Consolidated Schedule of Investments
July 31, 2022
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–99.42% | |||
Australia–25.21% | |||
Aeris Resources Ltd.(a) | 785,714 | $237,120 | |
Alkane Resources Ltd.(a) | 11,530,000 | 6,405,111 | |
Allkem Ltd.(a) | 510,000 | 4,066,788 | |
Bellevue Gold Ltd.(a) | 28,133,252 | 16,764,264 | |
Calix Ltd.(a) | 50,000 | 221,802 | |
Centaurus Metals Ltd.(a) | 1,100,000 | 763,130 | |
Chalice Mining Ltd.(a) | 11,781,692 | 40,110,745 | |
De Grey Mining Ltd.(a) | 62,537,305 | 39,462,110 | |
Evolution Mining Ltd. | 31,668,806 | 59,025,015 | |
Firefinch Ltd.(a)(b) | 12,910,104 | 1,443,247 | |
Gold Road Resources Ltd. | 27,413,275 | 26,987,393 | |
Jervois Global Ltd.(a) | 20,250,000 | 5,679,888 | |
Lake Resources NL(a) | 500,000 | 286,155 | |
Lynas Rare Earths Ltd.(a) | 2,220,000 | 13,599,576 | |
Newcrest Mining Ltd. | 30,000 | 408,195 | |
Northern Star Resources Ltd. | 16,498,895 | 91,608,927 | |
OceanaGold Corp.(a) | 14,460,300 | 26,310,959 | |
Pantoro Ltd.(a) | 17,958,979 | 2,393,708 | |
Perseus Mining Ltd. | 13,370,000 | 15,990,381 | |
Pilbara Minerals Ltd.(a) | 5,380,000 | 10,549,747 | |
Predictive Discovery Ltd.(a) | 38,373,029 | 6,467,301 | |
Ramelius Resources Ltd. | 25,468,612 | 19,366,572 | |
Red 5 Ltd.(a) | 24,448,043 | 4,536,598 | |
Rumble Resources Ltd.(a) | 13,211,974 | 2,316,821 | |
Silver Lake Resources Ltd.(a) | 19,331,900 | 19,725,000 | |
SolGold PLC(a) | 19,800,000 | 6,131,576 | |
Tietto Minerals Ltd.(a) | 7,000,000 | 2,361,611 | |
Westgold Resources Ltd.(c) | 25,524,853 | 23,403,116 | |
446,622,856 | |||
Bosnia Hercegovina–0.15% | |||
Adriatic Metals PLC, CDI(a) | 1,870,000 | 2,693,026 | |
Brazil–2.19% | |||
Wheaton Precious Metals Corp. | 1,133,035 | 38,863,100 | |
Burkina Faso–1.62% | |||
Endeavour Mining PLC | 1,452,966 | 28,661,060 | |
Canada–49.83% | |||
Agnico Eagle Mines Ltd.(d) | 1,403,595 | 60,340,549 | |
Agnico Eagle Mines Ltd.(d) | 504,774 | 21,703,843 | |
Alamos Gold, Inc., Class A | 3,341,108 | 26,361,342 | |
Alexco Resource Corp.(a) | 7,200,905 | 3,679,663 | |
Arizona Metals Corp.(a) | 3,795,300 | 12,981,464 | |
Artemis Gold, Inc.(a) | 4,574,889 | 18,148,792 | |
Aya Gold & Silver, Inc.(a) | 2,925,082 | 16,857,682 | |
B2Gold Corp. | 9,922,000 | 34,826,220 | |
Barrick Gold Corp.(e) | 5,505,899 | 86,662,851 | |
Calibre Mining Corp., Class C(a) | 13,683,534 | 11,326,810 | |
Cameco Corp. | 688,000 | 17,729,760 | |
Centerra Gold, Inc. | 920,000 | 5,725,977 | |
Coppernico Metals, Inc.(b) | 3,028,200 | 1,438,395 | |
Dundee Precious Metals, Inc. | 1,040,000 | 5,027,215 | |
Equinox Gold Corp.(a) | 4,357,278 | 19,433,460 |
Shares | Value | ||
Canada–(continued) | |||
Filo Mining Corp.(a) | 26,000 | $367,092 | |
Franco-Nevada Corp. | 123,302 | 15,780,190 | |
Hudbay Minerals, Inc. | 3,910,000 | 15,053,500 | |
i-80 Gold Corp.(a) | 345,000 | 654,680 | |
IAMGOLD Corp.(a) | 6,769,000 | 11,236,540 | |
Ivanhoe Mines Ltd., Class A(a) | 9,735,346 | 60,515,680 | |
K92 Mining, Inc.(a) | 7,882,630 | 49,183,721 | |
Karora Resources, Inc.(a)(c) | 10,543,332 | 27,582,025 | |
Kinross Gold Corp. | 5,723,825 | 19,518,243 | |
Liberty Gold Corp.(a) | 7,101,518 | 2,675,790 | |
Lion One Metals Ltd.(a) | 6,235,842 | 6,695,781 | |
Lithium Americas Corp.(a) | 356,000 | 9,045,960 | |
Lundin Gold, Inc.(a) | 4,378,815 | 29,236,553 | |
MAG Silver Corp.(a) | 1,318,522 | 18,353,826 | |
Marathon Gold Corp.(a) | 1,950,000 | 2,634,415 | |
Maverix Metals, Inc. | 1,488,100 | 6,321,709 | |
Minera Alamos, Inc.(a) | 18,408,743 | 7,115,949 | |
New Gold, Inc.(a) | 17,225,500 | 14,076,679 | |
Novagold Resources, Inc.(a) | 470,000 | 2,293,600 | |
Orla Mining Ltd.(a) | 5,011,621 | 15,106,678 | |
Osino Resources Corp.(a) | 5,621,409 | 3,248,481 | |
Osino Resources Corp.(b) | 160,000 | 92,460 | |
Osisko Gold Royalties Ltd. | 2,463,739 | 25,746,073 | |
Pan American Silver Corp. | 1,279,382 | 26,009,836 | |
Pan American Silver Corp., Rts., expiring 02/22/2029(a) | 2,300,100 | 1,495,065 | |
Pure Gold Mining, Inc.(a) | 20,871,734 | 1,874,389 | |
Rupert Resources Ltd.(a) | 3,183,812 | 10,094,316 | |
Sandstorm Gold Ltd. | 4,439,055 | 26,412,377 | |
Sierra Metals, Inc. | 5,217,549 | 3,096,589 | |
SilverCrest Metals, Inc.(a) | 3,226,667 | 22,022,623 | |
Skeena Resources Ltd.(a) | 2,074,336 | 11,420,147 | |
Solaris Resources, Inc.(a) | 1,291,200 | 7,269,964 | |
SSR Mining, Inc. | 2,055,333 | 33,830,781 | |
Torex Gold Resources, Inc.(a) | 101,000 | 769,006 | |
Triple Flag Precious Metals Corp. | 213,766 | 2,510,672 | |
Tudor Gold Corp.(a) | 1,834,214 | 2,392,048 | |
Victoria Gold Corp.(a) | 1,483,000 | 11,801,000 | |
Wesdome Gold Mines Ltd.(a) | 4,580,000 | 36,838,858 | |
882,617,319 | |||
China–4.42% | |||
Ganfeng Lithium Co. Ltd., H Shares(f) | 5,164,320 | 46,954,190 | |
Zijin Mining Group Co. Ltd., H Shares | 26,630,000 | 31,390,647 | |
78,344,837 | |||
Colombia–0.22% | |||
GCM Mining Corp. | 1,369,169 | 3,977,438 | |
Indonesia–1.20% | |||
Nickel Industries Ltd. | 27,781,112 | 21,200,216 | |
Netherlands–0.02% | |||
Meridian Mining UK Societas(a) | 769,889 | 300,609 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
Shares | Value | ||
South Africa–2.74% | |||
Gold Fields Ltd., ADR | 2,976,241 | $27,381,417 | |
Sibanye Stillwater Ltd., ADR | 2,122,587 | 21,098,515 | |
48,479,932 | |||
Turkey–0.99% | |||
Eldorado Gold Corp.(a) | 2,857,802 | 17,604,060 | |
United Republic of Tanzania–0.56% | |||
AngloGold Ashanti Ltd., ADR | 668,100 | 9,827,751 | |
United States–10.07% | |||
Century Aluminum Co.(a) | 425,800 | 3,359,562 | |
Cleveland-Cliffs, Inc.(a) | 350,100 | 6,200,271 | |
Coeur Mining, Inc.(a) | 2,350,000 | 7,543,500 | |
Danimer Scientific, Inc.(a) | 756,200 | 3,493,644 | |
Freeport-McMoRan, Inc. | 219,000 | 6,909,450 | |
Gatos Silver, Inc.(a) | 1,808,076 | 6,726,043 | |
Hecla Mining Co. | 1,180,000 | 5,345,400 | |
Newmont Corp.(e) | 1,871,214 | 84,728,570 | |
Piedmont Lithium, Inc.(a) | 169,000 | 7,640,490 | |
Royal Gold, Inc. | 290,600 | 30,446,162 | |
Tronox Holdings PLC, Class A | 1,024,000 | 15,984,640 | |
178,377,732 |
Shares | Value | ||
Zambia–0.20% | |||
First Quantum Minerals Ltd. | 193,000 | $3,526,766 | |
Total Common Stocks & Other Equity Interests (Cost $1,738,185,011) | 1,761,096,702 | ||
Exchange-Traded Funds–0.28% | |||
United States–0.28% | |||
SPDR ® Gold Trust–ETF(a) (Cost $4,979,309) | 30,000 | 4,923,000 | |
Money Market Funds–1.41% | |||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(c)(g) | 8,762,804 | 8,762,804 | |
Invesco Liquid Assets Portfolio, Institutional Class, 1.67%(c)(g) | 6,232,734 | 6,232,734 | |
Invesco Treasury Portfolio, Institutional Class, 1.66%(c)(g) | 10,014,633 | 10,014,633 | |
Total Money Market Funds (Cost $25,009,482) | 25,010,171 | ||
TOTAL INVESTMENTS IN SECURITIES—101.11% (Cost $1,768,173,802) | 1,791,029,873 | ||
OTHER ASSETS LESS LIABILITIES–(1.11)% | (19,726,192) | ||
NET ASSETS–100.00% | $1,771,303,681 |
Investment Abbreviations:
ADR | – American Depositary Receipt |
CDI | – CREST Depository Interest |
Rts. | – Rights |
Notes to Consolidated Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(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 three months ended July 31, 2022. |
Value April 30, 2022 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value July 31, 2022 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $18,271,907 | $16,808,347 | $(26,317,450) | $- | $- | $8,762,804 | $37,750 |
Invesco Liquid Assets Portfolio, Institutional Class | 13,023,355 | 12,005,962 | (18,798,178) | (311) | 1,906 | 6,232,734 | 16,954 |
Invesco Treasury Portfolio, Institutional Class | 20,882,179 | 19,209,539 | (30,077,085) | - | - | 10,014,633 | 24,302 |
Investments in Other Affiliates: | |||||||
Karora Resources, Inc. | 52,574,624 | 1,122,655 | - | (26,115,254) | - | 27,582,025 | - |
Osino Resources Corp.* | 6,835,964 | - | (1,378,432) | (1,625,428) | (583,623) | 3,248,481 | - |
Westgold Resources Ltd. | 29,053,879 | - | - | (5,650,763) | - | 23,403,116 | - |
Total | $140,641,908 | $49,146,503 | $(76,571,145) | $(33,391,756) | $(581,717) | $79,243,793 | $79,006 |
* | At July 31, 2022, this security was was no longer an affiliate of the Fund. |
(d) | The Fund holds securities which have been issued by the same entity and that trade on separate exchanges. |
(e) | All or a portion of the value pledged and/or designated as collateral to cover margin requirements for open options contracts. |
(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, 2022 represented 2.65% of the Fund’s Net Assets. |
(g) | The rate shown is the 7-day SEC standardized yield as of July 31, 2022. |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
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 | 11/18/2022 | 4,000 | CAD | 64.00 | CAD | 25,600,000 | $(623,170) |
Agnico Eagle Mines Ltd. | Call | 12/16/2022 | 3,000 | USD | 55.00 | USD | 16,500,000 | (420,000) |
Alamos Gold, Inc. | Call | 09/16/2022 | 2,000 | USD | 10.00 | USD | 2,000,000 | (20,000) |
AngloGold Ashanti Ltd. | Call | 10/21/2022 | 3,000 | USD | 30.00 | USD | 9,000,000 | (30,000) |
B2Gold Corp. | Call | 10/21/2022 | 2,000 | USD | 7.50 | USD | 1,500,000 | (5,000) |
Cameco Corp. | Call | 12/16/2022 | 6,800 | USD | 30.00 | USD | 20,400,000 | (1,281,800) |
Cleveland-Cliffs, Inc. | Call | 10/21/2022 | 3,500 | USD | 20.00 | USD | 7,000,000 | (383,250) |
Danimer Scientific, Inc. | Call | 11/18/2022 | 4,000 | USD | 10.00 | USD | 4,000,000 | (20,000) |
Eldorado Gold Corp. | Call | 10/21/2022 | 3,000 | USD | 14.00 | USD | 4,200,000 | (112,500) |
Endeavour Mining PLC | Call | 11/18/2022 | 2,000 | CAD | 27.00 | CAD | 5,400,000 | (161,649) |
Equinox Gold Corp. | Call | 01/20/2023 | 2,000 | USD | 5.00 | USD | 1,000,000 | (113,941) |
First Quantum Minerals Ltd. | Call | 08/19/2022 | 1,000 | CAD | 44.00 | CAD | 4,400,000 | (1,952) |
Franco-Nevada Corp. | Call | 10/21/2022 | 1,200 | USD | 135.00 | USD | 16,200,000 | (624,000) |
Freeport-McMoRan, Inc. | Call | 01/20/2023 | 2,000 | USD | 40.00 | USD | 8,000,000 | (330,000) |
Gatos Silver, Inc. | Call | 08/19/2022 | 2,000 | USD | 15.00 | USD | 3,000,000 | (15,000) |
IAMGOLD Corp. | Call | 09/16/2022 | 3,000 | USD | 4.00 | USD | 1,200,000 | (37,500) |
Ivanhoe Mines Ltd. | Call | 09/16/2022 | 3,000 | CAD | 13.00 | CAD | 3,900,000 | (15,228) |
K92 Mining, Inc. | Call | 12/16/2022 | 9,000 | CAD | 9.00 | CAD | 8,100,000 | (491,976) |
Lithium Americas Corp. | Call | 11/18/2022 | 3,500 | USD | 30.00 | USD | 10,500,000 | (796,250) |
MAG Silver Corp. | Call | 11/18/2022 | 7,000 | USD | 15.00 | USD | 10,500,000 | (980,000) |
New Gold, Inc. | Call | 11/18/2022 | 5,000 | USD | 2.00 | USD | 1,000,000 | (12,500) |
Osisko Gold Royalties Ltd. | Call | 10/21/2022 | 2,000 | USD | 15.00 | USD | 3,000,000 | (125,000) |
Pan American Silver Corp. | Call | 10/21/2022 | 5,652 | USD | 21.00 | USD | 11,869,200 | (918,450) |
Piedmont Lithium, Inc. | Call | 10/21/2022 | 1,600 | USD | 50.00 | USD | 8,000,000 | (736,000) |
Royal Gold, Inc. | Call | 10/21/2022 | 2,000 | USD | 125.00 | USD | 25,000,000 | (300,000) |
Sandstorm Gold Ltd. | Call | 09/16/2022 | 5,000 | USD | 10.00 | USD | 5,000,000 | (25,000) |
Sibanye Stillwater Ltd. | Call | 01/20/2023 | 2,000 | USD | 12.50 | USD | 2,500,000 | (125,000) |
SPDR Gold Shares | Call | 10/21/2022 | 300 | USD | 160.00 | USD | 4,800,000 | (237,000) |
SSR Mining, Inc. | Call | 12/16/2022 | 3,000 | USD | 19.00 | USD | 5,700,000 | (322,500) |
Tronox Holdings PLC | Call | 11/18/2022 | 700 | USD | 19.00 | USD | 5,700,000 | (240,000) |
Tronox Holdings PLC | Call | 08/19/2022 | 3,000 | USD | 27.00 | USD | 1,890,000 | (26,250) |
Wesdome Gold Mines Ltd. | Call | 11/18/2022 | 4,000 | CAD | 11.00 | CAD | 4,400,000 | (210,847) |
Wheaton Precious Metals Corp. | Call | 10/21/2022 | 3,000 | USD | 37.00 | USD | 11,100,000 | (450,000) |
Subtotal – Equity Call Options Written | (10,191,763) | |||||||
Equity Risk | ||||||||
Agnico Eagle Mines Ltd. | Put | 12/16/2022 | 2,000 | USD | 35.00 | USD | 7,000,000 | (315,000) |
AngloGold Ashanti Ltd. | Put | 10/21/2022 | 3,300 | USD | 19.00 | USD | 6,270,000 | (1,534,500) |
B2Gold Corp. | Put | 10/21/2022 | 2,000 | USD | 5.00 | USD | 1,000,000 | (310,000) |
Barrick Gold Corp. | Put | 08/19/2022 | 1,756 | USD | 23.00 | USD | 4,038,800 | (1,273,100) |
Cameco Corp. | Put | 09/16/2022 | 2,000 | USD | 23.00 | USD | 4,600,000 | (178,000) |
Century Aluminum Co. | Put | 08/19/2022 | 463 | USD | 17.00 | USD | 787,100 | (421,330) |
Century Aluminum Co. | Put | 09/16/2022 | 529 | USD | 18.00 | USD | 952,200 | (544,870) |
Cleveland-Cliffs, Inc. | Put | 10/21/2022 | 2,000 | USD | 20.00 | USD | 4,000,000 | (660,000) |
Coeur Mining, Inc. | Put | 09/16/2022 | 3,000 | USD | 4.00 | USD | 1,200,000 | (270,000) |
Eldorado Gold Corp. | Put | 10/21/2022 | 1,737 | USD | 11.00 | USD | 1,910,700 | (842,445) |
Endeavour Mining PLC | Put | 11/18/2022 | 1,000 | CAD | 23.00 | CAD | 2,300,000 | (86,682) |
First Quantum Minerals Ltd. | Put | 08/19/2022 | 2,000 | CAD | 32.00 | CAD | 6,400,000 | (1,347,077) |
Franco-Nevada Corp. | Put | 10/21/2022 | 1,000 | USD | 135.00 | USD | 13,500,000 | (1,175,000) |
Freeport-McMoRan, Inc. | Put | 09/16/2022 | 2,000 | USD | 37.00 | USD | 7,400,000 | (1,180,000) |
Gatos Silver, Inc. | Put | 08/19/2022 | 2,724 | USD | 7.50 | USD | 2,043,000 | (1,075,980) |
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 | ||
Gold Fields Ltd. | Put | 10/21/2022 | 3,000 | USD | 13.00 | USD | 3,900,000 | $(1,200,000) |
Hecla Mining Co. | Put | 09/16/2022 | 3,000 | USD | 6.00 | USD | 1,800,000 | (459,000) |
Kinross Gold Corp. | Put | 08/19/2022 | 1,996 | USD | 5.00 | USD | 998,000 | (317,364) |
Kinross Gold Corp. | Put | 08/19/2022 | 1,925 | USD | 7.00 | USD | 1,347,500 | (688,188) |
MAG Silver Corp. | Put | 11/18/2022 | 2,000 | USD | 15.00 | USD | 3,000,000 | (460,000) |
Newmont Corp. | Put | 08/19/2022 | 600 | USD | 72.50 | USD | 4,350,000 | (1,632,000) |
Newmont Corp. | Put | 12/16/2022 | 1,000 | USD | 35.00 | USD | 3,500,000 | (98,500) |
Osisko Gold Royalties Ltd. | Put | 10/21/2022 | 1,216 | USD | 12.50 | USD | 1,520,000 | (276,640) |
Pan American Silver Corp. | Put | 10/21/2022 | 1,000 | USD | 21.00 | USD | 2,100,000 | (227,500) |
Piedmont Lithium, Inc. | Put | 10/21/2022 | 1,000 | USD | 30.00 | USD | 3,000,000 | (102,500) |
Royal Gold, Inc. | Put | 10/21/2022 | 1,300 | USD | 90.00 | USD | 11,700,000 | (243,750) |
Sandstorm Gold Ltd. | Put | 09/16/2022 | 2,000 | USD | 7.00 | USD | 1,400,000 | (230,000) |
Sibanye Stillwater Ltd. | Put | 01/20/2023 | 1,000 | USD | 10.00 | USD | 1,000,000 | (161,967) |
SPDR Gold Shares | Put | 10/21/2022 | 300 | USD | 160.00 | USD | 4,800,000 | (82,650) |
SSR Mining, Inc. | Put | 12/16/2022 | 1,000 | USD | 15.00 | USD | 1,500,000 | (127,500) |
Tronox Holdings PLC | Put | 08/19/2022 | 2,000 | USD | 16.00 | USD | 3,200,000 | (180,000) |
Victoria Gold Corp. | Put | 08/19/2022 | 3,000 | CAD | 14.00 | CAD | 4,200,000 | (896,099) |
Wesdome Gold Mines Ltd. | Put | 11/18/2022 | 2,000 | CAD | 9.00 | CAD | 1,800,000 | (62,473) |
Subtotal – Equity Put Options Written | (18,660,115) | |||||||
Total Open Exchange-Traded Equity Options Written | $(28,851,878) |
* | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
Currency Risk | ||||||
08/03/2022 | State Street Bank & Trust Co. | CAD | 839,615 | USD | 656,097 | $432 |
Currency Risk | ||||||
08/02/2022 | State Street Bank & Trust Co. | CAD | 1,004,499 | USD | 784,320 | (108) |
Total Forward Foreign Currency Contracts | $324 |
Abbreviations: | |
CAD | —Canadian Dollar |
SPDR | —Standard & Poor’s Depositary Receipt |
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, 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 July 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 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 | $26,310,959 | $418,868,650 | $1,443,247 | $446,622,856 |
Bosnia Hercegovina | — | 2,693,026 | — | 2,693,026 |
Brazil | 38,863,100 | — | — | 38,863,100 |
Burkina Faso | 28,661,060 | — | — | 28,661,060 |
Canada | 881,086,464 | — | 1,530,855 | 882,617,319 |
China | — | 78,344,837 | — | 78,344,837 |
Colombia | 3,977,438 | — | — | 3,977,438 |
Indonesia | — | 21,200,216 | — | 21,200,216 |
Netherlands | 300,609 | — | — | 300,609 |
South Africa | 48,479,932 | — | — | 48,479,932 |
Turkey | 17,604,060 | — | — | 17,604,060 |
United Republic of Tanzania | 9,827,751 | — | — | 9,827,751 |
United States | 183,300,732 | — | — | 183,300,732 |
Zambia | 3,526,766 | — | — | 3,526,766 |
Money Market Funds | 25,010,171 | — | — | 25,010,171 |
Total Investments in Securities | 1,266,949,042 | 521,106,729 | 2,974,102 | 1,791,029,873 |
Other Investments - Assets* | ||||
Forward Foreign Currency Contracts | — | 432 | — | 432 |
Other Investments - Liabilities* | ||||
Forward Foreign Currency Contracts | — | (108) | — | (108) |
Options Written | (28,851,878) | — | — | (28,851,878) |
(28,851,878) | (108) | — | (28,851,986) | |
Total Other Investments | (28,851,878) | 324 | — | (28,851,554) |
Total Investments | $1,238,097,164 | $521,107,053 | $2,974,102 | $1,762,178,319 |
* | Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Option Written are shown at value. |
Invesco Gold & Special Minerals Fund