NPORT-EX 2 edgar.htm
Consolidated Schedule of Investments
July 31, 2023
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–100.33%
Australia–24.88%
Allkem Ltd.(a) 4,479,765    $44,767,397
AngloGold Ashanti Ltd., ADR 433,100     9,614,820
Bellevue Gold Ltd.(a) 46,633,252    45,784,728
Chalice Mining Ltd.(a) 11,781,692    47,005,766
De Grey Mining Ltd.(a) 59,937,305    54,217,543
Evolution Mining Ltd. 25,778,806    64,730,645
Firefinch Ltd.(a) 12,910,104     1,040,606
Gold Road Resources Ltd. 28,013,275    29,950,435
Mineral Resources Ltd. 492,195    23,670,212
Northern Star Resources Ltd. 11,168,895    87,109,489
OceanaGold Corp. 14,190,300    29,701,003
Perseus Mining Ltd. 9,870,000    11,619,552
Ramelius Resources Ltd. 29,568,612    25,573,565
Silver Lake Resources Ltd.(a) 28,481,900    17,199,757
      491,985,518
Brazil–2.02%
Wheaton Precious Metals Corp. 893,035    40,034,759
Burkina Faso–1.85%
Endeavour Mining PLC 1,512,966    36,554,883
Canada–47.67%
Agnico Eagle Mines Ltd.(b)(c) 1,537,395    80,574,872
Agnico Eagle Mines Ltd.(b)(c) 406,574    21,314,572
Alamos Gold, Inc., Class A 3,351,108    41,386,184
Arizona Metals Corp.(a) 3,795,300     8,778,421
Artemis Gold, Inc.(a) 4,814,241    19,057,626
Aya Gold & Silver, Inc.(a) 2,655,082    16,913,274
B2Gold Corp. 10,122,000    35,325,780
Barrick Gold Corp.(b) 5,281,499    91,317,119
Calibre Mining Corp., Class C(a) 19,633,168    25,459,915
Cameco Corp. 1,262,000    44,371,920
Capstone Copper Corp.(a) 1,740,000     9,091,571
Centerra Gold, Inc. 310,000     1,988,852
Coppernico Metals, Inc.(d) 3,028,200       719,198
Dundee Precious Metals, Inc. 1,080,000     7,510,408
Filo Mining Corp.(a) 170,000     3,215,258
Foran Mining Corp.(a) 90,000       272,324
Franco-Nevada Corp. 253,302    36,941,564
Hudbay Minerals, Inc. 40,000       238,000
i-80 Gold Corp.(a) 2,550,000     5,182,573
Ivanhoe Mines Ltd., Class A(a) 7,605,365    80,630,192
K92 Mining, Inc.(a) 7,882,630    37,241,713
Karora Resources, Inc.(a)(e) 11,613,332    40,247,926
Kinross Gold Corp. 5,435,925    27,070,907
Lithium Americas Corp.(a) 822,000    16,587,960
Lundin Gold, Inc. 3,213,815    43,089,712
MAG Silver Corp.(a) 1,348,522    16,263,175
NexGen Energy Ltd.(a) 50,000       245,327
Orezone Gold Corp.(a) 920,000       830,243
Orla Mining Ltd.(a) 5,351,621    24,999,799
Osisko Gold Royalties Ltd. 2,305,339    34,165,124
Pan American Silver Corp. 1,231,682    20,790,792
  Shares Value
Canada–(continued)
Pan American Silver Corp., Rts., expiring 02/22/2029(a) 2,300,100     $1,269,425
Rupert Resources Ltd.(a) 3,203,812     9,013,872
Sandstorm Gold Ltd. 4,159,055    23,082,755
SilverCrest Metals, Inc.(a) 4,486,667    25,688,648
Skeena Resources Ltd.(a) 2,094,336    10,815,932
Solaris Resources, Inc.(a) 1,431,200     7,087,351
SSR Mining, Inc. 2,653,133    38,629,616
Torex Gold Resources, Inc.(a) 21,000       294,620
Triple Flag Precious Metals Corp. 1,396,682    19,181,671
Wesdome Gold Mines Ltd.(a) 3,000,000    15,948,129
      942,834,320
China–3.23%
Ganfeng Lithium Group Co. Ltd., H Shares(f) 2,649,920    16,952,965
Zijin Mining Group Co. Ltd., H Shares 27,230,000    46,859,154
      63,812,119
Colombia–0.37%
Aris Mining Corp. 2,888,423     7,272,259
South Africa–3.44%
Gold Fields Ltd., ADR 2,596,241    40,163,848
Sibanye Stillwater Ltd., ADR 3,602,587    27,847,998
      68,011,846
Turkey–1.29%
Eldorado Gold Corp.(a) 2,591,502    25,422,635
United States–14.15%
Albemarle Corp. 500       106,140
Alcoa Corp. 431,000    15,597,890
Aura Minerals, Inc. 1,967,825    15,370,718
Freeport-McMoRan, Inc. 2,086,000    93,139,900
GrafTech International Ltd. 650,000     3,432,000
Hecla Mining Co. 1,275,304     7,345,751
Ivanhoe Electric, Inc.(a) 1,019,082    16,570,273
MP Materials Corp.(a) 396,000     9,444,600
Newmont Corp.(b) 1,532,914    65,792,669
Ormat Technologies, Inc. 184,500    14,999,850
Piedmont Lithium, Inc.(a) 306,000    16,787,160
Royal Gold, Inc. 78,100     9,382,934
Tronox Holdings PLC, Class A 900,000    11,961,000
      279,930,885
Zambia–1.43%
First Quantum Minerals Ltd. 955,000    28,324,461
Total Common Stocks & Other Equity Interests (Cost $1,438,388,946) 1,984,183,685
Exchange-Traded Funds–0.01%
United States–0.01%
SPDR® Gold Trust–ETF(a) (Cost $155,059) 1,000       182,350
Money Market Funds–0.84%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(g) 5,826,507     5,826,507
 
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
  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
Investment Abbreviations:
ADR – American Depositary Receipt
Rts. – Rights
SPDR – Standard & Poor’s Depositary Receipt
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 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)
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
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.
    
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
Abbreviations:
AUD —Australian Dollar
CAD —Canadian Dollar
HKD —Hong Kong 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, 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 July 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 $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.
Invesco Gold & Special Minerals Fund