EMLDX — Invesco Emerging Markets Local Debt Fund

EMLDX Fund Overview

EMLDX — Invesco Emerging Markets Local Debt Fund is a US mutual fund managed by Aim Investment Funds (invesco Investment Funds), categorised as Intermediate Treasury / Sovereign Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Aim Investment Funds (invesco Investment Funds)
• Category: Intermediate Treasury / Sovereign Bond
• Assets under management: $105.94M
• 1-year return: 10.8%
• Ticker: EMLDX
• SEC CIK: 0000826644
• SEC series ID: S000064693
• Share class ID: C000209536

EMLDX Investment Objective and Strategy

Invesco Emerging Markets Local Debt Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim Investment Funds (invesco Investment Funds).

Investment objective

The Funds investment objective is to seek total return.

Principal investment strategy

Under normal market conditions, determined by the Adviser in its discretion, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in debt securities that are economically tied to emerging market countries and denominated in local (non-U.S.) currencies, and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund typically invests in at least three emerging market countries, i.e., those that are generally in the early stages of their industrial cycles. Debt securities that the Fund considers to be economically tied to emerging market countries include debt securities issued by sovereign entities of emerging market countries, or corporations that are organized, headquartered or domiciled, or whose principal activities or country of risk, as determined by a third party service provider, are in emerging market countries.

The Fund can invest in various types of debt securities, generally referred to as bonds, including government bonds, corporate debt obligations, structured notes, participation interests in loans, zero coupon or stripped securities, certain mortgage-related securities or asset-backed securities and other debt obligations. The Fund may buy securities issued by companies of any size or market capitalization range and at times might emphasize securities of issuers in a particular capitalization range. It can invest in debt securities having short, intermediate or long maturities. The Fund does not limit its investments to a particular credit quality or rating category and can invest without limit in securities rated or that are below investment grade (also referred to as junk bonds). Investment grade debt securities are rated in one of the top four categories by nationally recognized statistical rating organizations such as Moodys Ratings (Moodys) or S&P Global Ratings (S&P).

If two or more nationally recognized statistical rating organizations have assigned different ratings to a security, the investment adviser uses the highest rating assigned. The Fund may also invest in unrated securities, in which case the Adviser may internally assign ratings to certain of those securities, after assessing their credit quality, in categories similar to those of nationally recognized statistical rating organizations. The Fund also uses derivatives to seek increased returns or to try manage investment risks, including, for example, options, forward contracts, futures contracts, swaps and structured notes. The Fund is non-diversified, which means it can invest a greater percentage of its assets in a small group of issuers or any one issuer than a diversified fund can. In selecting securities, the portfolio managers evaluate the overall investment opportunities and risks in individual national economies.

The portfolio managers analyze the business cycle, political factors and exchange rates across countries. As part of the Funds investment process, to implement its investment strategy in pursuit of its investment objective, the Funds portfolio managers also consider both quantitative and qualitative environmental, social and governance (ESG) factors they believe to be material to understanding an issuers fundamentals and apply a scoring methodology designed to determine which securities are eligible to include in the Fund's portfolio. The Adviser generally seeks to exclude investments with low ESG scores. This analysis may involve the use of third-party research as well as proprietary research. Consideration of ESG factors is just one component of the portfolio managers assessment of issuers eligible for investment and not necessarily determinative of an investment decision.

Therefore, the Funds portfolio managers may still invest in securities of issuers with a high ESG risk profile. The ESG factors considered by the Funds portfolio managers may change over time and one or more factors may not be relevant with respect to all issuers eligible for investment and ESG considerations may not be applied to each issuer or Fund investment. The Fund currently focuses on investment opportunities for higher yields than are available in U.S. markets and opportunities in investments denominated in foreign currencies that compare favorably to the U.S. dollar. The portfolio managers seek to actively manage foreign currency exposure both to help reduce risk and to seek to enhance return. These factors may vary in particular cases and, along with the Funds investment focus, may change over time.

In attempting to meet its investment objective or to manage subscription and redemption requests, the Fund may engage in active and frequent trading of portfolio securities.

EMLDX Holdings

Top 10 holdings of Invesco Emerging Markets Local Debt Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all EMLDX holdings

EMLDX Portfolio Allocation

Asset-class allocation of Invesco Emerging Markets Local Debt Fund by percentage of net assets, from the latest SEC N-PORT filing.

EMLDX Performance

Total returns for EMLDX (as of 2026-10-01), from SEC filings.

EMLDX Risk Information

Risk metrics for EMLDX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 10.2%

EMLDX Costs and Fees

EMLDX costs about $75 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.75%
• Gross expense ratio: 1.12%
• Portfolio turnover: 114%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

EMLDX Cashflows

Over the 12 months to 2026-04, Invesco Emerging Markets Local Debt Fund had net inflows of $22.44M, from monthly SEC N-PORT filings.

EMLDX Debt Constituents

Largest debt holdings of Invesco Emerging Markets Local Debt Fund by percentage of net assets, from the latest SEC N-PORT filing.

EMLDX Prospectus and SEC Filings

Official Invesco Emerging Markets Local Debt Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-27
• Prospectus (485BPOS) — filed 2025-02-28
• Prospectus (485BPOS) — filed 2024-02-27
• Portfolio holdings (N-PORT) — filed 2026-09-29
• Portfolio holdings (N-PORT) — filed 2026-06-29
• Portfolio holdings (N-PORT) — filed 2026-04-01
• Annual census (N-CEN) — filed 2026-01-14
• Annual census (N-CEN) — filed 2025-01-14

Related Funds

Other Intermediate Treasury / Sovereign Bond funds tracked on ABC INVEST:

• Vanguard Intermediate-Term Bond Index Fund (VBIIX)
• Vanguard Intermediate-Term Treasury Index Fund (VSIGX)
• iShares U.S. Treasury Bond ETF (GOVT)
• iShares 3-7 Year Treasury Bond ETF (IEI)
• Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.