Compared against all funds.
1Y return
+5.1%
28th pctile · behind most peersas of 2026-05-07
Since inception
+3.8%
annualized, as reported
Distribution rate
not stated in filings
exceeds net investment incomeNet assets
$315.7M
as of 2026-05-07
Net expenses
2.53%
30th pctile · cheaper than median
Repurchase
6% Monthly
1 of 293 peers matchLevel 3
3.25%
19th pctile · less model-priced than peersLast offer
no offer yet
40 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 0.9% management fee)2.53%
Minus interest on borrowings, the cost of portfolio leverage0.99%
Ongoing cost, determined from the filings1.54%
Owning the cheapest class costs about 1.5% a year: a 0.90% management fee plus administration, transfer agent, audit, reporting and other fund-level costs. The headline 2.53% ratio also contains about 0.99% of interest and facility fees on $55 million of borrowings, which is excluded because the borrowed money buys assets. Class C costs 2.54% and Class A adds a 3.25% up-front charge.
Sales loadnone
Total drag per year1.54%
This is the cost for class IB (also Class Y, identical 2.53% ratio) - cheapest class.
Based on fiscal year ended 2/28/2026 (annual report, N-CSR). The 2.53% and 1.54% ratios are the filing's own full-year annual figures for Class IB/Class Y, not.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (None of the Invesco Fund accounts managed have a performance-based fee.) apply only to returns earned. How this is calculated
Against all funds
Total drag
27th pctile · cheaper than most
1Y return
28th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Fiscal year ended 2/28/2026 (annual report, N-CSR). The 2.53% and 1.54% ratios are the filing's own full-year annual figures for Class IB/Class Y, not annualized by us. The interim report (six months to 8/31/2025, annualized 2.65% total / 1.58% ex-interest) shows the same fee schedule and no waiver change, so no adjustment was made; borrowings fell from $72.5m to $55.0m over the year, which lowered the interest component..
Open the filing on sec.gov (0001193125-26-210687)Size and leverage
Net assets$315.7M?
Borrowings$55.0M?
Leveragedebt to equity0.17x?
Asset coverage674.00%?
Started1989-10-04?
What the manager charges
Management feeof net assets0.90%?
Adviser is subsidising costsNo?
Getting your money back
Repurchase offersmonthly
Share of the fund offered6.00%
Early repurchase fee1.00%
Last offer filled in fullYes
Where distributions come from
Paid out of income96.10%
Return of your own capital3.90%
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Largest position2.45%
Priced by the managerno market price available23.50%
MostlyBusiness Equipment & Services
Who is involved
AdviserInvesco Advisers, Inc.
AuditorPricewaterhouseCoopers LLP
Independent valuation agentNo
Deals with affiliatesYes
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class A | 0.25% | 3.25% | 2.78% | - |
| Class C | 1.00% | 0.00% | 3.53% | - |
| Class Y | 0.00% | 0.00% | 2.53% | - |
| Class IB | 0.00% | 0.00% | 2.53% | - |
| Class IC | 0.15% | 0.00% | 2.68% | - |
Also worth knowing
- Effective February 26, 2026 the wholly-owned subsidiary, Invesco Senior Loan TB, LLC, liquidated all of its portfolio investments and is winding down operations.
- Borrowings were reduced from $72.5 million to $55.0 million during the year; leverage was about 11% of total assets at year end and the average daily balance was $62,273,973 at an average rate of 5.19%.
- Capital loss carryforward of $271,313,709 at February 28, 2026, of which $270,018,258 is not subject to expiration.
- Monthly repurchase offers of 6% of shares were never oversubscribed; tenders ranged from 0.8% to 1.5% of outstanding shares, so no proration occurred.
- Interest and facility cost excluded from drag: 0.99 % of average net assets (This is the single largest gap between the 2.53% reported ratio and the 1.54% ongoing cost; it rises and falls with borrowings and short-term rates rather than with the manager's fee.)
- Class A cost including amortized sales load: 2.87 % per year for three years (A buyer of Class A pays 1.79% ongoing plus a 3.25% front-end charge, roughly 1.08% a year if spread over three years, nearly double the cheapest class.)
- Credit facility size and covenant risk: $90 million revolving credit and security agreement with State Street; $55 million drawn (The facility has no scheduled expiration but can be terminated by the lender on 180 days' notice and is secured by fund assets; covenant breach could force repayment and deleveraging.)
- Capital loss carryforward: 271,313,709 USD (Realized gains can be sheltered from tax for the foreseeable future, but it also records how much shareholder capital has been lost historically; distributable earnings are negative $299 million.)
- Return of capital in distributions: 1,009,154 USD (3.9% of total distributions) (Part of the monthly income paid out was a return of the investor's own capital rather than earnings, and total distributions of $26.1 million exceeded net investment income of $25.3 million.)
- Level 3 and illiquid holdings: Level 3 $74,074,049; illiquid $64,293,834 (20.37% of net assets); restricted $40,913,302 (12.96%) (Almost a quarter of the portfolio is valued with unobservable inputs such as EBITDA multiples and broker quotes, so reported NAV and monthly repurchase prices carry valuation uncertainty.)
- Unfunded loan commitments: 4,564,373 USD (The Fund must reserve cash and liquid assets against these draw obligations, which competes with liquidity needed for monthly repurchases.)
- Persistent net redemptions: -21,475,382 USD net share transactions in fiscal 2026 (Net assets fell from $346 million to $316 million; a shrinking base spreads fixed costs over fewer assets and pressures the expense ratio higher over time.)
Liquidity terms
Repurchase frequencyvaries across filingsmonthly
Repurchase percentage of shares outstanding6%
Minimum investmentvaries by share class$1,000
Valuation
Independent valuation firmEngaged, name in filing
Valuation frequencychanged from quarterly · Sep 2013monthly
Structure
Legal structurechanged · Jun 2026
Use of derivativesvaries across filingsyes
Tax reporting formunchanged, 4 filings1099
Stated benchmarkchanged · Feb 2026S&P UBS Leveraged Loan Index
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-08-312026-06-25
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$315.7M
Total annual expenses, net of waiver2.53%
Total annual expenses, gross2.53%
Distributions exceed net investment incomechanged · Feb 2026yes
Total return, 1 yearvaries across filings5.32%
Since inception, annualizedraised from 3.71% · Feb 20263.75%
Level 3 inputslowered from 3.5% · Feb 20263.25%
Leverage, actuallowered from 18.46% · Feb 202611%
Offer dateOfferedRequestedAcceptedSource
2005-02-09···SC TO-I/A
2005-01-21···SC TO-I
2004-10-29···SC TO-I/A
2004-10-15···SC TO-I
2004-08-20···SC TO-I/A
2004-07-30···SC TO-I/A
2004-07-16···SC TO-I
2004-05-28···SC TO-I/A
2004-04-30···SC TO-I/A
2004-04-16···SC TO-I
2004-03-19···SC TO-I/A
2004-02-11···SC TO-I/A
2004-02-06···SC TO-I/A
2004-01-23···SC TO-I
2003-11-21···SC TO-I/A
2003-10-31···SC TO-I/A
2003-10-17···SC TO-I
2003-08-01···SC TO-I/A
2003-07-18···SC TO-I
2003-04-25···SC TO-I/A
2003-04-11···SC TO-I
2003-01-24···SC TO-I/A
2003-01-10···SC TO-I
2002-10-25···SC TO-I/A
2002-10-11···SC TO-I
2002-07-26···SC TO-I/A
2002-07-12···SC TO-I
2002-05-03···SC TO-I/A
2002-04-12···SC TO-I
2002-02-01···SC TO-I/A
2002-01-18···SC TO-I
2001-11-02···SC TO-I/A
2001-10-19···SC TO-I
2001-07-27···SC TO-I/A
2001-07-13···SC TO-I
2001-04-20···SC TO-I/A
2001-04-06···SC TO-I
2001-01-26···SC TO-I/A
2001-01-12···SC TO-I
2000-10-27···SC TO-I/A
2026-06-25486BPOSPost-effective amendment, effective2026-05-2624F-2NTAnnual notice of securities sold2026-05-14N-CENAnnual census of service providers2026-05-07N-CSRAnnual shareholder report2026-05-01424B3Prospectus supplement2026-02-27497Definitive prospectus or supplement2025-11-07N-CSRSSemiannual shareholder report2025-09-17497Definitive prospectus or supplement2025-05-2024F-2NTAnnual notice of securities sold2025-05-02N-CSRAnnual shareholder report2025-01-24424B3Prospectus supplement2024-11-01N-CSRSSemiannual shareholder report2024-05-02N-CSRAnnual shareholder report2013-09-06486APOSPost-effective amendment, not yet effective2005-02-15N-2/AAmended registration statement2005-02-09SC TO-I/AAmended issuer tender offer2004-12-17SC TO-IIssuer tender offer2004-12-07N-2Registration statement and prospectus2004-10-29SC TO-I/AAmended issuer tender offer2004-09-30POS 8CPost-effective amendment (closed-end fund prospectus update)2004-09-17SC TO-IIssuer tender offer2004-08-20SC TO-I/AAmended issuer tender offer2004-07-30SC TO-I/AAmended issuer tender offer2004-06-18SC TO-IIssuer tender offer2004-05-28SC TO-I/AAmended issuer tender offer2004-04-30SC TO-I/AAmended issuer tender offer2004-03-19SC TO-IIssuer tender offer2004-03-19SC TO-I/AAmended issuer tender offer2004-02-11SC TO-I/AAmended issuer tender offer2004-02-06SC TO-I/AAmended issuer tender offer2003-12-19SC TO-IIssuer tender offer2003-11-21SC TO-I/AAmended issuer tender offer2003-10-31SC TO-I/AAmended issuer tender offer2003-09-19SC TO-IIssuer tender offer2003-08-01SC TO-I/AAmended issuer tender offer2003-06-20SC TO-IIssuer tender offer2003-04-25SC TO-I/AAmended issuer tender offer2003-03-14SC TO-IIssuer tender offer2003-01-24SC TO-I/AAmended issuer tender offer2002-12-12SC TO-IIssuer tender offer2002-10-25SC TO-I/AAmended issuer tender offer2002-09-13SC TO-IIssuer tender offer2002-07-26SC TO-I/AAmended issuer tender offer2002-06-14SC TO-IIssuer tender offer2002-05-03SC TO-I/AAmended issuer tender offer2002-03-15SC TO-IIssuer tender offer2002-02-01SC TO-I/AAmended issuer tender offer2001-12-14SC TO-IIssuer tender offer2001-11-02SC TO-I/AAmended issuer tender offer2001-09-21SC TO-IIssuer tender offer2001-07-27SC TO-I/AAmended issuer tender offer2001-06-15SC TO-IIssuer tender offer2001-04-20SC TO-I/AAmended issuer tender offer2001-03-09SC TO-IIssuer tender offer2001-01-26SC TO-I/AAmended issuer tender offer2000-12-28SC TO-I/AAmended issuer tender offer2000-12-14SC TO-IIssuer tender offer2000-10-27SC TO-I/AAmended issuer tender offer2000-09-15SC TO-IIssuer tender offer2000-07-28SC TO-I/AAmended issuer tender offer2000-06-27SC TO-I/AAmended issuer tender offer2000-06-16SC TO-IIssuer tender offer2000-04-28SC TO-I/AAmended issuer tender offer2000-03-17SC TO-IIssuer tender offer
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.