VANECK VIP GLOBAL RESOURCES FUND
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS: 98.2% | ||||||||
Australia: 2.8% | ||||||||
Ecograf Ltd. # * † | 650,280 | $ | 326,447 | |||||
Orocobre Ltd. # * | 114,677 | 704,810 | ||||||
Piedmont Lithium, Inc. (USD) * | 36,100 | 1,966,006 | ||||||
Rio Tinto Plc (ADR) † | 93,300 | 6,234,306 | ||||||
9,231,569 | ||||||||
Brazil: 1.5% | ||||||||
Vale SA (ADR) | 159,100 | 2,219,445 | ||||||
Yara International ASA (NOK) # | 55,300 | 2,739,355 | ||||||
4,958,800 | ||||||||
British Virgin Islands: 0.1% | ||||||||
Talon Metals Corp. (CAD) * | 697,800 | 325,045 | ||||||
Canada: 11.4% | ||||||||
Agnico Eagle Mines Ltd. (USD) | 122,722 | 6,363,136 | ||||||
B2Gold Corp. (USD) | 551,400 | 1,885,788 | ||||||
Barrick Gold Corp. (USD) | 331,374 | 5,981,301 | ||||||
Euro Manganese, Inc. (AUD) # * | 944,735 | 335,756 | ||||||
Kinross Gold Corp. (USD) | 753,900 | 4,040,904 | ||||||
Kirkland Lake Gold Ltd. (USD) | 172,531 | 7,175,564 | ||||||
Nouveau Monde Graphite, Inc. (USD) * † | 80,000 | 448,000 | ||||||
Nutrien Ltd. (USD) (a) | 178,565 | 11,576,369 | ||||||
37,806,818 | ||||||||
Cayman Islands: 1.1% | ||||||||
FREYR Battery SA (USD) * | 185,000 | 1,825,950 | ||||||
FREYR Battery SA (USD) * ø | 185,000 | 1,825,950 | ||||||
3,651,900 | ||||||||
Chile: 1.7% | ||||||||
Lundin Mining Corp. (CAD) | 765,100 | 5,502,969 | ||||||
Finland: 0.9% | ||||||||
Neste Oyj # | 51,500 | 2,905,233 | ||||||
Norway: 2.4% | ||||||||
Equinor ASA (ADR) † | 317,900 | 8,106,450 | ||||||
South Africa: 5.3% | ||||||||
Anglo American Plc (GBP) # | 297,300 | 10,419,962 | ||||||
Sibanye Stillwater Ltd. # | 157,954 | 479,737 | ||||||
Sibanye Stillwater Ltd. (ADR) † | 529,600 | 6,535,264 | ||||||
17,434,963 | ||||||||
Spain: 0.1% | ||||||||
Soltec Power Holdings SA * † | 53,900 | 434,860 | ||||||
United Kingdom: 1.0% | ||||||||
Endeavour Mining Plc (CAD) | 151,300 | 3,405,624 | ||||||
United States: 66.5% | ||||||||
Benson Hill, Inc. * † | 132,400 | 1,264,845 | ||||||
Benson Hill, Inc. # * ø | 95,000 | 671,650 | ||||||
Bunge Ltd. | 116,100 | 9,441,252 | ||||||
ChampionX Corp. * | 150,300 | 3,360,708 | ||||||
Chart Industries, Inc. * | 40,700 | 7,778,177 | ||||||
Chevron Corp. | 61,400 | 6,229,030 | ||||||
Cimarex Energy Co. | 121,400 | 10,586,080 | ||||||
ConocoPhillips | 116,743 | 7,911,673 | ||||||
Corteva, Inc. | 86,833 | 3,653,933 | ||||||
Darling Ingredients, Inc. * | 52,600 | 3,781,940 | ||||||
Devon Energy Corp. | 267,378 | 9,494,593 | ||||||
Diamondback Energy, Inc. | 111,647 | 10,569,622 | ||||||
Enphase Energy, Inc. * | 12,200 | 1,829,634 | ||||||
EQT Corp. * | 331,200 | 6,776,352 | ||||||
EVgo, Inc. # * ø | 157,000 | 1,281,120 | ||||||
FMC Corp. | 63,800 | 5,841,528 | ||||||
Freeport-McMoRan, Inc. | 370,900 | 12,065,377 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 238,100 | 12,733,588 | ||||||
IPG Photonics Corp. * | 28,300 | 4,482,720 | ||||||
Kirby Corp. * | 54,500 | 2,613,820 | ||||||
Liberty Oilfield Services, Inc. * | 424,980 | 5,155,007 | ||||||
Louisiana-Pacific Corp. | 60,900 | 3,737,433 | ||||||
Mosaic Co. | 104,800 | 3,743,456 | ||||||
MP Materials Corp. * † | 114,500 | 3,690,335 | ||||||
Newmont Corp. | 146,396 | 7,949,303 | ||||||
Ormat Technologies, Inc. | 61,400 | 4,089,854 | ||||||
Pioneer Natural Resources Co. | 82,244 | 13,694,448 | ||||||
Sanderson Farms, Inc. | 17,300 | 3,255,860 | ||||||
SolarEdge Technologies, Inc. * | 39,000 | 10,343,580 | ||||||
Solaris Oilfield Infrastructure, Inc. | 269,600 | 2,248,464 | ||||||
Stem, Inc. # * ø | 177,000 | 4,228,530 | ||||||
Stem, Inc. * | 267,132 | 6,381,783 | ||||||
Sunrun, Inc. * † | 214,000 | 9,416,000 | ||||||
TuSimple Holdings, Inc. * † | 45,390 | 1,685,331 | ||||||
Tyson Foods, Inc. | 86,300 | 6,812,522 | ||||||
Union Pacific Corp. | 11,000 | 2,156,110 | ||||||
Valero Energy Corp. | 126,500 | 8,927,105 | ||||||
219,882,763 | ||||||||
Zambia: 3.4% | ||||||||
First Quantum Minerals Ltd. (CAD) | 604,600 | 11,193,644 | ||||||
Total Common Stocks (Cost: $212,330,324) | 324,840,638 | |||||||
WARRANTS: 0.0% | ||||||||
Cayman Islands: 0.0% | ||||||||
FREYR Battery SA, USD 11.50, expiring 09/01/27 | 55,100 | 163,096 | ||||||
United States: 0.0% | ||||||||
Benson Hill, Inc., USD 11.50, expiring 12/24/25 | 38,225 | 53,901 | ||||||
Total Warrants (Cost: $106,931) | 216,997 | |||||||
MONEY MARKET FUND: 1.8% (Cost: $5,943,688) | ||||||||
Invesco Treasury Portfolio - Institutional Class | 5,943,688 | 5,943,688 | ||||||
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $218,380,943) | 331,001,323 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0% (Cost: $9,809,427) | ||||||||
Money Market Fund: 3.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 9,809,427 | 9,809,427 | ||||||
Total Investments: 103.0% (Cost: $228,190,370) | 340,810,750 | |||||||
Liabilities in excess of other assets: (3.0)% | (9,991,321 | ) | ||||||
NET ASSETS: 100.0% | $ | 330,819,429 |
Derivative Contracts – PIPE – As of September 30, 2021
Counterparty | Referenced Obligation | Notional Amount | Settlement Date | Unrealized Appreciation (Depreciation) | % of Net Assets | |||||||||||
ACON S2 | ACON S2 # (b) * ∞ | $ | 950,000 | 10/08/21 | $ | (2,850 | ) | 0.0 | % | |||||||
Decarbonization Plus | Decarbonization Plus # (b) ∞ | $ | 400,000 | 12/31/21 | (2,552 | ) | 0.0 | |||||||||
$ | (5,402 | ) | 0.0 | % |
Definitions:
ADR | American Depositary Receipt |
AUD | Australia Dollar |
CAD | Canadian Dollar |
GBP | British Pound |
NOK | Norwegian Krone |
PIPE | Private Investment in Public Equity |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $34,283,693. |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $24,087,198 which represents 7.3% of net assets. |
* | Non-income producing |
(a) | All or a portion of these securities are segregated for the unfunded subscription agreements. Total value of securities segregated is $9,587,320. |
ø | Restricted Security – the aggregate value of restricted securities is $6,181,300, or 1.9% of net assets |
∞ | Investment is valued based on the underlying stock price 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. |
(b) | Represents an unfunded subscription agreement in a private investment in a public entity. According to the agreement, the Fund is committed to purchase specified number of shares at a stated price on the settlement date pursuant to the closing of the business combination. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require shareholders approval, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its transactional commitment. The investment is restricted from resale until the settlement date. |
Restricted securities held by the fund as of September 30, 2021 are as follows:
Security | Acquisition Date | Number of Shares | Acquisition Cost | Value | % of Net Assets | |||||||||||||
Benson Hill, Inc. | 09/29/2021 | 95,000 | $ | 950,000 | $ | 671,650 | 0.2 | % | ||||||||||
EVgo, Inc. | 06/30/2021 | 157,000 | 1,570,000 | 1,281,120 | 0.4 | |||||||||||||
FREYR Battery SA | 07/06/2021 | 185,000 | 1,850,000 | 1,825,950 | 0.6 | |||||||||||||
Stem, Inc. | 03/04/2021 | 177,000 | 1,770,000 | 4,228,530 | 1.3 | |||||||||||||
$ | 4,290,000 | $ | 6,181,300 | 2.5 | % |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Consumer Cyclical | 0.4 | % | $ | 1,281,120 | ||||
Consumer Staples | 7.4 | 24,610,320 | ||||||
Energy | 29.0 | 95,964,765 | ||||||
Financials | 3.8 | 12,733,588 | ||||||
Industrials | 11.7 | 38,509,608 | ||||||
Information Technology | 5.1 | 16,655,934 | ||||||
Materials | 39.6 | 131,212,446 | ||||||
Utilities | 1.2 | 4,089,854 | ||||||
Money Market Fund | 1.8 | 5,943,688 | ||||||
100.0 | % | $ | 331,001,323 |