CONSOLIDATED
SCHEDULE OF INVESTMENTS January 31, 2020 Unaudited
| Shares | Value | Shares | Value | ||||||
| Common Stocks—98.7% | Metals & Mining (Continued) | ||||||||
| Materials—98.7% | Golden Star | ||||||||
| Metals & Mining—98.7% | Resources Ltd.1 | 3,655,532 | $ 10,747,264 | ||||||
| Adventus Mining | Gran Colombia | ||||||||
| Corp.1 | 2,000,000 | $ 1,329,908 | Gold Corp.1 | 280,000 | 1,163,669 | ||||
| Agnico Eagle Mines | Great Bear | ||||||||
| Ltd.2 | 762,000 | 47,106,840 | Resources Ltd.1 | 190,000 | 1,263,412 | ||||
| Agnico Eagle Mines | GT Gold Corp.1 | 150,000 | 162,082 | ||||||
| Ltd.2 | 1,000 | 61,810 | Harmony Gold | ||||||
| Alacer Gold Corp.1 | 6,720,000 | 31,584,102 | Mining Co. Ltd. , | ||||||
| Alamos Gold, Inc. , | Sponsored ADR1 | 4,930,000 | 16,564,800 | ||||||
| Cl. A | 2,405,000 | 15,151,500 | Highland Gold | ||||||
| AngloGold Ashanti | Mining Ltd. | 422,886 | 1,169,072 | ||||||
| Ltd. , Sponsored | IAMGOLD Corp.1 | 1,070,000 | 3,167,200 | ||||||
| ADR | 2,242,000 | 45,647,120 | Ivanhoe Mines Ltd. , | ||||||
| Argonaut Gold, Inc.1 | 900,000 | 1,210,518 | Cl. A1 | 19,030,000 | 49,178,328 | ||||
| Artemis Gold, Inc.1 | 394,000 | 401,919 | K92 Mining, Inc.1 | 8,380,000 | 24,378,873 | ||||
| Auryn Resources, | Kirkland Lake Gold | ||||||||
| Inc.1 | 1,620,000 | 2,130,300 | Ltd. | 1,216,367 | 49,880,790 | ||||
| B2Gold Corp. | 10,910,000 | 47,131,200 | Liberty Gold Corp.1 | 3,150,000 | 3,046,698 | ||||
| Barrick Gold Corp. | 4,039,470 | 74,810,984 | Lion One Metals | ||||||
| Bellevue Gold Ltd.1 | 12,108,772 | 3,900,501 | Ltd.1 | 2,548,000 | 3,311,591 | ||||
| Bushveld Minerals | Lundin Gold, Inc.1 | 2,409,600 | 19,172,652 | ||||||
| Ltd.1 | 7,400,000 | 1,995,391 | Maverix Metals, Inc. | 625,000 | 3,197,257 | ||||
| Castile Resources | Musgrave Minerals | ||||||||
| Pty Ltd.1 | 6,474,146 | 866,759 | Ltd.1 | 500,000 | 31,039 | ||||
| Castile Resources | Newcrest Mining | ||||||||
| Pty Ltd.1 | 2,784,575 | 372,799 | Ltd. | 132,147 | 2,660,432 | ||||
| Centerra Gold, Inc.1 | 2,413,000 | 19,327,339 | Newmont Corp. | 1,728,923 | 77,905,270 | ||||
| Continental Gold, | Nickel Mines Ltd.1 | 18,500,000 | 7,640,370 | ||||||
| Inc.1 | 5,590,000 | 23,105,108 | Northern Star | ||||||
| Dacian Gold Ltd.1,3 | 11,580,000 | 11,284,567 | Resources Ltd. | 11,345,731 | 97,299,203 | ||||
| Dundee Precious | Novo Resources | ||||||||
| Metals, Inc.1 | 2,140,000 | 9,880,157 | Corp.1 | 920,000 | 2,419,223 | ||||
| Eldorado Gold | OceanaGold Corp.2 | 90,000 | 187,134 | ||||||
| Corp.1 | 3,170,702 | 23,082,711 | OceanaGold Corp.2 | 6,050,000 | 12,663,216 | ||||
| Endeavour Mining | Osino Resources | ||||||||
| Corp.1 | 189,000 | 3,870,258 | Corp.1,3 | 3,470,000 | 2,150,068 | ||||
| Equinox Gold Corp.1 | 70,000 | 589,769 | Osisko Gold | ||||||
| ERO Copper Corp.1 | 1,246,000 | 17,116,730 | Royalties Ltd. | 1,188,000 | 11,856,240 | ||||
| Evolution Mining | Pan American Silver | ||||||||
| Ltd. | 24,143,732 | 60,578,337 | Corp. | 710,000 | 16,315,800 | ||||
| Ferroglobe plc1 | 1,320,000 | 1,125,036 | Pantoro Ltd.1 | 17,100,000 | 1,144,308 | ||||
| First Quantum | Perenti Global Ltd. | 65,634 | 66,286 | ||||||
| Minerals Ltd. | 3,382,200 | 26,476,947 | Polymetal | ||||||
| Franco-Nevada | International plc | 1,268,000 | 21,522,630 | ||||||
| Corp. | 211,000 | 23,978,040 | Polyus PJSC, GDR2 | 339,000 | 20,669,548 | ||||
| Gold Fields Ltd. , | Polyus PJSC, GDR2 | 8,000 | 489,084 | ||||||
| Sponsored ADR | 7,990,000 | 51,136,000 | Pretium Resources, | ||||||
| Gold Road | Inc.1 | 1,164,000 | 12,674,354 | ||||||
| Resources Ltd.1 | 18,712,220 | 18,005,202 | |||||||
1 INVESCO OPPENHEIMER GOLD & SPECIAL MINERALS FUND
CONSOLIDATED
SCHEDULE OF INVESTMENTS Unaudited / Continued
| Shares | Value | Shares | Value | ||||||||
| Metals & Mining (Continued) | Metals & Mining (Continued) | ||||||||||
| Ramelius Resources | Wallbridge Mining | ||||||||||
| Ltd. | 8,840,000 | $ 7,979,376 | Co. Ltd.1 | 4,080,000 | $ | 2,836,331 | |||||
| Real Gold Mining | Wesdome Gold | ||||||||||
| Ltd.1,4 | 10,400,000 | 0 | Mines Ltd.1 | 5,205,100 | 35,476,804 | ||||||
| Red 5 Ltd.1 | 14,900,000 | 3,066,544 | Westgold Resources | ||||||||
| Resolute Mining | Ltd.1 | 15,128,294 | 22,365,891 | ||||||||
| Ltd.1 | 14,210,000 | 11,080,027 | Wheaton Precious | ||||||||
| Roxgold, Inc.1 | 7,500,000 | 5,893,910 | Metals Corp. | 661,000 | 19,466,450 | ||||||
| Royal Gold, Inc. | 124,000 | 14,299,680 | Zhaojin Mining | ||||||||
| Royal Nickel Corp.1 | 19,350,000 | 6,725,858 | Industry Co. Ltd. , | ||||||||
| Sandstorm Gold | Cl. H | 12,520,000 | 14,428,245 | ||||||||
| Ltd.1 | 440,000 | 3,018,400 | 1,362,090,357 | ||||||||
| Saracen Mineral | Total Common Stocks | ||||||||||
| Holdings Ltd.1 | 8,440,000 | 22,562,247 | (Cost $931,942,386) | 1,362,090,357 | |||||||
| SEMAFO, Inc.1 | 4,750,000 | 10,013,979 | |||||||||
| Shandong Gold | Units | ||||||||||
| Mining Co. Ltd. , | Rights, Warrants and Certificates—0.1% | ||||||||||
| Cl. H5 | 7,960,000 | 19,648,762 | Pan American Silver | ||||||||
| Sibanye Gold Ltd. , | Corp. , Exp. 2/22/291 | 2,300,100 | 1,518,066 | ||||||||
| Sponsored ADR1 | 2,820,000 | 28,764,000 | Royal Nickel Corp. , | ||||||||
| Silver Lake | Exp. 9/21/211 | 2,500,000 | 273,915 | ||||||||
| Resources Ltd.1 | 15,130,000 | 16,759,485 | Total Rights, Warrants and | ||||||||
| SilverCrest Metals, | Certificates | ||||||||||
| Inc.1 | 2,490,000 | 16,500,907 | (Cost $0) | 1,791,981 | |||||||
| SolGold plc1 | 19,400,000 | 4,919,162 | |||||||||
| SSR Mining, Inc.1 | 1,133,000 | 20,745,230 | Shares | ||||||||
| Talisker Resources | Investment Company—1.0% | ||||||||||
| Ltd.1 | 300,000 | 68,007 | Invesco Government | ||||||||
| Teranga Gold Corp.1 | 150,000 | 844,416 | & Agency Portfolio, | ||||||||
| Teranga Gold Corp.1 | 2,080,000 | 11,834,970 | Institutional Class, | ||||||||
| TMAC Resources, | 1.48%6 (Cost | ||||||||||
| Inc.1 | 1,580,000 | 3,151,881 | $14,122,345) | 14,122,345 | 14,122,345 | ||||||
| Torex Gold | |||||||||||
| Resources, Inc.1 | 1,311,800 | 18,050,384 | Total | ||||||||
| Trevali Mining | Investments, | ||||||||||
| Corp.1 | 23,149,500 | 3,411,026 | at Value (Cost | ||||||||
| Turquoise Hill | $946,064,731) | 99.8 | % | 1,378,004,683 | |||||||
| Resources Ltd.1 | 1,300,000 | 822,640 | Net Other Assets | ||||||||
| (Liabilities) | 0.2 | 2,696,824 | |||||||||
| Net Assets | 100.0% | $ | 1,380,701,507 | ||||||||
Footnotes to Consolidated Schedule of Investments
1. Non-income producing security.
2. The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.
2 INVESCO OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Footnotes to Consolidated Schedule of Investments (continued)
3. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting
period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and
the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an
affiliate are as follows:
| Shares | Gross | Gross | Shares | ||||||
| June 30, 2019 | Additions | Reductions | January 31, 2020 | ||||||
| Common Stock | |||||||||
| Metals & Mining | |||||||||
| Dacian Gold Ltd. | 10,990,000 | 590,000 | — | 11,580,000 | |||||
| Osino Resources Corp. | — | 3,470,000 | — | 3,470,000 | |||||
| Wesdome Gold Mines Ltd.a | 7,285,100 | 100,000 | 2,180,000 | 5,205,100 | |||||
| Change in | |||||||||
| Realized | Unrealized | ||||||||
| Value | Income | Gain (Loss) | Gain (Loss) | ||||||
| Common Stock | |||||||||
| Metals & Mining | |||||||||
| Dacian Gold Ltd. | $ | 11,284,567 | $ | — | $ — | $ | 6,768,675 | ||
| Osino Resources Corp. | 2,150,068 | — | — | 232,315 | |||||
| Wesdome Gold Mines Ltd.a | —a | — | 8,152,303 | 8,919,285 | |||||
| Total | $ | 13,434,635 | $ | — | $ 8,152,303 | $ | 15,920,275 | ||
| a. This security is no longer an affiliate. Therefore, the value has been excluded from this table. | |||||||||
4. The value of this security was determined using significant unobservable inputs. See Note 1 of the accompanying
Consolidated Notes.
5. 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 January 31, 2020 was
$19,648,762, which represented 1.42% of the Fund’s Net Assets.
6. The money market fund and the Fund are affiliated by having the same investment adviser.The rate shown is the
7-day SEC standardized yield as of January 31, 2020.
| Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as | ||||||
| follows: | ||||||
| Geographic Holdings | Value | Percent | ||||
| Canada | $ | 668,373,088 | 48.5% | |||
| Australia | 305,432,884 | 22.2 | ||||
| United States | 150,994,215 | 10.9 | ||||
| South Africa | 142,111,920 | 10.3 | ||||
| Russia | 43,850,333 | 3.2 | ||||
| China | 34,077,007 | 2.5 | ||||
| Zambia | 26,476,947 | 1.9 | ||||
| Ivory Coast | 3,870,258 | 0.3 | ||||
| United Kingdom | 1,995,391 | 0.1 | ||||
| Mongolia | 822,640 | 0.1 | ||||
| Total | $ | 1,378,004,683 | 100.0% | |||
3 INVESCO OPPENHEIMER GOLD & SPECIAL MINERALS FUND
CONSOLIDATED
SCHEDULE OF INVESTMENTS Unaudited / Continued
| Exchange-Traded Options Written at January 31, 2020 | |||||||||||
| Number of | Notional | ||||||||||
| Exercise | Expiration | Contracts | Amount | Premiums | |||||||
| Description | Price | Date | (000 | 's) | (000 | 's) | Received | Value | |||
| Agnico Eagle Mines | |||||||||||
| Ltd. Call | USD 65.000 | 2/21/20 | USD (1) | USD 6,500 | $ | 178,961 | $ (96,500) | ||||
| Endeavour Mining | |||||||||||
| Corp. Put | CAD 21.000 | 4/17/20 | CAD (1) | CAD 2,100 | 140,501 | (22,669) | |||||
| First Quantum Minerals | |||||||||||
| Ltd. Put | CAD 9.000 | 4/17/20 | CAD (1) | CAD 900 | 84,822 | (45,338) | |||||
| Franco-Nevada Corp. | |||||||||||
| Put | USD 85.000 | 4/17/20 | USD (1) | USD 8,500 | 279,000 | (127,500) | |||||
| Royal Gold, Inc. Call | USD 130.000 | 2/21/20 | USD (1) | USD 13,000 | 134,461 | (22,500) | |||||
| Sibanye Stillwater Put | USD 7.500 | 4/17/20 | USD (1) | USD 750 | 128,161 | (22,500) | |||||
| Torex Gold Resources | |||||||||||
| Put | CAD 17.000 | 4/17/20 | CAD (1) | CAD 1,700 | 82,500 | (66,117) | |||||
| Torex Gold Resources | |||||||||||
| Call | CAD 23.000 | 7/17/20 | CAD (1) | CAD 2,300 | 133,077 | (47,227) | |||||
| Torex Gold Resources, | |||||||||||
| Inc. Put | CAD 15.000 | 4/17/20 | CAD (1) | CAD 1,500 | 109,255 | (22,669) | |||||
| Wheaton Precious | |||||||||||
| Metals Put | USD 27.000 | 3/20/20 | USD (1) | USD 2,700 | 119,961 | (40,500) | |||||
| Total Exchange-Traded Options Written | $ | 1,390,699 | $ (513,520) | ||||||||
| Glossary: | |
| Currency abbreviations indicate amounts reporting in currencies | |
| CAD | Canadian Dollar |
| Definition | |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
4 INVESCO OPPENHEIMER GOLD & SPECIAL MINERALS FUND
NOTES TO CONSOLIDATED
SCHEDULE OF INVESTMENTS January 31, 2020 Unaudited
Note 1 – Additional Valuation Information
The following is a summary of the tiered valuation input levels, as of January 31, 2020. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of
valuation, the values reflected in the financial statements may materially differ from the value
received upon actual sale of those investments.
| Level 3— | ||||||||
| Level 1— | Level 2— | Significant | ||||||
| Unadjusted | Other Significant | Unobservable | ||||||
| Quoted Prices | Observable Inputs | Inputs | Value | |||||
| Assets Table | ||||||||
| Investments, at Value: | ||||||||
| Common Stocks | ||||||||
| Materials | $ | 990,753,799 | $ 371,336,558 | $ 0 | $ 1,362,090,357 | |||
| Rights, Warrants and Certificates | 1,791,981 | — | — | 1,791,981 | ||||
| Investment Company | 14,122,345 | — | — | 14,122,345 | ||||
| Total Assets | $ 1,006,668,125 | $ 371,336,558 | $ 0 | $ 1,378,004,683 | ||||
| Liabilities Table | ||||||||
| Other Financial Instruments: | ||||||||
| Options written, at value | $ | (513,520) | $ — | $ — | $ (513,520) | |||
| Total Liabilities | $ | (513,520) | $ — | $ — | $ (513,520) | |||
Note 2- Subsequent Event
The World Health Organization has declared the coronavirus (COVID-19) to be a public health
emergency. COVID-19 has led to increased short-term market volatility and may have adverse
long-term effects on U.S. and world economies and markets in general. COVID-19 may
adversely impact the Fund's ability to achieve its investment objective as stated in the most
recent shareholder report. Because of the uncertainties on valuation, the global economy and
business operations, values reflected in the Schedule of Investments may materially differ from
the value received upon actual sales of those investments.
5 INVESCO OPPENHEIMER GOLD & SPECIAL MINERALS FUND