NPORT-EX 2 edgar.htm
Consolidated Schedule of Investments
July 31, 2021
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–100.36%
Australia–24.10%
Aeris Resources Ltd.(a) 7,000,000     $1,133,062
Alkane Resources Ltd.(a) 10,680,000     9,092,769
Auteco Minerals Ltd.(a) 16,500,000     1,335,280
Bellevue Gold Ltd.(a) 22,733,252    16,654,573
Chalice Mining Ltd.(a) 13,001,692    69,768,144
De Grey Mining Ltd.(a) 61,707,305    57,476,474
Evolution Mining Ltd. 27,078,806    83,438,431
Gold Road Resources Ltd. 24,943,275    24,314,639
Jervois Mining Ltd.(a) 1,650,000       588,947
Legend Mining Ltd.(a) 39,150,245     2,521,094
Lynas Rare Earths Ltd.(a) 2,820,000    15,392,207
Musgrave Minerals Ltd.(a) 20,000,000     4,567,410
Newcrest Mining Ltd. 500,000     9,747,090
Nickel Mines Ltd. 22,881,112    18,563,076
Northern Star Resources Ltd. 13,908,895   104,730,853
OceanaGold Corp.(a) 11,120,300    21,659,449
Pantoro Ltd.(a) 24,458,979     3,772,712
Perseus Mining Ltd.(a) 10,610,000    13,112,352
Predictive Discovery Ltd.(a) 19,973,029     2,206,775
Ramelius Resources Ltd. 25,268,612    31,735,762
Red 5 Ltd.(a) 38,348,043     5,530,832
Rumble Resources Ltd.(a) 13,410,000     4,864,766
Silver Lake Resources Ltd.(a) 18,931,900    21,420,113
SolGold PLC(a) 19,800,000     7,547,886
Westgold Resources Ltd.(a)(b) 21,604,853    27,807,776
      558,982,472
Burkina Faso–1.82%
Endeavour Mining PLC 1,775,122    42,272,262
Canada–51.59%
Adventus Mining Corp.(a) 3,147,475     2,396,683
Agnico Eagle Mines Ltd. 1,366,595    88,391,365
Alamos Gold, Inc., Class A 3,071,108    24,937,397
Alexco Resource Corp.(a) 4,830,905    10,724,609
Americas Gold & Silver Corp.(a) 4,789,400     6,526,114
Anaconda Mining, Inc.(a) 1,420,000       921,930
Arizona Metals Corp.(a) 1,820,000     7,133,536
Artemis Gold, Inc.(a) 4,034,889    20,213,254
Ascot Resources Ltd.(a) 6,154,053     6,017,910
Aya Gold & Silver, Inc.(a) 736,733     6,070,548
B2Gold Corp. 9,792,000    41,028,480
Barrick Gold Corp.(c) 4,081,499    88,854,234
Calibre Mining Corp., Class C(a) 6,602,717     7,991,426
Canada Nickel Co., Inc.(a) 760,000     2,052,902
Canada Silver Cobalt Works, Inc.(a) 500,000       144,277
Centerra Gold, Inc. 520,000     4,180,507
Dundee Precious Metals, Inc. 2,620,000    15,855,242
Equinox Gold Corp.(a) 4,147,278    28,865,055
Fiore Gold Ltd.(a) 3,277,482     2,942,273
Franco-Nevada Corp. 71,000    11,353,610
Freegold Ventures Ltd.(a) 3,700,000     1,927,701
Fury Gold Mines Ltd.(a) 3,100,000     3,074,580
Galway Metals, Inc.(a) 6,593,625     3,858,085
  Shares Value
Canada–(continued)
Gran Colombia Gold Corp. 1,070,000     $4,073,822
Great Bear Resources Ltd.(a) 2,073,515    24,780,465
IAMGOLD Corp.(a) 5,589,000    15,313,860
Integra Resources Corp.(a) 494,579     1,411,271
Ivanhoe Mines Ltd., Class A(a) 6,705,346    49,768,759
K92 Mining, Inc.(a) 7,623,030    54,991,400
Karora Resources, Inc.(a)(b) 7,947,777    24,335,130
Karora Resources, Inc., Wts., expiring 09/21/2021(a) 2,500,000       681,308
Kinross Gold Corp. 5,135,925    33,691,668
Kirkland Lake Gold Ltd. 2,061,233    88,142,658
Liberty Gold Corp.(a) 12,868,000    13,305,322
Lion One Metals Ltd.(a) 7,535,842     7,610,741
Lion One Metals Ltd., Wts., expiring 08/18/2021 109,710             0
Lion One Metals Ltd., Wts., expiring 08/21/2021(a) 715,515             1
Lundin Gold, Inc.(a) 4,368,815    39,605,080
MAG Silver Corp.(a) 73,522     1,461,617
Marathon Gold Corp.(a) 1,810,000     4,787,592
Maverix Metals, Inc. 1,458,100     6,977,282
McEwen Mining, Inc.(a) 6,449,800     7,739,760
Minera Alamos, Inc.(a) 12,658,743     6,493,744
New Found Gold Corp.(a)(d) 870,000     7,029,176
New Gold, Inc.(a) 7,625,500    12,505,820
Novagold Resources, Inc.(a) 310,000     2,424,200
Novo Resources Corp.(a) 1,210,000     2,133,697
Orla Mining Ltd.(a) 1,740,000     7,336,005
Osino Resources Corp.(a)(b) 7,911,551     8,117,013
Osino Resources Corp. 160,000        41,513
Osisko Gold Royalties Ltd. 2,285,339    31,172,024
Pan American Silver Corp. 986,000    27,677,020
Pan American Silver Corp., Rts., expiring 02/22/2029(a) 2,300,100     1,909,083
Pretium Resources, Inc.(a) 1,220,000    11,372,716
Pure Gold Mining, Inc.(a)(b) 22,184,712    23,294,303
Rupert Resources Ltd.(a) 2,887,867    13,448,627
Sandstorm Gold Ltd.(a) 3,999,055    31,432,572
Sierra Metals, Inc.(a) 4,060,618    11,293,960
SilverCrest Metals, Inc.(a) 3,016,667    26,114,142
Skeena Resources Ltd.(a) 1,599,336    21,100,570
Solaris Resources, Inc.(a) 831,200     9,827,028
Sombrero Resources, Inc.(e) 3,028,200     1,438,395
SSR Mining, Inc. 1,985,333    32,281,515
Tier One Silver, Inc.(a) 25,175        25,713
Torex Gold Resources, Inc.(a) 2,060,000    23,165,919
Triple Flag Precious Metals Corp.(a) 30,000       353,238
Tudor Gold Corp.(a) 2,169,068     3,842,289
Victoria Gold Corp.(a) 853,000    12,853,799
Wallbridge Mining Co. Ltd.(a) 18,814,800     8,746,861
Wesdome Gold Mines Ltd.(a) 5,125,800    51,849,628
Wheaton Precious Metals Corp. 882,035    40,705,915
Yamana Gold, Inc. 550,000     2,469,500
      1,196,595,439
 
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
  Shares Value
China–1.51%
Zhaojin Mining Industry Co. Ltd., H Shares 19,870,000    $19,477,041
Zijin Mining Group Co. Ltd., H Shares 10,900,000    15,551,310
      35,028,351
Mongolia–0.61%
Turquoise Hill Resources Ltd.(a) 841,343    14,050,428
South Africa–6.05%
Gold Fields Ltd., ADR 10,082,241    99,007,607
Harmony Gold Mining Co. Ltd., ADR 600,000     2,460,000
Sibanye Stillwater Ltd., ADR 2,232,587    38,757,710
      140,225,317
Tanzania–4.48%
AngloGold Ashanti Ltd., ADR(c) 5,185,100   103,961,255
Turkey–1.13%
Eldorado Gold Corp.(a) 2,801,502    26,138,014
United States–9.07%
Argonaut Gold, Inc.(a) 3,330,769     8,970,330
Coeur Mining, Inc.(a) 1,610,000    12,139,400
Danimer Scientific, Inc.(a) 123,000     2,051,640
Freeport-McMoRan, Inc. 1,000        38,100
Gatos Silver, Inc.(a) 420,476     5,735,293
Hecla Mining Co. 830,000     5,552,700
MP Materials Corp.(a) 544,000    20,465,280
Newmont Corp. 1,940,614   121,909,371
Piedmont Lithium, Inc.(a) 20,000     1,101,200
Royal Gold, Inc. 267,000    32,445,840
      210,409,154
  Shares Value
Zambia–0.00%
First Quantum Minerals Ltd. 2,000        $42,834
Total Common Stocks & Other Equity Interests (Cost $1,621,123,692) 2,327,705,526
Money Market Funds–0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(f) 910,247       910,247
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(b)(f) 767,355       767,662
Invesco Treasury Portfolio, Institutional Class, 0.01%(b)(f) 1,040,282     1,040,282
Total Money Market Funds (Cost $2,718,191) 2,718,191
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.48% (Cost $1,623,841,883)     2,330,423,717
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.01%
Invesco Private Government Fund, 0.02%(b)(f)(g) 76,610        76,610
Invesco Private Prime Fund, 0.12%(b)(f)(g) 178,686       178,758
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $255,368) 255,368
TOTAL INVESTMENTS IN SECURITIES—100.49% (Cost $1,624,097,251) 2,330,679,085
OTHER ASSETS LESS LIABILITIES–(0.49)% (11,426,284)
NET ASSETS–100.00% $2,319,252,801
Investment Abbreviations:
ADR – American Depositary Receipt
Rts. – Rights
Wts. – Warrants
Notes to Consolidated Schedule of Investments:
(a) Non-income producing security.
(b) Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2021.
    
  Value
April 30, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain 		Value
July 31, 2021 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $1,863,720 $21,030,648 $(21,984,121) $- $- $910,247 $229
Invesco Liquid Assets Portfolio, Institutional Class 1,326,952 15,021,891 (15,581,181) - - 767,662 74
Invesco Treasury Portfolio, Institutional Class 2,129,966 24,035,026 (25,124,710) - - 1,040,282 102
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 5,420,661 (5,344,051) - - 76,610 40*
Invesco Private Prime Fund - 12,648,210 (12,469,452) - - 178,758 556*
Investments in Other Affiliates:              
Karora Resources, Inc. 21,629,037 3,091,104 - (385,011) - 24,335,130 -
Osino Resources Corp. 7,981,388 - - 135,625 - 8,117,013 -
Pure Gold Mining, Inc. 21,564,406 1,087,955 - 641,942 - 23,294,303 -
Westgold Resources Ltd. 35,381,358 315,897 - (7,889,479) - 27,807,776 -
Total $91,876,827 $82,651,392 $(80,503,515) $(7,496,923) $- $86,527,781 $1,001
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
(c) All or a portion of the value pledged and/or designated as collateral to cover margin requirements for open options contracts.
(d) All or a portion of this security was out on loan at July 31, 2021.
(e) Security valued using significant unobservable inputs (Level 3). See Note 1.
(f) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.
    
Open Exchange-Traded Equity Options Written
Description Type of
Contract 		Expiration
Date 		Number of
Contracts 		Exercise
Price 		Premiums
Received 		Notional
Value* 		Value Unrealized
Appreciation
(Depreciation)
Equity Risk
Agnico Eagle Mines Ltd. Call 09/21/2021 2,000 USD 80.00 $ (253,986) USD 16,000,000 $(30,000) $ 223,986
Agnico Eagle Mines, Ltd. Call 01/21/2022 2,000 USD 85.00 (214,928) USD 17,000,000 (215,000) (72)
Alamos Gold, Inc. Call 12/21/2021 3,000 USD 10.00 (104,143) USD 3,000,000 (112,500) (8,357)
AngloGold Ashanti Ltd. Call 01/21/2022 4,000 USD 32.00 (626,715) USD 12,800,000 (90,000) 536,715
Barrick Gold Corp. Call 12/21/2021 5,000 USD 27.00 (611,818) USD 13,500,000 (217,500) 394,318
Coeur Mining, Inc. Call 09/21/2021 2,000 USD 14.00 (98,002) USD 2,800,000 (10,000) 88,002
Danimer Scientific, Inc. Call 08/21/2021 700 USD 40.00 (110,837) USD 2,800,000 (1,750) 109,087
Dundee Precious Metals, Inc. Call 10/21/2021 2,000 CAD 11.00 (92,848) CAD 2,200,000 (4,809) 88,039
Endeavour Mining Corp. Call 10/21/2021 13,000 CAD 32.00 (1,608,342) CAD 41,600,000 (1,094,101) 514,241
Franco-Nevada Corp. Call 10/21/2021 700 USD 185.00 (102,873) USD 12,950,000 (98,000) 4,873
Gatos Silver, Inc. Call 08/21/2021 1,500 USD 17.50 (245,105) USD 2,625,000 (22,500) 222,605
Gatos Silver, Inc. Call 11/21/2021 2,000 USD 17.50 (243,927) USD 3,500,000 (225,000) 18,927
Gold Fields, Ltd. Call 10/21/2021 10,000 USD 13.00 (577,792) USD 13,000,000 (100,000) 477,792
Harmony Gold Mining Co. Ltd. Call 08/21/2021 5,000 USD 8.00 (249,166) USD 4,000,000 (12,500) 236,666
Hecla Mining Co. Call 12/21/2021 6,000 USD 9.00 (490,810) USD 5,400,000 (189,000) 301,810
IAMGOLD Corp. Call 12/21/2021 3,000 USD 4.00 (71,893) USD 1,200,000 (30,000) 41,893
Ivanhoe Mines Ltd. Call 12/21/2021 6,000 CAD 12.00 (179,043) CAD 7,200,000 (132,254) 46,789
K92 Mining, Inc. Call 12/21/2021 7,000 CAD 9.50 (340,974) CAD 6,650,000 (406,781) (65,807)
Kirkland Lake Gold Ltd. Call 12/21/2021 4,000 CAD 55.00 (902,166) CAD 22,000,000 (1,282,462) (380,296)
MAG Silver Corp. Call 11/21/2021 500 USD 30.00 (75,242) USD 1,500,000 (18,750) 56,492
MP Materials Corp. Call 09/21/2021 5,200 USD 50.00 (842,340) USD 26,000,000 (416,000) 426,340
New Gold, Inc. Call 11/21/2021 1,000 USD 3.00 (16,965) USD 300,000 (5,000) 11,965
Newmont Corp. Call 12/21/2021 4,500 USD 80.00 (931,970) USD 36,000,000 (267,750) 664,220
Novagold Resources, Inc. Call 01/21/2022 1,000 USD 10.00 (63,964) USD 1,000,000 (32,500) 31,464
Pan American Silver Corp. Call 10/21/2021 2,000 USD 44.00 (313,927) USD 8,800,000 (34,000) 279,927
Piedmont Lithium, Inc. Call 08/21/2021 160 USD 95.00 (48,314) USD 1,520,000 (2,800) 45,514
Pretium Resources, Inc. Call 01/21/2022 2,000 CAD 16.00 (172,829) CAD 3,200,000 (64,123) 108,706
Sandstorm Gold, Ltd. Call 09/21/2021 2,000 USD 9.00 (97,927) USD 1,800,000 (25,000) 72,927
SilverCrest Metals, Inc. Call 10/21/2021 1,000 CAD 14.00 (74,580) CAD 1,400,000 (22,042) 52,538
Torex Gold Resources, Inc. Call 10/21/2021 8,000 CAD 20.00 (630,836) CAD 16,000,000 (57,711) 573,125
Turquoise Hill Resources Ltd. Call 12/21/2021 8,000 USD 23.00 (903,626) USD 18,400,000 (600,000) 303,626
Victoria Gold Corp. Call 10/21/2021 8,000 CAD 20.00 (907,058) CAD 16,000,000 (496,954) 410,104
Wesdome Gold Mines Ltd. Call 01/21/2022 2,000 CAD 14.00 (113,281) CAD 2,800,000 (96,185) 17,096
Wheaton Precious Metals Corp. Call 09/21/2021 1,000 USD 55.00 (149,734) USD 5,500,000 (29,000) 120,734
Subtotal – Equity Call Options Written   (12,467,961)     (6,441,972) 6,025,989
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
Open Exchange-Traded Equity Options Written—(continued)
Description Type of
Contract 		Expiration
Date 		Number of
Contracts 		Exercise
Price 		Premiums
Received 		Notional
Value* 		Value Unrealized
Appreciation
(Depreciation)
Equity Risk
Agnico Eagle Mines Ltd. Put 09/21/2021 2,000 USD 55.00 $(240,632) USD 11,000,000 $(70,000) $170,632
Alamos Gold, Inc. Put 12/21/2021 3,000 USD 7.50 (228,902) USD 2,250,000 (172,500) 56,402
Anglogold Ashanti Ltd. Put 01/21/2022 2,000 USD 17.00 (214,927) USD 3,400,000 (185,000) 29,927
Barrick Gold Corp. Put 12/21/2021 2,000 USD 19.00 (225,927) USD 3,800,000 (146,000) 79,927
Centerra Gold, Inc. Put 03/18/2022 2,000 CAD 8.00 (153,031) CAD 1,600,000 (120,231) 32,800
Coeur Mining, Inc. Put 09/21/2021 3,000 USD 8.00 (256,892) USD 2,400,000 (285,000) (28,108)
Danimer Scientific, Inc. Put 08/21/2021 1,600 USD 30.00 (591,965) USD 4,800,000 (2,144,000) (1,552,035)
Dundee Precious Metals, Inc. Put 10/21/2021 2,000 CAD 7.00 (77,469) CAD 1,400,000 (48,092) 29,377
Eldorado Gold Corp. Put 01/21/2022 1,000 USD 8.00 (63,964) USD 800,000 (62,500) 1,464
Endeavour Mining Corp. Put 10/21/2021 3,000 CAD 22.00 (202,169) CAD 6,600,000 (90,173) 111,996
First Quantum Minerals Ltd. Put 11/21/2021 2,000 CAD 21.50 (282,819) CAD 4,300,000 (153,094) 129,725
Franco-Nevada Corp. Put 10/21/2021 1,000 USD 120.00 (131,964) USD 12,000,000 (55,000) 76,964
Freeport-McMoRan, Inc. Put 09/21/2021 1,000 USD 30.00 (115,464) USD 3,000,000 (31,000) 84,464
Freeport-McMoRan, Inc. Put 11/21/2021 3,000 USD 27.00 (344,898) USD 8,100,000 (163,500) 181,398
Gatos Silver, Inc. Put 08/21/2021 200 USD 10.00 (11,450) USD 200,000 (2,500) 8,950
Gatos Silver, Inc. Put 11/21/2021 4,000 USD 12.50 (626,854) USD 5,000,000 (650,000) (23,146)
Gold Fields Ltd. Put 10/21/2021 4,000 USD 9.00 (310,296) USD 3,600,000 (180,000) 130,296
Harmony Gold Mining Co. Ltd. Put 11/21/2021 4,000 USD 4.00 (251,736) USD 1,600,000 (180,000) 71,736
Hecla Mining Co. Put 12/21/2021 3,000 USD 7.00 (296,391) USD 2,100,000 (331,500) (35,109)
IAMGOLD Corp. Put 12/21/2021 2,000 USD 3.00 (78,128) USD 600,000 (110,000) (31,872)
Ivanhoe Mines Ltd. Put 12/21/2021 4,000 CAD 8.00 (252,349) CAD 3,200,000 (184,354) 67,995
K92 Mining, Inc. Put 12/21/2021 2,000 CAD 7.50 (73,852) CAD 1,500,000 (60,116) 13,736
Kinross Gold Corp. Put 09/21/2021 3,000 USD 7.00 (266,891) USD 2,100,000 (198,000) 68,891
Kirkland Lake Gold Ltd. Put 12/21/2021 2,000 CAD 40.00 (230,848) CAD 8,000,000 (100,192) 130,656
MAG Silver Corp. Put 11/21/2021 3,000 USD 17.50 (433,301) USD 5,250,000 (367,500) 65,801
McEwen Mining, Inc. Put 11/21/2021 3,000 USD 2.00 (216,112) USD 600,000 (255,000) (38,888)
MP Materials Corp. Put 12/21/2021 2,000 USD 22.50 (401,526) USD 4,500,000 (185,000) 216,526
New Gold, Inc. Put 11/21/2021 5,000 USD 2.00 (191,825) USD 1,000,000 (237,500) (45,675)
Newmont Corp. Put 12/21/2021 1,000 USD 50.00 (169,053) USD 5,000,000 (77,000) 92,053
Novagold Resources, Inc. Put 01/21/2022 1,000 USD 7.00 (38,964) USD 700,000 (52,500) (13,536)
Pan American Silver Corp. Put 10/21/2021 3,000 USD 26.00 (536,790) USD 7,800,000 (414,000) 122,790
Piedmont Lithium, Ltd. Put 08/21/2021 1,000 USD 35.00 (282,891) USD 3,500,000 (2,500) 280,391
Pretium Resources, Inc. Put 01/21/2022 1,000 CAD 11.00 (82,866) CAD 1,100,000 (92,177) (9,311)
Royal Gold, Inc. Put 09/21/2021 1,000 USD 100.00 (236,963) USD 10,000,000 (32,500) 204,463
Sandstorm Gold Ltd. Put 09/21/2021 4,000 USD 8.00 (216,856) USD 3,200,000 (220,000) (3,144)
Sibanye Stillwater, Ltd. Put 10/21/2021 4,000 USD 15.00 (504,096) USD 6,000,000 (300,000) 204,096
SilverCrest Metals, Inc. Put 10/21/2021 2,000 CAD 10.00 (168,871) CAD 2,000,000 (108,208) 60,663
SSR Mining, Inc. Put 12/21/2021 1,000 USD 14.00 (107,044) USD 1,400,000 (77,500) 29,544
Torex Gold Resources, Inc. Put 01/21/2022 1,000 CAD 13.00 (85,144) CAD 1,300,000 (84,162) 982
Turquoise Hill Resources, Ltd. Put 12/21/2021 5,000 USD 13.00 (516,819) USD 6,500,000 (337,500) 179,319
Victoria Gold Corp. Put 10/21/2021 1,000 CAD 15.00 (64,647) CAD 1,500,000 (24,046) 40,601
Wesdome Gold Mines Ltd. Put 01/21/2022 1,000 CAD 11.00 (49,419) CAD 1,100,000 (36,069) 13,350
Wheaton Precious Metals Corp. Put 09/21/2021 1,000 USD 40.00 (102,964) USD 4,000,000 (36,500) 66,464
Subtotal – Equity Put Options Written   (9,935,969)     (8,662,414) 1,273,555
Total Open Exchange-Traded Equity Options Written   $(22,403,930)     $(15,104,386) $ 7,299,544
    
* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
    
Abbreviations:  
CAD –Canadian Dollar
USD –U.S. Dollar
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 consolidated schedule.
Invesco Gold & Special Minerals Fund
Notes to Quarterly Consolidated Schedule of Portfolio Holdings
July 31, 2021
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of July 31, 2021. 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        
Australia $21,659,449 $537,323,023 $— $558,982,472
Burkina Faso 42,272,262 — — 42,272,262
Canada 1,194,971,253 185,791 1,438,395 1,196,595,439
China — 35,028,351 — 35,028,351
Mongolia 14,050,428 — — 14,050,428
South Africa 140,225,317 — — 140,225,317
Tanzania 103,961,255 — — 103,961,255
Turkey 26,138,014 — — 26,138,014
United States 210,409,154 — — 210,409,154
Zambia 42,834 — — 42,834
Money Market Funds 2,718,191 255,368 — 2,973,559
Total Investments in Securities 1,756,448,157 572,792,533 1,438,395 2,330,679,085
Other Investments - Liabilities*        
Options Written (15,104,386) — — (15,104,386)
Total Investments $1,741,343,771 $572,792,533 $1,438,395 $2,315,574,699
    
* Options written are shown at value.
Invesco Gold & Special Minerals Fund