NPORT-EX 2 c94541_nportex_hehoojdv.HTM

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 
USD408,000   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%     
DOP7,700,000   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     
USD151,000   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     
IDR12,443,000,000   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     
USD965,000   6.63%, 06/15/35   947,871 
MXN 6,090,000   7.47%, 11/12/26   257,685 
     Petroleos Mexicanos 144A     
USD86,000   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%     
UAH11,526,000   Ukraine Government Bond     
     17.00%, 05/11/22   494,272 
USD109,000   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%     
UAH11,900,000   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