| Shares | Value | ||
| Money Market Funds–(continued) | |||
| Invesco Liquid Assets Portfolio, Institutional Class, 5.28%(e)(g) | 4,160,416 | $4,160,832 | |
| Invesco Treasury Portfolio, Institutional Class, 5.18%(e)(g) | 6,658,864 | 6,658,864 | |
| Total Money Market Funds (Cost $16,646,203) | 16,646,203 | ||
| TOTAL INVESTMENTS IN SECURITIES—101.18% (Cost $1,455,190,208) | 2,001,012,238 | ||
| OTHER ASSETS LESS LIABILITIES–(1.18)% | (23,315,532) | ||
| NET ASSETS–100.00% | $1,977,696,706 | ||
| ADR | – American Depositary Receipt |
| Rts. | – Rights |
| SPDR | – Standard & Poor’s Depositary Receipt |
| (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 three months ended July 31, 2023. |
| Value April 30, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value July 31, 2023 | Dividend Income | |
| Investments in Affiliated Money Market Funds: | |||||||
| Invesco Government & Agency Portfolio, Institutional Class | $15,954,071 | $11,099,911 | $(21,227,475) | $- | $- | $5,826,507 | $87,952 |
| Invesco Liquid Assets Portfolio, Institutional Class | 11,395,882 | 7,928,508 | (15,162,482) | (1,342) | 266 | 4,160,832 | 62,593 |
| Invesco Treasury Portfolio, Institutional Class | 18,233,224 | 12,685,612 | (24,259,972) | - | - | 6,658,864 | 100,200 |
| Investments in Other Affiliates: | |||||||
| Karora Resources, Inc. | 41,429,428 | 125,100 | - | (1,306,602) | - | 40,247,926 | - |
| Total | $87,012,605 | $31,839,131 | $(60,649,929) | $(1,307,944) | $266 | $56,894,129 | $250,745 |
| (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 July 31, 2023 represented less than 1% of the Fund’s Net Assets. |
| (g) | The rate shown is the 7-day SEC standardized yield as of July 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 | 10/20/2023 | 2,000 | CAD | 90.00 | CAD | 18,000,000 | $(21,234) |
| Agnico Eagle Mines Ltd. | Call | 11/17/2023 | 4,000 | USD | 70.00 | USD | 28,000,000 | (150,000) |
| Alamos Gold, Inc. | Call | 01/19/2024 | 3,000 | USD | 15.00 | USD | 4,500,000 | (150,000) |
| Alcoa Corp. | Call | 01/19/2024 | 2,000 | USD | 50.00 | USD | 10,000,000 | (230,000) |
| Allkem Ltd. | Call | 10/19/2023 | 3,000 | AUD | 17.00 | AUD | 5,100,000 | (67,506) |
| AngloGold Ashanti Ltd. | Call | 01/19/2024 | 2,000 | USD | 28.00 | USD | 5,600,000 | (165,000) |
| Barrick Gold Corp. | Call | 09/15/2023 | 4,000 | USD | 21.00 | USD | 8,400,000 | (26,000) |
| Cameco Corp. | Call | 09/15/2023 | 11,000 | USD | 30.00 | USD | 33,000,000 | (6,242,500) |
| Endeavour Mining PLC | Call | 08/18/2023 | 3,000 | CAD | 36.00 | CAD | 10,800,000 | (17,063) |
| Filo Mining Corp. | Call | 08/18/2023 | 1,000 | CAD | 28.00 | CAD | 2,800,000 | (17,063) |
| First Quantum Minerals Ltd. | Call | 08/18/2023 | 9,000 | CAD | 38.00 | CAD | 34,200,000 | (1,211,466) |
| Franco-Nevada Corp. | Call | 01/19/2024 | 2,000 | USD | 185.00 | USD | 37,000,000 | (295,000) |
| Freeport-McMoRan, Inc. | Call | 08/18/2023 | 8,000 | USD | 47.00 | USD | 37,600,000 | (424,000) |
| Freeport-McMoRan, Inc. | Call | 11/17/2023 | 3,000 | USD | 50.00 | USD | 15,000,000 | (550,500) |
| Open Exchange-Traded Equity Options Written(a)—(continued) | ||||||||
| Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value* | Value | ||
| Ganfeng Lithium Group Co., Ltd. | Call | 12/28/2023 | 4,000 | HKD | 72.50 | HKD | 58,000,000 | $(97,450) |
| Gold Fields Ltd. | Call | 10/20/2023 | 7,000 | USD | 13.00 | USD | 9,100,000 | (1,995,000) |
| Hecla Mining Co. | Call | 09/15/2023 | 6,000 | USD | 7.00 | USD | 4,200,000 | (45,000) |
| Ivanhoe Mines Ltd. | Call | 12/15/2023 | 5,000 | CAD | 15.00 | CAD | 7,500,000 | (398,134) |
| Ivanhoe Mines Ltd. | Call | 08/18/2023 | 5,000 | CAD | 14.00 | CAD | 7,000,000 | (208,547) |
| Lithium Americas Corp. | Call | 11/17/2023 | 1,000 | USD | 27.50 | USD | 2,750,000 | (32,500) |
| Lundin Gold, Inc. | Call | 11/17/2023 | 2,000 | CAD | 18.00 | CAD | 3,600,000 | (182,004) |
| MAG Silver Corp. | Call | 11/17/2023 | 3,000 | USD | 15.00 | USD | 4,500,000 | (135,000) |
| Mineral Resources Ltd. | Call | 10/19/2023 | 2,000 | AUD | 78.00 | AUD | 15,600,000 | (273,382) |
| MP Materials Corp. | Call | 12/15/2023 | 3,900 | USD | 30.00 | USD | 11,700,000 | (438,750) |
| Newmont Corp. | Call | 09/15/2023 | 6,000 | USD | 60.00 | USD | 36,000,000 | (18,000) |
| Northern Star Resources Ltd | Call | 10/19/2023 | 5,000 | AUD | 12.75 | AUD | 6,375,000 | (130,981) |
| Ormat Technologies, Inc. | Call | 12/15/2023 | 1,800 | USD | 90.00 | USD | 16,200,000 | (432,000) |
| Osisko Gold Royalties Ltd. | Call | 10/20/2023 | 2,000 | USD | 20.00 | USD | 4,000,000 | (15,000) |
| Piedmont Lithium, Inc. | Call | 11/17/2023 | 2,900 | USD | 85.00 | USD | 24,650,000 | (181,250) |
| Tronox Holdings PLC | Call | 11/17/2023 | 9,000 | USD | 14.00 | USD | 12,600,000 | (877,500) |
| Wheaton Precious Metals Corp. | Call | 12/15/2023 | 2,000 | USD | 50.00 | USD | 10,000,000 | (340,000) |
| Subtotal – Equity Call Options Written | (15,367,830) | |||||||
| Equity Risk | ||||||||
| Agnico Eagle Mines Ltd. | Put | 10/20/2023 | 1,000 | CAD | 58.00 | CAD | 5,800,000 | (37,538) |
| Agnico Eagle Mines Ltd. | Put | 11/17/2023 | 2,000 | USD | 45.00 | USD | 9,000,000 | (200,000) |
| Albemarle Corp. | Put | 09/15/2023 | 1,000 | USD | 155.00 | USD | 15,500,000 | (80,000) |
| Alcoa Corp. | Put | 01/19/2024 | 1,000 | USD | 28.00 | USD | 2,800,000 | (127,000) |
| Allkem Ltd. | Put | 10/19/2023 | 2,000 | AUD | 14.25 | AUD | 2,850,000 | (96,725) |
| AngloGold Ashanti Ltd. | Put | 01/19/2024 | 1,000 | USD | 20.00 | USD | 2,000,000 | (112,500) |
| Barrick Gold Corp. | Put | 09/15/2023 | 2,000 | USD | 16.00 | USD | 3,200,000 | (48,000) |
| Capstone Copper Corp. | Put | 10/20/2023 | 3,000 | CAD | 5.00 | CAD | 1,500,000 | (21,613) |
| Centerra Gold, Inc. | Put | 10/20/2023 | 2,000 | CAD | 8.00 | CAD | 1,600,000 | (59,151) |
| Endeavour Mining PLC | Put | 10/20/2023 | 2,000 | CAD | 30.00 | CAD | 6,000,000 | (199,447) |
| Filo Mining Corp. | Put | 08/18/2023 | 2,000 | CAD | 20.00 | CAD | 4,000,000 | (18,959) |
| First Quantum Minerals Ltd. | Put | 10/20/2023 | 2,000 | CAD | 25.00 | CAD | 5,000,000 | (27,301) |
| Franco-Nevada Corp. | Put | 01/19/2024 | 1,000 | USD | 115.00 | USD | 11,500,000 | (120,000) |
| Freeport-McMoRan, Inc. | Put | 11/17/2023 | 2,000 | USD | 33.00 | USD | 6,600,000 | (73,000) |
| Ivanhoe Mines Ltd. | Put | 12/15/2023 | 2,000 | CAD | 12.00 | CAD | 2,400,000 | (80,385) |
| K92 Mining, Inc. | Put | 10/20/2023 | 4,000 | CAD | 5.25 | CAD | 2,100,000 | (80,385) |
| Lithium Americas Corp. | Put | 11/17/2023 | 2,000 | USD | 17.50 | USD | 3,500,000 | (175,000) |
| MAG Silver Corp. | Put | 11/17/2023 | 2,000 | USD | 12.50 | USD | 2,500,000 | (265,000) |
| Mineral Resources Ltd. | Put | 10/19/2023 | 1,000 | AUD | 62.00 | AUD | 6,200,000 | (104,785) |
| MP Materials Corp. | Put | 12/15/2023 | 1,000 | USD | 17.50 | USD | 1,750,000 | (55,000) |
| Newmont Corp. | Put | 09/15/2023 | 1,000 | USD | 37.50 | USD | 3,750,000 | (28,000) |
| Ormat Technologies, Inc. | Put | 12/15/2023 | 1,000 | USD | 75.00 | USD | 7,500,000 | (275,000) |
| Pan American Silver Corp. | Put | 01/19/2024 | 1,000 | USD | 14.00 | USD | 1,400,000 | (60,000) |
| Piedmont Lithium, Inc. | Put | 11/17/2023 | 1,000 | USD | 35.00 | USD | 3,500,000 | (50,000) |
| Royal Gold, Inc. | Put | 01/19/2024 | 1,000 | USD | 95.00 | USD | 9,500,000 | (142,500) |
| SSR Mining, Inc. | Put | 01/19/2024 | 1,000 | USD | 14.00 | USD | 1,400,000 | (102,500) |
| Torex Gold Resources, Inc. | Put | 09/15/2023 | 2,000 | CAD | 17.50 | CAD | 3,500,000 | (121,336) |
| Wheaton Precious Metals Corp. | Put | 12/15/2023 | 1,500 | USD | 40.00 | USD | 6,000,000 | (187,500) |
| Subtotal – Equity Put Options Written | (2,948,625) | |||||||
| Total Open Exchange-Traded Equity Options Written | $(18,316,455) | |||||||
| (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 |
| HKD | —Hong Kong Dollar |
| USD | —U.S. Dollar |
| Level 1 | Level 2 | Level 3 | Total | |
| Investments in Securities | ||||
| Australia | $39,315,823 | $452,669,695 | $— | $491,985,518 |
| Brazil | 40,034,759 | — | — | 40,034,759 |
| Burkina Faso | 36,554,883 | — | — | 36,554,883 |
| Canada | 942,115,122 | — | 719,198 | 942,834,320 |
| China | — | 63,812,119 | — | 63,812,119 |
| Colombia | 7,272,259 | — | — | 7,272,259 |
| South Africa | 68,011,846 | — | — | 68,011,846 |
| Turkey | 25,422,635 | — | — | 25,422,635 |
| United States | 280,113,235 | — | — | 280,113,235 |
| Zambia | 28,324,461 | — | — | 28,324,461 |
| Money Market Funds | 16,646,203 | — | — | 16,646,203 |
| Total Investments in Securities | 1,483,811,226 | 516,481,814 | 719,198 | 2,001,012,238 |
| Other Investments - Liabilities* | ||||
| Options Written | (18,316,455) | — | — | (18,316,455) |
| Total Investments | $1,465,494,771 | $516,481,814 | $719,198 | $1,982,695,783 |
| * | Options written are shown at value. |