Invesco Senior Income Trust Form N-CSR Filed 2023-05-03

Non-Resident Alien Shareholders

Qualified Interest Income**

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		811-08743


Invesco Senior Income Trust
(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)

Sheri Morris 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309
(Name and address of agent for service)


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

Date of fiscal year end:	2/28

Date of reporting period:	2/28/23

ITEM 1.

REPORTS TO STOCKHOLDERS.

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



Annual Report to Shareholders		February 28, 2023

Invesco Senior Income Trust

NYSE: VVR



2		Managed Distribution Plan Disclosure

3		Management’s Discussion

3		Performance Summary

5		Long-Term Trust Performance

7		Supplemental Information

7		Notice of Important Change

10		Dividend Reinvestment Plan

12		Consolidated Schedule of Investments

30		Consolidated Financial Statements

34		Consolidated Financial Highlights

35		Notes to Consolidated Financial Statements

44		Report of Independent Registered Public Accounting Firm

45		Tax Information

46		Additional Information

T-1		Trustees and Officers

Managed Distribution Plan Disclosure

On September 20, 2022, the Board of Trustees (the “Board”) of Invesco Senior Income Trust (the “Trust”) approved an amendment to the Trust’s Managed Distribution Plan (the “Plan”) whereby the Trust will pay its monthly dividend to common shareholders at a stated fixed monthly distribution amount of $0.032 per share. On January 19, 2023, the Board the Trust approved a further amendment to the Plan whereby the Trust will pay its monthly dividend to common shareholders at a stated fixed monthly distribution amount of $0.039 per share. Prior to these changes under the Plan, the Trust paid a monthly dividend to common shareholders at a stated fixed monthly distribution amount of $0.026 per share. The effective date of the Plan is October 1, 2020.

The Plan is intended to provide shareholders with a consistent, but not guaranteed, periodic cash payment from the Trust, regardless of when or whether income is earned or capital gains are realized. If sufficient

investment income is not available for a monthly distribution, the Trust will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level under the Plan. A return of capital may occur, for example, when some or all of the money that shareholders invested in the Trust is paid back to them. A return of capital distribution does not necessarily reflect the Trust’s investment performance and should not be confused with “yield” or “income.” No conclusions should be drawn about the Trust’s investment performance from the amount of the Trust’s distributions or from the terms of the Plan. The Plan will be subject to periodic review by the Board, and the Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Trust’s shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Trust’s common shares.

The Trust will provide its shareholders of record on each distribution record date with a Section 19 Notice disclosing the sources of its dividend payment when a distribution includes anything other than net investment income. The amounts and sources of distributions reported in Section 19 Notices are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Trust’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The Trust will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. Please refer to “Distributions” under Note 1 of the Notes to Financial Statements for information regarding the tax character of the Trust’s distributions.

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Management’s Discussion of Trust Performance


Performance summary
For the fiscal year ended February 28, 2023, Invesco Senior Income Trust (the Trust), at net asset value (NAV), underperformed its benchmark, the Credit Suisse Leveraged Loan Index. The Trust’s return can be calculated based on either the market price or the NAV of its shares. NAV per share is determined by dividing the value of the Trust’s portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. Market price reflects the supply and demand for Trust shares. As a result, the two returns can differ, as they did during the fiscal year.

Performance
Total returns, 2/28/22 to 2/28/23

Trust at NAV		1.01%
Trust at Market Value		2.20
Credit Suisse Leveraged Loan Index^q		2.26
Market Price Discount to NAV as of 2/28/23		-3.89

Source(s): ^qBloomberg LP

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return, NAV and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price. Since the Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.

Market conditions and your Trust

During the fiscal year ended February 28, 2023, the senior loan market was characterized by risk aversion in reaction to escalating geopolitical turmoil in Ukraine, persistent inflation, rapidly escalating interest rate expectations, rising energy prices and a softening economic growth outlook. The confluence of these various pressures drove flows out of capital markets and caused risk premia to widen. Despite these circumstances, loans outperformed other risk assets through the end of the fiscal year. The past several months of the end of the fiscal year have seen a reversal in overall market performance, with the broad loan market up from their second quarter of 2022 lows. Senior loans’ defensive positioning at the top of the capital structure and floating rate feature benefited the asset class during these bouts of risk aversion and inflation jitters, while the current, relatively high, level of coupons helped the asset class maintain positive performance during the fiscal year relative to traditional asset classes.

Senior loans, as represented by the Credit Suisse Leveraged Loan Index, returned 2.26% during the Trust’s fiscal year.¹ For the first month of 2022, loans performed well, continuing the 2021 trend of positive performance, however geopolitical turmoil and inflation began to influence performance by late February 2022. Loans suffered a weak second quarter of 2022, down 4.35%,¹

driven largely by technical factors and not fundamentals. In particular, the risk-off sentiment in other markets led to retail outflows and more importantly, a lack of new collateralized loan obligation (CLO) creation (which typically represents 65% of loan demand) in May and June of 2022. At their low point, loan prices as of June 30, 2022, were implying a 7.9%1 default rate in the market, in excess of forecasted default rates for 2023 and the rolling twelve-month default rate.² This has been fairly typical of other historical selloffs where the market overshoots compensating investors for actual defaults and then rallies sharply as buyers step in. Since the end of June 2022, CLO creation has come back in earnest, and for the second half of the fiscal year, supportive technical played a role as opportunistic CLO managers sought to buy assets for new structures despite a dearth of new issue supply. This increase in CLO demand, as well as supportive fundamentals and other technical drivers, enabled the loan market to produce only one month of negative returns between June 2022 and February 2023 and improving the average loan price from $91.96 to $93.49 as of fiscal year-end.¹ The increased interest from CLOs was at odds with retail mutual funds and ETFs, which recorded outflows for a tenth consecutive month in February 2023.4 Loans are up 3.21% for the first two months of 2023, having outperformed high yield by approximately 70 basis points (bps) during the fiscal year and likewise outperformed high yield during

the full year 2022 by approximately 950 bps.^1,3 During the fiscal year, BB-, B- and CCC-rated loans† returned 5.06%, 2.66% and -8.72%, respectively.¹ Energy was the best performing sector, returning 9.38% for the fiscal year, while consumer durables was the worst performing sector, returning -3.62% for the same period.¹

The loan market fundamentals have held up well over the fiscal year. As of the third quarter of 2022, overall leverage for loan issuers declined for a sixth consecutive quarter, while at the same time corporate profits remained relatively robust.⁴ The second quarter of 2022 saw interest coverage ratios reach a record high, despite continued rising rates, before creeping down in the second half of the calendar year.⁵ With approximately 4.8% of the market trading at distressed levels¹ and an inflation readings surprise in February causing investors to rethink the potential rate hiking cycle for 2023, the loan market is expected to experience moderately increasing levels of defaults, with most forecasts between a 3.0% to 3.5% last twelve months default rate by year-end 2023, on par with the long-term average default rate of roughly 3.0%.4 Yields remain robust given the rise in interest rates, with average loan coupons continuing to out yield the average coupon for high-yield bonds.⁴

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

During the fiscal year, the Trust employed leverage, which allowed us to enhance the Trust’s yield while keeping credit standards high relative to the benchmark. As of the close of the fiscal year, leverage accounted for approximately 30% of the Trust’s total assets. Leverage involves borrowing at a floating short-term rate and reinvesting the proceeds at a higher rate. Unlike other fixed-income asset classes, using leverage in conjunction with senior loans does not involve the same degree of risk from rising short-term interest rates since the income from senior loans generally adjusts to changes in interest rates, as do the rates which determine the Trust’s borrowing costs. (Similarly, should short-term rates fall, borrowing costs also

3 Invesco Senior Income Trust

would decline.) For more information about the Trust’s use of leverage and the associated risks, see the Notes to Financial Statements later in this report.

During the fiscal year ending February 28, 2023, QuarterNorth Energy, USF S&H Holdco and Keg Logistics were the largest contributors to the Trust’s performance, while Crown Finance US, Riverbed Technology and GoTo Group were the largest detractors from absolute performance.

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

The senior loan asset class behaves differently from many traditional fixed-income investments. The interest income generated by a portfolio of senior loans is usually determined by a fixed credit spread over a reference rate. Because senior loans generally have a very short duration and the coupons, or interest rates, are usually adjusted every 30 to 90 days as the reference rate changes, the yield on the portfolio adjusts. Interest rate risk refers to the tendency for traditional fixed-income prices to decline when interest rates rise. For senior loans, however, interest rates and income are variable, and the prices of loans are therefore less sensitive to interest rate changes than traditional fixed-income bonds. As a result, senior loans can provide a natural hedge against rising interest rates.

We are monitoring interest rates, the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the US Federal Reserve and other central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Trust’s investments and the market price of the Trust’s shares.

As always, we appreciate your continued participation in Invesco Senior Income Trust.

1	Source: Credit Suisse Leveraged Loan Index

2	Source: Morningstar LSTA US Leveraged Loan Index

3	Source: Credit Suisse High Yield Index

4	Source: JP Morgan

5	Source: Pitchbook LCD

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

information on S&P Global Ratings’ rating methodology, please visit www.spglobal.com and select ’Understanding Credit Ratings’ under About Ratings on the homepage.

Portfolio manager(s):

Scott Baskind

Thomas Ewald - Lead

Philip Yarrow

The views and opinions expressed in management’s discussion of Trust performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Trust. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Trust and, if applicable, index disclosures later in this report.

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Your Trust’s Long-Term Performance

Results of a $10,000 Investment

Trust and index data from 2/28/13

1 Source: Bloomberg LP

Past performance cannot guarantee future results.

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

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Average Annual Total Returns
As of 2/28/23
	NAV			Market
10 Years		5.06	%		3.86	%
5 Years		4.38			5.81
1 Year		1.01			2.20

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance.

Performance figures do not reflect deduction of taxes a shareholder would pay on Trust distributions or sale of Trust shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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Supplemental Information

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Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets applicable to common shares.

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Unless otherwise noted, all data is provided by Invesco.

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To access your Trust’s reports, visit invesco.com/fundreports.

About indexes used in this report

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

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The Trust is not managed to track the performance of any particular index, including

the index(es) described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es).

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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.

Changes to the Trust’s Governing Documents

At a meeting held on September 19-20, 2022, the Trust’s Board of Trustees (the “Board”) approved changes to the Trust’s Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”) and the Trust’s Amended and Restated Bylaws (the “Bylaws”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Declaration of Trust or Bylaws, as applicable. The following is a summary of certain of these changes. This information may not reflect all of the changes that have occurred since you purchased the Trust.

Declaration of Trust

The Trust’s Declaration of Trust was amended to provide as follows:

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“Majority Trustee Vote” means: (a) with respect to a vote of the Board, a vote of the majority of the Trustees then in office, and, if there is one or more Continuing Trustees, a separate vote of a majority of the Continuing Trustees; and (b) with respect to a vote of a committee or sub-committee of the Board, a vote of the majority of the members of such committee or subcommittee, and, if there is one or more Continuing Trustees on such committee or sub-committee, a separate vote of a majority of the Continuing Trustees that are members of such committee or sub-committee.

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“Management Trustee” is a Trustee who has present or former associations with the Trust’s Investment Adviser as causes such person to be an Interested Person of the Trust or its Investment Adviser.

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If a pre-suit demand upon the Board to bring a derivative action is not required under Section 2.4(a) of the Declaration of Trust, Shareholders eligible to bring such derivative action under the Delaware Act who hold at least 10% of the outstanding Shares of the Trust shall join in the demand for the Board to commence such action.

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Shareholders who hold at least 10% of the outstanding Shares of the Trust and have obtained authorization from the Trustees can bring or maintain a direct action or claim for monetary damages against the Trust or the Trustees predicated upon an express or implied right of action under the Declaration of Trust or the 1940 Act.

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With respect to any direct actions or claims, the Board shall be entitled to retain counsel or other advisors in considering the merits of any request for authorization to bring a direct action and may require an undertaking by the Shareholders making such request to reimburse the Trust for the fees and expense of any such counsel or other advisors and other out of pocket expenses of the Trust, in the event that the Board determines not to bring such action.

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The Trust is permitted to redeem or repurchase Shares of any Shareholder liable to the Trust under Section 2.5 of the Declaration of Trust at a value determined by the Board in accordance with the 1940 Act and other applicable law, and to set off against and retain any distributions otherwise payable to any Shareholder liable to the Trust under Section 2.5 of the Declaration of Trust, in payment of amounts due under Section 2.5 of the Declaration of Trust.

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For purposes of Section 2.5 of the Declaration of Trust, the Board may designate a committee of one Trustee to consider a Shareholder request for authorization to bring a direct action if necessary to create a committee with a majority of Trustees who are “independent trustees” (as such term in defined in the Delaware Act).

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The term of any Trustee standing for re-election who fails to receive sufficient votes to be elected to office due to a lack of quorum or a failure of such Trustee or any successor Trustee to such Trustee to receive the required Shareholder vote set forth in the Declaration of Trust shall continue until the annual meeting held in the third succeeding year and until a successor Trustee to such Trustee is duly elected and shall have qualified.

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In the event that any Trust Property is held by the Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee.

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Without limiting the Section 4.1 of the Declaration of the Trust and subject to any applicable limitation in the Governing Instrument or applicable law, the Trustees shall have power and authority, [among others], to establish one or more committees or sub-committees, to delegate any of the powers of the Trustees to said committees or sub-committees and to adopt a written charter for one or more of such committees or subcommittees governing its membership, duties and operations and any other characteristics as the Trustees may deem proper, each of which committees of shall be comprised of one or more members as determined by the Trustees and sub-committees shall be comprised of one or more members as determined by the committee or such subcommittee (which may be less than the whole number of Trustees then in office), and may be empowered to act for and bind the Trustees and the Trust as if the acts of such committee or sub-committee were the acts of all the Trustees then in office.

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In accordance with Section 3804(e) of the Delaware Act, any suit, action or proceeding brought by or in the right of any Shareholder or any person claiming any interest in any Shares seeking to enforce any provision of, or based on any matter arising out of, or in connection with, the Declaration of Trust or the Trust, any class or any Shares, including any claim of any nature against the Trust, any Class,



NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

7 Invesco Senior Income Trust

the Trustees or officers of the Trust, shall be brought exclusively in the Court of Chancery of the State of Delaware to the extent there is subject matter jurisdiction in such court for the claims asserted or, if not, then in the Superior Court of the State of Delaware, provided, however, that unless the Trust consents in writing to the selection of an alternative forum, the United States District Court for the Southern District of New York shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the federal securities laws, and all Shareholders and other such Persons hereby irrevocably consent to the jurisdiction of such courts (and the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection they may make now or hereafter have to the laying of the venue of any such suit, action or proceeding in such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum and further, IN CONNECTION WITH ANY SUCH SUIT, ACTION, OR PROCEEDING BROUGHT IN ANY SUCH COURT, ALL SHAREHOLDERS AND ALL OTHER SUCH PERSONS HEREBY IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY TO THE FULLEST EXTENT PERMITTED BY LAW.

Bylaws

The Trust’s Bylaws were amended to provide as follows:

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The Board may, by resolution passed by a Majority Trustee Vote, establish one or more sub-committees of each such Committee, and the membership, duties and operations of each such sub-committee shall be set forth in the written Charter of the applicable Committee. The Board may, by resolution passed by a Majority Trustee Vote, designate one or more additional committees, including ad hoc committees to address specified issues, each of which may, if deemed advisable by the Board of Trustees, have a written charter.

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The Trustees may, in their sole discretion, determine that a meeting of Shareholders may be held partly or solely by means of remote communications. If authorized by the Trustees, in their sole discretion, and subject to such guidelines and procedures as the Trustees may adopt, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communications: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communications, provided that: (i) the Trust shall implement such measures as the Trustees deem to be reasonable (A) to verify that each person deemed present and permitted to vote at the meeting by means of remote communications is a Shareholder or proxyholder; and (B) to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the Shareholders; and (ii) if any Shareholder or proxyholder votes or takes other action at the meeting by means of remote communications, a record of such vote or other action shall be maintained by the Trust. The Trustees may, in their sole discretion, notify Shareholders of any postponement, adjournment or a change of the place of a meeting of Shareholders (including a change to hold the meeting solely by means of remote communications) by a document publicly filed by the Trust with the Commission without the requirement of any further notice under the Bylaws.

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Any Shareholder desiring to nominate any person or persons (as the case may be) for election as a Trustee or Trustees of the Trust shall deliver, as part of such Shareholder Notice, a statement in writing with respect to the person or persons to be nominated, together with any persons to be designated as a proposed substitute nominee in the event that a proposed nominee is unwilling or unable to serve, including by reason of any disqualification (a “Proposed Nominee”) and any Proposed Nominee Associated Person setting forth all information required by the Bylaws, including:

– information required by the Bylaws with respect to any Proposed Nominee Associated Person;

– information to establish to the satisfaction of the Board of Trustees that the Proposed Nominee satisfies the trustee qualifications as set out in the Declaration of Trust;

– any other information relating to such Proposed Nominee or Proposed Nominee Associated Person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of trustees in an election contest pursuant to Section 14 of the Exchange Act (even if an election contest is not involved); and

– written and signed certification of each Proposed Nominee that (i) all information regarding such Proposed Nominee included in and/or accompanying the shareholder notice is true, complete and accurate, (ii) such Proposed Nominee is not, and will not become a party to, any agreement, arrangement or understanding (whether written or oral) with any person other than the Trust in connection with service or action as a Trustee of the Trust that has not been disclosed to the Trust, (iii) the Proposed Nominee satisfies the qualifications of persons nominated or seated as trustees as set forth in the Declaration of Trust at the time of their nomination, and (iv) such Proposed Nominee will continue to satisfy the qualifications of persons nominated or seated as trustees as set forth in the Declaration of Trust at the time of their election, if elected.

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Any Shareholder who gives a Shareholder Notice of any matter proposed to be brought before the meeting or to elect Proposed Nominees shall deliver, as part of such Shareholder Notice, all statements and representations required by the Bylaws, including:

– any other information relating to such Shareholder, such beneficial owner, or any Shareholder Associated Person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies by such Person with respect to the proposed business to be brought by such Person before the annual meeting pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder, whether or not such Person intends to deliver a proxy statement or solicit proxies;

– a statement in writing with respect to the Shareholder and the beneficial owner, if any, on whose behalf the proposal is being made setting forth, among other requirements, the name and address of such Shareholder, as they appear on the Trust’s books, and of such beneficial owner and of any Shareholder Associated Person; the number and class of Shares with respect to such Shares, which are owned beneficially and of record by such Shareholder, such beneficial owner, and any Shareholder Associated Person; the name of each nominee holder of Shares owned beneficially but not of record by such Shareholder, beneficial owner, or any Shareholder Associated Person, and the number and class of such Shares; and other information related to the foregoing as required by the Bylaws;

– a description of any agreement, arrangement or understanding, whether written or oral (including any derivative or short positions, profit interests, options or similar rights and borrowed or loaned shares) that has been entered into as of the date of the Shareholder Notice by, or on behalf of, such Shareholder, such beneficial owners, or any Shareholder Associated Person (i) the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power or pecuniary or economic interest of such Shareholder or, such beneficial owner, or any Shareholder Associated Person; or (ii) related to such proposal; and

– a description of all agreements, arrangements, or understandings (whether written or oral) between or among such Shareholder, such beneficial owners, or any Shareholder Associated Person, and any other person or persons (including their names) in connection

8 Invesco Senior Income Trust

with the proposal of such business and any material interest of such person or any Shareholder Associated Person, in such business, including any anticipated benefit therefrom to such person, or any Shareholder Associated Person.

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A Shareholder providing notice of any nomination or other business proposed to be brought before an annual meeting of Shareholders shall further update and supplement such notice, if necessary, so that, with respect to nominations of persons for election as a Trustee, any additional information reasonably requested by the Board to determine that each person whom the Shareholder proposes to nominate for election as a Trustee is qualified to act as a Trustee, including information reasonably requested by the Board to determine that such proposed candidate has met the trustee qualifications as set out in the Declaration of Trust, is provided, and such update and supplement shall be received by the Secretary at the principal executive offices of the Trust not later than five (5) business days after the request by the Board for additional information regarding trustee qualifications has been delivered to, or mailed and received by, such Shareholder providing notice of any nomination.

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Notwithstanding the foregoing provisions of this Article and without limiting the generality of any other requirements herein, unless otherwise required by law, a Shareholder shall be disqualified from bringing any business proposed to be brought before a meeting if any of the information in such Shareholder’s notice, or provided in connection therewith, is not correct and complete or if such Shareholder does not comply fully with the representations in such notice.

For the purposes of the foregoing changes, a “Proposed Nominee Associated Person” of any Proposed Nominee shall mean (A) any person acting in concert with such Proposed Nominee, (B) any direct or indirect beneficial owner of Shares owned of record or beneficially by such Proposed Nominee or person acting in concert with the Proposed Nominee and (C) any person controlling, controlled by or under common control with such Proposed Nominee or a Proposed Nominee Associated Person.

For the purposes of the foregoing changes, a “Shareholder Associated Person” of any beneficial or record shareholder shall mean (A) any person acting in concert with such shareholder, (B) any direct or indirect beneficial owner of Shares owned of record or beneficially by such shareholder or any person acting in concert with such shareholder, (C) any person controlling, controlled by or under common control with such shareholder or a Shareholder Associated Person and (D) any member of the immediate family of such shareholder or Shareholder Associated Person.

The Trust’s Declaration of Trust and Bylaws contain other provisions, including all requirements for the conduct of shareholder meetings, and are available in their entirety upon request to the Trust’s Secretary, c/o Invesco Advisers, Inc., 11 Greenway Plaza, Suite 1000 Houston, TX 77046.

Application of Control Share Provisions

Effective August 1, 2022, the Trust became automatically subject to newly enacted control share acquisition provisions within the Delaware Statutory Trust Act (the “Control Share Provisions”). In general, the Control Share Provisions limit the ability of holders of “control beneficial interests” to vote their shares of a fund above various threshold levels that start at 10% unless the other shareholders of such fund vote to reinstate those rights. “Control beneficial interests” are aggregated to include the holdings of related parties and shares acquired before the effective date of the Control Share Provisions. A fund’s board of trustees may exempt acquisitions from the application of the Control Share Provisions.

The Control Share Provisions require shareholders to disclose any control share acquisition to the Trust within 10 days of such acquisition and, upon request, to provide any related information that the Trust’s Board reasonably believes is necessary or desirable.

The foregoing is only a summary of certain aspects of the Control Share Provisions. Shareholders should consult their own legal counsel with respect to the application of the Control Share Provisions to their beneficial interests of the Trust and any subsequent acquisitions of beneficial interests.

9 Invesco Senior Income Trust

Dividend Reinvestment Plan

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

Plan benefits

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Add to your account:

You may increase your shares in your Trust easily and automatically with the Plan.

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Low transaction costs:

Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.

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Convenience:

You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at invesco.com/closed-end.

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Safekeeping:

The Agent will hold the shares it has acquired for you in safekeeping.

Who can participate in the Plan

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

How to enroll

If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting invesco.com/closed-end, by calling toll-free 800 341 2929 or by notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. If you are writing to us, please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.

How the Plan works

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

Premium: If the Trust is trading at a premium – a market price that is higher than its NAV – you’ll pay either the NAV or 95 percent of

the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.

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

Costs of the Plan

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

Tax implications

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

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

How to withdraw from the Plan

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

If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay.

If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.

You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.

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

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

10 Invesco Senior Income Trust

Fund Information

Portfolio Composition *


By credit quality	% of total investments
BBB-		0.64
BB+		0.60
BB		3.46
BB-		4.60
B+		5.75
B		14.27
B-		13.47
CCC+		5.46
CCC		2.13
CCC-		0.23
CC		0.05
D		0.37
Non-Rated		41.66
Equity		7.31

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

Top Five Debt Issuers*


		% of total net assets

1.	Keg Logistics LLC		4.30	%

2.	Groundworks LLC		3.56	%

3.	FDH Group Acquisition, Inc.		3.43

4.	MB2 Dental Solutions LLC		3.04

5.	CV Intermediate Holdco Corp. (Class Valuation)		3.09

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

*	Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2023.

11 Invesco Senior Income Trust

Consolidated Schedule of Investments

February 28, 2023


	Interest Rate		Maturity Date			Principal Amount (000)^(a)		Value
Variable Rate Senior Loan Interests–135.50%^(b)(c)
Aerospace & Defense–7.22%
Brown Group Holding LLC (Signature Aviation US Holdings, Inc.), Incremental Term Loan B-2 (3 mo. Term SOFR + 3.75%)		8.41%		07/01/2029		$	1,597	$ 1,599,081
Castlelake Aviation Ltd., Term Loan^(d)		–		10/22/2027			4,708	4,663,238
CEP IV Investment 16 S.a.r.l. (ADB Safegate) (Luxembourg), Term Loan B (3 mo. EURIBOR + 4.75%)		6.72%		10/03/2026	EUR		1,414	1,263,633
Dynasty Acquisition Co., Inc.
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		8.22%		04/08/2026			207	203,443
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)		8.12%		04/08/2026			110	107,928
FDH Group Acquisition, Inc., Term Loan A^(e)(f)		8.00%		04/01/2024			21,996	21,621,849
Gogo Intermediate Holdings LLC, Term Loan B (3 mo. USD LIBOR + 3.75%)		8.58%		04/30/2028			1,153	1,149,133
Greenrock Finance, Inc.
Delayed Draw Term Loan (3 mo. Term SOFR + 4.35%)		8.93%		06/21/2029			36	36,048
Term Loan B (3 mo. Term SOFR + 4.25%)		8.93%		06/21/2029			79	78,104
IAP Worldwide Services, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) (Acquired 07/18/2014-02/08/2019; Cost $1,738,959)^(f)(g)		11.23%		07/18/2023			1,743	1,743,358
KKR Apple Bidco LLC
First Lien Term Loan (1 mo. Term SOFR + 2.75%)		7.38%		09/22/2028			656	653,379
First Lien Term Loan (1 mo. Term SOFR + 4.00%)		8.62%		09/22/2028			393	393,669
Second Lien Term Loan (1 mo. USD LIBOR + 5.75%)		10.38%		09/21/2029			385	377,375
NAC Aviation 8 Ltd. (Ireland)
Revolver Loan^(f)(h)		0.00%		12/31/2026			1,826	1,826,168
Term Loan (1 mo. USD LIBOR + 0.00%)^(f)		8.68%		12/31/2026			1,945	1,244,851
Term Loan (1 mo. USD LIBOR + 0.00%)^(f)		8.68%		12/31/2026			1,987	1,271,695
Peraton Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.65%		02/01/2029			2,400	2,357,532
Propulsion (BC) Finco S.a.r.l. (Spain), Term Loan B (3 mo. Term SOFR + 4.00%)		8.58%		09/13/2029			673	668,600
Rand Parent LLC (Atlas Air), Term Loan B^(d)		–		02/09/2030			1,587	1,545,233
Spirit AeroSystems, Inc., First Lien Term Loan (3 mo. Term SOFR + 4.50%)		9.18%		01/14/2027			1,673	1,677,247
Transdigm, Inc.
Term Loan H (1 mo. Term SOFR + 3.25%)		7.83%		02/28/2027			134	134,071
Term Loan I (1 mo. Term SOFR + 3.25%)		8.15%		06/30/2023			905	902,265
								45,517,900

Air Transport–6.21%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan (3 mo. USD LIBOR + 4.75%)		9.56%		04/20/2028			6,860	7,042,799
Air Canada (Canada), Term Loan (3 mo. USD LIBOR + 3.50%)		8.37%		08/11/2028			1,673	1,673,576
American Airlines, Inc., Term Loan^(d)		–		02/09/2028			1,696	1,653,780
eTraveli Group (Sweden), Term Loan B-1 (3 mo. EURIBOR + 4.00%)		6.20%		08/02/2024	EUR		667	698,841
PrimeFlight Aviation Services, Inc.
Delayed Draw Term Loan^(e)(f)		0.50%		05/09/2024			2,869	2,869,508
Incremental Delayed Draw Term Loan^(e)(f)		11.15%		05/09/2024			5,489	5,488,562
Term Loan^(e)(f)		10.93%		05/09/2024			8,608	8,608,525
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.57%		04/21/2028			8,162	8,180,535
WestJet Airlines Ltd. (Canada), Term Loan (1 mo. USD LIBOR + 3.00%)		7.59%		12/11/2026			3,092	2,953,198
								39,169,324

Automotive–7.79%
Adient PLC, Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		7.88%		04/10/2028			789	789,273
Autokiniton US Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)		9.10%		04/06/2028			4,032	4,007,320
BCA Marketplace (United Kingdom)
Second Lien Term Loan B (6 mo. SONIA + 7.50%)		11.43%		07/27/2029	GBP		800	508,178
Term Loan B (6 mo. SONIA + 4.75%)		8.18%		07/28/2028	GBP		305	296,356
DexKo Global, Inc., First Lien Term Loan (1 mo. Term SOFR + 6.50%)^(f)		11.08%		10/04/2028			360	343,867
First Brands Group Intermediate LLC
Term Loan B (6 mo. Term SOFR + 5.00%)		10.25%		03/30/2027			347	338,167
Term Loan B (1 mo. Term SOFR + 5.00%)		10.25%		03/30/2027			2,437	2,335,075
Garrett Borrowing LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		8.08%		04/30/2028			558	553,231

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

12 Invesco Senior Income Trust


	Interest Rate		Maturity Date		Principal Amount (000)^(a)		Value
Automotive–(continued)
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. USD LIBOR + 4.50%)		9.13%		11/09/2027	$	2,536	$ 2,424,755
M&D Distributors
Term Loan^(e)(f)(h)		0.00%		08/31/2028		2,365	2,317,155
Term Loan^(e)(f)(h)		0.00%		08/31/2028		1,182	1,158,577
Term Loan^(e)(f)		10.70%		08/31/2028		6,745	6,610,495
Mavis Tire Express Services TopCo L.P., First Lien Term Loan (1 mo. Term SOFR + 4.00%)		8.73%		05/04/2028		1,114	1,080,988
Muth Mirror Systems LLC
Revolver Loan^(e)(f)		11.47%		04/23/2025		761	710,386
Revolver Loan^(e)(f)(h)		0.00%		04/23/2025		761	710,386
Term Loan^(e)(f)		11.86%		04/23/2025		17,172	16,020,989
PowerStop LLC, Term Loan B (3 mo. USD LIBOR + 4.75%)		9.70%		01/24/2029		1,200	861,163
Transtar Industries, Inc., Term Loan A (3 mo. USD LIBOR + 7.00%)^(e)(f)		12.29%		01/22/2027		8,033	8,017,288
							49,083,649

Beverage & Tobacco–1.24%
AI Aqua Merger Sub, Inc.
Delayed Draw Term Loan^(d)		–		07/31/2028		327	315,116
Incremental Term Loan B^(d)		–		07/31/2028		1,874	1,807,388
Term Loan B (1 mo. USD LIBOR + 3.75%)		8.37%		07/31/2028		1,602	1,547,305
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		8.23%		03/20/2024		1,763	1,640,446
City Brewing Co. LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		8.33%		03/31/2028		2,681	1,325,994
Naked Juice LLC (Tropicana), Second Lien Term Loan (3 mo. Term SOFR + 6.00%)		10.68%		01/20/2030		1,519	1,184,506
							7,820,755

Brokers, Dealers & Investment Houses–0.17%
AqGen Island Intermediate Holdings, Inc., Second Lien Term Loan B (3 mo. USD LIBOR + 6.50%)		11.31%		08/05/2029		39	35,469
Zebra Buyer LLC, Term Loan (3 mo. Term SOFR + 4.00%)		8.33%		11/01/2028		1,052	1,054,066
							1,089,535

Building & Development–2.13%
Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (3 mo. USD LIBOR + 2.50%)		7.22%		08/27/2025		241	239,856
Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)		9.60%		04/01/2028		3,306	2,679,775
Icebox Holdco III, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.23%		12/22/2028		1,943	1,845,456
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)^(f)		11.48%		12/21/2029		593	528,159
LBM Holdings LLC, First Lien Term Loan^(d)		–		12/17/2027		115	105,684
LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. Term SOFR + 4.75%)		9.47%		02/16/2029		4,033	3,332,451
Mayfair Mall LLC, Term Loan (1 mo. USD LIBOR + 3.25%)^(f)		7.37%		04/20/2023		931	851,486
Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. Term SOFR + 4.50%)		9.18%		04/29/2029		2,448	2,376,622
Quikrete Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 2.63%)		7.26%		02/01/2027		61	60,878
TAMKO Building Products LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		7.73%		05/29/2026		286	282,810
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%)		8.73%		07/24/2024		1,182	1,110,112
							13,413,289

Business Equipment & Services–16.83%
Aegion Corp., Term Loan (1 mo. USD LIBOR + 4.75%)		9.38%		05/17/2028		848	828,086
Asurion LLC (fka Asurion Corp.), Term Loan B-7 (1 mo. USD LIBOR + 3.00%)		7.63%		11/03/2024		406	404,847
Camelot Finance L.P., Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		10/30/2026		55	54,737
Checkout Holding Corp., Term Loan^(d)		–		06/30/2023		22	22,186
Cimpress USA, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		05/17/2028		1,289	1,172,466
Constant Contact
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		12.31%		02/15/2029		1,012	847,774
Term Loan B (1 mo. USD LIBOR + 4.00%)		8.81%		02/10/2028		673	638,589
Corp. Service Co., Term Loan B (1 mo. Term SOFR + 3.25%)		7.97%		08/08/2029		1,473	1,474,836
CRCI Longhorn Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		11.88%		08/08/2026		106	99,050
Creation Technologies, Inc., Term Loan B (3 mo. USD LIBOR + 5.50%)^(f)		10.28%		10/05/2028		1,361	1,173,879

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

13 Invesco Senior Income Trust


	Interest Rate		Maturity Date			Principal Amount (000)^(a)		Value
Business Equipment & Services–(continued)
CV Intermediate Holdco Corp. (Class Valuation)
Delayed Draw Term Loan^(e)(f)		11.06%		03/31/2026		$	11,550	$ 10,949,850
Revolver Loan^(e)(f)		11.03%		03/31/2026			795	753,365
Revolver Loan^(e)(f)(h)		0.00%		03/31/2026			383	362,731
Term Loan B^(e)(f)		11.08%		03/31/2026			7,808	7,401,813
Dakota Holding Corp., First Lien Term Loan (1 mo. Term SOFR + 3.75%)		8.37%		04/09/2027			987	949,369
Dun & Bradstreet Corp. (The)
Revolver Loan (1 mo. USD LIBOR + 3.00%)^(f)		4.06%		09/11/2025			526	520,526
Term Loan (1 mo. USD LIBOR + 3.25%)		7.87%		02/06/2026			463	462,561
Term Loan^(f)(h)		0.00%		09/11/2025			3,051	3,019,052
Esquire Deposition Solutions LLC
Term Loan^(e)(f)		0.50%		12/28/2027			298	289,513
Term Loan^(e)(f)		0.50%		12/28/2027			853	839,970
Term Loan^(e)(f)		11.22%		12/28/2027			8,954	8,685,380
Esquire Deposition Solutions, LLC
Term Loan^(e)(f)(h)		0.00%		12/28/2027			1,706	1,679,941
Term Loan^(e)(f)(h)		0.00%		12/28/2027			981	951,256
Garda World Security Corp. (Canada)
Incremental Term Loan (1 mo. Term SOFR + 4.25%)		8.81%		02/01/2029			2,460	2,449,315
Term Loan B-2 (1 mo. USD LIBOR + 4.25%)		8.91%		10/30/2026			1,831	1,831,430
GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		05/12/2028			1,036	993,153
Grandir (The Education Group) (France)
Delayed Draw Term Loan (3 mo. EURIBOR + 4.00%)		6.70%		09/29/2028	EUR		65	66,242
Term Loan B-1 (3 mo. EURIBOR + 4.00%)		6.70%		09/29/2028	EUR		388	397,452
ION Trading Technologies S.a.r.l. (Luxembourg), Term Loan B (3 mo. EURIBOR + 4.25%)		6.45%		04/01/2028	EUR		407	410,437
Karman Buyer Corp., First Lien Term Loan B-1 (1 mo. USD LIBOR + 4.50%)		9.29%		10/28/2027			2,132	1,763,134
Konecta (Kronosnet CX Bidco 2022, S.L.) (Spain)
First Lien Term Loan (3 mo. EURIBOR + 5.75%)		7.25%		09/30/2029	EUR		333	328,345
Term Loan (3 mo. EURIBOR + 5.75%)		8.20%		09/30/2029	EUR		200	196,965
Lamark Media Group LLC
Delayed Draw Term Loan^(e)(f)(h)		0.00%		10/14/2027			1,630	1,582,691
Revolver Loan^(e)(f)		0.50%		10/14/2027			489	474,807
Revolver Loan^(e)(f)(h)		0.00%		10/14/2027			598	580,320
Term Loan B^(e)(f)		10.48%		10/14/2027			7,530	7,312,031
Monitronics International, Inc.
Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 08/30/2019-01/28/2021; Cost $8,246,137)^(g)		12.33%		03/29/2024			8,526	5,584,258
Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 06/27/2019-04/27/2022; Cost $5,452,642)^(f)(g)		10.83%		07/03/2024			5,446	5,173,400
NAS LLC (d.b.a. Nationwide Marketing Group)
Incremental Term Loan (3 mo. Term SOFR + 6.50%)^(f)		11.23%		06/03/2024			3,387	3,336,657
Revolver Loan (3 mo. Term SOFR + 6.50%)^(f)		0.50%		06/03/2024			172	169,808
Revolver Loan^(f)(h)		0.00%		06/03/2024			690	679,232
Term Loan (3 mo. Term SOFR + 6.50%)^(f)		11.23%		06/03/2024			8,341	8,215,453
Term Loan^(f)		11.23%		06/03/2024			1,584	1,560,709
Orchid Merger Sub II LLC, Term Loan (6 mo. Term SOFR + 4.75%)^(f)		9.48%		07/27/2027			3,084	2,668,064
Protect America, Revolver Loan^(d)(f)		–		09/01/2024			1,456	1,354,390
QA Group (IndigoCyan) (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)		8.80%		06/23/2024	GBP		3,566	4,136,856
Skillsoft Corp., Term Loan (1 mo. Term SOFR + 4.75%)		9.93%		07/14/2028			1,060	918,618
Solera (Polaris Newco LLC), Term Loan B (1 mo. SONIA + 5.25%)		9.18%		06/05/2028	GBP		412	462,788
Spin Holdco, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		8.77%		03/04/2028			6,046	5,121,922
Tempo Acquisition LLC, Term Loan B (1 mo. Term SOFR + 3.00%)		7.62%		08/31/2028			1	243
Thevelia (US) LLC, First Lien Term Loan B (3 mo. Term SOFR + 4.00%)		8.73%		06/17/2029			1,466	1,434,917
UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 5.75%)^(f)		10.35%		03/20/2027			876	806,208
Virtusa Corp.
Incremental Term Loan B (1 mo. Term SOFR + 3.75%)		8.47%		02/08/2029			388	387,057
Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/11/2028			1,086	1,083,029
WebHelp (France), Term Loan B (1 mo. USD LIBOR + 4.00%)		8.05%		08/04/2028			1,041	1,009,716
								106,071,424

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

14 Invesco Senior Income Trust


	Interest Rate		Maturity Date			Principal Amount (000)^(a)		Value
Cable & Satellite Television–3.61%
Altice Financing S.A. (Luxembourg), Term Loan ^(f)		9.57%		10/31/2027		$	408	$ 407,360
CSC Holdings LLC, Term Loan B (1 mo. Term SOFR + 4.50%)		9.06%		01/15/2028			9	8,621
Lightning Finco Ltd. (LiveU) (United Kingdom)
Term Loan B-1 (3 mo. USD LIBOR + 5.50%)^(f)		10.45%		09/01/2028			17,301	16,746,913
Term Loan B-2^(d)(f)		–		09/01/2028			2,097	2,015,250
Numericable-SFR S.A. (France)
Incremental Term Loan B-13 (3 mo. USD LIBOR + 4.00%)		8.86%		08/14/2026			1,830	1,781,914
Term Loan B-12 (3 mo. USD LIBOR + 3.69%)		8.52%		01/31/2026			1,334	1,296,965
ORBCOMM, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)		8.88%		09/01/2028			383	312,810
Telenet - LG, Term Loan AR (6 mo. USD LIBOR + 2.00%)		6.59%		04/30/2028			207	202,018
								22,771,851

Chemicals & Plastics–8.21%
Aruba Investments, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.38%		11/24/2028			1,024	931,461
Arxada (Switzerland)
Term Loan B (3 mo. EURIBOR + 4.00%)		6.20%		07/03/2028	EUR		350	349,379
Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		07/03/2028			230	218,558
Ascend Performance Materials Operations LLC, Term Loan (6 mo. Term SOFR + 4.75%)		8.83%		08/27/2026			4,191	4,191,704
Axalta Coating Systems U.S. Holdings, Inc., Term Loan B-4 (1 mo. Term SOFR + 3.00%)		7.51%		12/20/2029			4	4,285
BASF Construction Chemicals (Germany), Term Loan B-3 (3 mo. USD LIBOR + 3.50%)		8.23%		09/29/2027			1,477	1,476,152
BES (Discovery Purchaser Corp.)
First Lien Term Loan (1 mo. Term SOFR + 7.00%)		11.59%		08/03/2030			663	608,931
Second Lien Term Loan (3 mo. Term SOFR + 4.37%)		8.96%		10/03/2029			802	770,411
Caldic (Pearls BidCo) (Netherlands), Term Loan B (3 mo. Term SOFR + 3.75%)		8.43%		02/26/2029			114	112,079
Charter NEX US, Inc., Term Loan B^(d)		–		12/01/2027			1,003	988,035
Colouroz Investment LLC (Germany)
PIK First Lien Term Loan, 0.75% PIK Rate, 5.75% Cash Rate⁽ⁱ⁾		0.75%		09/21/2023	EUR		1	395
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 9.07% Cash Rate⁽ⁱ⁾		5.75%		09/21/2024			44	23,292
Cyanco Intermediate 2 Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.13%		03/16/2025			144	141,939
Eastman Tire Additives (River Buyer, Inc.), First Lien Term Loan (1 mo. USD LIBOR + 5.25%)		9.98%		11/01/2028			2,985	2,726,575
Fusion (Fusion UK Holding Ltd. & US HoldCo VAD, Inc.), Term Loan B (3 mo. Term SOFR + 3.75%)		8.30%		05/28/2029			397	376,833
H.B. Fuller Co., Term Loan B^(d)		–		02/08/2030			702	707,300
HASA Acquisition, LLC
Term Loan^(e)(f)(h)		0.00%		01/10/2029			2,605	2,526,988
Term Loan^(e)(f)(h)		0.00%		01/10/2029			1,447	1,403,882
Term Loan^(e)(f)		10.56%		01/10/2029			12,534	12,157,621
ICP Group Holdings LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		12/29/2027			1,036	876,905
Ineos US Finance LLC
Term Loan^(d)		–		11/08/2027			986	984,602
Term Loan^(d)		–		02/09/2030			1,496	1,487,273
Lummus Technology (Illuminate Buyer LLC), Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		06/30/2027			604	591,982
Nobian Finance B.V., Term Loan B (3 mo. EURIBOR + 3.20%)		5.40%		07/01/2026	EUR		1,590	1,604,909
Potters Industries LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		12/14/2027			712	712,214
Proampac PG Borrower LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.58%		11/03/2025			512	505,425
Timber Servicios Empresariales S.A. (Spain), Term Loan B (3 mo. EURIBOR + 4.75%)		6.61%		02/17/2029	EUR		328	304,975
Vertellus
Revolver Loan (1 mo. Term SOFR + 5.75%)^(f)		0.50%		12/22/2025			302	283,117
Revolver Loan^(f)(h)		0.00%		12/22/2025			1,290	1,211,115
Term Loan B (6 mo. Term SOFR + 5.75%)^(f)		10.87%		12/22/2027			12,987	12,428,717
W.R. Grace & Co., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.50%		09/22/2028			1,073	1,069,348
								51,776,402

Clothing & Textiles–0.17%
ABG Intermediate Holdings 2 LLC, Second Lien Term Loan (1 mo. Term SOFR + 6.00%)		10.72%		12/20/2029			796	739,313
BK LC Lux SPV S.a.r.l. (Birkenstock), Term Loan B (1 mo. USD LIBOR + 3.25%)		8.06%		04/28/2028			234	232,314
International Textile Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 5.00%)		9.21%		05/01/2024			162	103,716
								1,075,343

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

15 Invesco Senior Income Trust


	Interest Rate		Maturity Date			Principal Amount (000)^(a)		Value
Conglomerates–0.16%
CeramTec (CTEC III GmbH) (Germany), Term Loan B (3 mo. EURIBOR + 3.75%)		6.45%		03/16/2029	EUR		446	$455,821
Safe Fleet Holdings LLC
Incremental First Lien Term Loan (1 mo. Term SOFR + 5.00%)^(f)		9.66%		02/23/2029		$	329	327,157
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		11.39%		02/02/2026			264	240,343
								1,023,321

Containers & Glass Products–7.15%
Berlin Packaging LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)		8.32%		03/11/2028			1	322
Brook & Whittle Holding Corp., First Lien Term Loan (3 mo. Term SOFR + 4.00%)		9.04%		12/14/2028			1,158	1,061,932
Duran Group (Germany), Term Loan B-2 (3 mo. USD LIBOR + 3.75%) (Acquired 03/24/2017-03/03/2021; Cost $4,116,814)^(f)(g)		7.88%		03/29/2024			4,128	3,988,642
Keg Logistics LLC
Revolver Loan^(e)(f)		0.50%		11/23/2027			1,663	1,601,148
Revolver Loan^(e)(f)(h)		0.00%		11/23/2027			603	580,948
Term Loan A (1 mo. USD LIBOR + 6.00%)^(e)(f)		10.93%		11/23/2027			25,857	24,900,041
Keter Group B.V. (Netherlands)
Term Loan B-1 (3 mo. EURIBOR + 4.25%) (Acquired 04/29/2022-02/21/2023; Cost $1,125,081)^(g)		6.74%		10/31/2023	EUR		1,188	990,537
Term Loan B-3 (Acquired 02/21/2023; Cost $361,840)^(d)(g)		–		10/31/2023	EUR		425	354,757
LABL, Inc. (Multi-Color), Term Loan (1 mo. USD LIBOR + 5.00%)		9.63%		10/29/2028			3,810	3,728,230
Libbey Glass, Inc., First Lien Term Loan (3 mo. Term SOFR + 3.75%) (Acquired 11/22/2022-02/22/2023; Cost $3,259,151)^(g)		8.71%		11/22/2027			3,489	3,357,799
Logoplaste (Mar Bidco S.a.r.l.) (Portugal), Term Loan B (1 mo. USD LIBOR + 4.30%)		9.03%		07/07/2028			732	680,454
Mold-Rite Plastics LLC (Valcour Packaging LLC)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)^(f)		7.98%		10/04/2028			1,022	896,402
Second Lien Term Loan (6 mo. USD LIBOR + 7.00%)^(f)		11.23%		10/04/2029			409	286,434
Refresco Group N.V. (Netherlands), Term Loan B (3 mo. Term SOFR + 4.25%)		9.01%		07/12/2029			2,668	2,659,118
								45,086,764

Cosmetics & Toiletries–1.17%
Bausch and Lomb, Inc., Term Loan (1 mo. Term SOFR + 3.25%)		7.84%		05/10/2027			4,505	4,417,009
Coty, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		6.84%		04/05/2025			1,283	1,281,373
Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%)		7.49%		06/29/2028	EUR		1,361	1,233,250
Wella (Rainbow FinCo S.a.r.l.), Term Loan B (6 mo. EURIBOR + 3.50%)		6.70%		02/24/2029	EUR		423	430,326
								7,361,958

Drugs–0.00%
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		6.63%		11/15/2027			19	18,371

Ecological Services & Equipment–4.27%
Anticimex (Sweden), First Lien Term Loan (3 mo. Term SOFR +4.75%)		9.74%		11/16/2028			481	476,510
EnergySolutions LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		05/11/2025			1,975	1,912,469
Groundworks LLC
First Lien Delayed Draw Term Loan^(e)(f)		1.00%		01/17/2026			5,303	5,303,351
First Lien Incremental Revover Loan^(e)(f)(h)		0.00%		01/17/2026			480	480,313
First Lien Incremental Term Loan^(e)(f)		9.48%		01/17/2026			12,040	12,039,636
Second Lien Delayed Draw Term Loan^(e)(f)		9.48%		01/17/2026			4,030	4,029,929
Term Loan^(f)(h)		0.00%		03/14/2029			146	141,438
Term Loan^(f)(h)		0.00%		03/14/2030			456	441,993
OGF (France), Term Loan B-2 (6 mo. EURIBOR + 4.75%)		7.11%		12/31/2025	EUR		326	320,305
Patriot Container Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.47%		03/20/2025			797	751,474
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 8.50%)^(f)		13.33%		11/02/2028			1,401	1,008,494
								26,905,912

Electronics & Electrical–8.41%
Altar BidCo, Inc. (Brooks Automation, Inc.), Second Lien Term Loan (6 mo. Term SOFR + 5.60%)		10.49%		02/01/2030			393	347,140
AppLovin Corp., Term Loan (3 mo. Term SOFR + 3.00%)		9.50%		10/25/2028			62	61,018
Boxer Parent Co., Inc., Term Loan B (1 mo. EURIBOR + 4.00%)		6.43%		10/02/2025	EUR		35	36,794
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		8.63%		04/18/2025			916	905,596

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

16 Invesco Senior Income Trust


	Interest Rate		Maturity Date			Principal Amount (000)^(a)		Value
Electronics & Electrical–(continued)
Delta Topco, Inc. (Infoblox, Inc.)
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.15%		12/01/2027		$	285	$ 266,592
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		11.65%		12/01/2028			594	522,998
Digi International, Inc., Term Loan (6 mo. USD LIBOR + 5.00%)^(f)		9.63%		11/01/2028			1,536	1,537,911
E2Open LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		8.08%		02/04/2028			1,265	1,260,630
Emerald Technologies AcquisitionCo, Inc., Term Loan B (1 mo. Term SOFR + 6.25%)		10.97%		12/29/2027			374	350,818
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.62%		05/06/2026			135	130,317
Forcepoint, Term Loan (3 mo. USD LIBOR + 4.25%)		9.08%		01/07/2028			492	464,645
Go Daddy Operating Co. LLC, Term Loan (1 mo. Term SOFR + 3.25%)		7.87%		11/09/2029			140	140,772
GoTo Group, Inc. (LogMeIn), First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.38%		08/31/2027			7,162	3,973,660
Imperva, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		12.65%		01/11/2027			1,649	1,235,397
Inetum (Granite Fin Bidco SAS) (France)
Term Loan^(d)(f)		–		09/23/2028	EUR		314	317,205
Term Loan B (3 mo. EURIBOR + 5.00%)		7.06%		10/17/2028	EUR		554	559,965
Infinite Electronics, Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		11.73%		03/02/2029			441	397,657
Informatica Corp., Term Loan (1 mo. USD LIBOR + 2.75%)		7.44%		10/15/2028			484	483,739
Learning Pool (Brook Bidco Ltd.) (United Kingdom)
Term Loan (3 mo. SONIA + 7.25%)^(f)		9.97%		08/17/2028	GBP		627	737,461
Term Loan 2^(d)(f)		–		08/17/2028			824	791,400
Marcel Bidco LLC, Term Loan (1 mo. USD LIBOR + 4.00%)^(f)		8.42%		12/31/2027			154	153,219
Mavenir Systems, Inc., Term Loan B (3 mo. USD LIBOR + 4.75%)		9.65%		08/13/2028			3,714	2,506,871
Maverick Bidco, Inc. (Mitratech), Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)^(f)		11.58%		05/18/2029			85	77,621
McAfee Enterprise
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.08%		07/27/2029			1,066	840,319
Term Loan B (1 mo. USD LIBOR + 4.75%)		9.58%		07/27/2028			1,059	906,259
McAfee LLC, Term Loan B-1 (1 mo. Term SOFR + 4.50%)		8.42%		03/01/2029			1,502	1,411,375
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 6.25%) (Acquired 04/25/2019-02/01/2022; Cost $3,698,926)^(g)		10.42%		04/29/2026			3,755	3,370,222
Native Instruments (Germany), Term Loan (3 mo. EURIBOR + 6.00%)^(f)		7.98%		03/03/2028	EUR		1,541	1,536,595
Open Text Corp. (Canada), Incremental Term Loan B^(d)		–		08/27/2029			3,926	3,925,573
Optiv, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		11.42%		01/31/2025			805	749,598
Term Loan (3 mo. USD LIBOR + 3.25%)		7.42%		02/01/2024			5,279	5,251,346
Project Accelerate Parent LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)^(f)		8.88%		01/02/2025			969	944,367
Quest Software US Holdings, Inc.
Second Lien Term Loan (3 mo. Term SOFR + 7.50%)		12.33%		01/20/2030			258	167,664
Term Loan B (3 mo. Term SOFR + 4.25%)		9.08%		01/19/2029			4,764	4,117,809
Riverbed Technology, Inc., PIK Term Loan, 2.00% PIK Rate, 10.83% Cash Rate (1 mo. USD LIBOR + 8.00%) (Acquired 12/06/2021-02/07/2023; Cost $6,791,753)^(g)(i)		2.00%		12/08/2026			5,500	2,004,114
Sandvine Corp.
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		9.33%		10/31/2025			1,346	1,277,231
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		12.83%		11/02/2026			289	258,312
SonicWall U.S. Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.71%		05/16/2025			142	140,560
Ultimate Software Group, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.58%		05/04/2026			1,601	1,582,559
Second Lien Term Loan (3 mo. USD LIBOR + 5.25%)		10.03%		05/03/2027			294	287,231
Utimaco (Germany)
Term Loan B (3 mo. EURIBOR + 6.25%)^(f)		8.95%		05/31/2029	EUR		3,539	3,586,147
Term Loan B (3 mo. Term SOFR + 6.25%)^(f)		11.06%		05/31/2029			1,986	1,918,796
Veritas US, Inc., Term Loan B (3 mo. USD LIBOR + 5.00%)		9.73%		09/01/2025			1,873	1,473,257
								53,008,760

Financial Intermediaries–0.34%
Edelman Financial Center LLC (The), Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		07/20/2026			193	188,004
LendingTree, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		0.00%		09/15/2028			1,894	1,753,488
Stiphout Finance LLC, Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		10/26/2025			194	194,076
								2,135,568

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

17 Invesco Senior Income Trust


	Interest Rate		Maturity Date			Principal Amount (000)^(a)		Value
Food Products–5.54%
Arnott’s (Snacking Investments US LLC), Term Loan (1 mo. USD LIBOR + 4.00%)		8.56%		12/18/2026		$	1,550	$ 1,548,688
Biscuit Intl (Cookie Acq S.A.S., De Banketgroep Holding) (France), First Lien Term Loan (6 mo. EURIBOR + 4.00%)		5.86%		02/15/2027	EUR		969	804,662
BrightPet (AMCP Pet Holdings, Inc.)
Incremental Term Loan B^(e)(f)		10.98%		10/05/2026			3,928	3,798,550
Revolver Loan^(e)(f)		10.66%		10/05/2026			802	775,214
Revolver Loan (3 mo. USD LIBOR + 6.25%)^(e)(f)		10.66%		10/05/2026			563	544,768
Term Loan B (3 mo. USD LIBOR + 6.25%)^(f)		10.98%		10/05/2026			3,864	3,737,108
Florida Food Products LLC
First Lien Term Loan (1 mo. Term SOFR + 5.00%)^(f)		9.62%		10/18/2028			811	758,003
First Lien Term Loan (1 mo. Term SOFR + 5.00%)^(f)		9.63%		10/18/2028			5,665	5,296,694
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		12.63%		10/08/2029			1,133	1,019,475
H-Food Holdings LLC
Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)		9.63%		05/23/2025			1,435	1,299,304
Term Loan (3 mo. USD LIBOR + 3.69%)		8.32%		05/23/2025			21	18,884
Nomad Foods US LLC (United Kingdom), Term Loan B (1 mo. Term SOFR + 3.75%)		8.23%		11/10/2029			604	605,845
Panzani/Pimente (France), Term Loan B (3 mo. EURIBOR + 4.25%)		6.45%		12/02/2028	EUR		342	354,412
Shearer’s Foods LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.39%		09/22/2028			190	177,498
Sigma Bidco B.V. (Netherlands), Term Loan B-2 (3 mo. USD LIBOR + 3.00%)		7.46%		07/02/2025			1,234	1,159,583
Teasdale Foods, Inc., Term Loan B^(e)(f)		11.29%		12/18/2025			14,796	12,221,241
Valeo Foods (Jersey) Ltd. (United Kingdom), First Lien Term Loan B (6 mo. EURIBOR + 4.00%)		5.16%		09/29/2028	EUR		854	769,113
								34,889,042

Food Service–0.78%
Euro Garages (Netherlands)
Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		02/07/2025			788	739,013
Term Loan B (3 mo. USD LIBOR + 4.25%)		8.98%		03/31/2026			538	504,345
Financiere Pax S.A.S., Term Loan B (6 mo. EURIBOR + 4.75%)		7.19%		07/01/2026	EUR		2,172	2,099,321
WW International, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.14%		04/13/2028			2,712	1,576,566
								4,919,245

Health Care–11.15%
Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom)
Term Loan (1 mo. SONIA + 4.75%)		8.68%		06/08/2028	GBP		516	597,399
Term Loan (1 mo. Term SOFR + 5.25%)^(f)		9.15%		06/08/2028			1,161	1,085,281
Affinity Dental Management, Inc.
Delayed Draw Term Loan^(f)(h)		0.00%		08/04/2028			4,865	4,767,317
Revolver Term Loan^(f)		0.00%		08/04/2027			162	157,289
Revolver Term Loan^(f)(h)		0.00%		08/04/2027			1,459	1,415,603
Term Loan^(e)(f)		10.45%		08/03/2028			10,837	10,512,029
athenahealth Group, Inc.
Term Loan (1 mo. Term SOFR + 3.50%)		8.06%		02/15/2029			757	702,185
Delayed Draw Term Loan^(h)		0.00%		02/15/2029			93	86,045
Cerba (Chrome Bidco) (France), Term Loan (3 mo. EURIBOR + 4.00%)		5.93%		02/14/2029	EUR		472	480,200
Cheplapharm Arzneimittel GmbH (Germany), Term Loan B (3 mo. EURIBOR + 4.00%)		6.30%		02/22/2029	EUR		594	611,926
Ethypharm (Financiere Verdi, Orphea Ltf) (France), Term Loan B (3 mo. SONIA + 4.50%)		7.93%		04/17/2028	GBP		649	694,949
Explorer Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		9.13%		02/04/2027			751	693,200
Gainwell Acquisition Corp., First Lien Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		10/01/2027			263	253,962
Global Medical Response, Inc.
Term Loan (1 mo. USD LIBOR + 4.25%)		9.20%		03/14/2025			592	474,788
Term Loan (1 mo. USD LIBOR + 4.25%)		8.83%		10/02/2025			1,741	1,389,089
International SOS L.P., Term Loan B (3 mo. USD LIBOR + 3.75%)^(f)		8.50%		09/07/2028			1,019	1,005,417
MB2 Dental Solutions LLC
Delayed Draw Term Loan^(e)(f)		10.72%		01/29/2027			2,907	2,834,531
Delayed Draw Term Loan^(e)(f)		1.00%		01/29/2027			8,693	8,475,561
Term Loan B^(e)(f)		10.72%		01/29/2027			8,084	7,881,563
MedAssets Software Intermediate Holdings, Inc. (nThrive TSG), Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		12/17/2029			775	554,328

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

18 Invesco Senior Income Trust


	Interest Rate		Maturity Date			Principal Amount (000)^(a)		Value
Health Care–(continued)
Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany)
Term Loan B (3 mo. EURIBOR + 4.25%)		6.74%		12/15/2027	EUR		232	$	241,584
Term Loan B-2 (3 mo. EURIBOR + 4.25%)		6.74%		12/15/2027	EUR		134		139,549
Nidda Healthcare Holding AG (Germany), Term Loan F (3 mo. SONIA + 4.50%)		8.45%		08/21/2026	GBP		480		550,159
SDB Holdco LLC
Delayed Draw Term Loan^(e)(f)		1.25%		03/18/2027		$	3,516		3,481,013
Delayed Draw Term Loan^(f)(h)		0.00%		03/18/2027			293		290,391
Term Loan^(e)(f)		11.67%		03/17/2027			17,947		17,767,853
Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.75%)		9.88%		11/24/2028			1,353		1,313,285
TTF Holdings LLC (Soliant), Term Loan B (1 mo. USD LIBOR + 4.00%)		8.69%		03/31/2028			893		892,374
Women’s Care Holdings, Inc. LLC
First Lien Term Loan (6 mo. USD LIBOR + 4.50%)		9.33%		01/15/2028			585		549,708
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.08%		01/15/2029			402		364,836
									70,263,414

Home Furnishings–4.69%
A-1 Garage Door Services
Term Loan^(h)		0.00%		12/22/2028			1,118		1,084,897
Term Loan^(e)(f)		11.33%		12/22/2028			655		634,990
Term Loan^(e)(f)		11.12%		12/22/2028			6,879		6,672,118
Term Loan^(e)(f)(h)		0.00%		12/22/2028			2,421		2,348,477
Hilding Anders AB (Sweden)
Term Loan (6 mo. EURIBOR + 5.00%) (Acquired 10/04/2022-10/31/2022; Cost $ 204,178)^(f)(g)		1.25%		02/28/2026	EUR		280		194,110
Term Loan (6 mo. EURIBOR + 0.00%) (Acquired 10/04/2022-10/31/2022; Cost $ 2,245)^(f)(g)		12.00%		02/26/2027	EUR		255		0
Hunter Douglas Holding B.V., Term Loan B-1 (3 mo. Term SOFR + 3.50%)		8.37%		02/26/2029			5,200		4,799,598
Hunter Douglas, Inc., First Lien Term Loan (3 mo. EURIBOR + 4.00%)		6.67%		02/26/2029	EUR		2,512		2,434,133
Mattress Holding Corp., Term Loan (6 mo. USD LIBOR + 4.25%)		8.44%		09/25/2028			4,192		3,966,943
Serta Simmons Bedding LLC
First Lien Term Loan^(j)(k)		0.00%		08/10/2023			2,010		1,988,089
Second Lien Term Loan^(j)(k)		0.00%		08/10/2023			3,009		1,687,054
SIWF Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 4.00%)		8.75%		10/06/2028			2,543		2,195,787
TGP Holdings III LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		8.08%		06/29/2028			465		374,730
VC GB Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		11.38%		07/01/2029			530		421,221
Weber-Stephen Products LLC
Incremental Term Loan B (1 mo. Term SOFR + 4.25%)		8.97%		10/30/2027			215		189,595
Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		10/30/2027			682		598,374
									29,590,116

Industrial Equipment–4.62%
Chart Industries, Inc., Term Loan B ^(d)		–		12/08/2029			1,808		1,809,157
CIRCOR International, Inc., Term Loan (1 mo. USD LIBOR + 5.50%)		10.13%		12/20/2028			1,341		1,331,508
Crosby US Acquisition Corp., First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.50%		06/26/2026			379		370,648
Delachaux Group S.A. (France), Term Loan B-2 (3 mo. USD LIBOR + 4.50%)		9.33%		04/16/2026			508		485,581
Deliver Buyer, Inc. (MHS Holdings), Term Loan B (3 mo. Term SOFR + 5.50%)		10.08%		06/08/2029			2,243		1,940,246
DXP Enterprises, Inc., Term Loan (1 mo. Term SOFR + 4.75%)		10.17%		12/23/2027			1,595		1,570,471
Engineered Machinery Holdings, Inc., Second Lien Incremental Term Loan (3 mo. USD LIBOR + 6.00%)^(f)		10.73%		05/21/2029			195		182,051
Kantar (Summer BC Bidco) (United Kingdom)
Revolver Loan (1 mo. USD LIBOR + 3.00%)^(f)		5.87%		06/04/2026			504		458,574
Revolver Loan^(f)(h)		0.00%		06/04/2026			3,496		3,181,426
Term Loan (3 mo. EURIBOR + 4.25%)		6.32%		12/04/2026	EUR		335		337,762
Term Loan B (3 mo. USD LIBOR + 5.00%)^(f)		9.77%		12/04/2026			2,509		2,383,650
Term Loan B-2 (3 mo. USD LIBOR + 4.50%)		9.23%		12/04/2026			1,190		1,134,725
MKS Instruments, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)		7.41%		08/17/2029			70		69,741
MX Holdings US, Inc., Term Loan B-1-C (1 mo. USD LIBOR + 2.50%)		7.13%		07/31/2025			178		177,770
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		03/08/2025			1,451		1,305,622

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

19 Invesco Senior Income Trust


	Interest Rate		Maturity Date		Principal Amount (000)^(a)		Value
Industrial Equipment–(continued)
Robertshaw US Holding Corp.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.25%	02/28/2025		$	5,795	$ 3,240,476
Second Lien Term Loan (3 mo. USD LIBOR + 8.00%)		12.75%	02/28/2026			1,386	480,017
Tank Holding Corp.
Revolver Loan (1 mo. Term SOFR + 5.75%)^(f)		4.34%	03/31/2028			233	216,520
Revolver Loan^(f)(h)		0.00%	03/31/2028			191	177,153
Term Loan (1 mo. Term SOFR + 6.00%)		12.25%	03/31/2028			6,331	6,082,224
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (6 mo. USD LIBOR + 3.50%)		8.60%	07/31/2027			673	659,569
Victory Buyer LLC (Vantage Elevator)
Second Lien Term Loan B (1 mo. USD LIBOR + 7.00%)^(f)		11.59%	11/19/2029			315	253,879
Term Loan B (1 mo. USD LIBOR + 3.75%)^(f)		8.34%	11/15/2028			1,470	1,293,243
							29,142,013

Insurance–1.11%
Acrisure LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%	02/15/2027			1,515	1,451,610
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		8.88%	02/15/2027			1,428	1,379,813
Term Loan (1 mo. Term SOFR + 5.75%)		10.45%	02/15/2027			1,769	1,772,895
AmWINS Group LLC, Term Loan B^(d)		–	02/19/2028			845	842,506
Sedgwick Claims Management Services, Inc., Term Loan B^(d)		–	02/21/2028			391	386,798
USI, Inc., Term Loan (3 mo. Term SOFR + 3.75%)		8.33%	11/22/2029			1,180	1,179,764
							7,013,386

Leisure Goods, Activities & Movies–6.70%
Carnival Corp.
Incremental Term Loan (6 mo. USD LIBOR + 3.25%)		7.88%	10/18/2028			6,957	6,765,409
Term Loan (6 mo. USD LIBOR + 3.00%)		7.63%	06/30/2025			458	451,635
Crown Finance US, Inc.
DIP Term Loan (1 mo. Term SOFR + 10.00%)^(g)(j)		14.66%	09/07/2023			7,759	7,933,832
First Lien Term Loan (Acquired 10/18/2019-07/26/2022; Cost $3,386,213)^(g)(j)(k)		0.00%	09/30/2026			3,970	648,599
Revolver Loan^(j)(k)		0.00%	03/02/2023			502	84,477
Term Loan (Acquired 08/28/2020-11/30/2022; Cost $602,766)^(g)(j)(k)		0.00%	02/28/2025	EUR		794	137,323
Term Loan (Acquired 09/13/2021-02/24/2022; Cost $2,553,160)^(g)(j)(k)		0.00%	02/28/2025			3,027	497,837
Delta 2 Lux S.a.r.l. (United Kingdom), First Lien Term Loan (1 mo. Term SOFR + 3.25%)		7.87%	01/15/2030			1,523	1,528,762
Dorna Sports S.L. (Spain), Term Loan B (3 mo. EURIBOR + 3.50%)		6.25%	03/30/2029	EUR		815	841,024
Eagle Midco Ltd. (United Kingdom), Term Loan (1 mo. SONIA + 4.25%)		8.71%	03/20/2028	GBP		404	457,292
Fitness International LLC, Term Loan B (3 mo. USD LIBOR + 3.25%)		8.08%	04/18/2025			1,655	1,590,470
Nord Anglia Education, Term Loan B^(d)		–	01/25/2028			675	676,113
OEG Borrower LLC (Opry Entertainment), Term Loan B (3 mo. Term SOFR + 5.00%)^(f)		9.60%	05/20/2029			1,636	1,632,080
Red Ventures LLC (New Imagitas, Inc.), Term Loan^(d)		–	02/24/2030			497	491,639
Royal Caribbean Cruises
Revolver Loan^(d)(f)		–	04/05/2024			4,056	3,883,365
Revolver Loan^(d)		–	04/12/2024			859	821,718
Revolver Loan^(f)(h)		0.00%	04/05/2024			97	92,985
Revolver Loan^(h)		0.00%	04/12/2024			240	229,158
Scenic (Columbus Capital B.V.) (Australia), Term Loan B (3 mo. EURIBOR + 3.75%)		5.95%	02/27/2027	EUR		1,000	866,319
Six Flags Theme Parks, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		6.39%	04/17/2026			111	109,085
USF S&H Holdco LLC
Term Loan A (3 mo. USD LIBOR + 8.00%)^(f)		3.64%	06/30/2025			732	731,637
Term Loan A^(f)(h)		0.00%	06/30/2025			895	894,923
Term Loan B (3 mo. USD LIBOR + 4.75%)^(f)		9.51%	06/30/2025			9,362	9,362,390
Vue International Bidco PLC (United Kingdom)
Term Loan		9.77%	06/30/2027	EUR		344	318,052
Term Loan		4.35%	12/31/2027	EUR		1,751	1,167,713
							42,213,837

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

20 Invesco Senior Income Trust


	Interest Rate		Maturity Date			Principal Amount (000)^(a)		Value
Lodging & Casinos–4.62%
Aimbridge Acquisition Co., Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/02/2026		$	2,248	$ 2,138,849
First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.34%		02/02/2026			1,959	1,867,812
B&B Hotels S.A.S. (France)
Second Lien Term Loan A-1 (3 mo. EURIBOR + 8.50%)		10.89%		07/31/2027	EUR		659	678,665
Term Loan B-4 (6 mo. EURIBOR + 5.50%)		7.89%		07/31/2026	EUR		697	733,414
Bally’s Corp., Term Loan B (1 mo. USD LIBOR + 3.25%)		7.85%		10/02/2028			1,924	1,837,413
Caesars Entertainment, Inc., Term Loan B^(d)		–		01/26/2030			3,601	3,600,305
Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. Term SOFR + 4.00%)		8.62%		01/31/2029			268	261,158
Flutter Financing B.V. (Stars Group), Term Loan B (1 mo. Term SOFR + 3.25%)		8.09%		07/04/2028			2,206	2,208,798
Four Seasons Holdings, Inc. (Canada), Term Loan (1 mo. Term SOFR + 3.25%)		7.97%		11/30/2029			447	449,759
GVC Finance LLC, First Lien Term Loan (1 mo. Term SOFR + 3.50%)		8.18%		10/31/2029			2,503	2,504,959
HotelBeds (United Kingdom)
Term Loan B (3 mo. EURIBOR + 4.25%)		6.71%		09/12/2025	EUR		2,860	2,842,852
Term Loan C (6 mo. EURIBOR + 4.50%)		6.96%		09/30/2027	EUR		1,879	1,854,283
Term Loan D (6 mo. EURIBOR + 5.50%)		7.75%		09/12/2027	EUR		6,960	6,995,854
Scientific Games Lottery, Term Loan B (3 mo. EURIBOR + 4.00%)		6.17%		01/31/2029	EUR		471	489,983
Travel + Leisure Co., Incremental Term Loan (1 mo. Term SOFR + 4.00%)		8.61%		12/14/2029			685	683,684
								29,147,788

Nonferrous Metals & Minerals–1.10%
American Rock Salt Co. LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)^(f)		11.88%		06/11/2029			101	95,643
AZZ, Inc., Term Loan (1 mo. Term SOFR + 4.25%)		8.97%		05/13/2029			2,184	2,187,571
Corialis (United Kingdom), Term Loan B (1 mo. SONIA + 4.40%)		8.36%		07/06/2028	GBP		193	209,275
Covia Holdings Corp., Term Loan (3 mo. USD LIBOR + 4.00%)		8.78%		07/31/2026			786	778,683
Form Technologies LLC
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		9.46%		07/19/2025			2,255	2,064,693
First Lien Term Loan (3 mo. USD LIBOR + 9.00%)^(f)		13.96%		10/22/2025			1,064	862,053
SCIH Salt Holdings Inc. (Kissner Group), Incremental First Lien Term Loan B-1 (1 mo. USD LIBOR + 4.00%)		8.83%		03/16/2027			734	716,771
								6,914,689

Oil & Gas–3.79%
Brazos Delaware II LLC, First Lien Term Loan ^(d)		–		02/01/2030			2,005	1,995,457
Glass Mountain Pipeline Holdings LLC, Term Loan (3 mo. USD LIBOR + 4.50%)		9.14%		10/28/2027			172	145,281
Gulf Finance LLC, Term Loan (1 mo. USD LIBOR + 6.75%)		11.43%		08/25/2026			2,483	2,441,389
McDermott International Ltd.
LOC^(h)		0.00%		06/30/2024			3,644	2,970,270
LOC (3 mo. USD LIBOR + 4.00%)^(f)		4.75%		06/30/2024			1,620	1,133,733
PIK Term Loan, 3.00% PIK Rate, 5.63% Cash Rate⁽ⁱ⁾		3.00%		06/30/2025			859	570,270
Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		06/30/2024			159	96,874
Par Petroleum LLC and Par Petroleum Finance Corp. (Par Pacific), Term Loan B^(d)		–		02/14/2030			2,315	2,290,423
Petroleum GEO-Services ASA (Norway)
Term Loan (3 mo. Term SOFR + 6.75%) (Acquired 05/23/2022; Cost $808,200)^(f)(g)		11.33%		03/18/2024			808	820,323
Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 01/29/2021-02/09/2021; Cost $5,512,652)^(g)		12.14%		03/19/2024			5,967	5,877,489
QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 08/03/2021-10/14/2022; Cost $4,821,400)^(g)		12.63%		08/27/2026			4,912	4,904,130
WhiteWater Whistler Holdings LLC, Term Loan B^(d)		–		01/25/2030			620	619,709
								23,865,348

Publishing–3.65%
Cengage Learning, Inc., Term Loan B (6 mo. USD LIBOR + 4.75%)		9.88%		06/29/2026			4,426	4,196,299
Clear Channel Worldwide Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		8.23%		08/21/2026			2,059	1,954,722
Dotdash Meredith, Inc., Term Loan B (1 mo. Term SOFR + 4.00%)^(f)		8.67%		12/01/2028			5,817	5,147,846
Harbor Purchaser, Inc. (Houghton Mifflin Harcourt)
Second Lien Term Loan^(f)		13.12%		04/08/2030			2,496	2,171,117
Term Loan B (1 mo. Term SOFR + 5.25%)		9.97%		04/09/2029			3,643	3,351,302
McGraw-Hill Education, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		9.38%		07/30/2028			3,383	3,256,449

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

21 Invesco Senior Income Trust


	Interest Rate		Maturity Date		Principal Amount (000)^(a)		Value
Publishing–(continued)
Micro Holding L.P., Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%	09/13/2024		$	2,945	$ 2,928,295
							23,006,030

Radio & Television–0.34%
Diamond Sports Holdings LLC, Second Lien Term Loan (1 mo. Term SOFR + 3.25%) (Acquired 03/01/2022; Cost $1,399,671)^(g)		8.03%	08/24/2026			2,121	249,412
Gray Television, Inc.
Term Loan C (1 mo. USD LIBOR + 2.50%)		7.07%	01/02/2026			22	21,767
Term Loan D (1 mo. USD LIBOR + 3.00%)		7.57%	12/01/2028			176	174,362
Sinclair Television Group, Inc.
Term Loan B-2-B (1 mo. USD LIBOR + 2.50%)		7.14%	09/30/2026			202	196,258
Term Loan B-3 (1 mo. USD LIBOR + 3.00%)		7.64%	04/01/2028			1,182	1,141,264
Univision Communications, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%	05/05/2028			355	351,085
							2,134,148

Retailers (except Food & Drug)–2.70%
Bass Pro Group LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.75%)		8.38%	03/06/2028			5,447	5,376,977
Kirk Beauty One GmbH (Germany)
Term Loan B-1 (6 mo. EURIBOR + 5.50%)		7.45%	04/08/2026	EUR		358	361,693
Term Loan B-2 (6 mo. EURIBOR + 5.50%)		7.45%	04/08/2026	EUR		206	208,289
Term Loan B-3 (3 mo. EURIBOR + 5.25%)		7.45%	04/08/2026	EUR		453	458,030
Term Loan B-4 (6 mo. EURIBOR + 5.50%)		7.45%	04/08/2026	EUR		632	638,815
Term Loan B-5 (6 mo. EURIBOR + 5.50%)		7.45%	04/08/2026	EUR		140	142,136
PetSmart LLC, Term Loan (1 mo. Term SOFR + 3.75%)		8.47%	02/11/2028			7,791	7,780,492
Savers, Inc., Term Loan (3 mo. USD LIBOR + 5.50%)		10.34%	04/26/2028			2,063	2,044,484
							17,010,916

Surface Transport–2.10%
American Trailer World Corp., First Lien Term Loan (1 mo. Term SOFR + 3.75%)		8.47%	03/03/2028			1,362	1,211,244
Carriage Purchaser, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)		8.88%	09/30/2028			731	721,100
First Student Bidco, Inc.
Delayed Draw Term Loan (3 mo. Term SOFR + 4.00%)		8.68%	07/21/2028			221	215,345
Incremental Term Loan B (3 mo. Term SOFR + 4.00%)		8.68%	07/21/2028			3,174	3,100,960
Hertz Corp. (The), Term Loan B (1 mo. USD LIBOR + 3.25%)		7.89%	06/30/2028			88	87,079
Hurtigruten (Explorer II AS) (Norway)
Term Loan B (3 mo. EURIBOR + 4.00%) (Acquired 04/16/2021-05/25/2021; Cost $3,652,391)^(g)		7.20%	02/24/2025	EUR		3,127	3,014,332
Term Loan C (3 mo. EURIBOR + 8.00%) (Acquired 10/05/2021; Cost $1,164,099)^(g)		10.63%	06/16/2023	EUR		1,000	1,054,394
Novae LLC, Term Loan B (3 mo. Term SOFR + 5.00%)		9.70%	12/22/2028			584	506,441
PODS LLC, Term Loan^(f)		8.68%	04/01/2028			1,803	1,793,680
STG - XPOI Opportunity, Term Loan B (1 mo. Term SOFR + 6.00%)		10.78%	04/30/2028			1,597	1,531,477
							13,236,052

Telecommunications–4.89%
Avaya, Inc.
DIP Term Loan^(f)		1.00%	08/15/2023			350	364,268
DIP Term Loan^(f)(h)		0.00%	08/15/2023			88	91,067
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)^(j)(k)		0.00%	12/15/2027			1,025	267,447
Term Loan B-2 (1 mo. USD LIBOR + 4.00%)^(j)(k)		0.00%	12/15/2027			1,318	341,114
Cablevision Lightpath LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		7.84%	11/30/2027			1	154
CenturyLink, Inc.
Term Loan A^(d)		–	01/31/2025			1,014	977,098
Term Loan B (1 mo. USD LIBOR + 2.25%)		6.88%	03/15/2027			3,008	2,509,154
Cincinnati Bell, Inc., Term Loan B-2 (1 mo. Term SOFR + 3.25%)		7.97%	11/22/2028			35	34,656
Crown Subsea Communications Holding, Inc.
Incremental Term Loan^(d)		–	04/27/2027			1,158	1,141,328
Term Loan (1 mo. Term SOFR + 4.75%)		9.32%	04/27/2027			1,441	1,420,623
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B (3 mo. Term SOFR + 4.25%)		9.08%	02/01/2029			2,327	2,304,158
Iridium Satellite LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		7.22%	11/04/2026			38	37,843

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

22 Invesco Senior Income Trust


	Interest Rate		Maturity Date		Principal Amount (000)^(a)		Value
Telecommunications–(continued)
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		6.38%	03/01/2027		$	44	$ 40,474
MLN US HoldCo LLC (dba Mitel)
First Lien Term Loan (6 mo. USD LIBOR + 4.50%)		8.25%	11/30/2025			45	13,415
First Lien Term Loan (6 mo. Term SOFR + 6.70%)^(f)		11.15%	11/01/2027			6,570	4,763,608
First Lien Term Loan (6 mo. Term SOFR + 9.25%)		13.70%	11/01/2027			2,583	1,975,966
Term Loan (6 mo. Term SOFR + 6.44%)		10.89%	11/01/2027			2,796	2,739,738
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		7.58%	12/07/2026			4,253	2,299,637
U.S. Telepacific Corp., Term Loan (3 mo. Term SOFR + 1.15%)		7.25%	05/01/2026			3,275	1,048,096
Voyage Digital (NC) Ltd., Term Loan B (3 mo. Term SOFR + 4.50%)^(f)		9.30%	05/10/2029			1,611	1,598,848
Windstream Services LLC, Term Loan (1 mo. Term SOFR + 6.25%)		10.97%	09/21/2027			3,880	3,493,371
Zayo Group LLC, Incremental Term Loan (1 mo. Term SOFR + 4.25%)		8.87%	03/09/2027			3,915	3,351,015
							30,813,078

Utilities–2.64%
Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		7.38%	08/01/2025			664	662,546
Eastern Power LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%	10/02/2025			2,145	1,957,735
Generation Bridge LLC
Term Loan B (3 mo. USD LIBOR + 5.00%)		9.73%	12/01/2028			1,248	1,246,973
Term Loan C (1 mo. USD LIBOR + 5.00%)		9.73%	12/01/2028			27	27,443
Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%	11/09/2026			2,141	2,056,275
Innio Group Holding GmbH, Term Loan B (3 mo. EURIBOR + 3.75%)		5.48%	10/31/2025	EUR		575	593,726
KAMC Holdings, Inc. (Franklin Energy Group), First Lien Term Loan B (3 mo. USD LIBOR + 4.00%)		8.95%	08/14/2026			811	709,843
Lightstone Holdco LLC
Term Loan B (1 mo. Term SOFR + 5.75%)		10.37%	02/01/2027			3,849	3,287,452
Term Loan C (1 mo. Term SOFR + 5.75%)		10.37%	02/01/2027			218	185,939
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%) (Acquired 04/28/2017-09/29/2017; Cost $2,018,765)^(g)		8.88%	05/16/2024			2,010	1,494,419
Pike Corp., Term Loan (1 mo. Term SOFR + 3.50%)		8.12%	01/21/2028			426	426,163
Talen Energy Supply LLC, Term Loan^(d)		–	09/30/2024			2,033	2,443,872
Urbaser (Spain), Term Loan B (6 mo. EURIBOR + 4.18%)		6.55%	10/23/2028	EUR		1,175	1,237,547
USIC Holding, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.50%)		11.13%	05/14/2029			301	280,214
							16,610,147
Total Variable Rate Senior Loan Interests (Cost $916,345,845)							854,099,375

					Shares
Common Stocks & Other Equity Interests–10.40%^(l)
Aerospace & Defense–0.49%
IAP Worldwide Services, Inc. (Acquired 07/18/2014-02/08/2019; Cost $593,748)^(f)(g)						320	3,094,004
NAC Aviation 8 Ltd. (Acquired 06/01/2022; Cost $0)^(f)(g)						57,567	0
							3,094,004

Automotive–0.01%
ThermaSys Corp. (Acquired 12/31/2018; Cost $618,347)^(f)(g)						881,784	26,454

Building & Development–0.00%
Haya (Holdco2 PLC/Real Estate SAU) (Acquired 06/14/2022; Cost $0)^(f)(g)						551	0
Lake at Las Vegas Joint Venture LLC, Class A (Acquired 07/15/2010; Cost $7,937,680)^(f)(g)						780	0
Lake at Las Vegas Joint Venture LLC, Class B (Acquired 07/15/2010; Cost $93,970)^(f)(g)						9	0
							0

Business Equipment & Services–1.11%
Checkout Holding Corp. (Acquired 02/15/2019; Cost $2,582,374)^(g)						7,731	2,416
My Alarm Center LLC, Class A (Acquired 03/09/2021-12/03/2021; Cost $5,861,907)^(f)(g)						44,397	6,992,561
							6,994,977

Containers & Glass Products–0.02%
Libbey Glass, Inc. (Acquired 11/13/2020-02/10/2022; Cost $52,821)^(g)						12,972	111,883

Electronics & Electrical–0.00%
Riverbed Technology, Inc. (Acquired 12/06/2021; Cost $511,327)^(f)(g)						30,527	7,784

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

23 Invesco Senior Income Trust


	Shares		Value
Financial Intermediaries–0.02%
RJO Holdings Corp.^(f)		1,481	$ 71,114
RJO Holdings Corp., Class A^(f)		1,142	54,829
RJO Holdings Corp., Class B^(f)		1,667	17
			125,960

Health Care–0.01%
Envigo RMS Holding Corp. (Acquired 04/29/2014; Cost $0)^(f)(g)		5,797	41,304

Industrial Equipment–0.05%
North American Lifting Holdings, Inc.		44,777	341,425

Leisure Goods, Activities & Movies–1.73%
Crown Finance US, Inc., Wts., expiring 11/23/2025 (Acquired 12/09/2020; Cost $0)^(g)(j)		240,479	0
USF S&H Holdco LLC (Acquired 12/02/2019; Cost $7,100,293)^(f)(g)(m)		9,844	10,904,070
Vue International Bidco PLC^(f)		1,751,232	0
			10,904,070

Lodging & Casinos–0.44%
Bally’s Corp.⁽ⁿ⁾		120,357	2,377,051
Caesars Entertainment, Inc.⁽ⁿ⁾		7,110	360,903
			2,737,954

Oil & Gas–5.55%
Aquadrill LLC (Acquired 05/27/2021; Cost $2,487,781)^(g)		80,251	4,520,820
HGIM Corp. (Acquired 07/02/2018-08/31/2021; Cost $965,010)^(f)(g)		10,815	243,337
HGIM Corp., Wts., expiring 07/02/2043 (Acquired 07/02/2018; Cost $611,987)^(f)(g)		6,859	154,327
McDermott International Ltd.⁽ⁿ⁾		352,986	137,488
McDermott International Ltd.^(f)		1,066,050	415,226
NexTier Oilfield Solutions, Inc.⁽ⁿ⁾		42,011	383,560
Noble Corp. PLC⁽ⁿ⁾		1,375	57,324
QuarterNorth Energy, Inc. (Acquired 06/02/2021-10/29/2021; Cost $5,330,221)^(f)(g)		128,436	25,621,698
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $203,130)^(f)(g)		22,570	753,838
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $260,808)^(f)(g)		43,468	437,723
Samson Investment Co., Class A (Acquired 03/01/2017; Cost $3,094,069)^(f)(g)		132,022	82,514
Southcross Energy Partners L.P. (Acquired 07/29/2014-10/29/2020; Cost $672,435)^(f)(g)		64,960	487
Transocean Ltd.⁽ⁿ⁾		208,610	1,458,184
Tribune Resources LLC (Acquired 04/03/2018; Cost $1,719,591)^(g)		337,847	707,452
Tribune Resources LLC, Wts., expiring 04/03/2023 (Acquired 04/03/2018; Cost $7,239)^(f)(g)		87,471	2,187
			34,976,165

Radio & Television–0.19%
iHeartMedia, Inc., Class A⁽ⁿ⁾		166,688	1,210,155
iHeartMedia, Inc., Class B^(f)		42	304
			1,210,459

Retailers (except Food & Drug)–0.05%
Claire’s Stores, Inc. (Acquired 10/12/2018; Cost $626,636)^(g)		390	193,375
Toys ’R’ Us-Delaware, Inc.^(f)		15	36,297
Vivarte S.A.S.^(f)		233,415	109,725
			339,397

Surface Transport–0.08%
Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $670,459)^(g)		8,057	237,681
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/03/2023; Cost $0)^(g)		31,515	14,773
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/03/2023; Cost $0)^(g)		27,709	17,318

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

24 Invesco Senior Income Trust


					Shares		Value
Surface Transport–(continued)
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $704,842)^(g)						8,470	$ 249,865
							519,637

Utilities–0.65%
Vistra Corp.						164,114	3,608,867
Vistra Operations Co. LLC, Rts., expiring 12/31/2046						383,614	473,188
							4,082,055
Total Common Stocks & Other Equity Interests (Cost $62,161,969)							65,513,528

	Interest Rate		Maturity Date		Principal Amount (000)^(a)
Non-U.S. Dollar Denominated Bonds & Notes–3.66%^(o)
Automotive–0.31%
Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)^(p)(q)		12.37%		04/19/2026	SEK	18,750	1,647,879
Leather 2 S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)^(p)(q)		6.70%		09/30/2028	EUR	362	307,974
							1,955,853

Building & Development–0.10%
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)^(p)(q)		7.29%		01/15/2027	EUR	450	465,946
Haya (Holdco2 PLC/Real Estate SAU) (Spain) (Acquired 06/14/2022; Cost $332,763)^(g)		10.95%		11/30/2025	EUR	454	188,619
							654,565

Business Equipment & Services–0.21%
Paganini Bidco S.p.A. (Italy) (3 mo. EURIBOR + 4.25%)^(p)(q)		6.73%		10/30/2028	EUR	1,286	1,334,698

Cable & Satellite Television–0.23%
Altice Financing S.A. (Luxembourg)^(p)		3.00%		01/15/2028	EUR	423	357,466
Altice Finco S.A. (Luxembourg)^(p)		4.75%		01/15/2028	EUR	1,292	1,060,387
							1,417,853

Chemicals & Plastics–0.10%
Herens Midco S.a.r.l. (Luxembourg)^(p)		5.25%		05/15/2029	EUR	887	648,516

Electronics & Electrical–0.39%
Castor SpA (Italy)		6.25%		02/15/2029	EUR	1,258	1,296,430
Nobel Bidco B.V. (Netherlands)^(p)		3.13%		06/15/2028	EUR	1,564	1,162,573
							2,459,003

Financial Intermediaries–1.23%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%)^(p)(q)		7.48%		08/01/2024	EUR	2,617	2,310,117
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)^(p)(q)		8.73%		05/01/2026	EUR	1,168	1,089,802
Garfunkelux Holdco 3 S.A. (Luxembourg)^(p)		6.75%		11/01/2025	EUR	1,523	1,326,122
Kane Bidco Ltd. (United Kingdom)^(p)		5.00%		02/15/2027	EUR	267	263,888
Kane Bidco Ltd. (United Kingdom)^(p)		6.50%		02/15/2027	GBP	334	366,767
Sherwood Financing PLC (United Kingdom)^(p)		4.50%		11/15/2026	EUR	371	346,176
Sherwood Financing PLC (United Kingdom)^(p)		6.00%		11/15/2026	GBP	375	376,191
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)^(p)(q)		7.28%		11/15/2027	EUR	1,652	1,664,104
							7,743,167

Home Furnishings–0.34%
Ideal Standard International S.A. (Belgium)^(p)		6.38%		07/30/2026	EUR	529	316,077
Very Group Funding PLC (The) (United Kingdom)^(p)		6.50%		08/01/2026	GBP	1,844	1,788,307
							2,104,384

Industrial Equipment–0.06%
Summer (BC) Holdco A S.a.r.l. (Luxembourg)^(p)		9.25%		10/31/2027	EUR	451	397,045

Leisure Goods, Activities & Movies–0.12%
Deuce Finco PLC (United Kingdom) (3 mo. EURIBOR + 4.75%)^(p)(q)		6.80%		06/15/2027	EUR	372	372,859
Deuce Finco PLC (United Kingdom)^(p)		5.50%		06/15/2027	GBP	372	380,030
							752,889

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

25 Invesco Senior Income Trust


	Interest Rate		Maturity Date		Principal Amount (000)^(a)		Value
Retailers (except Food & Drug)–0.39%
Douglas GmbH (Germany)^(p)		6.00%	04/08/2026	EUR		1,377	$	1,284,948
Kirk Beauty SUN GmbH (Germany)^(i)(p)		8.25%	10/01/2026	EUR		1,448		1,169,792
								2,454,740

Surface Transport–0.18%
Zenith Finco PLC (United Kingdom)^(p)		6.50%	06/30/2027	GBP		1,203		1,148,615
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $29,491,274)								23,071,328

U.S. Dollar Denominated Bonds & Notes–3.10%
Aerospace & Defense–0.48%
Maxar Technologies, Inc. ^(p)		7.75%	06/15/2027		$	767		802,731
Rand Parent LLC^(p)		8.50%	02/15/2030			1,372		1,318,835
Spirit AeroSystems, Inc.^(p)		9.38%	11/30/2029			870		920,025
								3,041,591

Air Transport–0.06%
Mesa Airlines, Inc., Class B (Acquired 11/25/2015; Cost $373,796)^(f)(g)		5.75%	07/15/2025			374		362,171

Building & Development–0.49%
APCOA Parking Holdings GmbH (Germany) ^(p)		4.63%	01/15/2027	EUR		291		265,931
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 10/13/2020-11/19/2020; Cost $1,189,839)^(g)(p)		5.75%	05/15/2026			1,287		1,186,221
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 09/22/2021-12/17/2021; Cost $1,911,212)^(g)(p)		4.50%	04/01/2027			1,918		1,645,462
								3,097,614

Cable & Satellite Television–0.66%
Altice Financing S.A. (Luxembourg)^(p)		5.75%	08/15/2029			29		23,748
Altice Financing S.A. (Luxembourg)^(p)		5.00%	01/15/2028			1,763		1,464,665
Altice France Holding S.A. (Luxembourg)^(p)		8.00%	05/15/2027	EUR		962		812,141
Altice France S.A. (France)^(p)		5.50%	01/15/2028			594		489,878
Altice France S.A. (France)^(p)		5.50%	10/15/2029			679		532,121
Virgin Media Secured Finance PLC (United Kingdom)^(p)		4.50%	08/15/2030			1,020		840,615
								4,163,168

Food Products–0.05%
Teasdale Foods, Inc. (Acquired 12/18/2020-12/30/2022; Cost $1,996,003)^(e)(f)(g)		16.25%	06/18/2026			1,996		329,341

Food Service–0.13%
eG Global Finance PLC (United Kingdom)^(p)		6.75%	02/07/2025			671		606,383
WW International, Inc.^(p)		4.50%	04/15/2029			440		224,899
								831,282

Health Care–0.06%
Global Medical Response, Inc.^(p)		6.50%	10/01/2025			495		371,804

Industrial Equipment–0.03%
Chart Industries, Inc.^(p)		7.50%	01/01/2030			182		184,957

Lodging & Casinos–0.07%
Caesars Entertainment, Inc.^(p)		7.00%	02/15/2030			432		435,748

Publishing–0.46%
McGraw-Hill Education, Inc.^(p)		5.75%	08/01/2028			3,329		2,918,559

Radio & Television–0.11%
Diamond Sports Group LLC/Diamond Sports Finance Co. (Acquired 10/14/2020-01/28/2021; Cost $1,049,860)^(g)(p)		5.38%	08/15/2026			1,339		151,910
iHeartCommunications, Inc.^(p)		4.75%	01/15/2028			322		271,068
Univision Communications, Inc.^(p)		7.38%	06/30/2030			257		244,005
								666,983

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

26 Invesco Senior Income Trust


	Interest Rate		Maturity Date	Principal Amount (000)^(a)		Value

Retailers (except Food & Drug)–0.29%
Evergreen Acqco 1 L.P./TVI, Inc.^(p)		9.75%	04/26/2028	$	1,829	$	1,810,975


Telecommunications–0.21%
Windstream Escrow LLC/Windstream Escrow Finance Corp.^(p)		7.75%	08/15/2028		1,635		1,338,059

Total U.S. Dollar Denominated Bonds & Notes (Cost $24,041,098)							19,552,252


				Shares
Preferred Stocks–0.77%^(l)
Automotive–0.00%
ThermaSys Corp., Series A, Pfd. (Acquired 12/31/2018; Cost $196,600)^(f)(g)					187,840		5,635


Electronics & Electrical–0.00%
Riverbed Technology, Inc., Pfd. (Acquired 12/06/2021; Cost $0)^(f)(g)					46,998		11,984

Riverbed Technology, Inc., Pfd.^(f)					13,234		3,375

							15,359


Financial Intermediaries–0.02%
RJO Holdings Corp., Series A-2, Pfd.^(f)					325		115,829


Oil & Gas–0.10%
McDermott International Ltd., Pfd.^(f)					915		594,546

Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-08/23/2019; Cost $258,485)^(f)(g)					258,709		14,229

							608,775


Surface Transport–0.65%
Commercial Barge Line Co., Series A, Pfd. (Acquired 02/15/2018-02/06/2020; Cost $1,496,920)^(g)					29,979		644,549

Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $1,573,543)^(g)					31,515		677,572

Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $918,945)^(g)					39,456		1,617,696

Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $645,351)^(g)					27,709		1,136,069

							4,075,886

Total Preferred Stocks (Cost $5,486,863)							4,821,484


	Interest Rate		Maturity Date	Principal Amount (000)
Municipal Obligations–0.54%
Arizona–0.54%
Arizona (State of) Industrial Development Authority, (NewLife Forest Restoration, LLC), Series 2022, RB (Acquired 02/22/2022; Cost $3,751,952) (Cost $1,551,702)^(g)(p)		0.00%	01/01/2028	$	4,109		3,422,830


				Shares
Money Market Funds–1.27%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(m)(r)					2,807,159		2,807,159

Invesco Liquid Assets Portfolio, Institutional Class, 4.64%^(m)(r)					2,004,635		2,005,036

Invesco Treasury Portfolio, Institutional Class, 4.50%^(m)(r)					3,208,182		3,208,182

Total Money Market Funds (Cost $8,020,426)							8,020,377

TOTAL INVESTMENTS IN SECURITIES^(s)-155.24% (Cost $1,047,099,177)							978,501,174

BORROWINGS–(31.89)%							(201,000,000	)

VARIABLE RATE TERM PREFERRED SHARES–(15.82)%							(99,730,471	)

OTHER ASSETS LESS LIABILITIES–(7.53)%							(47,443,821	)

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%						$	630,326,882

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

27 Invesco Senior Income Trust

Investment Abbreviations:


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

Notes to Consolidated Schedule of Investments:

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

^(b)

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

^(c)

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

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

^(e)	Acquired through direct lending. Direct loans may be subject to liquidity and interest rate risk and certain direct loans may be deemed illiquid.

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

^(g)	Restricted security. The aggregate value of these securities at February 28, 2023 was $119,205,446, which represented 18.91% of the Trust’s Net Assets.

^(h)	All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 7.

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

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

^(k)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2023 was $5,651,940, which represented less than 1% of the Trust’s Net Assets.

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

^(m)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Trust has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Trust’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended February 28, 2023.


	Value February 28, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	11,834,620		$	90,417,135		$	(99,444,596)		$	-		$	-		$	2,807,159		$	29,345
Invesco Liquid Assets Portfolio, Institutional Class			8,453,573			64,583,667			(71,032,514)			(7)			317			2,005,036			21,753
Invesco Treasury Portfolio, Institutional Class			13,525,280			103,333,868			(113,650,966)			-			-			3,208,182			31,757
Investments in Other Affiliates:
USF S&H Holdco LLC			8,923,516			-			-			1,980,554			-			10,904,070			-
Total		$	42,736,989		$	258,334,670		$	(284,128,076)		$	1,980,547		$	317		$	18,924,447		$	82,855

⁽ⁿ⁾	Non-income producing security.

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

^(p)

Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $43,869,849, which represented 6.96% of the Trust’s Net Assets.

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

^(r)	The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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

The aggregate value of securities considered illiquid at February 28, 2023 was $421,798,750 which represented 66.92% of the Trust’s Net Assets.

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

28 Invesco Senior Income Trust


Open Forward Foreign Currency Contracts

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

Currency Risk

03/31/2023	Bank of America, N.A		SEK	174,052		USD	16,763	$	111

04/28/2023	Barclays Bank PLC		EUR	1,061,842		USD	1,137,016		10,150

04/28/2023	Barclays Bank PLC		GBP	3,527,061		USD	4,274,055		27,060

03/31/2023	BNP Paribas S.A.		EUR	23,522,511		USD	25,695,751		772,780

03/31/2023	BNP Paribas S.A.		GBP	4,065,883		USD	5,018,785		125,563

04/28/2023	BNP Paribas S.A.		EUR	22,829,217		USD	24,406,394		179,193

04/28/2023	Canadian Imperial Bank of Commerce		GBP	3,580,501		USD	4,345,173		33,830

03/31/2023	JP Morgan Chase Bank		EUR	2,162,513		USD	2,325,720		34,457

03/31/2023	JP Morgan Chase Bank		GBP	128,082		USD	157,740		3,595

03/31/2023	JP Morgan Chase Bank		SEK	179,519		USD	17,447		272

03/31/2023	Morgan Stanley Bank, N.A.		EUR	24,128,913		USD	26,383,990		818,513

03/31/2023	Morgan Stanley Bank, N.A.		GBP	129,609		USD	157,742		1,760

03/31/2023	Morgan Stanley Bank, N.A.		USD	98,996		GBP	82,293		42

04/28/2023	Morgan Stanley Bank, N.A.		EUR	22,783,859		USD	24,361,516		182,450

04/28/2023	Morgan Stanley Bank, N.A.		SEK	17,176,181		USD	1,668,088		22,259

03/31/2023	Royal Bank of Canada		EUR	23,878,913		USD	26,094,589		793,997

03/31/2023	Royal Bank of Canada		GBP	4,005,198		USD	4,931,920		111,732

04/28/2023	Royal Bank of Canada		EUR	22,829,216		USD	24,425,024		197,824

03/31/2023	State Street Bank & Trust Co.		EUR	260,967		USD	285,239		8,735

03/31/2023	State Street Bank & Trust Co.		SEK	17,298,033		USD	1,694,828		39,858

03/31/2023	Toronto Dominion Bank		GBP	4,065,883		USD	5,016,947		123,726

04/28/2023	Toronto Dominion Bank		GBP	3,580,501		USD	4,350,343		39,000

03/31/2023	UBS		EUR	812,561		USD	873,922		12,983

Subtotal–Appreciation									3,539,890


Currency Risk

03/31/2023	Barclays Bank PLC		USD	1,910,040		EUR	1,785,593		(18,138	)

03/31/2023	Barclays Bank PLC		USD	4,242,059		GBP	3,502,699		(26,620	)

03/31/2023	BNP Paribas S.A.		USD	24,367,013		EUR	22,829,217		(178,613	)

03/31/2023	Canadian Imperial Bank of Commerce		USD	4,312,662		GBP	3,555,770		(33,352	)

04/28/2023	Deutsche Bank AG		USD	1,007,481		EUR	942,083		(7,708	)

04/28/2023	JP Morgan Chase Bank		USD	1,066,258		EUR	1,000,000		(5,022	)

03/31/2023	Morgan Stanley Bank, N.A.		GBP	185,291		USD	222,828		(167	)

03/31/2023	Morgan Stanley Bank, N.A.		USD	24,006,455		EUR	22,488,482		(179,075	)

03/31/2023	Morgan Stanley Bank, N.A.		USD	1,738,735		GBP	1,408,176		(44,019	)

03/31/2023	Morgan Stanley Bank, N.A.		USD	1,659,387		SEK	17,112,350		(22,182	)

03/31/2023	Royal Bank of Canada		USD	27,658,401		EUR	25,829,216		(291,389	)

03/31/2023	Royal Bank of Canada		USD	588,119		GBP	475,238		(16,178	)

03/31/2023	Toronto Dominion Bank		USD	4,317,793		GBP	3,555,770		(38,483	)

03/31/2023	Toronto Dominion Bank		USD	52,502		SEK	539,254		(910	)

03/31/2023	UBS		USD	1,976,469		EUR	1,833,869		(33,417	)

Subtotal–Depreciation									(895,273	)

Total Forward Foreign Currency Contracts								$	2,644,617

Abbreviations:

EUR -Euro

GBP -British Pound Sterling

SEK -Swedish Krona

USD -U.S. Dollar

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

29 Invesco Senior Income Trust

Consolidated Statement of Assets and Liabilities

February 28, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $1,031,978,458)	$	959,576,727

Investments in affiliates, at value (Cost $15,120,719)		18,924,447

Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		3,539,890

Cash		4,634,274

Foreign currencies, at value (Cost $279,830)		279,065

Receivable for:
Investments sold		23,676,523

Dividends		15,110

Interest		13,040,935

Investments matured, at value (Cost $16,044,928)		689,957

Investment for trustee deferred compensation and retirement plans		28,931

Other assets		306,123

Total assets		1,024,711,982


Liabilities:
Variable rate demand preferred shares, at liquidation preference ($0.01 par value, 1,000 shares issued with liquidation preference of $100,000 per share)		99,730,471

Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		895,273

Payable for:
Borrowings		201,000,000

Investments purchased		49,455,591

Dividends		482,405

Accrued fees to affiliates		218,361

Accrued interest expense		1,668,668

Accrued trustees’ and officers’ fees and benefits		1,775

Accrued other operating expenses		551,310

Trustee deferred compensation and retirement plans		28,931

Unfunded loan commitments		40,352,315

Total liabilities		394,385,100

Net assets applicable to common shares	$	630,326,882


Net assets applicable to common shares consist of:
Shares of beneficial interest – common shares	$	879,308,955

Distributable earnings (loss)		(248,982,073	)

	$	630,326,882


Common shares outstanding, no par value, with an unlimited number of common shares authorized:
Common shares outstanding		153,030,736

Net asset value per common share	$	4.12

Market value per common share	$	3.95

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

30 Invesco Senior Income Trust

Consolidated Statement of Operations

For the year ended February 28, 2023


Investment income:

Interest	$	80,494,795

Dividends		1,808,391

Dividends from affiliates		82,855

Other income		238,822

Total investment income		82,624,863


Expenses:
Advisory fees		8,199,226

Administrative services fees		1,971,139

Custodian fees		180,227

Interest, facilities and maintenance fees		12,415,288

Transfer agent fees		21,510

Trustees’ and officers’ fees and benefits		20,178

Registration and filing fees		133,328

Reports to shareholders		56,983

Professional services fees		315,610

Other		68,490

Total expenses		23,381,979

Less: Fees waived		(6,602	)

Net expenses		23,375,377

Net investment income		59,249,486


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(21,849,336	)

Affiliated investment securities		317

Foreign currencies		853,760

Forward foreign currency contracts		9,647,185

		(11,348,074	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(50,341,863	)

Affiliated investment securities		1,980,547

Foreign currencies		(661,370	)

Forward foreign currency contracts		1,776,956

		(47,245,730	)

Net realized and unrealized gain (loss)		(58,593,804	)

Net increase in net assets resulting from operations applicable to common shares	$	655,682

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

31 Invesco Senior Income Trust

Consolidated Statement of Changes in Net Assets

For the years ended February 28, 2023 and 2022


	2023			2022

Operations:
Net investment income	$	59,249,486		$	39,400,565

Net realized gain (loss)		(11,348,074	)		(4,341,207	)

Change in net unrealized appreciation (depreciation)		(47,245,730	)		14,316,569

Net increase in net assets resulting from operations applicable to common shares		655,682			49,375,927

Distributions to common shareholders from distributable earnings		(68,779,582	)		(47,852,711	)

Return of capital applicable to common shares		(2,823,500	)		–

Total distributions		(71,603,082	)		(47,852,711	)

Net increase (decrease) in common shares of beneficial interest		–			(45,812	)

Net increase (decrease) in net assets applicable to common shares		(70,947,400	)		1,477,404


Net assets applicable to common shares:
Beginning of year		701,274,282			699,796,878

End of year	$	630,326,882		$	701,274,282

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

32 Invesco Senior Income Trust

Consolidated Statement of Cash Flows

For the year ended February 28, 2023


Cash provided by operating activities:

Net increase in net assets resulting from operations applicable to common shares	$	655,682


Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
Purchases of investments		(525,974,100	)

Proceeds from sales of investments		523,186,988

Proceeds from sales of short-term investments, net		(11,451,181	)

Accretion of discount on investment securities		(4,994,149	)

Net realized loss from investment securities		21,849,336

Net change in unrealized depreciation on investment securities		48,361,309

Net change in unrealized appreciation of forward foreign currency contracts		(1,776,956	)

Change in operating assets and liabilities:

Increase in receivables and other assets		(3,562,233	)

Increase in accrued expenses and other payables		1,753,490

Net cash provided by operating activities		48,048,186

Cash provided by (used in) financing activities:
Dividends paid to common shareholders from distributable earnings		(68,367,054	)

Return of capital		(2,823,500	)

Decrease in payable for amount due custodian		(3,423,679	)

Proceeds from borrowings		113,000,000

Repayment of borrowings		(118,000,000	)

Net cash provided by (used in) financing activities		(79,614,233	)

Net decrease in cash and cash equivalents		(31,566,047	)

Cash and cash equivalents at beginning of period		44,499,763

Cash and cash equivalents at end of period	$	12,933,716


Supplemental disclosure of cash flow information:
Cash paid during the period for taxes	$	16,919

Cash paid during the period for interest, facilities and maintenance fees	$	11,053,230

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

33 Invesco Senior Income Trust

Consolidated Financial Highlights

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


	Years Ended February 28,									Year Ended February 29,			Year Ended February 28,
	2023			2022			2021			2020			2019

Net asset value per common share, beginning of period	$	4.58		$	4.57		$	4.61			$ 4.79			$ 4.91

Net investment income^(a)		0.39			0.26			0.21			0.26			0.23

Net gains (losses) on securities (both realized and unrealized)		(0.38	)		0.06			0.01			(0.17	)		(0.09)

Total from investment operations		0.01			0.32			0.22			0.09			0.14

Less:
Dividends paid to common shareholders from net investment income		(0.45	)		(0.31	)		(0.22	)		(0.27	)		(0.26)

Return of capital		(0.02	)		–			(0.04	)		–			–

Total distributions		(0.47	)		(0.31	)		(0.26	)		(0.27	)		(0.26)

Net asset value per common share, end of period	$	4.12		$	4.58		$	4.57			$ 4.61			$ 4.79

Market value per common share, end of period	$	3.95		$	4.36		$	4.17			$ 4.03			$ 4.24

Total return at net asset value^(b)		1.44	%		7.62	%		6.49	%		2.65	%		3.83	%

Total return at market value^(c)		2.20	%		12.30	%		11.16	%		1.38	%		2.57	%

Net assets applicable to common shares, end of period (000’s omitted)	$	630,327		$	701,274		$	699,797			$706,131			$862,231

Portfolio turnover rate^(d)		38	%		86	%		71	%		63	%		45	%


Ratios/supplemental data based on average net assets applicable to common shares outstanding:
Ratio of expenses:

With fee waivers and/or expense reimbursements		3.57	%		2.13	%		2.39	%		3.17	%		3.08	%

With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		1.67	%		1.53	%		1.65	%		1.66	%		1.62	%

Without fee waivers and/or expense reimbursements		3.57	%		2.13	%		2.39	%		3.17	%		3.08	%

Ratio of net investment income to average net assets		9.05	%		5.55	%		5.07	%		5.54	%		4.84	%


Senior securities:
Total amount of preferred shares outstanding (000’s omitted)	$	100,000		$	100,000		$	100,000			$125,000			$125,000

Asset coverage per $1,000 unit of senior indebtedness^(e)	$	4,633		$	4,890		$	5,506			$ 4,323			$ 4,611

Total borrowings (000’s omitted)	$	201,000		$	206,000		$	177,500			$250,000			$273,250

Asset coverage per preferred share^(f)	$	730,327		$	801,274		$	799,797			$664,905			$789,785

Liquidating preference per preferred share	$	100,000		$	100,000		$	100,000			$100,000			$100,000

^(a)	Calculated using average units 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. Not annualized for periods less than one year, if applicable.

^(c)

Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.

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

^(e)	Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value and borrowings) from the Trust’s total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

^(f)	Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value) from the Trust’s total assets and dividing this by the total number of preferred shares outstanding.

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

34 Invesco Senior Income Trust

Notes to Consolidated Financial Statements

February 28, 2023

NOTE 1–Significant Accounting Policies

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

The Trust may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC (the “LLC”), a Delaware limited liability company. The Trust owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust (the “Loan Origination Trust”), which in turn owns all beneficial and economic interests in the LLC. Effective April 27, 2021, the Trust may invest up to 60% of its total net assets in the Loan Origination Trust. Prior to April 27, 2021, the Trust could invest up to 25% of its total net assets in the Loan Origination Trust. The accompanying consolidated financial statements reflect the financial position of the Trust and its Loan Origination Trust and the results of operations on a consolidated basis.

The Trust’s investment objective is to provide a high level of current income, consistent with preservation of capital. The Trust seeks to achieve its objectives by investing primarily in a portfolio of interests in floating or variable senior loans to corporations, partnerships, and other entities which operate in a variety of industries and geographic regions. The Trust 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 Trust’s volatility.

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

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

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

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

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

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share, whereas securities of investment companies that are exchange-traded will be valued at the last trade price or official closing price on the exchange where they primarily trade.

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

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

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

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

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

35 Invesco Senior Income Trust

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments

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

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

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

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Distributions – The Trust has adopted a Managed Distribution Plan (the “Plan”) whereby the Trust will pay a monthly dividend to common shareholders at a stated fixed monthly distribution amount of $0.021 per share. Effective February 1, 2023, the Trust will pay a monthly dividend to common shareholders at a stated fixed monthly distribution amount of $0.039 per share. The Plan is intended to provide shareholders with a consistent, but not guaranteed, periodic cash payment from the Trust, regardless of when or whether income is earned or capital gains are realized. If sufficient income is not available for a monthly distribution, the Trust will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level under the Plan. The Plan may be amended or terminated at any time by the Board.

Federal Income Taxes – The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust’s taxable earnings to shareholders. As such, the Trust 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 consolidated financial statements.

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

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

Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit and Variable Rate Demand Preferred Shares (“VRDP Shares”). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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 Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the LLC’s organizational documents, each member of the LLC and certain affiliated persons, is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust and/or LLC. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust’s servicing agreements, that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.	Cash and Cash Equivalents – For the purposes of the Consolidated Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

Securities Purchased on a When-Issued and Delayed Delivery Basis – The Trust 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 Trust on such interests or securities in connection with such transactions prior to the date the Trust 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

36 Invesco Senior Income Trust

purchase price. Although the Trust will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

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

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

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

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

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

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

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

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

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

Leverage Risk – The Trust may utilize leverage to seek to enhance the yield of the Trust 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 Trust’s leverage strategy will be successful.

Other Risks – The Trust may invest all or substantially all of its assets in senior secured floating rate loans and senior secured debt securities that are determined to be rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments. The Trust invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Trust in a corporate loan may take the form of participation interests or assignments. If the Trust 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 Trust would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Trust’s rights against the Borrower but also for the receipt and processing of payments due to the Trust under the corporate loans. As such, the Trust is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Trust and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

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

37 Invesco Senior Income Trust

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

In making a loan directly to the borrower (“direct loan”), the Trust is exposed to the credit risk that the borrower may default or become insolvent and, consequently, that the Trust will lose money on the loan. Furthermore, direct loans may subject the Trust to liquidity and interest rate risk and certain direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The lack of a secondary market for direct loans may have an adverse impact on the ability of the Trust to dispose of a direct loan and/or to value the direct loan. When engaging in direct lending, the Trust’s performance may depend, in part, on the ability of the Trust to originate loans on advantageous terms. In originating and purchasing loans, the Trust will compete with a broad spectrum of lenders. Increased competition for, or a decrease in the available supply of, qualifying loans could result in lower yields on such loans, which could adversely affect Trust performance.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an annual fee of 0.85% based on the average daily managed assets of the Trust. Managed assets for this purpose means the Trust’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust’s consolidated financial statements for purposes of GAAP.)

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

The Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Trust in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Trust of uninvested cash in such affiliated money market funds.

For the year ended February 28, 2023, the Adviser waived advisory fees of $6,602.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the year ended February 28, 2023, expenses incurred under this agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Trust. Pursuant to a custody agreement with the Trust, SSB also serves as the Trust’s custodian.

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

NOTE 3–Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of February 28, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Variable Rate Senior Loan Interests	$	–	$	444,566,231	$	409,533,144	$	854,099,375
Common Stocks & Other Equity Interests		9,593,532		6,870,196		49,049,800		65,513,528
Non-U.S. Dollar Denominated Bonds & Notes		–		23,071,328		–		23,071,328
U.S. Dollar Denominated Bonds & Notes		–		18,860,740		691,512		19,552,252
Preferred Stocks		–		4,075,886		745,598		4,821,484
Municipal Obligations		–		3,422,830		–		3,422,830
Money Market Funds		8,020,377		–		–		8,020,377
Total Investments in Securities		17,613,909		500,867,211		460,020,054		978,501,174

38 Invesco Senior Income Trust


	Level 1		Level 2			Level 3		Total


Other Investments - Assets*

Investments Matured	$	–	$	192,582		$	497,375	$	689,957

Forward Foreign Currency Contracts		–		3,539,890			–		3,539,890


		–		3,732,472			497,375		4,229,847



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(895,273	)		–		(895,273	)


Total Other Investments		–		2,837,199			497,375		3,334,574


Total Investments	$	17,613,909	$	503,704,410		$	460,517,429	$	981,835,748

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

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

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


	Value 02/28/22			Purchases at Cost			Proceeds from Sales				Accrued Discounts/ Premiums			Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Transfers into Level 3*			Transfers out of Level 3*				Value 02/28/23
Variable Rate Senior Loan Interests		$	325,992,555		$	149,394,026		$	(60,071,164	)		$	1,404,782		$	(2,476,831	)		$	(11,786,074	)		$	23,651,668		$	(16,575,818	)		$	409,533,144
Common Stocks & Other Equity Interests			27,534,402			–			–				–			(122,831	)			14,359,578				10,921,017			(3,642,366	)			49,049,800
Preferred Stocks			1,355,133			251,900			(931,842	)			–			377,699				(1,105,366	)			798,074			–				745,598
U.S. Dollar Denominated Bonds & Notes			2,403,790			293,906			(497,999	)			–			–				(1,508,185	)			–			–				691,512
Investments Matured			3,059,457			–			(2,562,082	)			–			–				–				–			–				497,375
Total		$	360,345,337		$	149,939,832		$	(64,063,087	)		$	1,404,782		$	(2,221,963	)		$	(40,047	)		$	35,370,759		$	(20,218,184	)		$	460,517,429

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

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

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

Fair Value

at 02/28/23

Valuation

Technique

Unobservable
Inputs

Range of

Unobservable

Inputs

Unobservable
Input Used

QuarterNorth Energy, Inc.

25,621,698

Bid Offer

Bid Offer Price

N/A

$199.49

^(a)

Keg Logistics LLC, Term Loan A

24,900,041

Valuation Service

N/A

^(b)

FDH Group Acquisition, Inc., Term Loan A

21,621,849

Valuation Service

N/A

^(b)

SDB Holdco LLC, Term Loan

17,767,853

Valuation Service

N/A

^(b)

Lightning Finco Ltd. (LiveU), Term Loan B-1

16,746,913

Valuation Service

N/A

^(b)

Muth Mirror Systems LLC, Term Loan

16,020,989

Valuation Service

N/A

^(b)

Vertellus, Term Loan B

12,428,717

Valuation Service

N/A

^(c)

Teasdale Foods, Inc., Term Loan B

12,221,241

Valuation Service

N/A

^(b)

HASA Acquisition, LLC, Term Loan

12,157,621

Loan Origination Value

Original Cost

N/A

97% of par

^(d)

Groundworks LLC, First Lien Incremental Term Loan

12,039,636

Valuation Service

N/A

^(b)

CV Intermediate Holdco Corp. (Class Valuation), Delayed Draw Term Loan

10,949,850

Valuation Service

N/A

^(b)

USF S&H Holdco LLC

10,904,070

Valuation Service

N/A

^(b)

Affinity Dental Management, Inc., Term Loan

10,512,029

Valuation Service

N/A

^(b)

^(a)

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

^(b)

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

^(c)

Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

^(d)

The Adviser fair values certain investments in direct loan financings at the loan origination price. The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

NOTE 4–Derivative Investments

The Trust may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a trust may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and

39 Invesco Senior Income Trust

close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Trust’s derivative investments, detailed by primary risk exposure, held as of February 28, 2023:


	Value

	Currency
Derivative Assets	Risk

Unrealized appreciation on forward foreign currency contracts outstanding	$	3,539,890

Derivatives not subject to master netting agreements		–

Total Derivative Assets subject to master netting agreements	$	3,539,890


	Value

	Currency
Derivative Liabilities	Risk

Unrealized depreciation on forward foreign currency contracts outstanding	$	(895,273	)

Derivatives not subject to master netting agreements		–

Total Derivative Liabilities subject to master netting agreements	$	(895,273	)

Offsetting Assets and Liabilities

The table below reflects the Trust’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2023.


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


Bank of America, N.A		$ 111		$ –	$	111		$–	$–	$	111


Barclays Bank PLC		37,210		(44,758)		(7,548	)	–	–		(7,548	)


BNP Paribas S.A.		1,077,536		(178,613)		898,923		–	–		898,923


Canadian Imperial Bank of Commerce		33,830		(33,352)		478		–	–		478


Deutsche Bank AG		–		(7,708)		(7,708	)	–	–		(7,708	)


JP Morgan Chase Bank		38,324		(5,022)		33,302		–	–		33,302


Morgan Stanley Bank, N.A.		1,025,024		(245,443)		779,581		–	–		779,581


Royal Bank of Canada		1,103,553		(307,567)		795,986		–	–		795,986


State Street Bank & Trust Co.		48,593		–		48,593		–	–		48,593


Toronto Dominion Bank		162,726		(39,393)		123,333		–	–		123,333


UBS		12,983		(33,417)		(20,434	)	–	–		(20,434	)


Total		$3,539,890		$(895,273)	$	2,644,617		$–	$–	$	2,644,617

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

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


	Location of Gain on
	Consolidated Statement of Operations
	Currency
	Risk
Realized Gain:
Forward foreign currency contracts		$ 9,647,185
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		1,776,956
Total		$11,424,141

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


	Forward
	Foreign Currency
	Contracts
Average notional value		$318,843,087

40 Invesco Senior Income Trust

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and “Trustees’ and Officers’ Fees and Benefits” includes amounts accrued by the Trust to fund such deferred compensation amounts.

NOTE 6–Cash Balances and Borrowings

The Trust has entered into a $275 million revolving credit and security agreement, which will expire on November 14, 2023. The revolving credit and security agreement is secured by the assets of the Trust. The Trust is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2023, the average daily balance of borrowings under the revolving credit and security agreement was $208,621,918 with an average interest rate of 3.71%. The carrying amount of the Trust’s payable for borrowings as reported on the Consolidated Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Consolidated Statement of Operations as Interest, facilities and maintenance fees.

Additionally, the Trust 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 Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–Unfunded Loan Commitments

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


				Unrealized
		Unfunded Loan		Appreciation
Borrower	Type	Commitment		(Depreciation)

A-1 Garage Door Services	Term Loan		$ 1,084,897		$ 0

A-1 Garage Door Services	Term Loan		2,421,110		(72,633	)

Affinity Dental Management, Inc.	Delayed Draw Term Loan		4,767,322		(5	)

Affinity Dental Management, Inc.	Revolver Term Loan		1,430,196		(14,593	)

athenahealth Group, Inc.	Delayed Draw Term Loan		92,729		(6,684	)

Avaya, Inc.	DIP Term Loan		84,890		6,177

CV Intermediate Holdco Corp. (Class Valuation)	Revolver Loan		378,070		(15,339	)

Dun & Bradstreet Corp. (The)	Term Loan		2,849,753		169,299

Esquire Deposition Solutions, LLC	Term Loan		1,705,524		(25,583	)

Esquire Deposition Solutions, LLC	Term Loan		980,676		(29,420	)

Groundworks LLC	First Lien Incremental Revover Loan		475,589		4,724

Groundworks LLC	Term Loan		441,993		0

Groundworks LLC	Term Loan		141,438		0

HASA Acquisition, LLC	Term Loan		2,526,988		0

HASA Acquisition, LLC	Term Loan		1,403,882		0

Kantar (Summer BC Bidco)	Revolver Loan		3,255,096		(73,670	)

Keg Logistics LLC	Revolver Loan		596,103		(15,155	)

Lamark Media Group LLC	Delayed Draw Term Loan		1,629,960		(47,269	)

Lamark Media Group LLC	Revolver Loan		592,885		(12,565	)

M&D Distributors	Term Loan		2,364,443		(47,288	)

M&D Distributors	Term Loan		1,182,222		(23,645	)

McDermott International Ltd.	LOC		3,644,503		(674,233	)

Muth Mirror Systems LLC	Revolver Loan		760,017		(49,631	)

NAC Aviation 8 Ltd.	Revolver Loan		1,826,168		0

NAS LLC (d.b.a. Nationwide Marketing Group)	Revolver Loan		685,909		(6,677	)

Royal Caribbean Cruises	Revolver Loan		92,836		149

Royal Caribbean Cruises	Revolver Loan		219,130		10,028

SDB Holdco LLC	Delayed Draw Term Loan		293,324		(2,933	)

Tank Holding Corp.	Revolver Loan		188,369		(11,216	)

USF S&H Holdco LLC	Term Loan A		967,324		(72,401	)

Vertellus	Revolver Loan		1,268,969		(57,854	)

			$40,352,315		$(1,068,417	)

41 Invesco Senior Income Trust

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

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


	2023		2022
Ordinary income*	$	68,779,582	$	47,852,711
Ordinary income-tax-exempt VRDP shares		2,704,167		211,139
Return of capital		2,823,500		–
Total distributions	$	74,307,249	$	48,063,850

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

Tax Components of Net Assets at Period-End:


	2023

Net unrealized appreciation (depreciation) – investments	$	(86,471,059	)

Net unrealized appreciation (depreciation) – foreign currencies		(195,281	)

Temporary book/tax differences		(25,295	)

Capital loss carryforward		(162,290,438	)

Shares of beneficial interest		879,308,955

Total net assets	$	630,326,882

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Trust’s net unrealized appreciation (depreciation) difference is attributable primarily to derivative instruments, amortization and accretion on debt securities.

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

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

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

Capital Loss Carryforward*

Expiration

Short‑Term

Long‑Term

Total

Not subject to expiration

$19,739,216

$142,551,222

$162,290,438

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Trust during the year ended February 28, 2023 was $377,330,352 and $437,258,461, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	46,923,968

Aggregate unrealized (depreciation) of investments		(133,395,027	)

Net unrealized appreciation (depreciation) of investments	$	(86,471,059	)

Cost of investments for tax purposes is $1,068,306,807.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, return of capital distributions, amortization and accretion on debt securities, on February 28, 2023, undistributed net investment income was increased by $9,379,196, undistributed net realized gain (loss) was decreased by $6,552,017 and shares of beneficial interest was decreased by $2,827,179. This reclassification had no effect on the net assets of the Trust.

NOTE 11–Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:


	Year Ended		Year Ended
	February 28,		February 28,
	2023		2022
Beginning shares		153,030,736	153,030,736
Shares issued through dividend reinvestment		–	–
Tender offer purchase		0	0
Ending shares		153,030,736	153,030,736

42 Invesco Senior Income Trust

The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.

NOTE 12–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 year ended February 28, 2023, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Trust on a participation basis.


Selling Participant	Principal Amount		Value
Bank of America, N.A.	$	5,603,423	$	5,410,323
Barclays Bank PLC		3,644,503		3,024,937

NOTE 13–Variable Rate Demand Preferred Shares

The Trust issued 1,000 Series W-7 VRDP Shares with a liquidation preference of $100,000 per share to Barclays Bank PLC, pursuant to an offering exempt from registration under the 1933 Act. As of February 28, 2023, the VRDP Shares outstanding were as follows:


Issue Date	Shares Issued	Term Redemption Date
06/14/2018	1,000	06/01/2028

VRDP Shares are a floating-rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. VRDP Shares are subject to an optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. On or prior to the redemption date, the Trust will be required to segregate assets having a value equal to 110% of the redemption amount.

The Trust incurs costs in connection with the issuance and/or extension of the VRDP Shares. These costs are recorded as a deferred charge and are amortized over the term life of the VRDP Shares. Amortization of these costs is included in Interest, facilities and maintenance fees on the Consolidated Statement of Operations, and the unamortized balance is included in the value of Variable rate demand preferred shares on the Consolidated Statement of Assets and Liabilities.

Dividends paid on the VRDP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. As of February 28, 2023, the dividend rate is equal to the USD LIBOR interest rate plus a spread of 0.15%, which is based on the short-term credit rating assigned to the VRDP Shares by Moody’s Investors Service, Inc. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VRDP Shares during the year ended February 28, 2023 were $100,000,000 and 2.67%, respectively.

The Trust is subject to certain restrictions relating to the VRDP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VRDP Shares at the maximum liquidation preference plus any accumulated but unpaid dividends.

The liquidation preference of VRDP Shares, which approximates fair value, is recorded as a liability under the caption Variable rate demand preferred shares on the Consolidated Statement of Assets and Liabilities. The fair value of VRDP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VRDP Shares, and therefore the “spread” on the VRDP Shares (determined in accordance with the VRDP Shares’ governing document) remains unchanged. At period-end, the Trust’s Adviser has determined that fair value of VRDP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially and/or the credit rating assigned to the VRDP Shares is downgraded. Unpaid dividends on VRDP Shares are recognized as Accrued interest expense on the Consolidated Statement of Assets and Liabilities. Dividends paid on VRDP Shares are recognized as a component of Interest, facilities and maintenance fees on the Consolidated Statement of Operations.

NOTE 14–Dividends

The Trust declared the following dividends to common shareholders from net investment income subsequent to February 28, 2023:

Declaration Date

Amount per Share

Record Date

Payable Date

March 1, 2023

$0.0390

March 15, 2023

March 31, 2023

April 3, 2023

$0.0390

April 17, 2023

April 28, 2023

43 Invesco Senior Income Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Invesco Senior Income Trust

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Senior Income Trust and its subsidiaries (the “Trust”) as of February 28, 2023, the related consolidated statements of operations and cash flows for the year ended February 28, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the consolidated financial highlights for each of the five years in the period ended February 28, 2023 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Trust as of February 28, 2023, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the five years in the period ended February 28, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from portfolio company investees, brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 26, 2023

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

44 Invesco Senior Income Trust

Tax Information

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

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

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



		Federal and State Income Tax
		Qualified Dividend Income*			2.70%
		Corporate Dividends Received Deduction*			2.70%
		U.S. Treasury Obligations*			0.00%
		Qualified Business Income*			0.00%
		Business Interest Income*			89.62%

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

**The

above percentage is based on income dividends paid to shareholders during the Trust’s fiscal year.

45 Invesco Senior Income Trust

Additional Information

Investment Objective, Policies and Principal Risks of the Trust

Recent Changes

The following information is a summary of certain changes since the end of the Trust’s most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased the Trust.

Approval of Managed Distribution Plan

During the Trust’s most recently completed fiscal year, on September 20, 2022, the (“Board”) of the Trust approved an increase to the monthly dividend paid under the Trust’s Managed Distribution Plan (the “Plan”) whereby the Trust will pay its monthly dividend to common shareholders at a stated fixed monthly distribution amount of $0.032 per share. Additionally, on January 19, 2023, the Board approved a further increase to the monthly dividend paid under the Plan, whereby the Trust will pay a monthly distribution amount of $0.039 per share. Prior to those changes, on March 23, 2022, the Board had approved an increase to the monthly dividend paid under the Trust’s Managed Distribution whereby the Trust paid a monthly dividend to common shareholders at a stated fixed monthly distribution amount of $0.026 per share, The Plan is intended to provide shareholders with a consistent, but not guaranteed, periodic cash payment from the Trust, regardless of when or whether income is earned or capital gains are realized. If investment income is not sufficient to cover the Trust’s intended monthly distribution, the Trust will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level under the Plan. The Plan is subject to periodic review by the Board, and the Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Trust’s shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Trust’s common shares. Please see “Managed Distribution Plan Disclosures” for more information regarding the Plan.

Changes to Investment Policies

Except as noted above, during the Trust’s most recent fiscal year, there were no material changes in the Trust’s investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Trust.

Investment Objective

The Trust’s investment objective is to provide a high level of current income, consistent with preservation of capital. The investment objective is fundamental and may not be changed without approval of a majority of the Trust’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”).

Investment Policies of the Trust

The Trust invests primarily in floating or variable rate senior loans (“Senior Loans”) to corporations, partnerships and other entities (“Borrowers”) which operate in a variety of industries and geographical regions (including domestic and foreign entities). Senior Loans hold (or in the judgment of the Adviser, hold) a senior position in the capital structure of U.S. and foreign corporations, partnerships or other business entities that, under normal circumstances, allow them to have priority of claim ahead of (or at

least as high as) other obligations of a borrower in the event of liquidation. Senior Loans generally are arranged through private negotiations between a Borrower and several financial institutions (“Lenders”) represented in each case by one or more such Lenders acting as agent (“Agent”) of the several Lenders. The Trust may invest in participations (“Participations”) in Senior Loans, may purchase assignments (“Assignments”) of portions of Senior Loans from third parties and may act as one of the group of Lenders originating a Senior Loan (an “Original Lender”).

In normal market conditions, at least 80% of the Trust’s total assets are invested in Senior Loans (either as an Original Lender or as a purchaser of an Assignment or Participation) of domestic Borrowers or foreign Borrowers. In complying with this 80% investment requirement, the Trust may invest in derivatives and other instruments that have economic characteristics similar to the Trust’s direct investments that are counted toward the 80% investment requirement.

The Trust may invest in the Senior Loans of non-U.S. issuers. The Trust’s investments in Senior Loans may also include up to 5% of its total assets in senior debt obligations that are in the form of notes in addition to investments in Loan Agreements, Participations and Assignments.

The Trust is not subject to any restrictions with respect to the maturity of Senior Loans held in its portfolio. The Trust’s assets invested in Senior Loans generally consist of Senior Loans with stated maturities of between three and ten years, and with rates of interest which are redetermined either daily, monthly, quarterly or semi-annually; provided, however, that the Trust may invest up to 5% of its total assets in Senior Loans which permit the Borrower to select an interest rate redetermination period of up to one year. The actual remaining maturity of the Trust’s portfolio invested in Senior Loans may vary substantially from the average stated maturity of the Senior Loans held in the Trust’s portfolio.

In normal market conditions, the Trust may invest up to 20% of its total assets in any combination of (1) equity securities (including common stocks, preferred stocks, rights, warrants, and securities convertible into common stock), (2) junior debt securities or securities with a lien on collateral lower than a senior claim on collateral, (3) high quality short-term debt securities, (4) credit-linked deposits and (5) Treasury Inflation Protected Securities (“U.S. TIPS”) and other inflation-indexed bonds issued by the U.S. government, its agencies or instrumentalities. Warrants, equity securities and junior debt securities will not be treated as Senior Loans and thus assets invested in such securities will not count toward the 80% of the Trust’s total assets that normally will be invested in Senior Loans.

The Trust may invest up to 20% of its total assets in Senior Loans which are not secured by any collateral.

The Trust may invest a substantial portion of its assets in Senior Loans, the Borrowers with respect to which have outstanding debt securities which are rated below investment grade by a nationally

recognized statistical rating organization (“NRSRO”) or are unrated but determined by the Adviser to be of comparable quality to such securities. Debt securities rated below investment grade or unrated but of comparable quality commonly are referred to as “junk bonds.” The Trust will invest only in those Senior Loans with respect to which the Borrower, in the opinion of the Adviser, demonstrates one or more of the following characteristics: sufficient cash flow to service debt; adequate liquidity; successful operating history; strong competitive position; experienced management; and, with respect to collateralized Senior Loans, collateral coverage that equals or exceeds the outstanding principal amount of the Senior Loan. In addition, the Adviser will consider, and may rely in part, on the analyses performed by the Agent and other Lenders, including such persons’ determinations with respect to collateral securing a Senior Loan.

The Trust may invest up to 100% of its assets in Participations. The Trust will only acquire Participations if the Lender selling the Participation, and any other persons positioned between the Trust and the Lender, (i) at the time of investment has outstanding debt or deposit obligations rated investment grade (BBB or A-3 or higher by S&P Global Ratings (“S&P”) or Baa or P-3 or higher by Moody’s Investors Service, Inc. (“Moody’s”)) or determined by the Adviser to be of comparable quality and (ii) has entered into an agreement which provides for the holding of assets in safekeeping for, or the prompt disbursement of assets to, the Trust.¹

The Trust ordinarily will purchase a Participation only if, at the time of such purchase, the Trust believes that the party from whom it is purchasing such Participation is retaining an interest in the underlying Senior Loan. In the event that the Trust does not so believe, it will only purchase such a Participation if, in addition to the requirements set forth above, the party from whom the Trust is purchasing such Participation (i) is a bank, a member of a national securities exchange or other entity designated in the 1940 Act, as qualified to serve as a custodian for a registered investment company and (ii) has been approved as a custodian by the Board of Trustees of the Trust (a “Designated Custodian”).

The Trust may also purchase Assignments from Lenders.

The Trust will never act as the Agent or principal negotiator or administrator of a Senior Loan.

The Trust will purchase an Assignment or act as a Lender with respect to a syndicated Senior Loan only where the Agent with respect to such Senior Loan at the time of investment has outstanding debt or deposit obligations rated investment grade (BBB or A-3 or higher by S&P or Baa or P-3 or higher by Moody’s) or determined by the Adviser to be of comparable quality. Further, the Trust will not purchase interests in Senior Loans unless such Agent, Lender or positioned person has entered into an agreement which provides for the holding of assets in safekeeping for, or the prompt disbursement of assets to, the Trust.

A Lender may have certain obligations pursuant to a Loan Agreement, which may include the obligation to make additional loans in certain circumstances.

46 Invesco Senior Income Trust

The Trust currently intends to reserve against such contingent obligations by segregating cash, liquid securities and/or liquid Senior Loans sufficient to cover such commitments. The Trust will not purchase interests in Senior Loans that would require the Trust to make any such additional loans if such additional loan commitments in the aggregate would exceed 20% of the Trust’s total assets or would cause the Trust to fail to meet 1940 Act diversification requirements.

Structured Products and Derivatives. The Trust also may invest up to 10% of its total assets in structured notes with rates of return determined by reference to the total rate of return on one or more loans referenced in such notes, collateralized debt and loan obligations, credit-linked notes, credit default swaps and other types of structured investments (referred to collectively as “structured products”). Structured products where the rate of return is determined by reference to a Senior Loan will be treated as senior loans for the purposes of complying with the Trust’s policy of normally investing at least 80% of its total assets in Senior Loans. Collateralized debt obligations (“CDOs”), collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”) are types of asset-backed securities issued by special purpose vehicles created to reapportion the risk and return characteristics of a pool of assets. A credit-linked note is a derivative instrument that is a synthetic obligation between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a reference obligation).

The Trust may invest in credit default swaps (“CDS”) to enhance the yield on its portfolio or to increase income available for distributions or for other non-hedging purposes. A CDS is an agreement between two parties to exchange the credit risk of a particular issuer or reference entity. A buyer of a CDS is said to buy protection whereas a seller of a CDS is said to sell protection. When the Trust buys a CDS, it is utilizing the swap for hedging purposes similar to other hedging strategies described herein. When the Trust sells a CDS, it is utilizing the swap to enhance the yield on its portfolio to increase income available for distribution or for other non-hedging purposes, and the Trust is subject to the 10% limitation described herein on structured products.

The Trust may use other derivative instruments (including swaps and forward currency contracts) for a variety of purposes, including hedging, risk management, portfolio management or to earn income.

The Trust can use currency futures and currency swaps to hedge its exposure to foreign currencies and engage to a greater extent in foreign currency transactions either on a spot basis (i.e., for prompt delivery and settlement at the rate prevailing in the currency exchange market at the time) or through forward foreign currency contracts to mitigate the risk of foreign currency exposure. Spot contracts allow for prompt delivery and settlement at the rate prevailing in the currency exchange market at the time. A forward foreign currency contract is an agreement between parties to exchange a specified amount of currency at a specified future time at a specified rate. The Trust can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated.

Direct Loan Origination. The Trust may originate Senior Loans directly or through investments in one

or more wholly-owned subsidiaries (each, a “Subsidiary”). The Trust may originate loans in order to obtain exposure to middle market loan transactions which will generally be first and second lien Senior Loans. Such borrowers may have credit ratings that are determined by one or more NRSRO or the Adviser to be below investment grade. The loans the Trust originates may vary in maturity and/or duration. The Trust is not limited in the amount, size or type of loans it may originate, including with respect to a single borrower or with respect to borrowers that are determined to be below investment grade, other than pursuant to any applicable law. Currently, the Trust participates in direct lending opportunities through its indirect investment in a Subsidiary, the Invesco Senior Income Loan Origination LLC (the “LLC”), a Delaware limited liability company. The Trust owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust (the “Loan Origination Trust”), which in turn owns all beneficial and economic interests in the LLC. The Trust may invest up to 60% of its net assets in originated loans.

Co-Investment. The Trust may co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions outlined in an Exemptive Order granted to the Trust by the SEC. The Trust may co-invest with its affiliates in Senior Loans, including Senior Loans directly originated by the Trust or its affiliates and may also engage in direct origination of Senior Loans with its affiliates, all in accordance with the terms and conditions of the Exemptive Order.

Preferred Shares. The Trust may issue preferred shares as leverage. The Trust currently utilizes VRDP Shares as leverage in order to enhance the yield of its common shareholders. For additional information regarding the VRDP Shares, see “Notes to Consolidated Financial Statements.”

Borrowing and Leverage. The Trust currently utilizes leverage in the form of borrowings through a credit facility in an effort to maximize returns. The amount of borrowings outstanding from time to time may vary, depending on the Adviser’s analysis of market conditions and interest rate movements.

Investment Process. In selecting investments for the Trust, the portfolio managers evaluate overall investment opportunities and risks among the types of investments the Trust can hold. They analyze the credit standing and risks of borrowers whose loans or debt securities they are considering for the Trust’s portfolio. They evaluate information about borrowers from their own research or research supplied by rating organizations, agent banks or other sources and select only those loans that they believe are likely to pay the interest and repay the principal when it becomes due. The portfolio managers consider many factors, including, among others:

∎ the borrower’s past and expected future financial performance;

∎ the experience and depth of the borrower’s management;

∎ the status of the borrower’s industry and its position in that industry;

∎ the collateral for the loan or other debt security;

∎ the borrower’s assets and cash flows; and

∎ the credit quality of the debt obligations of the bank servicing the loan and other intermediaries imposed between the borrower and the Trust. The credit research process utilized by the Trust to

implement its investment strategy in pursuit of its investment objective considers factors that may include, but are not limited to, an issuer’s operations, capital structure and environmental, social and governance (“ESG”) considerations. Credit quality analysis for certain issuers therefore may consider whether any ESG factors pose a material financial risk or opportunity to an issuer. The Adviser may determine that ESG considerations are not material to certain issuers or types of investments held by the Trust. In addition, not all issuers or investments in the Trust may undergo a credit quality analysis that considers ESG factors, and not all investments held by the Trust will rate strongly on ESG criteria.

There can be no assurance that the portfolio managers’ analysis will identify all of the factors that may impair the value of a Senior Loan or other investment.

Principal Risks of Investing in the Trust

As with any fund investment, loss of money is a risk of investing. The risks associated with an investment in the Trust can increase during times of significant market volatility. The principal risks of investing in the Trust are:

LIBOR Transition Risk. The Trust may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. Regulators and financial industry working groups in several jurisdictions have worked over the past several years to identify alternative reference rates (“ARRs”) to replace LIBOR and to assist with the transition to the new ARRs. For example, the Federal Reserve Bank of New York has identified the Secured Overnight Financing Rate (“SOFR”) as the intended replacement to USD LIBOR and foreign regulators have proposed other interbank offered rates, such as the Sterling Overnight Index Average (“SONIA”) and other replacement rates, which could also be adopted. Consequently, the publication of most LIBOR rates ceased at the end of 2021, but a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates. Additionally, key regulators have instructed banking institutions to cease entering into new contracts that reference these USD LIBOR settings after December 31, 2021, subject to certain limited exceptions.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Trust and the instruments in which the Trust invests. For example, there can be no assurance that the composition or characteristics of any ARRs or financial instruments in which the Trust invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, although regulators have generally prohibited banking institutions from entering into new contracts that reference those USD LIBOR settings that continue to exist, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR

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instruments held by the Trust could result in losses to the Trust.

Market Risk. The market values of the Trust’s investments, and therefore the value of the Trust’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. The value of the Trust’s investments may go up or down due to general market conditions that are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, or adverse investor sentiment generally. The value of the Trust’s investments may also go up or down due to factors that affect an individual issuer or a particular industry or sector, such as changes in production costs and competitive conditions within an industry. In addition, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events may have a significant impact on the value of the Trust’s investments, as well as the financial markets and global economy generally. Such circumstances may also impact the ability of the Adviser to effectively implement the Trust’s investment strategy. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Trust will rise in value.

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

Market Disruption Risks Related to Russia-Ukraine Conflict. Following Russia’s invasion of Ukraine in late February 2022, various countries, including the United States, as well as North Atlantic Treaty Organization (NATO) member countries and the European Union, issued broad-ranging economic sanctions against Russia. The war in Ukraine (and the potential for further sanctions in response to Russia’s continued military activity) may escalate. These and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional countermeasures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of the conflict and corresponding sanctions

and related events cannot be predicted. The foregoing may result in a negative impact on Trust performance and the value of an investment in the Trust, even beyond any direct investment exposure the Trust may have to Russian issuers or the adjoining geographic regions.

Debt Securities Risk. The prices of debt securities held by the Trust will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Trust to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Trust’s distributable income because interest payments on floating rate debt instruments held by the Trust will decline. The Trust could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. If an issuer seeks to restructure the terms of its borrowings or the Trust is required to seek recovery upon a default in the payment of interest or the repayment of principal, the Trust may incur additional expenses. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

Risks of Senior Loans and Other Loans. In addition to the risks typically associated with debt securities, such as credit and interest rate risk, senior loans are also subject to the risk that a court could subordinate a senior loan, which typically holds a senior position in the capital structure of a borrower, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Loans usually have mandatory and optional prepayment provisions. If a borrower prepays a loan, the Trust will have to reinvest the proceeds in other loans or financial assets that may pay lower rates of return.

Loans are subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Trust may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. In addition, the lenders’ security interest or their enforcement of their security under the loan agreement may be found by a court to be invalid or the collateral maybe used to pay other outstanding obligations of the borrower. The Trust’s access to collateral, if any, may be limited by bankruptcy, other insolvency laws, or by the type of loan the Trust has purchased. As a result, a collateralized loan may not be fully collateralized and can decline significantly in value.

Loan investments are often issued in connection with highly leveraged transactions. Such transactions include leveraged buyout loans, leveraged recapitalization loans, and other types of acquisition financing. These obligations are subject to greater credit risks than other investments including a greater possibility that the borrower may default or enter bankruptcy.

Due to restrictions on transfers in loan agreements and the nature of the private syndication of loans including, for example, the lack of publicly-available information, some loans are not as easily purchased or sold as publicly-traded securities. Some loans are illiquid, which may make it difficult for the Trust to value them or dispose of them at an acceptable price when it wants to. The market price of investments in floating rate loans is expected to be less affected by changes in interest rates than fixed-rate investments because floating rate loans pay a floating rate of interest that will fluctuate as market interest rates do and therefore should more closely track market movements in interest rates. Compared to securities and to certain other types of financial assets, purchases and sales of loans take relatively longer to settle. This extended settlement process can (i) increase the counterparty credit risk borne by the Trust; (ii) leave the Trust unable to timely vote, or otherwise act with respect to, loans it has agreed to purchase; (iii) delay the Trust from realizing the proceeds of a sale of a loan; (iv) inhibit the Trust’s ability to re-sell a loan that it has agreed to purchase if conditions change (leaving the Trust more exposed to price fluctuations); (v) prevent the Trust from timely collecting principal and interest payments; and (vi) expose the Trust to adverse tax or regulatory consequences.

To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, the Trust may hold cash, sell investments or temporarily borrow from banks or other lenders. If the Trust undertakes such measures, the Trust’s ability to pay redemption proceeds in a timely manner, as well as the Trust’s performance, may be adversely affected.

If the Trust invests in a loan via a participation, the Trust will be exposed to the ongoing counterparty risk of the entity providing exposure to the loan(and, in certain circumstances, such entity’s credit risk), in addition to the exposure the Trust has to the creditworthiness of the borrower.

In certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower or an arranger, lenders will not have the protection of the anti-fraud provisions of the federal securities laws, as would be the case for bonds or stocks. Instead, in such cases, lenders generally rely on the contractual provisions in the loan agreement itself, and common-law fraud protections under applicable state law.

Risk of Second Lien or Other Subordinated or Unsecured Loans or Debt. Second lien or other subordinated or unsecured loans or debt generally are subject to similar risks associated with investments in Senior Loans. Because second lien or other subordinated or unsecured loans or debt are lower in priority of payment to Senior Loans, they are subject to additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second lien or subordinated loans or debt, both secured and unsecured, are expected to have greater price volatility than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in second lien loans and subordinated loans or debt, both secured and unsecured, which would create greater credit risk

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exposure. Second lien or other subordinated or unsecured loans or debt of below investment grade quality share the same risks of other below investment grade securities.

High Yield Debt Securities (Junk Bond) Risk. The Trust’s investments in high yield debt securities (commonly referred to as “junk bonds”) and other lower-rated securities will subject the Trust to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due and are more susceptible to default or decline in market value due to adverse economic, regulatory, political or company developments than higher rated or investment grade securities. Prices of high yield debt securities tend to be very volatile. These securities are less liquid than investment grade debt securities and may be difficult to sell at a desirable time or price, particularly in times of negative sentiment toward high yield securities

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

Financial Services Sector Risk. The Trust may be susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies are subject to extensive government regulation and, as a result, their profitability may be affected by new regulations or regulatory interpretations. Unstable interest rates can have a disproportionate effect on companies in the financial services sector which could adversely affect the profitability of such companies. Financial services companies whose securities the Trust may purchase may themselves have concentrated portfolios, which makes them especially vulnerable to unstable economic conditions.

Interest Rate Risk. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Trust’s investments to decline. The values of debt securities usually change when prevailing interest rates change. When interest rates rise, the values of outstanding debt securities generally fall, and those securities may sell at a discount from their face amount. When interest rates rise, the decrease in values of outstanding debt securities may not be offset by higher income from new investments. When interest rates fall, the values of already-issued debt securities generally rise. However, when interest rates fall, the Trust’s investments in new securities may be at lower yields and may reduce the Trust’s income. The values of longer-term debt securities usually change more than the values of shorter-term debt securities when interest rates change; thus, interest rate risk is usually greater for securities with longer maturities or durations. “Zero-coupon” or

“stripped” securities may be particularly sensitive to interest rate changes.

Market Discount from Net Asset Value Risk. Shares of closed-end investment companies like the Trust frequently trade at prices lower than their net asset value. Because the market price of the Trust’s common shares is determined by factors such as relative market supply and demand, general market and economic circumstances, and other factors beyond the control of the Trust, the Trust cannot predict whether its shares of common stock will trade at, below or above net asset value. This characteristic is a risk separate and distinct from the risk that the Trust’s net asset value could decrease as a result of investment activities. Common shareholders bear a risk of loss to the extent that the price at which they sell their shares is lower than at the time of purchase.

Loan Origination Risks. In making a direct loan, the Trust is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Trust will lose money on the loan. Furthermore, direct loans may subject the Trust to liquidity and interest rate risk and certain direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The lack of a secondary market for direct loans may have an adverse impact on the ability of the Trust to dispose of a direct loan and/or to value the direct loan. When engaging in direct lending, the Trust’s performance may depend, in part, on the ability of the Trust to originate loans on advantageous terms. In originating and purchasing loans, the Trust will compete with a broad spectrum of lenders. Increased competition for, or a decrease in the available supply of, qualifying loans could result in lower yields on such loans, which could adversely affect Trust performance.

Valuation Risk. Different types of assets may be used as collateral for the Trust’s loans and, accordingly, the valuation of and risks associated with such collateral will vary by loan. There is no assurance that the Trust will correctly evaluate the value of the assets collateralizing the Trust’s loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a company that the Trust funds, the Trust may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by the Trust or its affiliates to the borrower. Furthermore, in the event of a default by a borrower, the Trust may have difficulty disposing of the assets used as collateral for a loan.

Regulatory Risk. Various state licensing requirements could apply to the Trust with respect investments in, or the origination and servicing of loans and similar assets. Failure to comply with such laws and regulations could lead to, among other penalties, a loss of the Trust’s (or its Subsidiary’s) or the Adviser’s license, which in turn could require the Trust to divest assets located in or secured by real property located in that state. To the extent the Trust (or its Subsidiary) obtains licenses or is required to comply with related regulatory requirements, the Trust could be subject to increased costs and regulatory oversight by governmental authorities, which may have an adverse effect on its results or operations.

Subsidiary Risk. By investing through one or more Subsidiaries, such as the LLC, the Trust is exposed to the risks associated with the Subsidiaries’ investments (which risks are generally the same as

the investment risks described in this prospectus applicable to the Trust). Subsidiaries will not be registered as investment companies under the 1940 Act and will not be subject to all of the investor protections of the 1940 Act. However, the Trust will comply with the applicable requirements of the 1940 Act on a consolidated basis with its Subsidiaries (if any) and each such Subsidiary will be subject to the same investment restrictions and limitations, and will adhere to the same compliance policies and procedures, as the Trust. Changes in the laws of the United States and/or the jurisdiction in which a Subsidiary is organized, including any changes in the interpretations of, or treatment with respect to, applicable federal tax-related matters impacting the Trust and its status as a regulated investment company, could result in the inability of the Trust and/or the Subsidiary to operate as described herein and could adversely affect the Trust.

Investments in Middle-Market Companies. Investments in middle-market companies may entail greater risks than are customarily associated with investments in large companies. Middle-market companies may have more limited product lines, markets and financial resources, and may be dependent on a smaller management group. As a result, such companies may be more vulnerable to general economic trends and to specific changes in markets and technology. In addition, future growth may be dependent on additional financing, which may not be available on acceptable terms when required. Furthermore, there is ordinarily a more limited marketplace for the sale of interests in smaller, private companies, which may make realizations of gains more difficult, by requiring sales to other private investors. In addition, the relative illiquidity of investments held by closed-end funds generally, and the somewhat greater illiquidity of closed-end fund investments in middle-market companies, could make it difficult for the Trust to react quickly to negative economic or political developments.

Conflicts of Interest Risk Related to Co-Investing. The Adviser and certain of its affiliates may experience conflicts of interest in connection with co-investment transactions. The Exemptive Order imposes various conditions on the Trust and the Adviser intended to ensure that any co-investment transactions are done in a fair and equitable manner. However, conflicts may nonetheless arise, including, but not limited to, the following:

∎ The Adviser may be incentivized to pursue a co-investment transaction for reputational or other reasons that are not directly advantageous to the Trust. For example, the Adviser may receive a higher advisory fee from an affiliated fund that would be a participant in a co-investment transaction with the Trust, in which case the Adviser might be incentivized to recommend that the Trust participate in riskier co-investment transactions than would be the case if the Trust was the only participant.

∎ By reason of the various activities of the Adviser and its affiliates, the Adviser and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing certain potential Trust investments that otherwise might have been purchased or be restricted from selling certain Trust investments that might otherwise have been sold at the time.

Conflicts of Interest Created by Valuation Process for Certain Portfolio Holdings. The Trust’s portfolio investments may include loans that are not publicly traded and for which no market based price quotation

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is available. As a result, the fair value of these loans will be determined in good faith in accordance with the valuation policy approved by the Board and related procedures. In connection with that determination, investment professionals from the Adviser may provide input regarding valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. Input from the Adviser’s investment professionals as part of the Trust’s valuation process could result in a conflict of interest as the Adviser’s management fee is based, in part, on the value of the Trust’s assets. Because such valuations are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, determinations of fair value may differ materially from the values that would have been used if an exchange-traded market for these securities existed. Due to this uncertainty, the Trust’s fair value determinations may cause the Trust’s NAV on a given date to materially understate or overstate the value that it may ultimately realize upon the sale of one or more of its investments.

Defaulted Securities Risk. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. The Trust will generally not receive interest payments on defaulted securities and may incur costs to protect its investment. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale. Investments in defaulted securities and obligations of distressed issuers are considered speculative and the prices of these securities may be more volatile than non-defaulted securities.

Credit Risk. The issuers of instruments in which the Trust invests may be unable to meet interest and/or principal payments. This risk is increased to the extent the Trust invests in junk bonds, which may cause the Trust to incur higher expenses to protect its interests. The credit risks and market prices of lower-grade securities generally are more sensitive to negative issuer developments, such as reduced revenues or increased expenditures, or adverse economic conditions, such as a recession, than are higher-grade securities. An issuer’s securities may decrease in value if its financial strength weakens, which may reduce its credit rating and possibly its ability to meet its contractual obligations. In the event that an issuer of securities held by the Trust experiences difficulties in the timely payment of principal and interest and such issuer seeks to restructure the terms of its borrowings, the Trust may incur additional expenses and may determine to invest additional assets with respect to such issuer or the project or projects to which the Trust’s securities relate. Further, the Trust may incur additional expenses to the extent that it is required to seek recovery upon a default in the payment of interest or the repayment of principal on its portfolio holdings and the Trust may be unable to obtain full recovery on such amounts.

Liquidity Risk. The Trust may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. An investment may be illiquid due to a lack of trading volume in the investment or if the investment is privately placed and not traded in any public market or is otherwise restricted from trading. Consequently, the Trust may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any

of which could have a negative effect on the Trust’s performance. Liquid securities can become illiquid during periods of market stress.

Restricted Securities Risk. Limitations on the resale of restricted securities may have an adverse effect on their marketability, and may prevent the Trust from disposing of them promptly at reasonable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility. In addition, the Trust may get only limited information about the issuer of a restricted security and therefore may be less able to predict a loss.

Rule 144A Securities and Other Exempt Securities Risk. The Trust may invest in Rule 144A securities and other types of exempt securities, which are not registered for sale pursuant to an exemption from registration under the Securities Act of 1933, as amended. These securities are also known as privately issued securities, and typically may be resold only to qualified institutional buyers, or in a privately negotiated transaction, or to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. If there are an insufficient number of qualified institutional buyers interested in purchasing such securities at a particular time, the Trust may have difficulty selling such securities at a desirable time or price. As a result, the Trust’s investment in such securities may be subject to increased liquidity risk. In addition, the issuers of Rule 144A securities may require their qualified institutional buyers (such as the Trust) to keep certain offering information confidential, which could adversely affect the ability of the Trust to sell such securities.

Preferred Shares Risk. The primary risk associated with the Trust’s issuance of preferred shares, such as the VRDP Shares, is exposing the net asset value of the common shares and total return to increased volatility if the value of the Trust decreases while the value of the preferred shares remains unchanged. Fluctuations in the dividend rates on the VRDP Shares can also impact the Trust’s yield or its distributions to common shareholders. The Trust is subject to certain restrictions relating to the VRDP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VRDP Shares at the maximum liquidation preference plus any accumulated but unpaid dividends. For additional information regarding the risks of VRDP Shares, see “Notes to Consolidated Financial Statements.”

Foreign Securities Risk. The value of the Trust’s foreign investments may be adversely affected by political and social instability in the home countries of the issuers of the investments, by changes in economic or taxation policies in those countries, or by the difficulty in enforcing obligations in those countries. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Trust could lose its entire investments in a certain market) and the possible adoption of foreign

governmental restrictions such as exchange controls. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. Also, there may be less publicly available information about companies in certain foreign countries than about U.S. companies making it more difficult for the Adviser to evaluate those companies. The laws of certain countries may put limits on the Trust’s ability to recover its assets held at a foreign bank if the foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. Trading in many foreign securities may be less liquid and more volatile than U.S. securities due to the size of the market or other factors. Unless the Trust has hedged its foreign currency risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Trust has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, the use of currency forward contracts, if used by the Trust, could reduce performance if there are unanticipated changes in currency exchange rates.

Risks of Structured Products. The Trust may invest in structured products, CDOs, CBOs, CLOs, structured notes, credit-linked notes and other types of structured products. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Trust may have the right to receive payments to which it is entitled only from the structured product, and generally does not have direct rights against the issuer or the entity that sold assets to the special purpose trust. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product’s administrative and other expenses. When investing in structured products, it is impossible to predict whether the underlying index or prices of the underlying securities will rise or fall, but prices of the underlying indices and securities (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect particular issuers of securities and capital markets generally. Certain structured products may be thinly traded or have a limited trading market and may have the effect of increasing the Trust’s illiquidity to the extent that the Trust, at a particular point in time, may be unable to find qualified buyers for these securities.

CBOs, CLOs and other CDOs are typically privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Trust as illiquid securities; however an active dealer market may exist for CDOs allowing a CDO to be considered liquid in some circumstances. In addition to the general risks associated with fixed income securities discussed herein, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the

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possibility that the CDOs are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Investments in structured notes involve risks including income risk, credit risk and market risk. Where the Trust’s investments in structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note.

Investing in Stocks Risk. Common stock represents an ownership interest in a company. It ranks below preferred stock and debt securities in claims for dividends and in claims for assets of the issuer in a liquidation or bankruptcy. Common stocks may be exchange-traded or over-the-counter securities. Over-the-counter securities may be less liquid than exchange-traded securities. The value of the Fund’s portfolio may be affected by changes in the stock markets. Stocks and other equity securities fluctuate in price in response to changes to equity markets in general. Stock markets may experience significant short-term volatility and may fall or rise sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets. The prices of individual stocks generally do not all move in the same direction at the same time. However, individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. A variety of factors can negatively affect the price of a particular company’s stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry. To the extent that securities of a particular type are emphasized (for example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), their share values may fluctuate more in response to events affecting the market for those types of securities.

Preferred Securities Risk. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred stock has a set dividend rate and ranks ahead of common stocks and behind debt securities in claims for dividends and for assets of the issuer in a liquidation or bankruptcy. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than these more senior securities. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in the

company’s financial condition or prospects. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

Rights and Warrants Risk. Rights and warrants may be purchased directly or acquired as part of other securities. Warrants are options to purchase equity securities at a specific price during a specific period of time. The price of a warrant does not necessarily move parallel to, and is generally more volatile than, the price of the underlying security. Warrants may be significantly less valuable or worthless on their expiration date and may also be postponed or terminated early, resulting in a partial or total loss. Rights are similar to warrants, but normally have a short duration and are distributed directly by the issuer to its shareholders. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. Warrants and rights are highly volatile and, therefore, more susceptible to sharp declines in value than the underlying security might be. The market for rights or warrants may be very limited and it may be difficult to sell them promptly at an acceptable price.

Convertible Securities Risk. The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Convertible securities can be converted into or exchanged for a set amount of common stock of an issuer within a particular period of time at a specified price or according to a price formula. Convertible debt securities pay interest and convertible preferred stocks pay dividends until they mature or are converted, exchanged or redeemed. Some convertible debt securities may be considered “equity equivalents” because of the feature that makes them convertible into common stock. Since a convertible security derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events. These convertible securities are subject to an increased risk of loss and are generally subordinate in rank to other debt obligations of the issuer. Convertible securities may be rated below investment grade, which are considered to have more speculative characteristics and greater susceptibility to default or decline in market value than investment grade securities.

Warrants, Equity Securities and Junior Debt Securities of the Borrower. Warrants, equity securities and junior debt securities have a subordinate claim on a Borrower’s assets as compared with Senior Loans. As a result, the values of warrants, equity securities and junior debt securities generally are more dependent on the financial condition of the Borrower and less dependent on fluctuations in interest rates than are the values of many debt securities. The values of warrants, equity securities and junior debt securities may be more volatile than those of Senior Loans and thus may increase the

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

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

Risks of Borrowing and Leverage. Borrowing for leverage will subject the Trust to greater costs (for interest payments to the lenders, origination fees and related expenses) than funds that do not borrow for leverage and these other purposes. The interest on borrowed money is an expense that might reduce the Trust’s yield, especially if the cost of borrowing to buy investments exceeds the yield on the investments purchased with the proceeds of a loan. Using leverage may also make the Trust’s share price more sensitive, i.e. volatile, than if the Trust did not use leverage due to the tendency to exaggerate the effect of any increase or decrease in the value of the Trust’s portfolio investments. The use of leverage may also cause the Trust to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations to the lenders.

Distribution Risk. The Board has adopted a Managed Distribution Plan (the “Plan”) for the Trust whereby the Trust seeks to pay a stated fixed monthly distribution amount to common shareholders. The Plan is intended to provide common shareholders with a consistent, but not guaranteed, periodic cash payment from the Trust, regardless of when or whether income is earned or capital gains are realized. If sufficient investment income is not available for a monthly distribution, the Trust will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution

51 Invesco Senior Income Trust

level under the Plan. The Plan is subject to periodic review by the Board, and the Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Trust’s shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Trust’s common shares. Please see “Managed Distribution Plan Disclosure” in this report for additional information regarding the Plan.

Financial Markets Regulatory Risk. Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad, changes to the monetary policy by the Federal Reserve or other regulatory actions, the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan or other legislation aimed at addressing financial or economic conditions, the threat of a federal government shutdown, and threats not to increase or suspend the federal government’s debt limit, may affect investor and consumer confidence, increase volatility in the financial markets, perhaps suddenly and to a significant degree, result in higher interest rates, and even raise concerns about the U.S. government’s credit rating and ability service its debt. Such changes and events may adversely impact the Trust’s operations, universe of potential investment options, and return potential.

Environmental, Social and Governance (ESG) Considerations Risk. The ESG considerations that may be assessed as part of a credit research process to implement the Trust’s investment strategy in pursuit of its investment objective may vary across types of eligible investments and issuers, and not every ESG factor may be identified or evaluated for every investment, and not every investment or issuer may be evaluated for ESG considerations. The incorporation of ESG factors as part of a credit analysis may affect the Trust’s exposure to certain issuers or industries and may not work as intended. Information used to evaluate such factors may not be readily available, complete or accurate, and may vary across providers and issuers. There is no guarantee that the incorporation of ESG considerations will be additive to the Fund’s performance.

Management Risk. The Trust is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Trust’s portfolio. The Trust could experience losses if these judgments prove to be incorrect. There can be no guarantee that the Adviser’s investment techniques or investment decisions will produce the desired results. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Trust, which may also adversely affect the ability of the Trust to achieve its investment objective.

A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.spglobal.com and select “Understanding Credit Ratings” under About Ratings on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.

52 Invesco Senior Income Trust

Trustees and Officers

The address of each trustee and officer is 1331 Spring Street NW, Suite 2500, Atlanta, Georgia 30309. Generally, each trustee serves for a three year term or until his or her successor has been duly elected and qualified, and each officer serves for a one year term or until his or her successor has been duly elected and qualified. Column two below includes length of time served with predecessor entities, if any.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee

Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2014	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	175	None

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

T-1 Invesco Senior Income Trust

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees

Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)

Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)

Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)

Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee

Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP

Prema Mathai-Davis – 1950 Trustee	2014	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Senior Income Trust

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non‑profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Senior Income Trust

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris — 1964 President and Principal Executive Officer	2010	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Senior Income Trust

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2010	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Senior Income Trust

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Auditors	Custodian
1331 Spring Street NW, Suite 2500	Invesco Advisers, Inc.	PricewaterhouseCoopers LLP	State Street Bank and Trust Company
Atlanta, GA 30309	1331 Spring Street NW, Suite 2500	1000 Louisiana Street, Suite 5800	225 Franklin Street
	Atlanta, GA 30309	Houston, TX 77002-5021	Boston, MA 02110-2801

Counsel to the Fund	Transfer Agent	Investment Sub-Adviser
Stradley Ronon Stevens & Young, LLP	Computershare Trust Company, N.A.	Invesco Senior Secured Management, Inc.
2005 Market Street, Suite 2600	250 Royall Street	225 Liberty Street
Philadelphia, PA 19103-7018	Canton, MA 02021	New York, NY 10281

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

T-6 Invesco Senior Income Trust

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Correspondence information

Send general correspondence to Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000.

Trust holdings and proxy voting information

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

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

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


SEC file number(s): 811-08743				VK-CE-SINC-AR-1

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

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

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

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.

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

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

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

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

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

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

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

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

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

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service;

and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $8,440,000 for the fiscal year ended February 28, 2023 and $5,931,000 for the fiscal year ended February 28, 2022. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $9,329,053 for the fiscal year ended February 28, 2023 and $6,768,420 for the fiscal year ended February 28, 2022.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Boards of Trustees (“Board”) of the Invesco Funds (the “Funds”) have adopted this code of ethics (this “Code”) applicable to their Principal Executive Officer and Principal Financial Officer (or persons performing similar functions) (collectively, the “Covered Officers”) to promote:

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Business practices Covered Officers should be guided by and adhere to these fiduciary standards.

Guiding Principles. A “conflict of interest” occurs when an individual’s personal interest actually or potentially interferes with the interests of the Funds or their shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her duties as a Fund officer objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position as a Fund officer. In addition, investment companies should be sensitive to situations that create apparent, but not actual, conflicts of interest. Service to the Funds should never be subordinated to personal gain an advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior, they will be deemed to be incorporated in this Code and therefore any material violation will also be deemed a violation of this Code.

Covered Officers must in all cases comply with applicable statutes and regulations. In addition, the Funds and their investment adviser have adopted Codes of Ethics designed to prevent, identify and/or correct violations of these statutes and regulations. This Code does not, and is not intended to, repeat or replace such Codes of Ethics.

As to conflicts arising from, or as a result of the contractual relationship between, the Funds and the investment adviser of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the adviser’s fiduciary duties to the Funds, the Covered Officers will in the normal course of their duties (whether formally for the Funds or for the adviser, or for both) be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Funds. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Funds. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of other investment companies advised or serviced by the same adviser and the codes which apply to senior officers of those investment companies will apply to the Covered Officers acting in those distinct capacities.

Some conflict of interest situations that should always be discussed with the CCO, if material, include the following:

Each Covered Officer is required to be familiar, and comply, with the Funds’ disclosure controls and procedures so that the Funds’ subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Funds’ other public communications should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

It is the Funds’ policy to comply in all material respects with all applicable governmental laws, rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

Except as described otherwise below, the CCO is responsible for applying this Code to specific situations in which questions are presented to him or her and has the authority to interpret this Code in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The CCO is authorized to consult, as appropriate, with the Chairman of the Audit Committees of the Board, counsel to the Funds and counsel to the Board members who are not “interested persons” of the Funds as defined in the 1940 Act (“Independent Trustees”), and is encouraged to do so.

The CCO is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Covered Officers may also be considered by the Chairman of the Audit Committees of the Board.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

The Funds’ and the Advisers’ and Principal Underwriters’ codes of ethics under Rule 17j-1 under the Investment Company Act and the Advisers’ more detailed policies and procedures set forth in its Compliance and Supervisory Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of Independent Trustees.

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Funds’ Board, counsel to the Funds, counsel to the Independent Trustees.

I hereby acknowledge that I am a Principal Officer of the Funds and I am aware of and subject to the Funds’ Code of Ethics for Covered Officers. Accordingly, I have read and understood the requirements of the Code of Ethics for Covered Officers and I am committed to fully comply with the Code of Ethics for Covered Officers

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Commission and in other public communications made by the Funds; and

4. The prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

In connection with the Certified Shareholder Report of Invesco Senior Income Trust (the “Company”) on Form N-CSR for the period ended February 28, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

In connection with the Certified Shareholder Report of Invesco Senior Income Trust (the “Company”) on Form N-CSR for the period ended February 28, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Form 1099-DIV for the calendar year will report distributions for US federal income tax purposes. The Fund’s annual report to shareholders will include information regarding the tax character of Fund distributions for the fiscal year. This Notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.

Effective August 1, 2018, the Board of Invesco High Income Trust II (NYSE: VLT) approved a Managed Distribution Plan (the “VLT Plan”) for the Fund, whereby the Fund increased its monthly dividend to common shareholders to a stated fixed monthly distribution amount based on a distribution rate of 8.5 percent of the closing market price per share as of August 1, 2018, the date the VLT Plan became effective.

The Board of Trustees (the “Board”) of Invesco Senior Income Trust (NYSE: VVR) (the “Fund”) approved an increase in the monthly distribution amount payable to common shareholders pursuant to the Fund’s Managed Distribution Plan (the “Plan”). Effective October 1, 2022, the Fund will pay its monthly dividend to common shareholders at a stated fixed monthly distribution amount of $0.032 per share, an increase from a stated fixed monthly distribution amount of $0.026 per share.

The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the sources indicated. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Plan. All amounts are expressed per common share. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution is estimated to be a return of capital. A return of capital may occur, for example, when some or all of the money that shareholders invested in a Fund is paid back. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

* Form 1099-DIV for the calendar year will report distributions for federal income tax purposes. The final determination of the source and tax characteristics of all distributions in 2022 will be made after the end of the year.

The monthly distributions are based on estimates and terms of the Fund’s Plan. Monthly distribution amounts may vary from these estimates based on a multitude of factors. Changes in portfolio and market conditions may cause deviations from estimates. These estimates should not be taken as indication of a Fund’s earnings and performance. The actual amounts and its sources may be subject to additional adjustments and will be reported after year end.

The Fund’s Performance and Distribution Rate Information disclosed in the table below is based on the Fund’s net asset value per share (NAV). Shareholders should take note of the relationship between the Fiscal Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate and the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate. The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. NAV performance may be indicative of a Fund’s investment performance. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

¹ Fiscal year-to-date Cumulative Total Return assumes reinvestment of distributions. This is calculated as the percentage change in the Fund’s NAV over the fiscal year-to-date time period including distributions paid and reinvested.

² Cumulative Distribution Rate for the Fund’s current fiscal period (March 1, 2022 through November 30, 2022) is calculated as the dollar value of distributions in the fiscal year-to-date period as a percentage of the Fund’s NAV as of November 30, 2022.

³ The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of November 30, 2022.

⁴ Average Annual Total Return represents the compound average of the annual NAV Total Returns of the Fund for the five year period ending November 30, 2022. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and reinvested.

The Plan will be subject to periodic review by the Fund’s Board, and a Fund’s Board may terminate or amend the terms of its Plan at any time without prior notice to the Fund’s shareholders. The amendment or termination of a Fund’s Plan could have an adverse effect on the market price of such Fund’s common shares.

The amount of dividends paid by the Fund may vary from time to time. Past amounts of dividends are no guarantee of future payment amounts.

Investing involves risk and it is possible to lose money on any investment in the Funds.

For additional information, shareholders of the closed end fund may call Invesco at 800-341-2929.

Invesco Ltd. is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more than 20 countries, Invesco managed $1.3 trillion in assets on behalf of clients worldwide as of September 30, 2022.

Invesco Distributors, Inc. is the US distributor for Invesco Ltd. It is an indirect, wholly owned, subsidiary of Invesco Ltd.

Note: There is no assurance that a closed-end fund will achieve its investment objective. Shares are bought on the secondary market and may trade at a discount or premium to NAV. Regular brokerage commissions apply.

NOT A DEPOSIT l NOT FDIC INSURED l NOT GUARANTEED BY THE BANK l MAY LOSE VALUE l NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

N-2

Feb. 28, 2023

Cover [Abstract]

Entity Central Index Key

0001059386

Amendment Flag

false

Document Type

N-CSR

Entity Registrant Name

Invesco Senior Income Trust

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Recent Changes

Investment Objective

Investment Policies of the Trust

The Trust may invest up to 20% of its total assets in Senior Loans which are not secured by any collateral.

The Trust may invest a substantial portion of its assets in Senior Loans, the Borrowers with respect to which have outstanding debt securities which are rated below investment grade by a nationally

The Trust may also purchase Assignments from Lenders.

The Trust will never act as the Agent or principal negotiator or administrator of a Senior Loan.

A Lender may have certain obligations pursuant to a Loan Agreement, which may include the obligation to make additional loans in certain circumstances.

The Trust may use other derivative instruments (including swaps and forward currency contracts) for a variety of purposes, including hedging, risk management, portfolio management or to earn income.

Direct Loan Origination. The Trust may originate Senior Loans directly or through investments in one

∎ the borrower’s past and expected future financial performance;

∎ the experience and depth of the borrower’s management;

∎ the status of the borrower’s industry and its position in that industry;

∎ the collateral for the loan or other debt security;

∎ the borrower’s assets and cash flows; and

∎ the credit quality of the debt obligations of the bank servicing the loan and other intermediaries imposed between the borrower and the Trust. The credit research process utilized by the Trust to

There can be no assurance that the portfolio managers’ analysis will identify all of the factors that may impair the value of a Senior Loan or other investment.

Risk Factors [Table Text Block]

Principal Risks of Investing in the Trust

instruments held by the Trust could result in losses to the Trust.

exposure. Second lien or other subordinated or unsecured loans or debt of below investment grade quality share the same risks of other below investment grade securities.

“stripped” securities may be particularly sensitive to interest rate changes.

of which could have a negative effect on the Trust’s performance. Liquid securities can become illiquid during periods of market stress.

Bank Loan Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

CBOs CLOs and other CDOs are typically privately offered and sold and thus are not registered under the securities laws [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Changing Fixed Income Market Conditions Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Conflicts of Interest Created by Valuation Process for Certain Portfolio Holdings. [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Conflicts of Interest Risk Related to Co Investing [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Convertible Securities Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

COVID 19 [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

COVID 19 Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Credit Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Debt Securities Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Defaulted Securities Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Derivatives Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Distribution Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

OtherRisks [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

LIBOR Transition Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

instruments held by the Trust could result in losses to the Trust.

Market Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Market Disruption Risks Related to Russia Ukraine Conflict [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risk of Second Lien or Other Subordinated or Unsecured Loans or Debt [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

exposure. Second lien or other subordinated or unsecured loans or debt of below investment grade quality share the same risks of other below investment grade securities.

High Yield Debt Securities Junk Bond Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Financial Services Sector Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Interest Rate Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

“stripped” securities may be particularly sensitive to interest rate changes.

Market Discount from Net Asset Value Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Loan Origination Risks [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Regulatory Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Investments in Middle Market Companies [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Restricted Securities Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Preferred Shares Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Foreign Securities Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Investments in structured notes involve risks including income risk credit risk and market risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Investing in Stocks Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Rights and Warrants Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Financial Markets Regulatory Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Environmental Social and Governance ESG Considerations Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Management Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Preferred Securities Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Liquidity Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

of which could have a negative effect on the Trust’s performance. Liquid securities can become illiquid during periods of market stress.

LIBOR Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Leverage Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risks of Senior Loans and Other Loans [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Valuation Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Subsidiary Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Rule 144A Securities and Other Exempt Securities Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risks of Structured Products [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Warrants Equity Securities and Junior Debt Securities of the Borrower [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risks of Borrowing and Leverage [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Notes [Member]

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]


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

Audit Fees		$	106,683		$	111,666
Audit-Related Fees		$	0		$	0
Tax Fees⁽¹⁾		$	15,053		$	36,420
All Other Fees		$	0		$	0

Total Fees		$	121,735		$	148,086


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

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

Total Fees		$	874,000		$	801,000



Portfolio Managers		Dollar Range of Investments in the Fund

Invesco Senior Income Trust

Scott Baskind		None

Thomas Ewald		None

Philip Yarrow		None


Portfolio Managers	Other Registered Investment Companies Managed		Other Pooled Investment Vehicles Managed		Other Accounts Managed
	Number of Accounts	Assets (in millions)	Number of Accounts	Assets (in millions)	Number of Accounts	Assets (in millions)
Invesco Senior Income Trust
Scott Baskind	5	$8,263.7	6	$5,002.5	16	$6,896.9
Thomas Ewald	5	$7,571.2	4	$4,648.6	15	$6,791.0
Philip Yarrow	5	$7571.2	4	$4,648.6	16	$6,896.9


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


13(a) (1)		Code of Ethics.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

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

13(c)		Pursuant to the Securities and Exchange Commission’s Order granting relief from Section 19(b) of the Investment Company Act of 1940, the Section 19(a) notices to shareholders are attached thereto.


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

Date:		May 3, 2023


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


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


Fund	December 2022
	Net Investment Income		Net Realized Capital Gains		Return of Principal (or Other Capital Source)		Total Current
	Per Share Amount	% of Current Distribution	Per Share Amount	% of Current Distribution	Per Share Amount	% of Current Distribution	Distribution (common share)
Invesco High Income Trust II	$0.0601	62.34%	$0.0000	0.00%	$0.0363	37.66%	$0.0964
Invesco Senior Income Trust	$0.0646	41.44%	$0.0000	0.00%	$0.0913	58.56%	$0.1559


Fund	CUMULATIVE FISCAL YEAR-TO-DATE (YTD) November 30, 2022*
	Net Investment Income		Net Realized Capital Gains		Return of Principal (or Other Capital Source)		Total FYTD
	Per Share Amount	% of 2022 Distribution	Per Share Amount	% of 2022 Distribution	Per Share Amount	% of 2022 Distribution	Distribution (common share)
Invesco High Income Trust II	$0.8343	96.16%	$0.0000	0.00%	$0.0333	3.84%	$0.8676
Invesco Senior Income Trust	$0.2410	100.00%	$0.0000	0.00%	$0.0000	0.00%	$0.2410


Fund	Fiscal Year-to-date March 1, 2022 to November 30, 2022			Five year period ending November 30, 2022
Fund	FYTD Cumulative Total Return¹	Cumulative Distribution Rate ²	Current Annualized Distribution Rate ³	Average Annual Total Return ⁴
Invesco High Income Trust II	-8.31%	7.36%	9.81%	2.15%
Invesco Senior Income Trust	-2.12%	5.71%	10.92%	4.18%