NPORT-EX 2 edgar.htm HTML

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