District Court, issued an order in the Transeastern Lenders’ appeal that: 1) quashed the Bankruptcy Court’s Order as it relates to the liability of the Transeastern Lenders; 2) made null and void the Bankruptcy Court’s imposition of remedies as to the Transeastern Lenders; 3) discharged all bonds deposited by Transeastern Lenders, unless any further appeals are filed, in which case the bonds would remain in effect pending resolution of appeals; 4) dismissed as moot additional appeal proceedings of the Transeastern Lenders that were contingent upon the District Court’s decision concerning liability; and 5) closed all District Court appeal proceedings concerning the Transeastern Lenders. The Committee appealed to the Eleventh Circuit Court of Appeals. The First Lienholders’ appeal was stayed pending a decision by the Eleventh Circuit. In a decision filed on May 15, 2012, the Eleventh Circuit reversed the District Court’s opinion, affirmed the liability findings of the Bankruptcy Court against the Transeastern Lenders, and remanded the case to the District Court to review the remedies ordered by the Bankruptcy Court. The appeals of the Transeastern Lenders and the First Lienholders, including additional liability issues being asserted by the First Lien Lenders, are currently pending before the District Court.

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

38        Invesco Van Kampen Senior Loan Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2012 through August 31, 2012.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions, and redemption fees, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(03/01/12)		(08/31/12)1		Period2		(08/31/12)		Period2		Ratio
Class A	$	1,000.00	$	1,048.00	$	8.83	$	1,016.59	$	8.69		1.71	%
Class B		1,000.00		1,047.20		10.11		1,015.32		9.96		1.96
Class C		1,000.00		1,044.10		12.67		1,012.80		12.48		2.46
Class IB		1,000.00		1,049.50		8.83		1,016.59		8.69		1.71
Class IC		1,000.00		1,048.00		8.83		1,016.59		8.69		1.71

1	The actual ending account value is based on the actual total return of the Fund for the period March 1, 2012 through August 31, 2012, 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 184/365 to reflect the most recent fiscal half year.

39        Invesco Van Kampen Senior Loan Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of Invesco Van Kampen Senior Loan Fund (the Fund) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Ltd., Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on May 15, 2012, the Board as a whole, and the disinterested or “independent” Trustees, who comprise more than 75% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board, acting directly and through its committees, meets throughout the year to review the performance of the Invesco Van Kampen funds. Over the course of each year, the Board, acting directly and through its committees, meets with portfolio managers for the funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of the funds. The Board meets regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to the funds.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The independent Trustees are assisted in their annual evaluation of the funds’ investment advisory agreements by fund counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees recognized that the advisory fees for the Invesco Van Kampen funds, including the Fund, reflect the results of years of review and negotiation between the Trustees and Invesco Advisers and previously Van Kampen Asset Management, the funds’ predecessor investment adviser. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Board noted the willingness of Invesco Advisers personnel to engage in open and candid discussions with the Board. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below is a summary of the Board’s evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of May 15, 2012, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

Factors and Conclusions

A.  Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services. Based on their meetings throughout the year with the Fund’s portfolio managers, the Board concluded that these individuals are competent and able to continue to carry out their responsibilities under the Fund’s investment advisory agreement or sub-advisory contracts, as applicable. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers (and previously Van Kampen Asset Management) and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Van Kampen funds, including the Fund, such as various back office support functions, equity and fixed income trading operations, internal audit and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services capable of being provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who would provide such services. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers, from time to time as necessary and appropriate, in managing the Fund. The Board concluded that the nature, extent and quality of the services capable of being provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

  The Board compared the Fund’s performance during the past one, two, three and five calendar years to the performance of funds in the Fund’s Lipper performance universe and against the applicable Lipper index. The Board noted that the Fund’s performance was in the second quintile of its performance universe for the one year period, the third quintile for the two year period, the fourth quintile for the three year period, and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of the applicable Lipper index for the one, three and five year periods and below the performance of the index for the two year period. When considering a fund’s performance, the Board places emphasis on trends and longer term returns.

C.  Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the Fund’s contractual advisory fee rate was at the median contractual advisory fee rate of funds in its expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is

40        Invesco Van Kampen Senior Loan Fund

as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board also considered the Fund’s effective fee rate (the advisory fee after advisory fee waivers and before expense limitations/waivers), including comparisons, as applicable, to advisory fee rates of other funds advised by Invesco Advisers and its affiliates with investment strategies similar to those of the Fund. The Board reviewed not only the advisory fees but other fees and expenses (whether paid to Invesco Advisers, its affiliates or others) and the Fund’s overall expense ratio.

  The Board compared the strategy of the Fund to that of other client accounts of Invesco Advisers and the Affiliated Sub-Advisers and considered, as applicable, the fees charged to other client accounts with investment strategies similar to those of the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients solely for investment management services than to registered fund clients, such as the Fund. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to registered fund clients, including the Fund, relative to other client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of shareholder reports, preparation of financial information and regulatory compliance under the Investment Company Act of 1940, as amended.

  The Board noted that sub-advisory fees charged by the Affiliated Sub-Advisers to manage registered fund clients and to manage other client accounts were often more comparable. The Board concluded that the aggregate services provided to the Fund were sufficiently different from those provided to institutional clients, and the Board did not place significant weight on these fee comparisons.

  The Board noted that Invesco Advisers has contractually agreed to waive or reimburse a portion of the Fund’s distribution and/or service (12b-1) fees and waive fees and/or limit expenses of the Fund through June 30, 2012 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund. The Board also considered the effect this fee waiver, and the discontinuation of this fee waiver on June 30, 2012, would have on the Fund’s total estimated expenses.

  The Board also considered the services capable of being provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that to the extent the Fund were to utilize the Affiliated Sub-Advisers, Invesco Advisers would provide services related to oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board noted that the Fund benefits from economies of scale through contractual breakpoints, and shares in economies of scale through lower fees charged by third party service providers based on the combined size of the registered fund clients advised by Invesco Advisers.

E.  Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Van Kampen funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Van Kampen funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Fund. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-

advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

F.  Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for their provision of administrative services, transfer agency services and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Fund. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

41        Invesco Van Kampen Senior Loan Fund

Proxy Results

An Annual Meeting (“Meeting”) of Shareholders of Invesco Van Kampen Senior Loan Fund (the “Fund”) was held on July 17, 2012. The Meeting was held for the following purpose:

(1)  Elect one Trustee to serve for a three-year term or until his successor has been duly elected and qualified.

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

				Votes
	Matter	Votes For		Against
(1)	Colin D. Meadows		162,835,873		6,149,002

The redomestication proposal was adjourned until September 25, 2012. Results from the adjourned meeting will be reflected in the next report to shareholders.

42        Invesco Van Kampen Senior Loan Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file number for the Fund is shown below.

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

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2012, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

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

SEC file number: 811-05845 VK-SLO-SAR-1 Invesco Distributors, Inc.

ITEM 2. CODE OF ETHICS.

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.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

     Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

     Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

     Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of August 13, 2012, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 13, 2012, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is

	recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.
(b)	There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

12(a)(1)	Not applicable.
12(a)(2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
12(a)(3)	Not applicable.
12(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

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

Registrant: Invesco Van Kampen Senior Loan Fund

By:	/s/ Colin Meadows
	Colin Meadows
	Principal Executive Officer
Date:	November 8, 2012

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

By:	/s/ Colin Meadows
	Colin Meadows
	Principal Executive Officer
Date:	November 8, 2012
By:	/s/ Sheri Morris
	Sheri Morris
	Principal Financial Officer
Date:	November 8, 2012

EXHIBIT INDEX

12(a) (1)	Not applicable.
12(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
12(a) (3)	Not applicable.
12(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.