Mutual Funds

Invesco Emerging Market Local Currency Debt Fund

Fixed Income | International and Global Fixed Income

Objective & Strategy

The fund seeks total return through growth of capital and current income by investing in a flexible allocation of emerging market debt securities, including sovereign, quasi-sovereign and corporate bonds, and financial derivative instruments denominated in the currency of emerging market countries.

as of 08/31/2015

Morningstar Rating

Overall Rating - Emerging Markets Bond Category

As of 08/31/2015 the Fund had an overall rating of 1 stars out of 247 funds and was rated 1 stars out of 247 funds, 1 stars out of 128 funds and N/A stars out of N/A funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effect of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable. ©2015 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. A fund is eligible for a Morningstar Rating three years after inception. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Ratings for other share classes may differ due to different performance characteristics.

Management team

as of 08/31/2015

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
REPUBLIC OF SOUTH AFRICA 0.000 02/28/2023 3.70
MALAYSIAN GOVERNMENT 0.000 11/29/2019 3.62
TURKEY GOVERNMENT BOND 0.000 11/16/2016 3.55
AMERICA MOVIL SAB DE CV 0.000 12/09/2024 3.51
STANDARD CHARTERED 144A 0.000 07/30/2024 3.39
POLAND GOVERNMENT BOND 0.000 10/25/2023 3.21
THAILAND GOVERNMENT BOND 0.000 12/17/2021 2.83
DEUTSCHE BANK AG LONDON 0.000 03/17/2034 2.67
MALAYSIAN GOVERNMENT 0.000 07/15/2021 2.66
MORGAN STANLEY 0.000 12/28/2015 2.65

Holdings are subject to change and are not buy/sell recommendations.

as of 08/31/2015 06/30/2015

Average Annual Returns (%)

Load (%)
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 06/16/2010 N/A -1.08 -10.75 -20.03 -7.22 -2.14 N/A
Load 06/16/2010 4.25 -1.90 -14.57 -23.40 -8.56 -2.98 N/A
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.

Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.

Performance figures reflect reinvested distributions and changes in net asset value (NAV) and the effect of the maximum sales charge unless otherwise stated.

Had fees not been waived and/or expenses reimbursed currently or in the past, returns would have been lower.

as of 09/30/2015 09/30/2015

Annualized Benchmark Returns

Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
JPMorgan GBI EM Glbl Diversified Composite IX -2.97 -10.54 -19.77 -8.72 -3.56 4.45
JPMorgan GBI EM Glbl Diversified Composite IX -2.97 -10.54 -19.77 -8.72 -3.56 4.45
JPMorgan GBI EM Glbl Diversified Composite IX -2.97 -10.54 -19.77 -8.72 -3.56 4.45
JPMorgan GBI EM Glbl Diversified Composite IX -2.97 -10.54 -19.77 -8.72 -3.56 4.45

Source: FactSet Research Systems Inc.

Source: FactSet Research Systems Inc.

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.75
12b-1 Fee 0.25
Other Expenses 0.84
Interest/Dividend Exp 0.00
Total Other Expenses 0.84
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.00
Total Annual Fund Operating Expenses 1.84
Contractual Waivers/Reimbursements -0.60
Net Expenses - PER PROSPECTUS 1.24
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 1.24
This information is updated per the most recent prospectus.

Historical Prices

From   to
No history records found for this date range


From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
09/17/2015 0.0310 N/A N/A 6.66
08/20/2015 0.0311 N/A N/A 6.85
07/16/2015 0.0310 N/A N/A 7.29
06/18/2015 0.0310 N/A N/A 7.39
05/21/2015 0.0309 N/A N/A 7.65
04/16/2015 0.0310 N/A N/A 7.75
03/19/2015 0.0309 N/A N/A 7.42
02/19/2015 0.0309 N/A N/A 7.77
01/22/2015 0.0309 N/A N/A 7.96
12/12/2014 0.0309 N/A N/A 7.89
11/20/2014 0.0308 N/A N/A 8.36
10/16/2014 0.0308 N/A N/A 8.45
09/18/2014 0.0307 N/A N/A 8.62
08/21/2014 0.0307 N/A N/A 8.86
07/17/2014 0.0307 N/A N/A 8.97
06/19/2014 0.0307 N/A N/A 8.95
05/15/2014 0.0307 N/A N/A 8.93
04/17/2014 0.0307 N/A N/A 8.82
03/20/2014 0.0307 N/A N/A 8.54
02/20/2014 0.0308 N/A N/A 8.49
01/16/2014 0.0307 N/A N/A 8.62
12/13/2013 0.0307 N/A N/A 8.85
11/21/2013 0.0306 N/A N/A 8.89
10/17/2013 0.0306 N/A N/A 9.26
09/19/2013 0.0307 N/A N/A 9.21
08/15/2013 0.0306 N/A N/A 8.97
07/18/2013 0.0306 N/A N/A 9.21
06/20/2013 0.0305 N/A N/A 9.05
05/16/2013 0.0304 N/A N/A 10.12
04/18/2013 0.0394 N/A N/A 10.15
03/21/2013 0.0394 N/A N/A 9.97
02/21/2013 0.0394 N/A N/A 10.11
01/17/2013 0.0394 N/A N/A 10.18
12/07/2012 0.0395 N/A N/A 10.01
11/15/2012 0.0226 N/A N/A 9.80
10/18/2012 0.0138 N/A 0.0088 9.96
09/20/2012 0.0135 N/A 0.0091 9.82
08/16/2012 0.0226 N/A N/A 9.68
07/19/2012 0.0226 N/A N/A 9.70
06/14/2012 0.0346 N/A N/A 9.24
05/17/2012 0.0345 N/A N/A 9.28
04/19/2012 0.0345 N/A N/A 9.65
03/15/2012 0.0345 N/A N/A 9.72
02/16/2012 0.0345 N/A N/A 9.79
01/19/2012 0.0346 N/A N/A 9.42
12/09/2011 0.5832 0.2066 0.0324 9.22
11/17/2011 0.0344 N/A N/A 10.02
10/20/2011 0.0344 N/A N/A 10.08
09/15/2011 0.0342 N/A N/A 10.55
08/18/2011 0.0342 N/A N/A 10.98
07/21/2011 0.0342 N/A N/A 11.14
06/16/2011 0.0342 N/A N/A 10.92
05/19/2011 0.0342 N/A N/A 11.00
04/21/2011 0.0343 N/A N/A 11.07
03/17/2011 0.0343 N/A N/A 10.52
02/17/2011 0.0343 N/A N/A 10.52
01/20/2011 0.0343 N/A N/A 10.48
12/03/2010 0.2479 0.1547 N/A 10.55
11/18/2010 0.0428 N/A N/A 10.94
10/21/2010 0.0428 N/A N/A 11.13
09/16/2010 0.0429 N/A N/A 10.67
08/19/2010 0.0429 N/A N/A 10.56
07/15/2010 0.0429 N/A N/A 10.20
as of 08/31/2015

Quality Breakdown

Ratings are based on S&P, Moody's or Fitch, as applicable. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated, and should not be interpreted as indicating low quality. If securities are rated differently by the rating agencies, the higher rating is applied. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. For more information on the rating methodology, please visit the following NRSRO websites: and select 'Understanding Ratings' under Rating Resources on the homepage; and select 'Rating Methodologies' under Research and Ratings on the homepage; and select 'Ratings Definitions' on the homepage.

as of 08/31/2015

Fund Characteristics

3-Year Alpha -0.80%
3-Year Beta 0.92
3-Year R-Squared 0.99
3-Year Sharpe Ratio -0.76
3-Year Standard Deviation 9.58
Number of Securities 66
Total Assets $45,794,134.00

Source: FactSet Research Systems Inc., StyleADVISOR

Benchmark:  JPMorgan GBI EM Glbl Diversified Composite IX

as of 08/31/2015

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
REPUBLIC OF SOUTH AFRICA 0.000 02/28/2023 3.70
MALAYSIAN GOVERNMENT 0.000 11/29/2019 3.62
TURKEY GOVERNMENT BOND 0.000 11/16/2016 3.55
AMERICA MOVIL SAB DE CV 0.000 12/09/2024 3.51
STANDARD CHARTERED 144A 0.000 07/30/2024 3.39
POLAND GOVERNMENT BOND 0.000 10/25/2023 3.21
THAILAND GOVERNMENT BOND 0.000 12/17/2021 2.83
DEUTSCHE BANK AG LONDON 0.000 03/17/2034 2.67
MALAYSIAN GOVERNMENT 0.000 07/15/2021 2.66
MORGAN STANLEY 0.000 12/28/2015 2.65

Holdings are subject to change and are not buy/sell recommendations.

as of 08/31/2015

Top Industries

  % of Total Assets
Sovereign Debt 58.27
Diversified Banks 18.26
Wireless Telecommunication Services 3.51
Diversified Capital Markets 2.67
Investment Banking & Brokerage 2.65
Diversified REITs 2.51
Independent Power Producers & Energy Traders 1.50
Multi-Sector Holdings 1.32
Electric Utilities 0.75
Integrated Oil & Gas 0.44

The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.

as of 08/31/2015

Top Countries

  % of Total Assets
United Kingdom 10.02
Turkey 9.37
Brazil 8.53
Mexico 7.87
Malaysia 7.26
Poland 7.03
Colombia 5.12
Hungary 4.66
Russian Federation 4.63
South Africa 4.36

 About risk

Cash/Cash Equivalents Risk. Holding cash or cash equivalents may negatively affect performance.

Changing Fixed Income Market Conditions Risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero. There is a risk that interest rates will rise when the FRB and central banks raise these rates. This risk is heightened due to the "tapering" of the FRB's quantitative easing program and other similar foreign central bank actions. This tapering and eventual increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund's transaction costs.

Credit Linked Notes Risk. Risks of credit linked notes include those risks associated with the underlying reference obligation including but not limited to market risk, interest rate risk, credit risk, default risk and foreign currency risk. In the case of a credit linked note created with credit default swaps, the structure will be "funded" such that the par amount of the security will represent the maximum loss that could be incurred on the investment and no leverage is introduced. An investor in a credit linked note bears counterparty risk or the risk that the issuer of the credit linked note will default or become bankrupt and not make timely payment of principal and interest of the structured security.

Credit Risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer's credit rating.

Currency/Exchange Rate Risk. The dollar value of the Fund's foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

Derivatives Risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund's returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund's ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

Developing/Emerging Markets Securities Risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

Foreign Currency Tax Risk. If the U.S. Treasury Department were to exercise its authority to issue regulations that exclude from the definition of "qualifying income" foreign currency gains not directly related to the Fund's business of investing in securities, the Fund may be unable to qualify as a regulated investment company for one or more years. In this event, the Fund's Board of Trustees may authorize a significant change in investment strategy or Fund liquidation.

Foreign Securities Risk. The Fund's foreign investments may be affected by changes in a foreign country's exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

Geographic Focus Risk. From time to time the Fund may invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. If the Fund focuses its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund's investment performance may also be more volatile if it focuses its investments in certain countries, especially emerging markets countries.

High Yield Bond (Junk Bond) Risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high-quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.

Interest Rate Risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

Management Risk. The investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results.

Market Risk. The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in a small number of issuers or a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund.

Reinvestment Risk. Reinvestment risk is the risk that a bond's cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.

Sovereign Debt Risk. Investments in foreign sovereign debt obligations involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

as of 10/05/2015


NAV Change ($)
$6.68 0.08
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 10/05/2015


  • Distribution Yield
    with Sales Charge 5.33%
  • Distribution Yield
    without Sales Charge 5.57%
  • SEC 30-Day Yield 5.24%
  • Unsub. 30-Day Yield 4.64%

Fund Details

  • Distribution Frequency Monthly
  • WSJ Abrev. N/A
  • CUSIP 00142R711
  • Fund Type Fixed Income
  • Geography Type International
  • Inception Date 06/16/2010
  • Fiscal Year End 10/31
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1544
  • Tax ID 27-2531694