NPORT-EX 2 edgar.htm
Schedule of Investments
January 31, 2020
(Unaudited)
  Principal
Amount 		Value
Non-U.S. Dollar Denominated Bonds & Notes–55.17%(a)
Australia–1.23%
Australia Government Bond, Series 136, 4.75%, 04/21/2027 AUD       360,000    $306,935
Belgium–0.52%
Solvay Finance S.A., 5.87%(b) EUR       100,000    130,929
Canada–3.83%
Canadian Government Bond, 2.00%, 06/01/2028 CAD     1,200,000    957,969
Egypt–1.73%
Egypt Government International Bond,                         
13.70%, 12/31/2029 EGP     4,560,000    288,055
6.38%, 04/11/2031(c) EUR       120,000    144,971
      433,026
France–2.10%
Orange S.A., 5.88%(b) GBP       200,000    286,116
TOTAL S.A., 2.63%(b) EUR       200,000    239,757
      525,873
Germany–4.70%
Bundesrepublik Deutschland Bundesanleihe, 0.01%, 08/15/2029 EUR       900,036  1,044,317
Evonik Industries AG, 2.13%, 07/07/2077 EUR       115,000    131,731
      1,176,048
Indonesia–3.34%
Indonesia Government International Bond, 0.90%, 02/14/2027 EUR       200,000    221,949
Indonesia Treasury Bond, Series FR79, 8.38%, 04/15/2039 IDR 5,242,000,000    419,813
PT Perusahaan Listrik Negara, 1.88%, 11/05/2031(c) EUR       175,000    195,226
      836,988
Italy–3.23%
Italy Buoni Poliennali del Tesoro,                         
2.50%, 11/15/2025 EUR       225,000    278,985
3.00%, 08/01/2029 EUR       315,000    418,139
3.45%, 03/01/2048(c) EUR        75,000    111,597
      808,721
Japan–6.51%
Japan Government Forty Year Bond, Series 9, 0.40%, 03/20/2056 JPY    50,900,000    471,422
Japan Government Ten Year Bond, Series 365, 0.10%, 09/20/2029 JPY    91,850,000    862,043
Japan Government Twenty Year Bond, Series 147, 1.60%, 12/20/2033 JPY    26,550,000    296,848
      1,630,313
  Principal
Amount 		Value
Mexico–2.98%
Mexican Bonos, Series M20, 8.50%, 05/31/2029 MXN    12,500,000    $746,672
Netherlands–0.91%
Cooperatieve Rabobank U.A., 5.50%(b) EUR       200,000    226,371
Poland–5.84%
Republic of Poland Government Bond, 2.75%, 10/25/2029 PLN     5,370,000  1,461,295
Romania–0.54%
Romanian Government International Bond, 3.38%, 01/28/2050(c) EUR       115,000    135,543
Russia–5.02%
Russian Federal Bond - OFZ,                         
Series 6218, 8.50%, 09/17/2031 RUB    31,000,000    576,230
Series 6221, 7.70%, 03/23/2033 RUB    38,610,000    679,720
      1,255,950
South Africa–1.83%
Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/2048 ZAR     7,830,000    456,909
Spain–0.66%
Spain Government Bond, 2.70%, 10/31/2048(c) EUR       107,000    164,362
Supranational–1.04%
International Bank for Reconstruction & Development, Series GDIF, 0.50%, 06/21/2035 EUR       222,000    260,518
Switzerland–1.43%
Credit Suisse AG, 5.75%, 09/18/2025 EUR       100,000    114,818
UBS Group AG, 5.75%(b) EUR       200,000    241,782
      356,600
United Kingdom–2.35%
Barclays PLC, 1.50%, 09/03/2023 EUR       200,000    232,375
Lloyds Banking Group PLC, 1.75%, 09/07/2028 EUR       100,000    114,596
United Kingdom Gilt,                         
3.50%, 01/22/2045 GBP        86,224    175,902
3.50%, 07/22/2068 GBP        25,000     65,922
      588,795
United States–5.38%
DH Europe Finance II S.a.r.l., 0.20%, 03/18/2026 EUR       150,000    166,450
 
See accompanying notes which are an integral part of this schedule.
Invesco World Bond Fund
    Principal
Amount 		Value
United States–(continued)
Fidelity National Information Services, Inc., 1.00%, 12/03/2028   EUR       100,000    $113,727
Fiserv, Inc., 2.25%, 07/01/2025   GBP       100,000    137,669
Ford Motor Credit Co. LLC, 3.02%, 03/06/2024   EUR       100,000    118,053
Medtronic Global Holdings S.C.A., 1.13%, 03/07/2027   EUR       150,000    177,389
Moody’s Corp., 0.95%, 02/25/2030   EUR       100,000    115,568
MPT Operating Partnership L.P./MPT Finance Corp., 3.33%, 03/24/2025   EUR       100,000    123,392
UGI International LLC, 3.25%, 11/01/2025(c)   EUR       100,000    116,597
Verizon Communications, Inc., 2.88%, 01/15/2038   EUR       200,000    278,462
        1,347,307
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $13,326,794)   13,807,124
U.S. Dollar Denominated Bonds & Notes–35.61%
Brazil–2.43%
Braskem Netherlands Finance B.V., 4.50%, 01/31/2030(c)           $215,000    216,935
Petrobras Global Finance B.V., 5.75%, 02/01/2029           339,000    391,799
        608,734
Canada–1.81%
Enbridge, Inc., Series 16A, 6.00%, 01/15/2077           150,000    160,762
Gran Tierra Energy, Inc., 7.75%, 05/23/2027(c)           300,000    292,245
        453,007
Chile–0.84%
AES Gener S.A., 6.35%, 10/07/2079(c)           200,000    209,200
China–0.80%
Caiyun International Investment Ltd., 5.50%, 04/08/2022           200,000    199,772
Colombia–0.83%
Colombia Government International Bond, 3.00%, 01/30/2030           205,000    207,255
Egypt–1.78%
Egypt Government International Bond,                           
7.05%, 01/15/2032(c)           200,000    213,408
8.70%, 03/01/2049(c)           200,000    231,053
        444,461
Finland–2.43%
Nordea Bank Abp,                           
3.75%, 08/30/2023(c)           307,000    325,165
6.63%(b)(c)           250,000    282,236
        607,401
    Principal
Amount 		Value
France–1.07%
BPCE S.A., 4.00%, 09/12/2023(c)           $250,000    $266,970
Germany–1.06%
Landwirtschaftliche Rentenbank, 3.13%, 11/14/2023           250,000    266,121
Indonesia–0.81%
Indonesia Government International Bond, 2.85%, 02/14/2030           200,000    202,970
Italy–0.90%
Eni S.p.A., 4.25%, 05/09/2029(c)           200,000    225,718
Japan–0.83%
Japan Finance Organization for Municipalities, 3.00%, 03/12/2024(c)           200,000    209,000
Luxembourg–0.33%
Intelsat Jackson Holdings S.A., 5.50%, 08/01/2023           100,000     81,959
Mexico–2.23%
Mexico Government International Bond, 3.25%, 04/16/2030           200,000    203,650
Petroleos Mexicanos, 6.49%, 01/23/2027(c)           139,000    150,989
Unifin Financiera S.A.B. de C.V., 8.88%(b)(c)           200,000    203,614
        558,253
Russia–1.72%
ALROSA Finance S.A., 4.65%, 04/09/2024(c)           200,000    213,520
Evraz PLC, 5.25%, 04/02/2024(c)           200,000    217,249
        430,769
Switzerland–0.88%
Credit Suisse Group AG, 7.50% (b)(c)           200,000    220,509
Ukraine–1.44%
Ukraine Government International Bond,                           
7.75%, 09/01/2023           100,000    110,662
9.75%, 11/01/2028(c)           200,000    249,512
        360,174
United Arab Emirates–1.11%
Abu Dhabi Government International Bond, 2.50%, 09/30/2029(c)           275,000    279,262
United Kingdom–3.66%
British Airways Pass Through Trust, Series 2019-1, Class A, 3.35%, 06/15/2029(c)            60,000     63,931
British Telecommunications PLC, 3.25%, 11/08/2029(c)           200,000    204,693
HSBC Holdings PLC, 6.25% (b)           200,000    211,848
Lloyds Banking Group PLC, 4.55%, 08/16/2028           200,000    229,527
See accompanying notes which are an integral part of this schedule.
Invesco World Bond Fund
    Principal
Amount 		Value
United Kingdom–(continued)
Nationwide Building Society, 3.62%, 04/26/2023(c)           $200,000    $206,804
        916,803
United States–8.65%
AbbVie, Inc.,                           
4.25%, 11/14/2028            88,000     98,863
3.20%, 11/21/2029(c)            37,000     38,728
AT&T, Inc., 4.35%, 03/01/2029           218,000    246,313
Bank of America Corp., 3.56%, 04/23/2027           255,000    275,166
BP Capital Markets America, Inc., 4.23%, 11/06/2028           116,000    132,988
Cigna Corp., 4.38%, 10/15/2028           161,000    182,005
Citigroup, Inc., 3.35%, 04/24/2025           290,000    305,303
CVS Health Corp., 4.78%, 03/25/2038           214,000    250,311
Fiserv, Inc., 3.50%, 07/01/2029            70,000     75,636
Gulfport Energy Corp., 6.38%, 01/15/2026           160,000     77,544
Morgan Stanley, 3.00% (3 mo. USD LIBOR + 1.18%), 01/20/2022(d)           150,000    151,501
Plains All American Pipeline L.P., Series B, 6.13% (b)           355,000    329,456
        2,163,814
Total U.S. Dollar Denominated Bonds & Notes (Cost $8,427,403)   8,912,152
Asset-Backed Securities–3.59%
COLT Mortgage Loan Trust, Series 2019-1, Class A1, 3.71%, 03/25/2049(c)(e)            60,539     61,653
Deephaven Residential Mortgage Trust, Series 2018-2A, Class A1, 3.48%, 04/25/2058(c)(e)           152,435    154,219
Galton Funding Mortgage Trust, Series 2018-2, Series A41, 4.50%, 10/25/2058(c)(e)           128,799    132,014
    Principal
Amount 		Value
Residential Mortgage Loan Trust, Series 2019-1, Class A1, 3.94%, 10/25/2058(c)(e)           $156,402    $159,102
Spruce Hill Mortgage Loan Trust, Series 2019-SH1, Class A1, 3.40%, 04/29/2049(c)(e)            67,063     67,805
Verus Securitization Trust,                           
Series 2018-3, Class A1, 4.11%, 10/25/2058(c)(e)           148,015    150,358
Series 2019-1, Class A1, 3.84%, 02/25/2059(c)(e)           170,498    172,435
Total Asset-Backed Securities (Cost $884,241)   897,586
U.S. Treasury Securities–3.07%
U.S. Treasury Bonds–2.17%
2.88%, 05/15/2049         500,090    542,344
U.S. Treasury Notes–0.90%
1.75%, 06/30/2024         220,103    225,278
Total U.S. Treasury Securities (Cost $720,193)   767,622
       
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.24%
Freddie Mac Multifamily Structured Pass Through Ctfs., Series K038, Class X1, IO, 1.29%, 03/25/2024(e)
(Cost $64,247) 		      1,546,506     60,844
    Shares  
Money Market Funds–3.63%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(f)         317,493    317,493
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(f)         228,905    228,997
Invesco Treasury Portfolio, Institutional Class, 1.47%(f)         362,850    362,850
Total Money Market Funds (Cost $909,336)   909,340
TOTAL INVESTMENTS IN SECURITIES—101.31% (Cost $24,332,214)   25,354,668
OTHER ASSETS LESS LIABILITIES–(1.31)%   (328,674)
NET ASSETS–100.00%   $25,025,994
Investment Abbreviations:
AUD – Australian Dollar
CAD – Canadian Dollar
Ctfs. – Certificates
EGP – Egypt Pound
EUR – Euro
GBP – British Pound Sterling
IDR – Indonesian Rupiah
IO – Interest Only
JPY – Japanese Yen
LIBOR – London Interbank Offered Rate
MXN – Mexican Peso
PLN – Polish Zloty
RUB – Russian Ruble
USD – U.S. Dollar
ZAR – South African Rand
See accompanying notes which are an integral part of this schedule.
Invesco World Bond Fund
Notes to Schedule of Investments:
(a) Foreign denominated security. Principal amount is denominated in the currency indicated.
(b) Perpetual bond with no specified maturity date.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (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 January 31, 2020 was $6,286,623, which represented 25.12% of the Fund’s Net Assets.
(d) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2020.
(e) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2020.
(f) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
    
Open Futures Contracts(a)
Long Futures Contracts Number of
Contracts 		Expiration
Month 		Notional
Value 		Value Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
Australia 10 Year Bonds 30 March-2020 $2,969,866 $64,041 $64,041
Canada 10 Year Bonds 14 March-2020 1,503,990 23,266 23,266
Euro Bobl 4 March-2020 598,709 3,676 3,676
Japan 10 Year Bonds 1 March-2020 1,410,733 5,902 5,902
Long Gilt 5 March-2020 890,941 19,432 19,432
U.S. Treasury 5 Year Notes 16 March-2020 1,925,125 20,462 20,462
Subtotal—Long Futures Contracts 136,779 136,779
Short Futures Contracts          
Interest Rate Risk
Euro-Bund 14 March-2020 (2,717,792) (24,621) (24,621)
U.S. Treasury 10 Year Ultra Notes 22 March-2020 (3,204,438) (89,234) (89,234)
Subtotal—Short Futures Contracts (113,855) (113,855)
Total Futures Contracts $22,924 $22,924
    
(a) Futures contracts collateralized by $159,578 cash held with Bank of America Merrill Lynch, the futures commission merchant.
    
Open Forward Foreign Currency Contracts
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
Currency Risk            
03/19/2020 Goldman Sachs International AUD 69,204 USD 47,652 $1,290
03/19/2020 Goldman Sachs International CAD 554,634 USD 423,034 3,952
03/19/2020 Goldman Sachs International EUR 200,000 USD 223,230 821
03/19/2020 Goldman Sachs International INR 15,080,000 USD 210,629 286
03/19/2020 Goldman Sachs International MXN 4,700,000 USD 247,366 209
03/19/2020 Goldman Sachs International NOK 167,453 USD 18,672 463
03/19/2020 Goldman Sachs International NZD 1,532,155 AUD 1,480,000 567
03/19/2020 Goldman Sachs International RUB 80,279,767 USD 1,273,257 24,044
03/19/2020 Goldman Sachs International USD 456,331 CNY 3,200,000 4,878
03/19/2020 Goldman Sachs International USD 28,512 CZK 651,477 133
03/19/2020 Goldman Sachs International USD 422,058 GBP 321,993 3,634
03/19/2020 Goldman Sachs International USD 64,352 IDR 908,140,000 1,898
03/19/2020 Goldman Sachs International USD 3,152,277 JPY 343,541,802 25,758
03/19/2020 Goldman Sachs International USD 50,109 MXN 965,000 637
03/19/2020 Goldman Sachs International ZAR 6,950,000 USD 484,449 24,057
Subtotal—Appreciation 92,627
Currency Risk            
03/19/2020 Goldman Sachs International EUR 680,000 NOK 6,934,120 (2,183)
03/19/2020 Goldman Sachs International EUR 100,000 USD 110,683 (521)
See accompanying notes which are an integral part of this schedule.
Invesco World Bond Fund
Open Forward Foreign Currency Contracts—(continued)
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
03/19/2020 Goldman Sachs International IDR 5,528,510,000 USD 402,366 $(949)
03/19/2020 Goldman Sachs International MXN 9,250,000 USD 485,020 (1,405)
03/19/2020 Goldman Sachs International USD 295,000 CNY 2,039,719 (1,019)
03/19/2020 Goldman Sachs International USD 631,908 EUR 564,286 (4,396)
03/19/2020 Goldman Sachs International USD 210,730 INR 15,020,000 (1,224)
03/19/2020 Goldman Sachs International USD 337,114 KRW 393,230,000 (6,908)
03/19/2020 Goldman Sachs International USD 79,164 NZD 120,042 (1,526)
03/19/2020 Goldman Sachs International USD 102,358 SEK 957,579 (2,683)
03/19/2020 Goldman Sachs International USD 30,134 ZAR 437,136 (1,176)
Subtotal—Depreciation (23,990)
Total Forward Foreign Currency Contracts $68,637
    
Open Centrally Cleared Credit Default Swap Agreements(a)
Reference Entity Buy/Sell
Protection 		(Pay)/
Receive
Fixed
Rate 		Payment
Frequency 		Maturity Date Implied
Credit
Spread(b) 		Notional Value Upfront
Payments Paid
(Received) 		Value Unrealized
Appreciation
(Depreciation)
Credit Risk
Markit iTraxx Europe Crossover Index, Series 32, Version 1 Buy (5.00)% Quarterly 12/20/2024 2.31% EUR 800,000 $(107,758) $(108,529) $(771)
Markit CDX North America High Yield Index, Series 33, Version 1 Buy (5.00) Quarterly 12/20/2024 3.08 USD 1,980,000 (143,614) (166,174) (22,560)
Total Credit Default Swap Agreements       $(251,372) $(274,703) $(23,331)
    
(a) Centrally cleared swap agreements collateralized by $110,000 cash held with Credit Suisse Securities (USA) LLC.
(b) Implied credit spreads represent the current level, as of January 31, 2020, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.
    
Abbreviations:
AUD —Australian Dollar
CAD —Canadian Dollar
CNY —Chinese Yuan Renminbi
CZK —Czech Koruna
EUR —Euro
GBP —British Pound Sterling
IDR —Indonesian Rupiah
INR —Indian Rupee
JPY —Japanese Yen
KRW —South Korean Won
MXN —Mexican Peso
NOK —Norwegian Krone
NZD —New Zealand Dollar
RUB —Russian Ruble
SEK —Swedish Krona
USD —U.S. Dollar
ZAR —South African Rand
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco World Bond Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2020
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of January 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1 Level 2 Level 3 Total
Investments in Securities        
Non-U.S. Dollar Denominated Bonds & Notes $— $13,807,124 $— $13,807,124
U.S. Dollar Denominated Bonds & Notes — 8,912,152 — 8,912,152
Asset-Backed Securities — 897,586 — 897,586
U.S. Treasury Securities — 767,622 — 767,622
U.S. Government Sponsored Agency Mortgage-Backed Securities — 60,844 — 60,844
Money Market Funds 909,340 — — 909,340
Total Investments in Securities 909,340 24,445,328 — 25,354,668
Other Investments - Assets*        
Futures Contracts 136,779 — — 136,779
Forward Foreign Currency Contracts — 92,627 — 92,627
  136,779 92,627 — 229,406
Other Investments - Liabilities*        
Futures Contracts (113,855) — — (113,855)
Forward Foreign Currency Contracts — (23,990) — (23,990)
Swap Agreements — (23,331) — (23,331)
  (113,855) (47,321) — (161,176)
Total Other Investments 22,924 45,306 — 68,230
Total Investments $932,264 $24,490,634 $— $25,422,898
    
* Unrealized appreciation (depreciation).
NOTE 2—Subsequent Event
The World Health Organization has declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedule of Investments may materially differ from the value received upon actual sales of those investments.
Invesco World Bond Fund