Consolidated Schedule of Investments
January 31, 2021
(Unaudited)
See accompanying notes which are an
integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
Investment
Abbreviations:
ADR | – American Depositary Receipt |
Rts. | – Rights |
Wts. | – Warrants |
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) | 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 nine months ended January 31, 2021. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value January 31, 2021 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $70,542,372 | $184,807,602 | $(254,976,275) | $- | $- | $373,699 | $9,496 |
Invesco Liquid Assets Portfolio, Institutional Class | - | 127,005,280 | (126,733,806) | - | (4,653) | 266,821 | 12,010 |
Invesco Treasury Portfolio, Institutional Class | - | 203,983,278 | (203,556,194) | - | - | 427,084 | 4,567 |
Investments in Other Affiliates: | |||||||
Dacian Gold Ltd.* | 6,615,445 | - | (7,132,013) | 13,810,156 | (13,293,588) | - | - |
Osino Resources Corp. | 2,935,968 | 2,594,997 | - | 2,140,842 | - | 7,671,807 | - |
Total | $80,093,785 | $518,391,157 | $(592,398,288) | $15,950,998 | $(13,298,241) | $8,739,411 | $26,073 |
* | At January 31, 2021, this security 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) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(f) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
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 | Premiums Received | Notional Value* | Value | Unrealized Appreciation (Depreciation) | |||||
Equity Risk | |||||||||||||
Agnico Eagle Mines Ltd. | Call | 05/21/2021 | 3,000 | $ 100.00 | $ (323,433) | 30,000,000 | (270,000) | 53,433 | |||||
Alamos Gold, Inc. | Call | 06/18/2021 | 5,000 | 12.50 | (200,943) | 6,250,000 | (137,500) | 63,443 | |||||
AngloGold Ashanti Ltd. | Call | 04/16/2021 | 4,000 | 30.00 | (284,951) | 12,000,000 | (270,000) | 14,951 | |||||
AngloGold Ashanti Ltd. | Call | 07/16/2021 | 5,000 | 30.00 | (628,807) | 15,000,000 | (712,500) | (83,693) | |||||
B2Gold Corp. | Call | 07/16/2021 | 5,000 | 7.50 | (204,427) | 3,750,000 | (125,000) | 79,427 | |||||
Barrick Gold Corp. | Call | 03/19/2021 | 1,000 | 34.00 | (115,962) | 3,400,000 | (11,500) | 104,462 | |||||
Dundee Precious Metals, Inc. | Call | 04/16/2021 | 2,000 | CAD | 10.00 | (60,108) | CAD | 2,000,000 | (35,191) | 24,917 | |||
Eldorado Gold Corp. | Call | 07/16/2021 | 11,000 | 14.00 | (1,113,362) | 15,400,000 | (1,127,500) | (14,138) | |||||
Endeavour Mining Corp. | Call | 04/16/2021 | 5,000 | CAD | 40.00 | (366,914) | CAD | 20,000,000 | (107,527) | 259,387 | |||
Equinox Gold Corp. | Call | 07/16/2021 | 4,000 | 17.50 | (143,114) | 7,000,000 | (90,000) | 53,114 | |||||
Franco-Nevada Corp. | Call | 04/16/2021 | 500 | 165.00 | (115,980) | 8,250,000 | (23,750) | 92,230 | |||||
Gold Fields Ltd. | Call | 07/16/2021 | 5,000 | 12.00 | (386,584) | 6,000,000 | (425,000) | (38,416) | |||||
Harmony Gold Mining Co. Ltd. | Call | 02/19/2021 | 2,000 | 6.00 | (58,927) | 1,200,000 | (15,000) | 43,927 | |||||
Harmony Gold Mining Co. Ltd. | Call | 08/20/2021 | 5,000 | 8.00 | (249,166) | 4,000,000 | (162,500) | 86,666 | |||||
IAMGOLD Corp. | Call | 06/18/2021 | 6,000 | 4.00 | (275,780) | 2,400,000 | (240,000) | 35,780 | |||||
Kinross Gold Corp. | Call | 05/21/2021 | 6,000 | 10.00 | (245,780) | 6,000,000 | (147,000) | 98,780 | |||||
Kirkland Lake Gold Ltd. | Call | 04/16/2021 | 1,000 | CAD | 72.00 | (76,760) | CAD | 7,200,000 | (29,325) | 47,435 | |||
Kirkland Lake Gold Ltd. | Call | 04/16/2021 | 2,000 | CAD | 68.00 | (156,170) | CAD | 13,600,000 | (78,201) | 77,969 | |||
Lundin Gold, Inc. | Call | 07/16/2021 | 3,000 | CAD | 16.00 | (77,247) | CAD | 4,800,000 | (46,921) | 30,326 | |||
Newcrest Mining Ltd. | Call | 02/18/2021 | 1,000 | AUD | 28.00 | (44,519) | AUD | 2,800,000 | (8,025) | 36,494 | |||
Newcrest Mining Ltd. | Call | 03/18/2021 | 3,500 | AUD | 27.00 | (319,743) | AUD | 9,450,000 | (136,419) | 183,324 | |||
Newmont Corp. | Call | 02/19/2021 | 1,000 | 70.00 | (122,961) | 7,000,000 | (36,000) | 86,961 | |||||
Newmont Corp. | Call | 03/19/2021 | 1,000 | 85.00 | (134,961) | 8,500,000 | (17,000) | 117,961 | |||||
Newmont Corp. | Call | 06/18/2021 | 2,000 | 80.00 | (248,923) | 16,000,000 | (212,000) | 36,923 | |||||
Osisko Gold Royalties Ltd. | Call | 04/16/2021 | 2,000 | 15.00 | (121,926) | 3,000,000 | (60,000) | 61,926 | |||||
Pan American Silver Corp. | Call | 04/16/2021 | 4,000 | 41.00 | (663,842) | 16,400,000 | (724,000) | (60,158) | |||||
Pan American Silver Corp. | Call | 04/16/2021 | 2,000 | 50.00 | (286,138) | 10,000,000 | (171,000) | 115,138 | |||||
Pretium Resources, Inc. | Call | 04/16/2021 | 3,000 | CAD | 16.00 | (198,811) | CAD | 4,800,000 | (129,032) | 69,779 | |||
Royal Gold, Inc. | Call | 04/16/2021 | 2,000 | 140.00 | (425,919) | 28,000,000 | (230,000) | 195,919 | |||||
Sibanye Stillwater Ltd. | Call | 04/16/2021 | 5,000 | 17.50 | (537,282) | 8,750,000 | (587,500) | (50,218) | |||||
Sibanye Stillwater Ltd. | Call | 07/16/2021 | 18,000 | 20.00 | (2,507,785) | 36,000,000 | (2,250,000) | 257,785 | |||||
SilverCrest Metals, Inc. | Call | 04/16/2021 | 3,089 | CAD | 16.00 | (209,206) | CAD | 4,942,400 | (211,369) | (2,163) | |||
SilverCrest Metals, Inc. | Call | 04/16/2021 | 2,000 | CAD | 18.00 | (158,016) | CAD | 3,600,000 | (97,752) | 60,264 | |||
SSR Mining, Inc. | Call | 06/18/2021 | 3,000 | 21.00 | (484,567) | 6,300,000 | (502,500) | (17,933) | |||||
Torex Gold Resources, Inc. | Call | 04/16/2021 | 2,000 | CAD | 23.00 | (158,221) | CAD | 4,600,000 | (35,191) | 123,030 | |||
Turquoise Hill Resources Ltd. | Call | 06/18/2021 | 6,000 | 17.00 | (766,308) | 10,200,000 | (540,000) | 226,308 | |||||
Victoria Gold Corp. | Call | 04/16/2021 | 2,000 | CAD | 15.00 | (99,652) | CAD | 3,000,000 | (78,201) | 21,451 | |||
Wesdome Gold Mines Ltd. | Call | 07/16/2021 | 2,000 | CAD | 12.00 | (60,107) | CAD | 2,400,000 | (82,111) | (22,004) | |||
Wheaton Precious Metals Corp. | Call | 06/18/2021 | 5,000 | 55.00 | (798,433) | 27,500,000 | (790,000) | 8,433 | |||||
Subtotal – Equity Call Options Written | (13,431,735) | (10,952,515) | 2,479,220 |
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 | Premiums Received | Notional Value* | Value | Unrealized Appreciation (Depreciation) | |||||
Equity Risk | |||||||||||||
Agnico Eagle Mines Ltd. | Put | 05/21/2021 | 2,000 | $55.00 | $(299,171) | 11,000,000 | (310,000) | (10,829) | |||||
Alamos Gold, Inc. | Put | 06/18/2021 | 3,000 | 7.50 | (205,468) | 2,250,000 | (270,000) | (64,532) | |||||
AngloGold Ashanti Ltd. | Put | 04/16/2021 | 1,000 | 20.00 | (101,962) | 2,000,000 | (97,500) | 4,462 | |||||
AngloGold Ashanti Ltd. | Put | 07/16/2021 | 1,000 | 20.00 | (176,960) | 2,000,000 | (172,500) | 4,460 | |||||
B2Gold Corp. | Put | 07/16/2021 | 3,000 | 5.00 | (179,109) | 1,500,000 | (255,000) | (75,891) | |||||
Barrick Gold Corp. | Put | 03/19/2021 | 2,000 | 25.00 | (273,922) | 5,000,000 | (680,000) | (406,078) | |||||
Centerra Gold, Inc. | Put | 07/16/2021 | 2,000 | CAD | 13.00 | (158,755) | CAD | 2,600,000 | (269,795) | (111,040) | |||
Dundee Precious Metals, Inc. | Put | 04/16/2021 | 2,000 | CAD | 8.00 | (52,199) | CAD | 1,600,000 | (105,572) | (53,373) | |||
Eldorado Gold Corp. | Put | 07/16/2021 | 2,000 | 10.00 | (226,058) | 2,000,000 | (255,000) | (28,942) | |||||
Endeavour Mining Corp. | Put | 04/16/2021 | 2,000 | CAD | 25.00 | (182,476) | CAD | 5,000,000 | (277,615) | (95,139) | |||
Equinox Gold Corp. | Put | 07/16/2021 | 4,000 | 7.50 | (195,471) | 3,000,000 | (190,000) | 5,471 | |||||
First Quantum Minerals Ltd. | Put | 04/16/2021 | 1,000 | CAD | 17.00 | (75,760) | CAD | 1,700,000 | (67,253) | 8,507 | |||
Franco-Nevada Corp. | Put | 04/16/2021 | 1,500 | 110.00 | (431,221) | 16,500,000 | (600,000) | (168,779) | |||||
Freeport-McMoRan, Inc. | Put | 05/21/2021 | 2,000 | 25.00 | (316,412) | 5,000,000 | (516,000) | (199,588) | |||||
Gold Fields, Ltd. | Put | 04/16/2021 | 2,000 | 9.00 | (187,423) | 1,800,000 | (190,000) | (2,577) | |||||
Harmony Gold Mining Co., Ltd. | Put | 02/19/2021 | 2,000 | 4.00 | (83,927) | 800,000 | (25,000) | 58,927 | |||||
IAMGOLD Corp. | Put | 06/18/2021 | 5,000 | 3.00 | (160,818) | 1,500,000 | (175,000) | (14,182) | |||||
Kinross Gold Corp. | Put | 05/21/2021 | 5,000 | 7.00 | (374,813) | 3,500,000 | (455,000) | (80,187) | |||||
Kirkland Lake Gold Ltd. | Put | 04/16/2021 | 3,000 | CAD | 46.00 | (483,833) | CAD | 13,800,000 | (563,050) | (79,217) | |||
Lundin Gold, Inc. | Put | 07/16/2021 | 2,000 | CAD | 9.00 | (96,387) | CAD | 1,800,000 | (109,482) | (13,095) | |||
MAG Silver Corp. | Put | 02/19/2021 | 1,000 | 15.00 | (172,960) | 1,500,000 | (27,500) | 145,460 | |||||
MAG Silver Corp. | Put | 06/18/2021 | 1,000 | 15.00 | (126,962) | 1,500,000 | (152,500) | (25,538) | |||||
OceanaGold Corp. | Put | 04/16/2021 | 5,000 | CAD | 2.00 | (144,882) | CAD | 1,000,000 | (76,246) | 68,636 | |||
Osisko Gold Royalties, Ltd. | Put | 04/16/2021 | 1,000 | 12.50 | (97,962) | 1,250,000 | (205,000) | (107,038) | |||||
Pan American Silver Corp. | Put | 04/16/2021 | 3,000 | 25.00 | (363,325) | 7,500,000 | (391,500) | (28,175) | |||||
Piedmont Lithium Ltd. | Put | 03/19/2021 | 1,000 | 30.00 | (162,961) | 3,000,000 | (125,000) | 37,961 | |||||
Pretium Resources, Inc. | Put | 04/16/2021 | 2,000 | CAD | 13.00 | (145,603) | CAD | 2,600,000 | (148,582) | (2,979) | |||
Royal Gold, Inc. | Put | 04/16/2021 | 1,000 | 85.00 | (210,960) | 8,500,000 | (137,500) | 73,460 | |||||
Sandstorm Gold, Ltd. | Put | 06/18/2021 | 2,000 | 6.00 | (112,926) | 1,200,000 | (145,000) | (32,074) | |||||
Sibanye Stillwater Ltd. | Put | 07/16/2021 | 1,000 | 10.00 | (46,963) | 1,000,000 | (70,000) | (23,037) | |||||
SilverCrest Metals, Inc. | Put | 04/16/2021 | 2,000 | CAD | 13.00 | (250,877) | CAD | 2,600,000 | (277,615) | (26,738) | |||
SSR Mining, Inc. | Put | 06/18/2021 | 3,000 | 16.00 | (437,303) | 4,800,000 | (592,500) | (155,197) | |||||
Torex Gold Resources, Inc. | Put | 04/16/2021 | 2,000 | CAD | 16.00 | (163,617) | CAD | 3,200,000 | (183,773) | (20,156) | |||
Turquoise Hill Resources, Ltd. | Put | 06/18/2021 | 4,000 | 10.00 | (438,847) | 4,000,000 | (630,000) | (191,153) | |||||
Victoria Gold Corp. | Put | 04/16/2021 | 1,000 | CAD | 10.00 | (30,054) | CAD | 1,000,000 | (52,786) | (22,732) | |||
Wesdome Gold Mines Ltd. | Put | 07/16/2021 | 3,000 | CAD | 8.00 | (109,978) | CAD | 2,400,000 | (111,437) | (1,459) | |||
Wheaton Precious Metals Corp. | Put | 06/18/2021 | 3,000 | 35.00 | (559,930) | 10,500,000 | (751,500) | (191,570) | |||||
Subtotal – Equity Put Options Written | (7,838,255) | (9,662,206) | (1,823,951) | ||||||||||
Total Exchange-Traded Equity Options Written | $(21,269,990) | $(20,614,721) | $ 655,269 |
* | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Abbreviations: | |
AUD | —Australian Dollar |
CAD | —Canadian 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, 2021
(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, 2021. 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 | $19,003,460 | $492,029,568 | $— | $511,033,028 |
Brazil | 34,869,867 | — | — | 34,869,867 |
Canada | 1,133,817,723 | 1,161,430 | 2,876,790 | 1,137,855,943 |
China | — | 20,968,887 | — | 20,968,887 |
Ivory Coast | 32,195,289 | — | — | 32,195,289 |
Mongolia | 6,878,773 | — | — | 6,878,773 |
Russia | — | 2,382,123 | — | 2,382,123 |
South Africa | 185,820,613 | — | — | 185,820,613 |
Tanzania | 115,613,226 | — | — | 115,613,226 |
Turkey | 26,696,637 | — | — | 26,696,637 |
United Kingdom | — | 335,799 | — | 335,799 |
United States | 142,360,756 | — | — | 142,360,756 |
Money Market Funds | 1,067,604 | — | — | 1,067,604 |
Total Investments in Securities | 1,698,323,948 | 516,877,807 | 2,876,790 | 2,218,078,545 |
Other Investments - Liabilities* | ||||
Options Written | (20,614,721) | — | — | (20,614,721) |
Total Investments | $1,677,709,227 | $516,877,807 | $2,876,790 | $2,197,463,824 |
* | Options 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.
Invesco Gold & Special Minerals Fund