CM COMMODITY INDEX FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2019 (unaudited)
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS: 100.9% | ||||||||
| United States Treasury Obligations: 95.7% | ||||||||
| United States Treasury Bills | ||||||||
| $ | 30,000,000 | 1.89%, 12/26/19 (a) | $ | 29,872,434 | ||||
| 45,000,000 | 1.91%, 12/12/19 (a) | 44,840,550 | ||||||
| 50,000,000 | 1.92%, 12/05/19 (a) | 49,839,290 | ||||||
| 40,000,000 | 1.94%, 10/10/19 (a) | 39,980,600 | ||||||
| 65,000,000 | 1.94%, 11/21/19 (a) | 64,821,359 | ||||||
| 70,000,000 | 2.01%, 11/07/19 (a) | 69,852,360 | ||||||
| 50,000,000 | 2.05%, 10/17/19 (a) | 49,954,555 | ||||||
| 45,000,000 | 2.10%, 10/24/19 (a) | 44,940,046 | ||||||
| 40,000,000 | 2.18%, 10/03/19 (a) | 39,995,167 | ||||||
| 434,096,361 | ||||||||
| Number of Shares | ||||||||
| Money Market Fund: 5.2% | ||||||||
| 23,536,437 | Invesco Treasury Portfolio - Institutional Class | 23,536,437 | ||||||
| Total Short-Term Investments (Cost: $457,600,423) | 457,632,798 | |||||||
| Liabilities in excess of other assets: (0.9)% | (4,297,864 | ) | ||||||
| NET ASSETS: 100.0% | $ | 453,334,934 | ||||||
Total Return Swap Contracts – As of September 30, 2019.
Long Exposure
| Counterparty | Referenced Obligation | Notional Amount | Rate paid by the Fund (b) | Termination Date | % of Net Assets | Unrealized Depreciation |
||||||||||||||
| UBS | UBS Bloomberg Constant Maturity Commodity Index Total Return | $ | 458,450,000 | 2.33 | % | 10/23/19 | (0.9 | )% | $ | (4,274,691 | ) | |||||||||
Footnotes:
| (a) | All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $74,848,992. |
| (b) | The rate shown reflects the rate in effect at the reporting period: 3 Month T-Bill rate + 0.42%. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Government | 94.9 | % | $ | 434,096,361 | ||||
| Money Market Fund | 5.1 | 23,536,437 | ||||||
| 100.0 | % | $ | 457,632,798 | |||||
EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
September 30, 2019 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 96.5% | ||||||||
| Brazil: 6.4% | ||||||||
| 4,861,300 | Fleury SA | $ | 30,911,454 | |||||
| 7,545,400 | International Meal Co. Alimentacao SA | 15,799,223 | ||||||
| 3,321,000 | IRB Brasil Resseguros SA | 30,101,171 | ||||||
| 8,649,700 | Movida Participacoes SA | 32,059,442 | ||||||
| 3,855,000 | Rumo SA * | 22,731,320 | ||||||
| 131,602,610 | ||||||||
| China / Hong Kong: 33.2% | ||||||||
| 613,400 | Alibaba Group Holding Ltd. (ADR) * | 102,578,882 | ||||||
| 25,440,000 | A-Living Services Co. Ltd. Reg S 144A ‡ # | 58,876,366 | ||||||
| 3,209,000 | Anta Sports Products Ltd. # | 26,526,186 | ||||||
| 1,261,000 | Baozun, Inc. (ADR) * | 53,844,700 | ||||||
| 86,000 | BeiGene Ltd. (ADR) * | 10,531,560 | ||||||
| 32,079,000 | Beijing Enterprises Water Group Ltd. # | 16,413,928 | ||||||
| 8,365,994 | China Animal Healthcare Ltd. * # ∞ | 227,250 | ||||||
| 2,500,000 | China Conch Venture Holdings Ltd. # | 9,245,630 | ||||||
| 14,283,000 | China Education Group Holdings Ltd. Reg S # | 20,982,423 | ||||||
| 33,955,000 | Fu Shou Yuan International Group Ltd. # | 30,003,354 | ||||||
| 4,153,000 | Galaxy Entertainment Group Ltd. # | 25,747,446 | ||||||
| 117,000 | GDS Holdings Ltd. (ADR) * | 4,689,360 | ||||||
| 121,000 | Huazhu Group Ltd. (ADR) | 3,995,420 | ||||||
| 756,000 | HUYA, Inc. (ADR) * | 17,871,840 | ||||||
| 159,796 | Kweichow Moutai Co. Ltd. # | 25,762,141 | ||||||
| 58,000 | New Oriental Education & Technology Group, Inc. (ADR) * | 6,424,080 | ||||||
| 1,640,000 | Ping An Healthcare and Technology Co. Ltd. Reg S 144A * # | 9,596,284 | ||||||
| 10,479,000 | Ping An Insurance Group Co. of China Ltd. # | 120,442,544 | ||||||
| 1,412,000 | Shenzhou International Group Holdings Ltd. # | 18,419,968 | ||||||
| 2,537,500 | Tencent Holdings Ltd. # | 106,138,269 | ||||||
| 655,000 | Tencent Music Entertainment Group (ADR) * | 8,364,350 | ||||||
| 369,973 | Yifeng Pharmacy Chain Co. Ltd. # | 4,089,960 | ||||||
| 680,771,941 | ||||||||
| Egypt: 2.3% | ||||||||
| 27,779,560 | Cleopatra Hospital * | 10,323,485 | ||||||
| 5,885,312 | Commercial International Bank Egypt SAE | 28,197,441 | ||||||
| 14,870,278 | Juhayna Food Industries | 8,174,999 | ||||||
| 46,695,925 | ||||||||
| Georgia: 1.3% | ||||||||
| 1,005,197 | Bank of Georgia Group Plc (GBP) # | 16,561,390 | ||||||
| 815,197 | Georgia Capital Plc (GBP) * | 10,223,716 | ||||||
| 26,785,106 | ||||||||
| Germany: 1.1% | ||||||||
| 513,000 | Delivery Hero SE Reg S 144A * # | 22,774,822 | ||||||
| Hungary: 0.8% | ||||||||
| 397,000 | OTP Bank Nyrt # | 16,537,170 | ||||||
| India: 11.5% | ||||||||
| 6,675,000 | Cholamandalam Investment and Finance Co. Ltd. # | 29,069,137 | ||||||
| 5,792,267 | GRUH Finance Ltd. # | 22,020,473 | ||||||
| 2,884,000 | HDFC Bank Ltd. # | 49,980,336 | ||||||
| 816,000 | HDFC Bank Ltd. (ADR) | 46,552,800 | ||||||
| 19,157,220 | Lemon Tree Hotels Ltd. Reg S 144A * # | 15,433,128 | ||||||
| 1,300,000 | Oberoi Realty Ltd. # | 9,266,093 | ||||||
| 1,973,200 | Phoenix Mills Ltd. # | 19,562,478 | ||||||
| 667,679 | Quess Corp. Ltd. Reg S 144A * # | 4,437,855 | ||||||
| 800,000 | Reliance Industries Ltd. # | 15,075,867 | ||||||
| 1,344,000 | Titan Co. Ltd. # | 24,188,356 | ||||||
| 235,586,523 | ||||||||
| Indonesia: 2.5% | ||||||||
| 87,875,000 | Bank Rakyat Indonesia Tbk PT # | 25,515,794 | ||||||
| 113,200,000 | Bank Tabungan Pensiunan Nasional Syariah Tbk PT * # | 26,316,309 | ||||||
| 51,832,103 | ||||||||
| Kenya: 0.8% | ||||||||
| 62,420,000 | Safaricom Plc | 16,529,129 | ||||||
| Kuwait: 0.7% | ||||||||
| 1,481,090 | Human Soft Holding Co. KSC | 15,210,011 | ||||||
| Malaysia: 1.4% | ||||||||
| 14,177,000 | Malaysia Airports Holdings Bhd # | 29,286,679 | ||||||
| Mexico: 3.0% | ||||||||
| 7,422,247 | Qualitas Controladora SAB de CV | 26,485,995 | ||||||
| 4,572,000 | Regional SAB de CV | 20,953,262 | ||||||
| 8,049,000 | Unifin Financiera SAB de CV | 14,748,750 | ||||||
| 62,188,007 | ||||||||
| Netherlands: 1.5% | ||||||||
| 427,727 | Prosus NV * | 31,398,650 | ||||||
| Peru: 0.2% | ||||||||
| 21,000 | Credicorp Ltd. (USD) | 4,377,240 | ||||||
| Philippines: 5.5% | ||||||||
| 52,122,700 | Ayala Land, Inc. # | 49,745,968 | ||||||
| 160,800,000 | Bloomberry Resorts Corp. # | 33,674,616 | ||||||
| 12,263,740 | International Container Terminal Services, Inc. # | 28,538,322 | ||||||
| 111,958,906 | ||||||||
| Poland: 0.3% | ||||||||
| 185,542 | Kruk SA # | 7,003,396 | ||||||
| Russia: 3.1% | ||||||||
| 2,411,000 | Sberbank of Russia PJSC (ADR) # | 34,196,156 | ||||||
| 822,000 | Yandex NV (USD) * | 28,778,220 | ||||||
| 62,974,376 | ||||||||
| Saudi Arabia: 0.2% | ||||||||
| 147,000 | Leejam Sports Co. JSC # | 3,194,189 | ||||||
| South Africa: 5.0% | ||||||||
| 9,026,708 | Advtech Ltd. | 7,450,238 | ||||||
| 427,727 | Naspers Ltd. # | 64,761,803 | ||||||
| 21,069,810 | Transaction Capital Ltd. | 30,815,206 | ||||||
| 103,027,247 | ||||||||
| South Korea: 2.1% | ||||||||
| 47,237 | Douzone Bizon Co. Ltd. # | 2,580,533 | ||||||
| 101,000 | Koh Young Technology, Inc. # | 7,505,306 | ||||||
| 179,185 | Samsung SDI Co. Ltd. # | 33,358,687 | ||||||
| 43,444,526 | ||||||||
| Spain: 1.8% | ||||||||
| 1,463,367 | CIE Automotive SA # | 36,694,477 | ||||||
| Switzerland: 0.5% | ||||||||
| 233,000 | Wizz Air Holdings Plc Reg S 144A (GBP) * # | 10,354,704 | ||||||
| Taiwan: 2.7% | ||||||||
| 4,159,000 | Chroma ATE, Inc. # | 19,721,152 | ||||||
| 2,053,132 | Poya International Co. Ltd. # | 29,130,403 | ||||||
| 1,330,000 | TaiMed Biologics, Inc. * # | 6,377,038 | ||||||
| 55,228,593 | ||||||||
| Thailand: 2.5% | ||||||||
| 6,994,000 | CP ALL PCL # | 18,563,420 | ||||||
| 13,706,176 | Srisawad Corp. PCL (NVDR) # | 25,656,385 | ||||||
| 348,334 | Srisawad Corp. PCL - Foreign # | 652,041 | ||||||
| 9,595,000 | Thai Beverage PCL (SGD) # | 6,144,132 | ||||||
| 51,015,978 | ||||||||
| Turkey: 3.3% | ||||||||
| 3,102,147 | AvivaSA Emeklilik ve Hayat AS | 5,108,902 | ||||||
| 9,375,392 | MLP Saglik Hizmetleri AS Reg S 144A * # | 24,415,186 | ||||||
| 10,507,140 | Sok Marketler Ticaret AS * # | 20,451,732 | ||||||
| 4,794,000 | Tofas Turk Otomobil Fabrikasi AS # | 17,196,918 | ||||||
| 67,172,738 | ||||||||
| United Arab Emirates: 1.5% | ||||||||
| 920,000 | NMC Health Plc (GBP) # | 30,662,792 | ||||||
| United Kingdom: 0.0% | ||||||||
| 812,346 | Hirco Plc * # ∞ | 0 | ||||||
| United States: 1.1% | ||||||||
| 1,354,000 | Laureate Education, Inc. * | 22,442,550 | ||||||
| Uruguay: 0.2% | ||||||||
| 2,100,797 | Biotoscana Investments SA (BDR) * | 3,893,221 | ||||||
| Total Common Stocks (Cost: $1,698,345,039) | 1,980,643,609 | |||||||
| PREFERRED STOCKS: 1.3% | ||||||||
| Brazil: 1.3% (Cost: $21,133,115) | ||||||||
| 3,064,890 | Itau Unibanco Holding SA, 4.93% | 25,839,805 | ||||||
| MONEY MARKET FUND: 0.9% (Cost: $19,274,527) | ||||||||
| 19,274,527 | Invesco Treasury Portfolio - Institutional Class | 19,274,527 | ||||||
| Total Investments: 98.7% (Cost: $1,738,752,681) | 2,025,757,941 | |||||||
| Other assets less liabilities: 1.3% | 26,988,570 | |||||||
| NET ASSETS: 100.0% | $ | 2,052,746,511 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| BDR | Brazilian Depositary Receipt |
| GBP | British Pound |
| NVDR | Non-Voting Depositary Receipt |
| SGD | Singapore Dollar |
| USD | United States Dollar |
Footnotes:
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,309,076,992 which represents 63.8% of net assets. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $145,888,345, or 7.1% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Communication Services | 8.8 | % | $ | 177,681,808 | ||||
| Consumer Discretionary | 31.0 | 627,871,843 | ||||||
| Consumer Staples | 4.1 | 83,186,384 | ||||||
| Energy | 0.7 | 15,075,867 | ||||||
| Financials | 30.5 | 617,355,419 | ||||||
| Health Care | 6.3 | 126,938,270 | ||||||
| Industrials | 9.7 | 195,530,318 | ||||||
| Information Technology | 3.3 | 67,855,038 | ||||||
| Real Estate | 3.9 | 78,574,539 | ||||||
| Utilities | 0.8 | 16,413,928 | ||||||
| Money Market Fund | 0.9 | 19,274,527 | ||||||
| 100.0 | % | $ | 2,025,757,941 | |||||
A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2019 is set forth below:
| Affiliates | Value 12/31/18 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 09/30/19 | |||||||||||||||||||||
| A-Living Services Co. Ltd. | $ | — | (a) | $ | 9,519,686 | $ | — | $ | — | $ | — | $ | 22,678,861 | $ | 58,876,366 | |||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period |
GLOBAL HARD ASSETS FUND
SCHEDULE OF INVESTMENTS
September 30, 2019 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 93.7% | ||||||||
| Bermuda: 1.4% | ||||||||
| 880,300 | Golar LNG Ltd. (USD) | $ | 11,435,097 | |||||
| Canada: 23.2% | ||||||||
| 614,806 | Agnico-Eagle Mines Ltd. (USD) | 32,959,750 | ||||||
| 2,872,745 | Barrick Gold Corp. (USD) | 49,784,671 | ||||||
| 3,846,684 | Encana Corp. (USD) | 17,694,746 | ||||||
| 3,553,100 | First Quantum Minerals Ltd. | 29,849,419 | ||||||
| 2,967,500 | Kinross Gold Corp. (USD) * | 13,650,500 | ||||||
| 662,171 | Nutrien Ltd. (USD) | 33,029,089 | ||||||
| 1,230,700 | Teck Resources Ltd. (USD) | 19,974,261 | ||||||
| 196,942,436 | ||||||||
| Israel: 2.4% | ||||||||
| 245,600 | SolarEdge Technologies, Inc. (USD) * | 20,561,632 | ||||||
| Netherlands: 1.5% | ||||||||
| 205,900 | Royal Dutch Shell Plc (ADR) | 12,333,410 | ||||||
| Switzerland: 2.9% | ||||||||
| 8,245,925 | Glencore Plc (GBP) * # | 24,849,484 | ||||||
| United Kingdom: 6.8% | ||||||||
| 1,225,000 | Anglo American Plc # | 28,152,921 | ||||||
| 571,400 | Rio Tinto Plc (ADR) | 29,764,226 | ||||||
| 57,917,147 | ||||||||
| United States: 55.5% | ||||||||
| 101,100 | Brigham Minerals, Inc. | 2,011,890 | ||||||
| 156,800 | Bunge Ltd. | 8,878,016 | ||||||
| 595,000 | Cabot Oil & Gas Corp. | 10,454,150 | ||||||
| 759,400 | CF Industries Holdings, Inc. | 37,362,480 | ||||||
| 152,034 | Chart Industries, Inc. * | 9,480,840 | ||||||
| 225,700 | Chevron Corp. | 26,768,020 | ||||||
| 186,100 | Cimarex Energy Co. | 8,921,634 | ||||||
| 1,094,600 | CNX Resources Corp. * | 7,946,796 | ||||||
| 351,182 | Concho Resources, Inc. | 23,845,258 | ||||||
| 58,566 | Corteva, Inc. | 1,639,848 | ||||||
| 398,268 | Diamondback Energy, Inc. | 35,808,276 | ||||||
| 58,566 | Dow, Inc. | 2,790,670 | ||||||
| 58,566 | DuPont de Nemours, Inc. | 4,176,341 | ||||||
| 248,400 | EOG Resources, Inc. | 18,436,248 | ||||||
| 623,591 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 18,177,678 | ||||||
| 290,900 | Kirby Corp. * | 23,900,344 | ||||||
| 397,600 | Louisiana-Pacific Corp. | 9,773,008 | ||||||
| 735,700 | Nabors Industries Ltd. | 1,375,759 | ||||||
| 896,055 | Newmont Mining Corp. | 33,978,406 | ||||||
| 131,300 | Ormat Technologies, Inc. | 9,754,277 | ||||||
| 1,826,600 | Parsley Energy, Inc. | 30,686,880 | ||||||
| 506,200 | PBF Energy, Inc. | 13,763,578 | ||||||
| 489,200 | PDC Energy, Inc. * | 13,575,300 | ||||||
| 244,600 | Pioneer Natural Resources Co. | 30,763,342 | ||||||
| 521,400 | ProPetro Holding Corp. * | 4,739,526 | ||||||
| 107,700 | Schlumberger Ltd. | 3,680,109 | ||||||
| 133,200 | Solaris Oilfield Infrastructure, Inc. | 1,787,544 | ||||||
| 338,100 | Steel Dynamics, Inc. | 10,075,380 | ||||||
| 946,400 | Sunrun, Inc. * | 15,809,612 | ||||||
| 902,900 | Transocean Ltd. * | 4,035,963 | ||||||
| 252,200 | Tyson Foods, Inc. | 21,724,508 | ||||||
| 424,100 | Viper Energy Partners LP | 11,734,847 | ||||||
| 1,300,500 | WPX Energy, Inc. * | 13,772,295 | ||||||
| 471,628,823 | ||||||||
| Total Common Stocks (Cost: $676,763,170) |
795,668,029 | |||||||
| MONEY MARKET FUND: 6.4% (Cost: $54,574,530) |
||||||||
| 54,574,530 | Invesco Treasury Portfolio - Institutional Class | 54,574,530 | ||||||
| Total Investments: 100.1% (Cost: $731,337,700) |
850,242,559 | |||||||
| Liabilities in excess of other assets: (0.1)% | (963,132 | ) | ||||||
| NET ASSETS: 100.0% | $ | 849,279,427 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| GBP | British Pound |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $53,002,405 which represents 6.2% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Consumer Staples | 3.6 | % | $ | 30,602,524 | ||||
| Energy | 35.9 | 305,570,668 | ||||||
| Industrials | 5.8 | 49,190,796 | ||||||
| Information Technology | 2.4 | 20,561,632 | ||||||
| Materials | 42.6 | 361,810,454 | ||||||
| Real Estate | 2.1 | 18,177,678 | ||||||
| Utilities | 1.2 | 9,754,277 | ||||||
| Money Market Fund | 6.4 | 54,574,530 | ||||||
| 100.0 | % | $ | 850,242,559 | |||||
INTERNATIONAL INVESTORS GOLD FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2019 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 98.2% | ||||||||
| Australia: 21.6% | ||||||||
| 24,073,758 | Bellevue Gold Ltd. * # | $ | 9,844,693 | |||||
| 19,672,720 | Cardinal Resources Ltd. * | 5,643,194 | ||||||
| 13,416,287 | Evolution Mining Ltd. # | 40,932,873 | ||||||
| 19,956,805 | Gold Road Resources Ltd. * # | 16,747,196 | ||||||
| 790,625 | Newcrest Mining Ltd. # | 18,244,190 | ||||||
| 3,100,300 | Northern Star Resources Ltd. # | 23,041,431 | ||||||
| 4,266,057 | OceanaGold Corp. (CAD) | 11,141,304 | ||||||
| 5,757,600 | Saracen Mineral Holdings Ltd. * # | 13,379,600 | ||||||
| 41,443,400 | West African Resources Ltd. * # | 13,553,663 | ||||||
| 152,528,144 | ||||||||
| Canada: 66.0% | ||||||||
| 733,600 | Agnico-Eagle Mines Ltd. (USD) | 39,328,296 | ||||||
| 2,465,914 | Alamos Gold, Inc. (USD) | 14,302,301 | ||||||
| 1,503,000 | Allegiant Gold Ltd. * # ø | 107,775 | ||||||
| 989,885 | Auryn Resources, Inc. * | 1,195,468 | ||||||
| 14,660,636 | B2Gold Corp. (USD) * | 47,353,854 | ||||||
| 2,984,100 | Barrick Gold Corp. (USD) | 51,714,453 | ||||||
| 948,000 | Bear Creek Mining Corp. ø | 1,422,000 | ||||||
| 1,789,800 | Bear Creek Mining Corp. * | 2,674,872 | ||||||
| 667,000 | Bear Creek Mining Corp. (USD) * | 1,000,500 | ||||||
| 3,006,730 | Bonterra Resources, Inc. * | 4,992,872 | ||||||
| 704,000 | Bonterra Resources, Inc. * # ø | 1,081,344 | ||||||
| 4,548,000 | Columbus Gold Corp. * | 446,269 | ||||||
| 7,020,540 | Continental Gold, Inc. * | 19,500,764 | ||||||
| 6,642,859 | Corvus Gold, Inc. ‡ * | 10,930,621 | ||||||
| 457,200 | Detour Gold Corp. * | 6,712,111 | ||||||
| 1,839,000 | Eastmain Resources, Inc. # ø | 165,510 | ||||||
| 3,346,200 | Eastmain Resources, Inc. * | 303,086 | ||||||
| 481,000 | Eastmain Resources, Inc. (USD) * # | 43,290 | ||||||
| 508,310 | Equinox Gold Corp. (USD) * | 2,688,960 | ||||||
| 2,975,227 | First Mining Gold Corp. * | 550,199 | ||||||
| 4,382,444 | Gold Standard Ventures Corp. (USD) * | 3,366,155 | ||||||
| 4,791,700 | Kinross Gold Corp. (USD) * | 22,041,820 | ||||||
| 1,364,284 | Kirkland Lake Gold Ltd. (USD) | 61,119,923 | ||||||
| 4,148,129 | Leagold Mining Corp. * | 8,015,406 | ||||||
| 3,166,000 | Liberty Gold Corp. * # ø | 1,505,657 | ||||||
| 18,253,482 | Liberty Gold Corp. ‡ * | 9,644,441 | ||||||
| 728,500 | Lundin Gold, Inc. * | 4,206,533 | ||||||
| 3,509,000 | Marathon Gold Corp. * # ø (a) | 3,367,988 | ||||||
| 2,563,200 | Midas Gold Corp. * | 1,160,826 | ||||||
| 3,125,400 | Nighthawk Gold Corp. * | 1,085,167 | ||||||
| 532,600 | NovaGold Resources, Inc. (USD) * | 3,232,882 | ||||||
| 3,375,000 | Orezone Gold Corp. # | 1,706,797 | ||||||
| 8,837,675 | Orezone Gold Corp. * | 4,469,368 | ||||||
| 391,900 | Osisko Gold Royalties Ltd. (USD) | 3,644,670 | ||||||
| 5,002,100 | Osisko Mining, Inc. * | 11,817,619 | ||||||
| 3,601,100 | Otis Gold Corp. * | 258,221 | ||||||
| 2,140,900 | Premier Gold Mines Ltd. * | 3,021,839 | ||||||
| 942,600 | Pretium Resources, Inc. (USD) * | 10,849,326 | ||||||
| 3,541,000 | Probe Metals, Inc. * | 2,913,303 | ||||||
| 9,168,100 | Pure Gold Mining, Inc. * | 4,013,660 | ||||||
| 6,345,000 | Pure Gold Mining, Inc. * # ø | 2,649,062 | ||||||
| 8,799,056 | Rio2 Ltd. * | 2,855,866 | ||||||
| 8,545,500 | Sabina Gold and Silver Corp. * | 11,094,282 | ||||||
| 4,732,307 | Semafo, Inc. * | 15,180,817 | ||||||
| 894,400 | SSR Mining, Inc. (USD) * | 12,986,688 | ||||||
| 1,169,800 | TMAC Resources, Inc. Reg S * | 3,920,377 | ||||||
| 1,213,086 | Wheaton Precious Metals Corp. (USD) | 31,831,377 | ||||||
| 5,807,109 | Yamana Gold, Inc. (USD) | 18,466,607 | ||||||
| 466,941,222 | ||||||||
| Mexico: 1.2% | ||||||||
| 965,351 | Fresnillo Plc (GBP) # | 8,121,263 | ||||||
| Monaco: 0.6% | ||||||||
| 211,079 | Endeavour Mining Corp. (CAD) * | 4,034,057 | ||||||
| South Africa: 1.6% | ||||||||
| 431,900 | AngloGold Ashanti Ltd. (ADR) | 7,890,813 | ||||||
| 723,800 | Gold Fields Ltd. (ADR) | 3,561,096 | ||||||
| 11,451,909 | ||||||||
| United States: 7.2% | ||||||||
| 2,160,000 | Argonaut Gold, Inc. ø | 3,423,784 | ||||||
| 1,622,475 | Argonaut Gold, Inc. (CAD) * | 2,571,761 | ||||||
| 901,876 | Newmont Mining Corp. | 34,199,138 | ||||||
| 86,300 | Royal Gold, Inc. | 10,633,023 | ||||||
| 50,827,706 | ||||||||
| Total Common Stocks (Cost: $423,734,856) |
693,904,301 | |||||||
| WARRANTS: 0.3% | ||||||||
| Canada: 0.3% | ||||||||
| 2,072,000 | Alio Gold, Inc. (CAD 3.44, expiring 01/22/20) * # | 0 | ||||||
| 1,503,000 | Allegiant Gold Ltd. (CAD 1.20, expiring 01/30/20) * # ø | 0 | ||||||
| 2,872,000 | Bonterra Resources, Inc. (CAD 5.60, expiring 12/28/19) * # | 0 | ||||||
| 352,000 | Bonterra Resources, Inc. (CAD 3.10, expiring 08/20/21) * # ø | 95,649 | ||||||
| 938,434 | Leagold Mining Corp. (CAD 3.70, expiring 05/24/20) * # | 90,312 | ||||||
| 10,822,000 | Liberty Gold Corp. (CAD 0.60, expiring 10/02/21) * # | 1,654,116 | ||||||
| 1,975,000 | Probe Metals, Inc. (CAD 1.45, expiring 06/19/20) * # | 156,527 | ||||||
| 5,058,500 | Pure Gold Mining, Inc. (CAD 0.85, expiring 05/24/20) * # | 114,545 | ||||||
| 3,172,500 | Pure Gold Mining, Inc. (CAD 0.85, expiring 07/18/22) * # ø | 287,353 | ||||||
| Total Warrants (Cost: $1,769,861) |
2,398,502 | |||||||
| MONEY MARKET FUND: 1.8% (Cost: $12,586,620) |
||||||||
| 12,586,620 | Invesco Treasury Portfolio - Institutional Class | 12,586,620 | ||||||
| Total Investments: 100.3% (Cost: $438,091,337) |
708,889,423 | |||||||
| Liabilities in excess of other assets: (0.3)% | (1,880,589 | ) | ||||||
| NET ASSETS: 100.0% | $ | 707,008,834 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| USD | United States Dollar |
Footnotes:
| (a) | Units – each unit consists of one common share of capital and one-half of one warrant of Marathon Gold Corp. |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $156,890,834 which represents 22.2% of net assets. |
| ø | Restricted Security - the aggregate value of restricted securities is $14,106,122, or 2.0% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
Restricted securities held by the Fund as of September 30, 2019 are as follows:
| Security | Acquisition Date |
Number of Shares | Acquisition Cost | Value | % of Net Assets | |||||||||||||||
| Allegiant Gold Ltd. | 11/20/2017 | 1,503,000 | $ | 711,395 | $ | 107,775 | 0.0 | % | ||||||||||||
| Allegiant Gold Ltd. Warrants | 11/20/2017 | 1,503,000 | - | 0 | 0.0 | |||||||||||||||
| Argonaut Gold, Inc. | 11/13/2009 | 2,160,000 | 10,383,442 | 3,423,784 | 0.5 | |||||||||||||||
| Bear Creek Mining Corp. | 08/15/2005 | 948,000 | 2,865,287 | 1,422,000 | 0.2 | |||||||||||||||
| Bonterra Resources, Inc. | 08/16/2019 | 704,000 | 1,182,130 | 1,081,344 | 0.2 | |||||||||||||||
| Bonterra Resources, Inc. Warrants | 08/16/2019 | 352,000 | 144,120 | 95,649 | 0.0 | |||||||||||||||
| Eastmain Resources, Inc. | 06/13/2008 | 1,839,000 | 2,503,501 | 165,510 | 0.0 | |||||||||||||||
| Liberty Gold Corp. | 09/06/2019 | 3,166,000 | 1,320,918 | 1,505,657 | 0.2 | |||||||||||||||
| Marathon Gold Corp. (a) | 09/26/2019 | 3,509,000 | 3,489,175 | 3,367,988 | 0.5 | |||||||||||||||
| Pure Gold Mining, Inc. | 07/08/2019 | 6,345,000 | 2,363,657 | 2,649,062 | 0.4 | |||||||||||||||
| Pure Gold Mining, Inc. Warrants | 07/08/2019 | 3,172,500 | 301,291 | 287,353 | 0.0 | |||||||||||||||
| $ | 25,264,916 | $ | 14,106,122 | 2.0 | % | |||||||||||||||
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Diversified Metals & Mining | 0.6 | % | $ | 4,396,314 | ||||
| Gold | 89.6 | 635,038,858 | ||||||
| Precious Metals & Minerals | 3.5 | 25,036,254 | ||||||
| Silver | 4.5 | 31,831,377 | ||||||
| Money Market Fund | 1.8 | 12,586,620 | ||||||
| 100.0 | % | $ | 708,889,423 | |||||
A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2019 is set forth below:
| Affiliates | Value 12/31/18 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 09/30/19 | |||||||||||||||||||||
| Bonterra Resources, Inc. | $ | 4,717,720 | $ | 2,185,066 | $ | (619,830 | ) | $ | (660,553 | ) | $ | — | $ | (629,531 | ) | $ | — | (a) | ||||||||||
| Cardinal Resources Ltd. | 6,016,746 | 97,305 | (133,883 | ) | (86,269 | ) | — | (250,705 | ) | — | (a) | |||||||||||||||||
| Corvus Gold, Inc. | 13,494,316 | 195,918 | (827,695 | ) | 109,115 | — | (2,041,033 | ) | 10,930,621 | |||||||||||||||||||
| Liberty Gold Corp. | 4,661,299 | 138,316 | (726,883 | ) | (559,776 | ) | — | 6,131,485 | 9,644,441 | |||||||||||||||||||
| Liberty Gold Corp. Warrant | 297,264 | — | — | — | — | 1,356,852 | — | (a) | ||||||||||||||||||||
| Rio2 Ltd. | 3,335,689 | 66,989 | (305,615 | ) | (652,020 | ) | — | 410,823 | — | (a) | ||||||||||||||||||
| $ | 32,523,034 | $ | 2,683,594 | $ | (2,613,906 | ) | $ | (1,849,503 | ) | $ | — | $ | 4,977,891 | $ | 20,575,062 | |||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
VANECK MORNINGSTAR WIDE MOAT FUND
SCHEDULE OF INVESTMENTS
September 30, 2019 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.6% | ||||||||
| Automobiles & Components: 1.2% | ||||||||
| 2,501 | Harley-Davidson, Inc. | $ | 89,961 | |||||
| Banks: 2.6% | ||||||||
| 3,919 | Wells Fargo & Co. | 197,674 | ||||||
| Capital Goods: 11.2% | ||||||||
| 1,399 | Caterpillar, Inc. | 176,708 | ||||||
| 2,876 | Emerson Electric Co. | 192,289 | ||||||
| 1,029 | General Dynamics Corp. | 188,029 | ||||||
| 504 | Raytheon Co. | 98,880 | ||||||
| 1,415 | United Technologies Corp. | 193,176 | ||||||
| 849,082 | ||||||||
| Consumer Durables & Apparel: 5.1% | ||||||||
| 2,188 | NIKE, Inc. | 205,497 | ||||||
| 2,058 | Polaris Industries, Inc. | 181,125 | ||||||
| 386,622 | ||||||||
| Consumer Services: 2.5% | ||||||||
| 386 | Domino's Pizza, Inc. | 94,412 | ||||||
| 458 | McDonald's Corp. | 98,337 | ||||||
| 192,749 | ||||||||
| Diversified Financials: 9.9% | ||||||||
| 456 | Berkshire Hathaway, Inc. * | 94,857 | ||||||
| 418 | BlackRock, Inc. | 186,278 | ||||||
| 3,236 | State Street Corp. | 191,539 | ||||||
| 837 | T Rowe Price Group, Inc. | 95,627 | ||||||
| 4,482 | The Charles Schwab Corp. | 187,482 | ||||||
| 755,783 | ||||||||
| Energy: 4.6% | ||||||||
| 2,856 | Cheniere Energy, Inc. * | 180,099 | ||||||
| 3,676 | Core Laboratories NV | 171,375 | ||||||
| 351,474 | ||||||||
| Food, Beverage & Tobacco: 8.9% | ||||||||
| 2,152 | Altria Group, Inc. | 88,017 | ||||||
| 2,234 | Campbell Soup Co. | 104,819 | ||||||
| 1,726 | General Mills, Inc. | 95,137 | ||||||
| 3,149 | Kellogg Co. | 202,638 | ||||||
| 2,440 | Philip Morris International, Inc. | 185,269 | ||||||
| 675,880 | ||||||||
| Health Care Equipment & Services: 10.0% | ||||||||
| 1,408 | Cerner Corp. | 95,983 | ||||||
| 1,806 | Medtronic Plc | 196,168 | ||||||
| 774 | UnitedHealth Group, Inc. | 168,206 | ||||||
| 673 | Veeva Systems, Inc. * | 102,760 | ||||||
| 1,457 | Zimmer Biomet Holdings, Inc. | 200,002 | ||||||
| 763,119 | ||||||||
| Materials: 2.4% | ||||||||
| 3,263 | Compass Minerals International, Inc. | 184,327 | ||||||
| Media & Entertainment: 6.1% | ||||||||
| 81 | Alphabet, Inc. * | 98,912 | ||||||
| 2,124 | Comcast Corp. | 95,750 | ||||||
| 988 | Facebook, Inc. * | 175,943 | ||||||
| 2,076 | John Wiley & Sons, Inc. | 91,220 | ||||||
| 461,825 | ||||||||
| Pharmaceuticals & Biotechnology: 12.2% | ||||||||
| 988 | Amgen, Inc. | 191,188 | ||||||
| 790 | Biogen, Inc. * | 183,928 | ||||||
| 3,802 | Bristol-Myers Squibb Co. | 192,799 | ||||||
| 2,726 | Gilead Sciences, Inc. | 172,774 | ||||||
| 1,161 | Merck & Co., Inc. | 97,733 | ||||||
| 2,572 | Pfizer, Inc. | 92,412 | ||||||
| 930,834 | ||||||||
| Retailing: 2.3% | ||||||||
| 101 | Amazon.com, Inc. * | 175,327 | ||||||
| Semiconductor: 8.1% | ||||||||
| 2,094 | Applied Materials, Inc. | 104,491 | ||||||
| 3,735 | Intel Corp. | 192,465 | ||||||
| 801 | KLA-Tencor Corp. | 127,720 | ||||||
| 2,062 | Microchip Technology, Inc. | 191,580 | ||||||
| 616,256 | ||||||||
| Software & Services: 10.0% | ||||||||
| 1,098 | Blackbaud, Inc. | 99,193 | ||||||
| 1,777 | Guidewire Software, Inc. * | 187,260 | ||||||
| 707 | Microsoft Corp. | 98,294 | ||||||
| 1,197 | Salesforce.com, Inc. * | 177,683 | ||||||
| 379 | ServiceNow, Inc. * | 96,209 | ||||||
| 4,500 | The Western Union Co. | 104,265 | ||||||
| 762,904 | ||||||||
| Utilities: 2.5% | ||||||||
| 2,385 | Dominion Energy, Inc. | 193,280 | ||||||
Total Common Stocks (Cost: $7,048,524) | 7,587,097 | |||||||
| MONEY MARKET FUND: 0.7% (Cost: $58,377) | ||||||||
| 58,377 | Invesco Treasury Portfolio - Institutional Class | 58,377 | ||||||
Total Investments: 100.3% (Cost: $7,106,901) | 7,645,474 | |||||||
| Liabilities in excess of other assets: (0.3)% | (26,113 | ) | ||||||
| NET ASSETS: 100.0% | $ | 7,619,361 | ||||||
Footnotes:
| * | Non-income producing |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Communication Services | 6.0 | % | $ | 461,825 | ||||
| Consumer Discretionary | 11.1 | 844,659 | ||||||
| Consumer Staples | 8.8 | 675,880 | ||||||
| Energy | 4.6 | 351,474 | ||||||
| Financials | 12.5 | 953,457 | ||||||
| Health Care | 22.2 | 1,693,953 | ||||||
| Industrials | 11.1 | 849,082 | ||||||
| Information Technology | 18.0 | 1,379,160 | ||||||
| Materials | 2.4 | 184,327 | ||||||
| Utilities | 2.5 | 193,280 | ||||||
| Money Market Fund | 0.8 | 58,377 | ||||||
| 100.0 | % | $ | 7,645,474 | |||||
VANECK NDR MANAGED ALLOCATION FUND
SCHEDULE OF INVESTMENTS
September 30, 2019 (unaudited)
| Number of Shares | Value | |||||||
| EXCHANGE TRADED FUNDS: 100.4% (a) | ||||||||
| 91,861 | iShares Barclays Aggregate Bond Fund | $ | 10,395,909 | |||||
| 11,248 | iShares MSCI Canada ETF | 325,067 | ||||||
| 33,146 | iShares MSCI Eurozone ETF | 1,289,048 | ||||||
| 15,378 | iShares MSCI Pacific ex Japan ETF | 687,858 | ||||||
| 3,343 | iShares MSCI South Korea Capped ETF | 188,345 | ||||||
| 8,743 | iShares MSCI Switzerland Capped ETF | 329,611 | ||||||
| 6,135 | iShares MSCI United Kingdom ETF | 192,823 | ||||||
| 48,384 | iShares Russell 1000 Growth Index Fund | 7,723,538 | ||||||
| 33,258 | iShares Russell 1000 Value ETF | 4,265,671 | ||||||
| 5,669 | iShares Russell 2000 Growth ETF | 1,092,586 | ||||||
| 5,171 | iShares Russell 2000 Value ETF | 617,469 | ||||||
| 24,308 | JPMorgan BetaBuilders Japan ETF | 577,072 | ||||||
| 34,083 | Vanguard FTSE Emerging Markets ETF | 1,372,182 | ||||||
| 123,109 | Vanguard Total Bond Market ETF | 10,394,093 | ||||||
| Total Exchange Traded Funds (Cost: $36,350,883) | 39,451,272 | |||||||
| Liabilities in excess of other assets: (0.4)% | (139,060 | ) | ||||||
| NET ASSETS: 100.0% | $ | 39,312,212 | ||||||
Footnotes:
| (a) | Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www.sec.gov/ |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Exchange Traded Funds | 100.0 | % | $ | 39,451,272 | ||||
UNCONSTRAINED EMERGING MARKETS BOND FUND
SCHEDULE OF INVESTMENTS
September 30, 2019 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 42.9% | ||||||||
| Argentina: 2.4% | ||||||||
| USD | 362,000 | Cia General de Combustibles SA Reg S | ||||||
| 9.50%, 11/07/21 | $ | 276,025 | ||||||
| 53,000 | IRSA Inversiones y Representaciones SA Reg S | |||||||
| 11.50%, 07/20/20 | 47,170 | |||||||
| 180,000 | IRSA Propiedades Comerciales SA Reg S | |||||||
| 8.75%, 03/23/23 | 140,850 | |||||||
| 176,000 | Pan American Energy LLC Reg S | |||||||
| 7.88%, 05/07/21 | 176,880 | |||||||
| 640,925 | ||||||||
| Austria: 1.3% | ||||||||
| 331,000 | JBS Investments II GmbH 144A | |||||||
| 5.75%, 01/15/28 | 345,481 | |||||||
| Bermuda: 0.5% | ||||||||
| 140,000 | Cosan Ltd. 144A | |||||||
| 5.50%, 09/20/29 | 143,955 | |||||||
| Brazil: 1.2% | ||||||||
| 317,000 | Globo Comunicacao e Participacoes SA Reg S | |||||||
| 4.84%, 06/08/25 | 330,473 | |||||||
| Cayman Islands: 2.0% | ||||||||
| 214,000 | Latam Finance Ltd. 144A | |||||||
| 7.00%, 03/01/26 | 228,447 | |||||||
| 304,000 | NagaCorp. Ltd. 144A | |||||||
| 9.38%, 05/21/21 | 321,720 | |||||||
| 550,167 | ||||||||
| China / Hong Kong: 1.1% | ||||||||
| 305,000 | Agile Group Holdings Ltd. Reg S | |||||||
| 6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (o) | 297,615 | |||||||
| Georgia: 1.3% | ||||||||
| 333,000 | TBC Bank JSC 144A | |||||||
| 5.75%, 06/19/24 | 336,330 | |||||||
| Indonesia: 2.4% | ||||||||
| 316,000 | Bukit Makmur Mandiri Utama PT Reg S | |||||||
| 7.75%, 02/13/22 | 323,096 | |||||||
| 333,000 | Chandra Asri Petrochemical Tbk PT Reg S | |||||||
| 4.95%, 11/08/24 | 325,412 | |||||||
| 648,508 | ||||||||
| Ireland: 3.2% | ||||||||
| 300,000 | Aragvi Finance International DAC 144A | |||||||
| 12.00%, 04/09/24 | 314,625 | |||||||
| 302,000 | Eurotorg LLC via Bonitron DAC 144A | |||||||
| 8.75%, 10/30/22 | 324,122 | |||||||
| 227,000 | Oilflow SPV 1 DAC Reg S | |||||||
| 12.00%, 01/13/22 | 236,647 | |||||||
| 875,394 | ||||||||
| Luxembourg: 6.6% | ||||||||
| 312,000 | CSN Resources SA 144A | |||||||
| 7.63%, 04/17/26 | 324,516 | |||||||
| 315,000 | Minerva Luxembourg SA Reg S | |||||||
| 6.50%, 09/20/26 | 328,844 | |||||||
| 246,000 | Nexa Resources SA Reg S | |||||||
| 5.38%, 05/04/27 | 261,529 | |||||||
| 369,000 | Puma International Financing SA Reg S | |||||||
| 5.00%, 01/24/26 | 349,608 | |||||||
| 182,000 | Topaz Marine SA 144A | |||||||
| 9.13%, 07/26/22 | 190,303 | |||||||
| 333,000 | Usiminas International Sarl 144A | |||||||
| 5.88%, 07/18/26 | 336,646 | |||||||
| 1,791,446 | ||||||||
| Mexico: 0.0% | ||||||||
| 380,000 | Corp. GEO SAB de CV Reg S | |||||||
| 9.25%, 06/30/20 (d) * | 15 | |||||||
| Mongolia: 1.1% | ||||||||
| 315,000 | Mongolian Mining Corp./Energy Resources LLC 144A | |||||||
| 9.25%, 04/15/24 | 299,311 | |||||||
| Netherlands: 6.6% | ||||||||
| IHS Netherlands Holdco BV 144A | ||||||||
| 86,000 | 7.13%, 03/18/25 | 87,613 | ||||||
| 255,000 | 8.00%, 09/18/27 | 261,056 | ||||||
| 325,000 | Mong Duong Finance Holdings BV 144A | |||||||
| 5.13%, 05/07/29 | 332,549 | |||||||
| 216,000 | MV24 Capital BV 144A | |||||||
| 6.75%, 06/01/34 | 223,355 | |||||||
| Petrobras Global Finance BV | ||||||||
| 143,000 | 6.85%, 06/05/15 | 164,021 | ||||||
| 635,000 | 6.90%, 03/19/49 | 729,615 | ||||||
| 1,798,209 | ||||||||
| Nigeria: 1.2% | ||||||||
| 301,000 | Seplat Petroleum Development Co. Plc 144A | |||||||
| 9.25%, 04/01/23 | 316,201 | |||||||
| Norway: 1.1% | ||||||||
| 300,000 | DNO ASA Reg S 144A | |||||||
| 8.75%, 05/31/23 | 306,164 | |||||||
| Singapore: 3.4% | ||||||||
| 153,453 | Eterna Capital Pte Ltd. | |||||||
| 8.00% 12/11/22 | 110,640 | |||||||
| 140,892 | Eterna Capital Pte Ltd. Reg S | |||||||
| 6.00% 12/11/22 | 126,861 | |||||||
| 344,000 | Indika Energy Capital III Pte Ltd. Reg S | |||||||
| 5.88%, 11/09/24 | 336,419 | |||||||
| 55,943 | Innovate Capital Pte Ltd. Reg S | |||||||
| 6.00% 12/11/24 | 24,475 | |||||||
| 309,000 | Medco Oak Tree Pte Ltd. 144A | |||||||
| 7.38%, 05/14/26 | 312,631 | |||||||
| 911,026 | ||||||||
| United Arab Emirates: 2.0% | ||||||||
| 530,000 | ADES International Holding Plc 144A | |||||||
| 8.63%, 04/24/24 | 529,337 | |||||||
| United Kingdom: 1.9% | ||||||||
| 160,000 | Tullow Oil Plc 144A | |||||||
| 7.00%, 03/01/25 | 163,040 | |||||||
| 61,000 | Tullow Oil Plc Reg S | |||||||
| 7.00%, 03/01/25 | 62,159 | |||||||
| 298,000 | Vedanta Resources Finance II Plc 144A | |||||||
| 9.25%, 04/23/26 | 297,330 | |||||||
| 522,529 | ||||||||
| United States: 3.6% | ||||||||
| 324,000 | Azul Investments LLP Reg S | |||||||
| 5.88%, 10/26/24 | 324,405 | |||||||
| 326,000 | Gran Tierra Energy, Inc. 144A | |||||||
| 7.75%, 05/23/27 | 307,255 | |||||||
| 324,000 | NBM US Holdings, Inc. 144A | |||||||
| 6.63%, 08/06/29 | 332,505 | |||||||
| 964,165 | ||||||||
| Total Corporate Bonds (Cost: $11,556,170) | 11,607,251 | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS: 50.1% | ||||||||
| Argentina: 7.4% | ||||||||
| Argentine Republic Government International Bonds | ||||||||
| 1,633,000 | 5.63%, 01/26/22 | 710,371 | ||||||
| 1,716,000 | 6.88%, 04/22/21 | 851,582 | ||||||
| 976,000 | 7.50%, 04/22/26 | 430,670 | ||||||
| 499 | Provincia de Buenos Aires Reg S | |||||||
| 4.00%, 05/15/35 (s) | 167 | |||||||
| 1,992,790 | ||||||||
| Armenia: 0.8% | ||||||||
| 222,000 | Republic of Armenia International Bond 144A | |||||||
| 3.95%, 09/26/29 | 217,891 | |||||||
| Belarus: 4.9% | ||||||||
| Development Bank of the Republic of Belarus JSC 144A | ||||||||
| 82,000 | 6.75%, 05/02/24 | 85,357 | ||||||
| BYN | 400,000 | 12.00%, 05/15/22 | 192,615 | |||||
| USD | 408,000 | Republic of Belarus International Bond 144A | ||||||
| 6.20%, 02/28/30 | 430,775 | |||||||
| 581,000 | Republic of Belarus International Bond Reg S | |||||||
| 6.88%, 02/28/23 | 622,538 | |||||||
| 1,331,285 | ||||||||
| Dominican Republic: 2.2% | ||||||||
| DOP | 7,700,000 | Dominican Republic International Bond 144A | ||||||
| 9.75%, 06/05/26 | 152,070 | |||||||
| 22,350,000 | Dominican Republic International Bond Reg S | |||||||
| 8.90%, 02/15/23 | 432,368 | |||||||
| 584,438 | ||||||||
| El Salvador: 6.3% | ||||||||
| El Salvador Government International Bonds Reg S | ||||||||
| USD | 151,000 | 5.88%, 01/30/25 | 155,909 | |||||
| 524,000 | 7.65%, 06/15/35 | 564,615 | ||||||
| 358,000 | 8.25%, 04/10/32 | 409,466 | ||||||
| 488,000 | 8.63%, 02/28/29 | 569,745 | ||||||
| 1,699,735 | ||||||||
| Ghana: 2.5% | ||||||||
| 636,000 | Ghana Government International Bond Reg S | |||||||
| 8.13%, 01/18/26 | 674,725 | |||||||
| Indonesia: 4.8% | ||||||||
| Indonesia Treasury Bonds | ||||||||
| IDR | 12,443,000,000 | 8.25%, 05/15/29 | 937,788 | |||||
| 4,862,000,000 | 8.38%, 03/15/34 | 363,032 | ||||||
| 1,300,820 | ||||||||
| Mexico: 4.9% | ||||||||
| Petroleos Mexicanos | ||||||||
| USD | 965,000 | 6.63%, 06/15/35 | 947,871 | |||||
| MXN | 6,090,000 | 7.47%, 11/12/26 | 257,685 | |||||
| Petroleos Mexicanos 144A | ||||||||
| USD | 86,000 | 6.49%, 01/23/27 | 89,814 | |||||
| 43,000 | 7.69%, 01/23/50 | 44,935 | ||||||
| 1,340,305 | ||||||||
| Nigeria: 4.1% | ||||||||
| 254,000 | Nigeria Government International Bond 144A | |||||||
| 7.63%, 11/21/25 | 279,454 | |||||||
| 790,000 | Nigeria Government International Bond Reg S | |||||||
| 7.88%, 02/16/32 | 833,821 | |||||||
| 1,113,275 | ||||||||
| Peru: 5.0% | ||||||||
| Peru Government Bonds Reg S 144A | ||||||||
| PEN | 688,000 | 5.94%, 02/12/29 | 231,637 | |||||
| 1,754,000 | 6.15%, 08/12/32 (a) | 596,684 | ||||||
| 182,000 | Peru Government International Bond 144A | |||||||
| 5.40%, 08/12/34 | 57,702 | |||||||
| 1,301,000 | Peru Government International Bond Reg S | |||||||
| 6.90%, 08/12/37 | 472,735 | |||||||
| 1,358,758 | ||||||||
| Ukraine: 5.4% | ||||||||
| UAH | 11,526,000 | Ukraine Government Bond | ||||||
| 17.00%, 05/11/22 | 494,272 | |||||||
| USD | 109,000 | Ukraine Government International Bond 144A | ||||||
| 7.38%, 09/25/32 | 109,820 | |||||||
| Ukraine Government International Bond Reg S | ||||||||
| 387,000 | 0.00%, 05/31/40 (s) | 362,860 | ||||||
| 500,000 | 7.38%, 09/25/32 | 503,763 | ||||||
| 1,470,715 | ||||||||
| United Kingdom: 1.8% | ||||||||
| UAH | 11,900,000 | Ukreximbank Via Biz Finance Plc Reg S | ||||||
| 16.50%, 03/02/21 | 492,490 | |||||||
| Total Foreign Government Obligations (Cost: $13,878,156) | 13,577,227 | |||||||
| Number Of Shares | ||||||||
| COMMON STOCK: 0.0% | ||||||||
| Mexico: 0.0% (Cost: $0) | ||||||||
| 10,247 | Corp. GEO SAB de CV * # ∞ | 0 | ||||||
| MONEY MARKET FUND: 16.1% (Cost: $4,354,550) | ||||||||
| 4,354,550 | Invesco Treasury Portfolio - Institutional Class | |||||||
| 4,354,550 | ||||||||
| Total Investments: 109.1% (Cost: $29,788,876) | 29,539,028 | |||||||
| Liabilities in excess of other assets: (9.1)% | (2,465,934 | ) | ||||||
| NET ASSETS: 100.0% | $ | 27,073,094 | ||||||
Definitions:
| BYN | Belarusian Ruble |
| DOP | Dominican Peso |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| PEN | Peruvian Nuevo Sol |
| UAH | Ukrainian Hryvnia |
| USD | United States Dollar |
Footnotes:
| (a) | All or a portion of these securities are segregated for foreign forward currency contracts. |
| (d) | Security in default of coupon payment |
| (o) | Perpetual Maturity - the date shown is the next call date. |
| (s) | Step Bond - the rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule. |
| * | Non-income producing |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $0 which represents 0.0% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $9,123,246, or 33.7% of net assets. |
Schedule of Open Forward Foreign Currency Contracts – September 30, 2019
| Counterparty | Currency to be sold | Currency to be purchased | Settlement Dates | Unrealized Appreciation | ||||||||||
| State Street Bank And Trust Company | ZAR | 5,153,473 | USD | 342,414 | 10/18/2019 | $ | 2,850 | |||||||
| State Street Bank And Trust Company | ZAR | 3,493,135 | USD | 237,038 | 10/18/2019 | 6,874 | ||||||||
| State Street Bank And Trust Company | ZAR | 3,487,811 | USD | 237,717 | 10/18/2019 | 7,904 | ||||||||
| Net unrealized appreciation on forward foreign currency contracts | $ | 17,628 | ||||||||||||
Definitions:
| USD | United States Dollar |
| ZAR | South African Rand |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Basic Materials | 6.3 | % | $ | 1,868,529 | ||||
| Communications | 1.1 | 330,473 | ||||||
| Consumer, Cyclical | 4.1 | 1,198,694 | ||||||
| Consumer, Non-cyclical | 3.9 | 1,150,785 | ||||||
| Energy | 15.2 | 4,477,578 | ||||||
| Financial | 4.6 | 1,373,237 | ||||||
| Government | 46.0 | 13,577,227 | ||||||
| Industrial | 3.0 | 875,406 | ||||||
| Utilities | 1.1 | 332,549 | ||||||
| Money Market Fund | 14.7 | 4,354,550 | ||||||
| 100.0 | % | $ | 29,539,028 | |||||