0001752724-21-069996.txt : 20210401 0001752724-21-069996.hdr.sgml : 20210401 20210401171916 ACCESSION NUMBER: 0001752724-21-069996 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210131 FILED AS OF DATE: 20210401 PERIOD START: 20210430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIM SECTOR FUNDS (INVESCO SECTOR FUNDS) CENTRAL INDEX KEY: 0000725781 IRS NUMBER: 840933032 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-03826 FILM NUMBER: 21799253 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 1000 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7136261919 MAIL ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 1000 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: AIM SECTOR FUNDS DATE OF NAME CHANGE: 20031126 FORMER COMPANY: FORMER CONFORMED NAME: AIM SECTOR FUNDS INC DATE OF NAME CHANGE: 20031001 FORMER COMPANY: FORMER CONFORMED NAME: INVESCO SECTOR FUNDS INC DATE OF NAME CHANGE: 19990330 0000725781 S000064611 Invesco Gold & Special Minerals Fund C000209135 Class C C000209136 Class R C000209137 Class Y C000209138 Class R5 C000209139 Class R6 C000209140 Class A NPORT-P 1 primary_doc.xml NPORT-P false 0000725781 XXXXXXXX S000064611 C000209136 C000209140 C000209137 C000209135 C000209138 C000209139 AIM Sector Funds (Invesco Sector Funds) 811-03826 0000725781 C791731MUP758KD8DB31 11 Greenway Plaza Suite 1000 Houston 77046-1173 800-959-4246 Invesco Gold & Special Minerals Fund S000064611 549300I32CQZQZLQAH71 2021-04-30 2021-01-31 N 2229402995.54 29186005.36 2200216990.18 0.00000000 63968.43000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 610349.72000000 0.00000000 0.00000000 2078768.08000000 N Invesco Treasury Portfolio 5493004B3TM8ZIDDDC39 Invesco Treasury Portfolio, Institutional Class 825252406 427084.37000000 NS USD 427084.37000000 0.019411011364 Long STIV RF US N 1 N N N N/A N/A PRETIUM RESOURCES INC PVG CN 04/16/21 C16 N/A -3000.00000000 NC -129032.26000000 -0.00586452429 N/A DE N/A N 1 BMO CAPITAL MARKETS CORP. 549300LCO2FLSSVFFR64 Call Written Pretium Resources Inc Pretium Resources, Inc. 100.00000000 16.00000000 CAD 2021-04-16 XXXX 69779.10000000 N N N N/A N/A MAG SILVER CORP MAG US 02/19/21 P15 N/A -1000.00000000 NC USD -27500.00000000 -0.00124987672 N/A DE N/A N 1 Citadel Securities Institutional LLC 549300MLQ1S3715IUK04 Put Written MAG Silver Corp MAG Silver Corp. 100.00000000 15.00000000 USD 2021-02-19 XXXX 145460.41000000 N N N N/A N/A SANDSTORM GOLD LTD SAND US 06/18/21 P6 N/A -2000.00000000 NC USD -145000.00000000 -0.00659025908 N/A DE N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Put Written Sandstorm Gold Ltd Sandstorm Gold Ltd. 100.00000000 6.00000000 USD 2021-06-18 XXXX -32073.95000000 N N N N/A N/A ELDORADO GOLD CORP EGO US 07/16/21 C14 N/A -11000.00000000 NC USD -1127500.00000000 -0.05124494561 N/A DE N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Call Written Eldorado Gold Corp Eldorado Gold Corp. 100.00000000 14.00000000 USD 2021-07-16 XXXX -14137.74000000 N N N N/A N/A B2GOLD CORP BTG US 07/16/21 C7.5 N/A -5000.00000000 NC USD -125000.00000000 -0.00568125782 N/A DE N/A N 1 UBS Securities LLC T6FIZBDPKLYJKFCRVK44 Call Written B2Gold Corp B2Gold Corp. 100.00000000 7.50000000 USD 2021-07-16 XXXX 79426.87000000 N N N N/A N/A HARMONY GOLD MINING CO LTD HMY US 02/19/21 P4 N/A -2000.00000000 NC USD -25000.00000000 -0.00113625156 N/A DE N/A N 1 UBS Securities LLC T6FIZBDPKLYJKFCRVK44 Put Written Harmony Gold Mining Co Ltd Harmony Gold Mining Co. 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N/A 9180000.00000000 NS 5469299.35000000 0.248579997991 Long EC CORP AU N 2 N N N Endeavour Mining Corp. 529900R1F0JCJDI3A443 Endeavour Mining Corp. G3040R158 1515822.00000000 NS 32195288.77000000 1.463277890939 Long EC CORP KY N 1 N N N N/A N/A WESDOME GOLD MINES LTD WDO CN 07/16/21 P8 N/A -3000.00000000 NC -111436.95000000 -0.00506481635 N/A DE N/A N 1 BMO CAPITAL MARKETS CORP. 549300LCO2FLSSVFFR64 Put Written Wesdome Gold Mines Ltd Wesdome Gold Mines Ltd. 100.00000000 8.00000000 CAD 2021-07-16 XXXX -1458.58000000 N N N Gatos Silver, Inc. N/A Gatos Silver, Inc. 368036109 70000.00000000 NS USD 924700.00000000 0.042027672912 Long EC CORP US N 1 N N N Calibre Mining Corp. N/A Calibre Mining Corp., Class C 13000C205 4992717.00000000 NS 6754565.33000000 0.306995417276 Long EC CORP CA N 1 N N N Galway Metals, Inc. N/A Galway Metals, Inc. 364585208 3676825.00000000 NS 3392886.41000000 0.154206899825 Long EC CORP CA N 1 N N N N/A N/A ANGLOGOLD ASHANTI LTD AU US 04/16/21 P20 N/A -1000.00000000 NC USD -97500.00000000 -0.00443138110 N/A DE N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Put Written AngloGold Ashanti Ltd AngloGold Ashanti Ltd. 100.00000000 20.00000000 USD 2021-04-16 XXXX 4461.97000000 N N N Solaris Resources, Inc. N/A Solaris Resources, Inc. 83419D201 420000.00000000 NS 1970674.49000000 0.089567278990 Long EC CORP CA N 1 N N N Greatland Gold PLC 213800KMN7LDF4VRPQ10 Greatland Gold PLC N/A 1000000.00000000 NS 335799.15000000 0.015262092398 Long EC CORP GB N 2 N N N N/A N/A VICTORIA GOLD CORP VGCX CN 04/16/21 P10 N/A -1000.00000000 NC -52785.92000000 -0.00239912336 N/A DE N/A N 1 RBC Capital Markets, LLC 549300LCO2FLSSVFFR64 Put Written Victoria Gold Corp Victoria Gold Corp. 100.00000000 10.00000000 CAD 2021-04-16 XXXX -22732.14000000 N N N Torex Gold Resources, Inc. 549300QL07027186GQ85 Torex Gold Resources, Inc. 891054603 2490000.00000000 NS 32791085.04000000 1.490356868724 Long EC CORP CA N 1 N N N Pan American Silver Corp. 549300MKTF5851TYIB83 Pan American Silver Corp. 697900108 727000.00000000 NS USD 23598420.00000000 1.072549666933 Long EC CORP CA N 1 N N N N/A N/A EQUINOX GOLD CORP EQX US 07/16/21 C17.5 N/A -4000.00000000 NC USD -90000.00000000 -0.00409050563 N/A DE N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Call Written Equinox Gold Corp Equinox Gold Corp. 100.00000000 17.50000000 USD 2021-07-16 XXXX 53113.94000000 N N N N/A N/A WHEATON PRECIOUS METALS CORP WPM US 06/18/21 P35 N/A -3000.00000000 NC USD -751500.00000000 -0.03415572206 N/A DE N/A N 1 Citadel Securities Institutional LLC 549300MLQ1S3715IUK04 Put Written Wheaton Precious Metals Corp Wheaton Precious Metals Corp. 100.00000000 35.00000000 USD 2021-06-18 XXXX -191569.69000000 N N N N/A N/A PAN AMERICAN SILVER CORP PAAS US 04/16/21 P25 N/A -3000.00000000 NC USD -391500.00000000 -0.01779369951 N/A DE N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Put Written Pan American Silver Corp Pan American Silver Corp. 100.00000000 25.00000000 USD 2021-04-16 XXXX -28175.50000000 N N N N/A N/A DUNDEE PRECIOUS METALS INC DPM CN 04/16/21 C10 N/A -2000.00000000 NC -35190.62000000 -0.00159941588 N/A DE N/A N 1 BMO CAPITAL MARKETS CORP. RUC0QBLBRPRCU4W1NE59 Call Written Dundee Precious Metals Inc Dundee Precious Metals, Inc. 100.00000000 10.00000000 CAD 2021-04-16 XXXX 24916.94000000 N N N Integra Resources Corp. 529900MC191X8CY3P306 Integra Resources Corp. 45826T301 424579.00000000 NS 1387871.14000000 0.063078830233 Long EC CORP CA N 1 N N N N/A N/A EQUINOX GOLD CORP EQX US 07/16/21 P7.5 N/A -4000.00000000 NC USD -190000.00000000 -0.00863551189 N/A DE N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Put Written Equinox Gold Corp Equinox Gold Corp. 100.00000000 7.50000000 USD 2021-07-16 XXXX 5470.78000000 N N N New Found Gold Corp. N/A New Found Gold Corp. 64440N103 60000.00000000 NS 163753.67000000 0.007442614557 Long EC CORP CA N 1 N N N N/A N/A VICTORIA GOLD CORP VGCX CN 04/16/21 C15 N/A -2000.00000000 NC -78201.37000000 -0.00355425716 N/A DE N/A N 1 RBC Capital Markets, LLC 549300LCO2FLSSVFFR64 Call Written Victoria Gold Corp Victoria Gold Corp. 100.00000000 15.00000000 CAD 2021-04-16 XXXX 21450.64000000 N N N N/A N/A KIRKLAND LAKE GOLD LTD KL CN 04/16/21 C72 N/A -1000.00000000 NC -29325.51000000 -0.00133284626 N/A DE N/A N 1 RBC Capital Markets, LLC 549300LCO2FLSSVFFR64 Call Written Kirkland Lake Gold Ltd Kirkland Lake Gold Ltd. 100.00000000 72.00000000 CAD 2021-04-16 XXXX 47434.89000000 N N N Eldorado Gold Corp. 5493004PWQ01YDD1IH62 Eldorado Gold Corp. 284902509 2381502.00000000 NS USD 26696637.42000000 1.213363842709 Long EC CORP CA N 1 N N N 2021-03-02 AIM Sector Funds (Invesco Sector Funds) Sheri Morris Sheri Morris President XXXX NPORT-EX 2 edgar.htm
Consolidated Schedule of Investments
January 31, 2021
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–100.37%
Australia–23.14%
Alkane Resources Ltd.(a) 9,180,000     $5,469,299
Auteco Minerals Ltd.(a) 15,500,000     1,454,591
Bellevue Gold Ltd.(a) 22,433,252    17,026,525
Chalice Mining Ltd(a) 12,081,692    35,990,279
De Grey Mining Ltd.(a) 57,967,305    42,080,734
E2 Metals Ltd.(a) 3,700,000     1,586,801
Evolution Mining Ltd. 23,568,806    83,270,815
Gold Road Resources Ltd.(a) 23,373,275    21,189,591
Jervois Mining Ltd.(a) 100,000        38,839
Legend Mining Ltd.(a) 47,640,095     4,338,928
Musgrave Minerals Ltd.(a) 23,270,000     6,280,989
Newcrest Mining Ltd. 1,174,968    22,210,767
Nickel Mines Ltd. 22,271,112    21,458,084
Northern Star Resources Ltd. 8,903,380    85,831,590
OceanaGold Corp.(a) 10,800,300    19,003,460
Pantoro Ltd.(a) 23,958,979     4,294,343
Perseus Mining Ltd.(a) 8,900,000     7,860,742
Ramelius Resources Ltd. 24,498,612    27,744,069
Red 5 Ltd.(a) 32,220,000     5,218,865
Rox Resources Ltd.(a) 8,800,000       220,842
Saracen Mineral Holdings Ltd.(a) 9,050,000    33,509,876
Silver Lake Resources Ltd.(a) 17,801,900    21,361,703
SolGold PLC(a) 19,400,000     7,666,122
Westgold Resources Ltd.(a) 20,284,853    35,925,174
      511,033,028
Brazil–1.58%
Wheaton Precious Metals Corp. 849,035    34,869,867
Canada–51.51%
Abaxx Technologies, Inc.(a) 9,109        22,590
Adventus Mining Corp.(a) 4,701,058     3,492,477
Agnico Eagle Mines Ltd. 1,338,095    93,465,936
Alamos Gold, Inc., Class A(b) 2,951,108    23,608,864
Americas Gold & Silver Corp.(a) 3,739,400    10,147,189
Anaconda Mining, Inc.(a) 220,000        98,065
Artemis Gold, Inc.(a) 3,480,191    16,574,282
Ascot Resources Ltd.(a) 4,974,053     4,628,835
B2Gold Corp.(b) 9,382,000    46,440,900
Barrick Gold Corp.(b) 3,743,499    83,742,074
Battle North Gold Corp.(a) 2,940,956     4,000,010
Calibre Mining Corp., Class C(a) 4,992,717     6,754,565
Centerra Gold, Inc. 5,000        51,808
Dundee Precious Metals, Inc. 2,550,000    16,212,317
Equinox Gold Corp.(a) 3,377,278    32,320,550
Fiore Gold Ltd.(a) 2,607,482     2,385,731
Franco-Nevada Corp. 65,000     7,756,450
Freegold Ventures Ltd.(a) 2,100,000       936,070
Fury Gold Mines Ltd.(a) 2,615,933     3,766,944
Galway Metals, Inc.(a) 3,676,825     3,392,886
Gran Colombia Gold Corp. 930,000     4,560,000
Great Bear Resources Ltd.(a) 1,202,848    14,062,622
GT Gold Corp.(a) 6,272,188    11,134,207
IAMGOLD Corp.(a) 5,539,000    18,721,820
  Shares Value
Canada–(continued)
Integra Resources Corp.(a) 424,579     $1,387,871
Ivanhoe Mines Ltd.(a) 23,172,915   110,722,589
K92 Mining, Inc.(a) 9,153,030    61,413,879
Karora Resources, Inc.(a) 5,567,777    14,411,998
Karora Resources, Inc., Wts., expiring 09/21/2021(a) 2,500,000       645,161
Kinross Gold Corp. 4,915,925    34,313,156
Kirkland Lake Gold Ltd. 2,214,233    85,088,883
Liberty Gold Corp.(a) 12,108,000    14,392,305
Lion One Metals Ltd.(a) 7,535,842     8,898,629
Lion One Metals Ltd., Wts., expiring 08/18/2021(a) 109,710        10,656
Lion One Metals Ltd., Wts., expiring 08/21/2021(a) 715,515       167,863
Lundin Gold, Inc.(a) 4,328,815    34,630,520
MAG Silver Corp.(a) 522        10,263
Marathon Gold Corp.(a) 1,720,000     3,793,079
Maverix Metals, Inc. 1,458,100     7,502,872
McEwen Mining, Inc.(a) 2,400,000     2,904,000
Midas Gold Corp.(a) 265,100     2,010,925
Minera Alamos, Inc.(a) 9,158,743     4,297,357
Montage Gold Corp.(a) 1,289,457       988,206
New Found Gold Corp.(a) 60,000       163,754
Nomad Royalty Co. Ltd. 365,529       305,858
Novagold Resources, Inc.(a) 280,000     2,553,600
Novo Resources Corp.(a) 1,080,000     1,908,739
Orla Mining Ltd.(a) 170,000       733,842
Osino Resources Corp.(a)(c)(d) 7,911,551     7,671,807
Osino Resources Corp.(a)(d) 160,000        60,359
Osino Resources Corp.(a)(d) 1,000,000       102,209
Osisko Gold Royalties Ltd. 1,985,339    22,235,797
Pan American Silver Corp. 727,000    23,598,420
Pan American Silver Corp., Rts., expiring 02/22/2029(a) 2,300,100     1,771,077
Pretium Resources, Inc.(a) 1,210,000    13,058,064
Pure Gold Mining, Inc.(a) 13,954,712    23,680,723
Roxgold, Inc.(a) 13,677,093    14,866,987
Rupert Resources Ltd.(a) 2,405,423     8,276,724
Sandstorm Gold Ltd.(a)(b) 3,879,055    25,058,695
Sierra Metals, Inc.(a) 1,096,703     3,430,547
SilverCrest Metals, Inc.(a) 2,540,000    25,603,597
Skeena Resources Ltd.(a) 5,407,344    13,150,999
Solaris Resources, Inc.(a) 450,000     2,111,437
Sombrero Resources, Inc.(a)(e) 3,028,200     1,438,395
SSR Mining, Inc.(a) 1,520,333    26,750,259
Teranga Gold Corp.(a) 2,280,000    22,554,839
Tier One Metal, Inc.(a)(e) 3,028,200     1,438,395
Torex Gold Resources, Inc.(a) 2,490,000    32,791,085
Tudor Gold Corp.(a) 1,449,068     2,832,978
Victoria Gold Corp.(a) 585,000     5,443,988
Wallbridge Mining Co. Ltd.(a) 18,014,800     9,579,718
Wesdome Gold Mines Ltd.(a) 6,395,800    48,815,647
      1,137,855,943
 
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Gold & Special Minerals Fund
  Shares Value
China–0.95%
Zhaojin Mining Industry Co. Ltd., H Shares 19,370,000    $20,968,887
Ivory Coast–1.46%
Endeavour Mining Corp. 1,515,822    32,195,289
Mongolia–0.31%
Turquoise Hill Resources Ltd.(a) 625,343     6,878,773
Russia–0.11%
Polymetal International PLC 110,000     2,382,123
South Africa–8.41%
Gold Fields Ltd., ADR 10,269,741    95,816,684
Harmony Gold Mining Co. Ltd., ADR(a) 5,640,000    25,098,000
Sibanye Stillwater Ltd., ADR 4,364,891    64,905,929
      185,820,613
Tanzania–5.23%
AngloGold Ashanti Ltd., ADR 4,928,100   115,613,226
Turkey–1.21%
Eldorado Gold Corp.(a) 2,381,502    26,696,637
United Kingdom–0.02%
Greatland Gold PLC(a) 1,000,000       335,799
  Shares Value
United States–6.44%
Argonaut Gold, Inc.(a) 1,350,769     $2,450,662
Gatos Silver, Inc.(a) 70,000       924,700
Newmont Corp.(b) 1,892,614   112,799,794
Royal Gold, Inc. 245,000    26,185,600
      142,360,756
Total Common Stocks & Other Equity Interests (Cost $1,450,824,423) 2,217,010,941
Money Market Funds–0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(f) 373,699       373,699
Invesco Liquid Assets Portfolio, Institutional Class, 0.05%(c)(f) 266,714       266,821
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(f) 427,084       427,084
Total Money Market Funds (Cost $1,067,604) 1,067,604
TOTAL INVESTMENTS IN SECURITIES—100.42% (Cost $1,451,892,027) 2,218,078,545
OTHER ASSETS LESS LIABILITIES–(0.42)% (9,216,329)
NET ASSETS–100.00% $2,208,862,216
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