VANECK INTERNATIONAL INVESTORS GOLD FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS: 99.0% | ||||||||
Australia: 16.3% | ||||||||
Bellevue Gold Ltd. # * | 36,929,813 | $ | 26,543,464 | |||||
De Grey Mining Ltd. # * † | 10,771,722 | 9,369,924 | ||||||
Emerald Resources NL * | 8,103,636 | 6,943,226 | ||||||
Evolution Mining Ltd. # | 13,549,387 | 44,719,866 | ||||||
Northern Star Resources Ltd. # | 4,830,100 | 38,967,766 | ||||||
Predictive Discovery Ltd. # * | 66,813,319 | 10,448,802 | ||||||
West African Resources Ltd. # * | 28,554,240 | 26,764,955 | ||||||
163,758,003 | ||||||||
Brazil: 8.7% | ||||||||
Wheaton Precious Metals Corp. (USD) | 1,024,791 | 48,759,556 | ||||||
Yamana Gold, Inc. (USD) | 6,942,579 | 38,739,591 | ||||||
87,499,147 | ||||||||
Canada: 53.1% | ||||||||
Agnico Eagle Mines Ltd. (USD) | 1,479,931 | 90,630,974 | ||||||
Alamos Gold, Inc. (USD) | 2,449,523 | 20,624,984 | ||||||
Argonaut Gold, Inc. * | 2,174,822 | 4,262,140 | ||||||
B2Gold Corp. (USD) | 10,640,041 | 48,837,788 | ||||||
Barrick Gold Corp. (USD) | 2,781,700 | 68,235,101 | ||||||
Bear Creek Mining Corp. # * ø | 948,000 | 811,391 | ||||||
Bear Creek Mining Corp. * | 2,737,800 | 2,343,276 | ||||||
Benchmark Metals, Inc. * ‡ | 9,185,099 | 8,008,445 | ||||||
Benchmark Metals, Inc. # ‡∞ ø | 1,278,000 | 1,093,530 | ||||||
Bonterra Resources, Inc. * | 4,278,931 | 3,936,144 | ||||||
Equinox Gold Corp. (USD) * | 3,089,493 | 25,550,107 | ||||||
Franco-Nevada Corp. (USD) | 30,000 | 4,785,600 | ||||||
G Mining Ventures Corp. * ‡ | 10,281,966 | 6,990,898 | ||||||
Galway Metals, Inc. * † ‡ | 11,480,400 | 5,693,595 | ||||||
GoGold Resources, Inc. # * ø | 2,725,643 | 6,388,141 | ||||||
GoGold Resources, Inc. * † | 3,363,418 | 7,882,906 | ||||||
Gold Standard Ventures Corp. (USD) * | 4,172,422 | 1,835,866 | ||||||
Goldsource Mines, Inc. * † ‡ | 4,314,354 | 2,864,387 | ||||||
Kinross Gold Corp. (USD) | 9,554,918 | 56,182,918 | ||||||
Liberty Gold Corp. * ‡ | 22,869,114 | 17,012,579 | ||||||
Liberty Gold Corp. # * ‡ ø | 10,822,000 | 8,050,602 | ||||||
Lundin Gold, Inc. * | 468,600 | 3,917,026 | ||||||
Marathon Gold Corp. * | 6,270,000 | 13,591,729 | ||||||
Nighthawk Gold Corp. * † | 3,298,000 | 2,295,133 | ||||||
O3 Mining, Inc. * † | 1,807,700 | 3,426,988 | ||||||
Orezone Gold Corp. * † | 15,456,607 | 20,029,359 | ||||||
Osisko Gold Royalties Ltd. (USD) † | 888,100 | 11,714,039 | ||||||
Osisko Mining, Inc. * | 5,680,496 | 18,129,968 | ||||||
Perpetua Resources Corp. * † | 247,520 | 1,011,740 | ||||||
Probe Metals, Inc. * | 3,434,223 | 5,494,097 | ||||||
Pure Gold Mining, Inc. # * ø | 5,058,500 | 1,476,905 | ||||||
Pure Gold Mining, Inc. * | 3,990,951 | 1,165,218 | ||||||
Reunion Gold Corp. #∞ ø | 24,064,000 | 6,053,776 | ||||||
Rhyolite Resources Ltd. #∞ ø | 4,112,000 | 1,886,030 | ||||||
Rio2 Ltd. * | 8,493,556 | 5,027,582 | ||||||
Sabina Gold & Silver Corp. * | 9,123,814 | 11,020,245 | ||||||
Silver Tiger Metals, Inc. * † | 5,982,500 | 3,014,818 | ||||||
Skeena Resources Ltd. * | 396,550 | 4,412,279 | ||||||
SSR Mining, Inc. (USD) † | 1,165,950 | 25,359,412 | ||||||
Wallbridge Mining Co. Ltd. * † | 9,103,200 | 2,402,956 | ||||||
533,450,672 |
Number of Shares | Value | |||||||
South Africa: 4.5% | ||||||||
Gold Fields Ltd. (ADR) | 2,922,944 | $ | 45,188,714 | |||||
Turkey: 1.2% | ||||||||
Eldorado Gold Corp. (USD) * | 1,060,533 | 11,888,575 | ||||||
United Kingdom: 5.9% | ||||||||
Endeavour Mining Plc (CAD) † | 2,398,131 | 59,485,695 | ||||||
United States: 9.3% | ||||||||
Newmont Corp. | 1,173,426 | 93,228,696 | ||||||
Total Common Stocks (Cost: $550,225,641) | 994,499,502 | |||||||
WARRANTS: 0.1% | ||||||||
Canada: 0.1% | ||||||||
Benchmark Metals, Inc., CAD 1.80, exp. 09/18/22 # * ‡∞ | 2,395,000 | 35,633 | ||||||
Benchmark Metals, Inc., CAD 1.55, exp. 12/09/23 # ‡∞ ø | 639,000 | 114,086 | ||||||
Goldsource Mines, Inc., CAD 1.40, exp. 05/20/23 #∞ | 21,571,772 | 176,522 | ||||||
Nighthawk Gold Corp., CAD 1.50, exp. 07/07/23 #∞ | 1,649,000 | 85,870 | ||||||
O3 Mining, Inc., CAD 3.25, exp. 06/18/22 # *∞ | 694,450 | 5,166 | ||||||
Osisko Mining, Inc., CAD 5.25, exp. 06/23/22 # *∞ | 357,198 | 50,488 | ||||||
PG Mining Ventures Corp., CAD 0.80, exp. 05/20/22 # *∞ | 5,140,983 | 344,199 | ||||||
Pure Gold Mining, Inc., USD 0.85, exp. 07/18/22 # *∞ | 3,172,500 | 23,601 | ||||||
Total Warrants (Cost: $3,657,433) | 835,565 | |||||||
MONEY MARKET FUND: 1.0% (Cost: $9,831,042) | ||||||||
Invesco Treasury Portfolio - Institutional Class | 9,831,042 | 9,831,042 | ||||||
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $563,714,116) | 1,005,166,109 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.9% (Cost: $29,536,572) | ||||||||
Money Market Fund: 2.9% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 29,536,572 | 29,536,572 | ||||||
Total Investments: 103.0% (Cost: $593,250,688) | 1,034,702,681 | |||||||
Liabilities in excess of other assets: (3.0)% | (30,303,418) | |||||||
NET ASSETS: 100.0% | $ | 1,004,399,263 |
1 |
VANECK INTERNATIONAL INVESTORS GOLD FUND
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions: | |
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
USD | United States Dollar |
Footnotes: | |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $183,410,717 which represents 18.3% of net assets. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $41,394,736. |
ø | Restricted Security – the aggregate value of restricted securities is $25,874,461, or 2.6% of net assets |
‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
∞ | 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, 2022 are as follows:
Security | Acquisition Date | Number of Shares | Acquisition Cost | Value | % of Net Assets | |||||||||||||
Bear Creek Mining Corp. | 08/15/2015 | 948,000 | $2,865,267 | $811,391 | 0.1 | % | ||||||||||||
Benchmark Metals, Inc. | 11/16/2021 | 1,278,000 | 945,510 | 1,093,530 | 0.1 | % | ||||||||||||
Benchmark Metals, Inc. * | 11/16/2021 | 639,000 | 71,359 | 114,086 | 0.0 | % | ||||||||||||
GoGold Resources, Inc. | 08/31/2020 | 2,725,643 | 2,002,864 | 6,388,140 | 0.6 | % | ||||||||||||
Liberty Gold Corp. | 10/04/2021 | 10,822,000 | 5,138,855 | 8,050,602 | 0.8 | % | ||||||||||||
Pure Gold Mining, Inc. | 05/21/2020 | 5,058,500 | 3,571,215 | 1,476,905 | 0.2 | % | ||||||||||||
Reunion Gold Corp. | 01/28/2022 | 24,064,000 | 3,295,922 | 6,053,776 | 0.6 | % | ||||||||||||
Rhyolite Resources Ltd. | 12/09/2021 | 4,112,000 | 2,846,122 | 1,886,030 | 0.2 | % | ||||||||||||
$20,737,114 | $25,874,460 | 2.6 | % |
* | Warrants |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Diversified Metals & Mining | 2.0 | % | $ | 20,925,745 | ||||
Gold | 93.9 | 942,831,065 | ||||||
Precious Metals & Minerals | 2.0 | 20,680,533 | ||||||
Silver | 1.1 | 10,897,724 | ||||||
Money Market Fund | 1.0 | 9,831,042 | ||||||
100.0 | % | $ | 1,005,166,109 |
2 |
Transactions in securities of affiliates for the period ended March 31, 2022:
Value 12/31/2021 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 3/31/2022 | ||||||||||||||||||||||
Benchmark Metals, Inc.* | $ | 105,649 | $ | – | $ | – | $ | – | $ | – | $ | (70,015 | ) | $ | 35,634 | |||||||||||||
Benchmark Metals, Inc. | 7,842,134 | – | – | – | – | 166,311 | 8,008,445 | |||||||||||||||||||||
Benchmark Metals, Inc.ø | 1,025,370 | – | – | – | – | 68,160 | 1,093,530 | |||||||||||||||||||||
Benchmark Metals, Inc.*ø | 155,033 | – | – | – | – | (40,947 | ) | 114,086 | ||||||||||||||||||||
G Mining Ventures Corp. | 6,746,537 | – | – | – | – | 244,361 | 6,990,898 | |||||||||||||||||||||
Galway Metals, Inc. | 5,536,222 | – | – | – | – | 157,373 | 5,693,595 | |||||||||||||||||||||
Goldsource Mines, Inc. | 2,933,195 | – | – | – | – | (68,808 | ) | 2,864,387 | ||||||||||||||||||||
Liberty Gold Corp. | 16,221,579 | 1,000,411 | – | – | – | (209,411 | ) | 17,012,579 | ||||||||||||||||||||
Liberty Gold Corp.ø | 8,298,624 | 463,240 | – | – | – | (711,262 | ) | 8,050,602 | ||||||||||||||||||||
$ | 48,864,343 | $ | 1,463,651 | $ | – | $ | – | $ | – | $ | (464,238 | ) | $ | 49,863,756 |
* | Warrants |
ø | Restricted Security. |
3 |