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