NPORT-EX 1 NPORT_167643043364378.htm

VANECK VIP EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2019 (unaudited)

 

Number
of Shares		      Value 
COMMON STOCKS: 94.2%
Argentina: 0.2%
 47,276   Grupo Supervielle SA (ADR)  $287,438 
Brazil: 4.5%
 340,400   Fleury SA   1,773,573 
 548,900   International Meal Co. Alimentacao SA   909,845 
 815,000   Movida Participacoes SA   2,258,483 
 213,000   Rumo SA *   1,041,784 
 69,400   Smiles Fidelidade SA   845,488 
         6,829,173 
China / Hong Kong: 36.1%
 55,490   Alibaba Group Holding Ltd. (ADR) *   10,124,150 
 1,495,000   A-Living Services Co. Ltd. Reg S 144A * #   2,557,526 
 255,000   Anta Sports Products Ltd. #   1,738,333 
 86,300   Baozun, Inc. (ADR) *   3,584,902 
 3,764,000   Beijing Enterprises Water Group Ltd. #   2,328,476 
 3,588,969   China Animal Healthcare Ltd. * # ∞   0 
 369,000   China Education Group Holdings Ltd. Reg S #   563,067 
 1,604,000   China Maple Leaf Educational Systems Ltd. #   774,760 
 1,231,000   China ZhengTong Auto Services Holdings Ltd. #   686,106 
 2,859,000   Fu Shou Yuan International Group Ltd. #   2,627,523 
 537,000   Galaxy Entertainment Group Ltd. #   3,659,662 
 46,200   Huazhu Group Ltd. (ADR)   1,946,868 
 25,947   Kweichow Moutai Co. Ltd.  #   3,290,881 
 784,000   Ping An Insurance Group Co. of China Ltd. #   8,826,440 
 84,000   Shenzhou International Group Holdings Ltd. #   1,128,558 
 8,000   Silergy Corp. #   119,836 
 199,200   Tencent Holdings Ltd. #   9,160,767 
 430,000   Yihai International Holding Ltd. #   1,915,644 
         55,033,499 
Egypt: 1.6%
 407,187   Commercial International Bank Egypt SAE #   1,612,019 
 958,802   Juhayna Food Industries #   733,278 
 167,555   Sarwa Capital SAE *   61,105 
         2,406,402 
Georgia: 1.5%
 69,700   Bank of Georgia Group Plc (GBP) #   1,501,994 
 60,700   Georgia Capital Plc (GBP) *   861,740 
         2,363,734 
Germany: 0.9%
 36,700   Delivery Hero SE Reg S 144A *   1,325,617 
Hungary: 0.6%
 19,200   OTP Bank Nyrt #   846,448 
India: 10.4%
 88,000   Cholamandalam Investment and Finance Co. Ltd. #   1,842,372 
 197,000   GRUH Finance Ltd. #   784,805 
 124,600   HDFC Bank Ltd. #   4,175,596 
 32,800   HDFC Bank Ltd. (ADR)   3,801,848 
 145,800   Phoenix Mills Ltd. #   1,384,519 
 73,500   Quess Corp. Ltd. Reg S 144A * #   787,271 
 65,000   Reliance Industries Ltd. #   1,279,031 
 104,000   Titan Co. Ltd. #   1,719,407 
         15,774,849 
Indonesia: 2.6%
 9,180,000   Bank Rakyat Indonesia Tbk PT #   2,665,506 
 8,300,000   Bank Tabungan Pensiunan Nasional Syariah Tbk PT * #   1,288,234 
         3,953,740 
Kenya: 0.8%
 4,477,000   Safaricom Plc   1,225,845 
Kuwait: 0.7%
 102,455   Human Soft Holding Co. KSC   1,085,531 
Malaysia: 1.3%
 1,084,000   Malaysia Airports Holdings Bhd #   1,925,505 
Mexico: 2.7%
 508,000   Qualitas Controladora SAB de CV   1,249,439 
 313,800   Regional SAB de CV   1,580,620 
 623,000   Unifin Financiera SAB de CV SOFOM ENR   1,342,594 
         4,172,653 
Peru: 0.3%
 1,665   Credicorp Ltd. (USD)   399,517 
Philippines: 5.4%
 3,699,000   Ayala Land, Inc. #   3,165,140 
 11,880,000   Bloomberry Resorts Corp. #   2,715,384 
 955,200   International Container Terminal Services, Inc.   2,377,540 
         8,258,064 
Poland: 0.5%
 19,639   Kruk SA #   780,751 
Russia: 2.8%
 168,480   Sberbank of Russia PJSC (ADR) #   2,236,672 
 59,137   Yandex NV (USD) *   2,030,765 
         4,267,437 
South Africa: 6.4%
 606,000   Advtech Ltd. #   514,415 
 32,005   Naspers Ltd. #   7,458,497 
 1,457,924   Transaction Capital Ltd.   1,798,565 
         9,771,477 
South Korea: 2.4%
 9,500   Koh Young Technology, Inc. #   716,827 
 1,255   Samsung Biologics Co. Ltd. Reg S 144A * #   354,246 
 13,385   Samsung SDI Co. Ltd. #   2,536,556 
         3,607,629 
Spain: 2.2%
 122,203   CIE Automotive SA #   3,290,420 
Switzerland: 0.5%
 21,500   Wizz Air Holdings Plc Reg S 144A (GBP) * #   843,649 
Taiwan: 3.0%
 331,000   Chroma ATE, Inc. #   1,579,642 
 39,712   Gourmet Master Co. Ltd. #   264,675 
 160,010   Poya International Co. Ltd. #   1,893,942 
 151,000   TaiMed Biologics, Inc. * #   824,695 
         4,562,954 
Thailand: 2.2%
 643,000   CP ALL PCL #   1,515,185 
 1,143,478   Srisawad Corp. PCL (NVDR) #   1,915,213 
         3,430,398 
Turkey: 2.7%
 232,296   AvivaSA Emeklilik ve Hayat AS   399,972 
 639,140   MLP Saglik Hizmetleri AS Reg S 144A * #   1,450,823 
 709,968   Sok Marketler Ticaret AS * #   1,155,012 
 377,000   Tofas Turk Otomobil Fabrikasi AS #   1,160,619 
         4,166,426 
United Arab Emirates: 1.0%
 52,700   NMC Health Plc (GBP) #   1,570,815 
United Kingdom: 0.0%
 1,235,312   Hirco Plc * # ∞   0 
United States: 0.6%
 58,300   Laureate Education, Inc. *   872,751 
Uruguay: 0.3%
 204,910   Biotoscana Investments SA (BDR) *   441,708 
Total Common Stocks
(Cost: $115,648,416)		   143,494,430 
PREFERRED STOCKS: 3.8%
Brazil: 1.6%
 272,640   Itau Unibanco Holding SA, 4.18%   2,397,486 
South Korea: 2.2%
 103,600   Samsung Electronics Co. Ltd., 2.93% #   3,317,290 
Total Preferred Stocks
(Cost: $4,103,060)		   5,714,776 
MONEY MARKET FUND: 1.9%
(Cost: $2,971,719)
 2,971,719   AIM Treasury Portfolio - Institutional Class   2,971,719 
Total Investments: 99.9%
(Cost: $122,723,195)		   152,180,925 
Other assets less liabilities: 0.1%   145,996 
NET ASSETS: 100.0%  $152,326,921 

 

Definitions:

ADR American Depositary Receipt
BDR Brazilian Depositary Receipt
GBP British Pound
NVDR Non-Voting Depositary Receipt
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 $103,184,032 which represents 67.7% 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 $7,319,132, or 4.8% of net assets.

 

Summary of Investments
by Sector                            		  % of
Investments		  Value 
Communication Services   8.7%  $13,262,865 
Consumer Discretionary   32.9    50,045,032 
Consumer Staples   5.7    8,610,000 
Energy   0.8    1,279,031 
Financials   28.0    42,656,374 
Health Care   4.2    6,415,860 
Industrials   7.8    11,791,758 
Information Technology   5.4    8,270,151 
Real Estate   3.0    4,549,659 
Utilities   1.5    2,328,476 
Money Market Fund   2.0    2,971,719 
    100.0%  $152,180,925 

 

VANECK VIP GLOBAL GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2019 (unaudited)

 

Number
of Shares		      Value
COMMON STOCKS: 98.9%     
Australia: 19.6%     
 575,000   Bellevue Gold Ltd. * #  $225,087 
 837,618   Cardinal Resources Ltd. *   202,215 
 592,192   Evolution Mining Ltd. #   1,539,032 
 1,212,210   Gold Road Resources Ltd. * #   835,066 
 14,900   Newcrest Mining Ltd. #   269,839 
 138,100   Northern Star Resources Ltd. #   877,363 
 166,639   OceanaGold Corp. (CAD)   523,728 
 190,000   SolGold Plc (GBP) *   93,171 
 1,786,700   West African Resources Ltd. * #   406,401 
         4,971,902 
Canada: 68.1%     
 28,287   Agnico-Eagle Mines Ltd. (USD)   1,230,485 
 104,140   Alamos Gold, Inc. (USD)   529,031 
 40,800   Allegiant Gold Ltd. *   6,412 
 42,000   Allegiant Gold Ltd. * # ø   6,600 
 53,900   Auryn Resources, Inc. *   79,457 
 651,088   B2Gold Corp. (USD) *   1,829,557 
 129,728   Barrick Gold Corp. (USD)   1,778,571 
 143,000   Bear Creek Mining Corp. *   154,091 
 125,814   Bonterra Resources, Inc. *   178,880 
 191,200   Columbus Gold Corp. *   29,331 
 294,843   Continental Gold, Inc. *   637,630 
 286,026   Corvus Gold, Inc. *   447,334 
 206,400   Eastmain Resources, Inc. *   21,623 
 117,019   First Mining Gold Corp. *   30,210 
 100,206   Gold Standard Ventures Corp. (USD) *   102,210 
 44,600   Goldcorp, Inc. (USD)   510,224 
 41,000   Golden Star Resources Ltd. (USD) *   162,770 
 143,700   IAMGOLD Corp. (USD) *   498,639 
 167,800   Kinross Gold Corp. (USD) *   577,232 
 91,152   Kirkland Lake Gold Ltd. (USD)   2,771,932 
 175,609   Leagold Mining Corp. *   247,050 
 669,442   Liberty Gold Corp. *   175,332 
 30,500   Lundin Gold, Inc. *   117,540 
 98,200   Midas Gold Corp. *   61,726 
 107,300   Nighthawk Gold Corp. *   26,898 
 99,000   Orezone Gold Corp. * #   37,782 
 417,688   Orezone Gold Corp. *   159,405 
 16,800   Osisko Gold Royalties Ltd. (USD)   188,832 
 219,700   Osisko Mining, Inc. *   480,057 
 135,200   Otis Gold Corp. *   9,611 
 92,400   Premier Gold Mines Ltd. *   107,864 
 41,000   Pretium Resources, Inc. (USD) *   350,960 
 149,000   Probe Metals, Inc. *   109,268 
 400,000   Pure Gold Mining, Inc. *   167,621 
 326,806   Rio2 Ltd. *   107,603 
 363,600   Sabina Gold and Silver Corp. *   341,466 
 211,800   Semafo, Inc. *   588,003 
 34,800   SSR Mining, Inc. (USD) *   440,568 
 50,200   TMAC Resources, Inc. Reg S *   163,408 
 53,100   Wheaton Precious Metals Corp. (USD)   1,264,842 
 200,248   Yamana Gold, Inc. (USD)   522,647 
         17,250,702 
Mexico: 1.8%     
 40,200   Fresnillo Plc (GBP) #   455,582 
Monaco: 0.6%     
 9,680   Endeavour Mining Corp. (CAD) *   145,307 
South Africa: 0.3%     
 16,000   Gold Fields Ltd. (ADR)   59,680 
United States: 8.5%     
 163,500   Argonaut Gold, Inc. (CAD) *   230,015 
 44,200   Newmont Mining Corp.   1,581,034 
 3,800   Royal Gold, Inc.   345,534 
         2,156,583 

Total Common Stocks

(Cost: $20,517,064)

   25,039,756 
WARRANTS: 0.1%     
Canada: 0.1%     
 61,000   Alio Gold, Inc. Warrants (CAD 3.44, expiring 01/22/20) * #   0 
 42,000   Allegiant Gold Ltd. Warrants (CAD 1.20, expiring 01/30/20) * # ø   0 
 80,000   Bonterra Resources, Inc. Warrants (CAD 5.60, expiring 12/28/19) * #   90 
 27,985   Leagold Mining Corp. Warrants (CAD 3.70, expiring 05/24/20) * #   1,099 
 352,000   Liberty Gold Corp. Warrants (CAD 0.60, expiring 10/02/21) * #   11,853 
 61,000   Probe Metals, Inc. Warrants (CAD 1.45, expiring 06/19/20) * #   4,108 
 159,000   Pure Gold Mining, Inc. Warrants (CAD 0.85, expiring 05/24/20) * #   6,247 

Total Warrants

(Cost: $41,933)

   23,397 
MONEY MARKET FUND: 2.9%
(Cost: $729,608)		     
 729,608   AIM Treasury Portfolio - Institutional Class   729,608 

Total Investments: 101.9%

(Cost: $21,288,605)

   25,792,761 
Liabilities in excess of other assets: (1.9)%   (469,249)
NET ASSETS: 100.0%  $25,323,512 

 

Definitions:

ADR American Depositary Receipt
CAD Canadian Dollar
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 $4,676,149 which represents 18.5% of net assets.
ø Restricted Security - the aggregate value of restricted securities is $6,600, or 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.

 

Restricted securities held by the Fund as of March 31, 2019 are as follows:

 

Security                                 Acquisition
Date		  Number of
Shares		   Acquisition Cost   Value  

% of

Net Assets

 
Allegiant Gold Ltd.  11/20/2017   42,000   $19,879   $6,600    0.0%
Allegiant Gold Ltd. Warrants  02/09/2018   42,000    —    0    0.0 
           $19,879   $6,600    0.0%

 

Summary of Investments
by Sector                            		  % of
Investments		  Value 
Diversified Metals & Mining   1.7%  $442,546 
Gold   86.3    22,266,035 
Precious Metals & Minerals   4.2    1,089,730 
Silver   4.9    1,264,842 
Money Market Fund   2.9    729,608 
    100.0%  $25,792,761 

 

VANECK VIP GLOBAL HARD ASSETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2019 (unaudited)

 

Number
 of Shares		      Value 
COMMON STOCKS: 95.4%     
Bermuda: 1.9%
 235,400   Golar LNG Ltd. (USD)  $4,964,586 
Canada: 24.5%
 164,722   Agnico-Eagle Mines Ltd. (USD)   7,165,407 
 769,274   Barrick Gold Corp. (USD)   10,546,746 
 1,049,149   Encana Corp. (USD)   7,595,839 
 951,300   First Quantum Minerals Ltd.   10,784,746 
 132,000   Goldcorp, Inc. (USD)   1,510,080 
 374,100   IAMGOLD Corp. (USD) *   1,298,127 
 794,200   Kinross Gold Corp. (USD) *   2,732,048 
 177,265   Nutrien Ltd. (USD)   9,352,501 
 549,500   Teck Resources Ltd. (USD)   12,737,410 
          63,722,904 
Israel: 1.3%      
 89,400   SolarEdge Technologies, Inc. (USD) *   3,368,592 
Switzerland: 4.9%      
 2,888,265   Glencore Plc (GBP) *#   11,969,422 
 1,222,600   Weatherford International Plc (USD) *   853,375 
          12,822,797 
United Kingdom: 6.2%      
 151,300   Anglo American Plc #   4,046,725 
 306,900   KAZ Minerals Plc #   2,612,393 
 158,000   Rio Tinto Plc (ADR)   9,298,300 
          15,957,418 
United States: 56.6%      
 95,700   Anadarko Petroleum Corp.   4,352,436 
 42,000   Bunge Ltd.   2,228,940 
 96,200   Cabot Oil & Gas Corp.   2,510,820 
 203,200   CF Industries Holdings, Inc.   8,306,816 
 16,100   Chart Industries, Inc. *   1,457,372 
 84,400   Cimarex Energy Co.   5,899,560 
 391,000   CNX Resources Corp. *   4,211,070 
 98,394   Concho Resources, Inc.   10,917,798 
 125,147   Diamondback Energy, Inc.   12,706,175 
 46,900   DowDuPont, Inc.   2,500,239 
 74,900   EOG Resources, Inc.   7,128,982 
 87,600   Green Plains Renewable Energy, Inc.   1,461,168 
 44,100   Halliburton Co.   1,292,130 
 166,800   Hannon Armstrong Sustainable Infrastructure Capital, Inc.   4,276,752 
 57,800   Kirby Corp. *   4,341,358 
 106,300   Louisiana-Pacific Corp.   2,591,594 
 210,400   Nabors Industries Ltd.   723,776 
 196,800   Newmont Mining Corp.   7,039,536 
 24,200   Ormat Technologies, Inc.   1,334,630 
 430,400   Parsley Energy, Inc. *   8,306,720 
 206,800   Patterson-UTI Energy, Inc.   2,899,336 
 52,300   PBF Energy, Inc.   1,628,622 
 134,000   PDC Energy, Inc. *   5,451,120 
 74,200   Pioneer Natural Resources Co.   11,299,176 
 322,600   ProPetro Holding Corp. *   7,271,404 
 29,500   Schlumberger Ltd.   1,285,315 
 137,500   Steel Dynamics, Inc.   4,849,625 
 266,400   Sunrun, Inc. *   3,745,584 
 248,500   Transocean Ltd. *   2,164,435 
 82,600   Tyson Foods, Inc.   5,734,918 
 121,600   Viper Energy Partners LP   4,032,256 
 247,900   WPX Energy, Inc. *   3,249,969 
          147,199,632 
Total Common Stocks
(Cost: $218,745,766)		    248,035,929 
MONEY MARKET FUND: 1.6%
(Cost: $4,130,433)		      
 4,130,433   AIM Treasury Portfolio - Institutional Class   4,130,433 
Total Investments: 97.0%
(Cost: $222,876,199)		    252,166,362 
Other assets less liabilities: 3.0%    7,876,033 
NET ASSETS: 100.0%   $260,042,395 

 

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 $18,628,540 which represents 7.2% of net assets.

 

Summary of Investments
by Sector                            		   % of
Investments		   Value  
Consumer Staples     3.2 %   $ 7,963,858  
Energy     44.5       112,206,068  
Industrials     3.8       9,544,314  
Information Technology     1.3       3,368,592  
Materials     43.4       109,341,715  
Real Estate     1.7       4,276,752  
Utilities     0.5       1,334,630  
Money Market Fund     1.6       4,130,433  
      100.0 %   $ 252,166,362  

 

VANECK VIP UNCONSTRAINED EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2019 (unaudited)

 

Principal
Amount		      Value 
CORPORATE BONDS: 27.5%    
Cayman Islands: 2.7%     
     Fantasia Holdings Group Co. Ltd. Reg S     
USD207,000   7.38%, 10/04/19 (c)  $187,263 
 133,000   8.38%, 03/08/21   125,498 
 244,000   NagaCorp. Ltd. 144A     
     9.38%, 05/21/20 (c)   256,821 
         569,582 
Chile: 0.6%
 136,000   Codelco, Inc. 144A     
     4.38%, 08/05/48 (c)   138,251 
           
China / Hong Kong: 0.9%
 202,000   Agile Group Holdings Ltd. Reg S     
     6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (c)   198,413 
           
Indonesia: 1.4%
 282,000   Bukit Makmur Mandiri Utama PT Reg S     
     7.75%, 02/13/20 (c)   296,098 
 22,633   Bumi Resources Tbk PT     
     0.00%, 12/11/22 ^ (b) *   11,826 
         307,924 
Ireland: 1.4%
 285,000   Eurotorg LLC via Bonitron DAC 144A     
     8.75%, 10/30/22   293,407 
           
Luxembourg: 4.1%
 251,000   CSN Resources SA Reg S     
     6.50%, 07/21/20   251,630 
 132,000   Millicom International Cellular SA 144A     
     6.25%, 03/25/24 (c)   134,615 
 239,000   Puma International Financing SA Reg S     
     5.00%, 01/24/21 (c)   208,103 
 280,000   Topaz Marine SA 144A     
     9.13%, 07/26/19 (c)   284,759 
         879,107 
Malaysia: 1.0%
MYR860,000   Country Garden Real Estate Sdn Bhd     
     6.60%, 02/23/23   212,567 
           
Mexico: 0.0%
USD120,000   Corp. GEO SAB de CV Reg S     
     9.25%, 04/29/19 (c) (d) * # ∞   0 
           
Netherlands: 5.9%
 279,000   Listrindo Capital BV Reg S     
     4.95%, 09/14/21 (c)   271,328 
 211,000   Metinvest BV 144A     
     7.75%, 01/23/23 (c)   207,015 
 783,000   Petrobras Global Finance BV     
     6.90%, 03/19/49   776,266 
         1,254,609 
Nigeria: 1.2%
 246,000   Seplat Petroleum Development Co. Plc 144A     
     9.25%, 04/01/20 (c)   253,995 
           
Panama: 0.2%
 40,000   Avianca Holdings SA Reg S     
     8.38%, 04/29/19 (c)   40,000 
           
Paraguay: 0.3%
 67,000   Telefónica Celular del Paraguay SA 144A     
     5.88%, 04/15/22 (c)   67,000 
           
Singapore: 4.0%
 233,099   Eterna Capital Pte Ltd.     
     8.00% 04/29/19 (c)   211,840 
 23,231   Eterna Capital Pte Ltd. Reg S     
     6.00% 04/29/19 (c)   22,684 
 294,000   Geo Coal International Pte Ltd. Reg S     
     8.00%, 10/04/20 (c)   271,575 
 323,000   Indika Energy Capital III Pte Ltd. Reg S     
     5.88%, 11/09/21 (c)   308,390 
 70,039   Innovate Capital Pte Ltd. Reg S     
     6.00% 04/29/19 (c)   40,587 
         855,076 
Ukraine: 0.6%
 123,000   Kernel Holding SA Reg S     
     8.75%, 01/31/22   126,178 
           
United Kingdom: 1.9%
 222,620   DTEK Finance Plc     
     10.75% 04/29/19 (c)   223,065 
 182,000   Tullow Oil Plc 144A     
     7.00%, 03/01/21 (c)   183,720 
         406,785 
United States: 1.3%
 301,000   Azul Investments LLP Reg S     
     5.88%, 10/26/21 (c)   286,702 
           
Total Corporate Bonds
(Cost: $5,776,591)		     5,889,596  
FOREIGN GOVERNMENT OBLIGATIONS: 67.5%
Armenia: 1.0%
 199,000   Republic of Armenia 144A     
     7.15%, 03/26/25   221,507 
           
Azerbaijan: 1.0%
 252,000   Republic of Azerbaijan Reg S     
     3.50%, 09/01/32   221,615 
           
Belarus: 3.4%
 291,000   Republic of Belarus International Bond 144A     
     6.20%, 02/28/30   285,382 
 421,000   Republic of Belarus International Bond Reg S     
     6.88%, 02/28/23   442,366 
         727,748 
Brazil: 5.4%
BRL419,000   Brazil Notas do Tesouro Nacional, Series B     
     6.00%, 08/15/50 (a)   424,310 
     Brazil Notas do Tesouro Nacional, Series F     
 1,279,000   10.00%, 01/01/27   346,748 
 1,421,000   10.00%, 01/01/29 (a)   387,553 
         1,158,611 
Colombia: 8.0%
     Colombian TES     
COP2,037,500,000   7.00%, 06/30/32 (a)   652,214 
 1,406,000,000   7.50%, 08/26/26 (a)   477,030 
 1,296,100,000   7.75%, 09/18/30 (a)   443,106 
USD135,000   Republic of Colombia Government Bond     
     5.20%, 11/15/48 (c)   145,436 
         1,717,786 
Costa Rica: 3.0%
     Costa Rica International Bonds Reg S     
 225,000   7.00%, 04/04/44   215,269 
 438,000   7.16%, 03/12/45   424,312 
         639,581 
Czech Republic: 5.7%
     Czech Republic Government Bonds Reg S     
CZK15,500,000   0.45%, 10/25/23   635,711 
 12,700,000   2.50%, 08/25/28   585,208 
         1,220,919 
Dominican Republic: 1.0%
DOP10,920,000   Dominican Republic International Bond Reg S     
     8.90%, 02/15/23   215,682 
           
El Salvador: 3.7%
     El Salvador Government International Bonds Reg S     
USD295,000   5.88%, 01/30/25   287,628 
 493,000   7.38%, 12/01/19   498,859 
         786,487 
Ghana: 4.2%
 201,081   Ghana Government International Bond Reg S     
     7.88%, 08/07/23   210,487 
     Republic of Ghana Government Bonds 144A     
 230,000   8.63%, 06/16/49   224,975 
 465,000   8.95%, 03/26/51   467,272 
         902,734 
Indonesia: 4.3%
     Indonesia Treasury Bonds     
IDR6,911,000,000   5.63%, 05/15/23   461,727 
 6,253,000,000   8.13%, 05/15/24   458,441 
         920,168 
Jordan: 2.2%
USD233,000   Jordan Government International Bond 144A     
     7.38%, 10/10/47   230,057 
 248,000   Jordan Government International Bond Reg S     
     7.38%, 10/10/47   244,867 
         474,924 
Kenya: 1.1%
 233,000   Republic of Kenya Government Bond 144A     
     8.25%, 02/28/48   236,642 
           
Malaysia: 1.9%
MYR1,643,000   Malaysia Government Bond     
     3.73%, 06/15/28   399,968 
           
Nigeria: 3.1%
USD599,000   Republic of Nigeria Government Bond 144A     
     9.25%, 01/21/49   665,828 
           
Peru: 3.4%
     Peru Government Bonds Reg S 144A     
PEN1,047,000   5.94%, 02/12/29   332,616 
 1,270,000   6.15%, 08/12/32   403,313 
         735,929 
Poland: 2.3%
PLN1,882,000   Republic of Poland Government Bond     
     2.75%, 04/25/28   490,793 
           
Singapore: 2.0%
SGD580,000   Singapore Government Bond     
     2.00%, 02/01/24   429,634 
           
Suriname: 1.0%
USD221,000   Republic of Suriname International Bond Reg S     
     9.25%, 10/26/26   218,017 
           
Thailand: 6.0%
     Thailand Government Bonds     
THB14,909,000   2.13%, 12/17/26   463,326 
 14,570,000   2.88%, 12/17/28   476,568 
 9,799,000   3.78%, 06/25/32   344,665 
         1,284,559 
Ukraine: 1.5%
USD312,000   Ukraine Government International Bond 144A     
     8.99%, 02/01/24   314,084 
           
United Kingdom: 1.0%
UAH6,200,000   Ukreximbank Via Biz Finance Plc Reg S     
     16.50%, 03/02/21   209,689 
           
Uzbekistan: 1.3%
USD277,000   Republic of Uzbekistan International Bond 144A     
     4.75%, 02/20/24   276,198 
           
Total Foreign Government Obligations
(Cost: $14,145,423)		     14,469,103  
 
Number
Of Shares		         
COMMON STOCK: 0.0%     
Mexico: 0.0%
(Cost: $0)		     
 3,236   Corp. GEO SAB de CV * # ∞    0 
           
MONEY MARKET FUND: 5.8%
(Cost: $1,238,419)		     
 1,238,419   AIM Treasury Portfolio - Institutional Class   1,238,419 
           
Total Investments: 100.8%
(Cost: $21,160,433)		   21,597,118 
Liabilities in excess of other assets: (0.8)%   (180,493)
NET ASSETS: 100.0%  $21,416,625 

 

Definitions:

BRL Brazilian Real
COP Colombian Peso
CZK Czech Koruna
DOP Dominican Peso
IDR Indonesian Rupiah
MYR Malaysian Ringgit
PEN Peruvian Nuevo Sol
PLN Polish Zloty
SGD Singapore Dollar
THB Thai Baht
UAH Ukrainian Hryvnia
USD United States Dollar
   
Footnotes:
(a) All or a portion of these securities are segregated for foreign forward currency contracts.
(b) Contingent Value Right
(c) Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d) Security in default of coupon payment
^ Zero Coupon Bond
* 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 $5,477,457, or 25.6% of net assets.

 

Schedule of Open Forward Foreign Currency Contracts – March 31, 2019

 

Counterparty  Currency to be
sold		   Currency to be
purchased		   Settlement Dates  Unrealized
Appreciation
(Depreciation)		 
State Street Bank And Trust Company  USD754,833   ZAR10,919,036   4/15/2019  $732 
State Street Bank And Trust Company  USD871,555   MXN16,780,480   4/15/2019   (8,844)
State Street Bank And Trust Company  USD1,608,505   EUR1,413,139   4/15/2019   (21,567)
State Street Bank And Trust Company  ZAR10,919,036   USD754,285   4/15/2019   (1,280)
State Street Bank And Trust Company  EUR1,413,139   USD1,601,694   4/15/2019   14,756 
State Street Bank And Trust Company  MXN16,780,480   USD862,040   4/15/2019   (670)
State Street Bank And Trust Company  TRY1,245,261   USD215,104   4/25/2019   (1,735)
State Street Bank And Trust Company  TRY1,216,369   USD215,325   4/25/2019   3,517 
State Street Bank And Trust Company  TRY2,215,031   USD379,839   4/25/2019   (5,867)
State Street Bank And Trust Company  TRY2,187,683   USD379,839   4/25/2019   (1,105)
State Street Bank And Trust Company  EUR1,438,674   USD1,627,882   4/26/2019   10,767 
   Net unrealized depreciation on forward foreign currency contracts  $(11,296)

 

Definitions:
EUR Euro
MXN Mexican Peso
TRY Turkish Lira
USD United States Dollar
ZAR South African Rand
   
Summary of Investments
by Sector                            		  % of
Investments		  Value 
Basic Materials     4.1%     $892,994 
Communications  0.9    201,615 
Consumer, Cyclical  4.6    1,003,108 
Energy  10.2    2,203,661 
Financial  3.4    723,741 
Government  67.0    14,469,103 
Industrial  2.8    593,149 
Utilities  1.3    271,328 
Money Market Fund  5.7    1,238,419 
    100.0%  $21,597,118