0001752724-20-101466.txt : 20200522 0001752724-20-101466.hdr.sgml : 20200522 20200522151200 ACCESSION NUMBER: 0001752724-20-101466 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200522 PERIOD START: 20201231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VanEck Funds CENTRAL INDEX KEY: 0000768847 IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-04297 FILM NUMBER: 20905486 BUSINESS ADDRESS: STREET 1: 666 THIRD AVENUE, 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-293-2000 MAIL ADDRESS: STREET 1: 666 THIRD AVENUE, 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: VAN ECK FUNDS DATE OF NAME CHANGE: 19920703 0000768847 S000053755 VanEck NDR Managed Allocation Fund C000168968 Class A NDRMX C000168969 Class I NDRUX C000168970 Class Y NDRYX NPORT-P 1 primary_doc.xml NPORT-P false 0000768847 XXXXXXXX S000053755 C000168968 C000168970 C000168969 VanEck Funds 811-04297 0000768847 549300GEIRRGSDOHI251 666 THIRD AVENUE, 9TH FLOOR NEW YORK 10017 212-293-2000 VanEck NDR Managed Allocation Fund S000053755 54930045S0ZMKP2IQY69 2020-12-31 2020-03-31 N 34411042.41 1325119.81 33085922.60 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 222541.29000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 UST Vanguard FTSE Emerging Markets ETF I9EY4HOGV0KQ5WF8MP19 Vanguard FTSE Emerging Markets ETF 922042858 31113.00000000 NS USD 1043841.15000000 3.154940433790 Long EC RF US N 1 N N N iShares Core U.S. Aggregate Bond ETF 549300F7VSXTKBGHJE47 iShares Core U.S. Aggregate Bond ETF 464287226 82999.00000000 NS USD 9575594.63000000 28.94159774767 Long EC RF US N 1 N N N iShares MSCI Eurozone ETF 549300Q88WD2SU6SPH06 iShares MSCI Eurozone ETF 464286608 35994.00000000 NS USD 1098176.94000000 3.319166744348 Long EC RF US N 1 N N iShares MSCI Pacific ex Japan ETF 549300BD232B3QSQRR65 iShares MSCI Pacific ex Japan ETF 464286665 8433.00000000 NS USD 285963.03000000 0.864304234333 Long EC RF US N 1 N N JPMorgan BetaBuilders Japan ETF 54930031HWFFLQV7A679 JPMorgan BetaBuilders Japan ETF 46641Q712 32057.00000000 NS USD 656206.79000000 1.983341368271 Long EC RF US N 1 N N N State Street Global Advisors 5493008BJIBKQ5KTIF74 State Street Navigator Securities Lending Government Money Market Portfolio 857492706 1025462.50000000 NS USD 1025462.50000000 3.099392186814 Long STIV RF US N 1 N N Short Term Investments Trust - Invesco Treasury Portfolio 5493004B3TM8ZIDDDC39 Short Term Investments Trust - Invesco Treasury Portfolio 825252406 411283.82000000 NS USD 411283.82000000 1.243077985076 Long STIV RF US N 1 N N N iShares MSCI South Korea ETF GR1QY1XUY5M0EJSI5J57 iShares MSCI South Korea ETF 464286772 2962.00000000 NS USD 138977.04000000 0.420048857878 Long EC RF US N 1 N N N iShares Russell 2000 Value ETF 549300WJAJCAZZLTQD63 iShares Russell 2000 Value ETF 464287630 4456.00000000 NS USD 365525.68000000 1.104777051010 Long EC RF US N 1 N N iShares Russell 1000 Value ETF 549300KLSYN5NN4YNM90 iShares Russell 1000 Value ETF 464287598 25440.00000000 NS USD 2523139.20000000 7.626020378830 Long EC RF US N 1 N N Vanguard Total Bond Market ETF CIJB0QNLPT2SSWMJ5W92 Vanguard Total Bond Market ETF 921937835 111148.00000000 NS USD 9486481.80000000 28.67226014728 Long EC RF US N 1 N N N iShares Russell 1000 Growth ETF 549300H1KWQVEKI25E14 iShares Russell 1000 Growth ETF 464287614 40519.00000000 NS USD 6104187.35000000 18.44950018108 Long EC RF US N 1 N N N iShares MSCI United Kingdom ETF 549300D5PVRLB9ULJS58 iShares MSCI United Kingdom ETF 46435G334 19144.00000000 NS USD 457158.72000000 1.381731818474 Long EC RF US N 1 N N N iShares MSCI Switzerland ETF 549300WB2EJ9RDFN4R78 iShares MSCI Switzerland ETF 464286749 9321.00000000 NS USD 329590.56000000 0.996165541413 Long EC RF US N 1 N N iShares Russell 2000 Growth ETF 549300CPJOUVKWJGSH44 iShares Russell 2000 Growth ETF 464287648 5585.00000000 NS USD 883379.45000000 2.669955620339 Long EC RF US N 1 N N 2020-05-04 VanEck Funds James Parker James Parker Assistant Treasurer XXXX NPORT-EX 2 NPORT_5854786043064622.htm

CM COMMODITY INDEX FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

 

Principal
 Amount		      Value 
SHORT-TERM INVESTMENTS: 104.1%
United States Treasury Obligations: 96.6%
     United States Treasury Bills     
$10,000,000   0.08% 07/02/20  $9,998,083 
 200,000   0.48% 05/05/20 (a)   199,909 
 41,500,000   1.50% 04/09/20 (a) †   41,484,967 
 44,000,000   1.52% 04/02/20 †   43,998,149 
 45,000,000   1.53% 06/11/20 (a) †   44,992,767 
 55,000,000   1.53% 05/21/20 (a) †   54,883,125 
 7,000,000   1.53% 05/28/20 (a)   6,983,042 
 30,000,000   1.54% 05/07/20 (a) †   29,953,860 
 10,000,000   1.55% 05/14/20 (a)   9,981,546 
 40,000,000   1.57% 06/25/20 (a)   39,994,664 
 50,000,000   1.60% 04/16/20 (a) †   49,966,666 
         332,436,778 
         
Number
of Shares		        
Money Market Fund: 7.5%
 25,720,859   Invesco Treasury Portfolio - Institutional Class   25,720,859 
Total Short-Term Investments
(Cost: $357,886,481)		   358,157,637 
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
(Cost: $507,991)
Money Market Fund: 0.1%
 507,991   State Street Navigator Securities Lending Government Money Market Portfolio   507,991 
Total Investments: 104.2%
(Cost: $358,394,472)		   358,665,628 
Liabilities in excess of other assets: (4.2)%   (14,615,015)
NET ASSETS: 100.0%  $344,050,613 

 

Total Return Swap Contracts

 

Long Exposure

 

Counterparty  Referenced Obligation  Notional
Amount		   Rate paid
by the Fund
(b)		   Payment
Frequency		  Termination
Date		  Unrealized
Depreciation		   % of Net
Assets
UBS  UBS Bloomberg Constant Maturity Commodity Index Total Return  $349,655,000    0.42%  Monthly  04/08/20  $(4,765,744)   (1.4)%
                            
Footnotes:
(a) All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $62,633,013.
(b) The rate shown reflects the rate in effect at the reporting period: 3-Month T-Bill rate + 042%.
† Security fully or partially on loan. Total market value of securities on loan is $95,900,139.
   
Summary of Investments by Sector
Excluding Collateral for Securities Loaned		  % of
Investments		  Value 
Government   92.8%            $332,436,778 
Money Market Fund   7.2    25,720,859 
    100.0%  $358,157,637 

 

EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

 

Number
 of Shares		         Value  
COMMON STOCKS: 95.9%
Brazil: 3.8%
  4,861,300     Fleury SA   $ 18,935,877  
  7,545,400     International Meal Co. Alimentacao SA     3,978,830  
  4,351,000     IRB Brasil Resseguros SA     8,105,633  
  38,100     Locaweb Servicos de Internet SA Reg S 144A *     131,984  
  8,149,700     Movida Participacoes SA     12,688,569  
  5,108,000     Rumo SA *     19,316,834  
              63,157,727  
China / Hong Kong: 42.1%
  667,400     Alibaba Group Holding Ltd. (ADR) *     129,795,952  
  14,021,000     A-Living Services Co. Ltd. Reg S 144A #     67,242,059  
  2,001,000     Anta Sports Products Ltd. #     14,520,653  
  167,000     Baozun, Inc. (ADR) * †     4,665,980  
  136,000     BeiGene Ltd. (ADR) *     16,742,960  
  8,365,994     China Animal Healthcare Ltd. * # ∞     153,178  
  4,310,000     China Conch Venture Holdings Ltd. #     19,114,827  
  18,284,000     China Education Group Holdings Ltd. Reg S † #     25,303,233  
  32,755,000     Fu Shou Yuan International Group Ltd. #     28,629,300  
  1,126,000     Galaxy Entertainment Group Ltd. #     5,930,439  
  606,100     GDS Holdings Ltd. (ADR) *     35,135,617  
  997,000     HUYA, Inc. (ADR) * †     16,899,150  
  656,000     Jinxin Fertility Group Ltd. Reg S 144A *     727,690  
  62,796     Kweichow Moutai Co. Ltd.  #     9,758,969  
  963,000     Meituan Dianping Reg S * #     11,480,159  
  187,000     New Oriental Education & Technology Group, Inc. (ADR) *     20,240,880  
  8,067,994     Ping An Bank Co. Ltd. #     14,432,803  
  2,615,000     Ping An Healthcare and Technology Co. Ltd. Reg S 144A * † #     24,078,542  
  8,566,000     Ping An Insurance Group Co. of China Ltd. #     83,657,742  
  1,517,000     Shenzhou International Group Holdings Ltd. #     15,913,423  
  2,147,500     Tencent Holdings Ltd. #     106,145,758  
  907,000     Tencent Music Entertainment Group (ADR) *     9,124,420  
  8,150,000     Topsports International Holdings Ltd. Reg S 144A #     8,447,266  
  2,219,000     Wuxi Biologics Cayman, Inc. Reg S 144A * #     28,329,592  
  369,973     Yifeng Pharmacy Chain Co. Ltd. #     4,835,806  
              701,306,398  
Egypt: 2.4%
  36,987,115     Cleopatra Hospital *     10,809,449  
  6,163,312     Commercial International Bank Egypt SAE #     22,752,247  
  14,870,278     Juhayna Food Industries #     5,675,592  
              39,237,288  
Georgia: 1.0%
  1,072,197     Bank of Georgia Group Plc (GBP) #     12,170,202  
  815,197     Georgia Capital Plc (GBP) * #     4,318,710  
              16,488,912  
Germany: 1.5%
  350,000     Delivery Hero SE Reg S 144A * #     25,733,422  
Hungary: 0.8%
  442,000     OTP Bank Nyrt #     12,678,461  
India: 9.1%
  3,290,007     Bandhan Bank Ltd. Reg S 144A #     8,813,826  
  6,675,000     Cholamandalam Investment and Finance Co. Ltd. #     13,335,989  
  3,057,000     HDFC Bank Ltd. #     34,678,325  
  816,000     HDFC Bank Ltd. (ADR)     31,383,360  
  20,957,220     Lemon Tree Hotels Ltd. Reg S 144A *     6,163,786  
  1,585,000     Oberoi Realty Ltd. #     7,076,139  
  1,973,200     Phoenix Mills Ltd.     14,867,223  
  1,357,000     Reliance Industries Ltd. #     19,543,787  
  1,344,000     Titan Co. Ltd. #     16,576,710  
              152,439,145  
Indonesia: 1.7%
  67,375,000     Bank Rakyat Indonesia Tbk PT #     12,356,919  
  120,500,000     Bank Tabungan Pensiunan Nasional Syariah Tbk PT * #     15,687,440  
              28,044,359  
Kenya: 0.9%
  62,420,000     Safaricom Plc #     15,809,818  
Kuwait: 0.7%
  1,481,090     Human Soft Holding Co. KSC #     11,104,167  
Malaysia: 0.5%
  7,860,400     Malaysia Airports Holdings Bhd #     7,852,916  
Mexico: 2.3%
  7,626,147     Qualitas Controladora SAB de CV     19,494,132  
  5,722,000     Regional SAB de CV     15,051,230  
  4,346,900     Unifin Financiera SAB de CV SOFOM ENR     3,455,898  
              38,001,260  
Netherlands: 2.9%
  682,727     Prosus NV * #     47,805,080  
Philippines: 4.2%
  55,622,700     Ayala Land, Inc. #     32,823,221  
  166,800,000     Bloomberry Resorts Corp. #     19,624,063  
  12,263,740     International Container Terminal Services, Inc. #     17,933,540  
              70,380,824  
Russia: 2.9%
  2,411,000     Sberbank of Russia PJSC (ADR) #     22,711,193  
  750,000     Yandex NV (USD) *     25,537,500  
              48,248,693  
Saudi Arabia: 0.1%
  147,000     Leejam Sports Co. JSC #     2,034,209  
Singapore: 0.3%
  96,000     Sea Ltd. (ADR) *     4,253,760  
South Africa: 2.3%
  9,026,708     Advtech Ltd. #     3,792,214  
  142,727     Naspers Ltd. #     20,283,559  
  21,069,810     Transaction Capital Ltd. #     14,327,546  
              38,403,319  
South Korea: 3.8%
  321,000     Douzone Bizon Co. Ltd. #     21,183,355  
  32,302     Koh Young Technology, Inc. #     2,046,319  
  8,000     NCSoft Corp.     4,269,635  
  187,185     Samsung SDI Co. Ltd. #     36,443,107  
              63,942,416  
Spain: 1.3%
  1,371,379     CIE Automotive SA † #     20,979,969  
Taiwan: 3.8%
  5,600,000     Chroma ATE, Inc. #     22,827,718  
  2,053,132     Poya International Co. Ltd. #     29,072,816  
  528,000     Wiwynn Corp. #     12,140,453  
              64,040,987  
Thailand: 2.0%
  6,194,000     CP ALL PCL #     11,450,184  
  11,916,176     Srisawad Corp. PCL #     15,330,607  
  348,334     Srisawad Corp. PCL - Foreign #     448,145  
  14,565,000     Thai Beverage PCL (SGD) #     6,161,702  
              33,390,638  
Turkey: 3.0%
  3,102,147     AvivaSA Emeklilik ve Hayat AS #     6,220,590  
  9,375,392     MLP Saglik Hizmetleri AS Reg S 144A * #     18,325,804  
  10,507,140     Sok Marketler Ticaret AS * #     14,779,211  
  4,577,954     Tofas Turk Otomobil Fabrikasi AS     11,387,343  
              50,712,948  
United Arab Emirates: 0.1%
  1,239,000     NMC Health Plc (GBP) #     1,758,072  
United Kingdom: 0.9%
  8,775,508     Helios Towers Plc * #     15,088,169  
  812,346     Hirco Plc * # ∞     0  
              15,088,169  
United States: 1.3%
  2,014,000     Laureate Education, Inc. *     21,167,140  
Uruguay: 0.2%
  2,100,797     Biotoscana Investments SA (BDR) *     3,719,584  
Total Common Stocks
(Cost: $1,680,496,685)  		     1,597,779,681  
PREFERRED STOCKS: 0.8%
Brazil: 0.8%
(Cost: $21,133,115)		        
  3,064,890     Itau Unibanco Holding SA, 8.71%     13,619,505  
MONEY MARKET FUND: 4.0%
(Cost: $67,190,492)		        
  67,190,492     Invesco Treasury Portfolio - Institutional Class     67,190,492  
Total Investments Before Collateral for Securities Loaned: 100.7%
(Cost: $1,768,820,292)		     1,678,589,678  
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%
(Cost: $4,525,454)		        
Money Market Fund: 0.3%
  4,525,454     State Street Navigator Securities Lending Government Money Market Portfolio     4,525,454  
Total Investments: 101.0%
(Cost: $1,773,345,746)		     1,683,115,132  
Liabilities in excess of other assets: (1.0)%     (16,201,971 )
NET ASSETS: 100.0%   $ 1,666,913,161  
 
Definitions:
BDR Brazilian Depositary Receipt
GBP British Pound
SGD Singapore Dollar
USD United States Dollar
   
Footnotes:
* Non-income producing
† Security fully or partially on loan. Total market value of securities on loan is $36,113,429.
# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,129,729,265 which represents 67.8% of net assets.
∞ Security is valued using significant unobservable inputs that factor in discount of marketability 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 $187,993,971, or 11.3% of net assets.
   
Summary of Investments by Sector
Excluding Collateral for Securities Loaned		  % of Investments  Value  
Communication Services   11.7%            $197,128,210 
Consumer Discretionary   30.1    504,630,593 
Consumer Staples   3.1    52,661,464 
Energy   1.2    19,543,787 
Financials   22.9    385,030,503 
Health Care   7.4    123,580,748 
Industrials   8.6    144,148,745 
Information Technology   7.7    129,908,553 
Real Estate   3.3    54,766,583 
Money Market Fund   4.0    67,190,492 
    100.0%  $1,678,589,678 

 

GLOBAL HARD ASSETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

 

Number
 of Shares		      Value 
COMMON STOCKS: 98.2%
Australia: 1.0%
 101,800   BHP Group Ltd. (ADR) †  $3,735,042 
Canada: 26.5%
 400,006   Agnico-Eagle Mines Ltd. (USD)   15,916,239 
 1,278,745   Barrick Gold Corp. (USD)   23,426,608 
 2,446,600   First Quantum Minerals Ltd.   12,499,861 
 2,043,200   Kinross Gold Corp. (USD) *   8,131,936 
 491,500   Kirkland Lake Gold Ltd. (USD)   14,548,400 
 1,572,300   Lundin Mining Corp.   5,910,230 
 455,871   Nutrien Ltd. (USD)   15,472,262 
         95,905,536 
Cayman Islands: 0.7%
 270,300   Alussa Energy Acquisition Corp. (USD) *   2,675,970 
Finland: 1.2%
 132,400   Neste Oil Oyj #   4,401,973 
Israel: 4.5%
 200,100   SolarEdge Technologies, Inc. (USD) *   16,384,188 
Netherlands: 1.3%
 141,500   Royal Dutch Shell Plc (ADR)   4,621,390 
Russia: 0.6%
 79,500   MMC Norilsk Nickel PJSC (ADR) #   1,969,241 
South Africa: 0.4%
 101,700   Sibanye Stillwater Ltd. (ADR) * #   480,024 
 866,300   Sibanye Stillwater Ltd. *   1,093,198 
         1,573,222 
United Kingdom: 7.6%
 533,900   Anglo American Plc #   9,355,858 
 393,400   Rio Tinto Plc (ADR)   17,923,304 
         27,279,162 
United States: 54.4%
 107,900   Bunge Ltd.   4,427,137 
 268,800   Cabot Oil & Gas Corp.   4,620,672 
 522,900   CF Industries Holdings, Inc.   14,222,880 
 104,734   Chart Industries, Inc. *   3,035,191 
 155,500   Chevron Corp.   11,267,530 
 61,300   Cimarex Energy Co.   1,031,679 
 132,182   Concho Resources, Inc.   5,663,999 
 221,066   Corteva, Inc.   5,195,051 
 193,568   Diamondback Energy, Inc.   5,071,482 
 40,066   Dow, Inc.   1,171,530 
 40,066   DuPont de Nemours, Inc.   1,366,251 
 135,600   EOG Resources, Inc.   4,870,752 
 725,200   Freeport-McMoRan Copper and Gold, Inc.   4,895,100 
 518,191   Hannon Armstrong Sustainable Infrastructure Capital, Inc.   10,576,278 
 59,300   IPG Photonics Corp. * †   6,539,604 
 29,200   Kansas City Southern   3,713,656 
 200,100   Kirby Corp. *   8,698,347 
 273,700   Louisiana-Pacific Corp.   4,702,166 
 528,155   Newmont Mining Corp.   23,914,858 
 155,200   Ormat Technologies, Inc.   10,500,832 
 870,100   Parsley Energy, Inc.   4,985,673 
 99,800   Pioneer Natural Resources Co.   7,000,970 
 52,500   Sanderson Farms, Inc.   6,474,300 
 244,000   Solaris Oilfield Infrastructure, Inc.   1,281,000 
 232,700   Steel Dynamics, Inc.   5,245,058 
 900,800   Sunrun, Inc. * †   9,098,080 
 221,500   Tyson Foods, Inc.   12,818,205 
 28,200   Union Pacific Corp.   3,977,328 
 197,200   Valero Energy Corp.   8,944,992 
 534,600   WPX Energy, Inc. *   1,630,530 
         196,941,131 
Total Common Stocks
(Cost: $384,683,927)		   355,486,855 
MONEY MARKET FUND: 1.7%
(Cost: $6,028,802)
 6,028,802   Invesco Treasury Portfolio - Institutional Class   6,028,802 
Total Investments Before Collateral for Securities Loaned: 99.9%
(Cost: $390,712,729)		   361,515,657 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.1%
(Cost: $3,743,689)
Money Market Fund: 1.1%
 3,743,689   State Street Navigator Securities Lending Government Money Market Portfolio   3,743,689 
Total Investments: 101.0%
(Cost: $394,456,418)		   365,259,346 
Liabilities in excess of other assets: (1.0)%   (3,498,280)
NET ASSETS: 100.0%  $361,761,066 
 
Definitions:
ADR American Depositary Receipt
USD United States Dollar
   
Footnotes:
* Non-income producing
† Security fully or partially on loan. Total market value of securities on loan is $9,044,447.
# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $16,207,096 which represents 4.5% of net assets.
   
Summary of Investments by Sector
Excluding Collateral for Securities Loaned		  % of Investments  Value
Consumer Staples   6.6%    $23,719,642 
Energy   18.8    68,068,612 
Industrials   7.9    28,522,602 
Information Technology   6.3    22,923,792 
Materials   52.9    191,175,097 
Real Estate   2.9    10,576,278 
Utilities   2.9    10,500,832 
Money Market Fund   1.7    6,028,802 
    100.0%  $361,515,657 

 

INTERNATIONAL INVESTORS GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

 

Number
 of Shares		      Value 
COMMON STOCKS: 99.2%    
Australia: 19.9%      
 4,445,667   Bellevue Gold Ltd. *  $1,093,812 
 26,099,415   Bellevue Gold Ltd. * #   6,494,095 
 20,068,720   Cardinal Resources Ltd. * #   4,019,763 
 8,342,400   Emerald Resources NL *   1,590,737 
 11,122,987   Evolution Mining Ltd. #   25,995,943 
 21,083,705   Gold Road Resources Ltd. * #   17,923,131 
 3,792,500   Northern Star Resources Ltd. #   24,567,765 
 3,934,757   OceanaGold Corp. (CAD)   3,774,548 
 6,232,448   Saracen Mineral Holdings Ltd. * #   14,014,912 
 44,693,900   West African Resources Ltd. ‡ * #   11,533,775 
        111,008,481  
Canada: 65.5%      
 678,000   Agnico-Eagle Mines Ltd. (USD)   26,977,620 
 2,275,214   Alamos Gold, Inc. (USD)   11,376,070 
 1,008,885   Auryn Resources, Inc. *   939,131 
 13,514,036   B2Gold Corp. (USD)   41,352,950 
 2,753,300   Barrick Gold Corp. (USD)   50,440,456 
 1,857,800   Bear Creek Mining Corp. *   1,557,738 
 667,000   Bear Creek Mining Corp. (USD) *   547,674 
 948,000   Bear Creek Mining Corp. (USD) * ø   778,403 
 3,784,730   Bonterra Resources, Inc. ‡ *   2,205,272 
 4,424,800   Columbus Gold Corp. *   345,859 
 6,775,859   Corvus Gold, Inc. ‡ *   6,692,563 
 3,456,200   Eastmain Resources, Inc. *   159,634 
 2,320,000   Eastmain Resources, Inc. (USD) * #   99,760 
 1,271,082   Equinox Gold Corp. *   8,490,138 
 1,060,200   Equinox Gold Corp. (USD) *   7,029,126 
 3,033,227   First Mining Gold Corp. *   387,963 
 152,900   Franco-Nevada Corp. (USD) †   15,216,608 
 5,451,286   GoGold Resources, Inc. * †   2,091,732 
 4,470,444   Gold Standard Ventures Corp. (USD) *   2,230,752 
 4,418,700   Kinross Gold Corp. (USD) *   17,586,426 
 1,698,748   Kirkland Lake Gold Ltd. (USD)   50,282,941 
 22,979,482   Liberty Gold Corp. ‡ *   14,206,032 
 742,500   Lundin Gold, Inc. *   4,131,155 
 3,579,000   Marathon Gold Corp. *   2,644,895 
 2,614,200   Midas Gold Corp. *   854,496 
 637,680   Nighthawk Gold Corp. *   575,466 
 542,600   NovaGold Resources, Inc. (USD) *   4,004,388 
 3,375,000   Orezone Gold Corp. * #   1,043,221 
 9,083,675   Orezone Gold Corp. *   2,807,787 
 363,300   Osisko Gold Royalties Ltd. (USD) †   2,702,952 
 5,102,100   Osisko Mining, Inc. *   8,084,760 
 2,941,600   Otis Gold Corp. *   209,024 
 870,400   Pretium Resources, Inc. (USD) *   4,935,168 
 3,612,000   Probe Metals, Inc. *   1,565,636 
 15,825,100   Pure Gold Mining, Inc. *   6,859,455 
 8,976,056   Rio2 Ltd. *   1,658,335 
 9,265,500   Sabina Gold and Silver Corp. *   7,703,144 
 826,700   SSR Mining, Inc. (USD) *   9,407,846 
 1,119,986   Wheaton Precious Metals Corp. (USD) †   30,833,215 
 5,354,909   Yamana Gold, Inc. (USD)   14,726,000 
        365,741,791  
Monaco: 0.5%      
 196,479   Endeavour Mining Corp. (CAD) *   2,793,679 
South Africa: 3.1%      
 843,800   AngloGold Ashanti Ltd. (ADR)   14,032,394 
 670,100   Gold Fields Ltd. (USD)   3,182,975 
        17,215,369  
United States: 10.2%      
 2,160,000   Argonaut Gold, Inc. (CAD) *   1,657,642 
 1,223,076   Newmont Mining Corp.   55,380,881 
        57,038,523  
Total Common Stocks
(Cost: $406,274,024)		  553,797,843  
WARRANTS: 0.6%      
Canada: 0.6%      
 352,000   Bonterra Resources, Inc. (CAD 3.10, expiring 08/20/21) * # ∞   1,876 
 938,434   Equinox Gold Corp. (CAD 11.18, expiring 05/24/20) * # ∞   320,080 
 2,725,643   GoGold Resources, Inc. (CAD 0.85, expiring 02/25/22) * # ∞   203,363 
 10,822,000   Liberty Gold Corp. (CAD 0.60, expiring 10/02/21) * # ∞   2,422,319 
 1,754,500   Marathon Gold Corp. (CAD 1.60, expiring 09/30/21) * # ∞   130,905 
 1,975,000   Probe Metals, Inc. (CAD 1.45, expiring 06/19/20) * # ∞   0 
 5,058,500   Pure Gold Mining, Inc. (CAD 0.85, expiring 05/24/20) * # ∞   80,876 
 3,172,500   Pure Gold Mining, Inc. (CAD 0.85, expiring 07/18/22) * # ∞   287,425 
Total Warrants
(Cost: $2,190,526)		  3,446,844  
MONEY MARKET FUND: 0.9%
(Cost: $4,922,675)		      
 4,922,675   Invesco Treasury Portfolio - Institutional Class   4,922,675 
Total Investments Before Collateral for Securities Loaned: 100.7%
(Cost: $413,387,225)		  562,167,362  
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%
(Cost: $1,536,571)		      
Money Market Fund: 0.3%      
 1,536,571   State Street Navigator Securities Lending Government Money Market Portfolio   1,536,571 
Total Investments: 101.0%
(Cost: $414,923,796)		  563,703,933  
Liabilities in excess of other assets: (1.0)% (5,391,872 )
NET ASSETS: 100.0%$ 558,312,061  

 

Definitions:

ADR American Depositary Receipt
CAD Canadian Dollar
USD United States Dollar

 

Footnotes:

‡ Affiliated issuer – as defined under the Investment Company Act of 1940.
* Non-income producing
† Security fully or partially on loan. Total market value of securities on loan is $1,576,576.
# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $109,139,209 which represents 19.5% of net assets.
ø Restricted Security - the aggregate value of restricted securities is $778,403, or 0.1% of net assets.
∞ Security is valued using pricing models and significant unobservable inputs that factor in volatility and discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

 

Restricted securities held by the Fund as of March 31, 2020 are as follows:

 

Security  Acquisition
Date		  Number of
Shares		  Acquisition Cost   Value   % of
Net Assets
Bear Creek Mining Corp. (USD)  08/15/2015  948,000  $2,865,267   $778,403    0.1%

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned		  % of
Investments		  Value
Diversified Metals & Mining   0.2%  $1,198,525
Gold   91.1    512,152,640
Precious Metals & Minerals   2.3    13,060,307
Silver   5.5    30,833,215
Money Market Fund   0.9    4,922,675
    100.0%  $562,167,362

 

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2020 is set forth below:

 

Affiliates  Value 12/31/19    Purchases    Sales Proceeds    Realized Gain
(Loss)		    Dividend Income    Net Change in Unrealized Appreciation (Depreciation)    Value 03/31/20  
Bonterra Resources, Inc.  $—(a)  $—   $—   $—   $—   $(4,352,537)  $2,205,272 
Corvus Gold, Inc.   11,218,742    —    —    —    —    (4,526,179)   6,692,563 
Liberty Gold Corp.   15,682,873    2,290,725    —    —    —    (3,767,566)   14,206,032 
Liberty Gold Corp.   2,603,383    —    (1,320,918)   —    —    (1,282,465)   — 
Liberty Gold Corp. Warrant   3,750,260    —    —    —    —    (1,327,941)   —(b)
West African Resources Ltd.   —(a)   771,124    —    —    —    (1,961,698)   11,533,775 
   $33,255,258   $3,061,849   $(1,320,918)  $—   $—   $(17,218,386)  $34,637,642 

 

(a) Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period
(b) 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

March 31, 2020 (unaudited)

 

Number
 of Shares		      Value 
COMMON STOCKS: 100.0%      
Banks: 4.5%      
 4,382   Bank of America Corp.  $93,030 
 2,743   US Bancorp   94,496 
 5,394   Wells Fargo & Co.   154,808 
        342,334  
Capital Goods: 11.6%      
 526   Boeing Co.   78,448 
 1,804   Caterpillar, Inc.   209,336 
 3,450   Emerson Electric Co.   164,392 
 1,338   General Dynamics Corp.   177,031 
 580   Raytheon Co.   76,067 
 1,772   United Technologies Corp.   167,153 
        872,427  
Consumer Durables & Apparel: 4.2%      
 2,382   NIKE, Inc.   197,087 
 2,581   Polaris Industries, Inc.   124,275 
        321,362  
Diversified Financials: 11.5%      
 1,041   American Express Co.   89,120 
 1,035   Berkshire Hathaway, Inc. *   189,229 
 474   BlackRock, Inc.   208,546 
 1,833   State Street Corp.   97,644 
 995   T. Rowe Price Group, Inc.   97,162 
 5,471   The Charles Schwab Corp.   183,935 
        865,636  
Energy: 3.6%      
 4,402   Cheniere Energy, Inc. *   147,467 
 12,020   Core Laboratories NV   124,287 
        271,754  
Food, Beverage & Tobacco: 8.9%      
 4,777   Altria Group, Inc.   184,726 
 640   Constellation Brands, Inc.   91,750 
 3,305   Kellogg Co.   198,267 
 2,664   Philip Morris International, Inc.   194,365 
        669,108  
Health Care Equipment & Services: 7.9%      
 2,120   Medtronic Plc   191,182 
 1,503   Veeva Systems, Inc. *   235,024 
 1,701   Zimmer Biomet Holdings, Inc.   171,937 
        598,143  
Materials: 4.8%      
 4,428   Compass Minerals International, Inc. †   170,345 
 8,169   Corteva, Inc.   191,971 
        362,316  
Media & Entertainment: 5.2%      
 2,668   Comcast Corp.   91,726 
 1,162   Facebook, Inc. *   193,822 
 2,777   John Wiley & Sons, Inc. †   104,110 
        389,658  
Pharmaceuticals / Biotechnology: 12.7%      
 731   Biogen, Inc. *   231,274 
 1,841   Bristol-Myers Squibb Co.   102,617 
 3,022   Gilead Sciences, Inc.   225,925 
 2,542   Merck & Co., Inc.   195,581 
 6,215   Pfizer, Inc.   202,858 
        958,255  
Retailing: 3.1%      
 121   Amazon.com, Inc. *   235,916 
Semiconductor: 7.6%      
 1,974   Applied Materials, Inc.   90,449 
 3,945   Intel Corp.   213,503 
 686   KLA-Tencor Corp.   98,606 
 2,563   Microchip Technology, Inc. †   173,771 
        576,329  
Software & Services: 11.7%      
 3,138   Blackbaud, Inc.   174,316 
 2,324   Guidewire Software, Inc. *   184,316 
 646   Microsoft Corp.   101,881 
 1,367   Salesforce.com, Inc. *   196,821 
 776   ServiceNow, Inc. *   222,386 
        879,720  
Transportation: 1.3%      
 1,680   CSX Corp.   96,264 
Utilities: 1.4%      
 1,461   Dominion Energy, Inc.   105,469 
Total Common Stocks
(Cost: $8,402,303)		  7,544,691  
MONEY MARKET FUND: 0.2%
(Cost: $12,873)		      
            
 12,873   Invesco Treasury Portfolio - Institutional Class   12,873 
Total Investments: 100.2%
(Cost: $8,415,176)		  7,557,564  
Liabilities in excess of other assets: (0.2)%  (12,737 )
NET ASSETS: 100.0%$ 7,544,827  

 

Footnotes:

* Non-income producing
† Security fully or partially on loan. Total market value of securities on loan is $247,578.

 

Summary of Investments
by Sector                                 		  % of
Investments		  Value
Communication Services   5.1%  $389,658
Consumer Discretionary   7.4    557,278
Consumer Staples   8.8    669,108
Energy   3.6    271,754
Financials   16.0    1,207,970
Health Care   20.6    1,556,398
Industrials   12.8    968,691
Information Technology   19.3    1,456,049
Materials   4.8    362,316
Utilities   1.4    105,469
Money Market Fund   0.2    12,873
    100.0%  $7,557,564

 

VANECK NDR MANAGED ALLOCATION FUND

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

 

Number
of Shares		      Value 
EXCHANGE TRADED FUNDS: 99.7% (a)
 82,999   iShares Barclays Aggregate Bond Fund  $9,575,595 
 35,994   iShares MSCI Eurozone ETF †   1,098,177 
 8,433   iShares MSCI Pacific ex Japan ETF †   285,963 
 2,962   iShares MSCI South Korea Capped ETF   138,977 
 9,321   iShares MSCI Switzerland Capped ETF †   329,590 
 19,144   iShares MSCI United Kingdom ETF   457,159 
 40,519   iShares Russell 1000 Growth Index Fund   6,104,187 
 25,440   iShares Russell 1000 Value ETF †   2,523,139 
 5,585   iShares Russell 2000 Growth ETF †   883,379 
 4,456   iShares Russell 2000 Value ETF †   365,526 
 32,057   JPMorgan BetaBuilders Japan ETF   656,207 
 31,113   Vanguard FTSE Emerging Markets ETF   1,043,841 
 111,148   Vanguard Total Bond Market ETF   9,486,482 
Total Exchange Traded Funds
(Cost: $32,454,865)		   32,948,222 
MONEY MARKET FUND: 1.2%     
(Cost: $411,284)
 411,284   Invesco Treasury Portfolio - Institutional Class   411,284 
Total Investments Before Collateral for Securities Loaned: 100.9%
(Cost: $32,866,149)		   33,359,506 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.1%
(Cost: $1,026,610)
Money Market Fund: 3.1%
 1,026,610   State Street Navigator Securities Lending Government Money Market Portfolio   1,026,610 
Total Investments: 104.0%
(Cost: $33,892,759)		   34,386,116 
Liabilities in excess of other assets: (4.0)%   (1,337,781)
NET ASSETS: 100.0%  $33,048,335 

 

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/
† Security fully or partially on loan. Total market value of securities on loan is $3,069,855.

 

Summary of Investments by Sector Excluding
Collateral for Securities Loaned                                 		  % of
Investments		  Value  
Exchange Traded Funds   98.8%         $32,948,222 
Money Market Fund   1.2    411,284 
    100.0%  $33,359,506 

 

UNCONSTRAINED EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2020 (unaudited)

 

Principal
Amount		      Value 
CORPORATE BONDS: 14.4%
Argentina: 2.1%
USD 362,000    Cia General de Combustibles SA Reg S
9.50%, 11/07/21		  $256,549 
 53,000   IRSA Inversiones y Representaciones SA Reg S
11.50%, 07/20/20		   41,075 
 180,000   IRSA Propiedades Comerciales SA Reg S
8.75%, 03/23/23		   131,627 
         429,251 
Brazil: 0.3%
 69,000   Centrais Eletricas Brasileiras SA 144A
4.63%, 02/04/30 †		   61,376 
Indonesia: 2.4%
 333,000   Chandra Asri Petrochemical Tbk PT Reg S
4.95%, 11/08/24		   252,973 
 251,000   Pertamina Persero PT Reg S
5.63%, 05/20/43		   255,986 
         508,959 
Ireland: 2.7%
 300,000   Aragvi Finance International DAC 144A
12.00%, 04/09/24		   252,716 
 302,000   Eurotorg LLC via Bonitron DAC 144A
8.75%, 10/30/22		   298,980 
         551,696 
Luxembourg: 1.6%
 201,000   MHP Lux SA Reg S
6.25%, 09/19/29		   158,790 
 369,000   Puma International Financing SA Reg S
5.00%, 01/24/26		   164,159 
         322,949 
Mexico: 0.0%
 380,000   Corp. GEO SAB de CV Reg S
9.25%, 06/30/20 (d) *		   8 
Mongolia: 1.1%
 315,000   Mongolian Mining Corp./Energy Resources LLC 144A
9.25%, 04/15/24		   207,619 
 28,000   Trade & Development Bank of Mongolia LLC Reg S
9.38%, 05/19/20		   27,300 
         234,919 
Netherlands: 2.2%
     IHS Netherlands Holdco BV 144A     
 86,000   7.13%, 03/18/25   76,110 
 255,000   8.00%, 09/18/27   211,650 
 212,989   MV24 Capital BV 144A
6.75%, 06/01/34		   168,890 
         456,650 
Ukraine: 0.3%
 69,000   VF Ukraine PAT via VFU Funding Plc 144A
6.20%, 02/11/25		   57,960 
United Kingdom: 0.4%
 160,000   Tullow Oil Plc 144A
7.00%, 03/01/25		   41,195 
 172,000   Tullow Oil Plc Reg S
7.00%, 03/01/25		   44,285 
         85,480 
Vietnam: 1.3%
 325,000   Mong Duong Finance Holdings BV 144A
5.13%, 05/07/29		   276,567 
Total Corporate Bonds
(Cost: $4,059,546)		   2,985,815 
GOVERNMENT OBLIGATIONS: 82.3%
Angola: 2.5%
 194,000   Angolan Government International Bond Reg S
9.13%, 11/26/49		   78,702 
     Angolan Government International Bonds 144A     
 462,000   8.00%, 11/26/29 †   192,885 
 635,000   9.13%, 11/26/49 †   257,607 
         529,194 
Argentina: 7.0%
 878,000   Argentine Republic Government International Bond
6.88%, 04/22/21		   264,717 
CHF1,915,000    Argentine Republic Government International Bond Reg S
3.38%, 10/12/20		   611,169 
     Provincia de Buenos Aires Reg S     
USD499   4.00%, 05/15/35 (s)   148 
 178,018   10.88%, 01/26/21   56,966 
 449,000   Provincia de Entre Rios Reg S
8.75%, 02/08/25		   182,967 
 13,000   Provincia de Mendoza 144A
8.38%, 05/19/24		   5,980 
 694,000   Provincia de Mendoza Reg S
8.38%, 05/19/24 †		   319,240 
         1,441,187 
Azerbaijan: 3.2%
 763,000   Republic of Azerbaijan International Bond 144A
5.13%, 09/01/29		   667,594 
Belarus: 0.8%
BYN400,000    Development Bank of the Republic of Belarus JSC 144A
12.00%, 05/15/22		   156,418 
Belize: 1.1%
USD412,000   Belize Government International Bond Reg S
4.94%, 02/20/34 (s)		   219,390 
Colombia: 1.7%
     Colombian TES     
COP842,000,000   6.00%, 04/28/28   193,601 
 665,400,000   6.25%, 11/26/25   158,884 
         352,485 
Dominican Republic: 8.7%
     Dominican Republic International Bonds 144A     
USD276,000   5.88%, 01/30/60   235,290 
DOP7,700,000   9.75%, 06/05/26   129,258 
     Dominican Republic International Bonds Reg S     
USD560,000   6.40%, 06/05/49   498,571 
 385,000   6.50%, 02/15/48   342,650 
 365,000   7.45%, 04/30/44   357,700 
DOP14,350,000   8.90%, 02/15/23   247,659 
         1,811,128 
El Salvador: 7.6%
     El Salvador Government International Bonds Reg S     
 USD76,000   5.88%, 01/30/25   67,355 
 315,000   7.12%, 01/20/50 †   245,385 
 524,000   7.65%, 06/15/35   450,800 
 358,000   8.25%, 04/10/32   329,807 
 488,000   8.63%, 02/28/29   477,529 
         1,570,876 
Gabon: 2.9%
 956,000   Gabon Government International Bond 144A
6.63%, 02/06/31		   591,607 
Indonesia: 10.3%
     Indonesia Treasury Bonds     
IDR2,700,000,000    7.00%, 09/15/30   155,196 
 3,873,000,000    7.38%, 05/15/48   213,668 
 13,056,000,000    7.50%, 06/15/35   751,925 
 11,443,000,000    8.25%, 05/15/29 (a)   713,854 
 4,862,000,000    8.38%, 03/15/34   296,460 
         2,131,103 
Laos: 1.3%
USD280,000    Laos Government International Bond 144A
6.88%, 06/30/21		   278,250 
Mexico: 9.8%
        Mexican Bonos
MXN11,180,000   8.00%, 11/07/47   471,056 
 12,800,000   8.50%, 11/18/38   570,727 
     Petroleos Mexicanos     
USD302,000   6.63%, 06/15/35   210,103 
 510,000   6.75%, 09/21/47   337,470 
MXN13,590,000   7.47%, 11/12/26   435,527 
         2,024,883 
Mongolia: 2.2%
USD466,000    Mongolia Government International Bond Reg S
10.88%, 04/06/21		   461,340 
           
Philippines: 1.2%
PHP13,000,000    Philippine Government International Bond
4.95%, 01/15/21		   253,698 
           
South Africa: 7.7%
     Republic of South Africa Government Bonds     
ZAR15,447,000   8.00%, 01/31/30   709,108 
 15,389,000   10.50%, 12/21/26   878,719 
         1,587,827 
Ukraine: 4.7%
UAH11,526,000    Ukraine Government Bond
17.00%, 05/11/22		   393,878 
USD132,000    Ukraine Government International Bond 144A
7.75%, 09/01/26		   121,935 
 500,000   Ukraine Government International Bond Reg S
7.38%, 09/25/32		   456,254 
         972,067 
United Kingdom: 1.9%
UAH11,900,000    Ukreximbank Via Biz Finance Plc Reg S
16.50%, 03/02/21		   400,652 
           
Uruguay: 7.7%
     Uruguay Government International Bonds Reg S     
UYU51,811,000   8.50%, 03/15/28 (a)   969,078 
 28,837,000   9.88%, 06/20/22   627,983 
         1,597,061 
Total Government Obligations
(Cost: $21,590,207)		   17,046,760 
           
Number
Of Shares		         
COMMON STOCK: 0.0%
Mexico: 0.0%
(Cost: $0)
 10,247   Corp. GEO SAB de CV * # ∞   0 
           
MONEY MARKET FUND: 0.1%
(Cost: $23,533)
 23,533   Invesco Treasury Portfolio - Institutional Class   23,533 
           
Total Investments Before Collateral for Securities Loaned: 96.8%
(Cost: $25,673,286)		   20,056,108 
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%
(Cost: $423,682)
Money Market Fund: 2.0%
 423,682   State Street Navigator Securities Lending Government Money Market Portfolio   423,682 
Total Investments: 98.8%
(Cost: $26,096,968)		   20,479,790 
Other assets less liabilities: 1.2%   240,320 
NET ASSETS: 100.0%  $20,720,110 

 

Definitions:

BYN Belarusian Ruble
CHF Swiss Franc
COP Colombian Peso
DOP Dominican Peso
IDR Indonesian Rupiah
MXN Mexican Peso
PHP Philippine Peso
UAH Ukrainian Hryvnia
USD United States Dollar
UYU Uruguayan Peso
ZAR South African Rand

 

Footnotes:

(a) All or a portion of these securities are segregated for foreign forward currency contracts.
(d) Security in default of coupon payment
(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 that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy
† Security fully or partially on loan. Total market value of securities on loan is $533,860.
# 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 $4,289,887, or 20.7% of net assets.

 

Schedule of Open Forward Foreign Currency Contracts – March 31, 2020

Counterparty  Currency to be
sold		   Currency to be
purchased		   Settlement Dates  Unrealized
Appreciation
(Depreciation)
State Street Bank And Trust Company  USD1,273,535   TRY8,338,469   4/10/2020        $(15,685)
State Street Bank And Trust Company  TRY4,175,751   USD665,957   4/10/2020   36,049 
State Street Bank And Trust Company  TRY4,162,718   USD670,271   4/10/2020   42,329 
State Street Bank And Trust Company  TRY2,026,292   USD303,678   5/4/2020   338 
Net unrealized appreciation on forward foreign currency contracts   $ 63,031 

 

Definitions:

TRY Turkish Lira
USD United States Dollar

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned                              		  % of
Investments		  Value  
Basic Materials   1.3%         $252,973 
Communications   0.3    57,960 
Consumer, Cyclical   1.5    298,980 
Consumer, Non-cyclical   0.8    158,790 
Energy   5.7    1,138,683 
Financial   2.2    452,718 
Government   85.0    17,046,760 
Industrial   1.4    287,768 
Utilities   1.7    337,943 
Money Market Fund   0.1    23,533 
    100.0%  $20,056,108