Schedule of Investments
January 31, 2020
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–96.67% | |||
Australia–4.05% | |||
Bellevue Gold Ltd.(a) | 2,809,025 | $904,849 | |
Cardinal Resources Ltd.(a) | 9,329,307 | 2,396,830 | |
Gold Road Resources Ltd.(a) | 2,621,055 | 2,522,020 | |
New Century Resources Ltd.(a) | 2,151,184 | 311,049 | |
Northern Star Resources Ltd. | 255,335 | 2,189,713 | |
OceanaGold Corp. | 514,925 | 1,077,786 | |
9,402,247 | |||
Canada–67.13% | |||
Agnico Eagle Mines Ltd. | 181,239 | 11,204,195 | |
Alamos Gold, Inc., Class A | 1,041,306 | 6,570,126 | |
B2Gold Corp. | 2,611,461 | 11,306,991 | |
Barrick Gold Corp. | 629,029 | 11,649,617 | |
Chesapeake Gold Corp.(a) | 632,320 | 1,447,733 | |
Detour Gold Corp.(a) | 246,297 | 4,410,789 | |
Franco-Nevada Corp. | 103,801 | 11,798,991 | |
Guyana Goldfields, Inc.(a) | 2,429,714 | 1,303,534 | |
INV Metals, Inc.(a) | 2,621,042 | 653,577 | |
Ivanhoe Mines Ltd., Class A(a) | 2,596,982 | 6,711,258 | |
Kinross Gold Corp.(a) | 2,411,216 | 12,225,525 | |
Lundin Gold, Inc.(a) | 1,500,085 | 11,935,843 | |
Osisko Mining, Inc.(a) | 1,099,753 | 3,307,403 | |
Premier Gold Mines Ltd.(a) | 3,350,839 | 4,025,868 | |
Pretium Resources, Inc.(a) | 803,645 | 8,750,585 | |
Progress Minerals, Inc., (Acquired 06/26/2018; Cost $1,215,733)(b)(c)(d) | 6,474,020 | 438,320 | |
Reunion Gold Corp.(a) | 6,496,007 | 638,115 | |
Roxgold, Inc.(a) | 4,198,093 | 3,299,091 | |
Rubicon Minerals Corp.(a) | 2,500,956 | 2,218,348 | |
Sabina Gold & Silver Corp.(a) | 1,900,674 | 2,556,445 | |
Sabina Gold & Silver Corp. | 221,070 | 297,344 | |
Sandstorm Gold Ltd.(a) | 1,568,662 | 10,762,771 | |
SEMAFO, Inc.(a) | 2,010,080 | 4,237,663 | |
TMAC Resources, Inc.(a) | 775,267 | 1,546,550 | |
Torex Gold Resources, Inc.(a) | 915,619 | 12,598,928 | |
Wheaton Precious Metals Corp. | 340,155 | 10,017,565 | |
155,913,175 |
Shares | Value | ||
Egypt–1.14% | |||
Centamin PLC | 1,475,800 | $2,644,721 | |
Ivory Coast–3.85% | |||
Endeavour Mining Corp.(a) | 436,759 | 8,943,758 | |
Mexico–2.16% | |||
Fresnillo PLC | 573,672 | 5,020,182 | |
Mongolia–3.06% | |||
Turquoise Hill Resources Ltd.(a) | 10,920,565 | 7,096,634 | |
Switzerland–0.87% | |||
Glencore PLC | 687,718 | 2,016,034 | |
United States–12.72% | |||
Boart Longyear Ltd.(a) | 26,944 | 27,011 | |
Boart Longyear Ltd., Wts., expiring 09/13/2024(a) | 37,293 | 4,868 | |
iShares® Gold Trust - ETF(a) | 564,600 | 8,564,982 | |
Newmont Corp. | 272,727 | 12,289,079 | |
SPDR ® Gold Trust–ETF(a) | 58,000 | 8,661,140 | |
29,547,080 | |||
Zambia–1.69% | |||
First Quantum Minerals Ltd. | 502,309 | 3,932,236 | |
Total Common Stocks & Other Equity Interests (Cost $218,640,459) | 224,516,067 | ||
Money Market Funds–3.27% | |||
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(e) | 2,782,674 | 2,782,675 | |
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(e) | 1,619,575 | 1,620,222 | |
Invesco Treasury Portfolio, Institutional Class, 1.47%(e) | 3,180,200 | 3,180,200 | |
Total Money Market Funds (Cost $7,583,097) | 7,583,097 | ||
TOTAL INVESTMENTS IN SECURITIES—99.94% (Cost $226,223,556) | 232,099,164 | ||
OTHER ASSETS LESS LIABILITIES–0.06% | 143,810 | ||
NET ASSETS–100.00% | $232,242,974 |
Investment Abbreviations:
ETF | – Exchange-Traded Fund |
SPDR | – Standard & Poor’s Depositary Receipt |
Wts. | – Warrants |
See accompanying notes which are an integral part of this schedule.
Invesco Gold & Precious Metals Fund
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | 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 January 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(c) | 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 to 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 (excluding affiliated money market funds) for the nine months ended January 31, 2020. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value January 31, 2020 | Dividend Income | |
Progress Minerals, Inc. | $1,208,110 | $- | $- | $(769,790) | $- | $438,320 | $- |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(e) | The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of January 31, 2020. |
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 schedule.
Invesco Gold & Precious Metals Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2020
(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 January 31, 2020. 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 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 | $3,474,616 | $5,927,631 | $— | $9,402,247 |
Canada | 155,474,855 | — | 438,320 | 155,913,175 |
Egypt | — | 2,644,721 | — | 2,644,721 |
Ivory Coast | 8,943,758 | — | — | 8,943,758 |
Mexico | — | 5,020,182 | — | 5,020,182 |
Mongolia | 7,096,634 | — | — | 7,096,634 |
Switzerland | — | 2,016,034 | — | 2,016,034 |
United States | 29,520,069 | 27,011 | — | 29,547,080 |
Zambia | 3,932,236 | — | — | 3,932,236 |
Money Market Funds | 7,583,097 | — | — | 7,583,097 |
Total Investments | $216,025,265 | $15,635,579 | $438,320 | $232,099,164 |
NOTE 2—Subsequent Event
The World Health Organization has declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedule of Investments may materially differ from the value received upon actual sales of those investments.
Invesco Gold & Precious Metals Fund