Consolidated Schedule of Investments
July 31, 2020
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–99.11% | |||
Australia–20.99% | |||
Alkane Resources Ltd.(a) | 5,970,000 | $5,206,850 | |
Australian Strategic Materials Ltd.(a)(b) | 1,010,000 | 162,359 | |
Auteco Minerals Ltd.(a) | 4,900,000 | 621,365 | |
Bellevue Gold Ltd.(a) | 21,363,252 | 15,745,943 | |
Capricorn Metals Ltd.(a) | 600,000 | 840,569 | |
Chalice Gold Mines Ltd.(a) | 8,288,359 | 6,174,252 | |
Dacian Gold Ltd.(a) | 4,000,000 | 930,065 | |
De Grey Mining Ltd.(a) | 53,967,305 | 28,777,052 | |
Evolution Mining Ltd. | 22,898,806 | 96,710,783 | |
Gold Road Resources Ltd.(a) | 22,053,275 | 29,170,953 | |
Legend Mining Ltd.(a) | 41,840,095 | 4,202,250 | |
Musgrave Minerals Ltd.(a) | 15,750,000 | 7,881,977 | |
Newcrest Mining Ltd. | 664,968 | 16,843,989 | |
Nickel Mines Ltd.(a) | 34,321,112 | 14,258,480 | |
Northern Star Resources Ltd. | 8,313,380 | 92,703,068 | |
OceanaGold Corp.(a) | 8,610,300 | 22,563,106 | |
Pantoro Ltd.(a) | 18,000,000 | 3,419,887 | |
Perenti Global Ltd. | 1,795,634 | 1,531,648 | |
Perseus Mining Ltd.(a) | 3,370,000 | 3,735,130 | |
Ramelius Resources Ltd. | 19,988,612 | 31,345,869 | |
Red 5 Ltd.(a) | 32,020,000 | 5,757,331 | |
Regis Resources Ltd. | 1,740,000 | 7,056,734 | |
Resolute Mining Ltd.(a) | 16,700,000 | 15,686,506 | |
RTG Mining, Inc., CDI(a) | 3,000,000 | 267,775 | |
Saracen Mineral Holdings Ltd.(a) | 9,610,000 | 41,420,939 | |
Silver Lake Resources Ltd.(a) | 12,220,000 | 21,557,102 | |
SolGold PLC(a) | 19,400,000 | 6,346,719 | |
Westgold Resources Ltd.(a) | 18,806,053 | 31,745,229 | |
512,663,930 | |||
Brazil–1.62% | |||
Wheaton Precious Metals Corp. | 729,035 | 39,608,472 | |
Canada–49.93% | |||
Adventus Mining Corp.(a) | 4,701,058 | 4,387,116 | |
Agnico Eagle Mines Ltd.(c) | 1,365,095 | 108,511,402 | |
Alamos Gold, Inc., Class A | 3,858,608 | 40,880,214 | |
Americas Gold & Silver Corp.(a) | 589,400 | 1,975,741 | |
Artemis Gold, Inc.(a) | 608,144 | 2,288,287 | |
Artemis Gold, Inc.(a) | 2,700,000 | 10,159,394 | |
Ascot Resources Ltd.(a) | 1,494,053 | 1,238,119 | |
Auryn Resources, Inc.(a) | 2,928,200 | 6,442,040 | |
B2Gold Corp. | 11,250,000 | 77,668,736 | |
Barrick Gold Corp. | 3,433,499 | 99,262,458 | |
Battle North Gold Corp.(a) | 2,660,956 | 3,914,115 | |
Centerra Gold, Inc. | 30,000 | 376,274 | |
Dundee Precious Metals, Inc. | 2,220,000 | 16,739,707 | |
Equinox Gold Corp.(a) | 2,307,278 | 27,618,118 | |
ERO Copper Corp.(a) | 1,705,400 | 20,524,132 | |
Franco-Nevada Corp. | 64,000 | 10,230,069 | |
Freegold Ventures Ltd.(a) | 620,000 | 786,890 | |
Gran Colombia Gold Corp.(a) | 740,000 | 3,922,505 | |
Great Bear Resources Ltd.(a) | 458,515 | 5,812,524 | |
GT Gold Corp.(a) | 5,163,800 | 5,551,437 |
Shares | Value | ||
Canada–(continued) | |||
IAMGOLD Corp.(a) | 5,429,000 | $27,036,420 | |
Ivanhoe Mines Ltd., Class A(a) | 23,597,582 | 83,153,971 | |
K92 Mining, Inc.(a) | 9,807,400 | 44,444,300 | |
Karora Resources, Inc.(a) | 4,577,778 | 12,303,557 | |
Karora Resources, Inc., Wts., expiring September 21, 2021(a) | 2,500,000 | 1,007,876 | |
Kinross Gold Corp.(a) | 5,265,925 | 49,260,801 | |
Kirkland Lake Gold Ltd. | 2,243,233 | 122,507,368 | |
Liberty Gold Corp.(a) | 6,738,000 | 11,066,930 | |
Lion One Metals Ltd.(a) | 5,525,391 | 9,859,035 | |
Lion One Metals Ltd.(b) | 219,420 | 278,483 | |
Lundin Gold, Inc.(a) | 3,928,815 | 34,992,544 | |
MAG Silver Corp.(a) | 513,522 | 8,673,387 | |
Marathon Gold Corp.(a) | 600,000 | 1,030,274 | |
Maverix Metals, Inc. | 1,438,100 | 6,678,101 | |
Midas Gold Corp.(a) | 331,000 | 385,501 | |
New Pacific Metals Corp.(a) | 351,800 | 1,533,847 | |
Northern Dynasty Minerals, Ltd.(a) | 10,000 | 16,200 | |
Novagold Resources, Inc.(a) | 280,000 | 2,553,600 | |
Novo Resources Corp.(a) | 1,030,000 | 2,937,474 | |
Osino Resources Corp.(a)(d) | 7,761,551 | 7,822,684 | |
Osino Resources Corp.(a)(b) | 160,000 | 0 | |
Osino Resources Corp.(a) | 1,000,000 | 298,630 | |
Osisko Gold Royalties Ltd. | 1,925,339 | 22,584,226 | |
Osisko Mining, Inc.(a) | 1,219,453 | 3,878,360 | |
Pan American Silver Corp. | 491,000 | 18,343,760 | |
Pan American Silver Corp., Rts. Expiring February 22, 2029(a) | 2,300,100 | 1,920,583 | |
Premier Gold Mines Ltd.(a) | 3,500,000 | 7,133,525 | |
Pretium Resources, Inc.(a) | 1,600,000 | 15,170,406 | |
Progress Minerals, Inc.(a)(b)(d)(e) | 6,474,020 | 433,067 | |
Pure Gold Mining, Inc.(a) | 1,719,461 | 2,657,273 | |
Roxgold, Inc.(a) | 12,817,093 | 15,884,411 | |
Rupert Resources Ltd.(a) | 1,459,144 | 3,355,230 | |
Sandstorm Gold Ltd.(a) | 4,089,055 | 39,346,446 | |
SilverCrest Metals, Inc.(a)(c) | 2,330,000 | 23,205,196 | |
SilverCrest Metals, Inc.(a)(c) | 200,000 | 1,991,862 | |
Skeena Resources Ltd.(a) | 2,210,000 | 4,570,309 | |
SSR Mining, Inc.(a) | 1,390,333 | 33,367,992 | |
Talisker Resources Ltd.(a) | 2,596,500 | 775,393 | |
Teranga Gold Corp.(a) | 3,558,700 | 41,526,359 | |
Torex Gold Resources, Inc.(a) | 2,220,000 | 38,932,248 | |
Tudor Gold Corp.(a) | 100,000 | 279,966 | |
Wallbridge Mining Co. Ltd.(a) | 12,794,800 | 8,788,097 | |
Wesdome Gold Mines Ltd.(a) | 5,804,700 | 59,414,265 | |
1,219,689,235 | |||
China–1.05% | |||
Real Gold Mining Ltd.(a)(b) | 10,400,000 | 1 | |
Shandong Gold Mining Co. Ltd., H Shares(e) | 843,500 | 2,663,568 | |
Zhaojin Mining Industry Co. Ltd., H Shares | 18,270,000 | 22,984,908 | |
25,648,477 | |||
Ivory Coast–1.09% | |||
Endeavour Mining Corp.(a) | 990,822 | 26,696,604 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Oppenheimer Gold & Special Minerals Fund
Shares | Value | ||
Mongolia–0.19% | |||
Turquoise Hill Resources Ltd.(a) | 5,700,000 | $4,757,082 | |
Russia–0.04% | |||
Petropavlovsk PLC(a) | 1,900,000 | 902,598 | |
South Africa–8.86% | |||
Gold Fields Ltd., ADR | 9,979,741 | 130,634,809 | |
Harmony Gold Mining Co. Ltd., ADR(a) | 6,124,700 | 39,504,315 | |
Sibanye Stillwater Ltd., ADR(a) | 4,127,391 | 46,391,875 | |
216,530,999 | |||
Tanzania–4.09% | |||
AngloGold Ashanti Ltd., ADR | 3,105,100 | 99,953,169 | |
Turkey–1.25% | |||
Eldorado Gold Corp.(a) | 2,431,502 | 30,612,610 | |
United Kingdom–0.14% | |||
Bushveld Minerals Ltd.(a) | 8,000,000 | 1,204,374 | |
Greatland Gold PLC(a) | 11,800,000 | 2,089,608 | |
3,293,982 | |||
United States–8.71% | |||
Alacer Gold Corp.(a) | 5,300,000 | 40,953,376 | |
Freeport-McMoRan, Inc. | 2,900,000 | 37,468,000 | |
Newmont Corp. | 1,566,614 | 108,409,689 | |
Royal Gold, Inc. | 158,000 | 22,108,940 |
Shares | Value | ||
United States–(continued) | |||
SPDR ® Gold Trust–ETF(a) | 20,000 | $3,708,600 | |
212,648,605 | |||
Zambia–1.15% | |||
First Quantum Minerals Ltd. | 3,320,000 | 28,058,084 | |
Total Common Stocks & Other Equity Interests (Cost $1,257,545,554) | 2,421,063,847 | ||
Exchange-Traded Funds–0.13% | |||
United States–0.13% | |||
Direxion Daily Gold Miners Index Bear 2X Shares (Cost $4,999,892) | 185,000 | 3,220,850 | |
Money Market Funds–3.26% | |||
Invesco Government & Agency Portfolio, Institutional Class, 0.07%(d)(f) | 27,805,735 | 27,805,735 | |
Invesco Liquid Assets Portfolio, Institutional Class, 0.22%(d)(f) | 19,845,725 | 19,857,633 | |
Invesco Treasury Portfolio, Institutional Class, 0.07%(d)(f) | 31,777,983 | 31,777,983 | |
Total Money Market Funds (Cost $79,441,517) | 79,441,351 | ||
TOTAL INVESTMENTS IN SECURITIES—102.50% (Cost $1,341,986,963) | 2,503,726,048 | ||
OTHER ASSETS LESS LIABILITIES–(2.50)% | (60,961,102) | ||
NET ASSETS–100.00% | $2,442,764,946 |
Investment Abbreviations:
ADR | – American Depositary Receipt |
CDI | – CREST Depository Interest |
Rts. | – Rights |
Wts. | – Warrants |
Notes to Consolidated Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(c) | The Fund holds securities which have been issued by the same entity and that trade on separate exchanges. |
(d) | 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, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value July 31, 2020 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $70,542,372 | $97,407,907 | $(140,144,544) | $- | $- | $27,805,735 | $7,412 |
Invesco Liquid Assets Portfolio, Institutional Class | - | 64,576,926 | (44,715,708) | (166) | (3,419) | 19,857,633 | 10,242 |
Invesco Treasury Portfolio, Institutional Class | - | 104,097,913 | (72,319,930) | - | - | 31,777,983 | 3,778 |
Investments in Other Affiliates: | |||||||
Dacian Gold Ltd.** | 6,615,445 | - | (6,121,658) | 13,967,422 | (13,531,144) | 930,065 | - |
Osino Resources Corp. | 2,935,968 | 2,428,326 | - | 2,458,390 | - | 7,822,684 | - |
Progress Minerals, Inc. | - | 1,215,733 | - | (782,666) | - | 433,067 | - |
Total | $80,093,785 | $269,726,805 | $(263,301,840) | $15,642,980 | $(13,534,563) | $88,627,167 | $21,432 |
** | As of July 31, 2020, this security was not considered as an affiliate of the Fund. |
(e) | 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 aggregate value of these securities at July 31, 2020 was $3,096,635, which represented less than 1% of the Fund’s Net Assets. |
(f) | The rate shown is the 7-day SEC standardized yield as of July 31, 2020. |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Oppenheimer Gold & Special Minerals Fund
Open Exchange-Traded Equity Options Written | |||||||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Premiums Received | Notional Value* | Value | Unrealized Appreciation (Depreciation) | |||||
Equity Risk | |||||||||||||
Agnico Eagle Mines, Ltd. | Call | 11/20/2020 | 1,000 | $ 100.00 | $ (146,958) | 10,000,000 | (247,500) | (100,542) | |||||
Agnico Eagle Mines, Ltd. | Call | 08/21/2020 | 3,000 | 65.00 | (1,008,637) | 19,500,000 | (4,365,000) | (3,356,363) | |||||
Alamos Gold, Inc. | Call | 09/18/2020 | 2,975 | 7.50 | (450,780) | 2,231,250 | (952,000) | (501,220) | |||||
Alamos Gold, Inc. | Call | 09/18/2020 | 2,000 | 10.00 | (157,922) | 2,000,000 | (240,000) | (82,078) | |||||
Alamos Gold, Inc. | Call | 10/16/2020 | 5,000 | CAD | 11.00 | (691,468) | CAD | 5,500,000 | (1,306,506) | (615,038) | |||
AngloGold Ashanti, Ltd. | Call | 09/18/2020 | 1,000 | 45.00 | (141,958) | 4,500,000 | (40,000) | 101,958 | |||||
B2Gold Corp. | Call | 10/16/2020 | 4,000 | 5.00 | (105,525) | 2,000,000 | (820,000) | (714,475) | |||||
B2Gold Corp. | Call | 10/16/2020 | 8,000 | CAD | 8.00 | (431,015) | CAD | 6,400,000 | (970,548) | (539,533) | |||
Barrick Gold Corp. | Call | 09/18/2020 | 2,000 | 25.00 | (318,918) | 5,000,000 | (875,000) | (556,082) | |||||
Barrick Gold Corp. | Call | 09/18/2020 | 1,000 | 24.00 | (107,211) | 2,400,000 | (520,000) | (412,789) | |||||
Direxion Daily Gold Miners Index Bear 2X Shares | Call | 09/18/2020 | 500 | 25.00 | (50,980) | 1,250,000 | (26,750) | 24,230 | |||||
First Quantum Minerals Ltd. | Call | 10/16/2020 | 7,000 | CAD | 10.00 | (1,065,700) | CAD | 7,000,000 | (1,019,075) | 46,625 | |||
Franco Nevada Corp. | Call | 10/16/2020 | 400 | CAD | 185.00 | (314,122) | CAD | 7,400,000 | (1,007,130) | (693,008) | |||
Gold Fields, Ltd. | Call | 10/16/2020 | 5,000 | 13.00 | (746,879) | 6,500,000 | (812,500) | (65,621) | |||||
Harmony Gold Mining Co. Ltd. | Call | 08/21/2020 | 6,000 | 3.00 | (782,116) | 1,800,000 | (2,100,000) | (1,317,884) | |||||
Harmony Gold Mining Co. Ltd. | Call | 08/21/2020 | 4,847 | 4.00 | (434,657) | 1,938,800 | (1,199,632) | (764,975) | |||||
IAMGOLD Corp. | Call | 09/18/2020 | 5,000 | 4.00 | (343,758) | 2,000,000 | (575,000) | (231,242) | |||||
Kinross Gold Corp. | Call | 08/21/2020 | 2,000 | 8.00 | (151,919) | 1,600,000 | (291,000) | (139,081) | |||||
Kinross Gold Corp. | Call | 11/20/2020 | 5,000 | CAD | 11.00 | (252,659) | CAD | 5,500,000 | (860,428) | (607,769) | |||
Kinross Gold Corp. | Call | 08/21/2020 | 5,000 | CAD | 10.00 | (154,090) | CAD | 5,000,000 | (963,082) | (808,992) | |||
Kirkland Lake Gold Ltd. | Call | 10/16/2020 | 1,000 | CAD | 74.00 | (243,638) | CAD | 7,400,000 | (421,815) | (178,177) | |||
Kirkland Lake Gold Ltd. | Call | 10/16/2020 | 1,000 | CAD | 58.00 | (233,173) | CAD | 5,800,000 | (1,226,249) | (993,076) | |||
MAG Silver Corp. | Call | 11/20/2020 | 5,000 | 15.00 | (1,001,994) | 7,500,000 | (1,675,000) | (673,006) | |||||
Newcrest Mining Ltd. | Call | 10/15/2020 | 2,000 | AUD | 37.00 | (223,774) | AUD | 7,400,000 | (239,341) | (15,567) | |||
Newmont Goldcorp Corp. | Call | 09/18/2020 | 1,000 | 55.00 | (267,961) | 5,500,000 | (1,452,500) | (1,184,539) | |||||
Newmont Goldcorp Corp. | Call | 09/18/2020 | 1,500 | 65.00 | (418,936) | 9,750,000 | (967,500) | (548,564) | |||||
Osisko Gold Royalties Ltd. | Call | 10/16/2020 | 2,000 | 12.50 | (149,719) | 2,500,000 | (170,000) | (20,281) | |||||
Pan American Silver Corp. | Call | 10/16/2020 | 2,000 | 28.00 | (510,911) | 5,600,000 | (2,045,000) | (1,534,089) | |||||
Royal Gold, Inc. | Call | 10/16/2020 | 1,000 | 160.00 | (533,549) | 16,000,000 | (525,000) | 8,549 | |||||
Sandstorm Gold Ltd. | Call | 09/18/2020 | 2,000 | 10.00 | (147,919) | 2,000,000 | (130,000) | 17,919 | |||||
Sandstorm Gold Ltd. | Call | 10/16/2020 | 9,000 | CAD | 12.00 | (1,017,606) | CAD | 10,800,000 | (1,125,462) | (107,856) | |||
Sibanye Stillwater, Ltd. | Call | 10/16/2020 | 4,000 | 12.50 | (542,959) | 5,000,000 | (430,000) | 112,959 | |||||
SSR Mining, Inc. | Call | 09/18/2020 | 2,000 | 20.00 | (278,919) | 4,000,000 | (920,000) | (641,081) | |||||
Teranga Gold Corp. | Call | 10/16/2020 | 1,000 | CAD | 14.00 | (65,137) | CAD | 1,400,000 | (175,445) | (110,308) | |||
Torex Gold Resources, Inc. | Call | 10/16/2020 | 6,000 | CAD | 24.00 | (577,973) | CAD | 14,400,000 | (761,507) | (183,534) | |||
Wesdome Gold Mines, Ltd. | Call | 10/16/2020 | 3,000 | CAD | 14.00 | (244,077) | CAD | 4,200,000 | (235,171) | 8,906 | |||
Wheaton Precious Metals Corp. | Call | 09/18/2020 | 3,000 | 50.00 | (577,371) | 15,000,000 | (1,882,500) | (1,305,129) | |||||
Subtotal – Equity Call Options Written | (14,892,888) | (33,573,641) | (18,680,753) |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Oppenheimer Gold & Special Minerals Fund
Open Exchange-Traded Equity Options Written—(continued) | |||||||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Premiums Received | Notional Value* | Value | Unrealized Appreciation (Depreciation) | |||||
Equity Risk | |||||||||||||
Agnico Eagle Mines, Ltd. | Put | 11/20/2020 | 1,000 | $60.00 | $(201,957) | 6,000,000 | (140,000) | 61,957 | |||||
Alamos Gold, Inc. | Put | 09/18/2020 | 3,000 | 7.50 | (334,151) | 2,250,000 | (22,500) | 311,651 | |||||
AngloGold Ashanti, Ltd. | Put | 10/16/2020 | 3,000 | 29.00 | (413,874) | 8,700,000 | (660,000) | (246,126) | |||||
B2Gold Corp. | Put | 10/16/2020 | 2,000 | 5.00 | (236,882) | 1,000,000 | (25,000) | 211,882 | |||||
Barrick Gold Corp. | Put | 12/18/2020 | 2,000 | 23.00 | (206,168) | 4,600,000 | (180,000) | 26,168 | |||||
First Quantum Minerals Ltd. | Put | 10/16/2020 | 2,000 | CAD | 7.00 | (227,313) | CAD | 1,400,000 | (25,384) | 201,929 | |||
Freeport-McMoRan, Inc. | Put | 11/20/2020 | 3,000 | 11.00 | (301,497) | 3,300,000 | (223,500) | 77,997 | |||||
Harmony Gold Mining Co. Ltd. | Put | 08/21/2020 | 4,000 | 4.00 | (364,837) | 1,600,000 | (40,000) | 324,837 | |||||
Kinross Gold Corp. | Put | 08/21/2020 | 3,000 | 4.50 | (171,330) | 1,350,000 | (9,000) | 162,330 | |||||
Kinross Gold Corp. | Put | 08/21/2020 | 2,000 | 6.00 | (119,920) | 1,200,000 | (6,000) | 113,920 | |||||
Kirkland Lake Gold Ltd. | Put | 10/16/2020 | 2,000 | CAD | 44.00 | (336,372) | CAD | 8,800,000 | (29,863) | 306,509 | |||
Newcrest Mining Ltd. | Put | 10/15/2020 | 500 | AUD | 29.00 | (27,998) | AUD | 1,450,000 | (15,539) | 12,459 | |||
Newmont Corp. | Put | 09/18/2020 | 2,000 | 60.00 | (391,914) | 12,000,000 | (214,000) | 177,914 | |||||
Novagold Resources, Inc. | Put | 12/18/2020 | 2,000 | 10.00 | (240,041) | 2,000,000 | (405,000) | (164,959) | |||||
Osisko Gold Royalties Ltd. | Put | 10/16/2020 | 2,000 | 7.50 | (189,922) | 1,500,000 | (30,000) | 159,922 | |||||
Royal Gold, Inc. | Put | 10/16/2020 | 1,000 | 100.00 | (326,954) | 10,000,000 | (95,000) | 231,954 | |||||
Royal Gold, Inc. | Put | 10/16/2020 | 1,000 | 95.00 | (309,394) | 9,500,000 | (70,000) | 239,394 | |||||
Sandstorm Gold Ltd. | Put | 09/18/2020 | 4,000 | 7.00 | (340,142) | 2,800,000 | (30,000) | 310,142 | |||||
Sibanye Stillwater, Ltd. | Put | 10/16/2020 | 2,000 | 10.00 | (155,199) | 2,000,000 | (190,000) | (34,801) | |||||
SSR Mining, Inc. | Put | 12/18/2020 | 1,000 | 19.00 | (126,958) | 1,900,000 | (127,500) | (542) | |||||
Torex Gold Resources, Inc. | Put | 10/16/2020 | 1,000 | CAD | 17.00 | (100,487) | CAD | 1,700,000 | (22,397) | 78,090 | |||
Wheaton Precious Metals Corp. | Put | 12/18/2020 | 2,000 | 37.00 | (211,283) | 7,400,000 | (251,000) | (39,717) | |||||
Subtotal – Equity Put Options Written | (5,334,593) | (2,811,683) | 2,522,910 | ||||||||||
Total Exchange-Traded Equity Options Written | $(20,227,481) | $(36,385,324) | $ (16,157,843) |
* | 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 | |||
Deliver | Receive | |||||
Currency Risk | ||||||
08/04/2020 | State Street Bank & Trust Co. | USD | 7,182,406 | CAD | 9,657,743 | $27,824 |
Investment Abbreviations: | |
CAD | —Canadian Dollar |
AUD | —Australian 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 Oppenheimer Gold & Special Minerals Fund
Notes to Quarterly Consolidated Schedule of Portfolio Holdings
July 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 July 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 | $22,563,106 | $489,938,465 | $162,359 | $512,663,930 |
Brazil | 39,608,472 | — | — | 39,608,472 |
Canada | 1,206,527,799 | 12,449,886 | 711,550 | 1,219,689,235 |
China | — | 25,648,476 | 1 | 25,648,477 |
Ivory Coast | 26,696,604 | — | — | 26,696,604 |
Mongolia | 4,757,082 | — | — | 4,757,082 |
Russia | — | 902,598 | — | 902,598 |
South Africa | 216,530,999 | — | — | 216,530,999 |
Tanzania | 99,953,169 | — | — | 99,953,169 |
Turkey | 30,612,610 | — | — | 30,612,610 |
United Kingdom | — | 3,293,982 | — | 3,293,982 |
United States | 215,869,455 | — | — | 215,869,455 |
Zambia | 28,058,084 | — | — | 28,058,084 |
Money Market Funds | 79,441,351 | — | — | 79,441,351 |
Total Investments in Securities | 1,970,618,731 | 532,233,407 | 873,910 | 2,503,726,048 |
Other Investments - Assets* | ||||
Forward Foreign Currency Contracts | — | 27,824 | — | 27,824 |
Other Investments - Liabilities* | ||||
Options Written | (36,385,324) | — | — | (36,385,324) |
Total Other Investments | (36,385,324) | 27,824 | — | (36,357,500) |
Total Investments | $1,934,233,407 | $532,261,231 | $873,910 | $2,467,368,548 |
* | Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Option Written are shown at value. |
NOTE 2—Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared 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 Consolidated Schedule of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
NOTE 3—Significant Event
Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Gold & Special Minerals Fund to Invesco Gold & Special Minerals Fund.
Invesco Oppenheimer Gold & Special Minerals Fund