NPORT-EX 2 edgar.htm
Schedule of Investments
January 31, 2022
(Unaudited)
  Principal
Amount 		Value
Non-U.S. Dollar Denominated Bonds & Notes–84.92%(a)
Brazil–4.61%
Brazil Notas do Tesouro Nacional,                           
Series F, 10.00%, 01/01/2025 BRL      5,000,000     $921,009
Series F, 10.00%, 01/01/2029 BRL     28,000,000   4,996,744
      5,917,753
Chile–3.31%
Bonos de la Tesoreria de la Republica, 1.30%, 03/01/2023 CLP    813,211,850   1,021,434
Bonos de la Tesoreria de la Republica en pesos,                           
2.50%, 03/01/2025 CLP  1,000,000,000   1,150,020
4.50%, 03/01/2026 CLP  1,700,000,000   2,076,687
      4,248,141
China–11.17%
China Development Bank,                           
Series 2103, 3.30%, 03/03/2026 CNY     35,000,000   5,647,794
Series 2107, 3.00%, 06/17/2024 CNY     30,000,000   4,775,670
Series 2110, 3.41%, 06/07/2031 CNY      8,000,000   1,297,917
China Government Bond, 3.72%, 04/12/2051 CNY      6,000,000   1,011,046
Export-Import Bank of China (The), Series 2105, 3.22%, 05/14/2026 CNY     10,000,000   1,607,461
      14,339,888
Colombia–4.31%
Colombian TES, Series B, 5.75%, 11/03/2027 COP 18,000,000,000   3,981,339
PA Autopista Rio Magdalena, 6.05%, 06/15/2036(b) COP  6,500,000,000   1,543,669
      5,525,008
Czech Republic–3.39%
Czech Republic Government Bond,                           
Series 125, 1.50%, 04/24/2040 CZK     12,000,000     413,858
Series 49, 4.20%, 12/04/2036(b) CZK     16,000,000     815,513
Series 95, 1.00%, 06/26/2026(b) CZK     75,000,000   3,114,150
      4,343,521
Egypt–3.64%
Egypt Government Bond,                           
14.20%, 07/07/2023 EGP      4,000,000     256,729
14.31%, 10/13/2023 EGP     24,000,000   1,538,937
14.48%, 04/06/2026 EGP     45,000,000   2,876,166
      4,671,832
  Principal
Amount 		Value
Hungary–0.52%
Hungary Government Bond, Series 34/A, 2.25%, 06/22/2034 HUF    280,000,000     $668,819
India–2.18%
India Government Bond, 7.27%, 04/08/2026 INR    200,000,000   2,795,939
Indonesia–7.93%
Indonesia Treasury Bond,                           
Series FR64, 6.13%, 05/15/2028 IDR 10,000,000,000     699,486
Series FR71, 9.00%, 03/15/2029 IDR 30,000,000,000   2,399,875
Series FR87, 6.50%, 02/15/2031 IDR 10,000,000,000     696,704
Series FR91, 6.38%, 04/15/2032 IDR 30,000,000,000   2,074,854
Series FR92, 7.13%, 06/15/2042 IDR  5,000,000,000     353,802
Series FR93, 6.38%, 07/15/2037 IDR 57,100,000,000   3,953,049
      10,177,770
Malaysia–8.48%
Malaysia Government Bond,                           
Series 0519, 3.76%, 05/22/2040 MYR      7,500,000   1,678,079
Series 115, 3.96%, 09/15/2025 MYR     20,000,000   4,921,867
Series 120, 4.07%, 06/15/2050 MYR      5,000,000   1,144,075
Series 513, 3.73%, 06/15/2028 MYR     13,000,000   3,141,522
      10,885,543
Mexico–12.61%
Mexican Bonos,                           
Series M, 5.75%, 03/05/2026 MXN     60,000,000   2,725,980
Series M, 7.75%, 11/13/2042 MXN     44,000,000   2,082,086
Series M 20, 7.50%, 06/03/2027 MXN    100,000,000   4,833,638
Series M 20, 8.50%, 05/31/2029 MXN     50,000,000   2,547,158
Series M 30, 8.50%, 11/18/2038 MXN     42,000,000   2,145,817
Petroleos Mexicanos, 7.19%, 09/12/2024(b) MXN     38,000,000   1,754,209
Red de Carreteras de Occidente S.A.B. de C.V., 9.00%, 06/10/2028(b) MXN      1,932,000      93,243
      16,182,131
Peru–2.66%
Peru Government Bond,                           
5.94%, 02/12/2029 PEN      8,000,000   2,105,416
6.15%, 08/12/2032 PEN      3,000,000     773,401
 
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Markets Local Debt Fund
  Principal
Amount 		Value
Peru–(continued)
Peruvian Government International Bond, 6.35%, 08/12/2028(b) PEN      2,000,000     $540,279
      3,419,096
Poland–1.57%
Republic of Poland Government Bond, Series 1029, 2.75%, 10/25/2029 PLN      9,000,000   2,018,673
Russia–2.97%
Russian Federal Bond - OFZ,                           
Series 6219, 7.75%, 09/16/2026 RUB     40,000,000     486,549
Series 6232, 6.00%, 10/06/2027 RUB    300,000,000   3,326,336
      3,812,885
South Africa–8.50%
Eskom Holdings SOC Ltd., Series ES23, 10.00%, 01/25/2023 ZAR     11,000,000     737,066
Republic of South Africa Government Bond,                           
Series 2030, 8.00%, 01/31/2030 ZAR     53,000,000   3,185,862
Series 2040, 9.00%, 01/31/2040 ZAR     55,000,000   3,125,195
Series R186, 10.50%, 12/21/2026 ZAR     25,000,000   1,799,854
Series R209, 6.25%, 03/31/2036 ZAR     45,000,000   2,059,840
      10,907,817
South Korea–1.37%
Export-Import Bank of Korea, 8.00%, 05/15/2024(b) IDR 24,000,000,000   1,760,701
Supranational–1.16%
European Bank for Reconstruction & Development, 4.60%, 12/09/2025 IDR 10,000,000,000     677,973
  Principal
Amount 		Value
Supranational–(continued)
International Bank for Reconstruction & Development, 4.60%, 02/09/2026 IDR 10,000,000,000     $680,781
International Finance Corp., 0.00%, 02/15/2029(b)(c) TRY      7,300,000     129,337
      1,488,091
Thailand–4.54%
Thailand Government Bond,                           
2.88%, 12/17/2028 THB     55,000,000   1,769,740
3.78%, 06/25/2032 THB     50,000,000   1,716,983
1.00%, 06/17/2038 THB     80,000,000   2,341,259
      5,827,982
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $114,255,955) 108,991,590
  Shares  
Money Market Funds–11.40%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)      5,091,723   5,091,723
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)      3,723,589   3,723,962
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)      5,819,112   5,819,112
Total Money Market Funds (Cost $14,634,827) 14,634,797
Options Purchased–0.08%
(Cost $183,003)(f) 105,208
TOTAL INVESTMENTS IN SECURITIES—96.40% (Cost $129,073,785) 123,731,595
OTHER ASSETS LESS LIABILITIES–3.60% 4,618,918
NET ASSETS–100.00% $128,350,513
Investment Abbreviations:
BRL – Brazilian Real
CLP – Chile Peso
CNY – Chinese Yuan Renminbi
COP – Colombia Peso
CZK – Czech Koruna
EGP – Egypt Pound
HUF – Hungarian Forint
IDR – Indonesian Rupiah
INR – Indian Rupee
MXN – Mexican Peso
MYR – Malaysian Ringgit
PEN – Peruvian Sol
PLN – Polish Zloty
RUB – Russian Ruble
THB – Thai Baht
TRY – Turkish Lira
ZAR – South African Rand
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Markets Local Debt Fund
Notes to Schedule of Investments:
(a) Foreign denominated security. Principal amount is denominated in the currency indicated.
(b) 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, 2022 was $9,751,101, which represented 7.60% of the Fund’s Net Assets.
(c) Zero coupon bond issued at a discount.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2022.
    
  Value
October 31, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain
(Loss) 		Value
January 31, 2022 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $5,607,012 $14,889,237 $(15,404,526) $- $- $5,091,723 $219
Invesco Liquid Assets Portfolio, Institutional Class 4,280,399 10,635,169 (11,191,120) 57 (543) 3,723,962 79
Invesco Treasury Portfolio, Institutional Class 6,408,013 17,016,271 (17,605,172) - - 5,819,112 95
Total $16,295,424 $42,540,677 $(44,200,818) $57 $(543) $14,634,797 $393
    
(e) The rate shown is the 7-day SEC standardized yield as of January 31, 2022.
(f) The table below details options purchased.
    
Open Over-The-Counter Foreign Currency Options Purchased(a)
Description Type of
Contract 		Counterparty Expiration
Date 		Exercise
Price 		Notional
Value 		Value
Currency Risk
EUR versus PLN Put J.P. Morgan Chase Bank, N.A. 02/10/2022 PLN 4.53 EUR 3,000,000 $ 1,261
USD versus CLP Put Merrill Lynch International 07/12/2022 CLP 794.00 USD 4,500,000 102,469
USD versus RUB Put J.P. Morgan Chase Bank, N.A. 02/04/2022 RUB 74.00 USD 4,500,000 373
USD versus RUB Put J.P. Morgan Chase Bank, N.A. 02/28/2022 RUB 69.13 USD 5,000,000 1,105
Total Foreign Currency Options Purchased $105,208
    
(a) Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,749,000.
    
Open Over-The-Counter Foreign Currency Options Written(a)  
Description Type of
Contract 		Counterparty Expiration
Date 		Exercise
Price 		  Notional
Value 		    Value  
Currency Risk  
USD versus CLP Call Merrill Lynch International 07/12/2022 CLP 910.00   USD 4,500,000   $(48,892)  
USD versus RUB Call Bank of America, N.A. 02/11/2022 RUB 74.40   USD 5,000,000   (217,790)  
USD versus ZAR Call Standard Chartered Bank PLC 02/10/2022 ZAR 16.05   USD 5,000,000   (6,565)  
USD versus CLP Call Morgan Stanley and Co. International PLC 02/08/2022 CLP 900.00   USD 7,500,000   (38)  
USD versus RUB Call J.P. Morgan Chase Bank, N.A. 05/03/2022 RUB 78.30   USD 2,500,000   (110,930)  
Subtotal — Foreign Currency Call Options Written             (384,215)  
Currency Risk  
EUR versus HUF Put J.P. Morgan Chase Bank, N.A. 02/24/2022 HUF 360.00   EUR 8,000,000   (129,125)  
USD versus CLP Put Morgan Stanley and Co. International PLC 02/08/2022 CLP 800.00   USD 7,500,000   (59,842)  
USD versus RUB Put J.P. Morgan Chase Bank, N.A. 02/04/2022 USD 71.75   USD 4,500,000   (9)  
Subtotal — Foreign Currency Put Options Written             (188,976)  
Total – Foreign Currency Options Written             $(573,191)  
    
(a) Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,749,000.
    
Open Forward Foreign Currency Contracts
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
Currency Risk            
02/07/2022 Bank of America, N.A. USD 1,905,000 INR 142,589,250 $4,209
02/14/2022 Bank of America, N.A. RUB 43,260,000 USD 600,000 42,417
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Markets Local Debt Fund
Open Forward Foreign Currency Contracts—(continued)
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
03/16/2022 Bank of America, N.A. CLP 80,920,000 USD 100,842 $351
03/16/2022 Bank of America, N.A. INR 30,000,000 USD 403,287 3,177
03/16/2022 Bank of America, N.A. USD 728,053 HUF 238,583,000 22,719
03/16/2022 Bank of America, N.A. USD 451,163 IDR 6,544,430,000 4,097
03/16/2022 Barclays Bank PLC IDR 1,941,360,000 USD 135,223 174
03/16/2022 Citibank, N.A. USD 2,324,478 PEN 9,555,000 149,913
02/02/2022 Goldman Sachs International USD 3,086,198 BRL 16,800,000 77,585
02/07/2022 Goldman Sachs International EUR 1,000,000 USD 1,130,957 7,395
02/07/2022 Goldman Sachs International RUB 86,443,000 USD 1,165,000 48,382
03/03/2022 Goldman Sachs International USD 237,608 BRL 1,290,000 3,587
03/16/2022 Goldman Sachs International CZK 4,430,000 USD 205,635 2,040
03/16/2022 Goldman Sachs International EUR 860,000 USD 975,037 7,974
03/16/2022 Goldman Sachs International MXN 28,279,000 USD 1,372,641 11,486
03/16/2022 Goldman Sachs International PEN 490,000 USD 127,213 321
03/16/2022 Goldman Sachs International USD 687,631 CLP 578,800,000 31,160
03/16/2022 Goldman Sachs International USD 1,294,410 COP 5,268,050,000 33,269
03/16/2022 Goldman Sachs International USD 2,343,474 CZK 53,148,000 99,122
03/16/2022 Goldman Sachs International USD 3,133,794 MXN 66,538,600 68,913
03/16/2022 Goldman Sachs International USD 1,344,683 RUB 105,840,000 8,005
03/16/2022 Goldman Sachs International USD 922,215 ZAR 14,570,000 20,147
02/02/2022 J.P. Morgan Chase Bank, N.A. USD 11,499,077 BRL 62,050,649 186,323
02/07/2022 J.P. Morgan Chase Bank, N.A. RUB 15,031,000 USD 200,000 5,839
02/14/2022 J.P. Morgan Chase Bank, N.A. EUR 450,000 USD 509,008 3,334
02/14/2022 J.P. Morgan Chase Bank, N.A. PLN 6,233,355 USD 1,568,416 42,029
02/28/2022 J.P. Morgan Chase Bank, N.A. EUR 3,280,000 USD 3,716,765 29,935
02/28/2022 J.P. Morgan Chase Bank, N.A. USD 3,716,806 HUF 1,181,390,400 6,687
03/01/2022 J.P. Morgan Chase Bank, N.A. RUB 99,617,650 USD 1,375,000 97,011
03/03/2022 J.P. Morgan Chase Bank, N.A. USD 7,611,555 BRL 41,520,649 151,711
03/16/2022 J.P. Morgan Chase Bank, N.A. CNY 14,611,750 USD 2,293,271 6,591
03/16/2022 J.P. Morgan Chase Bank, N.A. CZK 9,080,000 USD 422,237 4,936
03/16/2022 J.P. Morgan Chase Bank, N.A. EUR 20,000 USD 22,649 159
03/16/2022 J.P. Morgan Chase Bank, N.A. IDR 5,225,130,000 USD 363,563 80
03/16/2022 J.P. Morgan Chase Bank, N.A. PLN 6,870,000 USD 1,691,789 13,313
03/16/2022 J.P. Morgan Chase Bank, N.A. RON 880,000 USD 200,163 856
03/16/2022 J.P. Morgan Chase Bank, N.A. RUB 39,595,000 USD 523,235 17,191
03/16/2022 J.P. Morgan Chase Bank, N.A. THB 35,320,000 USD 1,067,682 7,008
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 3,908,402 CNY 25,034,655 9,420
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 94,026 COP 381,830,000 2,204
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 926,605 CZK 20,370,000 9,567
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 3,571,256 HUF 1,162,721,240 87,592
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 481,511 MXN 10,168,000 7,906
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 10,405,886 PLN 42,739,010 36,097
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 1,340,020 RON 5,945,000 6,432
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 7,994,693 THB 269,641,809 102,752
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 1,555,389 TRY 22,145,000 70,740
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 2,557,156 ZAR 41,060,000 98,536
03/16/2022 J.P. Morgan Chase Bank, N.A. ZAR 6,820,000 USD 447,096 5,990
03/22/2022 J.P. Morgan Chase Bank, N.A. MXN 27,627,425 USD 1,330,000 1,666
03/22/2022 J.P. Morgan Chase Bank, N.A. USD 400,000 MXN 8,444,000 5,990
03/15/2023 J.P. Morgan Chase Bank, N.A. USD 3,390,647 CNY 22,165,000 18,292
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Markets Local Debt Fund
Open Forward Foreign Currency Contracts—(continued)
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
02/02/2022 Morgan Stanley and Co. International PLC USD 6,862,408 BRL 39,720,649 $617,799
02/10/2022 Morgan Stanley and Co. International PLC USD 450,000 CLP 380,641,500 24,889
03/16/2022 Morgan Stanley and Co. International PLC IDR 21,663,120,000 USD 1,512,456 5,473
03/16/2022 Morgan Stanley and Co. International PLC MXN 10,630,000 USD 512,280 626
03/16/2022 Morgan Stanley and Co. International PLC RUB 339,154,000 USD 4,415,567 81,008
03/16/2022 Morgan Stanley and Co. International PLC THB 17,300,000 USD 524,362 4,836
03/16/2022 Morgan Stanley and Co. International PLC USD 140,926 IDR 2,026,480,000 44
03/16/2022 Morgan Stanley and Co. International PLC USD 226,093 THB 7,550,000 637
02/14/2022 Standard Chartered Bank PLC ZAR 9,601,563 USD 625,000 1,328
03/16/2022 Standard Chartered Bank PLC RUB 59,600,000 USD 782,334 20,616
03/16/2022 Standard Chartered Bank PLC THB 6,960,000 USD 211,101 2,090
03/16/2022 Standard Chartered Bank PLC USD 1,561,452 CNY 10,015,000 5,854
03/16/2022 Standard Chartered Bank PLC USD 3,518,039 IDR 50,792,820,000 15,334
03/16/2022 Standard Chartered Bank PLC USD 2,193,792 MYR 9,215,000 9,985
03/16/2022 Standard Chartered Bank PLC USD 1,198,445 THB 40,090,000 5,473
04/19/2022 Standard Chartered Bank PLC USD 1,100,000 CNY 7,207,090 25,267
03/15/2023 Standard Chartered Bank PLC USD 286,807 CNY 1,875,000 1,565
Subtotal—Appreciation 2,505,454
Currency Risk            
03/16/2022 Bank of America, N.A. HUF 156,230,000 USD 477,730 (13,895)
03/16/2022 Bank of America, N.A. INR 9,850,000 USD 129,239 (2,130)
03/16/2022 Bank of America, N.A. USD 196,116 IDR 2,818,770,000 (30)
03/16/2022 Bank of America, N.A. USD 7,531,151 RUB 573,233,536 (204,937)
07/14/2022 Bank of America, N.A. CLP 887,460,000 USD 1,050,000 (32,483)
02/02/2022 Goldman Sachs International BRL 16,800,000 USD 3,005,927 (157,854)
02/07/2022 Goldman Sachs International USD 1,165,000 EUR 1,000,000 (41,438)
03/16/2022 Goldman Sachs International CLP 128,130,000 USD 150,123 (8,997)
03/16/2022 Goldman Sachs International COP 850,780,000 USD 213,325 (1,092)
03/16/2022 Goldman Sachs International CZK 16,410,000 USD 743,082 (11,095)
03/16/2022 Goldman Sachs International IDR 84,107,884,700 USD 5,811,365 (39,550)
03/16/2022 Goldman Sachs International INR 7,990,000 USD 106,352 (211)
03/16/2022 Goldman Sachs International MXN 177,874,235 USD 8,287,931 (273,699)
03/16/2022 Goldman Sachs International USD 2,023,309 CLP 1,624,960,000 (5,329)
03/16/2022 Goldman Sachs International USD 116,981 CZK 2,540,000 (246)
03/16/2022 Goldman Sachs International USD 5,018,693 MXN 104,109,140 (7,602)
03/16/2022 Goldman Sachs International USD 944,002 RUB 72,410,000 (18,566)
03/16/2022 Goldman Sachs International ZAR 68,571,000 USD 4,271,509 (163,547)
02/02/2022 J.P. Morgan Chase Bank, N.A. BRL 62,050,649 USD 11,466,237 (219,165)
02/14/2022 J.P. Morgan Chase Bank, N.A. USD 1,568,416 EUR 1,350,000 (51,396)
02/22/2022 J.P. Morgan Chase Bank, N.A. BRL 1,131,390 USD 195,000 (17,003)
03/16/2022 J.P. Morgan Chase Bank, N.A. CNY 43,634,655 USD 6,813,332 (15,314)
03/16/2022 J.P. Morgan Chase Bank, N.A. COP 1,199,390,000 USD 300,773 (1,503)
03/16/2022 J.P. Morgan Chase Bank, N.A. CZK 8,545,300 USD 375,574 (17,154)
03/16/2022 J.P. Morgan Chase Bank, N.A. INR 191,840,000 USD 2,545,141 (13,425)
03/16/2022 J.P. Morgan Chase Bank, N.A. MXN 24,180,000 USD 1,159,670 (4,187)
03/16/2022 J.P. Morgan Chase Bank, N.A. RUB 161,590,000 USD 2,021,153 (44,049)
03/16/2022 J.P. Morgan Chase Bank, N.A. THB 39,170,000 USD 1,171,222 (5,068)
03/16/2022 J.P. Morgan Chase Bank, N.A. TRY 24,983,725 USD 1,720,583 (113,996)
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 133,237 CNY 850,000 (215)
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 121,078 CZK 2,610,000 (1,127)
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Markets Local Debt Fund
Open Forward Foreign Currency Contracts—(continued)
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 22,623 EUR 20,000 $(134)
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 1,595,484 HUF 499,390,000 (24,005)
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 762,767 PLN 3,080,000 (10,262)
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 45,494 RON 200,000 (197)
03/16/2022 J.P. Morgan Chase Bank, N.A. USD 9,999,027 ZAR 154,175,000 (27,249)
03/16/2022 J.P. Morgan Chase Bank, N.A. ZAR 125,643,127 USD 7,785,323 (341,062)
09/15/2022 J.P. Morgan Chase Bank, N.A. PEN 10,700,000 USD 2,609,756 (115,548)
02/02/2022 Morgan Stanley and Co. International PLC BRL 39,720,649 USD 7,414,165 (66,042)
03/16/2022 Morgan Stanley and Co. International PLC CLP 2,617,725,000 USD 3,035,280 (215,580)
03/16/2022 Morgan Stanley and Co. International PLC COP 17,144,920,000 USD 4,303,598 (17,348)
03/16/2022 Morgan Stanley and Co. International PLC MXN 23,366,798 USD 1,082,082 (42,634)
03/16/2022 Morgan Stanley and Co. International PLC USD 1,820,163 COP 7,136,860,000 (21,497)
03/16/2022 Morgan Stanley and Co. International PLC USD 145,532 MXN 2,990,000 (1,615)
03/16/2022 Morgan Stanley and Co. International PLC USD 1,267,239 PEN 4,870,000 (6,090)
03/16/2022 Morgan Stanley and Co. International PLC USD 1,234,313 RUB 93,240,000 (42,659)
09/15/2022 Morgan Stanley and Co. International PLC PEN 11,655,000 USD 2,836,111 (132,432)
03/16/2022 Standard Chartered Bank PLC CNY 10,015,000 USD 1,564,660 (2,647)
03/16/2022 Standard Chartered Bank PLC IDR 4,873,200,000 USD 337,059 (1,942)
03/16/2022 Standard Chartered Bank PLC INR 8,140,000 USD 108,507 (56)
03/16/2022 Standard Chartered Bank PLC MYR 19,214,100 USD 4,553,468 (41,604)
03/16/2022 Standard Chartered Bank PLC RUB 35,910,000 USD 448,144 (10,804)
03/16/2022 Standard Chartered Bank PLC THB 33,685,000 USD 1,000,810 (10,764)
03/16/2022 Standard Chartered Bank PLC USD 2,766,691 IDR 39,703,000,000 (4,775)
03/16/2022 Standard Chartered Bank PLC USD 121,156 RUB 9,210,000 (3,447)
03/16/2022 Standard Chartered Bank PLC USD 1,528,070 THB 50,850,000 (1,026)
04/19/2022 Standard Chartered Bank PLC CNY 4,049,688 USD 625,000 (7,291)
Subtotal—Depreciation (2,635,013)
Total Forward Foreign Currency Contracts $(129,559)
    
Open Centrally Cleared Interest Rate Swap Agreements(a)
Pay/
Receive
Floating
Rate 		Floating Rate Index Payment
Frequency 		(Pay)/
Receive
Fixed
Rate 		Payment
Frequency 		Maturity
Date 		Notional Value Upfront
Payments
Paid
(Received) 		Value Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
Receive 6 Month CZK PRIBOR Semi-Annually (3.95)% Annually 01/17/2027 CZK 35,250,000 $— $4,566 $4,566
Receive 3 Month JIBAR Quarterly (6.56) Quarterly 10/08/2026 ZAR 55,600,000 — 7,259 7,259
Receive 3 Month JIBAR Quarterly (7.15) Quarterly 02/24/2031 ZAR 7,600,000 46 13,972 13,926
Pay 3 Month CNRR007 Quarterly 2.28 Quarterly 12/08/2023 CNY 25,000,000 — 15,366 15,366
Receive 3 Month JIBAR Quarterly (6.75) Quarterly 02/15/2031 ZAR 4,700,000 — 16,614 16,614
Receive 3 Month JIBAR Quarterly (7.33) Quarterly 06/22/2031 ZAR 20,000,000 — 25,691 25,691
Pay 6 Month THB Semi-Annually 0.99 Semi-Annually 01/25/2025 THB 80,000,000 — 33,699 33,699
Pay 3 Month CNRR007 Quarterly 2.85 Quarterly 12/04/2025 CNY 15,000,000 — 56,789 56,789
Receive 6 Month BUBOR Semi-Annually (3.86) Annually 11/12/2024 HUF 840,000,000 — 85,666 85,666
Receive 3 Month JIBAR Quarterly (7.25) Quarterly 07/16/2031 ZAR 53,500,000 — 89,828 89,828
Receive 28 Day MXN TIIE 28 Day (5.54) 28 Day 01/24/2031 MXN 26,000,000 — 167,717 167,717
Receive 28 Day MXN TIIE 28 Day (5.45) 28 Day 12/05/2030 MXN 38,000,000 — 253,839 253,839
Subtotal — Appreciation       46 771,006 770,960
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Markets Local Debt Fund
Open Centrally Cleared Interest Rate Swap Agreements(a)—(continued)
Pay/
Receive
Floating
Rate 		Floating Rate Index Payment
Frequency 		(Pay)/
Receive
Fixed
Rate 		Payment
Frequency 		Maturity
Date 		Notional Value Upfront
Payments
Paid
(Received) 		Value Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
Pay 28 Day MXN TIIE 28 Day 4.67% 28 Day 07/02/2024 MXN 20,100,000 $— $(61,327) $(61,327)
Receive CHIBPROM At Maturity (5.47) At Maturity 01/12/2025 CLP 6,750,000,000 — (39,968) (39,968)
Pay BZDIOVRA At Maturity 11.43 At Maturity 01/02/2023 BRL 44,490,732 — (32,338) (32,338)
Pay 3 Month JIBAR Quarterly 7.48 Quarterly 02/15/2036 ZAR 7,500,000 — (23,778) (23,778)
Receive 6 Month CZK PRIBOR Semi-Annually (4.13) Annually 01/11/2027 CZK 71,500,000 — (18,132) (18,132)
Pay 6 Month BUBOR Semi-Annually 4.67 Annually 01/07/2032 HUF 270,000,000 — (15,081) (15,081)
Pay 3 Month CZK PRIBOR Quarterly 4.77 Annually 01/11/2023 CZK 333,300,000 — (13,263) (13,263)
Pay 3 Month JIBAR Quarterly 8.07 Quarterly 01/31/2037 ZAR 130,000,000 — (11,332) (11,332)
Pay 3 Month CZK PRIBOR Quarterly 4.75 Annually 01/17/2023 CZK 164,500,000 — (4,609) (4,609)
Subtotal — Depreciation       — (219,828) (219,828)
Total Centrally Cleared Interest Rate Swap Agreements       $46 $551,178 $551,132
    
(a) Centrally cleared swap agreements collateralized by $39,149 cash held with Counterparties.
    
Open Over-The-Counter Interest Rate Swap Agreements(a)
Counterparty Pay/
Receive
Floating
Rate 		Floating Rate
Index 		Payment
Frequency 		(Pay)/
Received
Fixed
Rate 		Payment
Frequency 		Maturity
Date 		Notional
Value 		Upfront
Payments
Paid
(Received) 		Value Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
Standard Chartered Bank PLC Receive 3 Month MYR KLIBOR Quarterly (2.13)% Quarterly 08/04/2023 MYR 32,500,000 $— $39,027 $39,027
Standard Chartered Bank PLC Receive 3 Month MYR KLIBOR Quarterly (2.36) Quarterly 10/21/2023 MYR 17,000,000 — 14,005 14,005
Subtotal—Appreciation           — 53,032 53,032
Interest Rate Risk
Goldman Sachs International Pay 3 Month RUB MOSKP Quarterly 8.54 Annually 05/08/2024 RUB 135,000,000 — (84,472) (84,472)
J.P. Morgan Chase Bank, N.A. Pay 3 Month RUB MOSKP Quarterly 7.11 Annually 07/26/2026 RUB 130,000,000 — (176,996) (176,996)
Goldman Sachs International Pay 3 Month RUB MOSKP Quarterly 7.10 Annually 08/17/2026 RUB 130,000,000 — (176,786) (176,786)
Goldman Sachs International Pay 3 Month RUB MOSKP Quarterly 7.09 Annually 08/17/2028 RUB 98,000,000 — (157,453) (157,453)
Subtotal—Depreciation           — (595,707) (595,707)
Total Over-The-Counter Interest Rate Swap Agreements           $— $(542,675) $(542,675)
    
(a) Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,749,000.
    
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Markets Local Debt Fund
Abbreviations:
BRL —Brazilian Real
BUBOR —Budapest Interbank Offered Rate
BZDIOVRA —Brazil Ceptip DI Interbank Deposit Rate
CLP —Chile Peso
CNRR007 —China 7-Day Reverse Repo Rate
CNY —Chinese Yuan Renminbi
COP —Colombia Peso
CZK —Czech Koruna
EUR —Euro
HUF —Hungarian Forint
IDR —Indonesian Rupiah
INR —Indian Rupee
JIBAR —Johannesburg Interbank Average Rate
KLIBOR —Kuala Lumpur Interbank Offered Rate
MOSKP —MosPrime Rate
MXN —Mexican Peso
MYR —Malaysian Ringgit
PEN —Peruvian Sol
PLN —Polish Zloty
PRIBOR —Prague Interbank Offerred Rate
RON —Romania New Leu
RUB —Russian Ruble
THB —Thai Baht
TIIE —Interbank Equilibrium Interest Rate
TRY —Turkish Lira
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 Emerging Markets Local Debt Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2022
(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, 2022. 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 $— $108,991,590 $— $108,991,590
Money Market Funds 14,634,797 — — 14,634,797
Options Purchased — 105,208 — 105,208
Total Investments in Securities 14,634,797 109,096,798 — 123,731,595
Other Investments - Assets*        
Forward Foreign Currency Contracts — 2,505,454 — 2,505,454
Swap Agreements — 823,992 — 823,992
  — 3,329,446 — 3,329,446
Other Investments - Liabilities*        
Forward Foreign Currency Contracts — (2,635,013) — (2,635,013)
Options Written — (573,191) — (573,191)
Swap Agreements — (815,535) — (815,535)
  — (4,023,739) — (4,023,739)
Total Other Investments — (694,293) — (694,293)
Total Investments $14,634,797 $108,402,505 $— $123,037,302
    
* Forward foreign currency contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.
Invesco Emerging Markets Local Debt Fund