Schedule of Investments

July 31, 2023

(Unaudited)

	Principal Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes–79.38%(a)
Brazil–2.89%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 05/15/2045		BRL	1,000,000	$	948,320
Series F, 10.00%, 01/01/2027		BRL	10,000,000		2,116,519
					3,064,839
Chile–2.94%
Bonos de la Tesoreria de la Republica, 0.00%, 03/01/2025		CLP	1,261,716,750		1,433,172
Bonos de la Tesoreria de la Republica en pesos, 2.30%, 10/01/2028(b)		CLP	1,600,000,000		1,674,961
					3,108,133
China–2.61%
China Government Bond, 3.72%, 04/12/2051		CNY	4,000,000		631,747
Export-Import Bank of China (The), Series 2105, 3.22%, 05/14/2026		CNY	10,000,000		1,428,705
PBOC International Note, 2.30%, 08/24/2023(b)		CNY	5,000,000		699,661
					2,760,113
Colombia–11.79%
Colombian TES,
Series B, 5.75%, 11/03/2027		COP	24,000,000,000		5,270,795
Series B, 6.00%, 04/28/2028		COP	9,000,000,000		1,966,610
Series B, 7.25%, 10/18/2034		COP	3,500,000,000		720,512
Series B, 9.25%, 05/28/2042		COP	3,500,000,000		804,199
Series B, 7.25%, 10/26/2050		COP	13,300,000,000		2,428,179
PA Autopista Rio Magdalena, 6.05%, 06/15/2036(b)		COP	6,500,000,000		1,288,328
					12,478,623
Czech Republic–2.69%
Czech Republic Government Bond,
Series 105, 2.75%, 07/23/2029		CZK	30,000,000		1,278,550
Series 125, 1.50%, 04/24/2040		CZK	19,000,000		594,648
Series 78, 2.50%, 08/25/2028(b)		CZK	23,000,000		975,273
					2,848,471
India–2.31%
India Government Bond, 7.27%, 04/08/2026		INR	200,000,000		2,446,912

	Principal Amount			Value
Indonesia–9.79%
Indonesia Treasury Bond,
Series FR82, 7.00%, 09/15/2030		IDR	15,000,000,000	$	1,032,921
Series FR91, 6.38%, 04/15/2032		IDR	25,000,000,000		1,663,279
Series FR92, 7.13%, 06/15/2042		IDR	16,000,000,000		1,121,008
Series FR95, 6.38%, 08/15/2028		IDR	40,000,000,000		2,700,398
Series FR96, 7.00%, 02/15/2033		IDR	55,000,000,000		3,841,757
					10,359,363
Malaysia–9.26%
Malaysia Government Bond,
Series 115, 3.96%, 09/15/2025		MYR	8,450,000		1,895,018
Series 118, 3.88%, 03/14/2025		MYR	1,550,000		346,656
Series 119, 3.91%, 07/15/2026		MYR	2,500,000		560,861
Series 122, 3.58%, 07/15/2032		MYR	5,000,000		1,083,967
Series 219, 3.89%, 08/15/2029		MYR	13,500,000		3,015,165
Series 513, 3.73%, 06/15/2028		MYR	6,000,000		1,335,453
Series 519, 3.76%, 05/22/2040		MYR	3,000,000		639,190
Malaysian Government Bond, Series 310, 4.50%, 04/15/2030		MYR	4,000,000		925,822
					9,802,132
Mexico–3.75%
Mexican Bonos,
Series M, 7.50%, 05/26/2033		MXN	40,000,000		2,183,649
Series M 20, 7.50%, 06/03/2027		MXN	30,000,000		1,692,201
Red de Carreteras de Occidente S.A.B. de C.V., 9.00%, 06/10/2028(b)		MXN	1,610,000		91,026
					3,966,876
Peru–4.54%
Peru Government Bond,
6.15%, 08/12/2032		PEN	14,000,000		3,761,869
7.30%, 08/12/2033(b)		PEN	3,600,000		1,039,547
					4,801,416

See accompanying notes which are an integral part of this schedule.

Invesco Emerging Markets Local Debt Fund

	Principal Amount			Value
Poland–6.79%
Republic of Poland Government Bond,
Series 1026, 0.25%, 10/25/2026		PLN	18,000,000	$	3,839,377
Series 432, 1.75%, 04/25/2032		PLN	8,000,000		1,501,878
Series 726, 2.50%, 07/25/2026		PLN	8,000,000		1,848,010
					7,189,265
Romania–3.78%
Romania Government Bond,
5.00%, 02/12/2029		RON	5,100,000		1,067,722
4.85%, 07/25/2029		RON	5,520,000		1,144,138
4.25%, 04/28/2036		RON	2,500,000		450,300
Series 15, 4.75%, 10/11/2034		RON	7,000,000		1,341,862
					4,004,022
South Africa–10.93%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030		ZAR	110,000,000		5,520,375
Series 2037, 8.50%, 01/31/2037		ZAR	50,000,000		2,170,686
Series R186, 10.50%, 12/21/2026		ZAR	60,000,000		3,510,589
Series R209, 6.25%, 03/31/2036		ZAR	10,000,000		363,822
					11,565,472
Supranational–0.50%
European Bank for Reconstruction and Development, 7.00%, 11/29/2024		VND	10,000,000,000		438,630
International Finance Corp., 0.00%, 02/15/2029(b)(c)		TRY	7,300,000		88,791
					527,421
Thailand–4.81%
Thailand Government Bond,
2.88%, 12/17/2028		THB	40,000,000		1,196,232
2.00%, 12/17/2031		THB	5,000,000		140,556
3.78%, 06/25/2032		THB	50,000,000		1,604,244
1.59%, 12/17/2035		THB	65,000,000		1,679,764
3.45%, 06/17/2043		THB	15,000,000		466,827
					5,087,623
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $82,990,846)					84,010,681

	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes–1.00%
Egypt–0.90%
Egypt Government International Bond,
6.20%, 03/01/2024(b)		$	500,000	$	479,642
5.75%, 05/29/2024(b)			500,000		470,162
					949,804
United States–0.10%
U.S. International Development Finance Corp., Series 4, 3.13%, 04/15/2028			120,000		111,871
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,092,368)					1,061,675
			Shares
Money Market Funds–13.46%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)			4,985,741		4,985,741
Invesco Liquid Assets Portfolio, Institutional Class, 5.28%(d)(e)			3,560,721		3,561,077
Invesco Treasury Portfolio, Institutional Class, 5.18%(d)(e)			5,697,989		5,697,989
Total Money Market Funds (Cost $14,244,807)					14,244,807
Options Purchased–0.59%
(Cost $509,635)(f)					618,540
TOTAL INVESTMENTS IN SECURITIES–94.43% (Cost $98,837,656)					99,935,703
OTHER ASSETS LESS LIABILITIES–5.57%					5,892,066
NET ASSETS-100.00%				$	105,827,769

See accompanying notes which are an integral part of this schedule.

Invesco Emerging Markets Local Debt Fund

Investment Abbreviations:
BRL	– Brazilian Real
CLP	– Chile Peso
CNY	– Chinese Yuan Renminbi
COP	– Colombia Peso
CZK	– Czech Koruna
IDR	– Indonesian Rupiah
INR	– Indian Rupee
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
PEN	– Peruvian Sol
PLN	– Polish Zloty
RON	– Romania New Leu
THB	– Thai Baht
TRY	– Turkish Lira
VND	– Viet Nam Dong
ZAR	– South African Rand

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 July 31, 2023 was $6,807,391, which represented 6.43% 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 nine months ended July 31, 2023.

	Value October 31, 2022	Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)	Realized Gain	Value July 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$ 5,217,147	$	35,490,913	$	(35,722,319	)	$    -	$-		$ 4,985,741	$ 65,534
Invesco Liquid Assets Portfolio, Institutional Class	3,727,210		25,350,652		(25,516,472	)	(315)	2		3,561,077	45,631
Invesco Treasury Portfolio, Institutional Class	5,962,453		40,561,043		(40,825,507	)	-	-		5,697,989	71,074
Total	$14,906,810	$	101,402,608	$	(102,064,298	)	$(315)	$2		$14,244,807	$182,239

^(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.

^(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 USD		Call	Merrill Lynch International		10/04/2023		USD	1.19	EUR	355,000	$  3,367
USD versus ZAR		Call	Goldman Sachs International		08/10/2023		ZAR	19.30	USD	2,950,000	917
Subtotal – Foreign Currency Call Options Purchased											4,284
Currency Risk
EUR versus HUF		Put	Merrill Lynch International		09/14/2023		HUF	365.00	EUR	220,000	4,972
USD versus BRL		Put	HSBC Bank USA		09/27/2023		BRL	4.72	USD	2,970,000	43,748
USD versus BRL		Put	Merrill Lynch International		08/24/2023		BRL	4.90	USD	2,850,000	100,904
USD versus CNH		Put	J.P. Morgan Chase Bank, N.A.		09/28/2023		CNH	6.40	USD	200,000	108
USD versus COP		Put	Merrill Lynch International		09/06/2023		COP	4,100.00	USD	4,500,000	183,321
USD versus IDR		Put	Standard Chartered Bank PLC		09/22/2023		IDR	14,780.00	USD	2,840,000	6,495
USD versus INR		Put	Standard Chartered Bank PLC		11/16/2023		INR	81.50	USD	3,500,000	13,356
USD versus MXN		Put	Goldman Sachs International		02/15/2024		MXN	17.45	USD	5,000,000	178,745
USD versus MXN		Put	Morgan Stanley and Co. International PLC		09/14/2023		MXN	16.70	USD	145,000	62,773

See accompanying notes which are an integral part of this schedule.

Invesco Emerging Markets Local Debt Fund

Open Over-The-Counter Foreign Currency Options Purchased(a)–(continued)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

USD versus PLN

Put

J.P. Morgan Chase Bank, N.A.

11/16/2023

PLN

3.85

USD  2,800,000

$

16,313

USD versus THB

Put

J.P. Morgan Chase Bank, N.A.

08/24/2023

THB

32.25

USD   240,000

3,521

Subtotal – Foreign Currency Put Options Purchased

614,256

Total Foreign Currency Options Purchased

$

618,540

(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $590,000.

Open Over-The-Counter Foreign Currency Options Written(a)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

EUR versus HUF

Call

J.P. Morgan Chase Bank, N.A.

10/27/2023

HUF

400.00

EUR

5,700,000

$

(104,649

)

EUR versus HUF

Call

Merrill Lynch International

12/14/2023

HUF

405.00

EUR

2,200,000

(50,274

)

USD versus BRL

Call

HSBC Bank USA

09/27/2023

BRL

5.10

USD

2,970,000

(14,541

)

USD versus BRL

Call

Merrill Lynch International

08/24/2023

BRL

5.30

USD

2,850,000

(989

)

USD versus CLP

Call

Merrill Lynch International

08/29/2023

CLP

860.00

USD

2,865,000

(23,092

)

USD versus IDR

Call

Standard Chartered Bank PLC

09/22/2023

IDR

15,300.00

USD

2,840,000

(16,052

)

USD versus KRW

Call

J.P. Morgan Chase Bank, N.A.

10/06/2023

KRW

1,290.00

USD

1,000,000

(9,728

)

USD versus MXN

Call

Merrill Lynch International

02/01/2024

MXN

21.00

USD

1,050,000

(3,249

)

USD versus MXN

Call

Morgan Stanley and Co. International PLC

12/14/2023

MXN

18.70

USD

2,175,000

(16,010

)

USD versus PLN

Call

J.P. Morgan Chase Bank, N.A.

07/18/2024

PLN

4.35

USD

1,400,000

(27,892

)

USD versus ZAR

Call

Goldman Sachs International

08/10/2023

ZAR

19.70

USD

2,950,000

(389

)

Subtotal – Foreign Currency Call Options Written

(266,865

)

Currency Risk

USD versus BRL

Put

HSBC Bank USA

09/27/2023

BRL

4.58

USD

2,970,000

(15,263

)

USD versus BRL

Put

Merrill Lynch International

08/24/2023

BRL

4.70

USD

2,850,000

(22,840

)

USD versus CLP

Put

Merrill Lynch International

08/29/2023

CLP

775.00

USD

2,865,000

(246

)

USD versus COP

Put

Merrill Lynch International

09/06/2023

COP

3,950.00

USD

6,750,000

(108,277

)

USD versus IDR

Put

Standard Chartered Bank PLC

09/22/2023

IDR

14,550.00

USD

2,840,000

(2,204

)

USD versus INR

Put

Standard Chartered Bank PLC

11/16/2023

INR

80.50

USD

3,500,000

(5,933

)

USD versus MXN

Put

Goldman Sachs International

02/15/2024

MXN

16.70

USD

7,150,000

(108,601

)

Subtotal – Foreign Currency Put Options Written

(263,364

)

Total – Foreign Currency Options Written

$

(530,229

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $590,000.

Open Forward Foreign Currency Contracts
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
08/02/2023	Barclays Bank PLC		USD	41,038		BRL	200,000	$	1,256
09/20/2023	Barclays Bank PLC		CZK	2,360,000		USD	111,315		2,911
09/20/2023	BNP Paribas S.A.		INR	4,264,036		USD	51,804		28
10/10/2023	BNP Paribas S.A.		CNY	380,000		USD	56,841		3,281
09/20/2023	Citibank, N.A.		IDR	16,362,800,000		USD	1,088,097		5,257
09/20/2023	Citibank, N.A.		PEN	360,000		USD	100,407		869
09/20/2023	Citibank, N.A.		USD	423,780		CZK	9,382,700		7,204
09/20/2023	Citibank, N.A.		USD	729,477		PLN	3,020,690		22,805
09/20/2023	Citibank, N.A.		USD	7,012,867		THB	240,366,019		41,448
08/02/2023	Goldman Sachs International		USD	3,955,201		BRL	18,984,554		59,507
08/14/2023	Goldman Sachs International		USD	295,000		ZAR	5,605,000		18,078
09/20/2023	Goldman Sachs International		KRW	165,325,940		USD	130,383		639

See accompanying notes which are an integral part of this schedule.

Invesco Emerging Markets Local Debt Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
09/20/2023	Goldman Sachs International		RON	838,000		USD	188,057	$	1,541
09/20/2023	Goldman Sachs International		USD	85,495		COP	347,358,000		1,881
09/20/2023	Goldman Sachs International		USD	1,089,641		CZK	23,920,000		9,098
09/20/2023	Goldman Sachs International		USD	42,987		MXN	735,000		521
09/20/2023	Goldman Sachs International		USD	193,510		PEN	706,000		1,697
10/17/2023	Goldman Sachs International		USD	72,210		PLN	300,000		2,412
11/20/2023	Goldman Sachs International		INR	4,054,000		USD	49,333		214
08/02/2023	HSBC Bank USA		USD	7,007,182		BRL	33,224,554		18,893
09/05/2023	HSBC Bank USA		USD	6,955,254		BRL	33,224,554		28,876
09/20/2023	HSBC Bank USA		USD	2,986,846		MXN	52,110,000		97,742
08/02/2023	J.P. Morgan Chase Bank, N.A.		USD	5,366,205		BRL	25,500,000		26,340
08/28/2023	J.P. Morgan Chase Bank, N.A.		USD	2,100,329		BRL	10,015,000		7,798
09/20/2023	J.P. Morgan Chase Bank, N.A.		CLP	794,490,000		USD	980,989		38,894
09/20/2023	J.P. Morgan Chase Bank, N.A.		HUF	14,850,000		USD	43,850		2,136
09/20/2023	J.P. Morgan Chase Bank, N.A.		PLN	12,290,000		USD	3,088,411		27,674
09/20/2023	J.P. Morgan Chase Bank, N.A.		USD	2,096,942		EUR	1,940,615		41,847
09/20/2023	J.P. Morgan Chase Bank, N.A.		USD	2,803,624		PLN	11,289,000		7,821
09/20/2023	J.P. Morgan Chase Bank, N.A.		USD	159,385		RON	733,930		3,968
09/20/2023	J.P. Morgan Chase Bank, N.A.		USD	183,628		THB	6,300,000		1,265
09/20/2023	J.P. Morgan Chase Bank, N.A.		USD	1,354,395		ZAR	25,710,000		76,854
09/29/2023	J.P. Morgan Chase Bank, N.A.		USD	137,337		BRL	656,000		55
10/10/2023	J.P. Morgan Chase Bank, N.A.		CNY	6,720,000		USD	1,000,000		52,827
10/17/2023	J.P. Morgan Chase Bank, N.A.		USD	37,568		PLN	160,000		2,231
10/31/2023	J.P. Morgan Chase Bank, N.A.		HUF	304,251,750		USD	875,841		27,614
09/11/2023	Merrill Lynch International		USD	1,050,000		MXN	18,267,900		33,218
09/18/2023	Merrill Lynch International		HUF	433,740,250		USD	1,238,297		19,420
09/18/2023	Merrill Lynch International		USD	1,238,296		EUR	1,135,000		12,484
09/20/2023	Merrill Lynch International		INR	32,409,805		USD	395,495		1,959
09/20/2023	Merrill Lynch International		TWD	32,833,000		USD	1,064,555		17,736
09/20/2023	Merrill Lynch International		USD	5,791,849		CNY	41,203,792		8,281
10/06/2023	Merrill Lynch International		EUR	1,065,000		USD	1,177,198		2,505
10/06/2023	Merrill Lynch International		USD	43,562		EUR	40,000		558
12/18/2023	Merrill Lynch International		HUF	201,210,500		USD	564,388		6,818
12/18/2023	Merrill Lynch International		USD	564,389		EUR	515,000		5,846
08/28/2023	Morgan Stanley and Co. International PLC		USD	26,869		BRL	130,000		496
09/20/2023	Morgan Stanley and Co. International PLC		CLP	703,490,000		USD	862,300		28,111
09/20/2023	Morgan Stanley and Co. International PLC		CZK	2,857,000		USD	131,826		593
09/20/2023	Morgan Stanley and Co. International PLC		HUF	150,875,000		USD	435,060		11,253
09/20/2023	Morgan Stanley and Co. International PLC		USD	2,376,586		COP	10,207,200,000		190,958
09/20/2023	Morgan Stanley and Co. International PLC		USD	5,873,198		MXN	100,534,000		77,791
09/20/2023	Morgan Stanley and Co. International PLC		USD	151,776		PLN	610,000		141
09/20/2023	Morgan Stanley and Co. International PLC		USD	801,736		ZAR	14,721,000		17,767
09/20/2023	Morgan Stanley and Co. International PLC		ZAR	1,140,000		USD	64,019		557
10/10/2023	Morgan Stanley and Co. International PLC		CNY	6,950,000		USD	1,039,635		60,044
10/23/2023	Morgan Stanley and Co. International PLC		USD	113,283		MXN	2,120,000		11,432
02/20/2024	Morgan Stanley and Co. International PLC		USD	171,215		MXN	3,110,000		7,841
09/20/2023	Standard Chartered Bank PLC		IDR	24,486,250,000		USD	1,629,343		8,918
09/20/2023	Standard Chartered Bank PLC		RON	260,000		USD	58,032		163
09/20/2023	Standard Chartered Bank PLC		USD	3,018,884		MYR	13,761,900		43,587
09/20/2023	Standard Chartered Bank PLC		USD	1,141,351		PHP	63,014,000		9,243

See accompanying notes which are an integral part of this schedule.

Invesco Emerging Markets Local Debt Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
09/20/2023	Standard Chartered Bank PLC		USD	87,139		PLN	350,014	$	29
09/20/2023	Standard Chartered Bank PLC		USD	191,451		THB	6,630,000		3,128
09/26/2023	Standard Chartered Bank PLC		IDR	16,994,355,000		USD	1,135,000		10,548
09/20/2023	UBS AG		USD	107,532		ZAR	1,990,000		3,249
Subtotal–Appreciation									1,238,156
Currency Risk
08/02/2023	Barclays Bank PLC		BRL	200,000		USD	42,181		(114	)
09/20/2023	Barclays Bank PLC		PLN	1,678,000		USD	406,610		(11,284	)
09/20/2023	BNP Paribas S.A.		CNY	740,000		USD	104,034		(133	)
09/20/2023	BNP Paribas S.A.		USD	42,724		PLN	170,000		(386	)
09/20/2023	Citibank, N.A.		COP	285,190,000		USD	67,473		(4,265	)
09/20/2023	Citibank, N.A.		PEN	17,383,923		USD	4,733,324		(73,262	)
09/20/2023	Citibank, N.A.		USD	586,124		CLP	473,529,200		(24,619	)
09/20/2023	Citibank, N.A.		USD	3,339,227		IDR	49,977,757,382		(31,853	)
09/20/2023	Citibank, N.A.		USD	185,268		THB	6,270,000		(1,254	)
09/20/2023	Citibank, N.A.		ZAR	45,264,390		USD	2,441,379		(78,441	)
08/02/2023	Goldman Sachs International		BRL	18,984,554		USD	4,001,431		(13,278	)
09/20/2023	Goldman Sachs International		CNY	800,000		USD	112,353		(261	)
09/20/2023	Goldman Sachs International		COP	5,726,941,100		USD	1,337,599		(102,970	)
09/20/2023	Goldman Sachs International		EUR	990,000		USD	1,080,684		(10,414	)
09/20/2023	Goldman Sachs International		MXN	6,719,125		USD	378,522		(19,208	)
09/20/2023	Goldman Sachs International		RON	339,000		USD	74,290		(1,162	)
09/20/2023	Goldman Sachs International		USD	1,485,556		PEN	5,350,000		(6,303	)
09/20/2023	Goldman Sachs International		ZAR	3,300,000		USD	181,179		(2,529	)
10/23/2023	Goldman Sachs International		MXN	7,598,100		USD	380,000		(66,983	)
02/20/2024	Goldman Sachs International		MXN	7,436,000		USD	400,000		(28,124	)
08/02/2023	HSBC Bank USA		BRL	33,224,554		USD	6,997,589		(28,486	)
09/20/2023	HSBC Bank USA		MXN	28,556,990		USD	1,616,860		(73,536	)
09/20/2023	HSBC Bank USA		PLN	3,990,000		USD	983,731		(9,950	)
09/20/2023	HSBC Bank USA		RON	1,280,000		USD	280,427		(4,466	)
09/20/2023	HSBC Bank USA		USD	1,090,770		CLP	904,793,951		(17,879	)
09/20/2023	HSBC Bank USA		USD	4,963,842		HUF	1,744,542,206		(63,433	)
09/20/2023	HSBC Bank USA		USD	177,711		IDR	2,650,610,000		(2,302	)
09/20/2023	HSBC Bank USA		ZAR	31,141,393		USD	1,698,541		(35,067	)
09/29/2023	HSBC Bank USA		BRL	5,432,872		USD	1,113,750		(24,105	)
08/02/2023	J.P. Morgan Chase Bank, N.A.		BRL	25,500,000		USD	5,348,136		(44,409	)
08/28/2023	J.P. Morgan Chase Bank, N.A.		THB	34,696,400		USD	1,016,000		(56	)
09/20/2023	J.P. Morgan Chase Bank, N.A.		COP	23,893,225,014		USD	5,445,441		(564,719	)
09/20/2023	J.P. Morgan Chase Bank, N.A.		PLN	2,292,000		USD	569,082		(1,725	)
09/20/2023	J.P. Morgan Chase Bank, N.A.		RON	2,845,000		USD	624,611		(8,609	)
09/20/2023	J.P. Morgan Chase Bank, N.A.		USD	28,758		CZK	610,000		(738	)
09/20/2023	J.P. Morgan Chase Bank, N.A.		USD	36,773		THB	1,250,000		(87	)
09/20/2023	J.P. Morgan Chase Bank, N.A.		ZAR	8,251,000		USD	443,158		(16,166	)
10/17/2023	J.P. Morgan Chase Bank, N.A.		PLN	4,450,950		USD	1,050,000		(57,123	)
10/17/2023	J.P. Morgan Chase Bank, N.A.		USD	1,050,000		PLN	4,176,165		(11,226	)
10/31/2023	J.P. Morgan Chase Bank, N.A.		USD	875,841		EUR	783,750		(10,316	)
02/20/2024	J.P. Morgan Chase Bank, N.A.		MXN	1,010,000		USD	57,559		(591	)
08/28/2023	Merrill Lynch International		BRL	6,098,400		USD	1,210,000		(73,695	)
08/31/2023	Merrill Lynch International		USD	72,000		CLP	58,824,000		(2,104	)
09/07/2023	Merrill Lynch International		COP	2,039,750,000		USD	410,000		(104,877	)

See accompanying notes which are an integral part of this schedule.

Invesco Emerging Markets Local Debt Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
09/20/2023	Merrill Lynch International		SGD	2,134,385		USD	1,596,080		$   (12,746	)
09/20/2023	Merrill Lynch International		USD	1,808,755		CZK	38,550,000		(38,002	)
09/18/2023	Morgan Stanley and Co. International PLC		MXN	17,318,462		USD	994,000		(31,539	)
09/20/2023	Morgan Stanley and Co. International PLC		CLP	891,570,000		USD	1,055,237		(1,974	)
09/20/2023	Morgan Stanley and Co. International PLC		COP	6,807,930,686		USD	1,589,213		(123,271	)
09/20/2023	Morgan Stanley and Co. International PLC		MXN	8,400,000		USD	492,060		(5,168	)
09/20/2023	Morgan Stanley and Co. International PLC		PHP	57,034,000		USD	1,013,956		(27,447	)
09/20/2023	Morgan Stanley and Co. International PLC		PLN	736,000		USD	179,929		(3,366	)
09/20/2023	Morgan Stanley and Co. International PLC		USD	397,139		CLP	322,470,000		(14,759	)
09/20/2023	Morgan Stanley and Co. International PLC		USD	64,637		HUF	22,560,000		(1,266	)
09/20/2023	Morgan Stanley and Co. International PLC		USD	264,678		IDR	3,966,090,000		(2,215	)
09/26/2023	Morgan Stanley and Co. International PLC		USD	123,877		IDR	1,864,860,000		(487	)
10/10/2023	Morgan Stanley and Co. International PLC		USD	50,149		CNY	340,000		(2,227	)
12/18/2023	Morgan Stanley and Co. International PLC		MXN	7,834,450		USD	442,000		(14,234	)
09/20/2023	Standard Chartered Bank PLC		COP	371,308,000		USD	87,403		(5,997	)
09/20/2023	Standard Chartered Bank PLC		MYR	1,460,000		USD	324,458		(440	)
09/20/2023	Standard Chartered Bank PLC		PEN	350,000		USD	95,034		(1,740	)
09/20/2023	Standard Chartered Bank PLC		PHP	5,980,000		USD	107,261		(1,930	)
09/20/2023	Standard Chartered Bank PLC		RON	636,000		USD	139,595		(1,961	)
09/20/2023	Standard Chartered Bank PLC		USD	33,765		IDR	507,460,000		(183	)
11/20/2023	Standard Chartered Bank PLC		INR	34,864,200		USD	420,000		(2,424	)
09/20/2023	UBS AG		THB	6,710,000		USD	194,905		(2,022	)
Subtotal–Depreciation									(1,927,906	)
Total Forward Foreign Currency Contracts									$  (689,750	)

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

Pay

3 Month CNRR007

Quarterly

2.36%

Quarterly

04/12/2027

CNY

15,000,000

$–

$

823

$

823

Receive

6 Month WIBOR

Semi-Annually

(4.02)

Annually

07/18/2027

PLN

11,600,000

–

1,890

1,890

Pay

3 Month CNRR007

Quarterly

2.44

Quarterly

04/27/2027

CNY

5,000,000

–

2,080

2,080

Receive

3 Month CZK PRIBOR

Quarterly

(7.02)

Annually

02/10/2024

CZK

50,000,000

–

2,125

2,125

Pay

3 Month CNRR007

Quarterly

2.51

Quarterly

07/18/2027

CNY

5,000,000

–

3,491

3,491

Pay

3 Month JIBAR

Quarterly

8.48

Quarterly

05/02/2028

ZAR

24,750,000

–

5,074

5,074

Pay

3 Month CNRR007

Quarterly

2.70

Quarterly

11/24/2027

CNY

6,000,000

–

9,843

9,843

Pay

28 Day MXN TIIE

28 Days

9.13

28 Days

02/11/2028

MXN

14,000,000

–

18,167

18,167

Pay

BZDIOVRA

At Maturity

11.30

At Maturity

01/02/2026

BRL

8,667,090

–

21,386

21,386

Receive

3 Month COOVIBR

Quarterly

(7.70)

Quarterly

07/18/2033

COP

12,600,000,000

–

25,675

25,675

Pay

BZDIOVRA

At Maturity

11.72

At Maturity

01/02/2026

BRL

8,286,341

–

43,268

43,268

Pay

6 Month BUBOR

Semi-Annually

9.78

Annually

08/04/2027

HUF

300,000,000

–

51,770

51,770

Pay

6 Month BUBOR

Semi-Annually

9.61

Annually

07/27/2027

HUF

389,700,000

–

58,728

58,728

Pay

CLICP

Semi-Annually

7.56

Semi-Annually

04/04/2025

CLP

3,800,000,000

–

108,460

108,460

Pay

BZDIOVRA

At Maturity

11.51

At Maturity

07/01/2026

BRL

18,479,381

–

144,513

144,513

Subtotal – Appreciation

–

497,293

497,293

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
Receive	BZDIOVRA	At Maturity		(11.82)%		At Maturity		01/02/2029		BRL	10,251,941		$–	$	(162,588	)		$(162,588)
Receive	3 Month COOVIBR	Quarterly		(8.96)		Quarterly		05/23/2032		COP	4,400,000,000		–		(77,028	)		(77,028)
Receive	CLICP	Semi-Annually		(6.28)		Semi-Annually		03/08/2028		CLP	1,117,250,000		–		(64,948	)		(64,948)
Receive	3 Month BUBOR	Quarterly		(14.30)		Annually		05/23/2024		HUF	1,982,000,000		–		(58,115	)		(58,115)
Pay	KWCDC	Quarterly		3.32		Quarterly		04/05/2025		KRW	6,750,000,000		–		(39,814	)		(39,814)
Pay	3 Month JIBAR	Quarterly		7.49		Quarterly		03/22/2025		ZAR	57,700,000		–		(38,913	)		(38,913)
Receive	3 Month COOVIBR	Quarterly		(8.59)		Quarterly		05/31/2032		COP	3,215,000,000		–		(38,046	)		(38,046)
Receive	3 Month CNRR007	Quarterly		(2.82)		Quarterly		03/23/2028		CNY	11,500,000		–		(26,204	)		(26,204)
Pay	3 Month JIBAR	Quarterly		7.87		Quarterly		03/31/2025		ZAR	47,820,000		–		(17,104	)		(17,104)
Pay	28 Day MXN TIIE	28 days		8.23		28 days		05/29/2031		MXN	75,000,000		–		(14,603	)		(14,603)
Pay	TTHORON	Quarterly		2.60		Quarterly		04/24/2033		THB	45,000,000		–		(13,402	)		(13,402)
Pay	FBIL Overnight MIBOR	Semi-Annually		6.24		Semi-Annually		04/06/2028		INR	80,000,000		–		(11,584	)		(11,584)
Pay	SOFR	Annually		4.61		Annually		07/20/2025		USD	2,800,000		–		(10,606	)		(10,606)
Pay	6 Month CZK PRIBOR	Semi-Annually		4.58		Annually		07/20/2026		CZK	40,000,000		–		(10,474	)		(10,474)
Pay	BZDIOVRA	At Maturity		10.05		At Maturity		01/04/2027		BRL	16,462,385		–		(10,045	)		(10,045)
Pay	BZDIOVRA	At Maturity		10.02		At Maturity		01/04/2027		BRL	16,565,716		–		(6,968	)		(6,968)
Pay	28 Day MXN TIIE	28 days		8.20		28 days		05/26/2033		MXN	18,500,000		–		(6,171	)		(6,171)
Receive	CLICP	Semi-Annually		(5.17)		Semi-Annually		06/28/2028		CLP	950,000,000		–		(5,107	)		(5,107)
Pay	3 Month CNRR007	Quarterly		2.08		Quarterly		07/19/2025		CNY	40,000,000		–		(4,452	)		(4,452)
Receive	TTHORON	Quarterly		(2.48)		Quarterly		09/05/2027		THB	40,000,000		–		(3,345	)		(3,345)
Pay	6 Month WIBOR	Semi-Annually		4.63		Annually		05/25/2027		PLN	6,000,000		–		(3,165	)		(3,165)
Pay	6 Month WIBOR	Semi-Annually		4.62		Annually		07/25/2027		PLN	6,000,000		–		(2,911	)		(2,911)
Pay	BZDIOVRA	At Maturity		10.04		At Maturity		01/04/2027		BRL	8,578,623		–		(1,481	)		(1,481)
Subtotal – Depreciation													–		(627,074	)		(627,074)
Total Centrally Cleared Interest Rate Swap Agreements													$–	$	(129,781	)		$(129,781)

^(a)  Centrally cleared swap agreements collateralized by $1,267,521 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

Pay

3 Month MYR KLIBOR

Quarterly

3.58%

Quarterly

05/19/2028

MYR 11,000,000

$–

$(15,448)

$(15,448)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $590,000.

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
CLICP	–Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP	–Chile Peso
CNH	–Chinese Renminbi
CNRR007	–China 7-Day Reverse Repo Rate
CNY	–Chinese Yuan Renminbi
COOVIBR	–Colombia IBR Overnight Nominal Interbank Reference Rate
COP	–Colombia Peso
CZK	–Czech Koruna
EUR	–Euro
FBIL	–Financial Benchmarks India Private Ltd.
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
KLIBOR	–Kuala Lumpur Interbank Offered Rate
KRW	–South Korean Won
KWCDC	–South Korean Won Certificate of Deposit
MIBOR	–Mumbai Interbank Offered Rate
MXN	–Mexican Peso
MYR	–Malaysian Ringgit
PEN	–Peruvian Sol
PHP	–Philippines Peso
PLN	–Polish Zloty
PRIBOR	–Prague Interbank Offerred Rate
RON	–Romania New Leu
SGD	–Singapore Dollar
SOFR	–Secured Overnight Financing Rate
THB	–Thai Baht
TIIE	–Interbank Equilibrium Interest Rate
TTHORON	–Thai Overnight Repurchase Rate
TWD	–New Taiwan Dollar
USD	–U.S. Dollar
WIBOR	–Warsaw Interbank Offered Rate
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

July 31, 2023

(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. 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 Invesco Advisers, Inc.’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 July 31, 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 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	$	–	$	84,010,681			$–	$	84,010,681
U.S. Dollar Denominated Bonds & Notes		–		1,061,675			–		1,061,675
Money Market Funds		14,244,807		–			–		14,244,807
Options Purchased		–		618,540			–		618,540
Total Investments in Securities		14,244,807		85,690,896			–		99,935,703
Other Investments - Assets*
Forward Foreign Currency Contracts		–		1,238,156			–		1,238,156
Swap Agreements		–		497,293			–		497,293
		–		1,735,449			–		1,735,449
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(1,927,906	)		–		(1,927,906	)
Options Written		–		(530,229	)		–		(530,229	)
Swap Agreements		–		(642,522	)		–		(642,522	)
		–		(3,100,657	)		–		(3,100,657	)
Total Other Investments		–		(1,365,208	)		–		(1,365,208	)
Total Investments	$	14,244,807	$	84,325,688			$–	$	98,570,495

* 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