NPORT-EX 2 edgar.htm
Consolidated Schedule of Investments
January 31, 2023
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–99.00%
Australia–25.63%
Allkem Ltd.(a) 3,812,137    $35,370,031
AngloGold Ashanti Ltd., ADR 1,068,100    22,451,462
Bellevue Gold Ltd.(a) 33,983,252    28,870,743
Chalice Mining Ltd.(a) 11,781,692    54,685,376
De Grey Mining Ltd.(a) 59,937,305    63,516,666
Evolution Mining Ltd. 24,328,806    55,504,487
Firefinch Ltd.(a) 12,910,104       546,756
Gold Road Resources Ltd. 27,513,275    32,244,822
Lynas Rare Earths Ltd.(a) 2,970,000    19,903,689
Mineral Resources Ltd. 146,195     9,270,723
Newcrest Mining Ltd. 20,000       320,377
Northern Star Resources Ltd. 13,578,895   121,407,234
OceanaGold Corp.(a) 13,910,300    30,109,101
Perseus Mining Ltd. 9,670,000    14,717,535
Ramelius Resources Ltd. 27,368,612    19,495,083
Silver Lake Resources Ltd.(a) 20,731,900    19,211,161
SolGold PLC(a) 10,000,000     1,994,035
      529,619,281
Bosnia Hercegovina–0.35%
Adriatic Metals PLC, CDI(a) 3,200,000     7,173,892
Brazil–2.77%
ERO Copper Corp.(a) 230,000     3,777,009
Wheaton Precious Metals Corp. 1,167,035    53,380,181
      57,157,190
Burkina Faso–1.68%
Endeavour Mining PLC 1,472,966    34,705,561
Canada–46.05%
Agnico Eagle Mines Ltd.(b)(c) 1,446,595    81,703,686
Agnico Eagle Mines Ltd.(b)(c) 476,574    26,913,510
Alamos Gold, Inc., Class A 3,341,108    36,885,832
Arizona Metals Corp.(a) 3,795,300    11,951,679
Artemis Gold, Inc.(a) 4,624,241    16,473,565
Aya Gold & Silver, Inc.(a) 2,915,082    17,724,259
B2Gold Corp. 10,122,000    40,184,340
Barrick Gold Corp.(b) 5,691,499   111,268,806
Calibre Mining Corp., Class C(a) 18,203,168    14,775,410
Cameco Corp. 1,247,000    34,928,470
Coppernico Metals, Inc.(d) 3,028,200       719,198
Dundee Precious Metals, Inc. 1,080,000     7,053,624
Filo Mining Corp.(a) 125,000     2,234,978
Franco-Nevada Corp. 151,302    22,196,003
Hudbay Minerals, Inc. 940,000     5,452,000
i-80 Gold Corp.(a) 2,550,000     6,841,908
Ivanhoe Mines Ltd., Class A(a) 9,775,346    91,835,576
K92 Mining, Inc.(a) 7,482,630    43,302,582
Karora Resources, Inc.(a)(e) 10,703,332    42,232,530
Kinross Gold Corp. 5,665,925    26,289,892
Lithium Americas Corp.(a) 560,000    14,128,800
Lundin Gold, Inc. 4,378,815    50,681,110
MAG Silver Corp.(a) 648,522     8,891,237
Orla Mining Ltd.(a) 5,161,621    22,267,261
  Shares Value
Canada–(continued)
Osisko Gold Royalties Ltd. 2,585,339    $34,591,836
Pan American Silver Corp. 1,056,682    19,263,313
Pan American Silver Corp., Rts., expiring 02/22/2029(a) 2,300,100     1,449,063
Rupert Resources Ltd.(a) 3,203,812    11,919,033
Sandstorm Gold Ltd. 4,079,055    23,617,728
SilverCrest Metals, Inc.(a) 4,216,667    27,571,307
Skeena Resources Ltd.(a) 2,094,336    12,482,120
Solaris Resources, Inc.(a) 1,431,200     7,475,736
SSR Mining, Inc. 2,313,133    39,184,473
Teck Resources Ltd., Class B 194,000     8,400,200
Torex Gold Resources, Inc.(a) 121,000     1,663,290
Triple Flag Precious Metals Corp. 881,682    11,927,606
Victoria Gold Corp.(a) 41,926       330,543
Wesdome Gold Mines Ltd.(a) 3,130,000    14,514,374
      951,326,878
China–4.46%
Ganfeng Lithium Group Co. Ltd., H Shares(f) 5,232,320    47,584,333
Zijin Mining Group Co. Ltd., H Shares 26,930,000    44,533,881
      92,118,214
Colombia–0.38%
Aris Mining Corp. 2,288,423     7,894,376
Indonesia–1.39%
Nickel Industries Ltd. 34,288,858    26,810,658
PT Merdeka Copper Gold Tbk(a) 6,000,000     1,897,485
      28,708,143
South Africa–3.24%
Gold Fields Ltd., ADR 3,396,241    38,852,997
Sibanye Stillwater Ltd., ADR 2,602,587    28,003,836
      66,856,833
Turkey–1.43%
Eldorado Gold Corp.(a) 3,091,502    29,554,759
United States–10.74%
Alcoa Corp. 1,000        52,240
Aura Minerals, Inc. 1,410,735    12,171,837
Freeport-McMoRan, Inc. 243,000    10,842,660
Hecla Mining Co. 2,375,304    14,655,626
Ivanhoe Electric, Inc.(a) 215,374     2,853,705
Newmont Corp.(b) 1,883,914    99,715,568
Ormat Technologies, Inc. 106,500     9,856,575
Piedmont Lithium, Inc.(a) 161,000    11,051,040
Royal Gold, Inc. 310,600    39,455,518
Tronox Holdings PLC, Class A 1,244,000    21,334,600
      221,989,369
Zambia–0.88%
First Quantum Minerals Ltd. 783,000    18,166,330
Total Common Stocks & Other Equity Interests (Cost $1,435,777,619) 2,045,270,826
 
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
  Shares Value
Exchange-Traded Funds–0.01%
United States–0.01%
SPDR ® Gold Trust–ETF(a) (Cost $155,059) 1,000       $179,410
Money Market Funds–2.37%
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(e)(g) 17,137,887    17,137,887
Invesco Liquid Assets Portfolio, Institutional Class, 4.48%(e)(g) 12,237,758    12,241,429
  Shares Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 4.30%(e)(g) 19,586,157    $19,586,157
Total Money Market Funds (Cost $48,964,819) 48,965,473
TOTAL INVESTMENTS IN SECURITIES—101.38% (Cost $1,484,897,497) 2,094,415,709
OTHER ASSETS LESS LIABILITIES–(1.38)% (28,445,937)
NET ASSETS–100.00% $2,065,969,772
Investment Abbreviations:
ADR – American Depositary Receipt
CDI – CREST Depository Interest
Rts. – Rights
Notes to Consolidated Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of the value pledged and/or designated as collateral to cover margin requirements for open options contracts.
(c) The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.
(d) Security valued using significant unobservable inputs (Level 3). See Note 1.
(e) Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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, 2023.
    
  Value
April 30, 2022 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain
(Loss) 		Value
January 31, 2023 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $18,271,907 $79,616,701 $(80,750,721) $- $- $17,137,887 $172,129
Invesco Liquid Assets Portfolio, Institutional Class 13,023,355 56,869,073 (57,653,763) (346) 3,110 12,241,429 123,348
Invesco Treasury Portfolio, Institutional Class 20,882,179 90,990,516 (92,286,538) - - 19,586,157 188,100
Investments in Other Affiliates:              
Karora Resources, Inc. 52,574,624 1,658,047 - (12,000,141) - 42,232,530 -
Osino Resources Corp.* 6,835,964 - (4,403,322) (1,555,942) (876,700) - -
Westgold Resources Ltd.* 29,053,879 - (13,610,215) 6,863,795 (22,307,459) - -
Total $140,641,908 $229,134,337 $(248,704,559) $(6,692,634) $(23,181,049) $91,198,003 $483,577
    
* At January 31, 2023, this security was was no longer an affiliate of the Fund.
    
(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 value of this security at January 31, 2023 represented 2.30% of the Fund’s Net Assets.
(g) The rate shown is the 7-day SEC standardized yield as of January 31, 2023.
    
Open Exchange-Traded Equity Options Written(a)
Description Type of
Contract 		Expiration
Date 		Number of
Contracts 		Exercise
Price 		Notional
Value* 		Value
Equity Risk
Agnico Eagle Mines Ltd. Call 03/17/2023 4,700 CAD 78.00 CAD 36,660,000 $(720,604)
Agnico Eagle Mines Ltd. Call 04/21/2023 2,000 USD 65.00 USD 13,000,000 (195,000)
Alamos Gold Inc. Call 06/16/2023 5,000 USD 12.50 USD 6,250,000 (275,000)
AngloGold Ashanti Ltd. Call 04/21/2023 3,000 USD 18.00 USD 5,400,000 (1,035,000)
Barrick Gold Corp. Call 03/17/2023 4,000 USD 18.00 USD 7,200,000 (772,000)
Cameco Corp. Call 03/17/2023 5,000 USD 29.00 USD 14,500,000 (700,000)
Eldorado Gold Corp. Call 04/21/2023 5,000 USD 8.00 USD 4,000,000 (937,500)
Endeavour Mining PLC Call 03/17/2023 7,000 CAD 32.00 CAD 22,400,000 (452,445)
Ero Copper Corp. Call 03/17/2023 2,000 CAD 19.00 CAD 3,800,000 (488,520)
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
Open Exchange-Traded Equity Options Written(a)—(continued)
Description Type of
Contract 		Expiration
Date 		Number of
Contracts 		Exercise
Price 		Notional
Value* 		Value
Filo Mining Corp. Call 04/21/2023 1,000 CAD 28.00 CAD 2,800,000 $(92,067)
Franco-Nevada Corp. Call 07/21/2023 1,000 USD 180.00 USD 18,000,000 (272,500)
Freeport-McMoran Inc. Call 03/17/2023 1,000 USD 50.00 USD 5,000,000 (79,500)
Gold Fields Ltd. Call 04/21/2023 5,000 USD 10.00 USD 5,000,000 (875,000)
Hecla Mining Co. Call 03/17/2023 12,000 USD 6.00 USD 7,200,000 (654,000)
Hudbay Minerals Inc. Call 04/21/2023 9,000 USD 5.00 USD 4,500,000 (990,000)
Ivanhoe Mines Ltd. Call 03/17/2023 14,000 CAD 12.00 CAD 16,800,000 (1,052,197)
K92 Mining Inc. Call 05/19/2023 3,000 CAD 8.25 CAD 2,475,000 (127,391)
Karora Resources Inc Call 04/21/2023 6,000 CAD 6.00 CAD 3,600,000 (110,481)
Kinross Gold Corp. Call 05/19/2023 5,000 USD 5.50 USD 2,750,000 (77,500)
Lithium Americas Corp. Call 05/19/2023 1,000 USD 32.50 USD 3,250,000 (110,000)
Lithium Americas Corp. Call 02/17/2023 3,000 USD 30.00 USD 9,000,000 (67,500)
Lundin Gold Inc. Call 04/21/2023 5,000 CAD 14.00 CAD 7,000,000 (667,017)
MAG Silver Corp. Call 05/19/2023 3,000 USD 17.50 USD 5,250,000 (135,000)
Mineral Resources Ltd. Call 02/16/2023 1,000 AUD 95.00 AUD 9,500,000 (67,409)
Newmont Corp. Call 02/17/2023 2,000 USD 52.50 USD 10,500,000 (357,000)
Northern Star Resources Ltd. Call 03/16/2023 14,000 AUD 12.50 AUD 17,500,000 (657,146)
Ormat Technologies, Inc. Call 06/16/2023 1,000 USD 100.00 USD 10,000,000 (405,000)
Osisko Gold Royalties Ltd. Call 04/21/2023 3,000 USD 15.00 USD 4,500,000 (105,000)
Pan American Silver Corp. Call 04/21/2023 4,000 USD 19.00 USD 7,600,000 (470,000)
Piedmont Lithium, Inc. Call 05/19/2023 1,600 USD 80.00 USD 12,800,000 (872,000)
Royal Gold, Inc. Call 04/21/2023 3,000 USD 130.00 USD 39,000,000 (1,920,000)
Sandstorm Gold Ltd. Call 03/17/2023 7,000 USD 6.00 USD 4,200,000 (192,500)
Sibanye Stillwater Ltd. Call 07/21/2023 2,000 USD 12.50 USD 2,500,000 (135,000)
SSR Mining Inc. Call 06/16/2023 6,000 USD 18.00 USD 10,800,000 (750,000)
Teck Resources, Ltd. Call 02/17/2023 1,000 USD 42.00 USD 4,200,000 (229,500)
Torex Gold Resources Inc. Call 03/17/2023 1,000 CAD 18.00 CAD 1,800,000 (92,067)
Tronox Holdings PLC Call 05/19/2023 11,000 USD 16.00 USD 17,600,000 (2,475,000)
Wesdome Gold Mines Ltd. Call 03/17/2023 3,000 CAD 8.75 CAD 2,625,000 (4,509)
Wheaton Precious Metals Corp. Call 03/17/2023 3,000 USD 45.00 USD 13,500,000 (750,000)
Subtotal – Equity Call Options Written       (20,368,353)
Equity Risk
Agnico Eagle Mines Ltd. Put 04/21/2023 1,000 USD 50.00 USD 5,000,000 (127,500)
Alcoa Corp. Put 07/21/2023 1,000 USD 35.00 USD 3,500,000 (125,000)
Endeavour Mining PLC Put 05/19/2023 2,000 CAD 29.00 CAD 5,800,000 (198,414)
Filo Mining Corp. Put 04/21/2023 2,000 CAD 21.00 CAD 4,200,000 (206,682)
First Quantum Minerals Ltd. Put 03/17/2023 1,000 CAD 22.00 CAD 2,200,000 (23,674)
Franco-Nevada Corp. Put 07/21/2023 1,000 USD 115.00 USD 11,500,000 (170,000)
Freeport-McMoran Inc. Put 03/17/2023 2,000 USD 40.00 USD 8,000,000 (169,000)
Gold Fields Ltd. Put 04/21/2023 2,000 USD 7.00 USD 1,400,000 (15,000)
Lithium Americas Corp. Put 05/19/2023 1,000 USD 17.50 USD 1,750,000 (67,500)
MAG Silver Corp. Put 05/19/2023 2,000 USD 15.00 USD 3,000,000 (415,000)
Mineral Resources Ltd. Put 02/16/2023 1,000 AUD 85.00 AUD 8,500,000 (93,525)
Newmont Corp. Put 03/17/2023 1,000 USD 45.00 USD 4,500,000 (39,500)
Ormat Technologies, Inc. Put 06/16/2023 1,000 USD 75.00 USD 7,500,000 (157,500)
Royal Gold, Inc. Put 04/21/2023 1,000 USD 115.00 USD 11,500,000 (282,500)
Sibanye Stillwater Ltd. Put 07/21/2023 2,000 USD 10.00 USD 2,000,000 (195,000)
SSR Mining Inc. Put 06/16/2023 1,000 USD 15.00 USD 1,500,000 (75,000)
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
Open Exchange-Traded Equity Options Written(a)—(continued)
Description Type of
Contract 		Expiration
Date 		Number of
Contracts 		Exercise
Price 		Notional
Value* 		Value
Teck Resources Ltd. Put 05/19/2023 1,000 USD 35.00 USD 3,500,000 $(104,000)
Wesdome Gold Mines Ltd. Put 05/19/2023 2,000 CAD 6.00 CAD 1,200,000 (64,635)
Subtotal – Equity Put Options Written       (2,529,430)
Total Open Exchange-Traded Equity Options Written       $(22,897,783)
    
(a) Open Exchange-Traded Options Written collateralized by $79,714 cash held with Morgan Stanley.
* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
    
Abbreviations:
AUD —Australian Dollar
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, 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 January 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 consolidated 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 $52,560,563 $477,058,718 $— $529,619,281
Bosnia Hercegovina — 7,173,892 — 7,173,892
Brazil 57,157,190 — — 57,157,190
Burkina Faso 34,705,561 — — 34,705,561
Canada 950,607,680 — 719,198 951,326,878
China — 92,118,214 — 92,118,214
Colombia 7,894,376 — — 7,894,376
Indonesia — 28,708,143 — 28,708,143
South Africa 66,856,833 — — 66,856,833
Turkey 29,554,759 — — 29,554,759
United States 222,168,779 — — 222,168,779
Zambia 18,166,330 — — 18,166,330
Money Market Funds 48,965,473 — — 48,965,473
Total Investments in Securities 1,488,637,544 605,058,967 719,198 2,094,415,709
Other Investments - Liabilities*        
Options Written (22,897,783) — — (22,897,783)
Total Investments $1,465,739,761 $605,058,967 $719,198 $2,071,517,926
    
* Options written are shown at value.
Invesco Gold & Special Minerals Fund