NPORT-EX 2 edgar.htm
Consolidated Schedule of Investments
January 31, 2022
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–99.39%
Australia–24.09%
Aeris Resources Ltd.(a) 18,800,000     $1,885,773
Alkane Resources Ltd.(a) 11,180,000     6,501,287
Bellevue Gold Ltd. (Acquired 10/24/2018-01/28/2022; Cost $11,876,830)(a)(b) 24,633,252    13,458,594
Capricorn Metals Ltd.(a) 390,000       874,146
Chalice Mining Ltd.(a) 12,531,692    68,374,656
De Grey Mining Ltd.(a) 61,807,305    49,901,924
Evolution Mining Ltd. 30,988,806    77,692,206
Falcon Metals Ltd.(a) 4,262,258     1,295,861
Firefinch Ltd.(a) 9,010,104     4,115,334
Gold Road Resources Ltd. 25,893,275    24,499,755
Jervois Global Ltd.(a) 13,450,000     6,137,431
Lynas Rare Earths Ltd.(a) 500,000     3,226,732
Musgrave Minerals Ltd.(a) 15,500,000     3,248,680
Newcrest Mining Ltd. 10,000       153,884
Northern Star Resources Ltd. 15,978,895    94,858,436
OceanaGold Corp.(a) 13,100,300    20,199,495
Pantoro Ltd.(a) 29,358,979     6,269,391
Perseus Mining Ltd. 12,550,000    13,044,199
Pilbara Minerals Ltd.(a) 1,470,000     3,402,623
Predictive Discovery Ltd.(a) 33,273,029     5,218,752
Ramelius Resources Ltd. 25,368,612    24,061,408
Red 5 Ltd.(a) 38,948,043     7,513,417
Rumble Resources Ltd.(a) 15,310,000     4,616,457
Silver Lake Resources Ltd.(a) 18,931,900    19,848,908
SolGold PLC(a) 19,800,000     7,097,670
Westgold Resources Ltd.(c) 22,854,853    29,595,088
      497,092,107
Bosnia Hercegovina–0.12%
Adriatic Metals PLC, CDI(a) 1,380,000     2,468,862
Brazil–1.84%
Wheaton Precious Metals Corp. 942,035    37,982,851
Burkina Faso–1.52%
Endeavour Mining PLC 1,402,966    31,256,734
Canada–48.60%
Agnico Eagle Mines Ltd. 1,280,595    61,186,829
Alamos Gold, Inc., Class A 3,331,108    22,751,468
Alexco Resource Corp.(a) 6,860,905    10,222,748
Americas Gold & Silver Corp.(a) 4,789,400     3,579,381
Arizona Metals Corp.(a) 2,735,300    12,050,254
Artemis Gold, Inc.(a) 4,194,889    21,450,481
Ascot Resources Ltd.(a) 7,674,053     6,097,466
Aya Gold & Silver, Inc.(a) 2,505,082    16,928,493
B2Gold Corp. 9,842,000    35,628,040
Barrick Gold Corp.(d) 4,741,499    90,799,707
Calibre Mining Corp., Class C(a) 12,463,534    12,060,061
Cameco Corp. 423,000     8,218,890
Canada Nickel Co., Inc.(a) 920,000     2,084,412
Centerra Gold, Inc. 690,000     5,569,288
Coppernico Metals, Inc.(e) 3,028,200     1,438,395
  Shares Value
Canada–(continued)
Dundee Precious Metals, Inc. 2,620,000    $15,396,609
Equinox Gold Corp.(a) 4,317,278    24,824,349
Filo Mining Corp.(a) 1,000        10,447
Franco-Nevada Corp. 116,302    15,385,592
Freegold Ventures Ltd.(a) 3,700,000     1,688,235
Galway Metals, Inc.(a) 6,593,625     2,852,924
Hudbay Minerals, Inc. 1,690,000    12,168,000
IAMGOLD Corp.(a) 5,869,000    14,202,980
Integra Resources Corp.(a) 544,579     1,028,195
Ivanhoe Mines Ltd., Class A(a) 7,545,346    64,641,323
K92 Mining, Inc.(a) 7,882,630    39,439,505
Karora Resources, Inc.(a)(c) 10,003,332    31,320,663
Kinross Gold Corp. 5,455,925    29,461,995
Kirkland Lake Gold Ltd. 1,140,233    42,948,791
Liberty Gold Corp.(a) 12,968,000     9,691,697
Lion One Metals Ltd.(a) 7,535,842     6,343,351
Lithium Americas Corp.(a) 166,000     4,344,220
Lundin Gold, Inc.(a) 4,378,815    31,691,852
MAG Silver Corp.(a) 583,522     7,947,570
Marathon Gold Corp.(a) 1,810,000     4,043,897
Maverix Metals, Inc. 1,458,100     6,217,128
McEwen Mining, Inc.(a) 6,849,800     5,838,770
Minera Alamos, Inc.(a) 14,658,743     5,765,938
New Gold, Inc.(a) 13,725,500    21,274,525
Novagold Resources, Inc.(a) 450,000     2,970,000
Novo Resources Corp.(a) 1,210,000     1,047,083
Orla Mining Ltd.(a) 3,511,621    11,547,477
Osino Resources Corp.(a)(c) 8,071,551     7,175,276
Osisko Gold Royalties Ltd. 2,285,339    25,252,996
Pan American Silver Corp. 1,194,382    25,882,258
Pan American Silver Corp., Rts., expiring 02/22/2029(a) 2,300,100     1,633,071
Prime Mining Corp.(a) 1,115,580     3,106,756
Pure Gold Mining, Inc.(a)(c) 23,342,812    11,018,123
Rupert Resources Ltd.(a) 3,051,067    11,761,183
Sandstorm Gold Ltd. 4,419,055    26,558,521
Sierra Metals, Inc. 6,370,618     8,169,065
SilverCrest Metals, Inc.(a) 3,286,667    24,769,909
Skeena Resources Ltd.(a) 1,994,336    21,964,917
Solaris Resources, Inc.(a) 1,131,200    12,458,640
SSR Mining, Inc. 2,045,333    33,707,088
Torex Gold Resources, Inc.(a) 101,000       990,017
Triple Flag Precious Metals Corp. 70,000       833,733
Tudor Gold Corp.(a) 2,169,068     3,361,573
Victoria Gold Corp.(a) 873,000     9,628,651
Wallbridge Mining Co. Ltd.(a) 19,014,800     5,310,352
Wesdome Gold Mines Ltd.(a) 4,950,000    42,562,640
Yamana Gold, Inc. 600,000     2,472,000
      1,002,775,798
China–3.51%
Ganfeng Lithium Co. Ltd., H Shares(f) 1,768,800    28,014,848
Zhaojin Mining Industry Co. Ltd., H Shares 19,970,000    16,080,685
Zijin Mining Group Co. Ltd., H Shares 21,930,000    28,269,167
      72,364,700
 
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
  Shares Value
Colombia–0.22%
GCM Mining Corp. 1,090,000     $4,476,104
Indonesia–0.79%
Nickel Mines Ltd. 15,951,112    16,279,602
Mongolia–0.03%
Turquoise Hill Resources Ltd.(a) 31,343       548,503
Netherlands–0.07%
Meridian Mining UK Societas(a) 2,038,637     1,475,472
South Africa–3.29%
Gold Fields Ltd., ADR 4,806,241    50,946,155
Harmony Gold Mining Co. Ltd., ADR 600,000     2,154,000
Sibanye Stillwater Ltd., ADR 992,587    14,878,879
      67,979,034
Tanzania–3.33%
AngloGold Ashanti Ltd., ADR(d) 3,698,100    68,710,698
Turkey–1.19%
Eldorado Gold Corp.(a) 2,801,502    24,513,142
United States–10.70%
Argonaut Gold, Inc.(a) 4,020,769     7,211,858
Century Aluminum Co.(a) 1,240,000    19,021,600
Cleveland-Cliffs, Inc.(a) 420,100     7,200,514
Coeur Mining, Inc.(a) 1,960,000     9,192,400
Danimer Scientific, Inc.(a) 476,200     2,385,762
Freeport-McMoRan, Inc. 22,000       818,840
  Shares Value
United States–(continued)
Gatos Silver, Inc.(a) 1,710,476     $5,319,580
Hecla Mining Co. 1,150,000     5,704,000
MP Materials Corp.(a) 93,100     3,718,414
Newmont Corp. 2,054,614   125,680,739
Piedmont Lithium, Inc.(a) 90,000     4,354,200
Royal Gold, Inc. 276,000    28,027,800
Steel Dynamics, Inc. 8,000       444,160
Tronox Holdings PLC, Class A 70,000     1,589,000
      220,668,867
Zambia–0.09%
First Quantum Minerals Ltd. 77,000     1,896,604
Total Common Stocks & Other Equity Interests (Cost $1,670,688,314) 2,050,489,078
Money Market Funds–1.25%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(g) 9,045,653     9,045,653
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(g) 6,436,698     6,437,342
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(g) 10,337,890    10,337,890
Total Money Market Funds (Cost $25,821,457) 25,820,885
TOTAL INVESTMENTS IN SECURITIES—100.64% (Cost $1,696,509,771) 2,076,309,963
OTHER ASSETS LESS LIABILITIES–(0.64)% (13,166,240)
NET ASSETS–100.00% $2,063,143,723
Investment Abbreviations:
ADR – American Depositary Receipt
CDI – CREST Depository Interest
Rts. – Rights
Notes to Consolidated Schedule of Investments:
(a) Non-income producing security.
(b) Restricted security. The aggregate value of these securities at January 31, 2022 was $13,458,594, which represented less than 1% of the Fund’s Net Assets.
(c) 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 nine months ended January 31, 2022.
    
  Value
April 30, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain
(Loss) 		Value
January 31, 2022 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $1,863,720 $80,556,387 $(73,374,454) $- $- $9,045,653 $1,137
Invesco Liquid Assets Portfolio, Institutional Class 1,326,952 57,432,385 (52,319,874) (572) (1,549) 6,437,342 422
Invesco Treasury Portfolio, Institutional Class 2,129,966 92,064,443 (83,856,519) - - 10,337,890 511
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 5,443,411 (5,443,411) - - - 41*
Invesco Private Prime Fund - 12,669,357 (12,669,357) - - - 568*
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
  Value
April 30, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain
(Loss) 		Value
January 31, 2022 		Dividend Income
Investments in Other Affiliates:              
Karora Resources, Inc. $21,629,037 $8,925,073 $- $766,553 $- $31,320,663 $-
Osino Resources Corp. 7,981,388 131,446 - (937,558) - 7,175,276 -
Pure Gold Mining, Inc. 21,564,406 2,080,176 - (12,626,459) - 11,018,123 -
Westgold Resources Ltd. 35,381,358 2,012,723 - (7,798,993) - 29,595,088 266,864
Total $91,876,827 $261,315,401 $(227,663,615) $(20,597,029) $(1,549) $104,930,035 $269,543
    
* 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.
    
(d) All or a portion of the value pledged and/or designated as collateral to cover margin requirements for open options contracts.
(e) Security valued using significant unobservable inputs (Level 3). See Note 1.
(f) 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 January 31, 2022 was $28,014,848, which represented 1.36% of the Fund’s Net Assets.
(g) The rate shown is the 7-day SEC standardized yield as of January 31, 2022.
    
Open Exchange-Traded Equity Options Written
Description Type of
Contract 		Expiration
Date 		Number of
Contracts 		Exercise
Price 		Notional
Value* 		Value
Equity Risk
Agnico Eagle Mines Ltd. Call 02/18/2022 1,000 USD 60.00 USD 6,000,000 $(7,500)
Alamos Gold, Inc. Call 06/17/2022 3,000 USD 7.50 USD 2,250,000 (150,000)
AngloGold Ashanti Ltd. Call 04/14/2022 15,000 USD 21.00 USD 31,500,000 (975,000)
Cameco Corp. Call 03/18/2022 2,000 USD 34.00 USD 6,800,000 (9,000)
Century Aluminum Co. Call 03/18/2022 11,000 USD 18.00 USD 19,800,000 (687,500)
Cleveland-Cliffs, Inc. Call 04/14/2022 1,000 USD 29.00 USD 2,900,000 (11,500)
Danimer Scientific, Inc. Call 02/18/2022 1,000 USD 30.00 USD 3,000,000 (2,500)
Equinox Gold Corp. Call 04/14/2022 2,000 USD 10.00 USD 2,000,000 (15,000)
Gatos Silver, Inc. Call 08/19/2022 2,000 USD 15.00 USD 3,000,000 (15,000)
Hudbay Minerals, Inc. Call 07/15/2022 2,000 USD 10.00 USD 2,000,000 (50,000)
Ivanhoe Mines Ltd. Call 09/16/2022 1,000 CAD 13.00 CAD 1,300,000 (66,868)
Kirkland Lake Gold Ltd. Call 05/20/2022 2,000 CAD 62.00 CAD 12,400,000 (134,524)
Lithium Americas Corp. Call 05/20/2022 1,000 USD 50.00 USD 5,000,000 (65,000)
MAG Silver Corp. Call 04/14/2022 2,000 USD 20.00 USD 4,000,000 (30,000)
MP Materials Corp. Call 06/17/2022 500 USD 55.00 USD 2,750,000 (102,054)
Newmont Corp. Call 03/18/2022 1,000 USD 70.00 USD 7,000,000 (52,000)
Pan American Silver Corp. Call 07/15/2022 2,000 USD 31.00 USD 6,200,000 (101,000)
Piedmont Lithium, Inc. Call 05/20/2022 770 USD 80.00 USD 6,160,000 (63,525)
Royal Gold, Inc. Call 07/15/2022 1,000 USD 130.00 USD 13,000,000 (140,000)
Sibanye Stillwater Ltd. Call 07/15/2022 2,000 USD 20.00 USD 4,000,000 (125,000)
Wheaton Precious Metals Corp. Call 06/17/2022 1,000 USD 50.00 USD 5,000,000 (86,500)
Subtotal – Equity Call Options Written       (2,889,471)
Equity Risk
Agnico Eagle Mines Ltd. Put 02/18/2022 1,000 USD 45.00 USD 4,500,000 (82,500)
AngloGold Ashanti Ltd. Put 04/14/2022 2,500 USD 17.00 USD 4,250,000 (231,250)
Barrick Gold Corp. Put 06/17/2022 2,000 USD 17.00 USD 3,400,000 (132,000)
Cameco Corp. Put 03/18/2022 2,000 USD 19.00 USD 3,800,000 (300,000)
Centerra Gold, Inc. Put 03/18/2022 2,000 CAD 8.00 CAD 1,600,000 (22,027)
Century Aluminum Co. Put 03/18/2022 1,000 USD 12.00 USD 1,200,000 (42,500)
Cleveland-Cliffs, Inc. Put 02/18/2022 1,000 USD 17.00 USD 1,700,000 (105,500)
Cleveland-Cliffs, Inc. Put 04/14/2022 1,000 USD 14.00 USD 1,400,000 (69,000)
Coeur Mining, Inc. Put 03/18/2022 2,000 USD 5.00 USD 1,000,000 (120,000)
Danimer Scientific, Inc. Put 02/18/2022 1,100 USD 12.50 USD 1,375,000 (830,500)
Endeavour Mining PLC Put 04/14/2022 2,000 CAD 28.00 CAD 5,600,000 (255,674)
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 		Notional
Value* 		Value
Equinox Gold Corp. Put 04/14/2022 2,000 USD 7.50 USD 1,500,000 $(380,000)
First Quantum Minerals Ltd. Put 04/14/2022 2,000 CAD 22.50 CAD 4,500,000 (46,415)
Freeport-McMoRan, Inc. Put 04/14/2022 1,000 USD 30.00 USD 3,000,000 (78,000)
Gatos Silver, Inc. Put 08/19/2022 3,000 USD 7.50 USD 2,250,000 (1,380,000)
Hudbay Minerals, Inc. Put 07/15/2022 3,000 USD 7.50 USD 2,250,000 (330,000)
Kinross Gold Corp. Put 08/19/2022 1,000 USD 7.00 USD 700,000 (188,000)
Lithium Americas Corp. Put 05/20/2022 1,000 USD 22.50 USD 2,250,000 (290,000)
MAG Silver Corp. Put 04/14/2022 2,000 USD 15.00 USD 3,000,000 (435,000)
MP Materials Corp. Put 03/18/2022 3,000 USD 30.00 USD 9,000,000 (277,500)
Newmont Corp. Put 03/18/2022 2,000 USD 50.00 USD 10,000,000 (62,000)
Pan American Silver Corp. Put 07/15/2022 1,000 USD 19.00 USD 1,900,000 (152,500)
Piedmont Lithium, Inc. Put 05/20/2022 1,000 USD 40.00 USD 4,000,000 (312,500)
Royal Gold, Inc. Put 07/15/2022 1,000 USD 80.00 USD 8,000,000 (160,000)
Sibanye Stillwater Ltd. Put 07/15/2022 2,000 USD 12.50 USD 2,500,000 (220,000)
SSR Mining, Inc. Put 06/17/2022 1,000 USD 15.00 USD 1,500,000 (110,000)
Steel Dynamics, Inc. Put 05/20/2022 1,300 USD 50.00 USD 6,500,000 (429,000)
Tronox Holdings PLC Put 05/20/2022 1,000 USD 23.00 USD 2,300,000 (222,500)
Wheaton Precious Metals Corp. Put 06/17/2022 1,000 USD 34.00 USD 3,400,000 (103,000)
Yamana Gold, Inc. Put 04/14/2022 1,000 USD 4.00 USD 400,000 (27,500)
Subtotal – Equity Put Options Written       (7,394,866)
Total Open Exchange-Traded Equity Options Written       $(10,284,337)
    
* 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
January 31, 2022
(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 January 31, 2022. 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 $21,495,356 $475,596,751 $— $497,092,107
Bosnia Hercegovina — 2,468,862 — 2,468,862
Brazil 37,982,851 — — 37,982,851
Burkina Faso 31,256,734 — — 31,256,734
Canada 1,001,337,403 — 1,438,395 1,002,775,798
China — 72,364,700 — 72,364,700
Colombia 4,476,104 — — 4,476,104
Indonesia — 16,279,602 — 16,279,602
Mongolia 548,503 — — 548,503
Netherlands 1,475,472 — — 1,475,472
South Africa 67,979,034 — — 67,979,034
Tanzania 68,710,698 — — 68,710,698
Turkey 24,513,142 — — 24,513,142
United States 220,668,867 — — 220,668,867
Zambia 1,896,604 — — 1,896,604
Money Market Funds 25,820,885 — — 25,820,885
Total Investments in Securities 1,508,161,653 566,709,915 1,438,395 2,076,309,963
Other Investments - Liabilities*        
Options Written (10,284,337) — — (10,284,337)
Total Investments $1,497,877,316 $566,709,915 $1,438,395 $2,066,025,626
    
* Options written are shown at value.
Invesco Gold & Special Minerals Fund