NPORT-EX 2 ivzofi410soi131201.htm ivzofi410soi131201.htm - Generated by SEC Publisher for SEC Filing

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