NPORT-EX 2 edgar.htm
Consolidated Schedule of Investments
January 31, 2024
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–99.47%
Australia–22.33%
Bellevue Gold Ltd.(a) 50,283,252    $43,495,969
Capricorn Metals Ltd.(a) 830,000     2,474,525
De Grey Mining Ltd.(a) 62,787,305    49,965,097
Emerald Resources NL(a) 4,670,000    10,150,345
Evolution Mining Ltd. 21,738,806    45,537,236
Firefinch Ltd.(a) 12,910,104       762,271
Genesis Minerals Ltd.(a) 8,130,000     8,618,427
Gold Road Resources Ltd. 28,283,275    27,945,217
Northern Star Resources Ltd. 10,698,895    91,773,041
OceanaGold Corp. 16,490,300    32,994,092
Ramelius Resources Ltd. 26,168,612    27,180,592
Red 5 Ltd.(a) 5,300,000     1,087,139
Silver Lake Resources Ltd.(a) 32,981,900    25,955,443
      367,939,394
Bosnia Hercegovina–0.25%
Adriatic Metals PLC, CDI(a) 1,750,000     4,056,640
Burkina Faso–1.96%
Endeavour Mining PLC 1,862,966    32,272,288
Canada–52.41%
Agnico Eagle Mines Ltd.(b)(c) 1,561,395    76,758,178
Agnico Eagle Mines Ltd.(b)(c) 411,574    20,228,949
Alamos Gold, Inc., Class A 3,801,108    46,031,418
Allied Gold Corp. 714,771     1,680,000
Artemis Gold, Inc.(a) 5,314,241    24,902,167
Aya Gold & Silver, Inc.(a) 3,285,082    25,191,859
B2Gold Corp. 10,192,000    28,537,600
Barrick Gold Corp.(b) 4,951,499    77,243,385
Calibre Mining Corp., Class C(a) 15,574,883    15,870,869
Capstone Copper Corp.(a) 3,000,000    14,771,840
Centerra Gold, Inc. 1,330,000     7,013,797
Coppernico Metals, Inc.(a) 3,028,200        30,282
Dundee Precious Metals, Inc. 1,270,000     8,133,214
Equinox Gold Corp.(a) 1,286,381     5,660,076
Filo Corp.(a) 250,000     3,843,579
Foran Mining Corp.(a) 1,040,000     3,163,822
Franco-Nevada Corp. 283,302    30,667,442
G Mining Ventures Corp.(a) 100,000       145,785
Hudbay Minerals, Inc. 330,000     1,831,500
i-80 Gold Corp.(a) 4,080,000     6,585,295
IAMGOLD Corp.(a) 3,970,000     9,448,600
Ivanhoe Mines Ltd., Class A(a) 7,405,365    77,719,291
K92 Mining, Inc.(a) 8,102,630    38,812,107
Karora Resources, Inc.(a)(d) 11,613,332    36,193,136
Kinross Gold Corp. 5,535,925    30,502,947
Lithium Americas (Argentina) Corp.(a) 422,000     1,873,680
Lithium Americas Corp.(a) 932,000     4,063,520
Lundin Gold, Inc. 2,593,815    30,598,316
MAG Silver Corp.(a) 1,608,522    14,508,868
New Gold, Inc.(a) 3,770,000     4,599,400
Novagold Resources, Inc.(a) 960,900     2,459,904
Orla Mining Ltd.(a) 5,981,621    19,932,063
  Shares Value
Canada–(continued)
Osisko Gold Royalties Ltd. 2,315,339    $33,711,336
Osisko Mining, Inc.(a) 1,840,000     3,311,986
Pan American Silver Corp. 1,346,682    18,207,141
Pan American Silver Corp., Rts., expiring 02/22/2029(a) 2,300,100     1,081,047
Sandstorm Gold Ltd. 489,055     2,230,091
SilverCrest Metals, Inc.(a) 3,776,667    20,871,461
SSR Mining, Inc. 2,813,133    26,527,844
Torex Gold Resources, Inc.(a) 481,000     4,940,764
Triple Flag Precious Metals Corp. 1,616,682    20,718,830
Wesdome Gold Mines Ltd.(a) 3,230,000    19,051,582
Wheaton Precious Metals Corp. 933,035    43,731,350
      863,386,321
Colombia–0.40%
Aris Mining Corp.(a) 2,140,060     6,621,778
South Africa–3.81%
Gold Fields Ltd., ADR 2,937,241    43,471,167
Sibanye Stillwater Ltd., ADR 3,995,487    19,338,157
      62,809,324
Turkey–1.91%
Eldorado Gold Corp.(a) 2,581,502    31,520,140
United Kingdom–1.95%
AngloGold Ashanti PLC 1,822,100    32,105,402
United States–13.75%
Alcoa Corp. 401,000    11,929,750
A-Mark Precious Metals, Inc. 467,419    12,606,290
Aura Minerals, Inc. 2,097,825    13,684,351
Freeport-McMoRan, Inc. 1,291,000    51,239,790
Hecla Mining Co. 1,855,304     7,068,708
Ivanhoe Electric, Inc.(a) 2,603,183    21,762,610
MP Materials Corp.(a) 3,500        55,335
Newmont Corp.(b) 1,924,914    66,428,782
Ormat Technologies, Inc. 291,300    18,841,284
Piedmont Lithium, Inc.(a) 512,285     7,827,715
Royal Gold, Inc. 131,300    15,019,407
      226,464,022
Zambia–0.70%
First Quantum Minerals Ltd. 1,266,400    11,491,748
Total Common Stocks & Other Equity Interests (Cost $1,301,008,410) 1,638,667,057
Exchange-Traded Funds–0.01%
United States–0.01%
SPDR® Gold Trust–ETF(a) (Cost $155,059) 1,000       188,450
Money Market Funds–0.96%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(d)(e) 5,510,601     5,510,601
Invesco Liquid Assets Portfolio, Institutional Class, 5.42%(d)(e) 3,934,841     3,937,202
 
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
  Shares Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 5.22%(d)(e) 6,297,830     $6,297,830
Total Money Market Funds (Cost $15,745,147) 15,745,633
TOTAL INVESTMENTS IN SECURITIES—100.44% (Cost $1,316,908,616) 1,654,601,140
OTHER ASSETS LESS LIABILITIES–(0.44)% (7,209,603)
NET ASSETS–100.00% $1,647,391,537
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) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2024.
    
  Value
April 30, 2023 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain 		Value
January 31, 2024 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $15,954,071 $75,844,287 $(86,287,757) $- $- $5,510,601 $286,603
Invesco Liquid Assets Portfolio, Institutional Class 11,395,882 54,174,491 (61,634,112) (855) 1,796 3,937,202 208,891
Invesco Treasury Portfolio, Institutional Class 18,233,224 86,679,186 (98,614,580) - - 6,297,830 327,041
Investments in Other Affiliates:              
Karora Resources, Inc. 41,429,428 125,100 - (5,361,392) - 36,193,136 -
Total $87,012,605 $216,823,064 $(246,536,449) $(5,362,247) $1,796 $51,938,769 $822,535
    
(e) The rate shown is the 7-day SEC standardized yield as of January 31, 2024.
    
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 03/15/2024 4,000 CAD 76.00 CAD 30,400,000 $(68,430)
Agnico Eagle Mines Ltd. Call 03/15/2024 1,000 USD 55.00 USD 5,500,000 (50,000)
Agnico Eagle Mines Ltd. Call 03/15/2024 1,000 USD 60.00 USD 6,000,000 (15,000)
Alcoa Corp. Call 04/19/2024 4,000 USD 35.00 USD 14,000,000 (458,000)
Barrick Gold Corp. Call 03/15/2024 2,000 USD 17.00 USD 3,400,000 (47,000)
Eldorado Gold Corp. Call 04/19/2024 7,000 USD 13.00 USD 9,100,000 (525,000)
Endeavour Mining PLC Call 03/15/2024 6,000 CAD 32.00 CAD 19,200,000 (35,702)
Filo Corp. Call 06/21/2024 2,000 CAD 25.00 CAD 5,000,000 (167,355)
First Quantum Minerals Ltd. Call 03/15/2024 3,000 CAD 36.00 CAD 10,800,000 (54,669)
Franco-Nevada Corp. Call 04/19/2024 1,000 USD 150.00 USD 15,000,000 (37,500)
Freeport-McMoran Inc. Call 02/16/2024 6,000 USD 41.00 USD 24,600,000 (363,000)
Gold Fields Ltd. Call 04/19/2024 6,000 USD 16.00 USD 9,600,000 (390,000)
Lundin Gold, Inc. Call 03/15/2024 4,000 CAD 18.00 CAD 7,200,000 (43,140)
MAG Silver Corp. Call 05/17/2024 3,000 USD 15.00 USD 4,500,000 (22,500)
Newmont Corp. Call 03/15/2024 2,000 USD 45.00 USD 9,000,000 (16,000)
Ormat Technologies, Inc. Call 03/15/2024 2,900 USD 80.00 USD 23,200,000 (36,250)
Osisko Gold Royalties Ltd Call 07/19/2024 3,000 USD 17.50 USD 5,250,000 (172,500)
Piedmont Lithium, Inc. Call 02/16/2024 3,000 USD 38.00 USD 11,400,000 (7,500)
Royal Gold, Inc. Call 07/19/2024 1,000 USD 145.00 USD 14,500,000 (167,500)
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
SilverCrest Metals Inc. Call 04/19/2024 3,000 CAD 10.00 CAD 3,000,000 $(18,967)
Wheaton Precious Metals Corp. Call 09/20/2024 1,000 USD 60.00 USD 6,000,000 (100,000)
Subtotal – Equity Call Options Written       (2,796,013)
Equity Risk
Agnico Eagle Mines Ltd. Put 03/15/2024 2,000 CAD 55.00 CAD 11,000,000 (26,033)
Agnico Eagle Mines Ltd. Put 05/17/2024 1,000 USD 45.00 USD 4,500,000 (150,000)
Albemarle Corp. Put 02/16/2024 1,000 USD 120.00 USD 12,000,000 (887,500)
A-Mark Precious Metals, Inc. Put 03/15/2024 1,000 USD 25.00 USD 2,500,000 (72,500)
AngloGold Ashanti Ltd. Put 07/19/2024 1,000 USD 16.00 USD 1,600,000 (127,500)
B2Gold Corp. Put 04/19/2024 5,000 USD 3.00 USD 1,500,000 (175,000)
Barrick Gold Corp. Put 03/15/2024 2,000 USD 17.00 USD 3,400,000 (321,000)
Cameco Corp. Put 06/21/2024 2,000 USD 37.00 USD 7,400,000 (218,000)
Dundee Precious Metals Inc. Put 04/19/2024 2,000 CAD 8.50 CAD 1,700,000 (78,843)
Endeavour Mining PLC Put 03/15/2024 2,000 CAD 26.00 CAD 5,200,000 (494,626)
Equinox Gold Corp. Put 04/19/2024 3,000 USD 5.00 USD 1,500,000 (225,000)
Filo Corp. Put 06/21/2024 1,000 CAD 18.50 CAD 1,850,000 (91,115)
First Quantum Minerals Ltd. Put 03/15/2024 6 CAD 24.00 CAD 14,400 (5,277)
Franco-Nevada Corp. Put 04/19/2024 1,000 USD 100.00 USD 10,000,000 (257,500)
Freeport-McMoran Inc. Put 05/17/2024 1,000 USD 35.00 USD 3,500,000 (101,000)
Gold Fields Ltd. Put 04/19/2024 3,000 USD 11.00 USD 3,300,000 (30,000)
Ivanhoe Electric, Inc. Put 04/19/2024 1,000 USD 10.00 USD 1,000,000 (230,000)
Kinross Gold Corp. Put 02/16/2024 3,000 USD 5.00 USD 1,500,000 (9,000)
MP Materials Corp. Put 05/17/2024 1,000 USD 15.00 USD 1,500,000 (140,000)
Novagold Resources, Inc. Put 03/15/2024 2,991 USD 4.00 USD 1,196,400 (433,695)
Ormat Technologies, Inc. Put 06/21/2024 1,000 USD 60.00 USD 6,000,000 (367,500)
Piedmont Lithium, Inc. Put 02/16/2024 993 USD 24.00 USD 2,383,200 (858,945)
Sibanye Stillwater Ltd. Put 04/19/2024 2,871 USD 7.50 USD 2,153,250 (782,348)
Subtotal – Equity Put Options Written       (6,082,382)
Total Open Exchange-Traded Equity Options Written       $(8,878,395)
    
(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:
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, 2024
(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, 2024. 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 $32,994,092 $334,945,302 $— $367,939,394
Bosnia Hercegovina — 4,056,640 — 4,056,640
Burkina Faso 32,272,288 — — 32,272,288
Canada 863,386,321 — — 863,386,321
Colombia 6,621,778 — — 6,621,778
South Africa 62,809,324 — — 62,809,324
Turkey 31,520,140 — — 31,520,140
United Kingdom 32,105,402 — — 32,105,402
United States 226,652,472 — — 226,652,472
Zambia 11,491,748 — — 11,491,748
Money Market Funds 15,745,633 — — 15,745,633
Total Investments in Securities 1,315,599,198 339,001,942 — 1,654,601,140
Other Investments - Liabilities*        
Options Written (8,878,395) — — (8,878,395)
Total Investments $1,306,720,803 $339,001,942 $— $1,645,722,745
    
* Options written are shown at value.
Invesco Gold & Special Minerals Fund