VANECK GLOBAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

Number

of Shares

Value

COMMON STOCKS: 97.4%

Australia: 4.0%

Glencore Plc (GBP)

3,158,600‌

$ 11,560,876‌

Rio Tinto Plc (ADR) †

145,900‌

8,765,672‌

20,326,548‌

Belgium: 0.8%

Titan America SA (USD) *

312,000‌

4,218,240‌

Underline

Brazil: 4.9%

JBS S/A

2,352,200‌

16,945,551‌

Suzano SA *

817,700‌

7,585,984‌

24,531,535‌

Canada: 21.0%

Agnico Eagle Mines Ltd.

(USD)

114,006‌

12,359,390‌

Alamos Gold, Inc. (USD)

332,300‌

8,885,702‌

ARC Resources Ltd. †

273,000‌

5,488,266‌

Barrick Gold Corp. (USD)

523,445‌

10,175,771‌

Capstone Copper Corp. *

895,700‌

4,612,166‌

Cenovus Energy, Inc. (USD) †

148,200‌

2,061,462‌

Franco-Nevada Corp. (USD)

63,900‌

10,068,084‌

Ivanhoe Mines Ltd. * †

226,764‌

1,925,615‌

Kinross Gold Corp. (USD)

933,800‌

11,775,218‌

Nutrien Ltd. (USD) †

230,571‌

11,452,462‌

Pan American Silver Corp.

(USD)

252,400‌

6,519,492‌

Suncor Energy, Inc.

215,800‌

8,355,774‌

Teck Resources Ltd. (USD)

208,000‌

7,577,440‌

West Fraser Timber Co.

Ltd. †

53,700‌

4,124,569‌

105,381,411‌

China: 1.2%

PetroChina Co. Ltd. (HKD)

7,245,000‌

5,873,939‌

Underline

France: 4.2%

Nexans SA

50,530‌

4,960,689‌

TotalEnergies SE

254,300‌

16,385,293‌

21,345,982‌

Jersey, Channel Islands: 0.7%

Yellow Cake Plc 144A *

679,600‌

3,698,819‌

Underline

Luxembourg: 0.4%

ArcelorMittal SA (USD)

76,000‌

2,192,600‌

Underline

Netherlands: 0.8%

OCI NV *

345,435‌

4,011,302‌

Underline

South Africa: 3.8%

Anglo American Plc (GBP)

439,099‌

12,307,223‌

Gold Fields Ltd. (ADR)

306,300‌

6,766,167‌

19,073,390‌

Spain: 0.0%

Soltec Power Holdings SA *

†∞

84,100‌

115,308‌

Underline

United Kingdom: 5.3%

Shell Plc (ADR)

361,200‌

26,468,736‌

Underline

United States: 49.3%

Alcoa Corp.

213,200‌

6,502,600‌

Antero Resources Corp. *

195,600‌

7,910,064‌

Archer-Daniels-Midland Co.

86,400‌

4,148,064‌

Number

of Shares

Value

United States (continued)

Baker Hughes Co.

58,100‌

$ 2,553,495‌

Ball Corp.

79,700‌

4,149,979‌

Bunge Global SA

89,300‌

6,824,306‌

Chevron Corp.

80,000‌

13,383,200‌

Commercial Metals Co.

101,400‌

4,665,414‌

ConocoPhillips

55,841‌

5,864,422‌

Corteva, Inc.

222,866‌

14,024,957‌

Diamondback Energy, Inc.

21,711‌

3,471,155‌

EQT Corp.

146,500‌

7,827,495‌

Expand Energy Corp.

71,700‌

7,981,644‌

Exxon Mobil Corp.

211,280‌

25,127,530‌

Flowco Holdings, Inc. *

30,870‌

791,816‌

FMC Corp.

260,300‌

10,982,057‌

Freeport-McMoRan, Inc.

383,100‌

14,504,166‌

Graphic Packaging Holding

Co. †

185,500‌

4,815,580‌

Hormel Foods Corp.

160,900‌

4,978,246‌

Ingredion, Inc.

30,900‌

4,177,989‌

Kirby Corp. *

50,500‌

5,101,005‌

Marathon Petroleum Corp.

15,000‌

2,185,350‌

MasTec, Inc. *

18,800‌

2,194,148‌

Mosaic Co.

78,000‌

2,106,780‌

MP Materials Corp. * †

217,600‌

5,311,616‌

Newmont Corp.

211,155‌

10,194,563‌

Nucor Corp.

35,500‌

4,272,070‌

Ormat Technologies, Inc. †

110,340‌

7,808,762‌

Permian Resources Corp.

369,774‌

5,121,370‌

Phillips 66

67,900‌

8,384,292‌

Steel Dynamics, Inc.

33,800‌

4,227,704‌

Tyson Foods, Inc.

175,100‌

11,173,131‌

United States Steel Corp. †

169,300‌

7,154,618‌

Valero Energy Corp.

62,100‌

8,201,547‌

Weyerhaeuser Co.

340,900‌

9,981,552‌

248,102,687‌

Zambia: 1.0%

First Quantum Minerals Ltd.

(CAD) *

367,200‌

4,937,507‌

Underline

Total Common Stocks

(Cost: $396,946,999)

490,278,004‌

MONEY MARKET FUND: 1.0%

(Cost: $4,827,652)

Invesco Treasury Portfolio -

Institutional Class

4,827,652‌

Underline

Total Investments Before Collateral for

Securities Loaned: 98.4%

(Cost: $401,774,651)

495,105,656‌

Number

of Shares

Value

SHORT-TERM INVESTMENT HELD AS

COLLATERAL FOR SECURITIES ON LOAN:

0.9%

Money Market Fund: 0.9%

(Cost: $4,350,474)

VANECK GLOBAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

FootnoteRuleAboveBlank

Footnotes:

Number

of Shares

Value

State Street Navigator

Securities Lending

Government Money

Market Portfolio

4,350,474‌

$ 4,350,474‌

Number

of Shares

Value

Total Investments: 99.3%

(Cost: $406,125,125)

$ 499,456,130‌

Other assets less liabilities: 0.7%

3,400,692‌

NET ASSETS: 100.0%

$ 502,856,822‌

Definitions:

ADR

American Depositary Receipt

CAD

Canadian Dollar

GBP

British Pound

HKD

Hong Kong Dollar

USD

United States Dollar

†

Security fully or partially on loan. Total market value of securities on loan is $40,950,971.

Non-income producing

∞

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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. These securities have an aggregate

value of $3,698,819, or 0.7% of net assets.