Consolidated Schedule of Investments
July 31, 2021
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–100.36% | |||
Australia–24.10% | |||
Aeris Resources Ltd.(a) | 7,000,000 | $1,133,062 | |
Alkane Resources Ltd.(a) | 10,680,000 | 9,092,769 | |
Auteco Minerals Ltd.(a) | 16,500,000 | 1,335,280 | |
Bellevue Gold Ltd.(a) | 22,733,252 | 16,654,573 | |
Chalice Mining Ltd.(a) | 13,001,692 | 69,768,144 | |
De Grey Mining Ltd.(a) | 61,707,305 | 57,476,474 | |
Evolution Mining Ltd. | 27,078,806 | 83,438,431 | |
Gold Road Resources Ltd. | 24,943,275 | 24,314,639 | |
Jervois Mining Ltd.(a) | 1,650,000 | 588,947 | |
Legend Mining Ltd.(a) | 39,150,245 | 2,521,094 | |
Lynas Rare Earths Ltd.(a) | 2,820,000 | 15,392,207 | |
Musgrave Minerals Ltd.(a) | 20,000,000 | 4,567,410 | |
Newcrest Mining Ltd. | 500,000 | 9,747,090 | |
Nickel Mines Ltd. | 22,881,112 | 18,563,076 | |
Northern Star Resources Ltd. | 13,908,895 | 104,730,853 | |
OceanaGold Corp.(a) | 11,120,300 | 21,659,449 | |
Pantoro Ltd.(a) | 24,458,979 | 3,772,712 | |
Perseus Mining Ltd.(a) | 10,610,000 | 13,112,352 | |
Predictive Discovery Ltd.(a) | 19,973,029 | 2,206,775 | |
Ramelius Resources Ltd. | 25,268,612 | 31,735,762 | |
Red 5 Ltd.(a) | 38,348,043 | 5,530,832 | |
Rumble Resources Ltd.(a) | 13,410,000 | 4,864,766 | |
Silver Lake Resources Ltd.(a) | 18,931,900 | 21,420,113 | |
SolGold PLC(a) | 19,800,000 | 7,547,886 | |
Westgold Resources Ltd.(a)(b) | 21,604,853 | 27,807,776 | |
558,982,472 | |||
Burkina Faso–1.82% | |||
Endeavour Mining PLC | 1,775,122 | 42,272,262 | |
Canada–51.59% | |||
Adventus Mining Corp.(a) | 3,147,475 | 2,396,683 | |
Agnico Eagle Mines Ltd. | 1,366,595 | 88,391,365 | |
Alamos Gold, Inc., Class A | 3,071,108 | 24,937,397 | |
Alexco Resource Corp.(a) | 4,830,905 | 10,724,609 | |
Americas Gold & Silver Corp.(a) | 4,789,400 | 6,526,114 | |
Anaconda Mining, Inc.(a) | 1,420,000 | 921,930 | |
Arizona Metals Corp.(a) | 1,820,000 | 7,133,536 | |
Artemis Gold, Inc.(a) | 4,034,889 | 20,213,254 | |
Ascot Resources Ltd.(a) | 6,154,053 | 6,017,910 | |
Aya Gold & Silver, Inc.(a) | 736,733 | 6,070,548 | |
B2Gold Corp. | 9,792,000 | 41,028,480 | |
Barrick Gold Corp.(c) | 4,081,499 | 88,854,234 | |
Calibre Mining Corp., Class C(a) | 6,602,717 | 7,991,426 | |
Canada Nickel Co., Inc.(a) | 760,000 | 2,052,902 | |
Canada Silver Cobalt Works, Inc.(a) | 500,000 | 144,277 | |
Centerra Gold, Inc. | 520,000 | 4,180,507 | |
Dundee Precious Metals, Inc. | 2,620,000 | 15,855,242 | |
Equinox Gold Corp.(a) | 4,147,278 | 28,865,055 | |
Fiore Gold Ltd.(a) | 3,277,482 | 2,942,273 | |
Franco-Nevada Corp. | 71,000 | 11,353,610 | |
Freegold Ventures Ltd.(a) | 3,700,000 | 1,927,701 | |
Fury Gold Mines Ltd.(a) | 3,100,000 | 3,074,580 | |
Galway Metals, Inc.(a) | 6,593,625 | 3,858,085 |
Shares | Value | ||
Canada–(continued) | |||
Gran Colombia Gold Corp. | 1,070,000 | $4,073,822 | |
Great Bear Resources Ltd.(a) | 2,073,515 | 24,780,465 | |
IAMGOLD Corp.(a) | 5,589,000 | 15,313,860 | |
Integra Resources Corp.(a) | 494,579 | 1,411,271 | |
Ivanhoe Mines Ltd., Class A(a) | 6,705,346 | 49,768,759 | |
K92 Mining, Inc.(a) | 7,623,030 | 54,991,400 | |
Karora Resources, Inc.(a)(b) | 7,947,777 | 24,335,130 | |
Karora Resources, Inc., Wts., expiring 09/21/2021(a) | 2,500,000 | 681,308 | |
Kinross Gold Corp. | 5,135,925 | 33,691,668 | |
Kirkland Lake Gold Ltd. | 2,061,233 | 88,142,658 | |
Liberty Gold Corp.(a) | 12,868,000 | 13,305,322 | |
Lion One Metals Ltd.(a) | 7,535,842 | 7,610,741 | |
Lion One Metals Ltd., Wts., expiring 08/18/2021 | 109,710 | 0 | |
Lion One Metals Ltd., Wts., expiring 08/21/2021(a) | 715,515 | 1 | |
Lundin Gold, Inc.(a) | 4,368,815 | 39,605,080 | |
MAG Silver Corp.(a) | 73,522 | 1,461,617 | |
Marathon Gold Corp.(a) | 1,810,000 | 4,787,592 | |
Maverix Metals, Inc. | 1,458,100 | 6,977,282 | |
McEwen Mining, Inc.(a) | 6,449,800 | 7,739,760 | |
Minera Alamos, Inc.(a) | 12,658,743 | 6,493,744 | |
New Found Gold Corp.(a)(d) | 870,000 | 7,029,176 | |
New Gold, Inc.(a) | 7,625,500 | 12,505,820 | |
Novagold Resources, Inc.(a) | 310,000 | 2,424,200 | |
Novo Resources Corp.(a) | 1,210,000 | 2,133,697 | |
Orla Mining Ltd.(a) | 1,740,000 | 7,336,005 | |
Osino Resources Corp.(a)(b) | 7,911,551 | 8,117,013 | |
Osino Resources Corp. | 160,000 | 41,513 | |
Osisko Gold Royalties Ltd. | 2,285,339 | 31,172,024 | |
Pan American Silver Corp. | 986,000 | 27,677,020 | |
Pan American Silver Corp., Rts., expiring 02/22/2029(a) | 2,300,100 | 1,909,083 | |
Pretium Resources, Inc.(a) | 1,220,000 | 11,372,716 | |
Pure Gold Mining, Inc.(a)(b) | 22,184,712 | 23,294,303 | |
Rupert Resources Ltd.(a) | 2,887,867 | 13,448,627 | |
Sandstorm Gold Ltd.(a) | 3,999,055 | 31,432,572 | |
Sierra Metals, Inc.(a) | 4,060,618 | 11,293,960 | |
SilverCrest Metals, Inc.(a) | 3,016,667 | 26,114,142 | |
Skeena Resources Ltd.(a) | 1,599,336 | 21,100,570 | |
Solaris Resources, Inc.(a) | 831,200 | 9,827,028 | |
Sombrero Resources, Inc.(e) | 3,028,200 | 1,438,395 | |
SSR Mining, Inc. | 1,985,333 | 32,281,515 | |
Tier One Silver, Inc.(a) | 25,175 | 25,713 | |
Torex Gold Resources, Inc.(a) | 2,060,000 | 23,165,919 | |
Triple Flag Precious Metals Corp.(a) | 30,000 | 353,238 | |
Tudor Gold Corp.(a) | 2,169,068 | 3,842,289 | |
Victoria Gold Corp.(a) | 853,000 | 12,853,799 | |
Wallbridge Mining Co. Ltd.(a) | 18,814,800 | 8,746,861 | |
Wesdome Gold Mines Ltd.(a) | 5,125,800 | 51,849,628 | |
Wheaton Precious Metals Corp. | 882,035 | 40,705,915 | |
Yamana Gold, Inc. | 550,000 | 2,469,500 | |
1,196,595,439 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
Shares | Value | ||
China–1.51% | |||
Zhaojin Mining Industry Co. Ltd., H Shares | 19,870,000 | $19,477,041 | |
Zijin Mining Group Co. Ltd., H Shares | 10,900,000 | 15,551,310 | |
35,028,351 | |||
Mongolia–0.61% | |||
Turquoise Hill Resources Ltd.(a) | 841,343 | 14,050,428 | |
South Africa–6.05% | |||
Gold Fields Ltd., ADR | 10,082,241 | 99,007,607 | |
Harmony Gold Mining Co. Ltd., ADR | 600,000 | 2,460,000 | |
Sibanye Stillwater Ltd., ADR | 2,232,587 | 38,757,710 | |
140,225,317 | |||
Tanzania–4.48% | |||
AngloGold Ashanti Ltd., ADR(c) | 5,185,100 | 103,961,255 | |
Turkey–1.13% | |||
Eldorado Gold Corp.(a) | 2,801,502 | 26,138,014 | |
United States–9.07% | |||
Argonaut Gold, Inc.(a) | 3,330,769 | 8,970,330 | |
Coeur Mining, Inc.(a) | 1,610,000 | 12,139,400 | |
Danimer Scientific, Inc.(a) | 123,000 | 2,051,640 | |
Freeport-McMoRan, Inc. | 1,000 | 38,100 | |
Gatos Silver, Inc.(a) | 420,476 | 5,735,293 | |
Hecla Mining Co. | 830,000 | 5,552,700 | |
MP Materials Corp.(a) | 544,000 | 20,465,280 | |
Newmont Corp. | 1,940,614 | 121,909,371 | |
Piedmont Lithium, Inc.(a) | 20,000 | 1,101,200 | |
Royal Gold, Inc. | 267,000 | 32,445,840 | |
210,409,154 |
Shares | Value | ||
Zambia–0.00% | |||
First Quantum Minerals Ltd. | 2,000 | $42,834 | |
Total Common Stocks & Other Equity Interests (Cost $1,621,123,692) | 2,327,705,526 | ||
Money Market Funds–0.12% | |||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(f) | 910,247 | 910,247 | |
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(b)(f) | 767,355 | 767,662 | |
Invesco Treasury Portfolio, Institutional Class, 0.01%(b)(f) | 1,040,282 | 1,040,282 | |
Total Money Market Funds (Cost $2,718,191) | 2,718,191 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.48% (Cost $1,623,841,883) | 2,330,423,717 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–0.01% | |||
Invesco Private Government Fund, 0.02%(b)(f)(g) | 76,610 | 76,610 | |
Invesco Private Prime Fund, 0.12%(b)(f)(g) | 178,686 | 178,758 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $255,368) | 255,368 | ||
TOTAL INVESTMENTS IN SECURITIES—100.49% (Cost $1,624,097,251) | 2,330,679,085 | ||
OTHER ASSETS LESS LIABILITIES–(0.49)% | (11,426,284) | ||
NET ASSETS–100.00% | $2,319,252,801 |
Investment Abbreviations:
ADR | – American Depositary Receipt |
Rts. | – Rights |
Wts. | – Warrants |
Notes to Consolidated Schedule of Investments:
(a) | Non-income producing security. |
(b) | 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, 2021. |
Value April 30, 2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value July 31, 2021 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $1,863,720 | $21,030,648 | $(21,984,121) | $- | $- | $910,247 | $229 |
Invesco Liquid Assets Portfolio, Institutional Class | 1,326,952 | 15,021,891 | (15,581,181) | - | - | 767,662 | 74 |
Invesco Treasury Portfolio, Institutional Class | 2,129,966 | 24,035,026 | (25,124,710) | - | - | 1,040,282 | 102 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | - | 5,420,661 | (5,344,051) | - | - | 76,610 | 40* |
Invesco Private Prime Fund | - | 12,648,210 | (12,469,452) | - | - | 178,758 | 556* |
Investments in Other Affiliates: | |||||||
Karora Resources, Inc. | 21,629,037 | 3,091,104 | - | (385,011) | - | 24,335,130 | - |
Osino Resources Corp. | 7,981,388 | - | - | 135,625 | - | 8,117,013 | - |
Pure Gold Mining, Inc. | 21,564,406 | 1,087,955 | - | 641,942 | - | 23,294,303 | - |
Westgold Resources Ltd. | 35,381,358 | 315,897 | - | (7,889,479) | - | 27,807,776 | - |
Total | $91,876,827 | $82,651,392 | $(80,503,515) | $(7,496,923) | $- | $86,527,781 | $1,001 |
* | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
(c) | All or a portion of the value pledged and/or designated as collateral to cover margin requirements for open options contracts. |
(d) | All or a portion of this security was out on loan at July 31, 2021. |
(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 July 31, 2021. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
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 | 09/21/2021 | 2,000 | USD | 80.00 | $ (253,986) | USD | 16,000,000 | $(30,000) | $ 223,986 |
Agnico Eagle Mines, Ltd. | Call | 01/21/2022 | 2,000 | USD | 85.00 | (214,928) | USD | 17,000,000 | (215,000) | (72) |
Alamos Gold, Inc. | Call | 12/21/2021 | 3,000 | USD | 10.00 | (104,143) | USD | 3,000,000 | (112,500) | (8,357) |
AngloGold Ashanti Ltd. | Call | 01/21/2022 | 4,000 | USD | 32.00 | (626,715) | USD | 12,800,000 | (90,000) | 536,715 |
Barrick Gold Corp. | Call | 12/21/2021 | 5,000 | USD | 27.00 | (611,818) | USD | 13,500,000 | (217,500) | 394,318 |
Coeur Mining, Inc. | Call | 09/21/2021 | 2,000 | USD | 14.00 | (98,002) | USD | 2,800,000 | (10,000) | 88,002 |
Danimer Scientific, Inc. | Call | 08/21/2021 | 700 | USD | 40.00 | (110,837) | USD | 2,800,000 | (1,750) | 109,087 |
Dundee Precious Metals, Inc. | Call | 10/21/2021 | 2,000 | CAD | 11.00 | (92,848) | CAD | 2,200,000 | (4,809) | 88,039 |
Endeavour Mining Corp. | Call | 10/21/2021 | 13,000 | CAD | 32.00 | (1,608,342) | CAD | 41,600,000 | (1,094,101) | 514,241 |
Franco-Nevada Corp. | Call | 10/21/2021 | 700 | USD | 185.00 | (102,873) | USD | 12,950,000 | (98,000) | 4,873 |
Gatos Silver, Inc. | Call | 08/21/2021 | 1,500 | USD | 17.50 | (245,105) | USD | 2,625,000 | (22,500) | 222,605 |
Gatos Silver, Inc. | Call | 11/21/2021 | 2,000 | USD | 17.50 | (243,927) | USD | 3,500,000 | (225,000) | 18,927 |
Gold Fields, Ltd. | Call | 10/21/2021 | 10,000 | USD | 13.00 | (577,792) | USD | 13,000,000 | (100,000) | 477,792 |
Harmony Gold Mining Co. Ltd. | Call | 08/21/2021 | 5,000 | USD | 8.00 | (249,166) | USD | 4,000,000 | (12,500) | 236,666 |
Hecla Mining Co. | Call | 12/21/2021 | 6,000 | USD | 9.00 | (490,810) | USD | 5,400,000 | (189,000) | 301,810 |
IAMGOLD Corp. | Call | 12/21/2021 | 3,000 | USD | 4.00 | (71,893) | USD | 1,200,000 | (30,000) | 41,893 |
Ivanhoe Mines Ltd. | Call | 12/21/2021 | 6,000 | CAD | 12.00 | (179,043) | CAD | 7,200,000 | (132,254) | 46,789 |
K92 Mining, Inc. | Call | 12/21/2021 | 7,000 | CAD | 9.50 | (340,974) | CAD | 6,650,000 | (406,781) | (65,807) |
Kirkland Lake Gold Ltd. | Call | 12/21/2021 | 4,000 | CAD | 55.00 | (902,166) | CAD | 22,000,000 | (1,282,462) | (380,296) |
MAG Silver Corp. | Call | 11/21/2021 | 500 | USD | 30.00 | (75,242) | USD | 1,500,000 | (18,750) | 56,492 |
MP Materials Corp. | Call | 09/21/2021 | 5,200 | USD | 50.00 | (842,340) | USD | 26,000,000 | (416,000) | 426,340 |
New Gold, Inc. | Call | 11/21/2021 | 1,000 | USD | 3.00 | (16,965) | USD | 300,000 | (5,000) | 11,965 |
Newmont Corp. | Call | 12/21/2021 | 4,500 | USD | 80.00 | (931,970) | USD | 36,000,000 | (267,750) | 664,220 |
Novagold Resources, Inc. | Call | 01/21/2022 | 1,000 | USD | 10.00 | (63,964) | USD | 1,000,000 | (32,500) | 31,464 |
Pan American Silver Corp. | Call | 10/21/2021 | 2,000 | USD | 44.00 | (313,927) | USD | 8,800,000 | (34,000) | 279,927 |
Piedmont Lithium, Inc. | Call | 08/21/2021 | 160 | USD | 95.00 | (48,314) | USD | 1,520,000 | (2,800) | 45,514 |
Pretium Resources, Inc. | Call | 01/21/2022 | 2,000 | CAD | 16.00 | (172,829) | CAD | 3,200,000 | (64,123) | 108,706 |
Sandstorm Gold, Ltd. | Call | 09/21/2021 | 2,000 | USD | 9.00 | (97,927) | USD | 1,800,000 | (25,000) | 72,927 |
SilverCrest Metals, Inc. | Call | 10/21/2021 | 1,000 | CAD | 14.00 | (74,580) | CAD | 1,400,000 | (22,042) | 52,538 |
Torex Gold Resources, Inc. | Call | 10/21/2021 | 8,000 | CAD | 20.00 | (630,836) | CAD | 16,000,000 | (57,711) | 573,125 |
Turquoise Hill Resources Ltd. | Call | 12/21/2021 | 8,000 | USD | 23.00 | (903,626) | USD | 18,400,000 | (600,000) | 303,626 |
Victoria Gold Corp. | Call | 10/21/2021 | 8,000 | CAD | 20.00 | (907,058) | CAD | 16,000,000 | (496,954) | 410,104 |
Wesdome Gold Mines Ltd. | Call | 01/21/2022 | 2,000 | CAD | 14.00 | (113,281) | CAD | 2,800,000 | (96,185) | 17,096 |
Wheaton Precious Metals Corp. | Call | 09/21/2021 | 1,000 | USD | 55.00 | (149,734) | USD | 5,500,000 | (29,000) | 120,734 |
Subtotal – Equity Call Options Written | (12,467,961) | (6,441,972) | 6,025,989 |
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 | 09/21/2021 | 2,000 | USD | 55.00 | $(240,632) | USD | 11,000,000 | $(70,000) | $170,632 |
Alamos Gold, Inc. | Put | 12/21/2021 | 3,000 | USD | 7.50 | (228,902) | USD | 2,250,000 | (172,500) | 56,402 |
Anglogold Ashanti Ltd. | Put | 01/21/2022 | 2,000 | USD | 17.00 | (214,927) | USD | 3,400,000 | (185,000) | 29,927 |
Barrick Gold Corp. | Put | 12/21/2021 | 2,000 | USD | 19.00 | (225,927) | USD | 3,800,000 | (146,000) | 79,927 |
Centerra Gold, Inc. | Put | 03/18/2022 | 2,000 | CAD | 8.00 | (153,031) | CAD | 1,600,000 | (120,231) | 32,800 |
Coeur Mining, Inc. | Put | 09/21/2021 | 3,000 | USD | 8.00 | (256,892) | USD | 2,400,000 | (285,000) | (28,108) |
Danimer Scientific, Inc. | Put | 08/21/2021 | 1,600 | USD | 30.00 | (591,965) | USD | 4,800,000 | (2,144,000) | (1,552,035) |
Dundee Precious Metals, Inc. | Put | 10/21/2021 | 2,000 | CAD | 7.00 | (77,469) | CAD | 1,400,000 | (48,092) | 29,377 |
Eldorado Gold Corp. | Put | 01/21/2022 | 1,000 | USD | 8.00 | (63,964) | USD | 800,000 | (62,500) | 1,464 |
Endeavour Mining Corp. | Put | 10/21/2021 | 3,000 | CAD | 22.00 | (202,169) | CAD | 6,600,000 | (90,173) | 111,996 |
First Quantum Minerals Ltd. | Put | 11/21/2021 | 2,000 | CAD | 21.50 | (282,819) | CAD | 4,300,000 | (153,094) | 129,725 |
Franco-Nevada Corp. | Put | 10/21/2021 | 1,000 | USD | 120.00 | (131,964) | USD | 12,000,000 | (55,000) | 76,964 |
Freeport-McMoRan, Inc. | Put | 09/21/2021 | 1,000 | USD | 30.00 | (115,464) | USD | 3,000,000 | (31,000) | 84,464 |
Freeport-McMoRan, Inc. | Put | 11/21/2021 | 3,000 | USD | 27.00 | (344,898) | USD | 8,100,000 | (163,500) | 181,398 |
Gatos Silver, Inc. | Put | 08/21/2021 | 200 | USD | 10.00 | (11,450) | USD | 200,000 | (2,500) | 8,950 |
Gatos Silver, Inc. | Put | 11/21/2021 | 4,000 | USD | 12.50 | (626,854) | USD | 5,000,000 | (650,000) | (23,146) |
Gold Fields Ltd. | Put | 10/21/2021 | 4,000 | USD | 9.00 | (310,296) | USD | 3,600,000 | (180,000) | 130,296 |
Harmony Gold Mining Co. Ltd. | Put | 11/21/2021 | 4,000 | USD | 4.00 | (251,736) | USD | 1,600,000 | (180,000) | 71,736 |
Hecla Mining Co. | Put | 12/21/2021 | 3,000 | USD | 7.00 | (296,391) | USD | 2,100,000 | (331,500) | (35,109) |
IAMGOLD Corp. | Put | 12/21/2021 | 2,000 | USD | 3.00 | (78,128) | USD | 600,000 | (110,000) | (31,872) |
Ivanhoe Mines Ltd. | Put | 12/21/2021 | 4,000 | CAD | 8.00 | (252,349) | CAD | 3,200,000 | (184,354) | 67,995 |
K92 Mining, Inc. | Put | 12/21/2021 | 2,000 | CAD | 7.50 | (73,852) | CAD | 1,500,000 | (60,116) | 13,736 |
Kinross Gold Corp. | Put | 09/21/2021 | 3,000 | USD | 7.00 | (266,891) | USD | 2,100,000 | (198,000) | 68,891 |
Kirkland Lake Gold Ltd. | Put | 12/21/2021 | 2,000 | CAD | 40.00 | (230,848) | CAD | 8,000,000 | (100,192) | 130,656 |
MAG Silver Corp. | Put | 11/21/2021 | 3,000 | USD | 17.50 | (433,301) | USD | 5,250,000 | (367,500) | 65,801 |
McEwen Mining, Inc. | Put | 11/21/2021 | 3,000 | USD | 2.00 | (216,112) | USD | 600,000 | (255,000) | (38,888) |
MP Materials Corp. | Put | 12/21/2021 | 2,000 | USD | 22.50 | (401,526) | USD | 4,500,000 | (185,000) | 216,526 |
New Gold, Inc. | Put | 11/21/2021 | 5,000 | USD | 2.00 | (191,825) | USD | 1,000,000 | (237,500) | (45,675) |
Newmont Corp. | Put | 12/21/2021 | 1,000 | USD | 50.00 | (169,053) | USD | 5,000,000 | (77,000) | 92,053 |
Novagold Resources, Inc. | Put | 01/21/2022 | 1,000 | USD | 7.00 | (38,964) | USD | 700,000 | (52,500) | (13,536) |
Pan American Silver Corp. | Put | 10/21/2021 | 3,000 | USD | 26.00 | (536,790) | USD | 7,800,000 | (414,000) | 122,790 |
Piedmont Lithium, Ltd. | Put | 08/21/2021 | 1,000 | USD | 35.00 | (282,891) | USD | 3,500,000 | (2,500) | 280,391 |
Pretium Resources, Inc. | Put | 01/21/2022 | 1,000 | CAD | 11.00 | (82,866) | CAD | 1,100,000 | (92,177) | (9,311) |
Royal Gold, Inc. | Put | 09/21/2021 | 1,000 | USD | 100.00 | (236,963) | USD | 10,000,000 | (32,500) | 204,463 |
Sandstorm Gold Ltd. | Put | 09/21/2021 | 4,000 | USD | 8.00 | (216,856) | USD | 3,200,000 | (220,000) | (3,144) |
Sibanye Stillwater, Ltd. | Put | 10/21/2021 | 4,000 | USD | 15.00 | (504,096) | USD | 6,000,000 | (300,000) | 204,096 |
SilverCrest Metals, Inc. | Put | 10/21/2021 | 2,000 | CAD | 10.00 | (168,871) | CAD | 2,000,000 | (108,208) | 60,663 |
SSR Mining, Inc. | Put | 12/21/2021 | 1,000 | USD | 14.00 | (107,044) | USD | 1,400,000 | (77,500) | 29,544 |
Torex Gold Resources, Inc. | Put | 01/21/2022 | 1,000 | CAD | 13.00 | (85,144) | CAD | 1,300,000 | (84,162) | 982 |
Turquoise Hill Resources, Ltd. | Put | 12/21/2021 | 5,000 | USD | 13.00 | (516,819) | USD | 6,500,000 | (337,500) | 179,319 |
Victoria Gold Corp. | Put | 10/21/2021 | 1,000 | CAD | 15.00 | (64,647) | CAD | 1,500,000 | (24,046) | 40,601 |
Wesdome Gold Mines Ltd. | Put | 01/21/2022 | 1,000 | CAD | 11.00 | (49,419) | CAD | 1,100,000 | (36,069) | 13,350 |
Wheaton Precious Metals Corp. | Put | 09/21/2021 | 1,000 | USD | 40.00 | (102,964) | USD | 4,000,000 | (36,500) | 66,464 |
Subtotal – Equity Put Options Written | (9,935,969) | (8,662,414) | 1,273,555 | |||||||
Total Open Exchange-Traded Equity Options Written | $(22,403,930) | $(15,104,386) | $ 7,299,544 |
* | 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
July 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 July 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 | $21,659,449 | $537,323,023 | $— | $558,982,472 |
Burkina Faso | 42,272,262 | — | — | 42,272,262 |
Canada | 1,194,971,253 | 185,791 | 1,438,395 | 1,196,595,439 |
China | — | 35,028,351 | — | 35,028,351 |
Mongolia | 14,050,428 | — | — | 14,050,428 |
South Africa | 140,225,317 | — | — | 140,225,317 |
Tanzania | 103,961,255 | — | — | 103,961,255 |
Turkey | 26,138,014 | — | — | 26,138,014 |
United States | 210,409,154 | — | — | 210,409,154 |
Zambia | 42,834 | — | — | 42,834 |
Money Market Funds | 2,718,191 | 255,368 | — | 2,973,559 |
Total Investments in Securities | 1,756,448,157 | 572,792,533 | 1,438,395 | 2,330,679,085 |
Other Investments - Liabilities* | ||||
Options Written | (15,104,386) | — | — | (15,104,386) |
Total Investments | $1,741,343,771 | $572,792,533 | $1,438,395 | $2,315,574,699 |
* | Options written are shown at value. |
Invesco Gold & Special Minerals Fund