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